Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 |
Investments in Associates and Joint Ventures [Abstract] | |
Summary of Investments in Associates and Joint Ventures | (1) Investments in associates and joint ventures as of December 31, 2022 and 2023 are as follows: 2022 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation Importing and wholesaling LNG Korea 20.47% ₩ 94,500 2,085,296 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others Korea 29.00% 4,727 31,078 YTN Co., Ltd. (*1) Broadcasting Korea 21.43% 59,000 55,027 Gangwon Wind Power Co., Ltd. (*2) Power generation Korea 15.00% 5,725 12,158 Hyundai Green Power Co., Ltd. Power generation equipment consignment and operation service Korea 29.00% 88,885 119,791 Korea Power Exchange (*3) Management of power market and others Korea 100.00% 127,839 275,126 Taebaek Wind Power Co., Ltd. (*29) Power generation Korea 60.00% 11,494 14,501 Taebaek Guinemi Wind Power Co., Ltd. (*29) Power generation Korea 67.25% 12,637 13,049 Daeryun Power Co., Ltd. (*2) Power generation Korea 6.85% 40,854 26,727 KNH Solar Co., Ltd. Power generation Korea 27.00% 1,296 2,883 SPC Power Corporation (*30) Power generation Philippines 38.00% 20,635 70,868 Gemeng International Energy Co., Ltd. Power generation China 34.00% 413,153 578,821 PT. Cirebon Electric Power Power generation Indonesia 27.50% 40,365 135,114 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 37,743 PT. Bayan Resources TBK Resources development Indonesia 20.00% 615,860 684,719 S-Power Co., Ltd. Power generation Korea 49.00% 132,300 141,128 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% 87,426 115,584 PT. Mutiara Jawa Manufacturing and operating floating coal terminal Indonesia 29.00% 2,978 3,597 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 — Goseong Green Power Co., Ltd. Power generation Korea 29.00% 262,740 288,893 Gangneung Eco Power Co., Ltd. (*2) Power generation Korea 1.61% 2,900 — Shin Pyeongtaek Power Co., Ltd. Power generation Korea 40.00% 72,000 133,823 Haeng Bok Do Si Photovoltaic Power Co., Ltd. Power generation Korea 28.00% 194 278 Dongducheon Dream Power Co., Ltd. (*6) Power generation Korea 33.61% 148,105 89,300 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 1,555 GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00% 204,000 260,145 Daegu Photovoltaic Co., Ltd. Power generation Korea 29.00% 1,230 2,849 Busan Green Energy Co., Ltd. Power generation Korea 29.00% 5,243 4,395 Gunsan Bio Energy Co., Ltd. (*2) Power generation Korea 18.87% 1,000 — Hansuwon KNP Co., Ltd. Electric material agency Korea 28.98% 537 280 Korea Electric Power Corporation Fund (*7) Developing electric enterprises Korea 98.09% 23,113 28,842 Energy Infra Asset Management Co., Ltd. (*2) Asset management Korea 9.90% 297 1,184 Daegu clean Energy Co., Ltd. Renewable power generation Korea 28.00% 140 12 Yaksu Installing ESS related equipment Korea 29.00% 210 486 Nepal Water & Energy Development Company Private Limited (*8) Construction and operation of utility plant Nepal 69.06% 70,228 69,940 Gwangyang Green Energy Co., Ltd. Power generation Korea 20.00% 26,800 25,044 PND S Power generation Korea 29.00% 1,250 1,403 Hyundai Eco Energy Co., Ltd. (*2) Power generation Korea 19.00% 3,610 7,631 YeongGwang Yaksu Wind Electric Co., Ltd. (*2) Power generation Korea 9.63% 533 156 Green Energy Electricity Generation Co., Ltd. Power generation Korea 29.00% 1,189 1,571 Korea Energy Solutions Co., Ltd. R & D Korea 20.00% 300 93 ITR Co., Ltd. R & D Korea 20.00% 50 — 2022 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> STN Co., Ltd. (formerly, Structure test network Co., Ltd.) Technical testing and consulting Korea 20.00% ₩ 25 366 Namjeongsusang Solar Power Operation Co., Ltd. (*9) Power generation Korea 15.00% 969 373 Indeck Niles Development, LLC Power generation USA 50.00% 263,825 302,038 Indeck Niles Asset Management, LLC Power generation USA 33.33% — 94 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 Holding company Korea 49.00% 6,910 6,932 Suwon New Power Co., Ltd. Power generation Korea 39.90% 798 919 Gwangbaek Solar Power Investment Co., Ltd. Power generation Korea 44.00% 4,757 5,133 Go deok Clean Energy Co., Ltd. Fuel cell generation Korea 40.00% 5,560 4,420 SureDataLab Co., Ltd. R & D Korea 23.95% 126 177 SEP Co., Ltd. R & D Korea 21.26% 27 — Hankook Electric Power Information Co., Ltd. (*13) R & D Korea 16.49% 38 220 Tronix Co., Ltd. (*13) R & D Korea 12.50% 75 66 O2&B Global Co., Ltd. R & D Korea 20.00% 25 36 Muan Sunshine Solar Power Plant Co., Ltd. Power generation Korea 20.00% 1,570 2,562 Bigeum Resident Photovoltaic Power Co., Ltd. Power generation Korea 29.90% 1 — Goesan Solar Park Co., Ltd. Power generation Korea 29.00% 1,276 2,591 Saemangeum Heemang Photovoltaic Co., Ltd. Power generation Korea 35.00% 11,022 13,010 Bitgoel Eco Energy Co., Ltd. Power generation Korea 49.25% 7,880 8,951 Jeju Gimnyeong Wind Power Co., Ltd. Power generation Korea 30.00% 714 872 Seoroseoro Sunny Power Plant Co., Ltd. Power generation Korea 42.58% 706 859 Muan Solar park Co., Ltd. Power generation Korea 20.00% 4,400 7,838 YuDang Solar Co., Ltd. Power generation Korea 20.00% 360 586 Anjwa Smart Farm & Solar City Co., Ltd. Power generation Korea 20.00% 5,651 8,662 Daewon Green Energy Co., Ltd. Power generation Korea 25.36% 3,910 4,485 G.GURU Co., Ltd. R & D Korea 24.65% 493 300 UD4M Co., Ltd. (*10) R & D Korea 12.50% 75 161 Dongbu Highway Solar Co., Ltd. Power generation Korea 20.00% 190 352 Seobu Highway Solar Co., Ltd. Power generation Korea 20.00% 195 316 Korea Energy Data Co., Ltd. R & D Korea 29.37% 60 62 Gangneung Sacheon Fuel Cell Co., Ltd. Power generation Korea 41.00% 5,695 4,277 KOSTURE Co., Ltd. (*2) Coal recycling business Korea 0.82% 1 1 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation Korea 34.00% 12,570 20,040 Chuncheon Green Energy Co., Ltd. Power generation Korea 45.00% 9,540 9,155 Yeomsubong Wind Power Co., Ltd. (*11) Power generation Korea 3.81% 95 62 Yeongyang Wind Power Corporation II Power generation Korea 30.00% 7,965 7,461 Haeparang Energy Co., Ltd. Power generation Korea 25.00% 2,241 2,188 Saemangeum Sebit Power Plant Co., Ltd. (*12) Power generation Korea 63.33% 13,788 23,199 Boulder Solar III, LLC Power generation USA 30.00% 715 744 PlatformN. Co., Ltd. R & D Korea 29.58% 105 84 PT. Cirebon Energi Prasarana (*9) Power generation Indonesia 10.00% 26,710 69,035 Green Radiation Co., Ltd. (*13) R & D Korea 10.00% 20 11 Future Convergence Technology Laboratory. Co., Ltd. R & D Korea 20.12% 76 50 SC E&G. Co,. Ltd. R & D Korea 20.00% 90 214 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) R & D Korea 20.00% 81 166 ACE R & D Korea 20.00% 20 20 Environment and Energy Co., Ltd. (*13) R & D Korea 10.54% 11 10 Santiago Solar Power SpA Power generation Chile 50.00% 13,851 13,373 Yanggu Floating Photovoltaic Power Plant Inc. Power generation Korea 29.00% 904 903 ₩ 3,089,683 5,844,464 2022 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Joint ventures> KEPCO-Uhde Inc. (*14) Power generation Korea 52.80% ₩ 11,355 17 Shuweihat Asia Power Investment B.V. Holding company Netherlands 49.00% 44,405 66,452 Shuweihat Asia Operation & Maintenance Company (*14) Maintenance of utility plant Cayman 55.00% 30 1,631 Waterbury Lake Uranium L.P. (*15) Resources development Canada 32.59% 26,602 21,750 ASM-BG Investicii AD Power generation Bulgaria 50.00% 9,846 14,555 RES Technology AD Power generation Bulgaria 50.00% 11,922 15,133 KV Holdings, Inc. (*30) Power generation Philippines 40.00% 2,103 9,659 KEPCO SPC Power Corporation (*14,30) Construction and operation of utility plant Philippines 75.20% 94,579 179,594 Gansu Datang Yumen Wind Power Co., Ltd. Power generation China 40.00% 16,621 6,024 Datang Chifeng Renewable Power Co., Ltd. Power generation China 40.00% 121,928 191,982 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation China 40.00% 39,872 44,398 Rabigh Electricity Company Power generation Saudi arabia 40.00% 109,743 214,607 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant Saudi arabia 40.00% 70 5,113 Jamaica Public Service Company Limited Power generation Jamaica 40.00% 301,910 331,407 KW Nuclear Components Co., Ltd. Manufacturing Korea 45.00% 833 17,090 Busan Shinho Solar Power Co., Ltd. Power generation Korea 25.00% 2,100 6,719 Global Trade Of Power System Co., Ltd. (*16) Exporting products and technology of small or medium business by proxy Korea 29.00% 290 698 Expressway Solar-light Power Generation Co., Ltd. (*17) Power generation Korea 50.00% 1,856 4,754 Amman Asia Electric Power Company (*14) Power generation Jordan 60.00% 111,476 220,254 KAPES, Inc. (*14) R & D Korea 51.00% 5,629 — Honam Wind Power Co., Ltd. Power generation Korea 29.00% 3,480 4,819 Korea Power Engineering Service Co., Ltd. Construction and service Korea 29.00% 290 5,543 Chun-cheon Energy Co., Ltd. Power generation Korea 29.90% 52,700 32,044 Yeonggwangbaeksu Wind Power Co., Ltd. (*16) Power generation Korea 15.00% 3,000 3,151 Nghi Son 2 Power LLC Power generation Vietnam 50.00% 175,261 408,839 Kelar S.A. (*14) Power generation Chile 65.00% 78,060 117,137 PT. Tanjung Power Indonesia Power generation Indonesia 35.00% 57,039 92,907 Incheon New Power Co., Ltd. (*18) Power generation Korea 29.00% 461 198 Seokmun Energy Co., Ltd. Power generation Korea 29.00% 15,370 17,336 Daehan Wind Power PSC Power generation Jordan 50.00% 7,493 13,923 Barakah One Company (*19) Power generation UAE 18.00% 118 — Nawah Energy Company (*19) Operation of utility plant UAE 18.00% 296 315 MOMENTUM International thermonuclear experimental reactor construction management France 33.33% 1 345 Daegu Green Power Co., Ltd. (*20) Power generation Korea 29.00% 46,225 29,360 Yeonggwang Wind Power Co., Ltd. Power generation Korea 46.00% 17,475 20,713 Chester Solar IV SpA Power generation Chile 45.00% 1,700 181 Chester Solar V SpA Power generation Chile 45.00% 525 156 Diego de Almagro Solar SpA Power generation Chile 45.00% 2,091 540 South Jamaica Power Company Limited Power generation Jamaica 20.00% 20,430 46,437 Daesan Green Energy Co., Ltd. Power generation Korea 35.00% 17,850 19,218 RE Holiday Holdings LLC Power generation USA 50.00% 42,948 85,370 RE Pioneer Holdings LLC Power generation USA 50.00% 27,891 55,172 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00% 28,021 3,350 RE Astoria 2 LandCo LLC Power generation USA 50.00% 5,188 6,599 RE Barren Ridge LandCo LLC Power generation USA 50.00% 2,187 2,333 Laurel SpA Power generation Chile 45.00% 1,222 554 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*16) Power generation Australia 12.37% 4,095 3,651 Chile Solar JV SpA Power generation Chile 50.00% 12,674 9,819 Cheong-Song Noraesan Wind Power Co., Ltd. (*15) Power generation Korea 29.01% 3,200 4,263 2022 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Joint ventures> Chester Solar I SpA Power generation Chile 45.00% ₩ 1,181 1,314 Solar Philippines Calatagan Corporation Power generation Philippines 38.00% 47,903 56,902 Saemangeum Solar Power Co., Ltd. (*21) Power generation Korea 81.01% 26,400 23,551 Chungsongmeon BongSan wind power Co., Ltd. (*16) Power generation Korea 29.00% 2,900 3,470 Jaeun Resident Wind Power Plant Co., Ltd. (*16) Power generation Korea 29.00% 2,494 2,236 DE Energia SpA Power generation Chile 49.00% 8,364 9,536 Dangjin Eco Power Co., Ltd. Power generation Korea 34.00% 25,661 26,859 Haemodum Solar Co., Ltd. Power generation Korea 49.00% 2,940 3,367 Yangyang Wind Power Co., Ltd. Power generation Korea 50.00% 12,000 10,864 HORUS SOLAR, S.A. DE C.V. (*22) Renewable power generation Mexico 14.95% 5,068 6,976 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*22) Renewable power generation Mexico 14.95% 3,678 4,899 SUNMEX RENOVABLES, S.A. DE C.V. (*22) Renewable power generation Mexico 14.95% 1,678 1,657 Stavro Holding II A.B. Holding company Sweden 20.00% 18,566 17,171 Solaseado Solar Power Co., Ltd. Power generation Korea 39.00% 7,020 16,233 Yeongam Solar Power Co., Ltd. (*16) Power generation Korea 19.00% 6,460 9,879 Samsu Wind Power Co., Ltd. (*16) Power generation Korea 19.00% 2,637 3,205 Pulau Indah Power Plant Sdn. Bhd. Power generation Malaysia 25.00% 23,833 26,814 NH-Amundi Global Infrastructure Investment Private Investment Trust 21 Holding company Korea 29.53% 20,061 21,723 Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*14) Holding company Korea 90.00% 15,012 15,587 PT Barito Wahana Tenaga Power generation Indonesia 30.61% 59,574 137,047 Cheongna Energy Co., Ltd. (*21) Generating and distributing vapor and hot/cold water Korea 50.10% 49,344 10,758 Naepo Green Energy Co., Ltd. Power generation Korea 29.20% 29,200 — Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) (*23) Power generation Korea 30.66% 71,070 — OneEnergy Asia Limited Power generation Vietnam 40.00% 115,949 172,218 KAS INVESTMENT I LLC (*15) Holding company USA 29.89% 23,437 18,247 KAS INVESTMENT II LLC (*15) Holding company USA 29.89% 23,343 18,173 Energyco Co., Ltd. Power generation Korea 29.00% 1,659 2,190 CAES, LLC Holding company USA 36.00% 19,414 20,805 Hapcheon Floating Photovoltaic Power Plant Inc. (*16) Power generation Korea 49.00% 7,512 8,471 Busan Industrial Solar Power Co., Ltd. Power generation Korea 28.02% 510 1,168 Bitsolar Energy Co., Ltd. Power generation Korea 27.10% 352 352 Pulau Indah O&M Sdn. Bhd. (*24) Power generation Malaysia 60.00% — — Guadalupe Solar SpA (*24) Power generation Chile 60.00% 1,397 913 Omisan Wind Power Co., Ltd. Power generation Korea 42.00% 10,752 10,411 Foresight Iberian Solar Group Holding, S.L. (*24) Power generation Spain 75.00% 11,465 10,565 Yeongwol Eco Wind Co., Ltd. Power generation Korea 29.00% 3,089 3,155 Gurae Resident Power Co., Ltd. Power generation Korea 29.00% 386 391 Cheongju Eco Park Co., Ltd. Power generation Korea 29.00% 5,858 10,490 Enel X Midland Photovoltaic, LLC Power generation Korea 20.00% 1,695 1,856 Geumsungsan Wind Power Co., Ltd. Power generation Korea 29.00% 6,531 3,493 KEPCO KPS CARABAO Corp. (*18) Utility plant maintenance Philippines 40.00% 93 177 Prime Swedish Holding AB Holding company Sweden 45.00% 35,410 36,245 Goheung New Energy Co., Ltd. Power generation Korea 46.15% 12,959 11,832 Gunsan Land Solar Co., Ltd. (*24) Power generation Korea 75.29% 19,091 27,544 CapMan Lynx SCA, SICAR Holding company Luxembourg 50.00% 9,601 — International Offshore Power Transmission Holding Company Limited Undersea transmission network operation UAE 35.00% — — Pyeongchang Wind Power Co., Ltd. (*28) Power generation Korea 58.00% 9,329 14,464 Eumseong Eco Park Co., Ltd. Power generation Korea 29.00% 5,741 5,557 Songsan Green Energy Co., Ltd. (*15) Fuel cell generation Korea 25.00% 1,400 1,387 2022 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Joint ventures> Changwon Nu-ri Energy Co., Ltd. (*15) Fuel cell generation Korea 33.33% ₩ 500 497 Hasami Wind Farm Corporation Power generation Korea 29.00% 1,596 1,589 PungBack Wind Farm Corporation (*26) Power generation Korea 32.89% 7,885 6,743 Trumbull Asset Management, LLC (*27) Holding company USA 78.00% — 246 S-Power Chile SpA Power generation Chile 50.00% 127 127 Seungmun Green Energy Power generation Korea 33.00% 8,973 9,054 Seobusambo highway photovoltaics Co., Ltd. (*25) Power generation Korea 80.00% 3,020 3,066 2,332,579 3,147,584 ₩ 5,422,262 8,992,048 (*1) The Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the Company hasn't started the active selling procedures as of December 31, 2022. (*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. (*8) The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate. (*9) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises significant influence over the decisions related to finance and operation. (*10) The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Company exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity. (*11) The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, the Company exercises significant influence over all decisions related to finance and operation. (*12) The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. (*13) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises significant influence over the entity. (*14) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Company can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures. (*15) The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities. (*16) According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures. (*17) The effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022. (*18) The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement. (*19) The effective percentage of ownership is less than 20%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures. (*20) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component. (*21) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture. (*22) The 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, the Company can exercise significant influence. (*23) According to the Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Boim Combined Heat and Power Generation Co., Ltd. (formerly, 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. (*24) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture. (*25) Due to the changes in the agreement, the Company lost its control over the entity. Accordingly, the entity is reclassified to a joint venture from a subsidiary. Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors. (*26) The effective percentage of ownership is 37%, considering potential common stock. (*27) The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture. (*28) After additional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture. (*29) After additional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Company does not hold control over relevant business while it exercises significant influence by participating (*30) T T 2023 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation Importing and wholesaling LNG Korea 20.47 % W 94,500 1,970,643 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others Korea 29.00 % 4,727 29,500 YTN Co., Ltd. (*1) Broadcasting Korea 21.43 % 59,000 52,303 Gangwon Wind Power Co., Ltd. (*2) Power generation Korea 15.00 % 5,725 12,001 Hyundai Green Power Co., Ltd. Power generation equipment consignment and operation service Korea 29.00 % 88,885 118,173 Korea Power Exchange (*3) Management of power market and others Korea 100.00 % 127,839 274,286 Taebaek Guinemi Wind Power Co., Ltd. (*28) Power generation Korea 67.25 % 12,637 13,530 Daeryun Power Co., Ltd. (*2) Power generation Korea 6.85 % 46,373 26,834 KNH Solar Co., Ltd. Power generation Korea 27.00 % 1,296 3,194 SPC Power Corporation (*29) Power generation Philippines 38.00 % 20,635 78,931 Gemeng International Energy Co., Ltd. Power generation China 42.00 % 516,007 705,812 PT. Cirebon Electric Power Power generation Indonesia 27.50 % 40,365 134,259 KNOC Nigerian East Oil Co., Ltd. (*4) Resources development Nigeria 14.63 % 12 — KNOC Nigerian West Oil Co., Ltd. (*4) Resources development Nigeria 14.63 % 12 — PT Wampu Electric Power Power generation Indonesia 46.00 % 21,292 34,555 PT. Bayan Resources TBK Resources development Indonesia 20.00 % 615,860 619,207 S-Power Power generation Korea 49.00 % 132,300 162,765 Pioneer Gas Power Limited Power generation India 38.50 % 49,831 — Xe-Pian Xe-Namnoy Power generation Laos 25.00 % 87,426 116,378 PT. Mutiara Jawa Manufacturing and operating floating coal terminal Indonesia 29.00 % 2,978 5,168 Samcheok Eco Materials Co., Ltd. (*5) Recycling fly ashes Korea 25.54 % 686 — Noeul Green Energy Co., Ltd. Power generation Korea 29.00 % 1,740 — Goseong Green Power Co., Ltd. Power generation Korea 29.00 % 262,740 287,624 Gangneung Eco Power Co., Ltd. (*17) Power generation Korea 29.00 % 261,000 254,929 Shin Pyeongtaek Power Co., Ltd. Power generation Korea 40.00 % 72,000 145,026 Haeng Bok Do Si Photovoltaic Power Co., Ltd. Power generation Korea 28.00 % 194 294 Dongducheon Dream Power Co., Ltd. (*6) Power generation Korea 33.61 % 148,105 87,203 Jinbhuvish Power Generation Pvt. Ltd. (*2) Power generation India 5.16 % 9,000 — Daejung Offshore Wind Power Co., Ltd. Power generation Korea 46.59 % 5,190 1,483 GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00 % 204,000 259,085 Daegu Photovoltaic Co., Ltd. Power generation Korea 29.00 % 1,230 2,804 Busan Green Energy Co., Ltd. Power generation Korea 29.00 % 5,243 3,259 Hansuwon KNP Co., Ltd. Electric material agency Korea 28.98 % 537 467 Korea Electric Power Corporation Fund (*7) Developing electric enterprises Korea 98.09 % 20,847 23,421 Energy Infra Asset Management Co., Ltd. (*33) Asset management Korea 9.90 % 297 1,213 Daegu clean Energy Co., Ltd. Renewable power generation Korea 28.00 % 140 — Yaksu Installing ESS related equipment Korea 29.00 % 210 285 Nepal Water & Energy Development Company Private Limited (*8,17) Construction and operation of utility plant Nepal 68.88 % 110,332 110,573 Gwangyang Green Energy Co., Ltd. Power generation Korea 20.00 % 26,800 24,638 PND S Power generation Korea 29.00 % 1,250 1,510 Hyundai Eco Energy Co., Ltd. (*2) Power generation Korea 19.00 % 3,610 7,947 YeongGwang Yaksu Wind Electric Co., Ltd. (*2) Power generation Korea 9.63 % 533 133 Green Energy Electricity Generation Co., Ltd. Power generation Korea 29.00 % 1,189 8 Korea Energy Solutions Co., Ltd. R & D Korea 20.00 % 300 170 ITR Co., Ltd. (*32) R & D Korea 10.00 % 50 — STN Co., Ltd. (formerly, Structure test network Co., Ltd.) Technical testing and consulting Korea 20.00 % 25 391 Indeck Niles Development, LLC Power generation USA 50.00 % 263,825 335,401 Indeck Niles Asset Management, LLC Power generation USA 33.33 % — 93 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 Holding company Korea 49.00 % 6,482 6,496 Suwon New Power Co., Ltd. Power generation Korea 39.90 % 798 1,022 2023 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Gwangbaek Solar Power Investment Co., Ltd. Power generation Korea 44.00 % W 4,757 5,155 Go deok Clean Energy Co., Ltd. Fuel cell generation Korea 40.00 % 5,560 4,723 SureDataLab Co., Ltd. R & D Korea 23.95 % 126 114 SEP Co., Ltd. R & D Korea 21.26 % 27 — Hankook Electric Power Information Co., Ltd. (*13) R & D Korea 16.49 % 38 214 Tronix Co., Ltd. (*13) R & D Korea 12.50 % 75 220 O2&B Global Co., Ltd. R & D Korea 20.00 % 25 21 Muan Sunshine Solar Power Plant Co., Ltd. Power generation Korea 20.00 % 1,570 2,822 Bigeum Resident Photovoltaic Power Co., Ltd. Power generation Korea 29.90 % 1 — Goesan Solar Park Co., Ltd. Power generation Korea 29.00 % 1,276 2,877 Saemangeum Heemang Photovoltaic Co., Ltd. Power generation Korea 35.00 % 11,022 14,420 Bitgoel Eco Energy Co., Ltd. Power generation Korea 49.25 % 7,880 12,394 Jeju Gimnyeong Wind Power Co., Ltd. Power generation Korea 30.00 % 714 246 Seoroseoro Sunny Power Plant Co., Ltd. Power generation Korea 42.58 % 706 941 Muan Solar park Co., Ltd. Power generation Korea 20.00 % 4,400 6,830 YuDang Solar Co., Ltd. Power generation Korea 20.00 % 360 570 Anjwa Smart Farm & Solar City Co., Ltd. Power generation Korea 20.00 % 5,651 7,665 KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.) Power generation Korea 25.36 % 3,910 7,779 G.GURU Co., Ltd. R & D Korea 24.65 % 493 167 UD4M Co., Ltd. (*10) R & D Korea 12.50 % 75 150 Dongbu Highway Solar Co., Ltd. Power generation Korea 20.00 % 190 380 Seobu Highway Solar Co., Ltd. Power generation Korea 20.00 % 195 406 Korea Energy Data Co., Ltd. R & D Korea 29.37 % 60 36 Gangneung Sacheon Fuel Cell Co., Ltd. Power generation Korea 41.00 % 5,695 7,870 KOSTURE Co., Ltd. (*2) Coal recycling business Korea 4.42 % 7 8 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation Korea 34.00 % 12,570 19,426 Chuncheon Green Energy Co., Ltd. Power generation Korea 45.00 % 9,540 8,900 Yeomsubong Wind Power Co., Ltd. (*11) Power generation Korea 29.00 % 1,411 871 Yeongyang Wind Power Corporation II Power generation Korea 30.00 % 7,965 10,100 Haeparang Energy Co., Ltd. Power generation Korea 25.00 % 2,241 2,104 Saemangeum Sebit Power Plant Co., Ltd. (*12) Power generation Korea 55.14 % 21,037 37,191 Boulder Solar III, LLC Power generation USA 30.00 % 715 754 PlatformN. Co., Ltd. R & D Korea 29.58 % 105 — PT. Cirebon Energi Prasarana (*9) Power generation Indonesia 10.00 % 26,710 76,597 Green Radiation Co., Ltd. (*13) R & D Korea 10.00 % 20 26 Future Convergence Technology Laboratory. Co., Ltd. R & D Korea 20.12 % 76 36 Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.) R & D Korea 20.00 % 90 267 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) (*33) R & D Korea 16.67 % 81 120 ACE R & D Korea 20.00 % 25 2 Environment and Energy Co., Ltd. (*13) R & D Korea 10.54 % 11 9 Santiago Solar Power SpA Power generation Chile 50.00 % 13,851 11,769 Yanggu Floating Photovoltaic Power Plant Inc. Power generation Korea 29.00 % 904 760 Power Embedded R & D Korea 23.33 % 70 70 Changwon SG Energy Co., Ltd. (*13) Power generation Korea 18.78 % 900 783 Donpyung Technology. Co., Ltd. R & D Korea 20.00 % 125 254 HORANG ENERGY Inc. Power generation Korea 40.00 % 4,240 4,149 Hoenggye Renewable Energy Co., Ltd Power generation Korea 36.12 % 2,375 2,375 Haman Green Energy Co., Ltd. Power generation Korea 35.00 % 4,771 2,981 Songsan Green Energy Co., Ltd. (*21) Power generation Korea 60.00 % 8,400 8,323 W 3,509,099 6,176,889 2023 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Joint ventures> Shuweihat Asia Power Investment B.V. Holding company Netherlands 49.00 % W 44,405 69,902 Shuweihat Asia Operation & Maintenance Company (*14) Maintenance of utility plant Cayman 55.00 % 30 1,818 Waterbury Lake Uranium L.P. (*15) Resources development Canada 30.65 % 26,602 22,612 ASM-BG Power generation Bulgaria 50.00 % 9,846 14,739 RES Technology AD Power generation Bulgaria 50.00 % 11,922 14,383 KV Holdings, Inc. (*29) Power generation Philippines 40.00 % 2,103 5,186 KEPCO SPC Power Corporation (*14,29) Construction and operation of utility plant Philippines 75.20 % 94,579 196,544 Gansu Datang Yumen Wind Power Co., Ltd. Power generation China 40.00 % 16,621 6,315 Datang Chifeng Renewable Power Co., Ltd. Power generation China 40.00 % 121,928 186,739 Datang KEPCO |
Summary of Fair Value Associates | (2) The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2022 and 2023 are as follows: Investees 2022 2023 In millions of won <Associates> Korea Electric Power Industrial Development Co., Ltd. ₩ 80,454 69,298 Korea Gas Corporation(*2) 684,180 466,830 YTN Co., Ltd. (*1) 50,220 54,180 SPC Power Corporation 121,995 92,219 PT. Bayan Resources TBK 11,326,001 11,090,934 (*1) The Company sold all of its shares in YTN Co., Ltd. (21.43 %) on February 15, 2024 at the price of ₩ as the Korea Communications Commission approved of the Company’s selling shares in entirety on February 7, 2024 (see Note 51). (*2) An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2022 and 2023 as management determined that the carrying amount of the investment in KOGAS at ₩2,085,296 million and ₩1,970,642 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, 2022 and 2023 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2022 and 2023. |
Summary of Changes in Investments in Associates and Joint Ventures | 2022 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,815,513 — — (51,559 ) 305,638 7,746 7,958 2,085,296 Korea Electric Power Industrial Development Co., Ltd. 24,617 — — (1,872 ) 3,807 — 4,526 31,078 YTN Co., Ltd. 51,828 — — (450 ) 1,565 (34 ) 2,118 55,027 Gangwon Wind Power Co., Ltd. 10,554 — — (1,420 ) 3,024 — — 12,158 Hyundai Green Power Co., Ltd. 121,955 — — (4,008 ) 1,770 1,345 (1,271 ) 119,791 Korea Power Exchange 269,728 — — — 772 — 4,626 275,126 Taebaek Wind Power Co., Ltd. 6,800 7,684 — (825 ) 842 — — 14,501 Taebaek Guinemi Wind Power Co., Ltd. 3,357 9,217 — — 475 — — 13,049 Pyeongchang Wind Power Co., Ltd. 5,411 5,454 — (100 ) 3,695 — (14,460 ) — Daeryun Power Co., Ltd. 25,426 — — — 429 1 871 26,727 Changjuk Wind Power Co., Ltd. 8,355 11,862 — (1,350 ) 817 — (19,684 ) — KNH Solar Co., Ltd. 2,278 — — — 606 (1 ) — 2,883 SPC Power Corporation 65,046 — — (2,694 ) 1,188 7,330 (2 ) 70,868 Gemeng International Energy Co., Ltd. 595,218 — — — (233 ) (16,164 ) — 578,821 PT. Cirebon Electric Power 121,969 — — (10,659 ) 14,776 704 8,324 135,114 KNOC Nigerian East Oil Co., Ltd. — — — — (11 ) (787 ) 798 — KNOC Nigerian West Oil Co., Ltd. — — — — (10 ) (724 ) 734 — PT Wampu Electric Power 35,077 — — (5,551 ) 5,848 54 2,315 37,743 PT. Bayan Resources TBK 661,289 — — (515,139 ) 531,528 7,041 — 684,719 S-Power Co., Ltd. 122,786 — — — 18,342 — — 141,128 Pioneer Gas Power Limited — — — — — — — — Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy Power Co., Ltd. 92,441 — — — 15,582 7,561 — 115,584 PT. Mutiara Jawa 2,569 — — — 1,197 (169 ) — 3,597 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 3,808 — — — (3,824 ) — 16 — Goseong Green Power Co., Ltd. 260,858 — — — 27,992 — 43 288,893 Gangneung Eco Power Co., Ltd. 2,288 — — — (2,288 ) — — — Shin Pyeongtaek Power Co., Ltd. 93,074 — — — 40,713 — 36 133,823 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 223 — — — 55 — — 278 Dongducheon Dream Power Co., Ltd. 74,198 — — — 15,086 — 16 89,300 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — Daejung Offshore Wind Power Co., Ltd. 1,704 — — — (149 ) — — 1,555 GS Donghae Electric Power Co., Ltd. 243,772 — — — 15,717 — 656 260,145 Daegu Photovoltaic Co., Ltd. 2,342 — — (268 ) 775 — — 2,849 Busan Green Energy Co., Ltd. 5,032 — — — (667 ) — 30 4,395 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 1,250 — (1,293 ) — 43 — — — Hansuwon KNP Co., Ltd. 219 — — — 61 — — 280 Korea Electric Power Corporation Fund 47,983 — (25,297 ) — 7,966 (1,810 ) — 28,842 Energy Infra Asset Management Co., Ltd. 1,066 — — — 118 — — 1,184 Daegu clean Energy Co., Ltd. 12 — — — — — — 12 Yaksu 716 — — — (230 ) — — 486 Nepal Water & Energy Development Company Private Limited 66,333 — — — (923 ) 4,530 — 69,940 Gwangyang Green Energy Co., Ltd. 25,466 — — — (422 ) — — 25,044 PND S 1,229 — — — 174 — — 1,403 Hyundai Eco Energy Co., Ltd. 5,572 — — — 2,058 1 — 7,631 YeongGwang Yaksu Wind Electric Co., Ltd. 233 — — — 143 — (220 ) 156 Green Energy Electricity Generation Co., Ltd. 1,713 — — — (142 ) — — 1,571 Korea Energy Solutions Co., Ltd. 123 — — — (30 ) — — 93 ITR Co., Ltd. 32 — — — (32 ) — — — 2022 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> STN Co., Ltd. (formerly, Structure test network Co., Ltd.) ₩ 306 — — — 60 — — 366 Namjeongsusang Solar Power Operation Co., Ltd. 361 — — — 12 — — 373 Indeck Niles Development, LLC 246,273 — (4,289 ) — 21,975 21,840 16,239 302,038 Indeck Niles Asset Management, LLC 111 — — (497 ) 472 — 8 94 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 7,138 — (202 ) (392 ) 389 (1 ) — 6,932 Suwon New Power Co., Ltd. 1,035 — — — (116 ) — — 919 KPGE Inc. 309 — (317 ) — 8 — — — Gwangbaek Solar Power Investment Co., Ltd. 4,806 — — — 327 — — 5,133 Go deok Clean Energy Co., Ltd. 4,302 — — — 118 — — 4,420 SureDataLab Co., Ltd. 128 — — — 49 — — 177 SEP Co., Ltd. 7 — — — (7 ) — — — Hankook Electric Power Information Co., Ltd. 161 — — — 121 — (62 ) 220 Tronix Co., Ltd. 109 — — — (37 ) — (6 ) 66 O2&B Global Co., Ltd. 35 — — — 1 — — 36 Muan Sunshine Solar Power Plant Co., Ltd. 1,268 — — — 1,294 — — 2,562 Bigeum Resident Photovoltaic Power Co., Ltd. — — — — — — — — Goesan Solar Park Co., Ltd. 1,927 — — — 664 — — 2,591 Saemangeum Heemang Photovoltaic Co., Ltd. 10,238 — — — 2,772 — — 13,010 Bitgoel Eco Energy Co., Ltd. 4,356 3,240 — — 1,355 — — 8,951 Jeju Gimnyeong Wind Power Co., Ltd. 911 — — — (39 ) — — 872 Seoroseoro Sunny Power Plant Co., Ltd. 721 — — — 138 — — 859 Muan Solar park Co., Ltd. 6,083 — — (600 ) 2,377 (22 ) — 7,838 YuDang Solar Co., Ltd. 565 — — (160 ) 181 — — 586 Anjwa Smart Farm & Solar City Co., Ltd. 6,784 — — — 1,878 — — 8,662 Daewon Green Energy Co., Ltd. 3,877 — — — 608 — — 4,485 G.GURU Co., Ltd. 403 — — — (103 ) — — 300 UD4M Co., Ltd. 144 — — — 17 — — 161 Dongbu Highway Solar Co., Ltd. 265 — — — 87 — — 352 Seobu Highway Solar Co., Ltd. 289 — — — 27 — — 316 Korea Energy Data Co., Ltd. 62 — — — — — — 62 Gangneung Sacheon Fuel Cell Co., Ltd. 1,878 3,745 — — (1,310 ) (36 ) — 4,277 KOSTURE Co., Ltd. — 1 — — — — — 1 Digital Innovation Growth Fund 9,890 — — — (204 ) — (9,686 ) — Taebaek Gadeoksan Wind Power Co., Ltd. 16,495 — — (1,784 ) 5,644 — (315 ) 20,040 Chuncheon Green Energy Co., Ltd. 3,372 6,140 — — (357 ) — — 9,155 Yeomsubong Wind Power Co., Ltd. 95 — — — (40 ) — 7 62 Yeongyang Wind Power Corporation II 7,965 — — — (504 ) — — 7,461 Haeparang Energy Co., Ltd. 2,241 — — — (53 ) — — 2,188 Saemangeum Sebit Power Plant Co., Ltd. 6,000 7,788 — — 4,855 — 4,556 23,199 Boulder Solar III, LLC — 715 — — — — 29 744 PlatformN. Co., Ltd. — 105 — — (21 ) — — 84 PT. Cirebon Energi Prasarana — 24,052 — — 35,315 6,963 2,705 69,035 Green Radiation Co., Ltd. — — — — (9 ) — 20 11 Future Convergence Technology Laboratory. Co., Ltd. — 76 — — (26 ) — — 50 SC E&G. Co,. Ltd. — 90 — — 124 — — 214 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) — 81 — — 85 — — 166 ACE — 20 — — — — — 20 Environment and Energy Co., Ltd. — 11 — — (1 ) — — 10 Santiago Solar Power SpA — 13,853 — — (379 ) (100 ) (1 ) 13,373 Yanggu Floating Photovoltaic Power Plant Inc. — 903 — — — — — 903 5,232,373 95,037 (31,398 ) (599,328 ) 1,091,588 45,268 10,924 5,844,464 2022 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> KEPCO-Uhde Inc. ₩ 58 — — — (43 ) — 2 17 Shuweihat Asia Power Investment B.V. 37,069 — — (3,545 ) (1,303 ) 34,231 — 66,452 Shuweihat Asia Operation & Maintenance Company 1,380 — — (995 ) 1,154 92 — 1,631 Waterbury Lake Uranium L.P. 21,590 — — — 1 159 — 21,750 ASM-BG Investicii AD 18,692 — (6,255 ) (2,395 ) 2,979 1,534 — 14,555 RES Technology AD 16,703 — (3,673 ) (333 ) 1,427 1,009 — 15,133 KV Holdings, Inc. 2,527 — — (394 ) 7,747 (221 ) — 9,659 KEPCO SPC Power Corporation 198,979 — — (34,280 ) 27,591 (12,696 ) — 179,594 Gansu Datang Yumen Wind Power Co., Ltd. 6,635 — — — (464 ) (147 ) — 6,024 Datang Chifeng Renewable Power Co., Ltd. 204,587 — — (8,732 ) 2,849 (6,722 ) — 191,982 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 44,217 — — (2,694 ) 3,936 (1,061 ) — 44,398 Rabigh Electricity Company 143,678 — — (11,447 ) 31,523 50,853 — 214,607 Rabigh Operation & Maintenance Company Limited 4,071 — — (2,735 ) 3,866 (89 ) — 5,113 Jamaica Public Service Company Limited 294,649 — — (7,752 ) 28,541 19,494 (3,525 ) 331,407 KW Nuclear Components Co., Ltd. 15,734 — — (833 ) 2,189 — — 17,090 Busan Shinho Solar Power Co., Ltd. 5,841 — — (478 ) 1,356 — — 6,719 Global Trade Of Power System Co., Ltd. 597 — — — 101 — — 698 Expressway Solar-light Power Generation Co., Ltd. 3,084 — — — 1,670 — — 4,754 Amman Asia Electric Power Company 178,679 — — (19,350 ) 23,442 37,483 — 220,254 KAPES, Inc. — — — — — — — — Honam Wind Power Co., Ltd. 4,041 — — (174 ) 952 — — 4,819 Korea Power Engineering Service Co., Ltd. 5,415 — — (86 ) 145 — 69 5,543 Chun-cheon Energy Co., Ltd. 25,896 — — — 6,148 — — 32,044 Yeonggwangbaeksu Wind Power Co., Ltd. 2,728 — — — 423 — — 3,151 Nghi Son 2 Power LLC — 172,480 — — 51,218 185,141 — 408,839 Kelar S.A. 86,695 — — — 3,695 21,241 5,506 117,137 PT. Tanjung Power Indonesia 46,546 30,147 — (6,104 ) 4,645 18,323 (650 ) 92,907 Incheon New Power Co., Ltd. — — — — 198 — — 198 Seokmun Energy Co., Ltd. 13,842 — — — 3,494 — — 17,336 Daehan Wind Power PSC 5,154 — — — 2,446 6,323 — 13,923 Barakah One Company — — — — — — — — Nawah Energy Company 294 — — — 1 20 — 315 Momentum 368 — — (369 ) 345 1 — 345 Daegu Green Power Co., Ltd. 24,054 — — — 5,079 — 227 29,360 Yeonggwang Wind Power Co., Ltd. 17,646 — — — 3,067 — — 20,713 Chester Solar IV SpA — — — — 202 (17 ) (4 ) 181 Chester Solar V SpA 25 — — — 129 3 (1 ) 156 Diego de Almagro Solar SpA 362 — — — 154 2 22 540 South Jamaica Power Company Limited 37,360 — — — 6,625 2,452 — 46,437 Daesan Green Energy Co., Ltd. 21,244 — — — (2,030 ) — 4 19,218 RE Holiday Holdings LLC 73,167 — — (2,288 ) 2,526 11,965 — 85,370 RE Pioneer Holdings LLC 47,015 — — (1,337 ) (275 ) 9,769 — 55,172 RE Barren Ridge 1 Holdings LLC 1,883 — — (1,625 ) (2,886 ) 5,978 — 3,350 RE Astoria 2 LandCo LLC 5,998 — — (388 ) 571 418 — 6,599 RE Barren Ridge LandCo LLC 2,120 — — (160 ) 225 148 — 2,333 Laurel SpA 290 — — — 245 3 16 554 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 3,625 — — — 26 — — 3,651 Chile Solar JV SpA 32,457 — (24,894 ) — 159 2,097 — 9,819 Cheong-Song Noraesan Wind Power Co., Ltd. 4,106 — — (672 ) 832 — (3 ) 4,263 Chester Solar I SpA 1,120 — — — 120 (1 ) 75 1,314 Solar Philippines Calatagan Corporation 58,231 — — (1,710 ) 6,081 (5,700 ) — 56,902 Saemangeum Solar Power Co., Ltd. 23,939 — — — (388 ) — — 23,551 2022 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> Chungsongmeon BongSan wind power Co., Ltd. ₩ 3,808 — — — (338 ) — — 3,470 Jaeun Resident Wind Power Plant Co., Ltd. 1,958 — — — 278 — — 2,236 DE Energia SpA 8,921 — — — — 615 — 9,536 Dangjin Eco Power Co., Ltd. 26,109 — — — 233 513 4 26,859 Haemodum Solar Co., Ltd. 3,081 — — — 286 — — 3,367 Yangyang Wind Power Co., Ltd. 11,191 — — — (327 ) — — 10,864 HORUS SOLAR, S.A. DE C.V. 5,842 — — — 841 293 — 6,976 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 4,536 — — — 68 295 — 4,899 SUNMEX RENOVABLES, S.A. DE C.V. 1,610 — — — (151 ) 198 — 1,657 Stavro Holding II A.B. 17,627 952 — — 157 (1,687 ) 122 17,171 Solaseado Solar Power Co., Ltd. 9,891 — — — 6,342 — — 16,233 Yeongam Solar Power Co., Ltd. 6,838 — — — 3,041 — — 9,879 Samsu Wind Power Co., Ltd. 2,828 — — — 377 — — 3,205 Pulau Indah Power Plant Sdn. Bhd. 22,099 — — — 1,681 3,034 — 26,814 Sam-Yang Photovoltaic Power Co., Ltd. 4,993 — — — (123 ) — (4,870 ) — NH-Amundi Global Infrastructure Investment Private Investment Trust 21 21,456 485 (406 ) (1,415 ) 1,603 — — 21,723 Shin-han BNPP Private Investment Trust for East-West Sunlight Dream 16,288 — (687 ) — (14 ) — — 15,587 PT Barito Wahana Tenaga 81,595 39 — — 13,352 42,061 — 137,047 Cheongna Energy Co., Ltd. 11,198 — — — (440 ) — — 10,758 Naepo Green Energy Co., Ltd. — — — — — — — — Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) — — — — — — — — OneEnergy Asia Limited 79,700 39,033 — — (18,294 ) 71,779 — 172,218 KAS Investment I LLC 15,273 — — — 2,426 548 — 18,247 KAS Investment II LLC 15,213 — — — 2,082 878 — 18,173 Energyco Co., Ltd. 1,535 — — — 655 — — 2,190 CAES, LLC 18,435 — — (217 ) (198 ) 1,756 1,029 20,805 Hapcheon Floating Photovoltaic Power Plant Inc. 6,971 — — — 1,500 — — 8,471 Busan Industrial Solar Power Co., Ltd. 612 — — — 556 — — 1,168 Bitsolar Energy Co., Ltd. 352 — — — — — — 352 Pulau Indah O&M Sdn. Bhd. — — — — — — — — Guadalupe Solar SpA 659 — — — 221 33 — 913 Omisan Wind Power Co., Ltd. 10,633 — — — (222 ) — — 10,411 Foresight Iberian Solar Group Holding, S.L. 9,743 1,781 — — (1,016 ) 3 54 10,565 Yeongwol Eco Wind Co., Ltd. 3,196 — — — (41 ) — — 3,155 Gurae Resident Power Co., Ltd. 395 — — — (4 ) — — 391 Cheongju Eco Park Co., Ltd. 5,465 — — — 5,025 — — 10,490 Enel X Midland Photovoltaic, LLC 1,688 — — — 168 — — 1,856 Geumsungsan Wind Power Co., Ltd. 6,053 — — — (2,560 ) — — 3,493 KEPCO KPS CARABAO Corp. 386 — — (104 ) (105 ) — — 177 Prime Swedish Holding AB 15,441 20,896 — — (261 ) — 169 36,245 Goheung New Energy Co., Ltd. 11,708 — — — 124 — — 11,832 Gunsan Land Solar Co., Ltd. 19,317 — — — 8,220 7 — 27,544 CapMan Lynx SCA, SICAR 9,976 — — — (10,195 ) 5,173 (4,954 ) — International Offshore Power Transmission Holding Company Limited — — — — — — — — Pyeongchang Wind Power Co., Ltd. — — — — — — 14,464 14,464 Eumseong Eco Park Co., Ltd. — 5,741 — — (184 ) — — 5,557 Songsan Green Energy Co., Ltd. — 1,400 — — (13 ) — — 1,387 Changwon Nu-ri Energy Co., Ltd. — 500 — — (3 ) — — 497 2022 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> Hasami Wind Farm Corporation ₩ — 1,596 — — (7 ) — — 1,589 PungBack Wind Farm Corporation — 7,884 — — (1,141 ) — — 6,743 Trumbull Asset Management, LLC — — — — 252 (1 ) (5 ) 246 S-Power Chile SpA — 127 — — — — — 127 Seungmun Green Energy — 8,973 — — 120 (39 ) — 9,054 Seobusambo highway photovoltaics Co., Ltd. — (1 ) — — — — 3,067 3,066 2,239,011 292,033 (35,915 ) (112,612 ) 246,705 507,544 10,818 3,147,584 ₩ 7,471,384 387,070 (67,313 ) (711,940 ) 1,338,293 552,812 21,742 8,992,048 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 2,085,296 — — — (155,819 ) 47,220 (6,054 ) 1,970,643 Korea Electric Power Industrial Development Co., Ltd. 31,078 — — (2,156 ) 1,790 — (1,212 ) 29,500 YTN Co., Ltd. 55,027 — — (540 ) (1,147 ) (14 ) (1,023 ) 52,303 Gangwon Wind Power Co., Ltd. 12,158 — — (2,272 ) 2,115 — — 12,001 Hyundai Green Power Co., Ltd. 119,791 — — (3,555 ) 2,159 — (222 ) 118,173 Korea Power Exchange 275,126 — — — 4,575 — (5,415 ) 274,286 Taebaek Wind Power Co., Ltd. 14,501 — — — — — (14,501 ) — Taebaek Guinemi Wind Power Co., Ltd. 13,049 — — — 481 — — 13,530 Daeryun Power Co., Ltd. 26,727 — — — 143 (12 ) (24 ) 26,834 KNH Solar Co., Ltd. 2,883 — — — 311 — — 3,194 SPC Power Corporation 70,868 — — (2,669 ) 9,667 1,065 — 78,931 Gemeng International Energy Co., Ltd. 578,821 102,854 — (12,527 ) 41,280 565 (5,181 ) 705,812 PT. Cirebon Electric Power 135,114 — — (10,770 ) 7,519 — 2,396 134,259 KNOC Nigerian East Oil Co., Ltd. — — — — (7 ) (213 ) 220 — KNOC Nigerian West Oil Co., Ltd. — — — — (7 ) (196 ) 203 — PT Wampu Electric Power 37,743 — — (3,850 ) (268 ) 224 706 34,555 PT. Bayan Resources TBK 684,719 — — (344,360 ) 252,406 26,500 (58 ) 619,207 S-Power Co., Ltd. 141,128 — — — 21,637 — — 162,765 Pioneer Gas Power Limited — — — — — — — — Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 115,584 — — — (848 ) 1,642 — 116,378 PT. Mutiara Jawa 3,597 — — (459 ) 1,936 94 — 5,168 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. — — — — — — — — Goseong Green Power Co., Ltd. 288,893 — — — (1,240 ) — (29 ) 287,624 Gangneung Eco Power Co., Ltd. — 258,100 — — (3,171 ) — — 254,929 Shin Pyeongtaek Power Co., Ltd. 133,823 — — (70,040 ) 81,258 — (15 ) 145,026 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 278 — — — 16 — — 294 Dongducheon Dream Power Co., Ltd. 89,300 — — — (2,568 ) — 471 87,203 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — Daejung Offshore Wind Power Co., Ltd. 1,555 — — — (72 ) — — 1,483 GS Donghae Electric Power Co., Ltd. 260,145 — — (21,846 ) 21,240 — (454 ) 259,085 Daegu Photovoltaic Co., Ltd. 2,849 — — (408 ) 363 — — 2,804 Busan Green Energy Co., Ltd. 4,395 — — — (1,137 ) — 1 3,259 Gunsan Bio Energy Co., Ltd. — — — — — — — — 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Hansuwon KNP Co., Ltd. ₩ 280 — — — 187 — — 467 Korea Electric Power Corporation Fund 28,842 — (2,266 ) — (2,865 ) (290 ) — 23,421 Energy Infra Asset Management Co., Ltd. 1,184 — — (89 ) 118 — — 1,213 Daegu clean Energy Co., Ltd. 12 — — — — — (12 ) — Yaksu 486 — — — (201 ) — — 285 Nepal Water & Energy Development Company Private Limited 69,940 40,103 — — (325 ) 855 — 110,573 Gwangyang Green Energy Co., Ltd. 25,044 — — — (406 ) — — 24,638 PND S 1,403 — — — 107 — — 1,510 Hyundai Eco Energy Co., Ltd. 7,631 — — (874 ) 1,198 (8 ) — 7,947 YeongGwang Yaksu Wind Electric Co., Ltd. 156 — — — (23 ) — — 133 Green Energy Electricity Generation Co., Ltd. 1,571 — — — (1,563 ) — — 8 Korea Energy Solutions Co., Ltd. 93 — — — 77 — — 170 ITR Co., Ltd. — — — — (33 ) — 33 — STN Co., Ltd. (formerly, Structure test network Co., Ltd.) 366 — — — 25 — — 391 Namjeongsusang Solar Power Operation Co., Ltd. 373 — (217 ) — (156 ) — — — Indeck Niles Development, LLC 302,038 — — — 32,067 (3,623 ) 4,919 335,401 Indeck Niles Asset Management, LLC 94 — — (337 ) 334 — 2 93 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 6,932 — (428 ) (373 ) 366 (1 ) — 6,496 Suwon New Power Co., Ltd. 919 — — — 103 — — 1,022 Gwangbaek Solar Power Investment Co., Ltd. 5,133 — — (644 ) 666 — — 5,155 Go deok Clean Energy Co., Ltd. 4,420 — — — 303 — — 4,723 SureDataLab Co., Ltd. 177 — — — (63 ) — — 114 SEP Co., Ltd. — — — — — — — — Hankook Electric Power Information Co., Ltd. 220 — — — (6 ) — — 214 Tronix Co., Ltd. 66 — — — 154 — — 220 O2&B Global Co., Ltd. 36 — — — (15 ) — — 21 Muan Sunshine Solar Power Plant Co., Ltd. 2,562 — — (340 ) 600 — — 2,822 Bigeum Resident Photovoltaic Power Co., Ltd. — — — — (414 ) 414 — — Goesan Solar Park Co., Ltd. 2,591 — — — 286 — — 2,877 Saemangeum Heemang Photovoltaic Co., Ltd. 13,010 — — — 1,410 — — 14,420 Bitgoel Eco Energy Co., Ltd. 8,951 — — — 3,443 — — 12,394 Jeju Gimnyeong Wind Power Co., Ltd. 872 — — — (626 ) — — 246 Seoroseoro Sunny Power Plant Co., Ltd. 859 — — — 82 — — 941 Muan Solar park Co., Ltd. 7,838 — — (2,680 ) 1,672 — — 6,830 YuDang Solar Co., Ltd. 586 — — (100 ) 84 — — 570 Anjwa Smart Farm & Solar City Co., Ltd. 8,662 — — (1,400 ) 403 — — 7,665 KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.) 4,485 — — — 3,294 — — 7,779 G.GURU Co., Ltd. 300 — — — (133 ) — — 167 UD4M Co., Ltd. 161 — — — (11 ) — — 150 Dongbu Highway Solar Co., Ltd. 352 — — — 28 — — 380 Seobu Highway Solar Co., Ltd. 316 — — — 90 — — 406 Korea Energy Data Co., Ltd. 62 — — — (26 ) — — 36 Gangneung Sacheon Fuel Cell Co., Ltd. 4,277 — — — 3,593 — — 7,870 KOSTURE Co., Ltd. 1 6 — — 1 — — 8 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Associates> Taebaek Gadeoksan Wind Power Co., Ltd. ₩ 20,040 — — (3,723 ) 3,109 — — 19,426 Chuncheon Green Energy Co., Ltd. 9,155 — — — (204 ) (51 ) — 8,900 Yeomsubong Wind Power Co., Ltd. 62 1,316 — — (507 ) — — 871 Yeongyang Wind Power Corporation II 7,461 — — — 2,639 — — 10,100 Haeparang Energy Co., Ltd. 2,188 — — — (84 ) — — 2,104 Saemangeum Sebit Power Plant Co., Ltd. 23,199 7,249 — — (709 ) — 7,452 37,191 Boulder Solar III, LLC 744 — — — — — 10 754 PlatformN. Co., Ltd. 84 — — — (84 ) — — — PT. Cirebon Energi Prasarana 69,035 — — — 7,328 (891 ) 1,125 76,597 Green Radiation Co., Ltd. 11 — — — 15 — — 26 Future Convergence Technology Laboratory. Co., Ltd. 50 — — — (14 ) — — 36 Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.) 214 — — — 53 — — 267 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) 166 — — — (72 ) — 26 120 ACE 20 — — — (18 ) — — 2 Environment and Energy Co., Ltd. 10 — — — (1 ) — — 9 Santiago Solar Power SpA 13,373 — — — (1,522 ) (82 ) — 11,769 Yanggu Floating Photovoltaic Power Plant Inc. 903 — — — (143 ) — — 760 Power Embedded — 70 — — — — — 70 Changwon SG Energy Co., Ltd. — 900 — — (117 ) — — 783 Donpyung Technology. Co., Ltd. — 125 — — 154 — (25 ) 254 HORANG ENERGY Inc. — 4,240 — — (91 ) — — 4,149 Hoenggye Renewable Energy Co., Ltd — 2,375 — — — — — 2,375 Haman Green Energy Co., Ltd. — 4,771 — — (1,790 ) — — 2,981 Songsan Green Energy Co., Ltd. — — — — — — 8,323 8,323 5,844,464 422,109 (2,911 ) (486,012 ) 334,379 73,198 (8,338 ) 6,176,889 <Joint ventures> KEPCO-Uhde Inc. 17 — — — (10 ) — (7 ) — Shuweihat Asia Power Investment B.V. 66,452 — — (512 ) (440 ) 4,402 — 69,902 Shuweihat Asia Operation & Maintenance Company 1,631 — — (1,077 ) 1,237 27 — 1,818 Waterbury Lake Uranium L.P. 21,750 — — — 70 792 — 22,612 ASM-BG 14,555 — — (697 ) 680 201 — 14,739 RES Technology AD 15,133 — — (697 ) (513 ) 460 — 14,383 KV Holdings, Inc. 9,659 — — — 280 161 (4,914 ) 5,186 KEPCO SPC Power Corporation 179,594 — — — 13,224 3,726 — 196,544 Gansu Datang Yumen Wind Power Co., Ltd. 6,024 — — — 316 (25 ) — 6,315 Datang Chifeng Renewable Power Co., Ltd. 191,982 — — (14,293 ) 9,012 38 — 186,739 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 44,398 — — (1,771 ) 639 (59 ) — 43,207 Rabigh Electricity Company 214,607 — — (6,263 ) 28,456 (1,749 ) — 235,051 Rabigh Operation & Maintenance Company Limited 5,113 — — (2,994 ) 2,759 86 — 4,964 Jamaica Public Service Company Limited 331,407 — — (15,715 ) 32,862 7,959 (6,647 ) 349,866 KW Nuclear Components Co., Ltd. 17,090 — — (833 ) 2,423 — — 18,680 Busan Shinho Solar Power Co., Ltd. 6,719 — — (1,169 ) 1,119 — — 6,669 Global Trade Of Power System Co., Ltd. 698 — — — (83 ) — — 615 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> Expressway Solar-light Power Generation Co., Ltd. ₩ 4,754 — — — 433 — — 5,187 Amman Asia Electric Power Company 220,254 — — (15,636 ) 17,833 973 — 223,424 KAPES, Inc. — — — (1,162 ) 1,162 — — — Honam Wind Power Co., Ltd. 4,819 — — (522 ) 446 — — 4,743 Korea Power Engineering Service Co., Ltd. 5,543 — — (44 ) 349 — (140 ) 5,708 Chun-cheon Energy Co., Ltd. 32,044 — — — 3,039 — — 35,083 Yeonggwangbaeksu Wind Power Co., Ltd. 3,151 — — — 292 — — 3,443 Nghi Son 2 Power LLC 408,839 — — — 14,742 (5,592 ) — 417,989 Kelar S.A. 117,137 — — — 11,655 848 1,889 131,529 PT. Tanjung Power Indonesia 92,907 — — (12,641 ) 9,679 338 (132 ) 90,151 Incheon New Power Co., Ltd. 198 — — (69 ) 147 — 22 298 Seokmun Energy Co., Ltd. 17,336 — — — (745 ) — — 16,591 Daehan Wind Power PSC 13,923 — — — 2,437 66 — 16,426 Barakah One Company — — — — — — — — Nawah Energy Company 315 — — — 10 5 — 330 MOMENTUM 345 — — (365 ) 208 21 — 209 Daegu Green Power Co., Ltd. 29,360 — — — (2,856 ) — (74 ) 26,430 Yeonggwang Wind Power Co., Ltd. 20,713 — — (2,688 ) 5,355 — — 23,380 Chester Solar IV SpA 181 — — — 324 (21 ) — 484 Chester Solar V SpA 156 — — — 35 (3 ) 3 191 Diego de Almagro Solar SpA 540 — — — 447 (37 ) 4 954 South Jamaica Power Company Limited 46,437 — — (7,667 ) 3,709 630 — 43,109 Daesan Green Energy Co., Ltd. 19,218 — — — 2,977 — (4 ) 22,191 RE Holiday Holdings LLC 85,370 — — (1,549 ) (1,425 ) 1,696 — 84,092 RE Pioneer Holdings LLC 55,172 — — (1,162 ) (2,089 ) 2,160 — 54,081 RE Barren Ridge 1 Holdings LLC 3,350 — — (3,087 ) (1,733 ) 59,624 — 58,154 RE Astoria 2 LandCo LLC 6,599 — — (354 ) 575 117 — 6,937 RE Barren Ridge LandCo LLC 2,333 — — (161 ) 228 41 — 2,441 Laurel SpA 554 — — — 64 (14 ) 9 613 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 3,651 — — — (23 ) 91 — 3,719 Chile Solar JV SpA 9,819 — — — 3,569 1,276 (14,664 ) — Cheong-Song Noraesan Wind Power Co., Ltd. 4,263 — — (865 ) 358 — — 3,756 Chester Solar I SpA 1,314 — — — (71 ) (29 ) 24 1,238 Solar Philippines Calatagan Corporation 56,902 — — (6,025 ) 6,025 1,228 — 58,130 Saemangeum Solar Power Co., Ltd. 23,551 — — — (132 ) — — 23,419 Chungsongmeon BongSan wind power Co., Ltd. 3,470 — — — (805 ) — — 2,665 Jaeun Resident Wind Power Plant Co., Ltd. 2,236 — — — (22 ) — — 2,214 DE Energia SpA 9,536 — — — — 167 — 9,703 Dangjin Eco Power Co., Ltd. 26,859 — — — 212 (318 ) — 26,753 Haemodum Solar Co., Ltd. 3,367 — — (392 ) 147 — — 3,122 Yangyang Wind Power Co., Ltd. 10,864 — — — (429 ) — — 10,435 HORUS SOLAR, S.A. DE C.V. 6,976 — — — 3,594 611 — 11,181 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 4,899 — — — 4,088 1,948 — 10,935 SUNMEX RENOVABLES, S.A. DE C.V. 1,657 — — — 1,482 402 — 3,541 Stavro Holding II A.B. 17,171 — — — (17 ) 149 960 18,263 Solaseado Solar Power Co., Ltd. 16,233 — — — 1,720 — — 17,953 Yeongam Solar Power Co., Ltd. 9,879 — — (592 ) 350 — — 9,637 Samsu Wind Power Co., Ltd. 3,205 — — (514 ) 331 — — 3,022 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> Pulau Indah Power Plant Sdn. Bhd. ₩ 26,814 — — (27 ) 671 (2,360 ) 505 25,603 NH-Amundi 21,723 928 (1,092 ) (1,568 ) 1,906 — — 21,897 Shin-han 15,587 — (96 ) — (4 ) — — 15,487 PT Barito Wahana Tenaga 137,047 — — — 20,546 (599 ) — 156,994 Cheongna Energy Co., Ltd. 10,758 — — — 14,791 — — 25,549 Naepo Green Energy Co., Ltd. — — — — 5,285 — — 5,285 Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) — — — — — — — — OneEnergy Asia Limited 172,218 79,182 — — 39,091 (525 ) — 289,966 KAS INVESTMENT I LLC 18,247 — — — (2,223 ) (240 ) — 15,784 KAS INVESTMENT II LLC 18,173 — — — (2,225 ) (239 ) — 15,709 Energyco Co., Ltd. 2,190 — — — (50 ) — — 2,140 CAES, LLC 20,805 — — — (860 ) 114 321 20,380 Hapcheon Floating Photovoltaic Power Plant Inc. 8,471 — — — 1,877 — — 10,348 Busan Industrial Solar Power Co., Ltd. 1,168 — — — (110 ) — — 1,058 Bitsolar Energy Co., Ltd. 352 — — — — — — 352 Pulau Indah O&M Sdn. Bhd. — — — — — — — — Guadalupe Solar SpA 913 — — — 322 (35 ) — 1,200 Omisan Wind Power Co., Ltd. 10,411 — — — (182 ) — — 10,229 Foresight Iberian Solar Group Holding, S.L. 10,565 — — — (2,034 ) — (412 ) 8,119 Yeongwol Eco Wind Co., Ltd. 3,155 — — — 869 — — 4,024 Gurae Resident Power Co., Ltd. 391 — — — 178 — — 569 Cheongju Eco Park Co., Ltd. 10,490 — — — (1,418 ) — — 9,072 Enel X Midland Photovoltaic, LLC 1,856 516 — — 170 — — 2,542 Geumsungsan Wind Power Co., Ltd. 3,493 — — — 2,022 — — 5,515 KEPCO KPS CARABAO Corp. 177 — — — (184 ) 7 — — Prime Swedish Holding AB 36,245 820 — — (236 ) — 1,960 38,789 Goheung New Energy Co., Ltd. 11,832 — — — 3,904 — — 15,736 Gunsan Land Solar Co., Ltd. 27,544 — — — (5,115 ) — — 22,429 CapMan Lynx SCA, SICAR — — — — — — — — International Offshore Power Transmission Holding Company Limited — — — — 338 1,085 — 1,423 Pyeongchang Wind Power Co., Ltd. 14,464 — — (870 ) (1,366 ) — — 12,228 Eumseong Eco Park Co., Ltd. 5,557 — — — 2,829 — — 8,386 Songsan Green Energy Co., Ltd. 1,387 7,000 — — (25 ) (39 ) (8,323 ) — Changwon Nu-ri 497 7,595 — — (27 ) (38 ) — 8,027 Hasami Wind Farm Corporation 1,589 — (1,586 ) — (3 ) — — — PungBack Wind Farm Corporation 6,743 — — — 1,197 — — 7,940 Trumbull Asset Management, LLC 246 1 — — 693 — (4 ) 936 S-Power 127 — — — (70 ) 4 3 64 Seungmun Green Energy 9,054 — — — 703 — — 9,757 Seobusambo highway photovoltaics Co., Ltd. 3,066 — — — 514 — — 3,580 Yangyang Suri Wind Power Co., Ltd. — 10,498 — — (890 ) — — 9,608 Kepco for Power Company — 3,083 — — (2,109 ) 25 (564 ) 435 Taebaek Wind Power Co., Ltd. — — — (2,820 ) 2,251 — 14,501 13,932 Jeonju Bio Green Energy Co., Ltd. — 3,250 — — (55 ) — — 3,195 2023 Investees Beginning Acquisitions Disposals Dividends Share of (loss) Other (loss) Others Ending In millions of won <Joint ventures> Kumyang Eco Park Co., Ltd. ₩ — 3,663 — — — — — 3,663 Jeongeup Green Power Co., Ltd. — 1,560 — — — — — 1,560 Hadong E-factory — 350 — — — (1 ) — 349 Namyangju Combined Heat and Power Co., Ltd. — 3,850 — — — — — 3,850 Wadi Noor Solar Power Company SAOC — 847 — — — (1 ) — 846 Fairhaven Energy Storage LLC — — — — — — — — 3,147,584 123,143 (2,774 ) (106,801 ) 260,677 79,554 (15,684 ) 3,485,699 ₩ 8,992,048 545,252 (5,685 ) (592,813 ) 595,056 152,752 (24,022 ) 9,662,588 |
Summary of Financial Information of Associates and Joint Ventures | (4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2023 are as follows: 2022 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Korea Gas Corporation ₩ 62,424,983 52,014,243 51,724,287 1,497,008 Korea Electric Power Industrial Development Co., Ltd. 148,112 40,946 336,333 15,434 YTN Co., Ltd. 364,115 107,324 152,187 7,250 Gangwon Wind Power Co., Ltd. 86,758 6,029 40,130 20,163 Hyundai Green Power Co., Ltd. 773,998 360,926 105,374 5,010 Korea Power Exchange 311,691 36,564 118,501 1,036 Taebaek Wind Power Co., Ltd. 27,562 3,394 7,565 551 Taebaek Guinemi Wind Power Co., Ltd. 44,036 28,709 6,793 1,906 Daeryun Power Co., Ltd. 1,201,510 799,370 472,211 4,999 KNH Solar Co., Ltd. 13,584 2,905 4,348 2,173 SPC Power Corporation 254,951 26,417 80,630 25,614 Gemeng International Energy Co., Ltd. 7,796,180 5,460,183 3,183,398 11,637 PT. Cirebon Electric Power 691,311 199,987 287,261 53,730 KNOC Nigerian East Oil Co., Ltd. 26,491 109,974 — (72 ) KNOC Nigerian West Oil Co., Ltd. 28,537 105,292 — (72 ) PT Wampu Electric Power 209,815 127,764 21,773 12,713 PT. Bayan Resources TBK 4,994,538 2,518,129 6,076,844 3,042,123 S-Power Co., Ltd. 937,067 646,411 1,091,425 37,104 Pioneer Gas Power Limited 271,340 477,127 — (46,290 ) Eurasia Energy Holdings 648 1,156 — — Xe-Pian Xe-Namnoy Power Co., Ltd. 1,371,292 904,907 174,693 61,020 PT. Mutiara Jawa 26,024 13,622 15,421 4,912 Samcheok Eco Materials Co., Ltd. 24,952 1,609 11,907 (1,127 ) Noeul Green Energy Co., Ltd. 82,611 101,472 23,493 (31,970 ) Goseong Green Power Co., Ltd. 5,518,258 4,516,607 1,999,825 26,981 Gangneung Eco Power Co., Ltd. 4,907,872 4,900,408 435,755 (142,387 ) Shin Pyeongtaek Power Co., Ltd. 1,203,406 839,568 957,062 100,554 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 1,788 802 558 200 Dongducheon Dream Power Co., Ltd. 1,521,089 1,219,018 2,240,175 43,072 Jinbhuvish Power Generation Pvt. Ltd. 60,477 12,489 — — 2022 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Daejung Offshore Wind Power Co., Ltd. ₩ 5,350 2,013 — (228 ) GS Donghae Electric Power Co., Ltd. 2,130,287 1,365,156 1,053,112 46,226 Daegu Photovoltaic Co., Ltd. 13,254 3,431 4,755 2,914 Busan Green Energy Co., Ltd. 168,588 153,432 72,290 (7,409 ) Gunsan Bio Energy Co., Ltd. 8,397 29,524 — (649 ) Hansuwon KNP Co., Ltd. 1,887 368 2,149 210 Korea Electric Power Corporation Fund 29,530 130 8,034 7,854 Energy Infra Asset Management Co., Ltd. 12,874 918 4,954 1,354 Daegu clean Energy Co., Ltd. 368 324 — (1 ) Yaksu 5,984 4,314 851 (146 ) Nepal Water & Energy Development Company Private Limited 241,061 141,199 70,923 (1,364 ) Gwangyang Green Energy Co., Ltd. 170,390 45,260 — (1,923 ) PND S 36,174 31,868 5,940 217 Hyundai Eco Energy Co., Ltd. 181,566 142,533 29,209 10,270 YeongGwang Yaksu Wind Electric Co., Ltd. 40,712 39,924 6,628 1,480 Green Energy Electricity Generation Co., Ltd. 75,033 72,300 1,404 (488 ) Korea Energy Solutions Co., Ltd. 843 377 437 (185 ) ITR Co., Ltd. 446 472 188 (190 ) STN Co., Ltd. (formerly, Structure test network Co., Ltd.) 1,948 383 732 202 Namjeongsusang Solar Power Operation Co., Ltd. 55,616 53,261 7,724 83 Indeck Niles Development, LLC 1,178,303 762,139 302,041 (22,541 ) Indeck Niles Asset Management, LLC 299 16 1,863 1,136 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 14,356 210 826 796 Suwon New Power Co., Ltd. 2,142 164 — 11 Gwangbaek Solar Power Investment Co., Ltd. 307,864 296,915 10,270 743 Go deok Clean Energy Co., Ltd. 71,431 60,382 — (1,101 ) SureDataLab Co., Ltd. 879 140 938 203 SEP Co., Ltd. 38 103 — (98 ) Hankook Electric Power Information Co., Ltd. 2,334 997 1,797 392 Tronix Co., Ltd. 2,880 2,354 1,938 (226 ) O2&B Global Co., Ltd. 419 238 220 5 Muan Sunshine Solar Power Plant Co., Ltd. 142,911 132,573 19,591 6,467 Bigeum Resident Photovoltaic Power Co., Ltd. 107,690 109,229 — (537 ) Goesan Solar Park Co., Ltd. 52,235 43,299 7,642 2,292 Saemangeum Heemang Photovoltaic Co., Ltd. 160,695 125,635 29,543 6,481 Bitgoel Eco Energy Co., Ltd. 85,236 66,987 10,054 3,229 Jeju Gimnyeong Wind Power Co., Ltd. 63,471 60,564 12,231 (130 ) Seoroseoro Sunny Power Plant Co., Ltd. 7,015 5,045 1,157 247 Muan Solar park Co., Ltd. 225,894 188,329 36,081 11,339 YuDang Solar Co., Ltd. 22,073 19,144 3,997 957 Anjwa Smart Farm & Solar City Co., Ltd. 278,806 239,581 42,477 9,672 Daewon Green Energy Co., Ltd. 141,974 124,460 45,095 4,037 G.GURU Co., Ltd. 1,228 12 478 (423 ) UD4M Co., Ltd. 1,322 197 1,109 59 Dongbu Highway Solar Co., Ltd. 17,935 16,426 2,901 439 Seobu Highway Solar Co., Ltd. 18,236 16,655 3,052 138 Korea Energy Data Co., Ltd. 339 128 308 5 Gangneung Sacheon Fuel Cell Co., Ltd. 108,688 98,470 — (2,720 ) KOSTURE Co., Ltd. 180 24 293 32 Taebaek Gadeoksan Wind Power Co., Ltd. 197,944 139,004 31,534 19,406 Chuncheon Green Energy Co., Ltd. 159,151 138,925 — (858 ) Yeomsubong Wind Power Co., Ltd. 4,369 2,829 — (859 ) 2022 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Yeongyang Wind Power Corporation II ₩ 104,821 86,984 — (1,678 ) Haeparang Energy Co., Ltd. 19,394 10,721 — (211 ) Saemangeum Sebit Power Plant Co., Ltd. 167,822 131,383 23,159 7,742 Boulder Solar III, LLC 1,896 — — — PlatformN. Co., Ltd. 379 94 486 (70 ) PT. Cirebon Energi Prasarana 3,361,288 2,670,941 319,986 36,451 Green Radiation Co., Ltd. 111 34 89 (93 ) Future Convergence Technology Laboratory. Co., Ltd. 551 302 9 (130 ) SC E&G. Co,. Ltd. 1,199 131 1,048 609 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) 1,275 447 754 499 ACE 100 — — — Environment and Energy Co., Ltd. 93 — — (7 ) Santiago Solar Power SpA 56,138 29,390 — (2,943 ) Yanggu Floating Photovoltaic Power Plant Inc. 3,115 — — — <Joint ventures> KEPCO-Uhde Inc. 48 15 — (84 ) Shuweihat Asia Power Investment B.V. 135,646 29 — (2,660 ) Shuweihat Asia Operation & Maintenance Company 3,037 71 3,013 2,099 Waterbury Lake Uranium L.P. 66,706 117 — — ASM-BG Investicii AD 72,999 43,889 16,056 6,230 RES Technology AD 62,345 32,079 11,205 3,018 KV Holdings, Inc. 24,149 1 1 353 KEPCO SPC Power Corporation 267,904 29,082 253,145 44,751 Gansu Datang Yumen Wind Power Co., Ltd. 67,651 52,592 10,048 (1,161 ) Datang Chifeng Renewable Power Co., Ltd. 835,331 355,377 140,343 42,889 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 168,680 57,685 29,459 4,919 Rabigh Electricity Company 2,520,946 1,855,836 322,108 65,550 Rabigh Operation & Maintenance Company Limited 23,664 10,882 32,572 9,176 Jamaica Public Service Company Limited 2,310,611 1,515,361 1,499,897 69,458 KW Nuclear Components Co., Ltd. 40,381 2,013 16,968 6,755 Busan Shinho Solar Power Co., Ltd. 36,868 9,991 10,543 5,424 Global Trade Of Power System Co., Ltd. 5,628 3,222 8,434 351 Expressway Solar-light Power Generation Co., Ltd. 14,248 4,740 3,711 1,654 Amman Asia Electric Power Company 759,885 392,795 28,665 39,090 KAPES, Inc. 82,943 45,068 20,006 3,797 Honam Wind Power Co., Ltd. 34,028 17,522 8,781 3,283 Korea Power Engineering Service Co., Ltd. 20,931 1,817 9,176 500 Chun-cheon Energy Co., Ltd. 629,202 521,212 585,641 19,940 Yeonggwangbaeksu Wind Power Co., Ltd. 80,042 59,070 14,150 2,764 Nghi Son 2 Power LLC 3,652,801 2,835,123 589,023 102,436 Kelar S.A. 689,802 514,085 107,577 943 PT. Tanjung Power Indonesia 730,239 464,791 99,169 13,619 Incheon New Power Co., Ltd. 2,633 755 4,497 1,244 Seokmun Energy Co., Ltd. 212,509 152,731 61,513 12,064 Daehan Wind Power PSC 145,065 117,219 17,958 5,524 Barakah One Company 33,587,352 34,422,965 498,129 (444,338 ) Nawah Energy Company 338,883 337,134 395,580 3 Momentum 7,315 6,280 30,864 1,036 Daegu Green Power Co., Ltd. 551,431 459,881 516,254 9,364 Yeonggwang Wind Power Co., Ltd. 233,695 189,737 31,221 6,700 Chester Solar IV SpA 12,728 12,469 1,521 (174 ) Chester Solar V SpA 4,364 4,315 520 83 2022 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Joint ventures> Diego de Almagro Solar SpA ₩ 15,908 14,946 1,877 (288 ) South Jamaica Power Company Limited 521,558 289,359 314,064 33,348 Daesan Green Energy Co., Ltd. 245,826 190,918 101,689 (6,641 ) RE Holiday Holdings LLC 351,243 180,503 22,671 3,022 RE Pioneer Holdings LLC 263,232 152,888 15,701 369 RE Barren Ridge 1 Holdings LLC 226,504 100,436 11,740 (903 ) RE Astoria 2 LandCo LLC 13,517 319 1,004 913 RE Barren Ridge LandCo LLC 4,761 95 389 357 Laurel SpA 11,221 10,447 1,424 54 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 29,517 74 — (260 ) Chile Solar JV SpA 75,246 55,609 7,842 6,425 Cheong-Song Noraesan Wind Power Co., Ltd. 55,948 41,464 7,988 1,916 Chester Solar I SpA 13,246 10,933 1,094 (221 ) Solar Philippines Calatagan Corporation 113,327 36,756 17,728 10,194 Saemangeum Solar Power Co., Ltd. 35,890 6,817 — (479 ) Chungsongmeon BongSan wind power Co., Ltd. 81,030 75,207 — (1,120 ) Jaeun Resident Wind Power Plant Co., Ltd. 89,756 82,047 — (190 ) DE Energia SpA 48,350 62,481 5,959 (1,109 ) Dangjin Eco Power Co., Ltd. 98,714 20,721 4,185 700 Haemodum Solar Co., Ltd. 22,974 16,103 2,556 581 Yangyang Wind Power Co., Ltd. 107,471 85,829 — (634 ) HORUS SOLAR, S.A. DE C.V. 156,436 133,714 5,568 5,628 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 173,262 155,009 468 457 SUNMEX RENOVABLES, S.A. DE C.V. 129,502 118,449 — (1,008 ) Stavro Holding II A.B. 85,883 27 — 61 Solaseado Solar Power Co., Ltd. 363,492 325,262 51,198 16,301 Yeongam Solar Power Co., Ltd. 329,714 281,791 44,568 8,563 Samsu Wind Power Co., Ltd. 71,123 54,254 10,118 1,987 Pulau Indah Power Plant Sdn. Bhd. 760,536 675,853 797 6,723 NH-Amundi Global Infrastructure Investment Private Investment Trust 21 71,851 74 4,850 5,431 Shin-han BNPP Private Investment Trust for East-West Sunlight Dream 17,341 22 38 (10 ) PT Barito Wahana Tenaga 447,688 — — 49,471 Cheongna Energy Co., Ltd. 385,935 368,340 100,200 (889 ) Naepo Green Energy Co., Ltd. 448,309 499,528 8,905 (34,347 ) Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) 470,677 530,304 278,363 (12,893 ) OneEnergy Asia Limited 1,039,987 673,223 — 16,041 KAS Investment I LLC 61,907 861 1,603 6,998 KAS Investment II LLC 61,661 861 1,592 6,967 Energyco Co., Ltd. 56,996 52,304 7,898 2,258 CAES, LLC 49,676 6 — (547 ) Hapcheon Floating Photovoltaic Power Plant Inc. 78,768 61,561 12,705 3,061 Busan Industrial Solar Power Co., Ltd. 21,149 18,016 3,190 901 Bitsolar Energy Co., Ltd. 78,779 83,324 9,557 261 Pulau Indah O&M Sdn. Bhd. — — — — Guadalupe Solar SpA 10,148 8,790 924 (43 ) Omisan Wind Power Co., Ltd. 142,274 117,881 — (519 ) Foresight Iberian Solar Group Holding, S.L. 94,181 81,997 — (1,365 ) Yeongwol Eco Wind Co., Ltd. 87,856 83,281 — (144 ) Gurae Resident Power Co., Ltd. 11,649 10,467 — (19 ) Cheongju Eco Park Co., Ltd. 152,139 116,639 66,260 17,319 Enel X Midland Photovoltaic, LLC 10,289 1,010 1,684 837 Geumsungsan Wind Power Co., Ltd. 125,324 115,196 — (1,770 ) 2022 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Joint ventures> KEPCO KPS CARABAO Corp. ₩ 2,025 1,582 611 (327 ) Prime Swedish Holding AB 77,942 114 — (577 ) Goheung New Energy Co., Ltd. 136,682 113,393 — (1,591 ) Gunsan Land Solar Co., Ltd. 158,371 121,785 28,828 12,154 CapMan Lynx SCA, SICAR 112,718 102,810 504 (16,780 ) International Offshore Power Transmission Holding Company Limited 4,680 71,468 — (68,093 ) Pyeongchang Wind Power Co., Ltd. 70,599 45,661 14,524 3,693 Eumseong Eco Park Co., Ltd. 136,909 119,736 — (636 ) Songsan Green Energy Co., Ltd. 5,500 — — (69 ) Changwon Nu-ri Energy Co., Ltd. 1,490 — — (10 ) Hasami Wind Farm Corporation 3,100 — — (23 ) PungBack Wind Farm Corporation 46,957 31,667 — (3,089 ) Trumbull Asset Management, LLC 316 — 656 323 S-Power Chile SpA 2,430 2,450 1,334 22 Seungmun Green Energy 46,283 18,843 — 367 Seobusambo highway photovoltaics Co., Ltd. 8,286 4,453 217 265 2023 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Korea Gas Corporation ₩ 57,254,666 47,428,628 44,555,995 (747,428 ) Korea Electric Power Industrial Development Co., Ltd. 174,788 73,065 354,850 21,170 YTN Co., Ltd. 352,188 108,108 130,450 (3,616 ) Gangwon Wind Power Co., Ltd. 83,062 3,380 32,525 14,098 Hyundai Green Power Co., Ltd. 738,107 330,616 107,367 7,446 Korea Power Exchange 366,092 91,806 119,182 4,443 Taebaek Guinemi Wind Power Co., Ltd. 42,243 26,200 5,529 716 Daeryun Power Co., Ltd. 1,120,453 716,752 451,527 4,043 KNH Solar Co., Ltd. 12,142 314 3,535 1,394 SPC Power Corporation 287,249 28,485 106,926 27,946 Gemeng International Energy Co., Ltd. 7,507,274 5,189,729 2,963,614 33,580 PT. Cirebon Electric Power 665,365 177,150 265,054 27,341 KNOC Nigerian East Oil Co., Ltd. 27,029 112,017 — (50 ) KNOC Nigerian West Oil Co., Ltd. 29,157 107,300 — (50 ) PT Wampu Electric Power 206,943 131,823 20,155 (582 ) PT. Bayan Resources TBK 4,447,335 2,018,870 4,675,174 1,670,522 S-Power 762,398 427,807 1,012,050 44,730 Pioneer Gas Power Limited 274,693 532,005 551 (49,745 ) Xe-Pian Xe-Namnoy 1,370,110 900,713 171,978 (5,674 ) PT. Mutiara Jawa 27,296 9,474 16,160 7,999 Samcheok Eco Materials Co., Ltd. 22,544 39,895 8,028 (1,776 ) Noeul Green Energy Co., Ltd. 89,861 107,834 24,017 920 Goseong Green Power Co., Ltd. 5,374,233 4,372,531 1,580,545 152 Gangneung Eco Power Co., Ltd. 5,381,984 4,665,083 1,419,436 (7,388 ) Shin Pyeongtaek Power Co., Ltd. 1,222,968 832,633 1,040,219 201,635 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 1,618 573 575 82 Dongducheon Dream Power Co., Ltd. 1,337,529 1,042,681 1,744,247 (8,608 ) Jinbhuvish Power Generation Pvt. Ltd. 61,227 12,644 — — Daejung Offshore Wind Power Co., Ltd. 5,277 2,094 — (145 ) GS Donghae Electric Power Co., Ltd. 1,932,098 1,170,085 876,826 62,471 Daegu Photovoltaic Co., Ltd. 14,140 4,471 4,225 1,772 Busan Green Energy Co., Ltd. 160,299 149,060 69,108 (3,920 ) Hansuwon KNP Co., Ltd. 3,063 899 7,618 645 Korea Electric Power Corporation Fund 23,981 108 332 (2,921 ) Energy Infra Asset Management Co., Ltd. 13,628 1,371 5,130 1,254 Daegu clean Energy Co., Ltd. 368 324 — (1 ) Yaksu 5,697 4,717 508 (691 ) Nepal Water & Energy Development Company Private Limited 327,057 167,792 82,720 (3,186 ) Gwangyang Green Energy Co., Ltd. 370,778 247,675 — (2,034 ) PND S 34,804 30,127 5,413 373 Hyundai Eco Energy Co., Ltd. 169,180 128,481 26,266 7,206 YeongGwang Yaksu Wind Electric Co., Ltd. 38,720 38,173 5,593 (241 ) Green Energy Electricity Generation Co., Ltd. 69,667 72,325 948 (5,392 ) Korea Energy Solutions Co., Ltd. 1,151 303 643 87 ITR Co., Ltd. 480 490 144 (234 ) STN Co., Ltd. (formerly, Structure test network Co., Ltd.) 1,818 127 771 178 Indeck Niles Development, LLC 1,157,838 675,638 318,392 64,813 Indeck Niles Asset Management, LLC 307 29 1,081 1,001 Hanwha Corporation-linked Sunlight Power Special Private Equity 13,444 186 820 747 Suwon New Power Co., Ltd. 3,448 1,130 2,318 341 Gwangbaek Solar Power Investment Co., Ltd. 287,838 276,840 11,267 1,513 Go deok Clean Energy Co., Ltd. 139,352 127,545 22,671 2,426 SureDataLab Co., Ltd. 890 416 548 (263 ) 2023 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> SEP Co., Ltd. ₩ 45 117 — (7 ) Hankook Electric Power Information Co., Ltd. 2,270 974 1,672 223 Tronix Co., Ltd. 4,564 2,807 2,718 578 O2&B Global Co., Ltd. 369 264 242 (73 ) Muan Sunshine Solar Power Plant Co., Ltd. 136,382 124,745 16,360 2,999 Bigeum Resident Photovoltaic Power Co., Ltd. 303,462 309,185 — (3,031 ) Goesan Solar Park Co., Ltd. 50,659 40,738 6,530 985 Saemangeum Heemang Photovoltaic Co., Ltd. 152,496 113,407 23,448 4,063 Bitgoel Eco Energy Co., Ltd. 85,571 60,302 29,907 7,019 Jeju Gimnyeong Wind Power Co., Ltd. 56,906 56,087 9,261 (2,088 ) Seoroseoro Sunny Power Plant Co., Ltd. 6,813 4,650 1,039 193 Muan Solar park Co., Ltd. 204,168 171,642 31,532 8,648 YuDang Solar Co., Ltd. 20,566 17,717 3,483 420 Anjwa Smart Farm & Solar City Co., Ltd. 258,076 223,831 37,742 3,119 KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.) 143,157 112,651 58,423 13,407 G.GURU Co., Ltd. 818 142 162 (540 ) UD4M Co., Ltd. 1,242 194 1,066 (59 ) Dongbu Highway Solar Co., Ltd. 16,563 14,913 2,580 140 Seobu Highway Solar Co., Ltd. 16,739 14,707 2,646 451 Korea Energy Data Co., Ltd. 313 191 348 (87 ) Gangneung Sacheon Fuel Cell Co., Ltd. 138,761 119,779 23,523 9,191 KOSTURE Co., Ltd. 196 22 208 16 Taebaek Gadeoksan Wind Power Co., Ltd. 196,810 139,675 35,000 13,138 Chuncheon Green Energy Co., Ltd. 217,335 197,676 6,052 (497 ) Yeomsubong Wind Power Co., Ltd. 32,742 30,586 — (1,753 ) Yeongyang Wind Power Corporation II 133,053 106,419 15,190 8,797 Haeparang Energy Co., Ltd. 40,698 32,359 — (335 ) Saemangeum Sebit Power Plant Co., Ltd. 165,283 97,997 22,663 (812 ) Boulder Solar III, LLC 1,929 — — — PlatformN. Co., Ltd. 184 394 404 (566 ) PT. Cirebon Energi Prasarana 3,372,539 2,606,566 434,806 73,285 Green Radiation Co., Ltd. 1,038 812 298 100 Future Convergence Technology Laboratory. Co., Ltd. 479 302 — (70 ) Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.) 1,664 329 633 372 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) 1,801 1,081 856 — ACE 385 348 53 (30 ) Environment and Energy Co., Ltd. 89 — — (4 ) Santiago Solar Power SpA 88,687 65,149 — (2,994 ) Yanggu Floating Photovoltaic Power Plant Inc. 17,092 14,470 135 (495 ) Power Embedded 298 2 — (2 ) Changwon SG Energy Co., Ltd. 5,738 1,649 436 (703 ) Donpyung Technology. Co., Ltd. 2,039 643 1,664 93 HORANG ENERGY Inc. 64,736 54,923 — (389 ) Hoenggye Renewable Energy Co., Ltd 24,702 25,730 — (4,864 ) Haman Green Energy Co., Ltd. 40,801 32,285 — (5,116 ) Songsan Green Energy Co., Ltd. 46,016 32,262 — (100 ) <Joint ventures> Shuweihat Asia Power Investment B.V. 142,680 20 — 897 Shuweihat Asia Operation & Maintenance Company 4,421 1,116 3,194 2,249 Waterbury Lake Uranium L.P. 74,320 550 — — ASM-BG 68,837 39,359 10,931 1,359 2023 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Joint ventures> RES Technology AD ₩ 58,152 29,387 5,969 (1,027 ) KV Holdings, Inc. 12,968 2 20 367 KEPCO SPC Power Corporation 288,140 26,778 222,773 17,270 Gansu Datang Yumen Wind Power Co., Ltd. 61,657 45,869 10,684 791 Datang Chifeng Renewable Power Co., Ltd. 812,124 345,277 117,833 25,055 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 166,959 58,942 23,638 1,597 Rabigh Electricity Company 2,556,848 1,855,234 304,727 51,539 Rabigh Operation & Maintenance Company Limited 40,339 27,928 31,301 6,676 Jamaica Public Service Company Limited 2,332,019 1,491,199 1,400,582 87,307 KW Nuclear Components Co., Ltd. 42,363 460 14,344 5,386 Busan Shinho Solar Power Co., Ltd. 31,863 5,188 9,197 4,473 Global Trade Of Power System Co., Ltd. 2,398 277 2,044 (229 ) Expressway Solar-light Power Generation Co., Ltd. 13,065 2,691 3,397 892 Amman Asia Electric Power Company 719,388 347,015 21,772 33,811 KAPES, Inc. 203,066 165,475 32,294 2,150 Honam Wind Power Co., Ltd. 31,183 14,938 6,570 1,540 Korea Power Engineering Service Co., Ltd. 21,534 1,853 11,248 1,203 Chun-cheon Energy Co., Ltd. 565,972 447,820 502,889 10,435 Yeonggwangbaeksu Wind Power Co., Ltd. 73,854 50,936 13,523 1,944 Nghi Son 2 Power LLC 3,775,717 2,939,740 825,701 33,505 Kelar S.A. 691,104 493,325 112,201 12,488 PT. Tanjung Power Indonesia 704,274 446,700 111,138 21,854 Incheon New Power Co., Ltd. 1,404 377 3,781 485 Seokmun Energy Co., Ltd. 201,776 144,565 54,575 (1,581 ) Daehan Wind Power PSC 144,260 111,407 17,880 4,951 Barakah One Company 35,586,640 36,901,367 1,243,735 (230,503 ) Nawah Energy Company 569,982 568,147 555,338 34 MOMENTUM 13,449 12,821 23,160 624 Daegu Green Power Co., Ltd. 515,354 429,204 380,130 (5,146 ) Yeonggwang Wind Power Co., Ltd. 225,286 175,530 36,326 11,672 Chester Solar IV SpA 12,435 11,504 2,119 395 Chester Solar V SpA 4,124 4,002 696 141 Diego de Almagro Solar SpA 15,785 13,907 3,114 931 South Jamaica Power Company Limited 482,866 267,307 240,664 18,833 Daesan Green Energy Co., Ltd. 237,663 174,261 111,225 11,480 RE Holiday Holdings LLC 340,773 172,589 21,178 664 RE Pioneer Holdings LLC 257,091 148,929 14,136 (2,164 ) RE Barren Ridge 1 Holdings LLC 213,491 97,184 11,915 (1,979 ) RE Astoria 2 LandCo LLC 14,116 242 1,014 823 RE Barren Ridge LandCo LLC 4,980 97 393 329 Laurel SpA 10,665 9,768 1,646 169 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 30,081 84 — (182 ) Cheong-Song Noraesan Wind Power Co., Ltd. 54,086 41,352 6,780 1,240 Chester Solar I SpA 12,846 10,712 1,620 214 Solar Philippines Calatagan Corporation 146,304 37,922 16,420 9,121 Saemangeum Solar Power Co., Ltd. 34,905 5,994 — (162 ) Chungsongmeon BongSan wind power Co., Ltd. 83,147 80,102 — (925 ) Jaeun Resident Wind Power Plant Co., Ltd. 95,529 87,893 181 (80 ) DE Energia SpA 28,017 21,416 5,006 21,118 Dangjin Eco Power Co., Ltd. 96,980 19,299 3,789 589 Haemodum Solar Co., Ltd. 21,612 15,241 2,216 299 Yangyang Wind Power Co., Ltd. 124,550 103,766 211 (858 ) HORUS SOLAR, S.A. DE C.V. 210,868 160,006 20,586 26,865 2023 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Joint ventures> RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. ₩ 239,548 180,912 4,920 24,984 SUNMEX RENOVABLES, S.A. DE C.V. 156,696 133,032 — 6,232 Stavro Holding II A.B. 91,342 28 — (87 ) Solaseado Solar Power Co., Ltd. 346,793 304,142 39,907 4,823 Yeongam Solar Power Co., Ltd. 326,429 279,779 35,280 4,506 Samsu Wind Power Co., Ltd. 67,150 51,247 8,751 1,741 Pulau Indah Power Plant Sdn. Bhd. 800,300 720,459 431 2,095 NH-Amundi 72,465 97 7,569 7,080 Shin-han 17,230 22 38 (3 ) PT Barito Wahana Tenaga 512,846 — — 72,320 Cheongna Energy Co., Ltd. 428,042 380,935 119,530 29,511 Naepo Green Energy Co., Ltd. 695,684 677,583 312,592 53,343 Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) 441,975 498,353 212,997 5,544 OneEnergy Asia Limited 2,181,165 1,520,032 1,149,944 94,298 KAS INVESTMENT I LLC 52,806 — (7,436 ) (7,437 ) KAS INVESTMENT II LLC 52,555 1 (7,444 ) (7,445 ) Energyco Co., Ltd. 54,336 49,816 6,599 (173 ) CAES, LLC 48,495 5 — (2,388 ) Hapcheon Floating Photovoltaic Power Plant Inc. 79,924 58,887 12,679 4,266 Busan Industrial Solar Power Co., Ltd. 18,636 15,896 2,378 106 Bitsolar Energy Co., Ltd. 73,435 79,367 8,249 (1,125 ) Pulau Indah O&M Sdn. Bhd. — — — — Guadalupe Solar SpA 10,646 8,811 1,684 626 Omisan Wind Power Co., Ltd. 150,813 126,853 — (453 ) Foresight Iberian Solar Group Holding, S.L. 94,972 86,049 — (2,712 ) Yeongwol Eco Wind Co., Ltd. 109,716 102,143 3,561 2,975 Gurae Resident Power Co., Ltd. 14,096 12,299 652 615 Cheongju Eco Park Co., Ltd. 145,956 115,347 38,907 (4,892 ) Enel X Midland Photovoltaic, LLC 12,825 115 2,128 850 Geumsungsan Wind Power Co., Ltd. 142,703 125,602 13,568 6,570 KEPCO KPS CARABAO Corp. 375 468 — (467 ) Prime Swedish Holding AB 83,699 218 — (524 ) Goheung New Energy Co., Ltd. 177,924 146,175 29,246 8,460 Gunsan Land Solar Co., Ltd. 144,435 108,848 23,523 (974 ) CapMan Lynx SCA, SICAR 139,262 132,430 1,427 (12,401 ) International Offshore Power Transmission Holding Company Limited 6,555 2,486 — (195 ) Pyeongchang Wind Power Co., Ltd. 60,535 39,452 9,361 (2,354 ) Eumseong Eco Park Co., Ltd. 153,927 126,998 46,679 5,609 Changwon Nu-ri 13,183 29 — (44 ) PungBack Wind Farm Corporation 70,330 51,804 — (255 ) Trumbull Asset Management, LLC 1,697 497 5,955 887 S-Power 2,240 2,390 1,327 (139 ) Seungmun Green Energy 144,600 115,034 10,879 2,127 Seobusambo highway photovoltaics Co., Ltd. 9,838 5,362 1,051 624 Yangyang Suri Wind Power Co., Ltd. 111,682 78,552 — (3,069 ) KEPCO for Power Company 235,212 234,487 — (3,610 ) Taebaek Wind Power Co., Ltd. 26,606 3,385 7,384 3,752 Jeonju Bio Green Energy Co., Ltd. 4,916 — — (84 ) Kumyang Eco Park Co., Ltd. 13,831 1,395 — (71 ) Jeongeup Green Power Co., Ltd. 11,243 5,462 — (1,343 ) Hadong E-factory 1,544 399 — (13 ) Namyangju Combined Heat and Power Co., Ltd. 7,000 — — — Wadi Noor Solar Power Company SAOC 70,963 69,288 — — Fairhaven Energy Storage LLC — — — — |
Summary of Financial Information of Associates and Joint Ventures in Consolidated Financial Statements | (5) Financial information of associates and joint ventures reconciled to the Company's investments in consolidated financial statements as of December 31, 2022 and 2023 are as follows: 2022 Investees Net assets Percentage Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 10,410,740 20.47 % 2,131,078 — — (45,782 ) 2,085,296 Korea Electric Power Industrial Development Co., Ltd. 107,166 29.00 % 31,078 — — — 31,078 YTN Co., Ltd. 256,791 21.43 % 55,027 — — — 55,027 Gangwon Wind Power Co., Ltd. 80,729 15.00 % 12,109 49 — — 12,158 Hyundai Green Power Co., Ltd. 413,072 29.00 % 119,791 — — — 119,791 Korea Power Exchange 275,126 100.00 % 275,126 — — — 275,126 Taebaek Wind Power Co., Ltd. 24,168 60.00 % 14,501 — — — 14,501 Taebaek Guinemi Wind Power Co., Ltd. 15,327 67.25 % 10,307 — — 2,742 13,049 Daeryun Power Co., Ltd. 402,140 6.85 % 27,547 — — (820 ) 26,727 KNH Solar Co., Ltd. 10,679 27.00 % 2,883 — — — 2,883 SPC Power Corporation 228,534 38.00 % 86,843 — — (15,975 ) 70,868 Gemeng International Energy Co., Ltd. 2,335,997 34.00 % 794,239 — — (215,418 ) 578,821 PT. Cirebon Electric Power 491,324 27.50 % 135,114 — — — 135,114 KNOC Nigerian East Oil Co., Ltd. (83,483 ) 14.63 % (12,214 ) — — 12,214 — KNOC Nigerian West Oil Co., Ltd. (76,755 ) 14.63 % (11,229 ) — — 11,229 — PT Wampu Electric Power 82,051 46.00 % 37,743 — — — 37,743 PT. Bayan Resources TBK 2,476,409 20.00 % 495,282 265,817 — (76,380 ) 684,719 S-Power Co., Ltd. 290,656 49.00 % 142,421 — (1,293 ) — 141,128 Pioneer Gas Power Limited (205,787 ) 38.50 % (79,223 ) 22,278 — 56,945 — Eurasia Energy Holdings (508 ) 40.00 % (203 ) — — 203 — Xe-Pian Xe-Namnoy Power Co., Ltd. 466,385 25.00 % 116,596 305 (1,028 ) (289 ) 115,584 PT. Mutiara Jawa 12,402 29.00 % 3,597 — — — 3,597 Samcheok Eco Materials Co., Ltd. 23,343 25.54 % 5,962 — — (5,962 ) — Noeul Green Energy Co., Ltd. (18,861 ) 29.00 % (5,470 ) — — 5,470 — Goseong Green Power Co., Ltd. 1,001,651 29.00 % 290,479 — (1,586 ) — 288,893 Gangneung Eco Power Co., Ltd. 7,464 1.61 % 120 — (134 ) 14 — Shin Pyeongtaek Power Co., Ltd. 363,838 40.00 % 145,535 3,559 (15,271 ) — 133,823 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 986 28.00 % 276 — — 2 278 Dongducheon Dream Power Co., Ltd. 302,071 34.01 % 102,734 1,757 (2,609 ) (12,582 ) 89,300 Jinbhuvish Power Generation Pvt. Ltd. 47,988 5.16 % 2,496 — — (2,496 ) — Daejung Offshore Wind Power Co., Ltd. 3,337 46.59 % 1,555 — — — 1,555 GS Donghae Electric Power Co., Ltd. 765,131 34.00 % 260,145 — — — 260,145 Daegu Photovoltaic Co., Ltd. 9,823 29.00 % 2,849 — — — 2,849 Busan Green Energy Co., Ltd. 15,156 29.00 % 4,395 — — — 4,395 Gunsan Bio Energy Co., Ltd. (21,127 ) 18.87 % (3,986 ) — — 3,986 — Hansuwon KNP Co., Ltd. 1,519 28.98 % 440 — — (160 ) 280 Korea Electric Power Corporation Fund 29,400 98.09 % 28,838 — — 4 28,842 Energy Infra Asset Management Co., Ltd. 11,956 9.90 % 1,184 — — — 1,184 Daegu clean Energy Co., Ltd. 44 28.00 % 12 — — — 12 Yaksu 1,670 29.00 % 484 2 — — 486 Nepal Water & Energy Development Company Private Limited 99,862 69.06 % 68,968 972 — — 69,940 Gwangyang Green Energy Co., Ltd. 125,130 20.00 % 25,026 18 — — 25,044 PND S 4,306 29.00 % 1,249 154 — — 1,403 Hyundai Eco Energy Co., Ltd. 39,033 19.00 % 7,416 215 — — 7,631 YeongGwang Yaksu Wind Electric Co., Ltd. 788 9.63 % 76 300 — (220 ) 156 Green Energy Electricity Generation Co., Ltd. 2,733 29.00 % 793 778 — — 1,571 Korea Energy Solutions Co., Ltd. 466 20.00 % 93 — — — 93 ITR Co., Ltd. (26 ) 20.00 % (5 ) 1 — 4 — STN Co., Ltd. (formerly, Structure test network Co., Ltd.) 1,565 20.00 % 313 53 — — 366 Namjeongsusang Solar Power Operation Co., Ltd. 2,355 15.00 % 353 20 — — 373 Indeck Niles Development, LLC 416,164 50.00 % 208,082 93,956 — — 302,038 Indeck Niles Asset Management, LLC 283 33.33 % 94 — — — 94 2022 Investees Net assets Percentage Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 ₩ 14,146 49.00 % 6,932 — — — 6,932 Suwon New Power Co., Ltd. 1,978 33.05 % 654 — 265 — 919 Gwangbaek Solar Power Investment Co., Ltd. 10,949 44.00 % 4,818 315 — — 5,133 Go deok Clean Energy Co., Ltd. 11,049 40.00 % 4,420 — — — 4,420 SureDataLab Co., Ltd. 739 23.95 % 177 — — — 177 SEP Co., Ltd. (65 ) 21.26 % (14 ) — — 14 — Hankook Electric Power Information Co., Ltd. 1,337 16.49 % 220 — — — 220 Tronix Co., Ltd. 526 12.50 % 66 — — — 66 O2&B Global Co., Ltd. 181 20.00 % 36 — — — 36 Muan Sunshine Solar Power Plant Co., Ltd. 10,338 20.00 % 2,068 494 — — 2,562 Bigeum Resident Photovoltaic Power Co., Ltd. (1,539 ) 29.90 % (460 ) 24 — 436 — Goesan Solar Park Co., Ltd. 8,936 29.00 % 2,591 — — — 2,591 Saemangeum Heemang Photovoltaic Co., Ltd. 35,060 35.00 % 12,271 739 — — 13,010 Bitgoel Eco Energy Co., Ltd. 18,249 49.05 % 8,951 — — — 8,951 Jeju Gimnyeong Wind Power Co., Ltd. 2,907 30.00 % 872 — — — 872 Seoroseoro Sunny Power Plant Co., Ltd. 1,970 42.58 % 839 20 — — 859 Muan Solar park Co., Ltd. 37,565 20.00 % 7,513 325 — — 7,838 YuDang Solar Co., Ltd. 2,929 20.00 % 586 — — — 586 Anjwa Smart Farm & Solar City Co., Ltd. 39,225 20.00 % 7,845 817 — — 8,662 Daewon Green Energy Co., Ltd. 17,514 25.36 % 4,441 44 — — 4,485 G.GURU Co., Ltd. 1,216 24.65 % 300 — — — 300 UD4M Co., Ltd. 1,125 14.29 % 161 — — — 161 Dongbu Highway Solar Co., Ltd. 1,509 20.00 % 302 50 — — 352 Seobu Highway Solar Co., Ltd. 1,581 20.00 % 316 — — — 316 Korea Energy Data Co., Ltd. 211 29.37 % 62 — — — 62 Gangneung Sacheon Fuel Cell Co., Ltd. 10,218 41.00 % 4,189 88 — — 4,277 KOSTURE Co., Ltd. 156 0.82 % 1 — — — 1 Taebaek Gadeoksan Wind Power Co., Ltd. 58,940 34.00 % 20,040 — — — 20,040 Chuncheon Green Energy Co., Ltd. 20,226 45.00 % 9,102 53 — — 9,155 Yeomsubong Wind Power Co., Ltd. 1,540 3.81 % 59 3 — — 62 Yeongyang Wind Power Corporation II 17,837 30.00 % 5,351 2,110 — — 7,461 Haeparang Energy Co., Ltd. 8,673 25.00 % 2,168 20 — — 2,188 Saemangeum Sebit Power Plant Co., Ltd. 36,439 63.09 % 22,990 209 — — 23,199 Boulder Solar III, LLC 1,896 30.00 % 569 175 — — 744 PlatformN. Co., Ltd. 285 29.58 % 84 — — — 84 PT. Cirebon Energi Prasarana 690,347 10.00 % 69,035 — — — 69,035 Green Radiation Co., Ltd. 77 10.00 % 8 3 — — 11 Future Convergence Technology Laboratory. Co., Ltd. 249 20.12 % 50 — — — 50 SC E&G. Co,. Ltd. 1,068 20.00 % 214 — — — 214 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co., Ltd.) 828 20.00 % 166 — — — 166 ACE 100 20.00 % 20 — — — 20 Environment and Energy Co., Ltd. 93 10.54 % 10 — — — 10 Santiago Solar Power SpA 26,748 50.00 % 13,373 — — — 13,373 Yanggu Floating Photovoltaic Power Plant Inc. 3,115 29.00 % 903 — — — 903 <Joint ventures> KEPCO-Uhde Inc. 33 50.85 % 17 — — — 17 Shuweihat Asia Power Investment B.V. 135,617 49.00 % 66,452 — — — 66,452 Shuweihat Asia Operation & Maintenance Company 2,966 55.00 % 1,631 — — — 1,631 Waterbury Lake Uranium L.P. 66,589 32.59 % 21,701 49 — — 21,750 ASM-BG Investicii AD 29,110 50.00 % 14,555 — — — 14,555 2022 Investees Net assets Percentage Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> RES Technology AD ₩ 30,266 50.00 % 15,133 — — — 15,133 KV Holdings, Inc. 24,148 40.00 % 9,659 — — — 9,659 KEPCO SPC Power Corporation 238,822 75.20 % 179,594 — — — 179,594 Gansu Datang Yumen Wind Power Co., Ltd. 15,059 40.00 % 6,024 — — — 6,024 Datang Chifeng Renewable Power Co., Ltd. 479,954 40.00 % 191,982 — — — 191,982 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 110,995 40.00 % 44,398 — — — 44,398 Rabigh Electricity Company 665,110 40.00 % 266,044 — (50,632 ) (805 ) 214,607 Rabigh Operation & Maintenance Company Limited 12,782 40.00 % 5,113 — — — 5,113 Jamaica Public Service Company Limited 795,250 40.00 % 318,100 29,357 — (16,050 ) 331,407 KW Nuclear Components Co., Ltd. 38,368 45.00 % 17,266 — — (176 ) 17,090 Busan Shinho Solar Power Co., Ltd. 26,877 25.00 % 6,719 — — — 6,719 Global Trade Of Power System Co., Ltd. 2,406 29.00 % 698 — — — 698 Expressway Solar-light Power Generation Co., Ltd. 9,508 50.00 % 4,754 — — — 4,754 Amman Asia Electric Power Company 367,090 60.00 % 220,254 — — — 220,254 KAPES, Inc. 37,875 51.00 % 19,316 — (22,451 ) 3,135 — Honam Wind Power Co., Ltd. 16,506 29.00 % 4,787 32 — — 4,819 Korea Power Engineering Service Co., Ltd. 19,114 29.00 % 5,543 — — — 5,543 Chun-cheon Energy Co., Ltd. 107,990 29.90 % 32,289 3 — (248 ) 32,044 Yeonggwangbaeksu Wind Power Co., Ltd. 20,972 15.00 % 3,146 5 — — 3,151 Nghi Son 2 Power LLC 817,678 50.00 % 408,839 — — — 408,839 Kelar S.A. 175,717 65.00 % 114,216 2,921 — — 117,137 PT. Tanjung Power Indonesia 265,448 35.00 % 92,907 — — — 92,907 Incheon New Power Co., Ltd. 1,878 29.00 % 545 — — (347 ) 198 Seokmun Energy Co., Ltd. 59,778 29.00 % 17,336 — — — 17,336 Daehan Wind Power PSC 27,846 50.00 % 13,923 — — — 13,923 Barakah One Company (835,613 ) 18.00 % (150,410 ) — 56,437 93,973 — Nawah Energy Company 1,749 18.00 % 315 — — — 315 Momentum 1,035 33.33 % 345 — — — 345 Daegu Green Power Co., Ltd. 91,550 54.24 % 49,657 84 — (20,381 ) 29,360 Yeonggwang Wind Power Co., Ltd. 43,958 46.00 % 20,221 492 — — 20,713 Chester Solar IV SpA 259 45.00 % 117 64 — — 181 Chester Solar V SpA 49 45.00 % 22 134 — — 156 Diego de Almagro Solar SpA 962 45.00 % 433 107 — — 540 South Jamaica Power Company Limited 232,199 20.00 % 46,440 — — (3 ) 46,437 Daesan Green Energy Co., Ltd. 54,908 35.00 % 19,218 — — — 19,218 RE Holiday Holdings LLC 170,740 50.00 % 85,370 — — — 85,370 RE Pioneer Holdings LLC 110,344 50.00 % 55,172 — — — 55,172 RE Barren Ridge 1 Holdings LLC 126,068 50.00 % 63,034 — — (59,684 ) 3,350 RE Astoria 2 LandCo LLC 13,198 50.00 % 6,599 — — — 6,599 RE Barren Ridge LandCo LLC 4,666 50.00 % 2,333 — — — 2,333 Laurel SpA 774 45.00 % 348 206 — — 554 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 29,443 12.37 % 3,642 9 — — 3,651 Chile Solar JV SpA 19,637 50.00 % 9,819 — — — 9,819 Cheong-Song Noraesan Wind Power Co., Ltd. 14,484 29.01 % 4,202 61 — — 4,263 Chester Solar I SpA 2,313 45.00 % 1,041 273 — — 1,314 Solar Philippines Calatagan Corporation 76,571 38.00 % 29,097 — — 27,805 56,902 Saemangeum Solar Power Co., Ltd. 29,073 81.01 % 23,551 — — — 23,551 Chungsongmeon BongSan wind power Co., Ltd. 5,823 29.00 % 1,689 1,781 — — 3,470 Jaeun Resident Wind Power Plant Co., Ltd. 7,709 29.00 % 2,236 — — — 2,236 2022 Investees Net assets Percentage Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> DE Energia SpA ₩ (14,131 ) 49.00 % (6,924 ) — — 16,460 9,536 Dangjin Eco Power Co., Ltd. 77,993 34.00 % 26,518 341 — — 26,859 Haemodum Solar Co., Ltd. 6,871 49.00 % 3,367 — — — 3,367 Yangyang Wind Power Co., Ltd. 21,642 50.00 % 10,821 43 — — 10,864 HORUS SOLAR, S.A. DE C.V. 22,722 14.95 % 3,396 3,580 — — 6,976 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 18,253 14.95 % 2,728 2,171 — — 4,899 SUNMEX RENOVABLES, S.A. DE C.V. 11,053 14.95 % 1,652 5 — — 1,657 Stavro Holding II A.B. 85,856 20.00 % 17,171 — — — 17,171 Solaseado Solar Power Co., Ltd. 38,230 38.90 % 14,872 1,361 — — 16,233 Yeongam Solar Power Co., Ltd. 47,923 19.00 % 9,105 774 — — 9,879 Samsu Wind Power Co., Ltd. 16,869 19.00 % 3,205 — — — 3,205 Pulau Indah Power Plant Sdn. Bhd. 84,683 25.00 % 21,171 5,643 — — 26,814 NH-Amundi Global Infrastructure Investment Private Investment Trust 21 71,777 29.53 % 21,196 527 — — 21,723 Shin-han BNPP Private Investment Trust for East-West Sunlight Dream 17,319 90.00 % 15,587 — — — 15,587 PT Barito Wahana Tenaga 447,688 30.61 % 137,047 — — — 137,047 Cheongna Energy Co., Ltd. 17,595 50.10 % 8,815 3,137 (1,194 ) — 10,758 Naepo Green Energy Co., Ltd. (51,219 ) 29.20 % (14,956 ) — — 14,956 — Dayone Energy Co., Ltd. (59,627 ) 46.30 % (27,607 ) — (868 ) 28,475 — OneEnergy Asia Limited 366,764 40.00 % 146,706 25,512 — — 172,218 KAS Investment I LLC 61,046 29.89 % 18,247 — — — 18,247 KAS Investment II LLC 60,800 29.89 % 18,173 — — — 18,173 Energyco Co., Ltd. 4,692 29.00 % 1,361 829 — — 2,190 CAES, LLC 49,670 36.00 % 17,881 2,924 — — 20,805 Hapcheon Floating Photovoltaic Power Plant Inc. 17,207 49.00 % 8,432 39 — — 8,471 Busan Industrial Solar Power Co., Ltd. 3,133 28.02 % 878 290 — — 1,168 Bitsolar Energy Co., Ltd. (4,545 ) 27.10 % (1,232 ) 352 — 1,232 352 Pulau Indah O&M Sdn. Bhd. — 60.00 % — — — — — Guadalupe Solar SpA 1,358 60.00 % 815 98 — — 913 Omisan Wind Power Co., Ltd. 24,393 42.00 % 10,245 166 — — 10,411 Foresight Iberian Solar Group Holding, S.L. 12,184 75.00 % 9,138 1,427 — — 10,565 Yeongwol Eco Wind Co., Ltd. 4,575 29.00 % 1,327 1,828 — — 3,155 Gurae Resident Power Co., Ltd. 1,182 29.00 % 343 48 — — 391 Cheongju Eco Park Co., Ltd. 35,500 29.00 % 10,295 195 — — 10,490 Enel X Midland Photovoltaic, LLC 9,279 20.00 % 1,856 — — — 1,856 Geumsungsan Wind Power Co., Ltd. 10,128 29.00 % 2,937 556 — — 3,493 KEPCO KPS CARABAO Corp. 443 40.00 % 177 — — — 177 Prime Swedish Holding AB 77,828 45.00 % 35,023 1,222 — — 36,245 Goheung New Energy Co., Ltd. 23,289 46.15 % 10,748 1,084 — — 11,832 Gunsan Land Solar Co., Ltd. 36,586 75.29 % 27,544 — — — 27,544 CapMan Lynx SCA, SICAR 9,908 50.00 % 4,954 — — (4,954 ) — International Offshore Power Transmission Holding Company Limited (66,788 ) 35.00 % (23,376 ) (2 ) — 23,378 — Pyeongchang Wind Power Co., Ltd. 24,938 58.00 % 14,464 — — — 14,464 Eumseong Eco Park Co., Ltd. 17,173 29.00 % 4,980 577 — — 5,557 Songsan Green Energy Co., Ltd. 5,500 25.00 % 1,375 12 — — 1,387 Changwon Nu-ri Energy Co., Ltd. 1,490 33.33 % 497 — — — 497 Hasami Wind Farm Corporation 3,100 29.00 % 899 690 — — 1,589 PungBack Wind Farm Corporation 15,290 37.00 % 5,657 1,086 — — 6,743 Trumbull Asset Management, LLC 316 78.00 % 246 — — — 246 S-Power Chile SpA (20 ) 50.00 % (10 ) — — 137 127 Seungmun Green Energy 27,440 33.00 % 9,054 — — — 9,054 Seobusambo highway photovoltaics Co., Ltd. 3,833 80.00 % 3,066 — — — 3,066 (*) The percentage of ownership shown above is after considering the treasury stocks and others. 2023 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 9,826,038 20.47 % 2,011,390 — — (40,747 ) 1,970,643 Korea Electric Power Industrial Development Co., Ltd. 101,723 29.00 % 29,500 — — — 29,500 YTN Co., Ltd. 244,080 21.43 % 52,303 — — — 52,303 Gangwon Wind Power Co., Ltd. 79,682 15.00 % 11,952 49 — — 12,001 Hyundai Green Power Co., Ltd. 407,491 29.00 % 118,173 — — — 118,173 Korea Power Exchange 274,286 100.00 % 274,286 — — — 274,286 Taebaek Guinemi Wind Power Co., Ltd. 16,043 67.25 % 10,788 2,742 — — 13,530 Daeryun Power Co., Ltd. 403,701 6.85 % 27,654 — — (820 ) 26,834 KNH Solar Co., Ltd. 11,828 27.00 % 3,194 — — — 3,194 SPC Power Corporation 258,764 38.00 % 98,330 — — (19,399 ) 78,931 Gemeng International Energy Co., Ltd. 2,317,545 42.00 % 973,369 — — (267,557 ) 705,812 PT. Cirebon Electric Power 488,215 27.50 % 134,259 — — — 134,259 KNOC Nigerian East Oil Co., Ltd. (84,988 ) 14.63 % (12,434 ) — — 12,434 — KNOC Nigerian West Oil Co., Ltd. (78,143 ) 14.63 % (11,432 ) — — 11,432 — PT Wampu Electric Power 75,120 46.00 % 34,555 — — — 34,555 PT. Bayan Resources TBK 2,428,465 20.00 % 485,693 209,894 — (76,380 ) 619,207 S-Power 334,591 49.00 % 163,950 — (1,185 ) — 162,765 Pioneer Gas Power Limited (257,311 ) 38.50 % (99,058 ) 22,278 — 76,780 — Xe-Pian Xe-Namnoy 469,397 25.00 % 117,349 305 (987 ) (289 ) 116,378 PT. Mutiara Jawa 17,822 29.00 % 5,168 — — — 5,168 Samcheok Eco Materials Co., Ltd. (17,351 ) 25.54 % (4,431 ) — — 4,431 — Noeul Green Energy Co., Ltd. (17,973 ) 29.00 % (5,212 ) — — 5,212 — Goseong Green Power Co., Ltd. 1,001,702 29.00 % 290,494 — (2,870 ) — 287,624 Gangneung Eco Power Co., Ltd. 716,901 29.00 % 207,901 48,531 (1,503 ) — 254,929 Shin Pyeongtaek Power Co., Ltd. 390,335 40.00 % 156,134 3,559 (14,667 ) — 145,026 Haeng Bok Do Si Photovoltaic Power Co., Ltd. 1,045 28.00 % 293 — — 1 294 Dongducheon Dream Power Co., Ltd. 294,848 34.01 % 100,278 1,757 (2,249 ) (12,583 ) 87,203 Jinbhuvish Power Generation Pvt. Ltd. 48,583 5.16 % 2,526 — — (2,526 ) — Daejung Offshore Wind Power Co., Ltd. 3,183 46.59 % 1,483 — — — 1,483 GS Donghae Electric Power Co., Ltd. 762,013 34.00 % 259,085 — — — 259,085 Daegu Photovoltaic Co., Ltd. 9,669 29.00 % 2,804 — — — 2,804 Busan Green Energy Co., Ltd. 11,239 29.00 % 3,259 — — — 3,259 Hansuwon KNP Co., Ltd. 2,164 28.98 % 627 — — (160 ) 467 Korea Electric Power Corporation Fund 23,873 98.09 % 23,417 — — 4 23,421 Energy Infra Asset Management Co., Ltd. 12,257 9.90 % 1,213 — — — 1,213 Daegu clean Energy Co., Ltd. 44 28.00 % 12 — — (12 ) — Yaksu 980 29.00 % 284 1 — — 285 Nepal Water & Energy Development Company Private Limited 159,265 68.88 % 109,701 872 — — 110,573 Gwangyang Green Energy Co., Ltd. 123,103 20.00 % 24,620 18 — — 24,638 PND S 4,677 29.00 % 1,356 154 — — 1,510 Hyundai Eco Energy Co., Ltd. 40,699 19.00 % 7,733 214 — — 7,947 YeongGwang Yaksu Wind Electric Co., Ltd. 547 9.63 % 53 300 — (220 ) 133 Green Energy Electricity Generation Co., Ltd. (2,658 ) 29.00 % (771 ) 779 — — 8 Korea Energy Solutions Co., Ltd. 848 20.00 % 170 — — — 170 ITR Co., Ltd. (10 ) 10.00 % (1 ) — — 1 — STN Co., Ltd. (formerly, Structure test network Co., Ltd.) 1,691 20.00 % 338 53 — — 391 Indeck Niles Development, LLC 482,200 50.00 % 241,100 90,074 — 4,227 335,401 Indeck Niles Asset Management, LLC 278 33.33 % 93 — — — 93 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 13,258 49.00 % 6,496 — — — 6,496 2023 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Suwon New Power Co., Ltd. ₩ 2,318 33.05 % 766 — 256 — 1,022 Gwangbaek Solar Power Investment Co., Ltd. 10,998 44.00 % 4,839 316 — — 5,155 Go deok Clean Energy Co., Ltd. 11,807 40.00 % 4,723 — — — 4,723 SureDataLab Co., Ltd. 474 23.95 % 114 — — — 114 SEP Co., Ltd. (72 ) 21.26 % (15 ) — — 15 — Hankook Electric Power Information Co., Ltd. 1,296 16.49 % 214 — — — 214 Tronix Co., Ltd. 1,757 12.50 % 220 — — — 220 O2&B Global Co., Ltd. 105 20.00 % 21 — — — 21 Muan Sunshine Solar Power Plant Co., Ltd. 11,637 20.00 % 2,328 494 — — 2,822 Bigeum Resident Photovoltaic Power Co., Ltd. (5,723 ) 29.90 % (1,711 ) 24 — 1,687 — Goesan Solar Park Co., Ltd. 9,921 29.00 % 2,877 — — — 2,877 Saemangeum Heemang Photovoltaic Co., Ltd. 39,089 35.00 % 13,681 739 — — 14,420 Bitgoel Eco Energy Co., Ltd. 25,269 49.05 % 12,394 — — — 12,394 Jeju Gimnyeong Wind Power Co., Ltd. 819 30.00 % 246 — — — 246 Seoroseoro Sunny Power Plant Co., Ltd. 2,163 42.58 % 921 20 — — 941 Muan Solar park Co., Ltd. 32,526 20.00 % 6,505 325 — — 6,830 YuDang Solar Co., Ltd. 2,849 20.00 % 570 — — — 570 Anjwa Smart Farm & Solar City Co., Ltd. 34,245 20.00 % 6,849 816 — — 7,665 KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.) 30,506 25.36 % 7,735 44 — — 7,779 G.GURU Co., Ltd. 676 24.65 % 167 — — — 167 UD4M Co., Ltd. 1,048 14.29 % 150 — — — 150 Dongbu Highway Solar Co., Ltd. 1,650 20.00 % 330 50 — — 380 Seobu Highway Solar Co., Ltd. 2,032 20.00 % 406 — — — 406 Korea Energy Data Co., Ltd. 122 29.37 % 36 — — — 36 Gangneung Sacheon Fuel Cell Co., Ltd. 18,982 41.00 % 7,783 87 — — 7,870 KOSTURE Co., Ltd. 174 4.42 % 8 — — — 8 Taebaek Gadeoksan Wind Power Co., Ltd. 57,135 34.00 % 19,426 — — — 19,426 Chuncheon Green Energy Co., Ltd. 19,659 45.00 % 8,847 53 — — 8,900 Yeomsubong Wind Power Co., Ltd. 2,156 29.00 % 625 246 — — 871 Yeongyang Wind Power Corporation II 26,634 30.00 % 7,990 2,110 — — 10,100 Haeparang Energy Co., Ltd. 8,339 25.00 % 2,084 20 — — 2,104 Saemangeum Sebit Power Plant Co., Ltd. 67,286 55.00 % 37,009 182 — — 37,191 Boulder Solar III, LLC 1,929 30.00 % 579 175 — — 754 PlatformN. Co., Ltd. (210 ) 29.58 % (62 ) — — 62 — PT. Cirebon Energi Prasarana 765,973 10.00 % 76,597 — — — 76,597 Green Radiation Co., Ltd. 226 10.00 % 23 3 — — 26 Future Convergence Technology Laboratory. Co., Ltd. 177 20.12 % 36 — — — 36 Eco motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.) 1,335 20.00 % 267 — — — 267 REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) 720 16.67 % 120 — — — 120 ACE 37 20.00 % 7 — (5 ) — 2 Environment and Energy Co., Ltd. 89 10.54 % 9 — — — 9 Santiago Solar Power SpA 23,538 50.00 % 11,769 — — — 11,769 Yanggu Floating Photovoltaic Power Plant Inc. 2,622 29.00 % 760 — — — 760 Power Embedded 296 23.33 % 69 1 — — 70 Changwon SG Energy Co., Ltd. 4,089 18.78 % 768 15 — — 783 Donpyung Technology. Co., Ltd. 1,396 20.00 % 279 — (25 ) — 254 HORANG ENERGY Inc. 9,813 40.00 % 3,925 224 — — 4,149 2023 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Hoenggye Renewable Energy Co., Ltd ₩ (1,028 ) 36.10 % (370 ) 2,270 — 475 2,375 Haman Green Energy Co., Ltd. 8,516 35.00 % 2,981 — — — 2,981 Songsan Green Energy Co., Ltd. 13,754 60.00 % 8,252 71 — — 8,323 <Joint ventures> Shuweihat Asia Power Investment B.V. 142,660 49.00 % 69,902 — — — 69,902 Shuweihat Asia Operation & Maintenance Company 3,305 55.00 % 1,818 — — — 1,818 Waterbury Lake Uranium L.P. 73,770 30.65 % 22,612 — — — 22,612 ASM-BG 29,478 50.00 % 14,739 — — — 14,739 RES Technology AD 28,765 50.00 % 14,383 — — — 14,383 KV Holdings, Inc. 12,966 40.00 % 5,186 — — — 5,186 KEPCO SPC Power Corporation 261,362 75.20 % 196,544 — — — 196,544 Gansu Datang Yumen Wind Power Co., Ltd. 15,788 40.00 % 6,315 — — — 6,315 Datang Chifeng Renewable Power Co., Ltd. 466,847 40.00 % 186,739 — — — 186,739 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 108,017 40.00 % 43,207 — — — 43,207 Rabigh Electricity Company 701,614 40.00 % 280,646 — (45,692 ) 97 235,051 Rabigh Operation & Maintenance Company Limited 12,411 40.00 % 4,964 — — — 4,964 Jamaica Public Service Company Limited 840,820 40.00 % 336,328 29,357 — (15,819 ) 349,866 KW Nuclear Components Co., Ltd. 41,903 45.00 % 18,856 — — (176 ) 18,680 Busan Shinho Solar Power Co., Ltd. 26,675 25.00 % 6,669 — — — 6,669 Global Trade Of Power System Co., Ltd. 2,121 29.00 % 615 — — — 615 Expressway Solar-light Power Generation Co., Ltd. 10,374 50.00 % 5,187 — — — 5,187 Amman Asia Electric Power Company 372,373 60.00 % 223,424 — — — 223,424 KAPES, Inc. 37,591 51.00 % 19,171 — (22,186 ) 3,015 — Honam Wind Power Co., Ltd. 16,245 29.00 % 4,711 32 — — 4,743 Korea Power Engineering Service Co., Ltd. 19,681 29.00 % 5,708 — — — 5,708 Chun-cheon Energy Co., Ltd. 118,152 29.90 % 35,327 3 — (247 ) 35,083 Yeonggwangbaeksu Wind Power Co., Ltd. 22,918 15.00 % 3,437 6 — — 3,443 Nghi Son 2 Power LLC 835,977 50.00 % 417,989 — — — 417,989 Kelar S.A. 197,779 65.00 % 128,557 2,972 — — 131,529 PT. Tanjung Power Indonesia 257,574 35.00 % 90,151 — — — 90,151 Incheon New Power Co., Ltd. 1,027 29.00 % 298 — — — 298 Seokmun Energy Co., Ltd. 57,211 29.00 % 16,591 — — — 16,591 Daehan Wind Power PSC 32,853 50.00 % 16,426 — — — 16,426 Barakah One Company (1,314,727 ) 18.00 % (236,651 ) — 95,932 140,719 — Nawah Energy Company 1,835 18.00 % 330 — — — 330 MOMENTUM 628 33.33 % 209 — — — 209 Daegu Green Power Co., Ltd. 86,150 54.24 % 46,728 84 — (20,382 ) 26,430 Yeonggwang Wind Power Co., Ltd. 49,756 46.00 % 22,888 492 — — 23,380 Chester Solar IV SpA 931 45.00 % 419 65 — — 484 Chester Solar V SpA 122 45.00 % 55 136 — — 191 Diego de Almagro Solar SpA 1,878 45.00 % 846 108 — — 954 South Jamaica Power Company Limited 215,559 20.00 % 43,112 — — (3 ) 43,109 Daesan Green Energy Co., Ltd. 63,402 35.00 % 22,191 — — — 22,191 RE Holiday Holdings LLC 168,184 50.00 % 84,092 — — — 84,092 RE Pioneer Holdings LLC 108,162 50.00 % 54,081 — — — 54,081 RE Barren Ridge 1 Holdings LLC 116,307 50.00 % 58,154 — — — 58,154 RE Astoria 2 LandCo LLC 13,874 50.00 % 6,937 — — — 6,937 RE Barren Ridge LandCo LLC 4,883 50.00 % 2,441 — — — 2,441 Laurel SpA 897 45.00 % 403 210 — — 613 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 29,997 12.37 % 3,710 9 — — 3,719 Cheong-Song Noraesan Wind Power Co., Ltd. 12,734 29.01 % 3,695 61 — — 3,756 2023 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Joint ventures> Chester Solar I SpA ₩ 2,134 45.00 % 960 278 — — 1,238 Solar Philippines Calatagan Corporation 108,382 38.00 % 41,185 — — 16,945 58,130 Saemangeum Solar Power Co., Ltd. 28,911 81.01 % 23,419 — — — 23,419 Chungsongmeon BongSan wind power Co., Ltd. 3,045 29.00 % 883 1,782 — — 2,665 Jaeun Resident Wind Power Plant Co., Ltd. 7,636 29.00 % 2,214 — — — 2,214 DE Energia SpA 6,601 49.00 % 3,235 — — 6,468 9,703 Dangjin Eco Power Co., Ltd. 77,681 34.00 % 26,412 341 — — 26,753 Haemodum Solar Co., Ltd. 6,371 49.00 % 3,122 — — — 3,122 Yangyang Wind Power Co., Ltd. 20,784 50.00 % 10,392 43 — — 10,435 HORUS SOLAR, S.A. DE C.V. 50,862 14.95 % 7,601 3,580 — — 11,181 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 58,636 14.95 % 8,764 2,171 — — 10,935 SUNMEX RENOVABLES, S.A. DE C.V. 23,664 14.95 % 3,536 5 — — 3,541 Stavro Holding II A.B. 91,314 20.00 % 18,263 — — — 18,263 Solaseado Solar Power Co., Ltd. 42,651 38.90 % 16,592 1,361 — — 17,953 Yeongam Solar Power Co., Ltd. 46,650 19.00 % 8,864 773 — — 9,637 Samsu Wind Power Co., Ltd. 15,903 19.00 % 3,022 — — — 3,022 Pulau Indah Power Plant Sdn. Bhd. 79,841 25.00 % 19,960 5,643 — — 25,603 NH-Amundi 72,368 29.53 % 21,370 527 — — 21,897 Shin-han 17,208 90.00 % 15,487 — — — 15,487 PT Barito Wahana Tenaga 512,846 30.61 % 156,994 — — — 156,994 Cheongna Energy Co., Ltd. 47,107 50.10 % 23,601 3,137 (1,189 ) — 25,549 Naepo Green Energy Co., Ltd. 18,101 29.20 % 5,285 — — — 5,285 Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) (56,378 ) 46.30 % (26,103 ) — (826 ) 26,929 — OneEnergy Asia Limited 661,133 40.00 % 264,454 25,512 — — 289,966 KAS INVESTMENT I LLC 52,806 29.89 % 15,784 — — — 15,784 KAS INVESTMENT II LLC 52,554 29.89 % 15,709 — — — 15,709 Energyco Co., Ltd. 4,520 29.00 % 1,311 829 — — 2,140 CAES, LLC 48,490 36.00 % 17,457 2,923 — — 20,380 Hapcheon Floating Photovoltaic Power Plant Inc. 21,037 49.00 % 10,309 39 — — 10,348 Busan Industrial Solar Power Co., Ltd. 2,740 28.02 % 768 290 — — 1,058 Bitsolar Energy Co., Ltd. (5,932 ) 27.10 % (1,607 ) 352 — 1,607 352 Pulau Indah O&M Sdn. Bhd. — 60.00 % — — — — — Guadalupe Solar SpA 1,835 60.00 % 1,102 98 — — 1,200 Omisan Wind Power Co., Ltd. 23,960 42.00 % 10,063 166 — — 10,229 Foresight Iberian Solar Group Holding, S.L. 8,923 75.00 % 6,692 1,427 — — 8,119 Yeongwol Eco Wind Co., Ltd. 7,573 29.00 % 2,196 1,828 — — 4,024 Gurae Resident Power Co., Ltd. 1,797 29.00 % 521 48 — — 569 Cheongju Eco Park Co., Ltd. 30,609 29.00 % 8,877 195 — — 9,072 Enel X Midland Photovoltaic, LLC 12,710 20.00 % 2,542 — — — 2,542 Geumsungsan Wind Power Co., Ltd. 17,101 29.00 % 4,959 556 — — 5,515 KEPCO KPS CARABAO Corp. (93 ) 40.00 % (37 ) — — 37 — Prime Swedish Holding AB 83,481 45.00 % 37,566 1,223 — — 38,789 Goheung New Energy Co., Ltd. 31,749 46.15 % 14,652 1,084 — — 15,736 Gunsan Land Solar Co., Ltd. 35,587 56.91 % 20,251 — — 2,178 22,429 CapMan Lynx SCA, SICAR 6,832 50.00 % 3,416 — — (3,416 ) — International Offshore Power Transmission Holding Company Limited 4,069 35.00 % 1,425 (2 ) — — 1,423 Pyeongchang Wind Power Co., Ltd. 21,083 58.00 % 12,228 — — — 12,228 2023 Investees Net assets Percentage Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Eumseong Eco Park Co., Ltd. ₩ 26,929 29.00 % 7,809 577 — — 8,386 Changwon Nu-ri 13,154 61.00 % 8,024 3 — — 8,027 PungBack Wind Farm Corporation 18,526 37.00 % 6,855 1,085 — — 7,940 Trumbull Asset Management, LLC 1,200 78.00 % 936 — — — 936 S-Power (150 ) 50.00 % (75 ) 139 — — 64 Seungmun Green Energy 29,566 33.00 % 9,757 — — — 9,757 Seobusambo highway photovoltaics Co., Ltd. 4,476 80.00 % 3,580 — — — 3,580 <Joint ventures> Yangyang Suri Wind Power Co., Ltd. 33,130 29.00 % 9,608 — — — 9,608 KEPCO for Power Company 725 60.00 % 435 — — — 435 Taebaek Wind Power Co., Ltd. 23,221 60.00 % 13,932 — — — 13,932 Jeonju Bio Green Energy Co., Ltd. 4,916 65.00 % 3,195 — — — 3,195 Kumyang Eco Park Co., Ltd. 12,436 29.00 % 3,607 56 — — 3,663 Jeongeup Green Power Co., Ltd. 5,781 18.71 % 1,082 478 — — 1,560 Hadong E-factory 1,145 29.99 % 343 6 — — 349 Namyangju Combined Heat and Power Co., Ltd. 7,000 55.00 % 3,850 — — — 3,850 Wadi Noor Solar Power Company SAOC 1,675 50.00 % 837 9 — — 846 Fairhaven Energy Storage LLC — 35.00 % — — — — — (*) The percentage of ownership shown above is after considering the treasury stocks and others. |
Summary of Unrecognized Equity Interest in Investments in Associates and Joint Ventures | (6) As of December 31, 2022 and 2023, 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: 2022 2023 Unrecognized Accumulated unrecognized Unrecognized Accumulated unrecognized In millions of won Eurasia Energy Holdings ₩ 13 203 (203 ) — Gunsan Bio Energy Co., Ltd. (*1) 122 3,986 — — Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) 3,565 27,017 937 27,954 Nghi Son 2 Power LLC (18,940 ) — — — Samcheok Eco Materials Co., Ltd. 344 806 3,625 4,431 Naepo Green Energy Co., Ltd. 7,209 14,956 (14,956 ) — Barakah One Company 51,137 93,973 46,746 140,719 Pioneer Gas Power Limited 19,248 56,877 19,835 76,712 Incheon New Power Co., Ltd. (163 ) — — — Bigeum Resident Photovoltaic Power Co., Ltd. 162 460 (460 ) — KAPES, Inc. (355 ) 3,160 (145 ) 3,015 Chester Solar IV SpA (21 ) — — — ITR Co., Ltd. 5 5 (4 ) 1 SEP Co., Ltd. 14 14 1 15 International Offshore Power Transmission Holding Company Limited 23,378 23,378 (23,378 ) — Noeul Green Energy Co., Ltd. 5,470 5,470 (258 ) 5,212 Gangneung Eco Power Co., Ltd. 14 14 (14 ) — PlatformN. Co., Ltd. — — 62 62 KEPCO KPS CARABAO Corp. — — 37 37 (*1) During the year ended December 31, 2023, the entity was reclassified from an associate to financial assets measured at fair value through other comprehensive income. |
Summary of Shareholders' Agreements on Investments in Associates and Joint Ventures | (7) As of December 31, 2023, 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 in the EPC contract of defect repair for wind power generator has expired, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation. (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. (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. Also, the Company has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders. (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. (vii) Hyundai Green Power Co., Ltd. The Company has an obligation to purchase certain shares in Hyundai Green Power Co., Ltd. from financial investors holding certain shares in Hyundai Green Power Co., Ltd. (i.e., IBK and others) when any of the financial investors claim to sell the Company’s shares at a certain point of time in the future. The Company also has the right to claim Hyundai Steel Company, another operating investor of Hyundai Green Power Co., Ltd., to sell its shares at a certain point of time in the future, and is obliged to sell the Company’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Company to sell its shares. (viii) 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. (ix) Omisan Wind Power Co., Ltd. The Company has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Company exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Company or a third party designated by the Company. (x) 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. (xi) Seungmun Green Energy According to the special conditions of the REC trading contract, a connected entity may demand the sale of ownership stakes held by other investors to the connected entity, or the investors may acquire new stakes or modify business documents through a capital increase in Seungmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the connected entity, they may demand that the connected entity purchase their stakes in the future if certain conditions are met. (xii) Taebaek Guinemi Wind Power Co., Ltd. If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Company intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Company has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others. (xiii) HORANG ENERGY Inc. The Company has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Company also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders. (xiv) Namyangju Combined Heat and Power Co., Ltd. The Company has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest equity holder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Company is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions. (xv) Wadi Noor Solar Power Company SAOC The Company has an obligation to purchase certain shares to Nama Holding SAOC at the price agreed upon between shareholders when Nama Holding SAOC intends to purchase shares on the exercise date agreed upon according to the shareholders’ agreement. (xvi) Jeongeup Green Power Co., Ltd. The Company has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the company holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Company’s right to acquire shares from M Eco Co,. Ltd. |
Summary of Significant Restrictions on its Abilities to Associates or Joint Ventures | (8) Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2023 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. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions. KNH Solar Co., Ltd. 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 stakeholders including shareholders and financial institutions. Company Nature and extent of any significant restrictions Korea Power Engineering Service Co., Ltd. Shares cannot be wholly or partially transferred without the consent of the board of directors. Daehan Wind Power PSC Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Daejung Offshore Wind Power Co., Ltd. Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders. Naepo Green Energy Co., Ltd. Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order. Solaseado Solar Power Co., Ltd. Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions. Samcheok Eco Materials Co., Ltd. Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders. Taebaek Guinemi Wind Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions. Indeck Niles Asset Management, LLC Shares cannot be wholly or partially transferred without the consent of the stakeholders. Indeck Niles Development, LLC Shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar IV SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar V SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Diego de Almagro Solar SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Laurel SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Chester Solar I SpA Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. Kelar S.A. Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. GS Donghae Electric Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. 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 payment conditions are satisfied. Yeonggwangbaeksu Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. Company Nature and extent of any significant restrictions 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, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders financial institutions. Also, either of 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. Geumsungsan Wind Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. KPE green energy Co., Ltd. (formerly, 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 amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained. Goheung New Energy Co., Ltd. Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Seungmun Green Energy Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Trumbull Asset Management, LLC Shares may not be either wholly or partially transferred without the consent of the stakeholders. Horang Energy Inc. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. Yanggu Floating Photovoltaic Power Plant Inc. Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Hoenggye Renewable Energy Co., Ltd. Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Company Nature and extent of any significant restrictions Daegu Photovoltaic Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of financial institutions is obtained. Dongducheon Dream Power Co., Ltd. Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Haeng Bok Do Si Photovoltaic Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders. Shin Pyeongtaek Power Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Seoroseoro Sunny Power Plant Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Anjwa Smart Farm & Solar City Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Muan Solar Park Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. YuDang Solar Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Haemodum Solar Co., Ltd. Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. Cheongna Energy Co., Ltd. Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. Hapcheon Floating Photovoltaic Power Plant Inc. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Yeongwol Eco Wind Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Gurae Resident Power Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Gunsan Land Solar Co., Ltd. Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. In accordance with the shareholders’ agreement, when the internal rate of return defined in Korea Western Power Co., Ltd.’s dividend standard is met any excessive dividend income must be provided to Gunsan City. Eumseong Eco Park Co., Ltd. Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. PungBack Wind Farm Corporation Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Company Nature and extent of any significant restrictions Seobusambo highway photovoltaics Co., Ltd. Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions. Haman Green Energy Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained or prior written consent of financial institutions is obtained. In addition, the Company cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. Jeongeup Green Power Co., Ltd. Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The company’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank. Nepal Water & Energy Development Company Private Limited The Company must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter. Goseong Green Power Co., Ltd. The Company cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business. Gangneung Eco Power Co., Ltd. The Company cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business. S-Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders is obtained South Jamaica Power Company Limited Dividends can be paid only when all conditions of the loan agreement signed between South Jamaica Power Company Limited and financial institutions are satisfied, and prior written consent of financial institutions is obtained. |