Korea Electric Power (KEP) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

under the Securities Exchange Act of 1934

For the Month of December 2024

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒   Form 40-F ☐

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2024 to September 30, 2024)

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

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

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

I. Company Overview

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

2. Information of the company

(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4218

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

3. Major businesses

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

• development of electric power resources;

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

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

• overseas business related to the businesses mentioned above;

• investment or contributions related to the businesses mentioned above;

• development and operation of certain real estate holdings; and

• other businesses entrusted by the government.

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

4. Consolidated subsidiaries

	(As of September 30, 2024)
Listed	Unlisted	Total
2	164	166

5. Major changes in management

A. On February 21, 2024, Mr. Oh, Heung-Bok was appointed as a standing director for a term of two years in replacement of Mr. Seo, Guen-Bae whose position changed.

B. On April 29, 2024, Mr. Kang, Hoon was appointed as a non-standing director for a term of two years in replacement of Ms. Kim, Jae-Shin whose term of office expired.

C. On July 9, 2024, Mr. Lee, Sung-Ho was appointed as a non-standing member of the Audit Committee for a term of two years in replacement of Ms. Kim, Jae-Shin whose term of office expired.

D. On July 19, 2024, Mr. Lee, Jung-Bok, Chief Business Management Officer and standing director, resigned from all his positions.

6. Changes in major shareholders

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

7. Information regarding KEPCO shares

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

B. Total number of issued shares: 641,964,077

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

C. Dividends: KEPCO did not pay any dividend for fiscal year 2023.

II. Business Overview

1. Consolidated financial results by segment for a nine-month period ended September 30, 2023 and 2024

(In billions of Won)

	January to September 2023				January to September 2024
	Sales		Operating profit		Sales		Operating profit
Electricity sales		63,893		-7,906		68,664		395
Nuclear generation		7,343		-162		10,205		1,794
Thermal generation		28,505		1,483		25,161		3,337
Plant maintenance & engineering service		2,173		242		2,353		306
Others(1)		1,722		127		1,600		114
Subtotal		103,635		-6,215		107,983		5,947
Adjustment for related- party transactions		-37,949		-238		-38,113		-1
Total		65,686		-6,453		69,870		5,946

Note:

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

2. Changes in unit prices of major products for a nine-month period ended September 30, 2023 and 2024

					(In Won per kWh)
Business sector		Company	January to September 2023		January to September 2024
Electricity sold	Residential	KEPCO		149.65		158.14
	Commercial			168.59		173.42
	Educational			138.24		143.62
	Industrial			150.94		164.91
	Agricultural			74.68		81.87
	Street lighting			154.00		161.64
	Overnight usage			99.61		107.86
Electricity from nuclear generation	Nuclear Generation	KHNP		54.85		73.20
Electricity from thermal generation	Thermal generation	KOSEP		157.86		143.34
		KOMIPO		181.13		159.5
		KOWEPO		179.70		168.03
		KOSPO		194.48		175.21
		EWP		175.39		158.71

3. Power purchase from generation subsidiaries for a nine-month period ended September 30, 2024

Company	Volume (GWh)		Expense (In billions of Won)
KHNP		136,660		10,017
KOSEP		28,701		4,110
KOMIPO		34,812		5,552
KOWEPO		28,037		4,707
KOSPO		28,374		4,970
EWP		25,272		4,009
Others		152,009		24,306
Closing adjustment		—		3,413
Total		433,864		61,082

4. Intellectual property as of September 30, 2024

	Patents		Utility models		Designs		Trademarks		Total
KEPCO		3,792		19		131		69		4,011
Generation subsidiaries		3,999		54		91		253		4,397
Total		7,791		73		222		322		8,408

III. Financial Information

1. Condensed consolidated financial results as of and for a nine-month period ended September 30, 2023 and 2024

(In billions of Won)

Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to September 2023		January to September 2024		Change			December 31, 2023		September 30, 2024		Change
Sales		65,686		69,870		4,184	Total assets		240,244		243,801		3,557
Operating profit (loss)		-6,453		5,946		12,399	Total liabilities		204,063		204,125		62
Net income (loss)		-5,982		2,590		8,572	Total equity		36,181		39,677		3,496

2. Condensed separate financial results as of and for a nine-month period ended September 30, 2023 and 2024

(In billions of Won)

Separate statements of comprehensive income							Separate statements of financial position
	January to September 2023		January to September 2024		Change			December 31, 2023		September 30, 2024		Change
Sales		63,893		68,664		4,771	Total assets		133,315		137,193		3,878
Operating profit (loss)		-7,906		395		8,301	Total liabilities		118,286		119,466		1,180
Net income (loss)		-7,007		-831		6,176	Total equity		15,028		17,727		2,699

IV. Board of Directors (KEPCO Only)

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

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

2. Board meetings and agenda for a nine-month period ended September 30, 2024

Number of meetings	Number of agendas	Classification
		Resolutions	Reports
10	28	22	6

* The audit committee held 11 meetings with 41 agenda (of which, 21 were approved as proposed and 20 were accepted as reported).

3. Major activities of the Board of Directors for a nine-month period ended September 30, 2024

Date	Agenda	Results	Type
January 15, 2024	Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation	Approved as proposed		Resolution
January 19, 2024	Approval of the safety management plan of 2024	Approved as proposed		Resolution
February 6, 2024	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	Approved as proposed		Resolution

February 23, 2024	Approval to call for the annual general meeting of shareholders for the fiscal year 2023	Approved as proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2023	Approved as proposed	Resolution
	Approval of the maximum aggregate amount of remuneration for directors in 2024	Accepted as proposed	Resolution
	Approval of early contribution to Korea Institute of Energy Technology in 2024	Accepted as proposed	Resolution
	Report on the annual management of commercial papers in 2023	Accepted as reported	Report
	Report on internal control over financial reporting for the fiscal year 2023	Accepted as reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2023	Accepted as reported	Report
	Report on audit results for 2023	Accepted as reported	Report
March 22, 2024	Approval of Next-Gen Power Information System development	Approved as proposed	Resolution
April 19, 2024	Approval of the plan for stock sale through listing KEPCO KDN on the stock market	Deferred	Resolution
	Approval on the sale of the former Majang Materials Management Center site	Approved as proposed	Resolution
May 17, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Approval of personnel increase	Approved as proposed	Resolution
	Approval on introduction of a Childbirth Grant Welfare Program	Approved as proposed	Resolution
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2024-2025)	Accepted as reported	Report

June 20, 2024	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Approved as proposed	Resolution
	Approval of nomination of the candidate of a member of Audit Committee	Approved as proposed	Resolution
	Approval of appointment of a member of ESG Committee	Approved as proposed	Resolution
	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	Approved as proposed	Resolution
	Approval of alternation on utilization project of Gwanak-Dongjak regional office site	Approved as proposed	Resolution
	Approval of the mid-to long-term financial management plan (2024~2028)	Approved as proposed	Resolution
	Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2024	Approved as proposed	Resolution
	Approval of contribution to Korea Institute of Energy Technology in 2024	Conditionally Approved	Resolution
August 1, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
September 27, 2024	Report on financial statements for the first half of 2024	Accepted as reported	Report

4. Attendance Status of Non-standing directors for a nine-month period ended September 30, 2024

Date	Agenda	Han, Jin- Hyun	Kim, Jae-Shin	Kim, Jong- Woon	Kim, Jun-Ki	Park, Chung- Kun	Kim, Sung- Eun	Lee, Sung-Ho	Cho, Seong- Jin	Kang, Hoon
January 15,2024	Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation	For	For	For	Absent	For	For	For	For	Before Appointment
January 19, 2024	Approval of the safety management plan of 2024	For	For	For	For	For	For	For	For	Before Appointment
February 6, 2024	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	For	For	For	For	For	For	Absent	For	Before Appointment
February 23, 2024	Approval to call for the annual general meeting of shareholders for the fiscal year 2023	For	For	For	For	For	For	For	For	Before Appointment
	Approval of consolidated and separate financial statements for the fiscal year 2023	For	For	For	For	For	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2024	For	For	For	For	For	For	For	For
	Approval of early contribution to Korea Institute of Energy Technology in 2024	For	Against	For	Against	For	Against	For	For
	Report on the annual management of commercial papers in 2023	Agenda for Report
	Report on internal control over financial reporting for the fiscal year 2023	Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2023	Agenda for Report
	Report on audit results for 2023	Agenda for Report
March 22, 2024	Approval of Next-Gen Power Information System development	For	For	Absent	For	For	For	For	For	Before Appointment
April 19, 2024	Approval of the plan for stock sale through listing KEPCO KDN on the stock market	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred	Before Appointment
	Approval on the sale of the former Majang Materials Management Center site	For	For	For	For	For	Against	For	Against

May 17, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	Retired	For	For	For	For	For	For	For
	Approval of personnel increase	For		For	For	For	For	For	For	For
	Approval on introduction of a Childbirth Grant Welfare Program	For		For	For	For	For	For	For	For
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2024-2025)	Agenda for Report		Agenda for Report
June 20, 2024	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	For	Retired	For	For	Absent	For	For	For	For
	Approval of nomination of the candidate of a member of Audit Committee	For		For	For	Absent	For	For	For	For
	Approval of appointment of a member of ESG Committee	For		For	For	Absent	For	For	For	For
	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	For		For	For	Absent	For	For	For	For
	Approval of alternation on utilization project of Gwanak-Dongjak regional office site	For		For	For	Absent	For	For	For	For
	Approval of the mid-to long-term financial management plan (2024~2028)	For		For	For	Absent	For	For	For	For
	Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2024	For		For	For	Absent	For	For	For	For
	Approval of contribution to Korea Institute of Energy Technology in 2024	For on conditions		Deferred*	For on conditions	Absent	Against	For on conditions	Deferred*	For on conditions

August 1, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	Retired	For	For	For	For	For	For	For
September 27, 2024	Report on financial statements for the first half of 2024	Agenda for Report	Retired	Agenda for Report
Attendance Rate		100%	100%	90%	90%	90%	100%	90%	100%	100%

* ‘Deferred’ regarding the approval of contribution to Korea Institute of Energy Technology in 2024 do not indicate that resolution of the agenda is deferred but individual directors’ votes were deferred.

5. Attendance Status of Standing directors for a nine-month period ended September 30, 2024

Date	Agenda	Kim, Dong- Cheol	Jun, Young- Sang	Lee, Jung-Bok	Lee, Jun-Ho	Oh, Heung- Bok	Seo, Chul-Soo	Seo, Guen- Bae
January 15, 2024	Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation	For	For	For	For	Before Appointment	For	For
January 19, 2024	Approval of the safety management plan of 2024	For	For	For	For	Before Appointment	For	For
February 6, 2024	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	For	For	For	For	Before Appointment	For	For
February 23, 2024	Approval to call for the annual general meeting of shareholders for the fiscal year 2023	For	For	For	For	For	For	For
	Approval of consolidated and separate financial statements for the fiscal year 2023	For	For	For	For	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2024	For	For	For	For	For	For	For
	Approval of early contribution to Korea Institute of Energy Technology in 2024	For	For	For	For	For	For	For
	Report on the annual management of commercial papers in 2023	Agenda for Report
	Report on internal control over financial reporting for the fiscal year 2023	Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2023	Agenda for Report
	Report on audit results for 2023	Agenda for Report

Date	Agenda	Kim, Dong- Cheol	Jun, Young- Sang	Lee, Jung-Bok	Lee, Jun-Ho	Oh, Heung- Bok	Seo, Chul-Soo	Seo, Guen- Bae
March 22, 2024	Approval of Next-Gen Power Information System development	For	For	For	For	For	For	For
April 19, 2024	Approval of the plan for stock sale through listing KEPCO KDN on the stock market	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred	Deferred
	Approval on the sale of the former Majang Materials Management Center site	For	Against	For	For	For	For	For
May 17, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	For	For	For	For	For	For
	Approval of personnel increase	For	For	For	For	For	For	For
	Approval on introduction of a Childbirth Grant Welfare Program	For	For	For	For	For	For	For
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2024-2025)	Agenda for Report

Date	Agenda	Kim, Dong- Cheol	Jun, Young- Sang	Lee, Jung-Bok	Lee, Jun-Ho	Oh, Heung- Bok	Seo, Chul-Soo	Seo, Guen- Bae
June 20, 2024	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Absent	For	For	For	For	For	For
	Approval of nomination of the candidate of a member of Audit Committee	Absent	For	For	For	For	For	For
	Approval of appointment of a member of ESG Committee	Absent	For	For	For	For	For	For
	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2024	Absent	For	For	For	For	For	For
	Approval of alternation on utilization project of Gwanak-Dongjak regional office site	Absent	For	For	For	For	For	For
	Approval of the mid-to long-term financial management plan (2024~2028)	Absent	For	For	For	For	For	For
	Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2024	Absent	For	For	For	For	For	For
	Approval of contribution to Korea Institute of Energy Technology in 2024	Absent	Deferred*	For on conditions	For	For	For	For
August 1, 2024	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	For	For	Retired	For	For	For	Absent
September 27, 2024	Report on financial statements for the first half of 2024	Agenda for Report		Retired	Agenda for Report
Attendance Rate		90%	100%	100%	100%	100%	100%	100%

* ‘Deferred’ regarding the approval of contribution to Korea Institute of Energy Technology in 2024 do not indicate that resolution of the agenda is deferred but individual directors’ votes were deferred.

6. Major activities of the Audit Committee for a nine-month period ended September 30, 2024

Date	Agenda	Results	Type
January 19, 2024	Approval of audit plans for 2024	Approved as proposed	Resolution
	Approval of Clean KEPCO branch office certification	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Report on audit education plans in 2024	Accepted as reported	Report
	Report on independence of independent auditors	Accepted as reported	Report
February 16, 2024	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
February 23, 2024	Prior approval for non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2023	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2023	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2023	Accepted as reported	Report
	Report on audit results by the independent auditor for the fiscal year 2023	Accepted as reported	Report
	Report on audit results for 2023	Accepted as reported	Report
March 14, 2024	Approval of investigation result on the agenda for the annual general meeting of shareholders	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2023	Accepted as reported	Report
	Report on audit results for January and February of 2024	Accepted as reported	Report
April 19, 2024	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Report on the Form 20-F for the fiscal year 2023 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2023 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit results for March of 2024	Accepted as reported	Report

May 17, 2024	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit for subsidiaries by the independent auditor	Rejected	Resolution
	Report on audit results for April of 2024	Accepted as reported	Report
June 20, 2024	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Auditor’s review report for the fiscal year of 2023	Accepted as reported	Report
	Auditor’s review report for the first quarter of 2024	Accepted as reported	Report
	Report on audit results for May of 2024	Accepted as reported	Report
July 18, 2024	Approval to appoint the chairman of the Audit Committee	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Independent auditor’s report on the audit plans for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for June of 2024	Accepted as reported	Report
September 5, 2024	Approval of joint selection of independent auditors for the period from fiscal year 2025 to 2027	Accepted as amended	Resolution
	Approval of amendments to the Internal Audit Guidelines	Accepted as amended	Resolution
	Approval on the suggestions of the Audit committee regarding sale of the former Majang Materials Management Center site	Approved as proposed	Resolution
September 26, 2024	Approval of Clean KEPCO branch office certification	Approved as proposed	Resolution
	Approval of amendments to the Guidelines for Preventing Conflict of Interests of KEPCO Executives and Employees	Approved as proposed	Resolution
	Auditor’s review report for the first half of 2024	Accepted as reported	Report
	Report on audit results for the first half of 2024, July and August of 2024	Accepted as reported	Report
October 18, 2024	Report on audit results for September of 2024	Accepted as reported	Report

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

7. Attendance Status of the Audit Committee for a nine-month period ended September 30, 2024

Date	Agenda	Kim, Jae-Shin	Kim, Sung-Eun	Lee, Sung-Ho	Jun, Young- Sang
January 19, 2024	Approval of audit plans for 2024
	Approval of Clean KEPCO branch office certification
	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Before Appointment	Attended
	Report on audit education plans in 2024
	Report on independence of independent auditors
February 16, 2024	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Attended	Before Appointment	Attended
February 23, 2024	Prior approval for non-audit service for subsidiaries by the independent auditor
	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2023
	Report on internal control over financial reporting for the fiscal year 2023	Attended	Attended	Before Appointment	Attended
	Report on the evaluation on internal control over financial reporting for the fiscal year 2023
	Report on audit results by the independent auditor for the fiscal year 2023
	Report on audit results for 2023
March 14, 2024	Approval of investigation result on the agenda for the annual general meeting of shareholders
	Approval of auditor’s report for the annual general meeting of shareholders	Attended	Attended	Before Appointment	Attended
	Report on audit results by the independent auditor for the fiscal year 2023
	Report on audit results for January and February of 2024

April 19, 2024	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Before Appointment	Attended
	Prior approval for non-audit for subsidiaries by the independent auditor
	Report on the Form 20-F for the fiscal year 2023 to be filed with the U.S. Securities and Exchange
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2023 to be filed with the U.S. Securities and Exchange
	Report on audit results for March of 2024
May 17, 2024	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Before Appointment	Attended
	Prior approval for non-audit for subsidiaries by the independent auditor
	Report on audit results for April of 2024
June 20, 2024	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Attended	Before Appointment	Attended
	Auditor’s review report for the fiscal year of 2023
	Auditor’s review report for the first quarter of 2024
	Report on audit results for May of 2024
July 18, 2024	Approval to appoint the chairman of the Audit Committee	Retired	Attended	Attended	Attended
	Prior approval of appointment of independent auditors of subsidiaries
	Prior approval for non-audit for subsidiaries by the independent auditor
	Independent auditor’s report on the audit plans for the fiscal year 2024
	Report on audit results for June of 2024

September 5, 2024	Approval of joint selection of independent auditors for the period from fiscal year 2025 to 2027	Retired	Attended	Attended	Attended
	Approval of amendments to the Internal Audit Guidelines
	Approval on the suggestions of the Audit committee regarding sale of the former Majang Materials Management Center site
September 26, 2024	Approval of Clean KEPCO branch office certification	Retired	Attended	Attended	Attended
	Approval of amendments to the Guidelines for Preventing Conflict of Interests of KEPCO Executives and Employees
	Auditor’s review report for the first half of 2024
	Report on audit results for the first half of 2024, July and August of 2024
October 18, 2024	Report on audit results for September of 2024	Retired	Attended	Attended	Attended
Attendance Rate		100%	100%	100%	100%

* Mr. Lee, Sung-Ho was appointed as a member of the Audit Committee on July 9, 2024, in replacement of Ms. Kim, Jae-Shin who retired on July 8, 2024.

V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a nine-month period ended September 30, 2024

Type	Agenda	Results
Extraordinary General Meeting held on February 21, 2024	Election of a Standing Directors	Approved as proposed
Annual General Meeting held on March 26, 2024	Approval of the consolidated and separate financial statements for the fiscal year 2023	Approved as proposed
	Approval of the maximum aggregate amount of remuneration for directors in 2024	Approved as proposed
Extraordinary General Meeting held on July 9, 2024	Election of a Non-Standing Director	Approved as proposed

VI. Shareholders

1. List of shareholders as of September 30, 2024

		Number of shareholders		Shares owned		Percentage of total (%)
Government of the Republic of Korea			1		116,841,794		18.20
Korea Development Bank			1		211,235,264		32.90
Subtotal			2		328,077,058		51.10
National Pension Service			1		43,780,244		6.82
Public (Non-Koreans)	Common Shares		987		82,467,371		12.85
	American depositary shares (ADS)		1		10,658,238		1.66
Public (Koreans)			590,106		176,961,166		27.57
Total			591,097		641,944,077		100.00

• Percentages are based on issued shares of common stock.

• All of our shareholder have equal voting rights.

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

VII. Directors and employees as of and for a nine-month period ended September 30, 2024 (KEPCO Only)

1. Directors

(In thousands of Won)

Type		Number of directors		Total remuneration		Average remuneration per person		Remarks
Standing director			6		801,878		133,646	Excluding members of the Audit Committee
Non-standing director			6		135,000		22,500
Member of Audit Committee	Standing director		1		130,470		130,470	—
	Non-standing director		2		45,000		22,500	—
Total			15		1,112,349		74,156	—

2. Employees

(In thousands of Won)

Type	Number of employees						Average continuous service year		Total salaries		Average salaries per person
	Regular		Non-regular		Total
Male		17,197		110		17,307		15.1		1,222,677,002		69,881
Female		5,170		70		5,240		14.1		314,129,451		59,265
Total		22,367		180		22,547		14.9		1,536,806,453		67,413

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of September 30, 2024

(In billions of Won)

Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		724		860
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		254		768

2. Sanctions as of September 30, 2024

Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
	Position	Tenure
April 9, 2024	The head of a power plant under Korea Hydro & Nuclear Power Co., Ltd. (Current)	29yrs	Prosecution with detention	Occupational embezzlement, The Criminal Act	In the progress in the district court

SIGNATURES

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

By:	/s/ Park, WooGun
Name:	Park, WooGun
Title:	Vice President

Date: December 10, 2024

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Interim consolidated financial statements

For each of the nine-month periods ended September 30, 2024 and 2023

with the independent auditor’s review report

TABLE OF CONTENTS

	Page
Report on review of interim consolidated financial statements
Interim consolidated statements of financial position		3
Interim consolidated statements of comprehensive income or loss		5
Interim consolidated statements of changes in equity		7
Interim consolidated statements of cash flows		9
Notes to the interim consolidated financial statements		11

Ernst & Young Han Young 2-4F, 6-8F, Taeyoung Building, 111, Yeouigongwon-ro, Yeongdeungpo-gu, Seoul 07241 Korea   Tel: +82 2 3787 6600 Fax: + 82 2 783 5890 ey.com/kr  

Report on review of interim consolidated financial statements

(English translation of a report originally issued in Korean)

The Shareholders and Board of Directors

Korea Electric Power Corporation

We have reviewed the accompanying interim consolidated financial statements of Korea Electric Power Corporation (the “Company”) and its subsidiaries (collectively referred to as the “Group”), which comprise the interim consolidated statement of financial position as of September 30, 2024, and the related interim consolidated statements of comprehensive income or loss for each of the three-month and nine-month periods ended September 30, 2024 and 2023, interim consolidated statements of changes in equity and interim consolidated statements of cash flows for each of the nine-month periods ended September 30, 2024 and 2023, and a summary material accounting policy information and other explanatory information.

Management’s responsibility for the interim consolidated financial statements

Management is responsible for the preparation and presentation of these interim consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements are not prepared, in all material respects, in accordance with KIFRS 1034 Interim Financial Reporting.

Other matters

We have audited the consolidated statement of financial position of the Group as of December 31, 2023, and the related consolidated statement of comprehensive income or loss, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 11, 2024 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2023, presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

November 14, 2024

This review report is effective as of November 14, 2024, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s review report to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim consolidated financial statements and may result in modifications to this review report.

1

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Interim Consolidated Financial Statements

For each of the nine-month periods ended September 30, 2024 and 2023

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

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

Dong-Cheol Kim

President/CEO

Korea Electric Power Corporation

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of financial position

as of September 30, 2024 (Unaudited) and December 31, 2023

In millions of Won	Note		September 30, 2024		December 31, 2023
Assets
Current assets
Cash and cash equivalents		5,6,7,44	W	3,664,577		4,342,887
Current financial assets, net		5,6,9,11,12,13,44,46		4,595,837		3,107,397
Trade and other receivables, net		5,8,20,24,44,45,46		11,241,372		11,985,735
Inventories, net		14		9,420,346		8,875,615
Income tax receivables				94,438		69,612
Current non-financial assets		15		1,113,096		1,109,321
Assets held-for-sale		41		45,648		45,648
Total current assets				30,175,314		29,536,215
Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,44,46		3,784,469		3,546,214
Non-current trade and other receivables, net		5,8,20,44,45,46		2,160,265		2,193,587
Property, plant and equipment, net		18,24,27,48		181,675,575		179,875,535
Investment properties, net		19,27		223,537		185,527
Goodwill		16		99,145		99,156
Intangible assets other than goodwill, net		21,27,45		947,255		1,033,984
Investments in associates		4,17		6,441,632		6,176,889
Investments in joint ventures		4,17		4,010,350		3,485,699
Defined benefit assets, net		25		24,095		70,187
Deferred tax assets				13,889,655		13,161,802
Non-current non-financial assets		15		370,149		350,170
Total non-current assets				213,626,127		210,178,750
Total assets		4	W	243,801,441		239,714,965

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of financial position, Continued

as of September 30, 2024 (Unaudited) and December 31, 2023

In millions of Won	Note		September 30, 2024		December 31, 2023
Liabilities
Current liabilities
Trade and other payables, net		5,22,24,44,46	W	8,387,838		9,089,973
Current financial liabilities, net		5,12,23,44,46		49,442,032		41,139,726
Income tax payables				1,299,421		482,934
Current non-financial liabilities		20,28,29		8,573,197		7,881,663
Current provisions		26,44		2,478,742		2,654,125
Total current liabilities				70,181,230		61,248,421
Non-current liabilities
Non-current trade and other payables, net		5,22,24,44,46		4,716,444		4,981,957
Non-current financial liabilities, net		5,12,23,44,46		83,138,957		92,944,338
Non-current non-financial liabilities		28,29		11,572,942		11,196,000
Employee benefits liabilities, net		25,44		1,651,108		1,035,320
Deferred tax liabilities				5,839,389		5,163,135
Non-current provisions		26,44		27,024,799		25,881,044
Total non-current liabilities				133,943,639		141,201,794
Total liabilities		4	W	204,124,869		202,450,215
Equity
Contributed capital		1,30,44
Share capital			W	3,209,820		3,209,820
Share premium				843,758		843,758
				4,053,578		4,053,578
Retained earnings		31
Legal reserves				1,604,910		1,604,910
Voluntary reserves				—		2,812,313
Unappropriated retained earnings				17,509,525		11,921,039
				19,114,435		16,338,262
Other components of equity		33
Other capital surplus				1,600,822		1,600,801
Accumulated other comprehensive income				759,990		557,430
Other equity				12,708,578		13,294,972
				15,069,390		15,453,203
Equity attributable to owners of the controlling company				38,237,403		35,845,043
Non-controlling interests		16,32		1,439,169		1,419,707
Total equity			W	39,676,572		37,264,750
Total liabilities and equity			W	243,801,441		239,714,965

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

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of comprehensive income or loss

for each of the three-month and nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won, except per share information			September 30, 2024						September 30, 2023
	Note		Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Sales		4,34,44,46
Sales of goods		2	W	25,629,338			68,449,978			23,869,022			64,100,951
Sales of services				141,906			479,195			185,521			490,793
Sales of construction services		20		136,406			363,315			228,329			542,102
Revenue related to contributions for construction		28		195,707			577,319			187,102			552,645
				26,103,357			69,869,807			24,469,974			65,686,491
Cost of sales		14,25,42,46
Cost of sales of goods				(21,617,557	)		(60,817,298	)		(21,294,414	)		(68,890,695	)
Cost of sales of services				(144,197	)		(435,879	)		(171,339	)		(413,569	)
Cost of sales of construction services				(189,377	)		(461,904	)		(265,683	)		(676,229	)
				(21,951,131	)		(61,715,081	)		(21,731,436	)		(69,980,493	)
Gross profit (loss)				4,152,226			8,154,726			2,738,538			(4,294,002	)
Selling and administrative expenses		25,35,42,46		(756,171	)		(2,209,066	)		(741,966	)		(2,159,383	)
Operating profit (loss)		4		3,396,055			5,945,660			1,996,572			(6,453,385	)
Other income		36		98,662			321,691			107,533			332,253
Other expenses		36		(53,167	)		(212,972	)		(20,556	)		(150,015	)
Other gains, net		37		82,273			126,169			70,313			73,251
Finance income		5,12,38		1,128,461			1,233,334			658,406			1,637,028
Finance expenses		5,12,39		(1,927,864	)		(4,102,671	)		(1,678,500	)		(4,600,749	)
Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Gain on valuation of investments in associates and joint ventures				252,142			731,313			130,974			641,586
Gain on disposal of investments in associates and joint ventures				8			185,348			93			17,071
Gain on disposal of investments in subsidiaries				—			98			—			—
Loss on valuation of investments in associates and joint ventures				—			(163,943	)		(17,492	)		(59,038	)
Loss on disposal of investments in associates and joint ventures				—			(626	)		—			—
Loss on impairment of investments in associates and joint ventures				—			—			—			(7	)
Loss on disposal of investments in subsidiaries				—			—			—			(564	)
			W	252,150			752,190			113,575			599,048

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of comprehensive income or loss, Continued

for each of the three-month and nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won, except per share information			September 30, 2024						September 30, 2023
	Note		Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Profit (loss) before income tax			W	2,976,570			4,063,401			1,247,343			(8,562,569	)
Income tax benefit (expense)		40		(1,096,924	)		(1,473,402	)		(414,058	)		2,580,270
Profit (loss) for the period				1,879,646			2,589,999			833,285			(5,982,299	)
Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans		25,31	W	(107,448)			(300,635	)		81,486			(55,037	)
Share of other comprehensive income (loss) of associates and joint ventures		31		(219	)		1,191			(1,153	)		(1,947	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss)		33		11,164			82,614			43,513			(24,798	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		29,840			28,608			6,237			(5,710	)
Foreign currency translation of foreign operations		33		(81,017	)		11,448			(9,351	)		20,609
Share of other comprehensive income (loss) of associates and joint ventures		33		(311,891	)		91,362			165,809			367,535
Other comprehensive income (loss) for the period				(459,571	)		(85,412	)		286,541			300,652
Total comprehensive income (loss) for the period			W	1,420,075			2,504,587			1,119,826			(5,681,647	)
Profit (loss) attributable to:		43
Owners of the controlling company			W	1,849,337			2,475,886			793,947			(6,055,340	)
Non-controlling interests				30,309			114,113			39,338			73,041
			W	1,879,646			2,589,999			833,285			(5,982,299	)
Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	1,418,612			2,392,339			1,072,118			(5,765,920	)
Non-controlling interests				1,463			112,248			47,708			84,273
			W	1,420,075			2,504,587			1,119,826			(5,681,647	)
Earnings (losses) per share (in Won)		43
Basic and diluted earnings (losses) per share			W	2,881			3,857			1,237			(9,433	)

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

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of changes in equity

for each of the nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance as of January 1, 2023	W	4,053,578		21,431,300			15,060,518			40,545,396			1,454,860			42,000,256
Total comprehensive loss for the period
Income (loss) for the period		—		(6,055,340	)		—			(6,055,340	)		73,041			(5,982,299	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(49,309	)		—			(49,309	)		(5,728	)		(55,037	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(1,947	)		—			(1,947	)		—			(1,947	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			(24,797	)		(24,797	)		(1	)		(24,798	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(8,847	)		(8,847	)		3,137			(5,710	)
Foreign currency translation of foreign operations, net of tax		—		—			6,785			6,785			13,824			20,609
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			367,535			367,535			—			367,535
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(42,911	)		(42,911	)
Additional paid-in capital and others		—		—			14			14			4,011			4,025
Transactions between consolidated entities		—		—			15,259			15,259			(106,232	)		(90,973	)
Changes in consolidation scope		—		—			(12	)		(12	)		384			372
Dividends paid for hybrid bonds		—		—			—			—			(7,659	)		(7,659	)
Balance as of September 30, 2023	W	4,053,578		15,324,704			15,416,455			34,794,737			1,386,726			36,181,463

(Continued)

7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of changes in equity, Continued

for each of the nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance as of January 1, 2024	W	4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750
Total comprehensive income for the period
Profit for the period		—		2,475,886			—			2,475,886			114,113			2,589,999
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(287,298	)		—			(287,298	)		(13,337	)		(300,635	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		1,191			—			1,191			—			1,191
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			82,613			82,613			1			82,614
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			29,533			29,533			(925	)		28,608
Foreign currency translation of foreign operations, net of tax		—		—			(948	)		(948	)		12,396			11,448
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			91,362			91,362			—			91,362
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(83,522	)		(83,522	)
Additional paid-in capital and others		—		—			—			—			(1,348	)		(1,348	)
Transactions between consolidated entities		—		—			21			21			—			21
Changes in consolidation scope		—		—			—			—			5			5
Dividends paid for hybrid bonds		—		—			—			—			(7,921	)		(7,921	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—			—			—
Balance as of September 30, 2024	W	4,053,578		19,114,435			15,069,390			38,237,403			1,439,169			39,676,572

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

8

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of cash flows

for each of the nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won	September 30, 2024			September 30, 2023
Cash flows from operating activities
Profit (loss) for the period	W	2,589,999			(5,982,299	)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expense (benefit)		1,473,402			(2,580,270	)
Depreciation		10,497,338			9,720,463
Amortization		122,456			123,286
Employee benefit expense		311,024			262,823
Bad debt expense		48,698			47,596
Interest expense		3,422,931			3,310,430
Loss on disposal of financial assets		219			1
Loss on disposal of property, plant and equipment		58,633			38,800
Loss on abandonment of property, plant and equipment		112,438			148,669
Loss on impairment of property, plant and equipment		—			6,167
Loss on impairment of intangible assets		—			283
Loss on disposal of intangible assets		110			71
Increase in provisions		713,933			905,231
Loss on foreign currency translation, net		336,847			974,221
Gain on valuation of financial assets at fair value through profit or loss		(68,950	)		(27,126	)
Loss on valuation of financial assets at fair value through profit or loss		279			3,499
Gain on derivatives		(536,080	)		(975,882	)
Gain on valuation of investments in associates and joint ventures, net		(567,370	)		(582,548	)
Gain on disposal of financial assets		(29,383	)		(7,915	)
Gain on disposal of property, plant and equipment		(83,068	)		(26,120	)
Gain on disposal of intangible assets		(22	)		(100	)
Gain on disposal of investments in associates and joint ventures		(185,348	)		(17,071	)
Loss on disposal of investments in associates and joint ventures		626			—
Impairment loss of investments in associates and joint ventures		—			7
Gain on disposal of investments in subsidiaries		(98	)		—
Loss on disposal of investments in subsidiaries		—			564
Interest income		(323,744	)		(311,371	)
Dividends income		(12,243	)		(16,587	)
Others, net		26,620			147,779
		15,319,248			11,144,900
Changes in operating assets and liabilities:
Decrease (increase) in trade receivables		768,039			(217,812	)
Decrease in non-trade receivables		41,033			303,576
Increase in accrued income		(403,656	)		(104,573	)
Decrease in other receivables		48,423			59,697
Decrease (increase) in other current assets		(324,965	)		196,008
Decrease (increase) in inventories		(975,912	)		483,915
Decrease (increase) in other non-current assets		262			(152,044	)
Decrease in trade payables		(15,203	)		(3,069,682	)
Increase (decrease) in non-trade payables		164,431			(89,524	)
Decrease in accrued expenses		(448,114	)		(291,099	)
Increase in other current liabilities		702,683			402,333
Increase in other non-current liabilities		396,880			1,068,273
Decrease in investments in associates and joint ventures		197,040			358,229
Decrease in provisions		(1,177,863	)		(1,104,537	)
Payments of employee retirement benefits		(136,783	)		(251,297	)
Contributions to plan assets		(9,756	)		(23,507	)
	W	(1,173,461	)		(2,432,044	)

(Continued)

9

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim consolidated statements of cash flows, Continued

for each of the nine-month periods ended September 30, 2024 and 2023 (Unaudited)

In millions of Won	September 30, 2024			September 30, 2023
Cash generated from operating activities	W	16,735,786			2,730,557
Dividends received		12,243			16,587
Interest paid		(3,486,186	)		(3,143,837	)
Interest received		286,777			268,092
Income taxes paid		(679,107	)		(508,124	)
Net cash flows provided by (used in) operating activities		12,869,513			(636,725	)
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		221,628			5,373
Acquisition of investments in associates and joint ventures		(349,945	)		(349,277	)
Proceeds from disposals of property, plant and equipment		307,071			212,449
Acquisition of property, plant and equipment		(10,283,585	)		(10,223,124	)
Proceeds from disposals of intangible assets		414			22
Acquisition of intangible assets		(57,923	)		(49,117	)
Proceeds from disposals of financial assets		3,021,131			3,305,719
Acquisition of financial assets		(4,374,136	)		(2,975,990	)
Increase in loans		(80,693	)		(104,871	)
Collection of loans		175,842			89,446
Increase in deposits		(131,076	)		(107,672	)
Decrease in deposits		138,027			94,541
Disposal of held-for-sale assets		14,363			14,363
Receipt of government grants		25,319			29,812
Usage of government grants and others		(53	)		(32	)
Net cash outflows from changes in consolidation scope		(2,716	)		(26,178	)
Other cash outflows from investing activities, net		(140,757	)		(59,959	)
Net cash flows used in investing activities		(11,517,089	)		(10,144,495	)
Cash flows from financing activities
Proceeds (repayment) of short-term borrowings, net		(1,326,601	)		901,392
Proceeds from long-term borrowings and debt securities		14,622,431			21,661,828
Repayment of long-term borrowings and debt securities		(15,159,018	)		(10,173,311	)
Payment of lease liabilities		(473,425	)		(455,846	)
Settlement of derivative instruments, net		330,937			152,568
Change in non-controlling interests		(1,257	)		(136,351	)
Dividends paid for hybrid bonds		(7,921	)		(7,659	)
Dividends paid		(83,522	)		(42,912	)
Other cash outflows from financing activities, net		—			46,061
Net cash flows provided by (used in) financing activities		(2,098,376	)		11,945,770
Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		(745,952	)		1,164,550
Effect of exchange rate fluctuations on cash held		67,642			95,144
Net increase (decrease) in cash and cash equivalents		(678,310	)		1,259,694
Cash and cash equivalents as of January 1, 2024 and 2023		4,342,887			3,234,780
Cash and cash equivalents as of September 30, 2024 and 2023	W	3,664,577			4,494,474

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

10

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements

September 30, 2024 and 2023 (unaudited)

1. Reporting Entity (Description of the controlling company)

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

As of September 30, 2024, KEPCO’s share capital amounts toW3,209,820 million and KEPCO’s shareholders are as follows:

	Number of shares		Percentage of ownership
The Government of the Republic of Korea		116,841,794		18.20	%
Korea Development Bank		211,235,264		32.90	%
Other (*)		313,887,019		48.90	%
		641,964,077		100.00	%

(*) The number of shares held by foreign shareholders is 90,485,297 shares (14.10%) as of August 16, 2024, the most recent closing date of the shareholder list.

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

2. Basis of Preparation

(1) Statement of compliance

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

(2) Basis of measurement

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

• financial instruments at fair value through profit or loss;

• financial instruments at fair value through other comprehensive income or loss;

• derivative financial instruments are measured at fair value; and

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

(3) Functional and presentation currency

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

11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

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

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

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

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

(i) Useful lives of property, plant and equipment, Intangible assets other than goodwill and estimations on provision for decommissioning costs.

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

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

(ii) Deferred tax

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

(iii) Valuations of financial instruments at fair values

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

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

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

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

12

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(iv) Defined employee benefit liabilities

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

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of September 30, 2024 and 2023 areW2,138,161 million andW 1,885,288 million, respectively.

(vi) Construction contracts

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

13

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

2. Basis of Preparation, Continued

(5) Changes in accounting policies

Changes in accounting standards effective from January 1, 2024 are as follows. The Group believes that these amendments have no significant impact on the Group’s interim consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

Amendments to KIFRS 1007 and KIFRS 1107 - Supplier Finance Arrangements

The amendments clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The transition rules clarify that an entity is not required to provide the disclosures in any interim periods in the year of initial application of the amendments.

Amendments to KIFRS 1116 - Lease Liability in a Sale and Leaseback

The amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains.

Amendments to KIFRS 1001 - Classification of Liabilities as Current or Non-current

The amendments to paragraphs 69 to 76 of KIFRS 1001 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

• what is meant by a right to defer settlement;

• that a right to defer must exist at the end of the reporting period;

• that classification is unaffected by the likelihood that an entity will exercise its deferral right; and

• that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification.

In addition, a requirement has been introduced whereby an entity must disclose when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months.

14

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

3. Material Accounting Policies

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2023, except for the changes described in Note 2.(5).

4. Segment, Geographic and Other Information

(1) Segment determination and explanation of the measurements

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

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

15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

4. Segment, Geographic and Other Information, Continued

(2) The financial information of the segments for each of the three and nine-month periods ended September 30, 2024 and 2023, respectively, is as follows:

In millions of won
September 30, 2024
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three-			Nine-			Three-			Nine-			Three-		Nine-		Three-			Nine-			Three-			Nine-			Three-			Nine-			Three-			Nine-			Three-			Nine-
	month			month			month			month			month		month		month			month			month			month			month			month			month			month			month			month
	period			period			period			period			period		period		period			period			period			period			period			period			period			period			period			period
	ended			ended			ended			ended			ended		ended		ended			ended			ended			ended			ended			ended			ended			ended			ended			ended
Transmission and distribution	W	25,669,731			68,663,952			481,848			1,616,404			25,187,883		67,047,548		(773,717	)		395,418			1,100,643			3,261,051			18,793			66,231			715,255			2,167,146			115,101			406,349
Electric power generation (Nuclear)		4,111,027			10,205,422			4,084,873			10,045,901			26,154		159,521		1,606,878			1,794,445			1,387,109			4,028,873			15,663			47,666			207,402			578,270			(5,994	)		(9,446	)
Electric power generation (Non-nuclear)		10,630,397			25,160,645			10,075,017			23,360,192			555,380		1,800,453		2,591,281			3,336,865			1,059,759			3,183,893			11,143			48,762			172,581			543,555			143,628			170,027
Plant maintenance & engineering service		734,706			2,353,096			560,853			1,954,252			173,853		398,844		78,137			306,310			41,683			121,569			6,583			18,523			1,612			5,177			(585	)		185,260
Others		529,867			1,599,688			369,780			1,136,247			160,087		463,441		44,219			113,601			42,395			151,701			61,360			182,520			60,903			186,247			—			—
Consolidation adjustments		(15,572,371	)		(38,112,996	)		(15,572,371	)		(38,112,996	)		—		—		(150,743	)		(979	)		(35,466	)		(127,293	)		(13,167	)		(39,958	)		(18,934	)		(57,464	)		—			—
	W	26,103,357			69,869,807			—			—			26,103,357		69,869,807		3,396,055			5,945,660			3,596,123			10,619,794			100,375			323,744			1,138,819			3,422,931			252,150			752,190
In millions of won
September 30, 2023
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three-			Nine-			Three-			Nine-			Three-		Nine-		Three-			Nine-			Three-			Nine-			Three-			Nine-			Three-			Nine-			Three-			Nine-
	month			month			month			month			month		month		month			month			month			month			month			month			month			month			month			month
	period			period			period			period			period		period		period			period			period			period			period			period			period			period			period			period
	ended			ended			ended			ended			ended		ended		ended			ended			ended			ended			ended			ended			ended			ended			ended			ended
Transmission and distribution	W	23,893,276			63,893,249			433,934			1,342,959			23,459,342		62,550,290		(679,946	)		(7,906,018)			1,062,529			3,181,623			21,301			67,845			731,354			2,072,994			33,050			302,313
Electric power generation (Nuclear)		3,255,330			7,342,810			3,213,948			7,244,975			41,382		97,835		893,702			(161,874	)		1,110,684			3,315,794			16,855			44,154			172,008			515,948			(12,644	)		(4,303	)
Electric power generation (Non-nuclear)		10,083,948			28,504,606			9,421,413			26,273,630			662,535		2,230,976		1,664,082			1,483,222			1,124,473			3,196,505			14,170			40,387			207,605			573,116			93,665			302,795
Plant maintenance & engineering service		731,975			2,173,168			623,037			1,852,376			108,938		320,792		76,317			242,278			33,232			95,390			5,824			17,110			306			971			(496	)		(1,757	)
Others		557,684			1,721,887			359,907			1,235,289			197,777		486,598		69,615			126,881			48,432			158,764			60,853			175,462			59,404			192,140			—			—
Consolidation adjustments		(14,052,239	)		(37,949,229	)		(14,052,239	)		(37,949,229	)		—		—		(27,198	)		(237,874	)		(34,925	)		(104,327	)		(11,540	)		(33,587	)		(17,458	)		(44,739	)		—			—
	W	24,469,974			65,686,491			—			—			24,469,974		65,686,491		1,996,572			(6,453,385	)		3,344,425			9,843,749			107,463			311,371			1,153,219			3,310,430			113,575			599,048

16

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

4. Segment, Geographic and Other Information, Continued

(3) The information related to segment assets and segment liabilities as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won
September 30, 2024
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	137,193,117			6,270,086		5,699,260			119,465,862
Electric power generation (Nuclear)		72,725,454			173,465		1,791,418			46,959,713
Electric power generation (Non-nuclear)		64,546,666			4,006,921		2,516,135			35,663,556
Plant maintenance & engineering service		4,350,369			1,510		104,368			1,424,515
Others		14,071,205			—		192,190			6,470,228
Consolidation adjustments		(49,085,370	)		—		(17,359	)		(5,859,005	)
	W	243,801,441			10,451,982		10,286,012			204,124,869

In millions of Won
December 31, 2023
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	138,838,342			5,872,000		7,636,677			120,181,250
Electric power generation (Nuclear)		70,535,018			169,155		3,070,528			45,660,916
Electric power generation (Non-nuclear)		66,265,884			3,567,345		3,490,863			38,415,202
Plant maintenance & engineering service		4,271,409			54,088		203,352			1,549,863
Others		13,378,229			—		736,155			6,480,959
Consolidation adjustments		(53,573,917	)		—		(390,686	)		(9,837,975	)
	W	239,714,965			9,662,588		14,746,889			202,450,215

17

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

4. Segment, Geographic and Other Information, Continued

(4) Geographic information

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

In millions of Won	Revenue from external customers								Non-current assets (*2)
	September 30, 2024				September 30, 2023				September 30, 2024		December 31, 2023
Geographical unit	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Domestic	W	25,844,430		69,171,416		24,086,928		64,785,365		188,603,227		186,384,115
Overseas (*1)		258,927		698,391		383,046		901,126		5,164,416		4,822,845
	W	26,103,357		69,869,807		24,469,974		65,686,491		193,767,643		191,206,960

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

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

(5) Information on significant customers

There is no single customer who accounts for 10% or more of the Group’s revenue for each of the nine-month periods ended September 30, 2024 and 2023.

18

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

5. Classification of Financial Instruments

(1) Classification of financial assets as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		3,664,577		—		3,664,577
Current financial assets
Current financial assets at fair value through profit or loss		3,115,770		—		—		—		3,115,770
Current financial assets at amortized costs		—		—		40,844		—		40,844
Current derivative assets		286,766		—		—		133,750		420,516
Other financial assets		—		—		1,018,707		—		1,018,707
Trade and other receivables		—		—		11,241,372		—		11,241,372
		3,402,536		—		15,965,500		133,750		19,501,786
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		704,492		—		—		—		704,492
Non-current financial assets at fair value through other comprehensive income		—		637,378		—		—		637,378
Non-current financial assets at amortized costs		—		—		9,835		—		9,835
Non-current derivative assets		605,062		—		—		196,483		801,545
Other financial assets		—		—		1,631,219		—		1,631,219
Trade and other receivables		—		—		2,160,265		—		2,160,265
		1,309,554		637,378		3,801,319		196,483		5,944,734
	W	4,712,090		637,378		19,766,819		330,233		25,446,520

19

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

5. Classification of Financial Instruments, Continued

(1) Classification of financial assets as of September 30, 2024 and December 31, 2023 is as follows, continued:

In millions of Won	December 31, 2023
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		4,342,887		—		4,342,887
Current financial assets
Current financial assets at fair value through profit or loss		2,054,021		—		—		—		2,054,021
Current financial assets at amortized costs		—		—		28,905		—		28,905
Current derivative assets		227,434		—		—		80,298		307,732
Other financial assets		—		—		716,739		—		716,739
Trade and other receivables		—		—		11,985,735		—		11,985,735
		2,281,455		—		17,074,266		80,298		19,436,019
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		657,264		—		—		—		657,264
Non-current financial assets at fair value through other comprehensive income		—		502,443		—		—		502,443
Non-current financial assets at amortized costs		—		—		9,938		—		9,938
Non-current derivative assets		503,514		—		—		189,148		692,662
Other financial assets		—		—		1,683,907		—		1,683,907
Trade and other receivables		—		—		2,193,587		—		2,193,587
		1,160,778		502,443		3,887,432		189,148		5,739,801
	W	3,442,233		502,443		20,961,698		269,446		25,175,820

20

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

5. Classification of Financial Instruments, Continued

(2) Classification of financial liabilities as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		17,176,293		—		17,176,293
Debt securities		—		32,251,178		—		32,251,178
Derivative liabilities		14,561		—		—		14,561
Trade and other payables		—		8,387,838		—		8,387,838
		14,561		57,815,309		—		57,829,870
Non-current liabilities
Borrowings		—		2,938,341		—		2,938,341
Debt securities		—		79,778,990		—		79,778,990
Derivative liabilities		416,998		—		4,628		421,626
Trade and other payables		—		4,716,444		—		4,716,444
		416,998		87,433,775		4,628		87,855,401
	W	431,559		145,249,084		4,628		145,685,271
In millions of Won	December 31, 2023
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		16,446,821		—		16,446,821
Debt securities		—		24,674,526		—		24,674,526
Derivative liabilities		18,379		—		—		18,379
Trade and other payables		—		9,089,973		—		9,089,973
		18,379		50,211,320		—		50,229,699
Non-current liabilities
Borrowings		—		3,392,831		—		3,392,831
Debt securities		—		89,117,652		—		89,117,652
Derivative liabilities		410,291		—		23,564		433,855
Trade and other payables		—		4,981,957		—		4,981,957
		410,291		97,492,440		23,564		97,926,295
	W	428,670		147,703,760		23,564		148,155,994

21

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

5. Classification of Financial Instruments, Continued

(3) Classification of comprehensive income (loss) from financial instruments for each of the three and nine-month periods ended September 30, 2024 and 2023 is as follows:

In millions of Won		September 30, 2024						September 30, 2023
		Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Cash and cash equivalents	Interest income	W	34,610			107,632			32,240			73,313
	Gain (loss) on foreign currency transactions and translations		(16,206	)		(7,063	)		17,530			28,880
Financial assets at fair value through profit or loss	Interest income		143			40,089			12,716			43,486
	Dividends income		73			2,371			1,764			2,791
	Gain on valuation of financial assets		19,003			68,671			8,809			23,627
	Gain on disposal of financial assets		8,679			29,164			1,345			7,914
Financial assets at fair value through other comprehensive income	Dividends income		1,296			9,872			3,411			13,796
Financial assets at amortized cost	Interest income		659			1,924			672			1,772
	Gain (loss) on foreign currency transactions and translations		(2,180	)		1,715			2,867			1,576
Loans	Interest income		11,999			31,586			11,742			35,612
	Gain (loss) on foreign currency transactions and translations		(2,908	)		408			183			444
Trade and other receivables	Interest income		31,982			106,968			41,239			124,798
	Gain on foreign currency transactions and translations		14,664			7,162			17,719			38,904
Short-term financial instruments	Interest income		9,121			14,948			4,404			18,472
Long-term financial instruments	Interest income		11,808			20,443			4,198			13,333
	Gain (loss) on foreign currency transactions and translations		(2	)		1			—			1
Other financial assets	Interest income		53			154			253			585
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		934,315			2,788,485			949,774			2,709,776
	Interest expense of trade and other payables		31,538			117,863			49,145			141,429
	Interest expense of others		172,966			516,583			154,298			459,225
	Other finance income		4,593			6,383			2,928			4,312
	Other finance expenses		23			270			40			572
	Gain (loss) on foreign currency transactions and translations		965,307			(412,761	)		(452,134	)		(1,105,526	)
Derivative assets (trading)	Gain (loss) on valuation of derivatives		(493,863	)		274,051			283,349			600,548
	Gain on transaction of derivatives		12,913			130,235			27,954			71,627
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		(246,526	)		115,003			95,528			272,362
	Gain (loss) on valuation of derivatives (equity, before tax)		54,882			51,443			7,035			(16,830	)
	Gain on transaction of derivatives		7,370			16,791			3,738			31,345

22

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

6. Restricted Deposits

Restricted deposits as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won		September 30, 2024		December 31, 2023
Cash and cash equivalents	Escrow accounts	W	3,139		3,010
	Deposits for government project and others		29,496		26,969
	Collateral provided for borrowings		178,922		190,525
	Collateral provided for lawsuit		54		54
	Deposits for transmission regional support program		10,874		9,481
	Deposits for other business purposes		4,622		5,550
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		77,518		80,500
	Collateral provided for borrowings		75,069		24,728
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		307,220		271,047
Long-term financial instruments	Guarantee deposits for banking accounts at oversea branches		39		36
	Collateral provided for borrowings		16,500		28,245
	Decommissioning costs of nuclear power plants		639,200		655,030
Other non-current assets	Deposits for other business purposes		8,712		7,558
		W	1,351,365		1,302,733

7. Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Cash	W	11,747		14,070
Other demand deposits		1,578,119		1,780,548
Short-term deposits classified as cash equivalents		1,978,836		1,107,687
Short-term investments classified as cash equivalents		95,875		1,440,582
	W	3,664,577		4,342,887

23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

8. Trade and Other Receivables

(1) Trade and other receivables as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	10,604,118		(258,418	)		—			10,345,700
Other receivables		969,173		(69,959	)		(3,542	)		895,672
		11,573,291		(328,377	)		(3,542	)		11,241,372
Non-current assets
Trade receivables		200,399		(2,540	)		—			197,859
Other receivables		2,062,982		(88,979	)		(11,597	)		1,962,406
		2,263,381		(91,519	)		(11,597	)		2,160,265
	W	13,836,672		(419,896	)		(15,139	)		13,401,637

In millions of Won	December 31, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,239,601		(230,058	)		—			11,009,543
Other receivables		1,034,655		(53,683	)		(4,780	)		976,192
		12,274,256		(283,741	)		(4,780	)		11,985,735
Non-current assets
Trade receivables		207,668		(2,587	)		—			205,081
Other receivables		2,080,830		(80,270	)		(12,054	)		1,988,506
		2,288,498		(82,857	)		(12,054	)		2,193,587
	W	14,562,754		(366,598	)		(16,834	)		14,179,322

24

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

8. Trade and Other Receivables, Continued

(2) Other receivables as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	391,771		(65,581	)		(53	)		326,137
Accrued income		125,894		—			—			125,894
Deposits		287,098		(4	)		(3,489	)		283,605
Finance lease receivables (*1)		81,472		(3,082	)		—			78,390
Others		82,938		(1,292	)		—			81,646
		969,173		(69,959	)		(3,542	)		895,672
Non-current assets
Non-trade receivables		179,047		(51,511	)		(102	)		127,434
Accrued income		9,857		—			—			9,857
Deposits		475,336		(263	)		(11,495	)		463,578
Finance lease receivables (*2)		1,160,935		(1,846	)		—			1,159,089
Others		237,807		(35,359	)		—			202,448
		2,062,982		(88,979	)		(11,597	)		1,962,406
	W	3,032,155		(158,938	)		(15,139	)		2,858,078

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income ofW114,565 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income ofW885,314 million.

In millions of Won	December 31, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	393,859		(49,626	)		(53	)		344,180
Accrued income		133,033		—			—			133,033
Deposits		317,541		(4	)		(4,727	)		312,810
Finance lease receivables (*1)		75,661		(2,761	)		—			72,900
Others		114,561		(1,292	)		—			113,269
		1,034,655		(53,683	)		(4,780	)		976,192
Non-current assets
Non-trade receivables		198,453		(54,182	)		(102	)		144,169
Accrued income		7,342		—			—			7,342
Deposits		441,721		(263	)		(11,952	)		429,506
Finance lease receivables (*2)		1,173,500		(2,495	)		—			1,171,005
Others		259,814		(23,330	)		—			236,484
		2,080,830		(80,270	)		(12,054	)		1,988,506
	W	3,115,485		(133,953	)		(16,834	)		2,964,698

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income ofW114,118 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income ofW943,316 million.

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

25

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

8. Trade and Other Receivables, Continued

(4) The aging analysis of trade receivables as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024			December 31, 2023
Trade receivables: (not overdue)	W	10,470,839			11,120,582
Trade receivables: (impairment reviewed)		333,678			326,687
Less than 60 days		11,106			6,403
60 ~ 90 days		49,729			55,802
90 ~ 120 days		10,825			20,535
120 days ~ 1 year		58,911			58,350
More than 1 year		203,107			185,597
		10,804,517			11,447,269
Less: allowance for doubtful accounts		(260,958	)		(232,645	)
	W	10,543,559			11,214,624

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

(5) Changes in the allowance for doubtful accounts for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024						December 31, 2023
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	232,645			133,953			199,000			109,453
Bad debts expense		45,019			24,986			68,385			24,290
Write-off		(8,944	)		(14,115	)		(26,109	)		(4,472	)
Reversal		(8,120	)		—			(5,577	)		(1,942	)
Others		358			14,114			(3,054	)		6,624
Ending balance	W	260,958			158,938			232,645			133,953

26

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

9. Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary Certificate	W	312		114,558		130,363		107,252
Cooperative		—		6,853		—		6,735
Others (*)		3,115,458		416,501		1,923,658		376,602
		3,115,770		537,912		2,054,021		490,589
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		166,580		—		166,675
	W	3,115,770		704,492		2,054,021		657,264

(*) “Others” include MMT which is composed of government bonds, RP (Repurchase Paper), CP (Commercial Paper), etc.

27

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	285,054		—		(170	)		125,855			1,322		412,061
Unlisted		212,762		4,000		—			(174	)		4,102		220,690
		497,816		4,000		(170	)		125,681			5,424		632,751
Debt securities
Corporate bond		4,627		—		—			—			—		4,627
	W	502,443		4,000		(170	)		125,681			5,424		637,378
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,443		4,000		(170	)		125,681			5,424		637,378
In millions of Won	December 31, 2023
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	300,057		430		—			(15,433	)		—		285,054
Unlisted		202,243		9,550		(5,332	)		5,445			856		212,762
		502,300		9,980		(5,332	)		(9,988	)		856		497,816
Debt securities
Corporate bond		529		4,080		—			18			—		4,627
	W	502,829		14,060		(5,332	)		(9,970	)		856		502,443
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,829		14,060		(5,332	)		(9,970	)		856		502,443

28

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		108,449		108,449
KG Mobility Co., Ltd.		12,205		0.01	%		428		65		65
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		42		42
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
HD Hyundai Marine Engine Co., Ltd. (formerly, STX Heavy Industries Co., Ltd.)		61,455		0.22	%		430		1,172		1,172
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		159,471		159,471
Denison Mines Corp.		58,284,000		7.46	%		84,134		140,022		140,022
Fission Uranium Corp.		100,000		0.01	%		41		101		101
KS Industry Co., Ltd. (formerly, SangSangin Industry Co., Ltd.)		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,371		1,371
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
							326,430		412,061		412,061
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		165,923		165,923
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		6,249		6,249
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		1,938		1,938
H Robotics Co., Ltd.		903,601		7.05	%		4,000		5,639		5,639
Good Tcells Co., Ltd.		11,364		0.33	%		500		399		399
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		897		897
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,154		1,154
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,772		1,772
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,200		2,200
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		7,000		7,000
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		739		739
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,001		1,001
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,250		1,250
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		7.14	%		1,000		1,000		1,000
3i Powergen Inc.		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
PT. Kedap Sayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,391,268		32.54	%		4		—		—
Hwan Young Steel Co., Ltd. and others (*6)		—		—			14,215		10,568		10,568
							352,176		220,690		220,690

29

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won	September 30, 2024
	Shares		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		547		547
Ino Platech Co., Ltd.		—		—		1,080		1,080		1,080
Daebon Tech Co., Ltd.		—		—		3,000		3,000		3,000
						4,571		4,627		4,627
					W	683,177		637,378		637,378

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

(*2) The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the nine-month period ended September 30, 2024.

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

(*4) During the nine-month period ended September 30, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5) The entity is undergoing corporate rehabilitation procedures for the nine-month period ended September 30, 2024 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

(*6) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 449 companies including Hwan Young Steel Co., Ltd.

30

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won	December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		55,356		55,356
KG Mobility Co., Ltd.		12,205		0.01	%		428		106		106
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		43		43
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
HD Hyundai Marine Engine Co., Ltd. (formerly, STX Heavy Industries Co., Ltd.)		68,874		0.24	%		537		806		806
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		95,505		95,505
Denison Mines Corp.		58,284,000		6.54	%		84,134		131,790		131,790
Fission Uranium Corp.		100,000		0.01	%		41		105		105
KS Industry Co., Ltd. (formerly, SangSangin Industry Co., Ltd.)		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Aone Alform Co., Ltd.		2,672		0.04	%		19		4		4
Ihsung CNI Co., Ltd.		142,860		4.81	%		1,500		1,327		1,327
BDI Co., Ltd. (*3)		6,390,478		32.54	%		—		—		—
							325,220		285,054		285,054
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		165,923		165,923
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		6,249		6,249
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Orano Expansion		5,742,405		4.72	%		—		—		—
3i Powergen Inc.		—		15.00	%		1,482		—		—
PT. Kedap Sayaaq		671		10.00	%		18,540		—		—
Ihsung CNI Co., Ltd.		127,660		4.30	%		1,500		1,937		1,937
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,639		5,639
Good Tcells Co., Ltd.		11,364		0.33	%		500		399		399
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		897		897
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,154		1,154
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,772		1,772
Agencore Co., Ltd.		175,779		8.32	%		2,200		2,200		2,200
SamHong Machinery Co., Ltd.		476,192		8.98	%		5,000		5,000		5,000
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		739		739
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,001		1,001
Mediquitous Co., Ltd.		5,080		0.64	%		1,250		1,250		1,250
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		14.29	%		1,000		1,000		1,000
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		10.02	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
Gunsan Bio Energy Co., Ltd. (*4)		200,000		18.87	%		1,000		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Hwan Young Steel Co., Ltd. and others (*5)		—		—			10,501		6,641		6,641
							295,627		212,762		212,762

31

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won	December 31, 2023
	Shares		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		547		547
Ino Platech Co., Ltd.		—		—		1,080		1,080		1,080
Daebon Tech Co., Ltd.		—		—		3,000		3,000		3,000
						4,571		4,627		4,627
					W	625,418		502,443		502,443

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

(*2) The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2023.

(*3) The Group acquired shares in the entity through conversion of investments performed in corporate rehabilitation procedures, and classified the investment in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4) Bankruptcy was declared during the year ended December 31, 2023. The Group cannot hold significant influence due to the appointment of a bankruptcy trustee, so investments in the entity were reclassified as financial assets at fair value through other comprehensive income for the year ended December 31, 2023. The liquidation process was completed for the nine-month period ended September 30, 2024.

(*5) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 415 companies including Hwan Young Steel Co., Ltd.

32

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Financial assets at amortized cost		Book value
Government bonds	W	1,525		1,525
Others		49,154		49,154
	W	50,679		50,679
Current	W	40,844		40,844
Non-current		9,835		9,835
In millions of Won	December 31, 2023
	Financial assets at amortized cost		Book value
Government bonds	W	1,528		1,528
Others		37,315		37,315
	W	38,843		38,843
Current	W	28,905		28,905
Non-current		9,938		9,938

33

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives

(1) Derivatives as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	24,120		—		18,019		—
Currency swap		366,701		617,107		274,782		527,701
Interest rate swap		12,999		126,144		12,124		129,570
Others (*2,3)		16,696		58,294		2,807		35,391
	W	420,516		801,545		307,732		692,662
Derivative liabilities
Currency forward	W	6,707		—		4,755		—
Currency swap		2,216		244,163		6,867		287,824
Interest rate swap		—		84,237		—		48,238
Others (*1,2)		5,638		93,226		6,757		97,793
	W	14,561		421,626		18,379		433,855

(*1) In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., an associate of the Group, the performance obligation as of September 30, 2024 which amounts toW18,752 million (W18,752 million for the prior year) to the underwriter of the bonds was recorded as other derivative liabilities.

(*2) The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives.

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

34

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of September 30, 2024 are as follows:

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

Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in Won)
					Pay		Receive
JP Morgan		2024.09.05		2024.10.04	W	13,341		USD 10,000	W	1,334.10
Kookmin Bank		2024.09.12		2024.10.10		9,364		USD 7,000		1,337.70
Korea Development Bank		2024.09.12		2024.10.11		10,697		USD 8,000		1,337.10
Shinhan Bank		2024.09.12		2024.10.14		9,357		USD 7,000		1,336.80
Woori Bank		2024.09.12		2024.10.07		9,377		USD 7,000		1,339.50
Hana Bank		2024.09.13		2024.10.16		17,310		USD 13,000		1,331.60
Woori Bank		2024.09.13		2024.10.22		17,308		USD 13,000		1,331.40
Standard Chartered		2024.09.20		2024.10.24		14,588		USD 11,000		1,326.20
Standard Chartered		2024.09.27		2024.10.25		3,948		USD 3,000		1,316.00
Shinhan Bank		2024.09.25		2024.10.29		17,214		USD 13,000		1,324.20
Mizuho Bank		2024.09.27		2024.10.31		17,109		USD 13,000		1,316.10
SMBC		2024.08.08		2024.10.11		41,189		USD 30,000		1,372.95
Korea Development Bank		2024.08.08		2024.11.06		13,708		USD 10,000		1,370.75
SMBC		2024.08.08		2024.11.13		13,700		USD 10,000		1,370.02
SMBC		2024.08.27		2024.10.23		19,890		USD 15,000		1,326.01
SMBC		2024.08.29		2024.10.11		17,318		USD 13,000		1,332.17
SMBC		2024.09.10		2024.10.07		14,766		USD 11,000		1,342.36
SMBC		2024.09.10		2024.11.26		34,802		USD 26,000		1,338.53
Mizuho Bank		2024.09.13		2024.10.07		10,639		USD 8,000		1,329.90
Mizuho Bank		2024.09.26		2024.10.23		9,294		USD 7,000		1,327.75
Busan Bank		2024.09.26		2024.10.11		19,931		USD 15,000		1,328.70
Kookmin Bank		2024.09.26		2024.10.11		19,931		USD 15,000		1,328.75
Morgan Stanley		2024.09.26		2024.10.11		21,260		USD 16,000		1,328.75
Nonghyup Bank		2024.09.30		2024.11.13		13,040		USD 10,000		1,304.03
Hana Bank		2024.09.30		2024.10.02		5		VND 90,045		0.05
Nonghyup Bank		2024.09.25		2024.10.28		9,282		USD 7,000		1,326.05
MUFG		2024.09.26		2024.10.31		7,964		USD 6,000		1,327.30
Nonghyup Bank		2024.09.26		2024.10.31		7,952		USD 6,000		1,325.25
Woori Bank		2024.08.21		2024.10.10		4,635		USD 3,500		1,324.40
MUFG		2024.08.21		2024.10.10		4,391		USD 3,300		1,330.60
Mizuho Bank		2024.09.05		2024.10.07		6,678		USD 5,000		1,335.64
Mizuho Bank		2024.09.30		2024.10.29		6,561		USD 5,000		1,312.20
Busan Bank		2024.09.04		2024.10.07		2,678		USD 2,000		1,338.95
Busan Bank		2024.09.27		2024.10.29		11,862		USD 9,000		1,318.00
Hana Bank		2024.08.26		2024.10.07		2,644		USD 2,000		1,321.97
Hana Bank		2024.09.27		2024.10.29		1,315		USD 1,000		1,315.10
MUFG		2024.09.26		2024.10.28		2,652		USD 2,000		1,326.12
Nonghyup Bank		2024.09.27		2024.10.29		5,259		USD 4,000		1,314.63
Nonghyup Bank		2024.09.06		2024.10.29		2,648		USD 2,000		1,323.80
JP Morgan		2024.08.27		2024.10.29		3,970		USD 3,000		1,323.27
HSBC		2024.08.23		2024.10.07		1,989		USD 1,495		1,330.55
HSBC		2024.09.27		2024.10.29		5,263		USD 4,000		1,315.75
HSBC		2020.10.19		2024.10.29		140,913		USD 125,000		1,127.30
Hana Bank		2024.09.05		2024.11.13		4,593		USD 3,458		1,328.08
Busan Bank		2024.09.05		2024.11.13		6,641		USD 5,000		1,328.15
Bank of America		2024.09.05		2024.11.13		5,313		USD 4,000		1,328.20
Woori Bank		2024.09.06		2024.11.13		10,598		USD 8,000		1,324.70
Shinhan Bank		2024.09.06		2024.11.13		6,621		USD 5,000		1,324.18
Hana Bank		2024.09.06		2024.11.13		6,621		USD 5,000		1,324.13
HSBC		2024.09.06		2024.11.13		5,293		USD 4,000		1,323.15
Busan Bank		2024.09.13		2024.11.22		6,646		USD 5,000		1,329.20
Woori Bank		2024.09.13		2024.11.22		13,297		USD 10,000		1,329.70
Shinhan Bank		2024.09.13		2024.11.22		10,634		USD 8,000		1,329.20
Hana Bank		2024.09.13		2024.11.22		6,645		USD 5,000		1,329.08
JP Morgan		2024.09.13		2024.11.22		10,626		USD 8,000		1,328.30
Bank of America		2024.09.13		2024.11.22		6,641		USD 5,000		1,328.10
Busan Bank		2024.09.13		2024.11.22		11,940		USD 9,000		1,326.70
HSBC		2024.09.13		2024.11.22		9,287		USD 7,000		1,326.67
JP Morgan		2024.09.13		2024.11.22		7,961		USD 6,000		1,326.80

35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of September 30, 2024 are as follows, continued:

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

Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in Won)
					Pay		Receive
Bank of America		2024.09.27		2024.12.05	W	6,557		USD 5,000	W	1,311.40
HSBC		2024.09.27		2024.12.05		9,180		USD 7,000		1,311.37
Woori Bank		2024.09.30		2024.12.05		6,528		USD 5,000		1,305.50

36

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of September 30, 2024 are as follows:

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

Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in Won, USD)
		Pay		Receive		Pay			Receive
Standard Chartered	2014~2029	W	102,470	USD	100,000		3.14	%		3.57	%	W	1,024.70
Societe Generale	2014~2024		105,017	USD	100,000		4.92	%		5.13	%		1,050.17
Hana Bank	2015~2024		107,970	USD	100,000		4.75	%		5.13	%		1,079.70
Credit Agricole	2015~2024		94,219	USD	86,920		4.85	%		5.13	%		1,083.97
Woori Bank	2019~2027		21,708	USD	19,417		5.04	%		6.75	%		1,118.00
Woori Bank	2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Korea Development Bank	2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Kookmin Bank	2020~2025		120,660	USD	100,000		0.54	%		1.13	%		1,206.60
Kookmin Bank	2020~2026		76,355	USD	70,445		5.83	%		6.00	%		1,083.90
Woori Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank	2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank	2022~2025		385,800	USD	300,000		3.11	%		3.63	%		1,286.00
Woori Bank	2022~2025		257,200	USD	200,000		3.12	%		3.63	%		1,286.00
JP Morgan	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Woori Bank	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank	2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank	2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
Hana Bank	2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
JP Morgan	2022~2026		141,910	USD	100,000		4.69	%		5.38	%		1,419.10
Woori Bank	2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
Korea Development Bank	2022~2028		283,820	USD	200,000		5.12	%		5.50	%		1,419.10
Woori Bank	2022~2028		141,910	USD	100,000		5.13	%		5.50	%		1,419.10
Hana Bank	2023~2026		256,000	USD	200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank	2023~2026		192,000	USD	150,000		3.99	%		5.38	%		1,280.00
Kookmin Bank	2023~2026		128,000	USD	100,000		4.03	%		5.38	%		1,280.00
Korea Development Bank	2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
Bank of America	2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Standard Chartered	2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Woori Bank	2023~2026		192,000	USD	150,000		4.05	%		5.38	%		1,280.00
Shinhan Bank	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Kookmin Bank	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Korea Development Bank	2024~2027		864,890	USD	650,000		3.53	%		4.88	%		1,330.60
Bank of America	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
Standard Chartered	2024~2027		133,060	USD	100,000		3.53	%		4.88	%		1,330.60
IBK Securities Co., Ltd.	2024~2027		199,590	USD	150,000		3.53	%		4.88	%		1,330.60
Nomura	2015~2025		111,190	USD	100,000		2.60	%		3.25	%		1,111.90
Korea Development Bank	2015~2025		111,190	USD	100,000		2.62	%		3.25	%		1,111.90
Woori Bank	2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Hana Bank	2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Woori Bank	2017~2027		111,610	USD	100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank	2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Hana Bank	2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank	2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
Shinhan Bank	2018~2028		115,387	HKD	850,000		2.66	%		3.35	%		135.75
Korea Development Bank	2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
Woori Bank	2021~2026		222,800	USD	200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank	2021~2026		111,400	USD	100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank	2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank	2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Woori Bank	2022~2027		262,000	USD	200,000		3.62	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2027		131,000	USD	100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank	2022~2027		131,000	USD	100,000		3.62	%		4.25	%		1,310.00

37

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of September 30, 2024 are as follows, continued:

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

Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in Won, USD)
		Pay		Receive		Pay			Receive
Hana Bank	2022~2027	W	131,000	USD	100,000		3.61	%		4.25	%	W	1,310.00
Korea Development Bank	2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2032		349,829	HKD	1,935,000		4.87	%		5.16	%		180.79
JP Morgan	2022~2032		75,194	HKD	415,000		5.00	%		5.16	%		181.19
Export-Import Bank of Korea	2023~2030		172,982	HKD	1,037,000		4.25	%		4.51	%		166.81
Hana Bank	2024~2028		128,940	USD	100,000		3.73	%		5.00	%		1,289.40
JP Morgan	2024~2028		128,940	USD	100,000		3.85	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		257,880	USD	200,000		3.80	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		128,940	USD	100,000		3.69	%		5.00	%		1,289.40
Hana Bank	2024~2029		138,540	USD	100,000		3.15	%		4.63	%		1,385.40
Shinhan Bank	2024~2029		138,540	USD	100,000		3.15	%		4.63	%		1,385.40
Kookmin Bank	2024~2029		138,540	USD	100,000		3.16	%		4.63	%		1,385.40
Woori Bank	2024~2029		138,540	USD	100,000		3.17	%		4.63	%		1,385.40
Korea Development Bank	2024~2029		138,540	USD	100,000		3.19	%		4.63	%		1,385.40
HSBC	2019~2024	USD	205,500	AUD	300,000		3M SOFR + 1.04	%		3M BBSW + 0.97	%	USD	0.69

38

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of September 30, 2024 are as follows:

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

Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in Won)
		Pay		Receive		Pay			Receive
Kookmin Bank	2020~2025	W	118,780	USD	100,000		1.29	%		2.13	%	W	1,187.80
Shinhan Bank	2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Hana Bank	2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Korea Development Bank	2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Hana Bank	2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Woori Bank	2020~2026		118,910	USD	100,000		0.62	%		1.00	%		1,189.10
Nomura	2017~2037		52,457	EUR	40,000		2.60	%		1.70	%		1,311.42
Nomura	2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
JP Morgan	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Korea Development Bank	2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Woori Bank	2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Kookmin Bank	2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Woori Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Hana Bank	2021~2026		55,150	USD	50,000		0.48	%		0.75	%		1,103.00
Shinhan Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank	2023~2026		132,930	USD	100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Woori Bank	2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Hana Bank	2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Korea Development Bank	2020~2025		122,780	USD	100,000		0.93	%		1.75	%		1,227.80
JP Morgan	2022~2025		126,180	USD	100,000		2.80	%		3.60	%		1,261.80
Hana Bank	2022~2025		126,180	USD	100,000		2.80	%		3.60	%		1,261.80
Korea Development Bank	2022~2025		252,360	USD	200,000		2.83	%		3.60	%		1,261.80
Woori Bank	2022~2025		126,180	USD	100,000		2.85	%		3.60	%		1,261.80
Woori Bank	2023~2028		259,000	USD	200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank	2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00
Bank of America	2023~2028		64,750	USD	50,000		3.85	%		4.88	%		1,295.00

39

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of September 30, 2024 are as follows:

In millions of Won and thousands of foreign currencies

Counterparty	Contract year		Contract amount		Contract interest rate per annum
					Pay		Receive
Nomura (*1)		2018~2038	W	30,000		3M CD + 0.10%		3.75	%
Shinhan Bank		2021~2025		100,000		2.32%		3M CD + 0.43	%
Hana Bank		2022~2027		200,000		3.02%		3M CD + 0.61	%
Hana Bank		2022~2027		200,000		3.04%		3M CD + 0.58	%
Hana Bank		2022~2027		250,000		3.38%		3M CD + 0.59	%
Nomura		2022~2027		200,000		3.55%		3M CD + 0.60	%
Shinhan Bank		2022~2027		150,000		3.53%		3M CD + 0.55	%
Hana Bank		2022~2027		200,000		3.70%		3M CD + 0.59	%
Nomura		2022~2027		300,000		3.89%		3M CD + 0.67	%
Hana Bank		2022~2027		200,000		3.93%		3M CD + 0.67	%
Nomura		2022~2027		200,000		3.80%		3M CD + 0.68	%
Nomura		2022~2027		300,000		4.04%		3M CD + 0.60	%
Hana Bank		2022~2027		100,000		4.68%		3M CD + 1.04	%
Hana Bank		2022~2027		100,000		5.45%		3M CD + 1.20	%
Shinhan Bank		2023~2028		200,000		4.27%		3M CD + 0.76	%
Shinhan Bank		2023~2028		50,000		4.27%		3M CD + 0.76	%
Nomura		2023~2028		250,000		4.13%		3M CD + 0.73	%
Hana Bank		2023~2028		200,000		3.74%		3M CD + 0.51	%
Hana Bank		2023~2028		100,000		4.19%		3M CD + 0.50	%
Shinhan Bank		2023~2028		300,000		3.81%		3M CD + 0.70	%
Hana Bank		2023~2028		200,000		3.95%		3M CD + 0.50	%
Shinhan Bank		2024~2029		200,000		3.84%		3M CD + 0.50	%
Hana Bank		2024~2027		250,000		3.72%		3M CD + 0.34	%
Hana Bank		2024~2027		250,000		3.77%		3M CD + 0.31	%
Hana Bank		2024~2027		250,000		3.31%		3M CD + 0.31	%
Hana Bank		2024~2027		200,000		3.46%		3M CD + 0.53	%
Shinhan Bank		2024~2025		200,000		3.53%		3M CD + 0.35	%
Nomura		2017~2032		52,457		2.55% + Floating rate		2.60	%
Nomura		2017~2032		59,423		2.57% + Floating rate		2.62	%
Nomura (*2)		2021~2041		30,000		1.84%		2.60	%
Nomura (*3)		2021~2041		50,000		1.87%		2.38	%
ANZ		2022~2025	AUD	865		0.48%		3.33	%
DBS Bank		2022~2025	AUD	865		0.48%		3.33	%
Societe Generale		2022~2025	AUD	865		0.48%		3.28	%
MUFG		2022~2048	USD	155,941		3M SOFR		3.71	%
Mizuho Bank		2022~2048	USD	155,941		3M SOFR		1.05	%
Mizuho Bank		2024~2024	USD	112,194		1M SOFR		3.41	%
Rabobank		2022~2036	USD	37,130		1.83%		6M SOFR
Mizuho Capital Markets LLC		2024~2045	USD	81,665		3M USD Synthetic Libor		1.14	%

(*1) Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

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

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

40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

12. Derivatives, Continued

(6) Interest rate swap contracts which are designated as hedging instruments as of September 30, 2024 are as follows:

In thousands of USD

Counterparty					Contract interest rate per annum
	Contract year		Contract amount		Pay			Receive
Export-Import Bank of Korea		2015~2031	USD	15,893		2.67	%	6M USD	Synthetic Libor
ING Bank		2015~2031	USD	7,861		2.67	%	6M USD	Synthetic Libor
BNP Paribas		2015~2031	USD	7,861		2.67	%	6M USD	Synthetic Libor
BNP Paribas		2009~2027	USD	35,221		4.16	%	6M USD	Synthetic Libor
KFW		2009~2027	USD	35,221		4.16	%	6M USD	Synthetic Libor
Export-Import Bank of Korea		2016~2036	USD	58,355		3.00	%	6M USD	Synthetic Libor

(7) Gains and losses on valuation and transaction of derivatives for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):

In millions of Won	Net income effects of valuation gain (loss)										Net income effects of transaction gain (loss)										Accumulated other comprehensive income (loss) (*)
	September 30, 2024						September 30, 2023				September 30, 2024					September 30, 2023					September 30, 2024						September 30, 2023
	Three- month period ended			Nine- month period ended			Three- month period ended		Nine- month period ended		Three- month period ended			Nine- month period ended		Three- month period ended			Nine- month period ended		Three- month period ended			Nine- month period ended			Three- month period ended		Nine- month period ended
Currency forward	W	(19,294	)		125			5,083		20,615		(15,139	)		26,941		36,931			54,022		—			—			—		—
Currency swap		(689,581	)		377,267			336,666		759,251		22,493			91,451		(10,553	)		27,907		59,804			53,243			231		(27,407	)
Interest rate swap		(27,446	)		(11,363	)		37,128		93,044		2,715			13,047		5,314			21,043		(4,922	)		(1,800	)		6,804		10,577
Other derivatives		(4,068	)		23,025			—		—		10,214			15,587		—			—		—			—			—		—
	W	(740,389	)		389,054			378,877		872,910		20,283			147,026		31,692			102,972		54,882			51,443			7,035		(16,830	)

(*) For each of the nine-month periods ended September 30, 2024 and 2023, the net loss on valuation of derivatives applying cash flow hedge accounting ofW28,608 million andW5,710 million, net of tax, are included in other comprehensive income, respectively.

41

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

13. Other Financial Assets

(1) Other financial assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024						December 31, 2023
	Current			Non-current			Current			Non-current
Loans	W	126,959			921,261			139,178			966,421
Less: allowance for doubtful accounts		(1	)		(55,027	)		(10	)		(80,783	)
Less: present value discount		(1,147	)		(37,436	)		(1,007	)		(35,468	)
		125,811			828,798			138,161			850,170
Long-term / short-term financial instruments		892,896			802,421			578,578			833,737
	W	1,018,707			1,631,219			716,739			1,683,907

(2) Loans as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	44,134		—			(1,147	)		42,987
Loans for housing		42,958		—			—			42,958
Other loans		39,867		(1	)		—			39,866
		126,959		(1	)		(1,147	)		125,811
Long-term loans
Loans for tuition		387,050		(10,215	)		(37,436	)		339,399
Loans for housing		273,343		—			—			273,343
Loans for related parties		249,841		(44,812	)		—			205,029
Other loans		11,027		—			—			11,027
		921,261		(55,027	)		(37,436	)		828,798
	W	1,048,220		(55,028	)		(38,583	)		954,609
In millions of Won	December 31, 2023
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	30,497		—			(1,007	)		29,490
Loans for housing		35,560		—			—			35,560
Other loans		73,121		(10	)		—			73,111
		139,178		(10	)		(1,007	)		138,161
Long-term loans
Loans for tuition		419,684		(24,745	)		(35,468	)		359,471
Loans for housing		301,840		—			—			301,840
Loans for related parties		222,014		(43,640	)		—			178,374
Other loans		22,883		(12,398	)		—			10,485
		966,421		(80,783	)		(35,468	)		850,170
	W	1,105,599		(80,793	)		(36,475	)		988,331

42

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	80,793			54,837
Bad debts expense (reversal)		(13,187	)		16,394
Write-off		(12,578	)		—
Others		—			9,562
Ending balance	W	55,028			80,793

(4) Long-term and short-term financial instruments as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Time deposits	W	503,627		145,446		363,286		145,336
CD		80,000		—		—		—
Others		309,269		656,975		215,292		688,401
	W	892,896		802,421		578,578		833,737

43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

14. Inventories

Inventories as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	4,788,499		(1,385	)		4,787,114
Merchandises		8,231		—			8,231
Work-in-progress		197,400		—			197,400
Finished goods		54,053		(331	)		53,722
Supplies		3,487,920		—			3,487,920
Inventories-in-transit		867,688		—			867,688
Other inventories		18,271		—			18,271
	W	9,422,062		(1,716	)		9,420,346
In millions of Won	December 31, 2023
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	4,624,638		(1,387	)		4,623,251
Merchandises		335		—			335
Work-in-progress		187,304		—			187,304
Finished goods		97,272		(57	)		97,215
Supplies		2,930,978		—			2,930,978
Inventories-in-transit		1,021,797		—			1,021,797
Other inventories		14,735		—			14,735
	W	8,877,059		(1,444	)		8,875,615

The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 amounts toW6,114 million andW9,974 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 wereW6,386 million andW9,936 million, respectively.

44

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

15. Non-Financial Assets

Non-financial assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Advanced payments	W	396,870		98,558		300,350		75,489
Prepaid expenses		346,076		229,589		440,079		214,022
Others (*)		370,150		42,002		368,892		60,659
	W	1,113,096		370,149		1,109,321		350,170

(*) Details of others as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	206,346		—		25,246		—
Other quick assets		163,804		42,002		343,646		60,659
	W	370,150		42,002		368,892		60,659

45

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries

(1) Consolidated subsidiaries as of September 30, 2024 and December 31, 2023 are as follows:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			September 30, 2024			December 31, 2023
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		51.00	%		51.00	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.12	%		80.03	%
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service (*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%

46

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2024 and December 31, 2023 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			September 30, 2024			December 31, 2023
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		—			95.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		70.11	%		80.06	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
KOSPO Niles LLC (formerly, Nambu USA LLC)	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd.	Power generation	Korea		84.80	%		84.80	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%

47

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2024 and December 31, 2023 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			September 30, 2024			December 31, 2023
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.80	%		99.80	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*5)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC (*5)	Holding company	USA		43.94	%		43.94	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		81.34	%		81.34	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		70.79	%		70.79	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		100.00	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		100.00	%		100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		100.00	%		100.00	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		71.30	%		82.00	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		100.00	%		—
Sprott Chile Solar I SpA	Holding company	Chile		100.00	%		—

48

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of September 30, 2024 and December 31, 2023 are as follows, continued:

(*1) Considering treasury stocks, the effective percentage of ownership is 51.24%. The Group sold a portion of its stocks in the subsidiary (14.77%) during the year ended December 31, 2023.

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

(*3) As of September 30, 2024, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4) The Group guarantees a certain return on investments in Commerce and Industry Energy Co., Ltd. for the financial investors holding such investments. The financial investors have a right to claim the Group to sell its shares in the entity, which can be exercised 36 months after the date of acquisition.

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

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

(*7) Although the Group does not hold a stake as of September 30, 2024, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, The Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.

(2) Subsidiaries included in and excluded from consolidation for the nine-month period ended September 30, 2024 are as follows:

Subsidiaries included in consolidation for the nine-month period ended September 30, 2024.

Subsidiaries	Reason
KOSPO Rutile, LLC	New investment
Sprott Chile Solar I SpA	New investment

Subsidiaries excluded from consolidation for the nine-month period ended September 30, 2024.

Subsidiaries	Reason
PT. KOWEPO Sumsel Operation And Maintenance Services	Liquidation

49

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows:

In millions of Won
September 30, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	72,725,454		46,959,713		10,205,422		979,432
Korea South-East Power Co., Ltd.		12,595,384		6,146,678		5,173,955		468,643
Korea Midland Power Co., Ltd.		14,875,958		9,696,520		5,729,368		491,917
Korea Western Power Co., Ltd.		12,612,045		7,305,182		4,949,224		502,237
Korea Southern Power Co., Ltd.		12,855,863		7,187,980		5,128,700		331,078
Korea East-West Power Co., Ltd.		11,607,415		5,327,196		4,179,398		474,875
KEPCO Engineering & Construction Company, Inc.		871,672		320,796		360,727		32,140
KEPCO Plant Service & Engineering Co., Ltd.		1,604,654		318,808		1,105,763		134,433
KEPCO Nuclear Fuel Co., Ltd.		1,077,180		579,100		351,661		46,091
KEPCO KDN Co., Ltd.		802,110		205,812		534,945		187,663
KEPCO International HongKong Ltd.		139,465		1,446		—		5,250
KEPCO International Philippines Inc.		76,381		—		—		1,678
KEPCO Gansu International Ltd.		7,395		634		—		(12	)
KEPCO Philippines Holdings Inc.		187,912		118		—		49,622
KEPCO Philippines Corporation		2,740		—		—		90
KEPCO Ilijan Corporation		150,015		601		—		3,832
KEPCO Neimenggu International Ltd.		284,476		4,180		—		413
KEPCO Shanxi International Ltd.		711,063		337,780		—		(13,828	)
KOMIPO Global Pte Ltd.		398,535		1,371		—		14,621
KEPCO Netherlands B.V.		143,947		85		—		(232	)
KEPCO Australia Pty., Ltd.		860		12		—		104
KOSEP Australia Pty., Ltd.		89,769		10,741		24,003		7,519
KOMIPO Australia Pty., Ltd.		93,921		3,300		24,003		5,441
KOWEPO Australia Pty., Ltd.		93,086		3,437		24,003		4,117
KOSPO Australia Pty., Ltd.		37,241		3,215		24,003		6,464
KEPCO Middle East Holding Company		122,013		113,497		—		(5,333	)
Qatrana Electric Power Company		513,011		206,301		21,747		18,778
KHNP Canada Energy Ltd.		163,848		17,934		—		388
KEPCO Bylong Australia Pty., Ltd.		45,324		490,922		—		(9,285	)
Korea Waterbury Uranium Limited Partnership		20,772		40		—		(107	)
KEPCO Holdings de Mexico		807		2,739		—		(728	)
KST Electric Power Company, S.A.P.I. de C.V.		589,075		482,027		46,727		17,218
KEPCO Energy Service Company		1,651		562		6,952		253
KEPCO Netherlands S3 B.V.		72,689		17,122		—		444
PT. KOMIPO Pembangkitan Jawa Bali		22,512		4,925		16,169		4,745
PT. Cirebon Power Service		3,025		1,174		7,261		472
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		24,884		5,292		9,993		3,807
EWP America Inc. (*1)		49,440		4,552		11,636		1,069
KNF Canada Energy Limited		2,265		19		—		(47	)
EWP Barbados 1 SRL		456,156		1,070		—		25,388
Gyeonggi Green Energy Co., Ltd.		156,523		204,371		47,827		(13,207	)
PT. Tanggamus Electric Power		207,981		139,895		5,128		4,213
Gyeongju Wind Power Co., Ltd.		85,936		42,598		13,446		2,684
KOMIPO America Inc. (*2)		577,492		301,553		18,248		10,667
PT. EWP Indonesia		96,665		86		—		6,104
KEPCO Netherlands J3 B.V.		161,286		11,043		—		7,466
Korea Offshore Wind Power Co., Ltd.		325,356		130,425		28,868		4,314
Global One Pioneer B.V.		139		124		—		(96	)
Global Energy Pioneer B.V.		337		126		—		(98	)
Mira Power Limited		409,449		290,730		3,141		30,706
KOSEP Material Co., Ltd.		5,910		543		3,747		870
Commerce and Industry Energy Co., Ltd.		69,410		26,565		27,647		(1,215	)
KEPCO KPS Philippines Corp.		7,162		1,234		6,422		961
KOSPO Chile SpA		166,218		73,667		—		(619	)

50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
September 30, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,860		2,329		436		57
Fujeij Wind Power Company		226,019		158,983		—		13,951
KOSPO Youngnam Power Co., Ltd.		379,445		264,175		316,296		11,006
Chitose Solar Power Plant LLC		96,073		78,091		11,734		3,009
KEPCO ES Co., Ltd.		319,533		8,823		4,747		6,728
KEPCO Solar Co., Ltd.		237,430		26,289		17,563		6,015
KOSPO Power Services Ltda.		6,517		5,296		12,569		1,399
Energy New Industry Specialized Investment Private Investment Trust (*3)		456,080		4,059		—		6,878
KOEN Bylong Pty., Ltd.		14		152		—		—
KOMIPO Bylong Pty., Ltd.		14		159		—		(5	)
KOWEPO Bylong Pty., Ltd.		13		154		—		(5	)
KOSPO Bylong Pty., Ltd.		214		425		—		(45	)
EWP Bylong Pty., Ltd.		13		13		—		—
KOWEPO Lao International		17,550		828		9,034		4,644
KEPCO Mangilao Holdings LLC		89,368		39,621		602		64
Mangilao Investment LLC		205,391		16		—		—
KEPCO Mangilao Solar, LLC		206,953		538		12,973		3,168
Jeju Hanlim Offshore Wind Co., Ltd.		526,130		453,311		2,936		1,775
PT. Siborpa Eco Power		12,470		—		—		(22	)
PT. Korea Energy Indonesia		6,250		5,049		1,183		(1,057	)
KOLAT SpA		48,503		287		1,916		594
KEPCO California, LLC		47,554		6,614		640		(94	)
KEPCO Mojave Holdings, LLC		92,537		80,112		—		(2,901	)
Incheon Fuel Cell Co., Ltd.		248,616		228,537		70,866		(1,681	)
KOEN Service Co., Ltd.		9,919		6,534		29,249		458
KOMIPO Service Co., Ltd.		8,478		5,028		28,563		282
KOWEPO Service Co., Ltd.		9,559		4,694		30,072		1,175
KOSPO Service Co., Ltd.		7,461		4,621		23,693		899
EWP Service Co., Ltd.		6,210		3,400		20,437		1,301
PT. KOMIPO Energy Indonesia		3,106		239		2,265		15
KNF partners Co., Ltd.		2,622		937		4,498		203
KOSPO USA Inc.		596,858		445		—		(6,226	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		303,670		69		—		(511	)
Tamra Offshore Wind Power Co., Ltd.		111,404		76,060		11,400		(1,043	)
KEPCO MCS Co., Ltd.		91,064		63,088		195,037		(9,272	)
KEPCO FMS Co., Ltd.		31,416		21,473		84,219		6,775
Firstkeepers Co., Ltd.		27,449		16,017		71,309		4,703
Secutec Co., Ltd.		16,564		10,803		58,199		1,825
SE Green Energy Co., Ltd.		126,490		93,186		31,431		800
Mangilao Intermediate Holdings LLC		205,062		116,020		—		(5,000	)
KEPCO CSC Co., Ltd.		17,122		10,616		34,132		2,691
KOAK Power Limited		15,177		200		—		(67	)
KOMIPO Europe B.V.		82,576		91		921		(5,997	)
Haenanum Energy Fund		7,450		29		493		454
Paju Ecoenergy Co., Ltd.		62,209		2,620		12,290		1,082
Guam Ukudu Power LLC		803,396		787,201		—		(3,330	)
K-SOLAR SHINAN Co., Ltd.		289,730		272,208		27,470		2,255

51

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
September 30, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	4,835		2,572		10,780		671
KEPCO E&C Service Co., Ltd.		8,572		2,154		12,513		1,189
Moha solar Co., Ltd.		26,254		28,607		—		(181	)
Ogiri Solar Power Co., Ltd.		1,078		21		77		57
KHNP USA LLC		2,237		628		887		207
KOMIPO Vanphong Power Service LLC		34,987		3,120		19,614		8,724
Energy Innovation Fund I		43,346		694		—		(698	)
KHNP Chile SpA		5,634		4,335		—		(36	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,505		1,345		156		58
Yeong Yang Corporation Co., Ltd.		1,487		1,335		153		51
SolarVader Co., Ltd.		1,496		1,338		156		50
Yeong Yang Innovation Co., Ltd.		1,492		1,335		151		65
Yeong Yang Horus Photovoltaic Co., Ltd.		1,477		1,336		144		58
Yeong Yang Solar Management Co., Ltd.		1,499		1,341		159		38
LSG Hydro Power Limited		624		18		—		(133	)
KOEN Bio Co., Ltd.		1,078		649		1,074		12
KOMIPO Iberian Solar Group, S.L.U.		76,774		70,239		—		(4,131	)
Jeongam Wind Power Co., Ltd.		72,288		61,372		5,044		(1,799	)
KOWEPO Europe B.V.		13		3,349		—		(165	)
Yeongdeok Sunrise Wind Power Co., Ltd.		108,776		84,770		3,186		2,133
KA Power Limited		6,067		3,095		—		(150	)
Western Power Changgi Solar Co., Ltd.		43,560		37,550		4,578		(124	)
EWP Australia Pty., Ltd.		68,048		340		—		12,799
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		343,924		223,830		5,360		20,668
Digital Innovation Growth Fund		12,366		92		—		746
J Wind First, LLC		55,232		55,232		2,280		—
KEPCO Holding Company		3,362		—		—		(22	)
KEPCO for Maintenance Company		1,338		—		1,514		1,247
KOSPO Trumbull LLC		250,362		—		—		—
Changjuk Wind Power Co., Ltd.		25,373		2,479		4,493		961
Chile Solar JV SpA		93,163		72,702		8,072		(420	)
KEPCO KPS South Africa Pty., Ltd.		10,914		4,835		17,208		518
KOWEPO Holding Limited		9,631		1,387		—		8,502
KOSPO Rutile, LLC		132		—		—		—
Sprott Chile Solar I SpA		7,794		22		—		2

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

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

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

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

52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.	W	70,535,018		45,660,916		10,798,378		151,638
Korea South-East Power Co., Ltd.		13,158,245		6,964,695		7,761,713		196,522
Korea Midland Power Co., Ltd.		15,309,205		10,368,698		7,611,821		(1,844	)
Korea Western Power Co., Ltd.		12,710,246		7,648,441		6,915,233		126,519
Korea Southern Power Co., Ltd.		13,405,076		7,807,334		7,298,989		226,811
Korea East-West Power Co., Ltd.		11,683,112		5,626,034		5,571,885		139,013
KEPCO Engineering & Construction Company, Inc.		854,704		307,396		545,092		32,654
KEPCO Plant Service & Engineering Co., Ltd.		1,585,380		318,597		1,523,031		161,849
KEPCO Nuclear Fuel Co., Ltd.		1,101,960		622,157		284,066		43,533
KEPCO KDN Co., Ltd.		733,434		301,713		738,833		65,495
KEPCO International HongKong Ltd.		133,915		—		—		8,795
KEPCO International Philippines Inc.		72,830		—		—		4,891
KEPCO Gansu International Ltd.		7,226		608		—		(23	)
KEPCO Philippines Holdings Inc.		180,592		96		—		8,802
KEPCO Philippines Corporation		2,607		—		—		127
KEPCO Ilijan Corporation		142,711		800		—		3,718
KEPCO Neimenggu International Ltd.		284,280		4,346		—		15,021
KEPCO Shanxi International Ltd.		707,447		329,539		—		(3,875	)
KOMIPO Global Pte Ltd.		411,249		32,900		—		17,174
KEPCO Netherlands B.V.		141,088		45		—		3,856
KEPCO Australia Pty., Ltd.		749		34		—		131
KOSEP Australia Pty., Ltd.		79,308		7,990		29,675		10,665
KOMIPO Australia Pty., Ltd.		86,077		4,014		29,676		9,248
KOWEPO Australia Pty., Ltd.		86,074		3,571		29,675		9,001
KOSPO Australia Pty., Ltd.		32,828		3,923		29,675		10,329
KEPCO Middle East Holding Company		121,015		107,611		—		(1,548	)
Qatrana Electric Power Company		491,627		208,707		26,779		20,949
KHNP Canada Energy Ltd.		155,242		12,379		—		392
KEPCO Bylong Australia Pty., Ltd.		44,557		465,231		—		(16,669	)
Korea Waterbury Uranium Limited Partnership		20,772		44		—		(67	)
KEPCO Holdings de Mexico		1,171		2,621		—		(121	)
KST Electric Power Company, S.A.P.I. de C.V.		631,348		490,470		93,843		19,657
KEPCO Energy Service Company		2,028		716		10,193		251
KEPCO Netherlands S3 B.V.		70,613		16,710		—		1,769
PT. KOMIPO Pembangkitan Jawa Bali		17,303		3,929		23,639		1,579
PT. Cirebon Power Service		2,936		714		9,457		672
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		19,387		3,881		17,665		7,082
EWP America Inc. (*1)		46,954		4,032		14,549		895
KNF Canada Energy Limited		2,261		34		—		(56	)
EWP Barbados 1 SRL		434,690		14,217		2,448		36,566
Gyeonggi Green Energy Co., Ltd.		180,176		214,822		80,630		(28,549	)
PT. Tanggamus Electric Power		214,892		150,483		2,127		(2,230	)
Gyeongju Wind Power Co., Ltd.		90,616		49,982		19,807		6,716
KOMIPO America Inc. (*2)		579,403		318,295		39,323		3,376
PT. EWP Indonesia		90,650		132		—		9,590
KEPCO Netherlands J3 B.V.		153,324		13,634		—		15,289
Korea Offshore Wind Power Co., Ltd.		334,444		143,827		40,313		6,497
Global One Pioneer B.V.		143		44		—		(85	)
Global Energy Pioneer B.V.		336		44		—		(81	)
Mira Power Limited		403,843		318,557		2,683		(1,590	)
KOSEP Material Co., Ltd.		4,974		542		4,834		908
Commerce and Industry Energy Co., Ltd.		73,671		29,611		33,050		(2,901	)
KEPCO KPS Philippines Corp.		5,775		884		4,608		97
KOSPO Chile SpA		166,643		75,619		—		—

53

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services	W	26		260		—		—
Hee Mang Sunlight Power Co., Ltd.		5,877		2,403		689		202
Fujeij Wind Power Company		216,082		158,081		—		15,067
KOSPO Youngnam Power Co., Ltd.		360,026		255,761		410,173		(7,965	)
Chitose Solar Power Plant LLC		98,911		84,228		14,447		2,059
KEPCO ES Co., Ltd.		322,529		15,367		14,151		5,384
KEPCO Solar Co., Ltd.		246,273		36,127		23,234		8,367
KOSPO Power Services Ltda.		6,976		7,086		17,634		(211	)
Energy New Industry Specialized Investment Private Investment Trust (*3)		454,888		3,364		24,030		10,812
KOEN Bylong Pty., Ltd.		11		128		—		—
KOMIPO Bylong Pty., Ltd.		13		147		—		(20	)
KOWEPO Bylong Pty., Ltd.		12		142		—		(43	)
KOSPO Bylong Pty., Ltd.		388		541		—		(20	)
EWP Bylong Pty., Ltd.		13		13		—		46
KOWEPO Lao International		13,038		223		10,270		6,268
KEPCO Mangilao Holdings LLC		90,445		41,898		775		785
Mangilao Investment LLC		206,714		15		—		(1	)
KEPCO Mangilao Solar, LLC		206,600		1,918		13,593		826
Jeju Hanlim Offshore Wind Co., Ltd.		459,229		388,171		—		(3,032	)
PT. Siborpa Eco Power		12,209		3		—		(52	)
PT. Korea Energy Indonesia		1,878		101		1,897		132
KOLAT SpA		46,958		352		2,237		1,820
KEPCO California, LLC		46,606		6,823		613		(385	)
KEPCO Mojave Holdings, LLC		93,233		78,328		—		(3,901	)
Incheon Fuel Cell Co., Ltd.		259,169		237,409		96,924		(4,112	)
KOEN Service Co., Ltd.		11,470		8,745		38,164		305
KOMIPO Service Co., Ltd.		7,944		4,777		37,525		960
KOWEPO Service Co., Ltd.		10,300		6,584		36,421		264
KOSPO Service Co., Ltd.		6,122		4,182		30,369		703
EWP Service Co., Ltd.		5,487		3,790		26,767		176
PT. KOMIPO Energy Indonesia		2,983		250		2,023		38
KNF partners Co., Ltd.		2,589		1,106		6,380		340
KOSPO USA Inc.		378,732		377		—		(6,351	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		297,370		230		—		(732	)
Tamra Offshore Wind Power Co., Ltd.		120,460		83,161		18,570		1,089
KEPCO MCS Co., Ltd.		111,189		73,940		307,146		(4,757	)
KEPCO FMS Co., Ltd.		21,310		18,142		107,336		1,895
Firstkeepers Co., Ltd.		18,698		12,437		90,575		2,689
Secutec Co., Ltd.		16,038		11,797		72,284		699
SE Green Energy Co., Ltd.		147,251		114,737		40,326		(1,305	)
Mangilao Intermediate Holdings LLC		206,771		114,954		—		(5,293	)
KEPCO CSC Co., Ltd.		15,985		12,170		49,502		2,644
KOAK Power Limited		15,000		528		—		714
KOMIPO Europe B.V.		86,109		69		1,183		109
Haenanum Energy Fund		7,415		3		47		(1	)
Paju Ecoenergy Co., Ltd.		60,653		2,146		15,351		(357	)
Guam Ukudu Power LLC		749,837		720,795		—		(19,904	)
K-SOLAR SHINAN Co., Ltd.		298,866		281,676		37,137		(6,896	)

54

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
KPS Partners Co., Ltd.	W	3,503		1,776		12,921		183
KEPCO E&C Service Co., Ltd.		7,167		1,938		16,454		1,505
Moha solar Co., Ltd.		27,213		29,363		—		112
Ogiri Solar Power Co., Ltd.		1,032		31		—		(9	)
KHNP USA LLC		1,517		140		1,142		166
KOMIPO Vanphong Power Service LLC		26,819		3,768		21,396		10,879
Energy Innovation Fund I		43,725		419		—		(766	)
KHNP Chile SpA		5,555		4,219		—		(66	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,529		1,427		219		42
Yeong Yang Corporation Co., Ltd.		1,519		1,418		216		39
SolarVader Co., Ltd.		1,529		1,421		219		40
Yeong Yang Innovation Co., Ltd.		1,510		1,418		210		32
Yeong Yang Horus Photovoltaic Co., Ltd.		1,502		1,418		206		28
Yeong Yang Solar Management Co., Ltd.		1,540		1,420		224		46
LSG Hydro Power Limited		717		8		—		(219	)
KOEN Bio Co., Ltd.		1,010		585		2,467		372
KOMIPO Iberian Solar Group, S.L.U.		79,666		66,874		—		(931	)
Jeongam Wind Power Co., Ltd.		75,744		63,219		8,154		(958	)
KOWEPO Europe B.V.		107		3,177		—		(44,685	)
Yeongdeok Sunrise Wind Power Co., Ltd.		94,615		74,842		—		(383	)
KA Power Limited		3,173		172		—		126
Western Power Changgi Solar Co., Ltd.		46,950		40,815		7,036		2,011
EWP Australia Pty., Ltd.		52,734		—		325		337
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		311,259		213,822		10,072		3,217
Digital Innovation Growth Fund		11,624		96		—		(266	)
J Wind First, LLC		52,304		52,304		2,540		—
KEPCO Holding Company		3,307		—		—		(23	)
KEPCO for Maintenance Company		118		—		—		(45	)
KOSPO Trumbull LLC		25		—		—		(10	)
Changjuk Wind Power Co., Ltd.		24,364		3,049		6,230		744
Chile Solar JV SpA		98,705		75,472		9,050		(2,768	)
KEPCO KPS South Africa Pty., Ltd.		9,222		4,236		8,512		834
KOWEPO Holding Limited		1,323		1,371		—		(49	)

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on abilities to subsidiaries as of September 30, 2024 are as follows:

Company	Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.	Acquisition or disposal of assets of more thanW10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.
KOSPO Youngnam Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.	Acquisition or disposal of assets of more thanW20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.
Gyeongju Wind Power Co., Ltd.	Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.	Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.
Jeju Hanlim Offshore Wind Co., Ltd.	Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC	Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.
Mira Power Limited	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
Chile Solar JV SpA	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
K-SOLAR SHINAN Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation.
Western Power Changgi Solar Co., Ltd.	Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on abilities to subsidiaries as of September 30, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
Chitose Solar Power Plant LLC	Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease.
Mangilao Intermediate Holdings LLC	Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is completed.
Fujeij Wind Power Company	Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule or the EPC contract without the lender’s prior written consent is restricted. Also, commercial operation before acquiring wind turbine is restricted without prior consent from the EPC contractor. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.
Qatrana Electric Power Company	Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.
KST Electric Power Company, S.A.P.I. de C.V.	Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted.

(5) As of September 30, 2024, the Group has following entitlements in relation to its subsidiaries as per its shareholders’ agreements:

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

57

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-Company eliminations as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won
September 30, 2024
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	149,532			966,200			496,387			1,236,868			2,848,987
Non-current assets		483			638,454			375,285			4,600,515			5,614,737
Current liabilities		(232	)		(264,574	)		(316,639	)		(1,146,738	)		(1,728,183	)
Non-current liabilities		(369	)		(54,234	)		(4,157	)		(2,523,878	)		(2,582,638	)
Net assets		149,414			1,285,846			550,876			2,166,767			4,152,903
Book value of non-controlling interests		73,213			630,065			268,607			467,284			1,439,169
Sales		—			1,105,763			360,727			818,932			2,285,422
Profit for the period		3,832			134,433			32,140			153,935			324,340
Profit for the period attributable to non-controlling interests		1,878			65,872			15,671			30,692			114,113
Cash flows from operating activities		4,385			391,563			33,364			283,454			712,766
Cash flows from investing activities		—			(247,014	)		(34,946	)		(140,690	)		(422,650	)
Cash flows from financing activities before dividends to non-controlling interests		(202	)		(61,831	)		(10,845	)		(172,688	)		(245,566	)
Dividends to non-controlling interests		—			(47,584	)		(9,553	)		(34,306	)		(91,443	)
Effect of exchange rate fluctuation		3,211			(368	)		3			8,317			11,163
Net increase of cash and cash equivalents		7,394			34,766			(21,977	)		(55,913	)		(35,730	)

In millions of Won
December 31, 2023
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	142,023			953,211			446,900			1,193,078			2,735,212
Non-current assets		688			632,169			407,804			4,639,760			5,680,421
Current liabilities		(252	)		(313,249	)		(249,899	)		(1,009,791	)		(1,573,191	)
Non-current liabilities		(548	)		(5,348	)		(57,497	)		(2,737,589	)		(2,800,982	)
Net assets		141,911			1,266,783			547,308			2,085,458			4,041,460
Book value of non-controlling interests		69,536			620,723			266,867			462,581			1,419,707
Sales		—			1,523,031			545,092			1,212,372			3,280,495
Profit for the year		3,718			161,849			32,654			63,145			261,366
Profit for the year attributable to non-controlling interests		1,822			79,306			15,922			9,355			106,405
Cash flows from operating activities		1,086			(35,492	)		39,985			368,415			373,994
Cash flows from investing activities		84			26,915			(19,345	)		(508,844	)		(501,190	)
Cash flows from financing activities before dividends to non-controlling interests		(93,348	)		(36,433	)		(6,687	)		119,109			(17,359	)
Dividends to non-controlling interests		(643	)		(28,775	)		(5,250	)		(20,866	)		(55,534	)
Effect of exchange rate fluctuation		5,135			(454	)		(35	)		2,813			7,459
Net increase of cash and cash equivalents		(87,686	)		(74,239	)		8,668			(39,373	)		(192,630	)

58

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

(i) Details of goodwill as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Acquisition cost	W	101,727			101,738
Less: Accumulated impairment		(2,582	)		(2,582	)
Carrying book value	W	99,145			99,156

(ii) Changes in goodwill for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won
	September 30, 2024
	Beginning			Increase		Decrease		Others			Ending
Acquisition cost	W	101,738			—		—		(11	)		101,727
Less: Accumulated impairment		(2,582	)		—		—		—			(2,582	)
Carrying book value	W	99,156			—		—		(11	)		99,145

In millions of Won
	December 31, 2023
	Beginning		Increase		Decrease		Impairment			Others			Ending
Acquisition cost	W	100,093		1,859		—		—			(214	)		101,738
Less: Accumulated impairment		—		—		—		(2,582	)		—			(2,582	)
Carrying book value	W	100,093		1,859		—		(2,582	)		(214	)		99,156

(8) Disposals of subsidiaries

The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation And Maintenance Services during the nine-month period ended September 30, 2024. Also, the Group is proceeding the liquidation process of KEPCO Lebanon SARL, its subsidiary, and the entity was excluded from the consolidation scope during the year ended December 31, 2023. In addition, the Group has completed the liquidation process of its subsidiaries, KHNP Spain, S.L. and KEPCO US Inc. during the year ended December 31, 2023.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
September 30, 2024
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,146,881
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		116,547
Korea Power Exchange (*1)	Management of power market and others		Korea		100.00	%		127,839		274,837
SPC Power Corporation (*2)	Power generation		Philippines		38.00	%		20,635		78,872
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		721,850
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		140,506
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		37,203
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		669,774
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		179,282
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		92,268
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		268,933
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		241,890
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		150,618
Dongducheon Dream Power Co., Ltd. (*3)	Power generation		Korea		33.61	%		148,105		93,015
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		276,072
Nepal Water & Energy Development Company Private Limited (*4)	Construction and operation of utility plant		Nepal		68.88	%		110,332		146,755
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,392		353,683
Saemangeum Sebit Power Plant Co., Ltd. (*5)	Power generation		Korea		55.14	%		21,037		37,748
PT. Cirebon Energi Prasarana (*6)	Power generation		Indonesia		10.00	%		26,710		80,016
Others (Korea Electric Power Industrial Development Co., Ltd. and 75 others)								293,284		334,882
								3,393,709		6,441,632
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		71,906
KEPCO SPC Power Corporation (*2,7)	Construction and operation of utility plant		Philippines		60.00	%		94,579		180,791
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		198,412
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		46,463
Rabigh Electricity Company (*8)	Power generation		Saudi Arabia		40.00	%		109,743		240,326
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		380,792
Amman Asia Electric Power Company (*7)	Power generation		Jordan		60.00	%		111,476		232,481
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,565
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		463,203
Kelar S.A. (*7)	Power generation		Chile		65.00	%		78,060		140,382
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		87,736
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		43,954
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		81,094
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		51,796
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		56,270
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		57,595
Pulau Indah Power Plant Sdn. Bhd. (*8)	Power generation		Malaysia		25.00	%		38,613		43,950
PT Barito Wahana Tenaga (*8)	Power generation		Indonesia		30.61	%		59,574		174,275
Cheongna Energy Co., Ltd. (*9)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		39,695
OneEnergy Asia Limited (*8)	Power generation		Vietnam		40.00	%		254,430		378,545
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		36,227		36,386
Trumbull Development Partners, LLC (*9)	Holding company		USA		56.23	%		253,690		249,770
Others (Dangjin Eco Power Co., Ltd. and 92 others)								739,824		717,963
								2,785,868		4,010,350
							W	6,179,577		10,451,982

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2024 and December 31, 2023 are as follows, continued:

(*1) The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*2) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of September 30, 2024.

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

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

(*5) The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.

(*6) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

(*7) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*8) The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture because unanimous consent from stakeholders sharing control over the entity is required to make decisions on related activities.

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won
December 31, 2023
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		1,970,643
YTN Co., Ltd.	Broadcasting		Korea		21.43	%		59,000		52,303
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		118,173
Korea Power Exchange (*1)	Management of power market and others		Korea		100.00	%		127,839		274,286
SPC Power Corporation (*2)	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
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 Co., Ltd.	Power generation		Korea		49.00	%		132,300		162,765
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		116,378
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		287,624
Gangneung Eco Power Co., Ltd. (*10)	Power generation		Korea		29.00	%		261,000		254,929
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		145,026
Dongducheon Dream Power Co., Ltd. (*3)	Power generation		Korea		33.61	%		148,105		87,203
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		259,085
Nepal Water & Energy Development Company Private Limited (*4, 10)	Construction and operation of utility plant		Nepal		68.88	%		110,332		110,573
Indeck Niles Development, LLC	Holding company		USA		50.00	%		263,825		335,401
Saemangeum Sebit Power Plant Co., Ltd. (*5)	Power generation		Korea		55.14	%		21,037		37,191
PT. Cirebon Energi Prasarana (*6)	Power generation		Indonesia		10.00	%		26,710		76,597
Others (Korea Electric Power Industrial Development Co., Ltd. and 78 others)								335,241		315,948
								3,509,099		6,176,889
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		69,902
KEPCO SPC Power Corporation (*2,7)	Construction and operation of utility plant		Philippines		75.20	%		94,579		196,544
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		186,739
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		43,207
Rabigh Electricity Company (*8)	Power generation		Saudi Arabia		40.00	%		109,743		235,051
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		349,866
Amman Asia Electric Power Company (*7)	Power generation		Jordan		60.00	%		111,476		223,424
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		35,083
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		417,989
Kelar S.A. (*7)	Power generation		Chile		65.00	%		78,060		131,529
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		90,151
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		43,109
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		84,092
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		54,081
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		58,154
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		58,130
Pulau Indah Power Plant Sdn. Bhd. (*8)	Power generation		Malaysia		25.00	%		24,339		25,603
PT Barito Wahana Tenaga (*8)	Power generation		Indonesia		30.61	%		59,574		156,994
Cheongna Energy Co., Ltd. (*9)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		25,549
OneEnergy Asia Limited (*8)	Power generation		Vietnam		40.00	%		195,130		289,966
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		36,227		38,789
Others (Dangjin Eco Power Co., Ltd. and 89 others)								712,824		671,747
								2,431,604		3,485,699
							W	5,940,703		9,662,588

62

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of September 30, 2024 and December 31, 2023 are as follows, continued:

(*1) The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*2) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of December 31, 2023.

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

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

(*5) The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2023. The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.

(*6) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

(*7) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*8) The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture because unanimous consent from stakeholders sharing control over the entity is required to make decisions on related activities.

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

(*10) The effective percentage of ownership changed due to the disproportionate capital reduction of financial investors during the year ended December 31, 2023.

(2) The fair values of associates which are actively traded on an open market as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
Investees	September 30, 2024		December 31, 2023
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	124,982		69,298
Korea Gas Corporation		880,740		466,830
YTN Co., Ltd. (*)		—		54,180
SPC Power Corporation		123,911		92,219
PT. Bayan Resources TBK		9,475,734		11,090,934

(*) The Group sold all of its shares in YTN Co., Ltd. for the nine-month period ended September 30, 2024.

63

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won
September 30, 2024
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,970,643		—		—			—			166,346			10,407			(515	)		2,146,881
YTN Co., Ltd.		52,303		—		(52,303	)		—			—			—			—			—
Hyundai Green Power Co., Ltd.		118,173		—		—			(3,555	)		1,929			—			—			116,547
Korea Power Exchange		274,286		—		—			—			3,643			(59	)		(3,033	)		274,837
SPC Power Corporation		78,931		—		—			(13,495	)		5,261			8,175			—			78,872
Gemeng International Energy Co., Ltd.		705,812		—		—			—			(17,129	)		31,271			1,896			721,850
PT. Cirebon Electric Power		134,259		—		—			—			3,181			—			3,066			140,506
PT Wampu Electric Power		34,555		—		—			—			2,531			(646	)		763			37,203
PT. Bayan Resources TBK		619,207		—		—			(82,764	)		123,056			10,378			(103	)		669,774
S-Power Co., Ltd.		162,765		—		—			—			16,517			—			—			179,282
Xe-Pian Xe-Namnoy Power Co., Ltd.		116,378		—		—			—			(25,207	)		1,097			—			92,268
Goseong Green Power Co., Ltd.		287,624		—		—			—			(18,691	)		—			—			268,933
Gangneung Eco Power Co., Ltd.		254,929		—		—			—			(13,039	)		—			—			241,890
Shin Pyeongtaek Power Co., Ltd.		145,026		—		—			(22,560	)		28,152			—			—			150,618
Dongducheon Dream Power Co., Ltd.		87,203		—		—			—			5,801			—			11			93,015
GS Donghae Electric Power Co., Ltd.		259,085		—		—			—			16,987			—			—			276,072
Nepal Water & Energy Development Company Private Limited		110,573		—		—			—			362			35,820			—			146,755
Indeck Niles Development, LLC		335,401		—		(14,432	)		—			22,438			2,683			7,593			353,683
Saemangeum Sebit Power Plant Co., Ltd.		37,191		—		—			—			557			—			—			37,748
PT. Cirebon Energi Prasarana		76,597		—		—			—			5,436			(3,771	)		1,754			80,016
Others (Korea Electric Power Industrial Development Co., Ltd. and 80 others)		315,948		9,422		(10,668	)		(11,911	)		21,687			2,557			7,847			334,882
		6,176,889		9,422		(77,403	)		(134,285	)		349,818			97,912			19,279			6,441,632
<Joint ventures>
Shuweihat Asia Power Investment B.V.		69,902		—		—			—			1,460			544			—			71,906
KEPCO SPC Power Corporation		196,544		—		—			(28,519	)		16,569			(3,803	)		—			180,791
Datang Chifeng Renewable Power Co., Ltd.		186,739		—		—			—			3,492			8,181			—			198,412
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		43,207		—		—			—			1,360			1,896			—			46,463
Rabigh Electricity Company		235,051		—		—			—			8,697			(3,422	)		—			240,326
Jamaica Public Service Company Limited		349,866		—		—			(2,321	)		25,739			7,855			(347	)		380,792
Amman Asia Electric Power Company		223,424		—		—			(8,105	)		15,320			1,842			—			232,481
Chun-cheon Energy Co., Ltd.		35,083		—		—			—			1,482			—			—			36,565
Nghi Son 2 Power LLC		417,989		—		—			—			43,768			1,446			—			463,203
Kelar S.A.		131,529		—		—			—			6,662			(743	)		2,934			140,382
PT. Tanjung Power Indonesia		90,151		—		—			(8,349	)		6,178			(8	)		(236	)		87,736
South Jamaica Power Company Limited		43,109		—		—			(2,123	)		2,059			909			—			43,954
RE Holiday Holdings LLC		84,092		—		—			—			(3,995	)		997			—			81,094
RE Pioneer Holdings LLC		54,081		—		—			—			(2,545	)		260			—			51,796
RE Barren Ridge 1 Holdings LLC		58,154		—		—			(743	)		(1,555	)		414			—			56,270
Solar Philippines Calatagan Corporation		58,130		—		—			(5,911	)		4,540			836			—			57,595
Pulau Indah Power Plant Sdn. Bhd.		25,603		14,274		—			—			(951	)		5,024			—			43,950
PT Barito Wahana Tenaga		156,994		—		—			—			21,030			(3,749	)		—			174,275
Cheongna Energy Co., Ltd.		25,549		—		—			—			14,146			—			—			39,695
OneEnergy Asia Limited		289,966		59,299		—			—			34,207			(4,927	)		—			378,545
Prime Swedish Holding AB		38,789		—		—			—			(3,644	)		—			1,241			36,386
Trumbull Development Partners, LLC		—		253,690		—			—			670			(1,252	)		(3,338	)		249,770
Others (Dangjin Eco Power Co., Ltd. and 92 others)		671,747		26,310		—			(6,684	)		22,863			2,162			1,565			717,963
		3,485,699		353,573		—			(62,755	)		217,552			14,462			1,819			4,010,350
	W	9,662,588		362,995		(77,403	)		(197,040	)		567,370			112,374			21,098			10,451,982

64

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows, continued:

In millions of Won
December 31, 2023
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,085,296		—		—			—			(155,819	)		47,220			(6,054	)		1,970,643
YTN Co., Ltd.		55,027		—		—			(540	)		(1,147	)		(14	)		(1,023	)		52,303
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
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
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
Xe-Pian Xe-Namnoy Power Co., Ltd.		115,584		—		—			—			(848	)		1,642			—			116,378
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
Dongducheon Dream Power Co., Ltd.		89,300		—		—			—			(2,568	)		—			471			87,203
GS Donghae Electric Power Co., Ltd.		260,145		—		—			(21,846	)		21,240			—			(454	)		259,085
Nepal Water & Energy Development Company Private Limited		69,940		40,103		—			—			(325	)		855			—			110,573
Indeck Niles Development, LLC		302,038		—		—			—			32,067			(3,623	)		4,919			335,401
Saemangeum Sebit Power Plant Co., Ltd.		23,199		7,249		—			—			(709	)		—			7,452			37,191
PT. Cirebon Energi Prasarana		69,035		—		—			—			7,328			(891	)		1,125			76,597
Others (Korea Electric Power Industrial Development Co., Ltd. and 82 others)		308,874		13,803		(2,911	)		(15,855	)		19,338			(345	)		(6,956	)		315,948
		5,844,464		422,109		(2,911	)		(486,012	)		334,379			73,198			(8,338	)		6,176,889
<Joint ventures>
Shuweihat Asia Power Investment B.V.		66,452		—		—			(512	)		(440	)		4,402			—			69,902
KEPCO SPC Power Corporation		179,594		—		—			—			13,224			3,726			—			196,544
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
Jamaica Public Service Company Limited		331,407		—		—			(15,715	)		32,862			7,959			(6,647	)		349,866
Amman Asia Electric Power Company		220,254		—		—			(15,636	)		17,833			973			—			223,424
Chun-cheon Energy Co., Ltd.		32,044		—		—			—			3,039			—			—			35,083
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
South Jamaica Power Company Limited		46,437		—		—			(7,667	)		3,709			630			—			43,109
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
Solar Philippines Calatagan Corporation		56,902		—		—			(6,025	)		6,025			1,228			—			58,130
Pulau Indah Power Plant Sdn. Bhd.		26,814		—		—			(27	)		671			(2,360	)		505			25,603
PT Barito Wahana Tenaga		137,047		—		—			—			20,546			(599	)		—			156,994
Cheongna Energy Co., Ltd.		10,758		—		—			—			14,791			—			—			25,549
OneEnergy Asia Limited		172,218		79,182		—			—			39,091			(525	)		—			289,966
Prime Swedish Holding AB		36,245		820		—			—			(236	)		—			1,960			38,789
Others (Dangjin Eco Power Co., Ltd. and 93 others)		617,650		43,141		(2,774	)		(20,453	)		40,626			6,816			(13,259	)		671,747
		3,147,584		123,143		(2,774	)		(106,801	)		260,677			79,554			(15,684	)		3,485,699
	W	8,992,048		545,252		(5,685	)		(592,813	)		595,056			152,752			(24,022	)		9,662,588

65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows:

In millions of Won
September 30, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	53,044,059		42,493,015		28,409,776		815,441
Hyundai Green Power Co., Ltd.		703,264		301,378		80,837		6,655
Korea Power Exchange		350,105		75,268		90,956		2,670
SPC Power Corporation		264,863		14,630		56,076		23,020
Gemeng International Energy Co., Ltd.		7,667,719		5,276,103		2,141,469		(43,797	)
PT. Cirebon Electric Power		666,526		155,594		202,054		11,566
PT Wampu Electric Power		193,881		113,005		13,365		5,502
PT. Bayan Resources TBK		4,134,450		1,229,000		3,340,963		839,860
S-Power Co., Ltd.		744,879		376,745		606,412		33,522
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,260,628		887,797		147,509		(100,951	)
Goseong Green Power Co., Ltd.		5,158,982		4,209,853		916,718		(52,717	)
Gangneung Eco Power Co., Ltd.		5,415,831		4,725,199		559,221		(12,196	)
Shin Pyeongtaek Power Co., Ltd.		1,114,437		711,253		633,978		69,249
Dongducheon Dream Power Co., Ltd.		1,392,616		1,081,474		1,110,897		15,598
GS Donghae Electric Power Co., Ltd.		1,961,604		1,149,627		432,036		49,964
Nepal Water & Energy Development Company Private Limited		587,480		375,685		59,297		525
Indeck Niles Development, LLC		1,157,940		641,607		267,203		50,466
Saemangeum Sebit Power Plant Co., Ltd.		162,660		94,362		16,469		1,013
PT. Cirebon Energi Prasarana		3,479,413		2,679,258		406,844		54,357
<Joint ventures>
Shuweihat Asia Power Investment B.V.		146,765		17		—		(202	)
KEPCO SPC Power Corporation		268,400		27,986		146,307		22,286
Datang Chifeng Renewable Power Co., Ltd.		831,916		335,885		73,252		8,404
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		173,375		57,217		19,762		3,340
Rabigh Electricity Company		2,481,740		1,773,944		263,993		45,235
Jamaica Public Service Company Limited		2,347,986		1,430,643		1,100,485		67,256
Amman Asia Electric Power Company		687,002		299,534		15,960		25,438
Chun-cheon Energy Co., Ltd.		559,814		436,704		333,777		4,779
Nghi Son 2 Power LLC		3,812,686		2,886,279		684,500		87,536
Kelar S.A.		669,678		458,385		84,143		12,671
PT. Tanjung Power Indonesia		691,444		440,769		80,122		17,819
South Jamaica Power Company Limited		486,571		266,784		183,862		11,227
RE Holiday Holdings LLC		329,886		167,698		11,394		(2,998	)
RE Pioneer Holdings LLC		249,276		145,684		8,271		(2,266	)
RE Barren Ridge 1 Holdings LLC		207,005		94,466		8,102		(1,312	)
Solar Philippines Calatagan Corporation		156,354		39,067		16,193		6,970
Pulau Indah Power Plant Sdn. Bhd.		955,294		802,065		4,244		(3,807	)
PT Barito Wahana Tenaga		569,298		—		—		63,624
Cheongna Energy Co., Ltd.		437,185		361,852		99,006		28,226
OneEnergy Asia Limited		2,757,403		1,874,821		291,097		67,935
Prime Swedish Holding AB		139,046		60,906		6,351		(8,098	)
Trumbull Development Partners, LLC		1,303,651		942,621		—		1,183

66

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows, continued:

In millions of Won
December 31, 2023
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation	W	57,254,666		47,428,628		44,555,995		(747,428	)
YTN Co., Ltd.		352,188		108,108		130,450		(3,616	)
Hyundai Green Power Co., Ltd.		738,107		330,616		107,367		7,446
Korea Power Exchange		366,092		91,806		119,182		4,443
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
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 Co., Ltd.		762,398		427,807		1,012,050		44,730
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,370,110		900,713		171,978		(5,674	)
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
Dongducheon Dream Power Co., Ltd.		1,337,529		1,042,681		1,744,247		(8,608	)
GS Donghae Electric Power Co., Ltd.		1,932,098		1,170,085		876,826		62,471
Nepal Water & Energy Development Company Private Limited		327,057		167,792		82,720		(3,186	)
Indeck Niles Development, LLC		1,157,838		675,638		318,392		64,813
Saemangeum Sebit Power Plant Co., Ltd.		165,283		97,997		22,663		(812	)
PT. Cirebon Energi Prasarana		3,372,539		2,606,566		434,806		73,285
<Joint ventures>
Shuweihat Asia Power Investment B.V.		142,680		20		—		897
KEPCO SPC Power Corporation		288,140		26,778		222,773		17,270
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
Jamaica Public Service Company Limited		2,332,019		1,491,199		1,400,582		87,307
Amman Asia Electric Power Company		719,388		347,015		21,772		33,811
Chun-cheon Energy Co., Ltd.		565,972		447,820		502,889		10,435
Nghi Son 2 Power LLC		3,775,717		2,939,740		825,701		33,336
Kelar S.A.		691,104		493,325		112,201		12,488
PT. Tanjung Power Indonesia		704,274		446,700		111,138		21,854
South Jamaica Power Company Limited		482,866		267,307		240,664		18,833
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	)
Solar Philippines Calatagan Corporation		146,304		37,922		16,420		9,121
Pulau Indah Power Plant Sdn. Bhd.		800,300		720,459		431		2,095
PT Barito Wahana Tenaga		512,846		—		—		72,320
Cheongna Energy Co., Ltd.		428,042		380,935		119,530		29,511
OneEnergy Asia Limited		2,181,165		1,520,032		1,149,944		94,298
Prime Swedish Holding AB		83,699		218		—		(524	)

67

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won
September 30, 2024
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,551,044		20.47	%		2,159,799		—		—			(12,918	)		2,146,881
Hyundai Green Power Co., Ltd.		401,886		29.00	%		116,547		—		—			—			116,547
Korea Power Exchange		274,837		100.00	%		274,837		—		—			—			274,837
SPC Power Corporation		250,233		38.00	%		95,088		—		—			(16,216	)		78,872
Gemeng International Energy Co., Ltd.		2,391,616		42.00	%		1,004,479		—		—			(282,629	)		721,850
PT. Cirebon Electric Power		510,932		27.50	%		140,506		—		—			—			140,506
PT Wampu Electric Power		80,876		46.00	%		37,203		—		—			—			37,203
PT. Bayan Resources TBK		2,905,450		20.00	%		581,090		165,064		—			(76,380	)		669,774
S-Power Co., Ltd.		368,134		49.00	%		180,385		—		(1,103	)		—			179,282
Xe-Pian Xe-Namnoy Power Co., Ltd.		372,831		25.00	%		93,208		305		(956	)		(289	)		92,268
Goseong Green Power Co., Ltd.		949,129		29.00	%		275,247		—		(6,314	)		—			268,933
Gangneung Eco Power Co., Ltd.		690,632		29.00	%		200,283		47,286		(5,679	)		—			241,890
Shin Pyeongtaek Power Co., Ltd.		403,184		40.00	%		161,274		3,559		(14,215	)		—			150,618
Dongducheon Dream Power Co., Ltd.		311,142		34.01	%		105,819		1,757		(1,979	)		(12,582	)		93,015
GS Donghae Electric Power Co., Ltd.		811,977		34.00	%		276,072		—		—			—			276,072
Nepal Water & Energy Development Company Private Limited		211,795		68.88	%		145,883		872		—			—			146,755
Indeck Niles Development, LLC		516,333		50.00	%		258,166		91,289		—			4,228			353,683
Saemangeum Sebit Power Plant Co., Ltd.		68,298		55.00	%		37,566		182		—			—			37,748
PT. Cirebon Energi Prasarana		800,155		10.00	%		80,016		—		—			—			80,016
<Joint ventures>
Shuweihat Asia Power Investment B.V.		146,748		49.00	%		71,906		—		—			—			71,906
KEPCO SPC Power Corporation		240,414		60.00	%		144,248		—		—			36,543			180,791
Datang Chifeng Renewable Power Co., Ltd.		496,031		40.00	%		198,412		—		—			—			198,412
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		116,158		40.00	%		46,463		—		—			—			46,463
Rabigh Electricity Company		707,796		40.00	%		283,118		—		(41,987	)		(805	)		240,326
Jamaica Public Service Company Limited		917,343		40.00	%		366,937		29,357		—			(15,502	)		380,792
Amman Asia Electric Power Company		387,468		60.00	%		232,481		—		—			—			232,481
Chun-cheon Energy Co., Ltd.		123,110		29.90	%		36,810		3		—			(248	)		36,565
Nghi Son 2 Power LLC		926,407		50.00	%		463,203		—		—			—			463,203
Kelar S.A.		211,293		65.00	%		137,340		3,042		—			—			140,382
PT. Tanjung Power Indonesia		250,675		35.00	%		87,736		—		—			—			87,736
South Jamaica Power Company Limited		219,787		20.00	%		43,957		—		—			(3	)		43,954
RE Holiday Holdings LLC		162,188		50.00	%		81,094		—		—			—			81,094
RE Pioneer Holdings LLC		103,592		50.00	%		51,796		—		—			—			51,796
RE Barren Ridge 1 Holdings LLC		112,539		50.00	%		56,270		—		—			—			56,270
Solar Philippines Calatagan Corporation		117,287		38.00	%		44,569		—		—			13,026			57,595
Pulau Indah Power Plant Sdn. Bhd.		153,229		25.00	%		38,307		5,643		—			—			43,950
PT Barito Wahana Tenaga		569,298		30.61	%		174,275		—		—			—			174,275
Cheongna Energy Co., Ltd.		75,333		50.10	%		37,742		3,137		(1,184	)		—			39,695
OneEnergy Asia Limited		882,582		40.00	%		353,033		25,512		—			—			378,545
Prime Swedish Holding AB		78,140		45.00	%		35,163		1,223		—			—			36,386
Trumbull Development Partners, LLC		361,030		56.23	%		203,007		46,763		—			—			249,770

(*) The percentage of ownership shown above is after considering the treasury stocks and others.

68

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of September 30, 2024 and December 31, 2023 is as follows, continued:

In millions of Won
December 31, 2023
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	9,826,038		20.47	%		2,011,390		—		—			(40,747	)		1,970,643
YTN Co., Ltd.		244,080		21.43	%		52,303		—		—			—			52,303
Hyundai Green Power Co., Ltd.		407,491		29.00	%		118,173		—		—			—			118,173
Korea Power Exchange		274,286		100.00	%		274,286		—		—			—			274,286
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
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 Co., Ltd.		334,591		49.00	%		163,950		—		(1,185	)		—			162,765
Xe-Pian Xe-Namnoy Power Co., Ltd.		469,397		25.00	%		117,349		305		(987	)		(289	)		116,378
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
Dongducheon Dream Power Co., Ltd.		294,848		34.01	%		100,278		1,757		(2,249	)		(12,583	)		87,203
GS Donghae Electric Power Co., Ltd.		762,013		34.00	%		259,085		—		—			—			259,085
Nepal Water & Energy Development Company Private Limited		159,265		68.88	%		109,701		872		—			—			110,573
Indeck Niles Development, LLC		482,200		50.00	%		241,100		90,074		—			4,227			335,401
Saemangeum Sebit Power Plant Co., Ltd.		67,286		55.00	%		37,009		182		—			—			37,191
PT. Cirebon Energi Prasarana		765,973		10.00	%		76,597		—		—			—			76,597
<Joint ventures>
Shuweihat Asia Power Investment B.V.		142,660		49.00	%		69,902		—		—			—			69,902
KEPCO SPC Power Corporation		261,362		75.20	%		196,544		—		—			—			196,544
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
Jamaica Public Service Company Limited		840,820		40.00	%		336,328		29,357		—			(15,819	)		349,866
Amman Asia Electric Power Company		372,373		60.00	%		223,424		—		—			—			223,424
Chun-cheon Energy Co., Ltd.		118,152		29.90	%		35,327		3		—			(247	)		35,083
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
South Jamaica Power Company Limited		215,559		20.00	%		43,112		—		—			(3	)		43,109
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
Solar Philippines Calatagan Corporation		108,382		38.00	%		41,185		—		—			16,945			58,130
Pulau Indah Power Plant Sdn. Bhd.		79,841		25.00	%		19,960		5,643		—			—			25,603
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
OneEnergy Asia Limited		661,133		40.00	%		264,454		25,512		—			—			289,966
Prime Swedish Holding AB		83,481		45.00	%		37,566		1,223		—			—			38,789

(*) The percentage of ownership shown above is after considering the treasury stocks and others.

69

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(6) As of September 30, 2024 and December 31, 2023, unrecognized equity interests in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:

In millions of Won	September 30, 2024					December 31, 2023
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Eurasia Energy Holdings	W	—			—		(203	)		—
Boim Combined Heat and Power Generation Co., Ltd.		1,914			29,868		937			27,954
Samcheok Eco Materials Co., Ltd.		791			5,222		3,625			4,431
Naepo Green Energy Co., Ltd.		—			—		(14,956	)		—
Barakah One Company		41,371			182,090		46,746			140,719
Pioneer Gas Power Limited (*)		—			—		19,835			76,712
Bigeum Resident Photovoltaic Power Co., Ltd.		—			—		(460	)		—
KAPES, Inc.		1,673			4,688		(145	)		3,015
ITR Co., Ltd.		(1	)		—		(4	)		1
SEP Co., Ltd.		—			15		1			15
International Offshore Power Transmission Holding Company Limited		53			53		(23,378	)		—
Noeul Green Energy Co., Ltd.		(1,199	)		4,013		(258	)		5,212
Gangneung Eco Power Co., Ltd.		—			—		(14	)		—
PlatformN. Co., Ltd.		(46	)		16		62			62
KEPCO KPS CARABAO Corp.		164			201		37			37
Bitsolar Energy Co., Ltd.		1,501			1,501		—			—
Green Energy Electricity Generation Co., Ltd.		799			799		—			—
O2&B Global Co., Ltd.		21			21		—			—
Pulau Indah O&M Sdn. Bhd.		16			16		—			—
Foresight Iberian Solar Group Holding, S.L.		4,373			4,373		—			—
KEPCO for Power Company		761			761		—			—
Green Radiation Co., Ltd.,		11			11		—			—
Wadi Noor Solar Power Company SAOC		3,254			3,254		—			—
Hoenggye Renewable Energy Co., Ltd.,		1,782			1,782		—			—

(*) Reclassified from associates to financial assets at fair value through other comprehensive income.

70

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of September 30, 2024, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i) Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period in the EPC contract of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(ii) Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with the careful consideration of various factors such as financial status and business situation.

(iii) Daeryun Power Co., Ltd.

The Group reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

(iv) Daegu Green Power Co., Ltd.

The Group has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

(v) Yeonggwang Wind Power Co., Ltd.

In case the Group intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Group.

(vi) Hyundai Green Power Co., Ltd.

The Group 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 Group’s shares at a certain point of time in the future. The Group 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 Group’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Group to sell its shares.

(vii) Omisan Wind Power Co., Ltd.

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

(viii) Geumsungsan Wind Power Co., Ltd.

The Group has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

(ix) 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.

71

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of September 30, 2024, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(x) Taebaek Guinemi Wind Power Co., Ltd.

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

(xi) HORANG ENERGY Inc.

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

(xii) Namyangju Combined Heat and Power Co., Ltd.

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

(xiii) Wadi Noor Solar Power Company SAOC

The Group 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.

(xiv) Jeongeup Green Power Co., Ltd.

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

72

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of September 30, 2024 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 and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Pyeongchang Wind Power Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
Daeryun Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions.
KNH Solar Co., Ltd.	Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Korea Power Engineering Service Co., Ltd.	Shares cannot be wholly or partially transferred without the consent of the board of directors.
Daehan Wind Power PSC	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Daejung Offshore Wind Power Co., Ltd.	Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
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.

73

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
Yeonggwangbaeksu Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Yeonggwang Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jamaica Public Service Company Limited	Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
PT. Tanjung Power Indonesia	Dividends can only be paid when all conditions of the loan agreement are satisfied.
DE Energia SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied.
Daesan Green Energy Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Taebaek Gadeoksan Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.
Bitsolar Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied.
Omisan Wind Power Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, 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 become 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.	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 cannot be either wholly or partially transferred without the consent of the stakeholders.
HORANG ENERGY Inc.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
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.
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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
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. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong Eco Park Co., Ltd.	Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied 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.
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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
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 Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions 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 entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.
Nepal Water & Energy Development Company Private Limited	The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.
Goseong Green Power Co., Ltd.	The Group 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 Group 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 are satisfied and prior written consent of financial institutions is obtained.
Rutile BESS Holdings, LLC	Shares cannot be either wholly or partially transferred without prior written consent of other shareholders.
Kumyang Eco Park Co., Ltd.	Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.
HyChangwon Fuel Cell. Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

18. Property, Plant and Equipment

(1) Property, plant and equipment as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,500,675		(27,403	)		—			(29,201	)		14,444,071
Buildings		26,013,545		(42,754	)		(12,562,534	)		(5,751	)		13,402,506
Structures		88,290,843		(149,969	)		(37,108,804	)		(9,525	)		51,022,545
Machinery		120,129,661		(107,757	)		(63,749,239	)		(532,742	)		55,739,923
Ships		17,847		—			(6,870	)		—			10,977
Vehicles		430,986		(2,710	)		(362,086	)		(117	)		66,073
Equipment		2,424,979		(4,444	)		(2,036,098	)		(376	)		384,061
Tools		1,404,343		(1,412	)		(1,247,971	)		—			154,960
Construction-in-progress		31,863,155		(194,658	)		—			(22,795	)		31,645,702
Right-of-use assets		5,995,214		—			(2,941,991	)		—			3,053,223
Asset retirement costs		17,897,175		—			(8,197,423	)		(146,422	)		9,553,330
Others		17,123,541		—			(14,925,337	)		—			2,198,204
	W	326,091,964		(531,107	)		(143,138,353	)		(746,929	)		181,675,575
In millions of Won	December 31, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,426,253		(27,404	)		—			(28,165	)		14,370,684
Buildings		25,236,830		(46,227	)		(11,870,875	)		(5,751	)		13,313,977
Structures		86,010,823		(157,881	)		(35,111,297	)		(9,525	)		50,732,120
Machinery		113,735,035		(119,824	)		(59,381,603	)		(536,386	)		53,697,222
Ships		17,845		—			(5,480	)		—			12,365
Vehicles		421,349		(2,837	)		(337,859	)		(116	)		80,537
Equipment		2,341,242		(5,932	)		(1,909,992	)		(375	)		424,943
Tools		1,354,532		(62	)		(1,190,057	)		(1	)		164,412
Construction-in-progress		32,031,297		(173,474	)		—			(22,795	)		31,835,028
Right-of-use assets		6,041,794		—			(2,678,051	)		—			3,363,743
Asset retirement costs		17,007,088		—			(7,127,091	)		(146,423	)		9,733,574
Others		16,255,667		—			(14,108,737	)		—			2,146,930
	W	314,879,755		(533,641	)		(133,721,042	)		(749,537	)		179,875,535

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment		Others			Ending balance
Land	W	14,398,088			26,530		(36,650	)		—			—		83,506			14,471,474
(Government grants)		(27,404	)		—		1			—			—		—			(27,403	)
Buildings		13,360,204			957		(11,607	)		(727,303	)		—		823,009			13,445,260
(Government grants)		(46,227	)		—		—			3,474			—		(1	)		(42,754	)
Structures		50,890,001			9,504		(199,024	)		(2,143,409	)		—		2,615,442			51,172,514
(Government grants)		(157,881	)		—		959			7,096			—		(143	)		(149,969	)
Machinery		53,817,046			185,157		(128,246	)		(4,736,284	)		—		6,710,007			55,847,680
(Government grants)		(119,824	)		—		232			12,168			—		(333	)		(107,757	)
Ships		12,365			—		—			(1,398	)		—		10			10,977
Vehicles		83,374			1,374		(214	)		(32,190	)		—		16,439			68,783
(Government grants)		(2,837	)		—		8			894			—		(775	)		(2,710	)
Equipment		430,875			54,529		(190	)		(156,631	)		—		59,922			388,505
(Government grants)		(5,932	)		—		—			1,589			—		(101	)		(4,444	)
Tools		164,474			16,681		(16	)		(63,200	)		—		38,433			156,372
(Government grants)		(62	)		—		—			234			—		(1,584	)		(1,412	)
Construction-in-progress		32,008,502			9,863,270		—			—			—		(10,031,412	)		31,840,360
(Government grants)		(173,474	)		3,090		—			—			—		(24,274	)		(194,658	)
Right-of-use assets		3,363,743			65,308		(2,049	)		(396,125	)		—		22,346			3,053,223
Asset retirement costs		9,733,574			—		—			(1,449,869	)		—		1,269,625			9,553,330
Others		2,146,930			1,530		—			(815,889	)		—		865,633			2,198,204
	W	179,875,535			10,227,930		(376,796	)		(10,496,843	)		—		2,445,749			181,675,575

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows, continued:

In millions of Won	December 31, 2023
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment (*)			Others			Ending balance
Land	W	14,270,937			23,519		(15,302	)		—			—			118,934			14,398,088
(Government grants)		(27,405	)		—		1			—			—			—			(27,404	)
Buildings		13,292,200			3,706		(6,221	)		(938,549	)		—			1,009,068			13,360,204
(Government grants)		(50,437	)		—		—			5,070			—			(860	)		(46,227	)
Structures		50,449,235			18,486		(311,877	)		(2,828,065	)		—			3,562,222			50,890,001
(Government grants)		(165,608	)		—		1,611			9,562			—			(3,446	)		(157,881	)
Machinery		54,191,785			184,532		(195,673	)		(6,062,471	)		(6,331	)		5,705,204			53,817,046
(Government grants)		(127,126	)		—		1,230			17,413			—			(11,341	)		(119,824	)
Ships		13,476			—		—			(1,812	)		—			701			12,365
Vehicles		87,687			5,778		(76	)		(40,760	)		—			30,745			83,374
(Government grants)		(2,045	)		—		—			960			—			(1,752	)		(2,837	)
Equipment		435,741			62,291		(264	)		(206,894	)		—			140,001			430,875
(Government grants)		(6,608	)		—		—			2,011			—			(1,335	)		(5,932	)
Tools		178,501			30,598		(364	)		(78,487	)		—			34,226			164,474
(Government grants)		(99	)		—		—			38			—			(1	)		(62	)
Construction-in-progress		28,041,471			14,069,968		(1,511	)		—			(10,700	)		(10,090,726	)		32,008,502
(Government grants)		(135,926	)		5,544		—			—			—			(43,092	)		(173,474	)
Right-of-use assets		3,711,125			261,862		(2,613	)		(536,517	)		—			(70,114	)		3,363,743
Asset retirement costs		11,288,967			—		—			(1,251,446	)		—			(303,947	)		9,733,574
Others		2,419,437			1,290		—			(958,649	)		—			684,852			2,146,930
	W	177,865,308			14,667,574		(531,059	)		(12,868,596	)		(17,031	)		759,339			179,875,535

(*) The Group calculated the actual damage in relation to the fire incident at Taean IGCC gas refinery in January 2023, and recognizedW6,331 million as an impairment loss. In addition, as the recoverable amount of construction-in-progress of Guam Ukudu Power LLC, a subsidiary of the Group, is less than the book value,W10,700 million was recognized as an impairment loss during the year ended December 31, 2023.

(3) The Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds and costs from selling items produced before its intended use, by accountingW97,747 million (W38,149 million for the prior year) as revenue andW77,429 million (W45,578 million for the prior year) as expense in profit or loss for the nine-month period ended September 30, 2024.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

19. Investment Properties

(1) Investment properties as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	207,438		—			—			207,438
Buildings		28,779		(21	)		(12,659	)		16,099
	W	236,217		(21	)		(12,659	)		223,537

In millions of Won	December 31, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	172,594		—			—			172,594
Buildings		20,043		(22	)		(7,088	)		12,933
	W	192,637		(22	)		(7,088	)		185,527

(2) Changes in investment properties for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	172,594			—		—			34,844			207,438
Buildings		12,955			—		(496	)		3,661			16,120
(Government grants)		(22	)		—		1			—			(21	)
	W	185,527			—		(495	)		38,505			223,537
In millions of Won	December 31, 2023
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	194,417			—		—			(21,823	)		172,594
Buildings		13,890			—		(494	)		(441	)		12,955
(Government grants)		(21	)		—		1			(2	)		(22	)
	W	208,286			—		(493	)		(22,266	)		185,527

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024						September 30, 2023
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Rental income	W	3,138			8,707			2,873			8,032
Operating and maintenance expenses related to rental income		(191	)		(524	)		(79	)		(380	)
	W	2,947			8,183			2,794			7,652
(4)   Fair values of investment properties as of September 30, 2024 and December 31, 2023 are as follows:
In millions of Won	September 30, 2024						December 31, 2023
	Book value			Fair value			Book value			Fair value
Land	W	207,438			322,069			172,594			258,478
Buildings		16,099			16,647			12,933			13,437
	W	223,537			338,716			185,527			271,915

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

(5) All of the Group’s investment properties are held under freehold interests.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

20. Construction Contracts

(1) Changes in the total contract amount in which revenue is not yet recognized for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others	W	5,795,600		462,499		(363,315	)		5,894,784

(*) For the nine-month period ended September 30, 2024, the increased balance of contracts from new orders isW538,015 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact isW75,516 million.

In millions of Won	December 31, 2023
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others	W	5,594,946		986,049		(785,395	)		5,795,600

(*) For the year ended December 31, 2023, the increased balance of contracts from new orders isW1,029,165 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact isW43,116 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in overseas and others	W	23,246,343		22,722,372		523,971		75,028

In millions of Won	December 31, 2023
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in overseas and others	W	22,996,785		22,382,628		614,157		74,253

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

20. Construction Contracts, Continued

(3) The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Contract assets (*1)		Contract liabilities (*2)		Contract assets (*1)		Contract liabilities (*2)
Nuclear power plant construction in overseas and others	W	300,448		316,353		183,204		270,789

(*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2) Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on September 30, 2024 from the amounts included in contract liabilities at the end of the prior year isW92,259 million.

(4) The contracts with purchasers state that the disclosure of information related to UAE and Egypt Eldaba nuclear power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the purchasers. The purchasers did not agree to disclose such information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the consolidated financial statements.

	Contract date		Completion date
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029

(5) The operating segments information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the nine-month period ended September 30, 2024 is as follows:

In millions of Won	September 30, 2024
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		Changes in estimates of contract revenue and costs			Amounts recognized in current profit or loss			Amounts recognized in future profit or loss			Changes in estimated total contract costs		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	—		(109,277	)		(106,731	)		(2,546	)		169,310		—		184,145		15,427		—		—
Electric power generation (Nuclear)		—		25,730			527			25,203			56,792		—		—		—		—		—
Plant maintenance & engineering Service		2,297		1,617			(3,942	)		5,559			20,472		10,345		116,303		—		24,370		3,786
	W	2,297		(81,930	)		(110,146	)		28,216			246,574		10,345		300,448		15,427		24,370		3,786

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

21. Intangible Assets other than Goodwill

(1) Intangible assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,129,172		(919	)		(952,524	)		(19	)		175,710
Copyrights, patents rights and other industrial rights		106,382		—			(69,665	)		(9,178	)		27,539
Mining rights		669,221		—			(66,278	)		(572,992	)		29,951
Development expenditures		985,464		(1,270	)		(931,332	)		—			52,862
Intangible assets under development		103,580		(2,997	)		—			(8,903	)		91,680
Usage rights of donated assets and others		592,695		—			(455,974	)		(136	)		136,585
Leasehold rights		28,185		—			(24,976	)		—			3,209
Greenhouse gas emissions rights		59,502		—			—			—			59,502
Others		600,490		(252	)		(218,103	)		(11,918	)		370,217
	W	4,274,691		(5,438	)		(2,718,852	)		(603,146	)		947,255
In millions of Won	December 31, 2023
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,083,537		(413	)		(885,677	)		(19	)		197,428
Copyrights, patents rights and other industrial rights		105,827		—			(73,158	)		(9,178	)		23,491
Mining rights		643,625		—			(57,549	)		(553,911	)		32,165
Development expenditures		966,530		(2,121	)		(911,096	)		—			53,313
Intangible assets under development		94,916		(2,458	)		—			(8,903	)		83,555
Usage rights of donated assets and others		592,739		—			(447,352	)		(136	)		145,251
Leasehold rights		28,185		—			(24,256	)		—			3,929
Greenhouse gas emissions rights		107,086		—			—			—			107,086
Others		599,958		(322	)		(199,865	)		(12,005	)		387,766
	W	4,222,403		(5,314	)		(2,598,953	)		(584,152	)		1,033,984

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	197,841			13,528		(3	)		(66,355	)		—			31,618			176,629
(Government grants)		(413	)		—		—			155			—			(661	)		(919	)
Copyrights, patents rights and other industrial rights		23,491			204		(44	)		(3,646	)		—			7,534			27,539
Mining rights		32,165			1,690		—			(5,487	)		—			1,583			29,951
Development expenditures		55,434			—		—			(19,292	)		—			17,990			54,132
(Government grants)		(2,121	)		—		—			1,032			—			(181	)		(1,270	)
Intangible assets under development		86,013			41,015		—			—			—			(32,351	)		94,677
(Government grants)		(2,458	)		—		—			—			—			(539	)		(2,997	)
Usage rights of donated assets and others		145,251			28		—			(8,692	)		—			(2	)		136,585
Leasehold rights		3,929			—		—			(720	)		—			—			3,209
Greenhouse gas emissions rights		107,086			121		—			—			—			(47,705	)		59,502
Others		388,088			1,496		(532	)		(19,521	)		—			938			370,469
(Government grants)		(322	)		—		—			70			—			—			(252	)
	W	1,033,984			58,082		(579	)		(122,456	)		—			(21,776	)		947,255
In millions of Won	December 31, 2023
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	203,007			12,837		(18	)		(86,174	)		—			68,189			197,841
(Government grants)		(174	)		—		—			85			—			(324	)		(413	)
Copyrights, patents rights and other industrial rights		28,013			319		(70	)		(4,918	)		(180	)		327			23,491
Mining rights		38,525			2,164		—			(10,289	)		—			1,765			32,165
Development expenditures		54,505			—		—			(25,614	)		—			26,543			55,434
(Government grants)		(3,477	)		—		—			1,356			—			—			(2,121	)
Intangible assets under development		67,722			51,282		—			—			—			(32,991	)		86,013
(Government grants)		(2,108	)		—		—			—			—			(350	)		(2,458	)
Usage rights of donated assets and others		157,143			—		—			(11,857	)		—			(35	)		145,251
Leasehold rights		4,888			—		—			(959	)		—			—			3,929
Greenhouse gas emissions rights		43,960			8,577		(1	)		(2	)		—			54,552			107,086
Others		364,727			4,136		(119	)		(24,895	)		(103	)		44,342			388,088
(Government grants)		(67	)		—		—			93			—			(348	)		(322	)
	W	956,664			79,315		(208	)		(163,174	)		(283	)		161,670			1,033,984

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

21. Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won and thousands of Australian dollars
September 30, 2024
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		4,643	3 years and 2 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		13,566	3 years and 3 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		9,831	2 years and 2 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		6,063	5 years and 9 months
Others	Occupancy and use of public waters	KRW		66,742	12 years and 4 months
	Greenhouse gas emissions rights	KRW		59,502	—
	Business rights	KRW		144,653	25 years and 2 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

In millions of Won and thousands of Australian dollars
December 31, 2023
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		5,742	3 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		16,697	4 years
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		13,235	2 years and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		6,853	6 years and 6 months
Others	Occupancy and use of public waters	KRW		70,800	13 years and 1 month
	Greenhouse gas emissions rights	KRW		107,086	—
	Business rights	KRW		148,964	25 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

(4) For each of the nine-month periods ended September 30, 2024 and 2023, the Group recognized research and development expenses ofW528,950 million andW497,731 million, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

22. Trade and Other Payables

  Trade and other payables as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Trade payables	W	4,314,712		—		4,341,482		—
Non-trade payables		1,595,464		1,714,516		2,140,906		1,716,345
Accrued expenses		1,825,235		21,156		1,859,765		23,148
Leasehold deposits received		3,263		3,232		2,548		1,042
Other deposits received		68,342		73,090		127,933		33,723
Lease liabilities		573,705		2,894,382		612,765		3,195,115
Dividends payable		7,117		—		4,574		—
Others (*)		—		10,068		—		12,584
	W	8,387,838		4,716,444		9,089,973		4,981,957

(*) Details of others as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		3,069		—		3,069
Others		—		6,999		—		9,515
	W	—		10,068		—		12,584

87

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Current liabilities
Short-term borrowings	W	9,340,012			10,667,335
Current portion of long-term borrowings		7,851,687			5,780,638
Current portion of debt securities		32,260,186			24,681,439
Less: current portion of discount on long-term borrowings		(15,406	)		(1,152	)
Less: current portion of discount on debt securities		(9,008	)		(7,176	)
Add: current portion of premium on debt securities		—			263
		49,427,471			41,121,347
Non-current liabilities
Long-term borrowings		2,974,350			3,407,514
Debt securities		79,950,325			89,293,561
Less: discount on long-term borrowings		(36,009	)		(14,683	)
Less: discount on debt securities		(171,335	)		(175,909	)
		82,717,331			92,510,483
	W	132,144,802			133,631,830

(2) Repayment schedules of borrowings and debt securities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
September 30, 2024
Type	Borrowings		Debt Securities
Less than 1 year	W	17,191,699		32,260,186
1~ 5 years		1,242,173		56,547,798
More than 5 years		1,732,177		23,402,527
	W	20,166,049		112,210,511
In millions of Won
December 31, 2023
Type	Borrowings		Debt Securities
Less than 1 year	W	16,447,973		24,681,439
1~ 5 years		1,649,696		64,342,617
More than 5 years		1,757,818		24,950,944
	W	19,855,487		113,975,000

88

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won and thousands of USD
September 30, 2024
Type	Creditor	Interest rate (%)	Maturity		Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others	3.55~4.60		2024.10.02 ~2024.12.31		—	W	4,870,348
Local short-term borrowings	Nonghyup Bank and others	3M CD+0.23~1.03 Base rate for short-term loans+1.03		2024.10.02 ~2025.07.04		—		4,310,000
Local short-term borrowings	Export-Import Bank of Korea	3M bank debenture rate+0.34		2024.12.27		—		50,000
Foreign short-term borrowings	Kookmin Bank and others	5.74~5.78		2024.10.10 ~2024.11.04		USD 22,211		29,310
Foreign short-term borrowings	Hana Bank	1M SOFR+0.90		2025.08.12		USD 40,000		52,784
Local bank overdraft	Woori Bank	Standard overdraft rate+1.37		2025.02.21		—		27,570
							W	9,340,012
In millions of Won and thousands of USD
December 31, 2023
Type	Creditor	Interest rate (%)	Maturity		Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others	4.00~4.84		2024.01.05 ~2024.12.31		—	W	6,180,339
Local short-term borrowings	Nonghyup Bank and others	3M CD+0.98~1.12		2024.05.26 ~2024.11.20		—		4,300,000
Local short-term borrowings	Korea Development Bank	Standard overdraft rate+1.06		2024.02.24		—		30,000
Local short-term borrowings	Export-Import Bank of Korea	3M bank debenture rate+0.34		2024.12.27		—		50,000
Foreign short-term borrowings	Export-Import Bank of Korea	5.49		2024.09.27		USD 40,000		51,576
Foreign short-term borrowings	Kookmin Bank	1M SOFR+0.95		2024.02.16		USD 40,000		51,576
Local bank overdraft	Woori Bank and others	Standard overdraft rate+1.37 4.63~5.34		2024.01.05 ~2024.02.23		—		3,844
							W	10,667,335

89

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
September 30, 2024
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2024~2044		—	W	1,506
	Facility	2.60~4.94	2025~2042		—		53,462
	Facility	CB rate+0.90	2029		—		9,985
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20	2025~2029		—		6,950,000
	Facility	4.60	2028		—		5,324
	Facility	3yr KTB rate-1.25	2028		—		2,658
Export-Import Bank of Korea	Project loans	1.00	2026		—		5,892
	Facility	1.32	2025~2028		—		68,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 2.00	2025~2028		—		7,864
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		14,975
	Operating funds	6M bank debenture rate+0.93	2025		—		20,000
	Commercial Paper	3M CD+0.38	2025		—		150,000
	Others	3.95	2034		—		69,176
	Others	Standard overdraft rate+1.00	2034		—		69,176
Kookmin Bank	Facility	3M CD+1.79 5.60~5.94	2030~2037		—		165,592
	Operating funds	1yr bank debenture rate+0.78	2025		—		20,000
Woori Bank	Facility	3M CD+1.90 5.20~5.94	2034~2042		—		102,185
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	5.60~5.70	2030~2041		—		30,396
Others	Facility	3.30~6.80	2028~2042		—		773,160
	Facility	CB rate+1.10 1.75~5.70	2028~2041		—		24,607
	PF Refinancing	CB rate+1.25	2030		—		5,964
	PF Refinancing	4.10	2030		—		16,567
	Securitized debts (*)	3M CD+1.80	2025		—		55,000
	Others	4.40~7.90	2025~2039		—		113,489
	Others	2.00~6.86	2031~2034		—		49,880
						W	8,866,745

90

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won and thousands of foreign currencies
September 30, 2024
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744	W	11,538
Export-Import Bank of Korea and others	Direct Loan and others	6M Synthetic Libor+1.80~3.20		2036		USD 75,080		99,075
	Direct Loan and others	6M Synthetic Libor+2.25~3.70		2027		JOD 52,350		97,434
	Facility	SOFR+0.43 1M SOFR+1.83		2029~2031		USD 111,003		146,480
Korea Development Bank and others	EBL	1M SOFR+0.86		2025		USD 149,327		197,051
POSCO E&C and others	Shareholder’s loan	5.60~8.00		2025~2026		USD 10,770		14,212
	Shareholder’s loan	8.00		2031		JOD 4,853		9,032
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00		2032		JPY 3,937,987		36,407
Woori Bank and others	Syndicated Loan	JPY 6M Tibor+1.84		2032		JPY 2,178,069		20,136
Solar Construction Lending, LLC	Facility	5.00		2025		USD 29,694		39,184
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 40,693		59,984
IFC and others	Facility	3M SOFR+1.60~1.99 6M SOFR+5.00 6.19~7.22		2026~2032		USD 708,460		934,883
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2039		USD 60,880		80,337
DBS Bank and others	Facility	1M BBSY+1.40~2.25		2025		AUD 180,858		165,023
Nonghyup Bank and others	Facility	10.40		2039		USD 36,765		48,516
								1,959,292
								10,826,037
Less: discount on long-term borrowings								(51,415	)
Less: current portion of long-term borrowings								(7,851,687	)
Add: current portion of discount on long-term borrowings								15,406
							W	2,938,341

(*) The main reasons for early repayment of securitized debts as of September 30, 2024 are as follows:

Type	Details
Non-payment of proceeds	Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding	Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation	Where the consignor fails to fulfill the additional trust obligation
Event of default	In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

91

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won
December 31, 2023
Type		Interest rate (%)		Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others		0.50		2024~2044		—	W	1,758
	Facility		2.60~4.94		2025~2042		—		53,052
	Facility		CB rate+0.90		2029		—		9,985
	Operating funds		1yr KDB rate+0.91		2024		—		40,000
Hana Bank and others	Commercial Paper		3M CD+0.13~1.20		2024~2028		—		5,350,000
	Facility		4.60		2028		—		6,558
	Facility		3yr KTB rate-2.50		2028		—		3,156
Export-Import Bank of Korea	Project loans		1.00		2026		—		7,365
	Facility		1.32		2028		—		80,000
	Operating funds		3M bank debenture rate+0.66		2026		—		40,000
Korea Energy Agency	Development of power resources		3yr KTB rate-2.25 2.25		2024~2028		—		9,176
	Facility		3yr KTB rate-1.50		2024		—		163
	Project loans		—		2033		—		1,197
Shinhan Bank and others	Facility		CB rate+0.90~1.10		2028~2029		—		16,825
	Operating funds		6M bank debenture rate+0.93		2025		—		20,000
	Commercial Paper		3M CD+0.38		2025		—		150,000
	Others		3.95		2034		—		73,425
	Others		Standard overdraft rate+1.00		2034		—		73,425
Kookmin Bank	Facility		1yr bank debenture rate+0.78 3M CD+1.79~2.10 5.04		2025~2037		—		186,032
Woori Bank	Facility		Standard overdraft rate+1.60 3M CD+1.90 5.04		2034~2042		—		101,172
IBK	Facility		4.00~5.80		2042~2044		—		30,690
Nonghyup Bank	Facility		3M CD+2.00~2.10		2030~2041		—		22,517
Others	Facility		3.50~6.80		2028~2042		—		735,722
	Facility		CB rate+1.10 3M CD+2.10 1.75~3.30		2024~2041		—		51,509
	PF Refinancing		CB rate+1.25		2030		—		6,680
	PF Refinancing		4.10		2030		—		18,556
	Securitized debts (*)		3M CD+1.80		2025		—		52,060
	Others		4.40~7.90		2025~2039		—		113,973
	Others		1.80~4.50		2031~2034		—		49,879
								W	7,304,875

92

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won and thousands of foreign currencies
December 31, 2023
Type		Interest rate (%)		Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans		—		2026		USD 8,744	W	11,274
Export-Import Bank of Korea and others	Direct Loan and others		6M Synthetic Libor+1.80~3.20		2036		USD 78,347		101,020
	Direct Loan and others		6M Synthetic Libor+2.25~3.70		2027		JOD 62,385		113,390
	Facility		6M Synthetic Libor+1.70~2.50 1M SOFR+1.83		2029~2031		USD 120,916		155,909
Korea Development Bank and others	EBL		1M SOFR+0.86		2025		USD 142,049		183,157
POSCO E&C and others	Shareholder’s loan		5.60~8.00		2025		USD 10,770		13,887
	Shareholder’s loan		8.00		2031		JOD 5,419		9,850
Samsung Life Insurance and others	Syndicated Loan		3.10~8.00		2032		JPY 4,350,671		39,707
Woori Bank and others	Syndicated Loan		JPY 6M Tibor+1.84		2032		JPY 2,399,088		21,896
Solar Construction Lending, LLC	Facility		5.00		2025		USD 29,894		38,545
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing		3.90		2029		EUR 40,478		57,745
IFC and others	Facility		3M SOFR+1.99 6M SOFR+5.00 3M BSBY+1.70 6.05~6.62		2024~2031		USD 655,922		845,746
Hanwha US Solar Private Fund 1 and others	Facility		6.00		2039		USD 60,674		78,233
DBS Bank and others	Facility		1M BBSY+1.40~2.25		2025		AUD 185,086		162,891
Nonghyup Bank and others	Facility		10.40		2039		USD 38,799		50,027
									1,883,277
									9,188,152
Less: discount on long-term borrowings									(15,835	)
Less: current portion of long-term borrowings									(5,780,638	)
Add: current portion of discount on long-term borrowings									1,152
								W	3,392,831

(*) The main reasons for early repayment of securitized debts as of December 31, 2023 are as follows:

Type	Details
Non-payment of proceeds	Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding	Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation	Where the consignor fails to fulfill the additional trust obligation
Event of default	In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

93

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
	Issue date		Maturity		Interest rate (%)		September 30, 2024			December 31, 2023
Electricity Bonds		2012.03.27 ~2024.09.23		2024.10.04 ~2052.04.21		1.43~5.99	W	64,550,000			67,730,000
Corporate Bonds (*)		2009.10.16 ~2024.08.21		2024.10.16 ~2054.06.28		1.28~10.00		29,967,353			29,887,353
Corporate Bonds		2021.05.26 ~2023.12.28		2041.05.25 ~2043.09.15		2.50~3.78		41,578			41,578
								94,558,931			97,658,931
Less: discount on local debt securities								(53,017	)		(54,826	)
Less: current portion of local debt securities								(28,141,584	)		(23,141,584	)
Add: current portion of discount on local debt securities								2,320			4,712
							W	66,366,650			74,467,233

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting toW1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

94

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won and thousands of foreign currencies
September 30, 2024
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	367,774
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		415,301
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		378,620
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		131,960
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		395,880
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		395,880
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		58,962
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		58,914
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		280,104
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		156,936
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000		273,732
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 332,450		438,701
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		395,880
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		659,800
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		659,800
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		395,880
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		593,820
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		659,800
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		395,880
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		395,880
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		395,880
FY-22	2022.05.06	2025.05.06	3.60		USD 500,000		659,800
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		USD 800,000		1,055,680
FY-22	2022.06.28	2025.06.28	4.13		USD 300,000		395,880
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		923,720
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,055,680
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		398,936
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		176,041
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		461,860
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		659,800
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,319,600
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		395,880
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,583,520
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		659,799
							17,651,580
Less: discount on foreign debt securities							(127,326	)
Less: current portion of foreign debt securities							(4,118,602	)
Add: current portion of discount on foreign debt securities							6,688
						W	13,412,340

95

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won and thousands of foreign currencies
December 31, 2023
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	359,357
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		405,796
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		369,955
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		128,940
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		386,820
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		386,820
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		57,064
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		58,050
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		272,349
FY-19	2019.02.27	2024.02.27	0.13		CHF 200,000		305,364
FY-19	2019.06.24	2024.06.24	2.50		USD 500,000		644,700
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05		CHF 300,000		458,046
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000		264,024
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 342,753		441,946
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		386,820
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		644,700
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		644,700
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		386,820
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		580,230
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		644,700
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		386,820
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		386,820
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		386,820
FY-22	2022.05.06	2025.05.06	3.60		USD 500,000		644,700
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		USD 800,000		1,031,520
FY-22	2022.06.28	2025.06.28	4.13		USD 300,000		386,820
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		902,580
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,031,520
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		387,891
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		171,167
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		451,290
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		644,700
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,289,400
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		386,820
							16,316,069
Less: discount on foreign debt securities							(128,259	)
Add: addition on foreign debt securities							263
Less: current portion of foreign debt securities							(1,539,855	)
Add: current portion of discount on foreign debt securities							2,464
Less: current portion of addition on foreign debt securities							(263	)
						W	14,650,419

(7) Changes in borrowings and debt securities for each of the nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024			September 30, 2023
Beginning balance	W	133,631,830			120,605,365
Cash flow		(1,863,188	)		12,389,909
Effect of exchange rate fluctuations		409,261			1,099,800
Others		(33,101	)		(58,424	)
Ending balance	W	132,144,802			134,036,650

96

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease

1) Group as a lessee

(1) Finance lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognizedW118,604 million andW112,691 million respectively, as expense for each of the nine-month periods ended September 30, 2024 and 2023. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less thanW5 million), and recognizedW2,162 million andW1,887 million respectively, as expense for each of the nine-month periods ended September 30, 2024 and 2023. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Acquisition cost		Accumulated depreciation			Book value
Land	W	965,452		(324,736	)		640,716
Buildings		201,838		(108,617	)		93,221
Structures		51,066		(11,419	)		39,647
Machinery		29,291		(25,551	)		3,740
Ships		4,018,038		(1,995,736	)		2,022,302
Vehicles		61,388		(39,866	)		21,522
Others (*)		668,141		(436,066	)		232,075
	W	5,995,214		(2,941,991	)		3,053,223

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

In millions of Won	December 31, 2023
	Acquisition cost		Accumulated depreciation			Book value
Land	W	937,481		(281,621	)		655,860
Buildings		188,017		(97,444	)		90,573
Structures		46,573		(9,217	)		37,356
Machinery		26,453		(20,510	)		5,943
Ships		4,137,168		(1,823,863	)		2,313,305
Vehicles		59,208		(33,717	)		25,491
Others (*)		646,894		(411,679	)		235,215
	W	6,041,794		(2,678,051	)		3,363,743

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease, Continued

(3) Changes in right-of-use assets for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	655,860		12,368		(44,150	)		(12	)		16,650			640,716
Buildings		90,573		27,926		(30,445	)		(305	)		5,472			93,221
Structures		37,356		4,115		(3,165	)		—			1,341			39,647
Machinery		5,943		670		(5,041	)		—			2,168			3,740
Ships		2,313,305		—		(276,491	)		(1,656	)		(12,856	)		2,022,302
Vehicles		25,491		7,987		(10,621	)		(75	)		(1,260	)		21,522
Others		235,215		12,242		(26,212	)		(1	)		10,831			232,075
	W	3,363,743		65,308		(396,125	)		(2,049	)		22,346			3,053,223
In millions of Won	December 31, 2023
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	661,799		2,696		(57,461	)		(126	)		48,952			655,860
Buildings		74,856		24,622		(32,591	)		(904	)		24,590			90,573
Structures		23,965		49		(2,471	)		(273	)		16,086			37,356
Machinery		835		—		(94	)		—			5,202			5,943
Ships		2,596,863		199,538		(382,298	)		—			(100,798	)		2,313,305
Vehicles		14,716		21,097		(10,464	)		(1,008	)		1,150			25,491
Others		338,091		13,860		(51,138	)		(302	)		(65,296	)		235,215
	W	3,711,125		261,862		(536,517	)		(2,613	)		(70,114	)		3,363,743

98

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease, Continued

(4) Lease liabilities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Less than 1 year	W	596,612			641,525
1 ~ 5 years		1,687,596			1,898,846
More than 5 years		1,587,316			1,694,729
		3,871,524			4,235,100
Less: discount		(403,437	)		(427,220	)
Present value of lease payment	W	3,468,087			3,807,880

(5) Details of the liquidity classification of lease liabilities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Current lease liabilities	W	573,705		612,765
Non-current lease liabilities		2,894,382		3,195,115
	W	3,468,087		3,807,880

(6) Changes in lease liabilities for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities	W	3,807,880		70,784		(535,987	)		62,562		62,848		3,468,087

(*) Including translation effect of foreign currency lease liabilities and others.

In millions of Won	December 31, 2023
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)			Ending balance
Lease liabilities	W	4,163,143		253,495		(661,665	)		87,426		(34,519	)		3,807,880

(*) Including translation effect of foreign currency lease liabilities and others.

99

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease, Continued

(7) Details of expense relating to lease contracts as lessee for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024						September 30, 2023
	Three-month period ended			Nine-month period ended			Three-month period ended		Nine-month period ended
Depreciation of right-of-use assets	W	128,674			396,125			135,599		403,244
Interest expenses of lease liabilities		20,313			62,562			22,774		64,116
Lease expenses for short-term leases		24,545			118,604			43,602		112,691
Lease expenses for leases of low-value assets		703			2,162			719		1,887
Variable lease payments		(6,476	)		(4,106	)		19,828		31,149
	W	167,759			575,347			222,522		613,087

(8) The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts toW652,647 million andW665,690 million, for each of the nine-month periods ended September 30, 2024 and 2023, respectively.

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease, Continued

2) Group as a lessor

(1) Finance lease contracts

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 17 energy storage system installation projects and 200 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2) Profit and loss related to finance lease for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Finance income on the net investment in the lease	W	18,775		78,202		29,101		88,191

(3) The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024			December 31, 2023
Less than 1 year	W	196,037			189,779
1 ~ 2 years		194,964			182,743
2 ~ 3 years		188,853			179,428
3 ~ 4 years		176,183			178,074
4 ~ 5 years		168,109			168,221
More than 5 years		1,318,140			1,408,350
		2,242,286			2,306,595
Less: unearned finance income		(999,879	)		(1,057,434	)
Net investment in the lease (*)	W	1,242,407			1,249,161

(*) Including the present value of unguaranteed residual value amounting toW27,957 million andW25,521 million, as of September 30, 2024 and December 31, 2023, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.30% per year as of September 30, 2024. (0.00%~17.03% for the prior year)

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

24. Lease, Continued

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	5,256			4,505
Bad debt expense		—			751
Reversal		(328	)		—
Ending balance	W	4,928			5,256

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

25. Employment Benefits

(1) Employment benefit obligations as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Net defined benefit asset	W	24,095		70,187
Net defined benefit obligations		1,649,403		1,033,409
Other long-term employee benefit obligations		1,705		1,911

(2) Principal assumptions used for actuarial valuation as of September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024			December 31, 2023
Discount rate		3.48%~5.19%			4.06%~5.44%
Future salary and benefit levels		4.83	%		4.82%
Weighted average duration		9.58 years			9.52 years

(3) Details of expense relating to defined benefit plans for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024						September 30, 2023
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Current service cost	W	105,788			312,835			91,280			272,346
Interest cost		45,464			132,936			45,595			137,905
Expected return on plan assets		(33,620	)		(101,564	)		(38,332	)		(115,880	)
	W	117,632			344,207			98,543			294,371

Expenses described above are recognized in those items below in the consolidated financial statements.

In millions of Won	September 30, 2024				September 30, 2023
	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Cost of sales	W	84,467		247,016		69,512		208,753
Selling and administrative expenses		21,928		64,008		18,584		54,070
Others including construction-in- progress		11,237		33,183		10,447		31,548
	W	117,632		344,207		98,543		294,371

In addition, for the nine-month periods ended September 30, 2024 and 2023, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows:W63,789 million andW68,065 million as cost of sales;W10,397 million andW11,327 million as selling and administrative expenses; andW10,925 million andW11,371 million as construction-in-progress and others.

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Present value of defined benefit obligation from funded plans	W	4,942,029			4,312,702
Fair value of plan assets		(3,316,721	)		(3,349,480	)
Net liabilities incurred from defined benefit plans	W	1,625,308			963,222

(5) Changes in the present value of defined benefit obligations for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	4,312,702			3,776,715
Current service cost		312,835			373,802
Interest cost		132,936			190,257
Remeasurement component		462,139			409,635
Actual payments		(278,623	)		(437,734	)
Others		40			27
Ending balance	W	4,942,029			4,312,702

(6) Changes in the fair value of plan assets for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	3,349,480			3,149,414
Expected return		101,564			163,074
Remeasurement component		(2,239	)		4,777
Contributions by the employers		9,756			188,566
Actual payments		(141,840	)		(156,351	)
Ending balance	W	3,316,721			3,349,480

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Equity instruments	W	3,099		5,326
Debt instruments		447,437		697,907
Bank deposits		594,449		611,821
Others (*)		2,271,736		2,034,426
	W	3,316,721		3,349,480

(*) ‘Others’ consist of various financial instruments managed by external asset management companies.

For the nine-month period ended September 30, 2024 and for the year ended December 31, 2023, actual returns on plan assets amounted toW99,325 million andW167,851 million, respectively.

(8) Remeasurement components recognized in other comprehensive income (loss) for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Actuarial loss from changes in financial assumptions	W	271,515		429,810
Actuarial loss (gain) from experience adjustments, etc.		190,624		(20,175	)
Expected loss (return)		2,239		(4,777	)
	W	464,378		404,858

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

In addition, loss on accumulated remeasurement component amounting toW101,231 million and gain on accumulated remeasurement component amounting toW29,229 million have been recognized as other comprehensive income or loss as of September 30, 2024 and December 31, 2023, respectively.

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

26. Provisions

(1) Provisions as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	946,750		—		999,691		—
Litigation
Litigation provisions		9,350		253,479		5,299		171,719
Decommissioning cost
Nuclear plants		81,684		22,617,364		81,684		21,565,203
Spent fuel		906,765		2,014,385		940,585		1,985,149
Radioactive waste		69,784		1,894,348		67,572		1,840,513
PCBs		—		43,785		—		57,944
Other recovery provisions		—		37,327		—		36,082
Others
Power plant regional support program		144,481		—		130,034		—
Transmission regional support program		139,565		—		256,006		—
Provisions for financial guarantee		28,342		6,963		25,534		24,458
Provisions for RPS		41,779		20,603		36,074		—
Provisions for greenhouse gas emissions obligations		—		—		18,672		—
Others		110,242		136,545		92,974		199,976
	W	2,478,742		27,024,799		2,654,125		25,881,044

(2) Changes in provisions for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	999,691		836,386		(889,267	)		(60	)		—			946,750
Litigation
Litigation provisions		177,018		128,960		(18,548	)		(24,601	)		—			262,829
Decommissioning cost
Nuclear plants		21,646,887		1,095,743		(43,544	)		—			(38	)		22,699,048
Spent fuel		2,925,734		687,326		(369,208	)		(322,702	)		—			2,921,150
Radioactive waste		1,908,085		75,821		(19,774	)		—			—			1,964,132
PCBs		57,944		922		(15,081	)		—			—			43,785
Other recovery provisions		36,082		908		(674	)		—			1,011			37,327
Others
Power plant regional support program		130,034		55,761		(41,314	)		—			—			144,481
Transmission regional support program		256,006		5,845		(122,286	)		—			—			139,565
Provisions for financial guarantee		49,992		3,504		(17,642	)		(526	)		(23	)		35,305
Provisions for RPS		36,074		696,625		(630,902	)		(39,415	)		—			62,382
Provisions for greenhouse gas emissions obligations		18,672		8,312		(21,037	)		(5,947	)		—			—
Others		292,950		92,403		(139,061	)		394			101			246,787
	W	28,535,169		3,688,516		(2,328,338	)		(392,857	)		1,051			29,503,541

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

26. Provisions, Continued

(2) Changes in provisions for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows, continued:

In millions of Won	December 31, 2023
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,045,058		834,102		(877,933	)		(1,536	)		—			999,691
Litigation
Litigation provisions		181,179		151,189		(67,478	)		(87,872	)		—			177,018
Decommissioning cost
Nuclear plants		23,035,427		572,379		(62,035	)		(1,898,935	)		51			21,646,887
Spent fuel		1,426,918		1,877,827		(379,011	)		—			—			2,925,734
Radioactive waste		1,990,007		89,054		(86,823	)		(84,153	)		—			1,908,085
PCBs		88,359		1,699		(17,100	)		(15,014	)		—			57,944
Other recovery provisions		32,770		1,319		(432	)		—			2,425			36,082
Others
Power plant regional support program		144,504		51,814		(66,284	)		—			—			130,034
Transmission regional support program		239,235		177,520		(160,749	)		—			—			256,006
Provisions for financial guarantee		67,240		10,215		(25,174	)		(2,251	)		(38	)		49,992
Provisions for RPS		24,339		620,855		(609,120	)		—			—			36,074
Provisions for greenhouse gas emissions obligations		298,876		77,207		(298,859	)		(58,552	)		—			18,672
Others		217,781		181,756		(101,601	)		(3,816	)		(1,170	)		292,950
	W	28,791,693		4,646,936		(2,752,599	)		(2,152,129	)		1,268			28,535,169

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

27. Government Grants

(1) Government grants as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Land	W	27,403		27,404
Buildings		42,754		46,227
Structures		149,969		157,881
Machinery		107,757		119,824
Vehicles		2,710		2,837
Equipment		4,444		5,932
Tools		1,412		62
Construction-in-progress		194,658		173,474
Investment properties		21		22
Software		919		413
Development expenditures		1,270		2,121
Intangible assets under development		2,997		2,458
Other intangible assets		252		322
	W	536,566		538,977

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

27. Government Grants, Continued

(2) Changes in government grants for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		25,319		—			—			—			—		(25,319	)		—
Land		27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(3,474	)		—			—		1			42,754
Structures		157,881		—		—			(7,096	)		(959	)		—		143			149,969
Machinery		119,824		—		—			(12,168	)		(232	)		—		333			107,757
Vehicles		2,837		—		—			(894	)		(8	)		—		775			2,710
Equipment		5,932		—		—			(1,589	)		—			—		101			4,444
Tools		62		—		—			(234	)		—			—		1,584			1,412
Construction-in-progress		173,474		—		(3,090	)		—			—			—		24,274			194,658
Investment properties		22		—		—			(1	)		—			—		—			21
Software		413		—		—			(155	)		—			—		661			919
Development expenditures		2,121		—		—			(1,032	)		—			—		181			1,270
Intangible assets under development		2,458		—		—			—			—			—		539			2,997
Other intangible assets		322		—		—			(70	)		—			—		—			252
	W	538,977		25,319		(3,090	)		(26,713	)		(1,200	)		—		3,273			536,566

In millions of Won	December 31, 2023
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		57,207		—			—			—			239		(57,446	)		—
Land		27,405		—		—			—			(1	)		—		—			27,404
Buildings		50,437		—		—			(5,070	)		—			—		860			46,227
Structures		165,608		—		—			(9,562	)		(1,611	)		—		3,446			157,881
Machinery		127,126		—		—			(17,413	)		(1,230	)		—		11,341			119,824
Vehicles		2,045		—		—			(960	)		—			—		1,752			2,837
Equipment		6,608		—		—			(2,011	)		—			—		1,335			5,932
Tools		99		—		—			(38	)		—			—		1			62
Construction-in-progress		135,926		—		(5,544	)		—			—			—		43,092			173,474
Investment properties		21		—		—			(1	)		—			—		2			22
Software		174		—		—			(85	)		—			—		324			413
Development expenditures		3,477		—		—			(1,356	)		—			—		—			2,121
Intangible assets under development		2,108		—		—			—			—			—		350			2,458
Other intangible assets		67		—		—			(93	)		—			—		348			322
	W	521,101		57,207		(5,544	)		(36,589	)		(2,842	)		239		5,405			538,977

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

28. Deferred Revenue

Deferred revenues for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	11,548,855			10,974,845
Increase		939,537			1,317,061
Recognized as revenue		(577,319	)		(743,051	)
Ending balance	W	11,911,073			11,548,855

29. Non-financial Liabilities

Non-financial liabilities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Current		Non-current		Current		Non-current
Advance received	W	5,290,876		355,889		5,204,113		288,686
Unearned revenue		45,675		11,150		36,716		12,108
Deferred revenue		763,789		11,147,284		734,825		10,814,030
Withholdings		568,258		2,296		259,755		2,369
Others		1,904,599		56,323		1,646,254		78,807
	W	8,573,197		11,572,942		7,881,663		11,196,000

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

30. Contributed Capital

(1) Details of share capital as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won except share information

September 30, 2024

Shares authorized

Shares issued

Par value per share (in Won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest ofW1,056,176 million is included.

In millions of Won except share information

December 31, 2023

Shares authorized

Shares issued

Par value per share (in Won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest ofW1,056,176 million is included.

(2) Details in the number of floating capital stock for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

Number of shares	September 30, 2024		December 31, 2023
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077

(3) Details of share premium as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Share premium	W	843,758		843,758

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		—		2,812,313
Retained earnings before appropriations		17,509,525		11,921,039
Retained earnings	W	19,114,435		16,338,262

(*) The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2) Details of voluntary reserves as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Reserve for investment on social overhead capital	W	—		2,272,313
Reserve for research and human development (*)		—		330,000
Reserve for equalizing dividends		—		210,000
	W	—		2,812,313

(*) The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.

(3) Changes in retained earnings for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	16,338,262			21,431,300
Profit (loss) for the year attributed to owners of the controlling company		2,475,886			(4,822,549	)
Changes in equity method retained earnings		1,191			(27,349	)
Remeasurements of defined benefit liability, net of tax		(287,298	)		(242,987	)
Transfer of revaluation reserve		586,394			—
Others		—			(153	)
Ending balance	W	19,114,435			16,338,262

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in Won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	—		—

In millions of Won	December 31, 2023
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in Won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	—		—

(5) Changes in retained earnings of investments in associates and joint ventures for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	(11,074	)		16,275
Changes		1,191			(27,349	)
Ending balance	W	(9,883	)		(11,074	)

(6) Changes in remeasurement components related to defined benefit liability for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Beginning balance	W	29,229			614,805
Changes		(451,041	)		(376,121	)
Income tax effect		163,743			133,134
Transfer to reserve for business expansion		156,838			(342,589	)
Ending balance	W	(101,231	)		29,229

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

32. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		September 30, 2024			December 31, 2023
Korea South-East Power Co., Ltd. (*)		2nd hybrid bond		2012.12.07		2042.12.06		4.44	W	230,000			230,000
Expense of issuance										(627	)		(627	)
									W	229,373			229,373

(*) Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

33. Other Components of Equity

(1) Other components of equity as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Other capital surplus	W	1,600,822		1,600,801
Accumulated other comprehensive income		759,990		557,430
Other equity		12,708,578		13,294,972
	W	15,069,390		15,453,203

(2) Changes in other capital surplus for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024						December 31, 2023
	Gains on disposal of treasury stocks		Others		Subtotal		Gains on disposal of treasury stocks		Others			Subtotal
Beginning balance	W	387,524		1,213,277		1,600,801		387,524		881,045			1,268,569
Changes in consolidation scope		—		—		—		—		(48	)		(48	)
Transactions between consolidated entities		—		21		21		—		332,280			332,280
Ending balance	W	387,524		1,213,298		1,600,822		387,524		1,213,277			1,600,801

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

33. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	(20,002	)		943,733		(331,570	)		(34,731	)		557,430
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		82,613			—		—			—			82,613
Shares of other comprehensive income of associates and joint ventures, net of tax		—			91,362		—			—			91,362
Foreign currency translation of foreign operations, net of tax		—			—		(948	)		—			(948	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			29,533			29,533
Ending balance	W	62,611			1,035,095		(332,518	)		(5,198	)		759,990

In millions of Won	December 31, 2023
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	11,510			820,739		(305,620	)		(29,653	)		496,976
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		(31,665	)		—		—			—			(31,665	)
Shares of other comprehensive income of associates and joint ventures, net of tax		—			122,994		—			—			122,994
Foreign currency translation of foreign operations, net of tax		—			—		(25,950	)		—			(25,950	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(5,078	)		(5,078	)
Others		153			—		—			—			153
Ending balance	W	(20,002	)		943,733		(331,570	)		(34,731	)		557,430

(4) Other equity as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024			December 31, 2023
Statutory revaluation reserve	W	12,708,704			13,295,098
Changes in other equity		(126	)		(126	)
	W	12,708,578			13,294,972

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

34. Sales

Details of sales for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024
	Domestic				Overseas				Total
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
[Type of goods and services]
Sales of goods	W	25,511,814		68,179,045		117,524		270,933		25,629,338		68,449,978
Electricity		25,022,271		66,727,885		—		—		25,022,271		66,727,885
Heat supply		18,383		253,676		—		—		18,383		253,676
Others		471,160		1,197,484		117,524		270,933		588,684		1,468,417
Sales related to rendering of services		98,019		315,816		43,887		163,379		141,906		479,195
Sales related to construction services		38,890		99,236		97,516		264,079		136,406		363,315
Revenue related to transfer of assets from customers		195,707		577,319		—		—		195,707		577,319
	W	25,844,430		69,171,416		258,927		698,391		26,103,357		69,869,807
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	25,511,814		68,179,045		117,524		270,933		25,629,338		68,449,978
Performance obligations satisfied over time		332,616		992,371		141,403		427,458		474,019		1,419,829
	W	25,844,430		69,171,416		258,927		698,391		26,103,357		69,869,807

In millions of Won	September 30, 2023
	Domestic				Overseas				Total
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
[Type of goods and services]
Sales of goods	W	23,740,697		63,796,832		128,325		304,119		23,869,022		64,100,951
Electricity		23,164,138		61,784,889		—		—		23,164,138		61,784,889
Heat supply		17,173		328,237		—		—		17,173		328,237
Others		559,386		1,683,706		128,325		304,119		687,711		1,987,825
Sales related to rendering of services		117,766		306,581		67,755		184,212		185,521		490,793
Sales related to construction services		41,363		129,307		186,966		412,795		228,329		542,102
Revenue related to transfer of assets from customers		187,102		552,645		—		—		187,102		552,645
	W	24,086,928		64,785,365		383,046		901,126		24,469,974		65,686,491
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	23,740,697		63,796,832		128,325		304,119		23,869,022		64,100,951
Performance obligations satisfied over time		346,231		988,533		254,721		597,007		600,952		1,585,540
	W	24,086,928		64,785,365		383,046		901,126		24,469,974		65,686,491

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

35. Selling and Administrative Expenses

Selling and administrative expenses for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Salaries	W	276,248		829,647		276,073		782,968
Retirement benefit expense		24,956		74,405		23,503		65,397
Welfare and benefit expense		43,144		107,687		38,022		109,558
Insurance expense		6,818		21,096		3,710		18,159
Depreciation		57,599		172,727		56,704		184,114
Amortization of intangible assets		22,301		66,426		22,444		67,140
Bad debt expense		13,098		36,899		12,314		39,499
Commission		144,992		351,695		118,977		322,137
Advertising expense		7,654		26,104		5,222		27,302
Training expense		2,183		6,288		2,251		5,951
Vehicle maintenance expense		2,540		6,725		2,246		6,925
Publishing expense		377		1,642		385		1,902
Business promotion expense		610		1,911		566		1,963
Rent expense		15,516		37,323		13,919		34,479
Telecommunication expense		2,189		7,052		1,809		5,965
Transportation expense		284		773		224		804
Taxes and dues		3,322		89,902		7,567		98,975
Expendable supplies expense		1,472		4,680		1,563		5,227
Water, light and heating expense		4,721		12,243		4,045		13,374
Repairs and maintenance expense		32,802		101,455		52,824		112,272
Ordinary development expense		54,896		139,112		55,839		139,705
Travel expense		4,312		13,575		3,993		12,278
Clothing expense		2,347		3,739		2,428		3,561
Survey and analysis expense		229		637		233		777
Membership fee		259		1,494		354		1,317
Others		31,302		93,829		34,751		97,634
	W	756,171		2,209,066		741,966		2,159,383

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

36. Other Income and Expenses

(1) Other income for each of the three and nine-month periods ended September 30, 2024 and 2023 is as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Reversal of other provisions	W	1,332		23,746		11,168		34,501
Reversal of other allowance for doubtful accounts		—		—		487		487
Gains on government grants		—		—		61		193
Gains on assets contributed		24,585		28,724		46		15,840
Gains on liabilities exempted		127		288		80		755
Compensation and reparations revenue		12,574		67,382		30,535		66,085
Revenue from foundation fund		1		2		3		3
Rental income		45,583		153,119		51,659		159,417
Others		14,460		48,430		13,494		54,972
	W98,662		321,691		107,533		332,253

(2) Other expenses for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Compensation and reparations expense	W	3		138		—		3
Accretion expenses of other provisions		4,457		4,809		1,174		1,645
Depreciation expenses on investment properties		172		495		122		369
Depreciation expenses on idle assets		911		2,747		914		2,744
Other bad debt expense		3,796		11,799		—		8,584
Donations		16,069		154,388		17,121		118,545
Others		27,759		38,596		1,225		18,125
	W53,167		212,972		20,556		150,015

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

37. Other Gains (Losses)

The composition of other gains (losses) for each of the three and nine-month periods ended September 30, 2024 and 2023 is as follows:

In millions of Won	September 30, 2024						September 30, 2023
	Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Other gains
Gains on disposal of property, plant and equipment	W	18,597			83,068			12,426			26,120
Gains on disposal of intangible assets		8			22			100			100
Gains on foreign currency translation		9,366			27,449			7,061			19,287
Gains on foreign currency transactions		28,261			59,099			30,519			97,863
Gains on insurance proceeds		2,604			3,411			221			221
Others		72,476			198,334			115,129			283,977
Other losses
Losses on disposal of property, plant and equipment		(12,048	)		(58,633	)		(4,643	)		(38,800	)
Losses on disposal of intangible assets		—			(110	)		(1	)		(71	)
Impairment loss on property, plant and equipment		—			—			—			(6,167	)
Impairment loss on intangible assets		—			—			—			(283	)
Losses on foreign currency translation		—			(5,217	)		(2,872	)		(13,236	)
Losses on foreign currency transactions		(7,937	)		(81,008	)		(45,416	)		(147,222	)
Others		(29,054	)		(100,246	)		(42,211	)		(148,538	)
	W	82,273			126,169			70,313			73,251

38. Finance Income

Finance income for each of the three and nine-month periods ended September 30, 2024 and 2023 is as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Interest income	W	100,375		323,744		107,464		311,371
Dividends income		1,369		12,243		5,175		16,587
Gains on disposal of financial assets		8,679		29,383		1,346		7,915
Gains on valuation of financial assets at fair value through profit or loss		19,003		68,950		10,304		27,126
Gains on valuation of derivatives		—		469,540		378,877		904,545
Gains on transaction of derivatives		44,641		192,676		92,993		225,667
Gains on foreign currency translation		936,771		105,385		43,412		108,188
Gains on foreign currency transactions		13,030		25,030		15,907		31,317
Others		4,593		6,383		2,928		4,312
	W	1,128,461		1,233,334		658,406		1,637,028

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

39. Finance Expenses

Finance expenses for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024				September 30, 2023
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Interest expense	W	1,138,819		3,422,931		1,153,217		3,310,430
Losses on sale of financial assets		—		219		1		1
Losses on valuation of financial assets at fair value through profit or loss		—		279		1,495		3,499
Losses on valuation of derivatives		740,389		80,486		—		31,635
Losses on transaction of derivatives		24,358		45,650		61,301		122,695
Losses on foreign currency translation		—		464,464		448,312		1,088,460
Losses on foreign currency transactions		20,816		76,812		14,134		43,458
Others		3,482		11,830		40		571
	W	1,927,864		4,102,671		1,678,500		4,600,749

Capitalization rates for the nine-month periods ended September 30, 2024 and 2023 are 2.45%~4.01% and 2.12%~5.50%, respectively.

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

40. Income Taxes

(1) Income tax expense is calculated by adjusting adjustments recognized in the current period, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for the nine-month period ended September 30, 2024 is 36.26% and the average effective tax rate for the nine-month period ended September 30, 2023 is not calculated due to income tax benefit.

(2) Pillar Two Model Rules

Pillar Two Model Rules legislation has been enacted or substantively enacted in certain jurisdictions where the Group operates. According to the amended “Adjustment of International Taxes Act No. 19191”, the Group has adopted Pillar Two Model Rules legislation from fiscal year beginning on January 1, 2024. The Group is currently assessing the potential exposure arising from the Pillar Two legislation. The assessment currently carried out is based on the tax filing documents for the recent period and the financial information for 2023. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned in Jordan, Laos and others where the expected Pillar Two effective tax rate is likely to be lower than 15%. Although the potential effect is expected to arise from the constituent entities (mainly operating subsidiaries) in these jurisdictions, the Group expects that the potential effect arising from the Pillar Two income taxes is not significant. The Group has applied the mandatory exception to recognizing and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.

41. Assets Held-for-Sale

Assets held-for-sale as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Land (*1,2)	W	31,766		31,766
Buildings (*1,2)		13,881		13,881
Structures (*1)		1		1
	W	45,648		45,648

(*1) The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Group, made a resolution to sell its old office building in Yongin-si, Gyeonggi-do, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction. In accordance with the resolution of the Board of Directors on April 1, 2022, a sales contract for the assets scheduled for sale was entered into on April 13, 2022, and the related down payment and interim payment ofW67,029 million were recorded as long-term advance received.

(*2) The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. Although it is expected to take more than a year to complete the sale transaction, the Group decided that the definitive purchase contract is still valid as a result of discussions with the counterparty.

122

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

42. Expenses Classified by Nature

Expenses classified by nature for each of the nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		16,415,002		16,415,002
Power purchase		—		26,819,297		26,819,297
Salaries		829,647		3,389,287		4,218,934
Retirement benefit expense		74,405		310,805		385,210
Welfare and benefit expense		107,687		385,749		493,436
Insurance expense		21,096		99,871		120,967
Depreciation		172,727		10,321,369		10,494,096
Amortization of intangible assets		66,426		56,030		122,456
Bad debt expense		36,899		—		36,899
Commission		351,695		283,678		635,373
Advertising expense		26,104		6,415		32,519
Training expense		6,288		10,824		17,112
Vehicle maintenance expense		6,725		6,925		13,650
Publishing expense		1,642		1,670		3,312
Business promotion expense		1,911		1,773		3,684
Rent expense		37,323		131,712		169,035
Telecommunication expense		7,052		7,509		14,561
Transportation expense		773		44,539		45,312
Taxes and dues		89,902		488,130		578,032
Expendable supplies expense		4,680		33,051		37,731
Water, light and heating expense		12,243		30,602		42,845
Repairs and maintenance expense		101,455		2,092,297		2,193,752
Ordinary development expense		139,112		389,838		528,950
Travel expense		13,575		56,896		70,471
Clothing expense		3,739		6,874		10,613
Survey and analysis expense		637		2,897		3,534
Membership fee		1,494		15,001		16,495
Others		93,829		307,040		400,869
	W	2,209,066		61,715,081		63,924,147

123

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

42. Expenses Classified by Nature, Continued

Expenses classified by nature for each of the nine-month periods ended September 30, 2024 and 2023 are as follows, continued:

In millions of Won	September 30, 2023
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		21,844,702		21,844,702
Power purchase		—		30,343,951		30,343,951
Salaries		782,968		3,173,066		3,956,034
Retirement benefit expense		65,397		276,818		342,215
Welfare and benefit expense		109,558		397,856		507,414
Insurance expense		18,159		91,231		109,390
Depreciation		184,114		9,533,235		9,717,349
Amortization of intangible assets		67,140		56,146		123,286
Bad debt expense		39,499		—		39,499
Commission		322,137		271,256		593,393
Advertising expense		27,302		6,109		33,411
Training expense		5,951		10,548		16,499
Vehicle maintenance expense		6,925		6,623		13,548
Publishing expense		1,902		1,861		3,763
Business promotion expense		1,963		1,870		3,833
Rent expense		34,479		132,974		167,453
Telecommunication expense		5,965		7,393		13,358
Transportation expense		804		86,106		86,910
Taxes and dues		98,975		456,000		554,975
Expendable supplies expense		5,227		30,977		36,204
Water, light and heating expense		13,374		33,431		46,805
Repairs and maintenance expense		112,272		1,888,331		2,000,603
Ordinary development expense		139,705		358,026		497,731
Travel expense		12,278		58,529		70,807
Clothing expense		3,561		5,629		9,190
Survey and analysis expense		777		2,805		3,582
Membership fee		1,317		12,680		13,997
Others		97,634		892,340		989,974
	W	2,159,383		69,980,493		72,139,876

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

43. Earnings (Losses) Per Share

(1) Basic earnings (losses) per share for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In Won	September 30, 2024				September 30, 2023
Type	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Basic earnings (losses) per share	W	2,881		3,857		1,237		(9,433	)

(2) Profit (loss) for the periods and the weighted average number of common shares used in the calculation of basic earnings (losses) per share for each of the three and nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won except number of shares	September 30, 2024				September 30, 2023
Type	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Profit (loss) attributable to controlling interest	W	1,849,337		2,475,886		793,947		(6,055,340	)
Profit (loss) used in the calculation of total basic earnings (losses) per share		1,849,337		2,475,886		793,947		(6,055,340	)
Weighted average number of common shares		641,964,077		641,964,077		641,964,077		641,964,077

(3) The weighted average number of common shares used in the calculation of basic earnings (losses) per share for each of the three and nine-month periods ended September 30, 2024 and 2023 is as follows:

In number of shares	September 30, 2024				September 30, 2023
Type	Three- month period ended		Nine— month period ended		Three- month period ended		Nine— month period ended
The number of common shares issued at beginning of the year		641,964,077		641,964,077		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077		641,964,077		641,964,077

(4) There are no potential dilutive instruments, thus diluted earnings (losses) per share are same as basic earnings (losses) per share for each of the three and nine-month periods ended September 30, 2024 and 2023.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management

(1) Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue while maximizing the return to shareholder through the optimization of the debt and equity balance. The capital structure of the Group consists of net debt (offset by cash and cash equivalents) and equity. The Group’s overall capital risk management strategy remains consistent with the prior year.

Details of the Group’s capital management accounts as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024			December 31, 2023
Total borrowings and debt securities	W	132,144,802			133,631,830
Cash and cash equivalents		3,664,577			4,342,887
Net borrowings and debt securities		128,480,225			129,288,943
Total equity		39,676,572			37,264,750
Debt to equity ratio		323.82	%		346.95	%

(2) Financial risk management

The Group is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i) Credit risk

Credit risk is the risk of finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis, trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024		December 31, 2023
Cash and cash equivalents	W	3,664,577		4,342,887
Financial assets at fair value through profit or loss (*1)		3,690,825		2,590,228
Derivative assets (trading)		891,828		730,948
Financial assets at fair value through other comprehensive income (debt securities)		4,627		4,627
Financial assets at amortized cost		50,679		38,843
Loans		954,609		988,331
Long-term/short-term financial instruments		1,695,317		1,412,315
Derivative assets (applying hedge accounting)		330,233		269,446
Trade and other receivables		13,401,637		14,179,322
Financial guarantee contracts (*2)		4,552,588		4,399,189

(*1) Equity investments held by the Group are excluded.

(*2) Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

For the nine-month period ended September 30, 2024, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii) Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won		September 30, 2024						December 31, 2023
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	496,516			(433,776	)		392,392			(361,359	)
Discount rate	Increase (decrease) in defined benefit obligation		(416,715	)		489,390			(371,103	)		415,361

Changes in retirement benefit costs assuming a 1%p increase and decrease movements in discount rate on plan asset for each of the nine-month periods ended September 30, 2024 and 2023 areW23,556 million andW21,384 million, respectively.

② Provisions

Changes in provisions due to movements in underlying assumptions as of September 30, 2024 and December 31, 2023 are as follows:

Type	Accounts	September 30, 2024			December 31, 2023
PCBs	Inflation rate		2.40	%		2.40	%
	Discount rate		2.12	%		2.12	%
Nuclear plants	Inflation rate		1.91	%		1.91	%
	Discount rate		2.76	%		2.76	%
Spent fuel	Inflation rate		1.91	%		1.91	%
	Discount rate		2.49	%		2.49	%
Radioactive waste	Inflation rate		3.89	%		3.89	%
	Discount rate		3.65	%		3.65	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won		September 30, 2024						December 31, 2023
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(80	)		80			(123	)		123
	Nuclear plants		(452,019	)		468,597			(418,570	)		432,847
	Spent fuel		(129,736	)		130,428			(130,065	)		130,761
	Radioactive waste		(12,938	)		13,072			(13,538	)		13,683
Inflation rate	PCBs		80			(80	)		123			(123	)
	Nuclear plants		511,818			(494,252	)		458,047			(443,531	)
	Spent fuel		133,589			(128,282	)		133,931			(128,607	)
	Radioactive waste		13,461			(13,341	)		13,291			(13,174	)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of September 30, 2024 and December 31, 2023 are as follows:

In thousands of foreign currencies	Assets						Liabilities
Type	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
AED		21,227		24,441		4,359		18,143
AUD		29		4,310		299,990		299,795
BDT		2,256		2,260		—		—
BWP		775		777		—		—
CAD		11		—		—		—
CHF		—		—		99,882		499,930
DOP		1,796		—		—		—
EGP		163,610		1,665		—		1,941
EUR		1,274		12,259		83,490		81,744
GBP		107		75		—		—
HKD		—		—		5,295,199		5,079,189
IDR		41,240,621		25,567,281		3,480,935		2,118,580
INR		1,219,695		1,663,705		293,300		387,947
JOD		862		569		57,364		68,448
JPY		11,358		921,120		6,130,456		8,692,604
KZT		1,510		1,510		—		—
MGA		5,778,115		3,545,076		316,268		495,288
MMK		188,021		199,518		—		—
MYR		2,805		2,805		—		—
PHP		27,385		98,154		—		6,750
PKR		68,668,654		75,206,354		10,418		55,531
SAR		1,106		937		—		—
SEK		—		—		449,290		452,309
SGD		184		279		77		2,191
USD		1,732,707		1,701,494		15,572,183		14,458,985
UYU		146,581		120,768		1,068		2,028
VND		848,471		848,242		90,450		—
ZAR		79,044		87,780		—		—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of September 30, 2024 and December 31, 2023 is as follows:

In millions of Won	September 30, 2024					December 31, 2023
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,956,429	)		1,956,429		(1,828,308	)		1,828,308
Increase (decrease) of shareholder’s equity (*)		(1,956,429	)		1,956,429		(1,828,308	)		1,828,308

(*) The effect on the shareholder’s equity excluding the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of September 30, 2024 and December 31, 2023.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of September 30, 2024, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won Type	September 30, 2024		December 31, 2023
Short-term borrowings	W	4,440,353		4,435,420
Long-term borrowings		9,388,364		7,766,588
Debt securities		315,310		305,602
	W	14,144,027		12,507,610

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 is as follows:

In millions of Won	September 30, 2024					December 31, 2023
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(106,080	)		106,080		(125,076	)		125,076
Increase (decrease) of shareholder’s equity (*)		(106,080	)		106,080		(125,076	)		125,076

(*) The effect on the shareholder’s equity excluding the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for each of the nine-month periods ended September 30, 2024 and 2023 is as follows:

In millions of Won	September 30, 2024					September 30, 2023
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	667,279		(667,279	)		617,849		(617,849	)
Increase (decrease) of shareholder’s equity (*)		667,279		(667,279	)		617,849		(617,849	)

(*) The effect on the shareholder’s equity excluding the impact of income taxes.

(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities of non-derivative financial liabilities as of September 30, 2024 and December 31, 2023 in detail are as follows:

In millions of Won	September 30, 2024
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	52,380,437		28,776,142		35,385,844		31,714,178		148,256,601
Lease liabilities		596,612		501,643		1,185,953		1,587,316		3,871,524
Trade and other payables (*1)		7,814,133		382,637		860,110		579,315		9,636,195
Financial guarantee contracts (*2)		1,525,212		2,651,453		353,062		22,861		4,552,588
	W	62,316,394		32,311,875		37,784,969		33,903,670		166,316,908

In millions of Won	December 31, 2023
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	50,878,929		29,046,036		42,420,850		32,778,830		155,124,645
Lease liabilities		641,525		588,850		1,309,996		1,694,729		4,235,100
Trade and other payables (*1)		8,477,209		364,443		833,394		589,004		10,264,050
Financial guarantee contracts (*2)		121,415		2,546,689		1,645,488		85,597		4,399,189
	W	60,119,078		32,546,018		46,209,728		35,148,160		174,022,984

(*1) Excludes lease liabilities.

(*2) This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of September 30, 2024 and December 31, 2023 areW35,305 million andW49,992 million, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of September 30, 2024 and December 31, 2023 in detail are as follows:

In millions of Won	September 30, 2024
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents	W	3,664,577		—		—		—		3,664,577
Financial assets at fair value through other comprehensive income		—		—		—		637,378		637,378
Financial assets at amortized cost		40,844		9,835		—		—		50,679
Loans and receivables		126,958		407,155		347,671		111,408		993,192
Long-term/short-term financial Instruments		892,896		12,815		—		789,606		1,695,317
Financial assets at fair value through profit or loss		3,124,710		313,188		720,503		473,933		4,632,334
Trade and other receivables		11,264,662		1,127,205		1,124,587		—		13,516,454
	W	19,114,647		1,870,198		2,192,761		2,012,325		25,189,931

In millions of Won	December 31, 2023
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents	W	4,342,887		—		—		—		4,342,887
Financial assets at fair value through other comprehensive income		—		—		—		502,443		502,443
Financial assets at amortized cost		28,905		9,938		—		—		38,843
Loans and receivables		139,168		465,666		411,100		8,872		1,024,806
Long-term/short-term financial Instruments		578,578		22		23		833,692		1,412,315
Financial assets at fair value through profit or loss		2,054,021		1,381		6,523		649,360		2,711,285
Trade and other receivables		11,990,515		911,822		1,292,539		1,280		14,196,156
	W	19,134,074		1,388,829		1,710,185		1,995,647		24,228,735

(*) The maturities cannot be presently determined.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(11,005	)		(101,658	)		(126,984	)		(68,577	)		(308,224	)
- Hedging		—			(2,593	)		—			(2,035	)		(4,628	)
	W	(11,005	)		(104,251	)		(126,984	)		(70,612	)		(312,852	)

In millions of Won	December 31, 2023
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(22,571	)		(11,566	)		(201,590	)		(130,119	)		(365,846	)
- Hedging		—			(4,680	)		(13,243	)		(5,641	)		(23,564	)
	W	(22,571	)		(16,246	)		(214,833	)		(135,760	)		(389,410	)

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(3) Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i) Fair values and book values of financial assets and liabilities as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	637,378		637,378		502,443		502,443
Derivative assets (trading)		891,828		891,828		730,948		730,948
Derivative assets (applying hedge accounting)		330,233		330,233		269,446		269,446
Financial assets at fair value through profit or loss		3,820,262		3,820,262		2,711,285		2,711,285
	W	5,679,701		5,679,701		4,214,122		4,214,122
Assets carried at amortized cost
Financial assets at amortized cost	W	50,679		50,679		38,843		38,843
Loans and receivables		954,609		954,609		988,331		988,331
Trade and other receivables		13,401,637		13,401,637		14,179,322		14,179,322
Long-term financial instruments		802,421		802,421		833,737		833,737
Short-term financial instruments		892,896		892,896		578,578		578,578
Cash and cash equivalents		3,664,577		3,664,577		4,342,887		4,342,887
	W	19,766,819		19,766,819		20,961,698		20,961,698
Liabilities recognized at fair value
Derivative liabilities (trading)	W	431,559		431,559		428,670		428,670
Derivative liabilities (applying hedge accounting)		4,628		4,628		23,564		23,564
	W	436,187		436,187		452,234		452,234
Liabilities carried at amortized cost
Secured borrowings	W	1,457,733		1,457,733		773,646		773,646
Unsecured bond		112,030,168		110,636,807		113,792,178		111,218,771
Lease liabilities		3,468,087		3,468,087		3,807,880		3,807,880
Unsecured borrowings		18,629,332		18,583,908		19,062,162		19,061,348
Trade and other payables (*)		9,636,195		9,636,195		10,264,050		10,264,050
Overdraft		27,569		27,569		3,844		3,844
	W	145,249,084		143,810,299		147,703,760		145,129,539

(*) Excludes lease liabilities.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of September 30, 2024 and December 31, 2023 are as follows:

Type	September 30, 2024		December 31, 2023
Derivatives		0.44% ~ 16.89%		0.93% ~ 10.36%
Borrowings and debt securities		0.75% ~ 5.84%		0.96% ~ 5.84%
Leases		0.00% ~ 17.30%		0.00% ~ 17.03%

(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

Level 1:	Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2:	Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3:	Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	412,061		—		225,317		637,378
Derivative assets		—		1,222,061		—		1,222,061
Financial assets at fair value through profit or loss		—		3,813,409		6,853		3,820,262
	W	412,061		5,035,470		232,170		5,679,701
Financial liabilities at fair value
Derivative liabilities	W	—		436,187		—		436,187

In millions of Won	December 31, 2023
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	285,054		—		217,389		502,443
Derivative assets		—		1,000,394		—		1,000,394
Financial assets at fair value through profit or loss		—		2,704,550		6,735		2,711,285
	W	285,054		3,704,944		224,124		4,214,122
Financial liabilities at fair value
Derivative liabilities	W	—		452,234		—		452,234

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

Changes in non-derivative financial assets and liabilities which are classified as level 3 for the nine-month period ended September 30, 2024 and for the year ended December 31, 2023 are as follows:

In millions of Won	September 30, 2024
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal		Foreign currency translation and others		Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,735		—		—		118			—		—		6,853
Financial assets at fair value through other comprehensive income Unlisted securities		212,762		4,000		—		(174	)		—		4,102		220,690
Debt securities		4,627		—		—		—			—		—		4,627

In millions of Won	December 31, 2023
	Beginning balance		Acquisitions		Reclassified category		Valuation		Disposal			Foreign currency translation and others		Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,329		—		270		136		—			—		6,735
Financial assets at fair value through other comprehensive income Unlisted securities		202,243		9,550		—		5,445		(5,332	)		856		212,762
Debt securities		529		4,080		—		18		—			—		4,627

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

45. Service Concession Arrangements

(1) Hydroelectric Power Generation at Semangka, Indonesia (BOT)

(i) Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business (BOT) in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 – 2048) after subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years contract period.

(iv) The Group’s expected future collections of service concession arrangements as of September 30, 2024 are as follows:

In millions of Won
Type	Amounts
Less than 1 year	W	33,027
1 ~ 2 years		33,067
2 ~ 3 years		33,109
Over 3 years		513,368
	W	612,571

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

45. Service Concession Arrangements, Continued

(2) CPPAg Power Generation

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 – 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii) Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the contract period.

(iv) The Group’s expected future collections of service concession arrangements as of September 30, 2024 are as follows:

In millions of Won
Type	Amounts
Less than 1 year	W	77,674
1 ~ 2 years		77,674
2 ~ 3 years		77,674
Over 3 years		875,852
	W	1,108,874

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties

(1) The Group’s related parties as of September 30, 2024 are as follows:

Type	Related party
Parent	Republic of Korea government
Subsidiaries (167 subsidiaries)	Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(1) The Group’s related parties as of September 30, 2024 are as follows, continued:

Type	Related party
Associates (95 associates)	Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd.
Joint ventures (115 joint ventures)	Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd., Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc.
Others (2 others)	Korea Development Bank, KEPCO Lebanon SARL

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(2) Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3) The related party transactions for each of the nine-month periods ended September 30, 2024 and 2023 are as follows:

<Sales and Others>

In millions of Won			Sales and others
Company name	Transaction type		September 30, 2024		September 30, 2023
<Associates>
Korea Gas Corporation		Electricity sales	W	109,801		103,290
Goseong Green Power Co., Ltd.		Electricity sales		471,955		669,373
Dongducheon Dream Power Co., Ltd.		Electricity sales		8,271		10,682
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		44,906		45,535
S-Power Co., Ltd.		Service		1,471		3,629
GS Donghae Electric Power Co., Ltd.		Electricity sales		6,289		13,860
Gangneung Eco Power Co., Ltd.		Fuel sales		340,700		757,624
Korea Electric Power Industrial Development Co., Ltd.		Service		9,195		8,740
Daeryun Power Co., Ltd.		Electricity sales		2,688		2,361
PT. Bayan Resources TBK		Others		82,764		213,968
Korea Power Exchange		Service		54,115		39,594
Chuncheon Green Energy Co., Ltd.		Electricity sales		6,590		57
Go deok Clean Energy Co., Ltd.		Electricity sales		9,286		1
KPE Green Energy Co., Ltd.		Others		105		90
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		4,394		—
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		2,330		2,486
Busan Green Energy Co., Ltd.		Electricity sales		7,493		7,603
Bitgoel Eco Energy Co., Ltd.		Electricity sales		3,008		1,167
Noeul Green Energy Co., Ltd.		Electricity sales		5,039		6,799
Hyundai Eco Energy Co., Ltd.		Electricity sales		742		1,144
Gangwon Wind Power Co., Ltd.,		Electricity sales		1,668		2,424
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales		1,220		1,734
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		732		2,226
Others (Muan Sunshine Solar Power Plant Co., Ltd. and 44 others)		Electricity sales		34,006		51,501
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		745		1,881
Daegu Green Power Co., Ltd.		Electricity sales		1,356		1,252
Daesan Green Energy Co., Ltd.		Electricity sales		228		621
Seokmun Energy Co., Ltd.		Electricity sales		1,506		1,390
Yeongam Solar Power Co., Ltd.		Electricity sales		406		979
Cheongju Eco Park Co., Ltd.		Electricity sales		196		6,190
KEPCO SPC Power Corporation		Others		30,039		894
Cheongna Energy Co., Ltd.		Others		26,308		16,743
Yeonggwang Wind Power Co., Ltd.		Electricity sales		727		704
Eumseong Eco Park Co., Ltd.		Electricity sales		15		6
Seungmun Green Energy		Electricity sales		48		—
Solaseado Solar Power Co., Ltd.		Electricity sales		1,413		1,420
KAPES, Inc.		Others		1,437		1,509
Kelar S.A.		Others		16,426		16,872
PT. Tanjung Power Indonesia		Others		8,640		12,778
Amman Asia Electric Power Company		Others		19,677		16,324
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		1,519		1,463
Goheung New Energy Co., Ltd.		Service		2,401		2,412
Bitsolar Energy Co., Ltd.		Electricity sales		375		428
KW Nuclear Components Co., Ltd.		Service		1,370		1,320
Others (Busan Shinho Solar Power Co., Ltd. and 58 others)		Electricity sales		241,946		497,093
<Others>
Korea Development Bank		Electricity sales		4,334		4,091
		Interest income		9,909		3,422
			W	1,579,789		2,535,680

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(3) The related party transactions for each of the nine-month periods ended September 30, 2024 and 2023 are as follows, continued:

<Purchase and Others>

In millions of Won			Purchase and others
Company name	Transaction type		September 30, 2024		September 30, 2024
<Associates>
Korea Gas Corporation		Fuel purchase	W	5,284,239		7,348,577
Goseong Green Power Co., Ltd.		Electricity sales		910,295		1,278,272
Dongducheon Dream Power Co., Ltd.		Electricity sales		1,110,898		1,404,503
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		635,098		855,542
S-Power Co., Ltd.		Service		578,110		769,825
GS Donghae Electric Power Co., Ltd.		Electricity sales		418,885		700,628
Gangneung Eco Power Co., Ltd.		Others		1,013		5,303
Korea Electric Power Industrial Development Co., Ltd.		Service		230,003		204,369
Daeryun Power Co., Ltd.		Electricity sales		217,285		276,218
PT. Bayan Resources TBK		Others		86,964		64,055
Korea Power Exchange		Service		70,782		74,533
Chuncheon Green Energy Co., Ltd.		Electricity sales		40,715		—
Go deok Clean Energy Co., Ltd.		Electricity sales		27,325		—
KPE Green Energy Co., Ltd.		Others		31,603		46,442
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		26,123		—
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		26,372		29,086
Busan Green Energy Co., Ltd.		Electricity sales		20,975		17,608
Bitgoel Eco Energy Co., Ltd.		Electricity sales		24,847		20,687
Noeul Green Energy Co., Ltd.		REC Purchase		15,229		6,556
Hyundai Eco Energy Co., Ltd.		Electricity sales		18,560		20,094
Gangwon Wind Power Co., Ltd.,		Electricity sales		17,070		24,160
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales		16,383		17,864
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales		14,113		11,759
Others (Muan Sunshine Solar Power Plant Co., Ltd. and 44 others)		Electricity sales		82,961		77,990
<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		333,792		459,613
Daegu Green Power Co., Ltd.		Electricity sales		257,141		274,920
Daesan Green Energy Co., Ltd.		Electricity sales		129,029		104,425
Seokmun Energy Co., Ltd.		Electricity sales		40,800		42,014
Yeongam Solar Power Co., Ltd.		Electricity sales		35,303		39,633
Cheongju Eco Park Co., Ltd.		Electricity sales		33,059		46,564
Cheongna Energy Co., Ltd.		Others		62		59
Yeonggwang Wind Power Co., Ltd.		Electricity sales		25,251		27,682
Eumseong Eco Park Co., Ltd.		Electricity sales		20,109		20,816
Seungmun Green Energy		Electricity sales		17,871		—
Solaseado Solar Power Co., Ltd.		Electricity sales		16,355		9,333
KAPES, Inc.		Others		15,880		19,112
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		9,604		10,513
Goheung New Energy Co., Ltd.		Service		7,699		2,841
Bitsolar Energy Co., Ltd.		Electricity sales		9,448		9,353
KW Nuclear Components Co., Ltd.		Service		6,880		9,505
Others (Busan Shinho Solar Power Co., Ltd. and 58 others)		Electricity sales		70,488		62,469
<Others>
Korea Development Bank		Interest expense		6,624		4,955
			W	10,941,243		14,397,878

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from the related party transactions as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won		Receivables				Payables
Company name	Type	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
<Associates>
Korea Gas Corporation	Trade receivables	W	10,060		14,671		—		—
	Non-trade receivables and others		—		12,513		—		—
	Trade payables		—		—		639,757		480,974
	Non-trade payables and others		—		—		1,061		1,378
Goseong Green Power Co., Ltd.	Trade receivables		20,362		55,719		—		—
	Non-trade receivables and others		303		15		—		—
	Trade payables		—		—		102,892		120,270
	Non-trade payables and others		—		—		45,745		48,621
Dongducheon Dream Power Co., Ltd.	Trade receivables		409		2,573		—		—
	Non-trade receivables and others		272		478		—		—
	Trade payables		—		—		109,266		117,975
	Non-trade payables and others		—		—		27		—
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,683		1,814		—		—
	Non-trade receivables and others		3,139		4,933		—		—
	Trade payables		—		—		80,148		86,801
	Non-trade payables and others		—		—		138		385
GS Donghae Electric Power Co., Ltd.	Trade receivables		22		159		—		—
	Non-trade receivables and others		109		169		—		—
	Trade payables		—		—		72,705		72,951
	Non-trade payables and others		—		—		64		125
Busan Green Energy Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		38,831		32,720		—		—
	Non-trade payables and others		—		—		5,769		3,642
S-Power Co., Ltd.	Trade receivables		176		213		—		—
	Non-trade receivables and others		54		53		—		—
	Trade payables		—		—		29,133		79,459
	Non-trade payables and others		—		—		19		—
Gangneung Eco Power Co., Ltd.	Trade receivables		28,500		59,623		—		—
	Non-trade payables and others		—		—		477		94
Noeul Green Energy Co., Ltd.	Trade receivables		5		6		—		—
	Non-trade receivables and others		23,343		18,356		—		—
	Non-trade payables and others		—		—		3,471		3,005
Others (Daeryun Power Co., Ltd. and 39 others)	Trade receivables		4,166		5,560		—		—
	Non-trade receivables and others		35,630		89,818		—		—
	Trade payables		—		—		52,541		83,975
	Non-trade payables and others		—		—		26,505		23,771

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from the related party transactions as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won		Receivables				Payables
Company name	Type	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Trade receivables	W	—		239		—		—
	Non-trade receivables and others		195		165		—		—
	Trade payables		—		—		37,458		79,117
	Non-trade payables and others		—		—		2		2
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		84		—		—
	Non-trade receivables and others		10,218		10,779		—		—
	Trade payables		—		—		12,487		721
	Non-trade payables and others		—		—		14,039		14,193
Kelar S.A.	Trade receivables		3,106		3,055		—		—
	Non-trade receivables and others		31,029		26,576		—		—
Amman Asia Electric Power Company	Trade receivables		1,992		2,469		—		—
	Non-trade payables and others		—		—		21,924		22,395
Daegu Green Power Co., Ltd.	Trade receivables		154		122		—		—
	Non-trade receivables and others		70		55		—		—
	Trade payables		—		—		20,402		32,222
Others (Cheongju Eco Park Co., Ltd. and 50 others)	Trade receivables		220,419		176,111		—		—
	Non-trade receivables and others		32,959		36,892		—		—
	Trade payables		—		—		22,278		30,321
	Non-trade payables and others		—		—		1,205		4,916
<Others>
Korea Development Bank	Non-trade receivables and others	W	34,602		33,140		—		—
	Non-trade payables and others		—		—		4,498		147
	Derivatives and others		74,090		45,898		56,339		72,050
KEPCO Lebanon SARL	Trade receivables		75		75		—		—
		W	576,020		635,054		1,360,350		1,379,510

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(5) Loans and others arising from the related party transactions as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
Type	Company name	Beginning balance			Loans			Collection			Others			Ending balance
Associates	KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.	W	32,153			336			—			—			32,489
	(Allowance for doubtful accounts)		(25,543	)		(336	)		—			(6,610	)		(32,489	)
Associates	Nepal Water & Energy Development Company Private Limited		18,052			—			(18,052	)		—			—
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		23,337			—			—			546			23,883
Associates	PT. Cirebon Energi Prasarana		35,542			—			—			2,369			37,911
Associates	Bigeum Resident Photovoltaic Power Co., Ltd.		9,525			—			—			(491	)		9,034
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		30,885			—			(3,195	)		—			27,690
Associates	Saemangeum Sebit Power Plant Co., Ltd.		28,970			—			(1,060	)		—			27,910
Joint ventures	Solaseado Solar Power Co., Ltd.		35,000			—			—			—			35,000
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		10,589			1,613			—			228			12,430
Joint ventures	Horus Solar, S.A. de C.V.		11,199			798			—			281			12,278
Joint ventures	Sunmex Renovables, S.A. de C.V.		17,210			1,026			—			427			18,663
Joint ventures	Kelar S.A.		40,985			—			(11,479	)		1,382			30,888
Joint ventures	DE Energia SpA		7,386			—			—			173			7,559
Joint ventures	Daehan Wind Power PSC		14,872			—			—			348			15,220
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		2,411			—			—			80			2,491
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—			—			—			3,257
Joint ventures	Nghi Son 2 Power LLC		189,991			—			(43,906	)		5,266			151,351
Joint ventures	Pulau Indah Power Plant Sdn. Bhd.		9,963			—			—			(9,963	)		—
Joint ventures	Guadalupe Solar SpA		3,161			—			(142	)		77			3,096
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		64,318			1,249			—			2,848			68,415
Joint ventures	Capman Lynx SCA, SICAR		35,210			—			—			—			35,210
	(Allowance for doubtful accounts)		(35,210	)		—			—			—			(35,210	)
Joint ventures	S-Power Chile SpA		258			—			—			6			264
Joint ventures	Omisan Wind Power Co., Ltd.		—			5,069			—			—			5,069
Others	KEPCO Lebanon SARL		3,834			—			—			—			3,834
	(Allowance for doubtful accounts)		(3,834	)		—			—			—			(3,834	)
		W	567,686			9,755			(77,834	)		(3,033	)		496,574

(6) Borrowings arising from the related party transactions as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others			Ending balance
Korea Development Bank	Facility	W	85,103		—		(5,300	)		1,388			81,191
	Others		1,758		—		(252	)		—			1,506
	Operating funds		120,000		308,392		(409,287	)		(422	)		18,683
	Syndicated Loan		10,948		—		(989	)		110			10,069
	EBL and others		108,212		11,282		—			1,551			121,045
		W	326,021		319,674		(415,828	)		2,627			232,494

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2024 are as follows:

In millions of Won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 40,738	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Debt guarantees		USD 1,223,355	Export-Import Bank of Korea and others
		Performance guarantees and others		USD 3,992,249	FAB and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 222,077	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees		USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 50,000	ING Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 15,600	ING Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		MXN 16,413	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
				USD 393	CFE Transmission
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
				MXN 3,666	SEMARNAT
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 52,500	Mizuho Bank
		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Collateralized money invested (*10)		KRW 13,210	Malaysian Trustee Berhad
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees		USD 60,000	Riyad bank
		Other performance guarantees		USD 70,000	SMBC Seoul
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 39,695	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 92,268	Krung Thai Bank
		Impounding bonus guarantees (*11)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Daegu Photovoltaic Co., Ltd.	Collateralized money invested		KRW 2,503	Korea Development Bank
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 55,668	Kookmin Bank and others
		Debt guarantees		KRW 20,300	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested		KRW 5,009	Woori Bank
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 350	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 150,618	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 3,234	Nonghyup Bank
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 7,246	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 8,475	Hana Bank and others
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 1,027	Hana Bank and others

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2024 are as follows, continued:

In millions of Won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co., Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 634	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 10,234	Nonghyup Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 1,175	Hana Bank and others
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 346	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 23,576	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,620	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 10,068	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,804	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company SAOC	Loan payment guarantee		USD 54,855	DBS Bank
Korea East-West Power Co., Ltd.	Busan Shinho Solar Power Co., Ltd.	Collateralized money invested		KRW 6,826	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 17,923	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 36,565	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		KRW 90,800
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,622	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 276,072	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,657	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 25,332	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 24,825	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 20,354	Hana Bank and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Other guarantees		USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
		Collateralized money invested		KRW 87,736	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*14)		USD 14,400	Hana Bank
		Collateralized money invested		KRW 43,954	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		KRW 352	Mirae Asset Life Insurance Co. Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 11,975	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,159	Shinhan Bank and others

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2024 are as follows, continued:

In millions of Won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 13,752	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 8,053	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 4,911	Woori Bank and others
Korea East-West Power Co., Ltd.	Seungmun Green Energy	Collateralized money invested		KRW 12,432	Hana Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 799	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 3,274	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 28,671	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 30,135	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 33,930	Hana Bank, MUFG
		Payment guarantees (*12)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees		USD 1,800	Shinhan Bank
		Payment guarantees (*6)		USD 2,000	Hana Bank
		Collateralized money invested		KRW 17,868	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,004	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 13,396	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees (*7)		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 15,167	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 40,839	IBK and others
		Performance guarantees and guarantees for supplemental funding (*1)		KRW 30,000
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 6,769	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 6,901	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 3,906	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 2,860	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 9,292	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 9,363	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees		USD 1,316	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 140,382	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 2,150	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 1,853	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 372	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 2,300	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 1,674	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 21	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 116,547	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 4,483	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,716	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	PT. Cirebon Energi Prasarana	Debt guarantees		USD 9,290	Mizuho Bank
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		—	IBK
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 225	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,166	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,739	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 3,057	IBK

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2024 are as follows, continued:

In millions of Won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,628	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,244	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 34	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 507	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 573	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 10,743	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,068	Templeton Hana Asset
		Guarantees for supplemental funding (*1)		—	Management Co., Ltd.
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 28,178	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 846	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3)		—	IBK
		Guarantees for supplemental funding and others (*1,4)		KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested		KRW 15,103	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested		KRW 16,603	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested		KRW 268,933	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested		KRW 241,890	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested		KRW 1,775	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,990	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested		KRW 2,061	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested		KRW 2,587	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested		KRW 10,485	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested		KRW 2,755	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested		KRW 16,247	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested		USD 97,105	International Finance
		Business reserve payment guarantee		USD 33,333	Corporation and others
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 2,727	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested		KRW 6,666	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,959	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 24,437	Shinhan Bank and others

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(7) Guarantees provided to the related parties as of September 30, 2024 are as follows, continued:

In millions of Won and thousands of foreign currencies

Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,855	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 17,954	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,154	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		—	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 8,208	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 7,137	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT I LLC	Payment guarantees (*13)		USD 9,770	WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT II LLC	Payment guarantees (*13)		USD 9,730	WOORI AMERICA BANK

(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2) Samcheok Eco Materials Co., Ltd., an associate of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of September 30, 2024, derivative liabilities ofW18,753 million were recognized in relation to this obligation.

(*3) The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral isW47,067 million.

(*4) Pursuant to the guarantee agreement, the Group recognized other provisions ofW12,198 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.

(*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6) The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(*7) The Group has entered into an agreement to settle and pay the estimated loss amount in case damages occur in relation to the fulfillment of the mandatory supply volume according to the mandatory supply agreement for coal ash.

(*8) The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9) The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10) The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd. As of September 30, 2024, the book value of the securities isW43,950 million.

(*11) Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*12) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*13) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*14) The payment guarantee related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(8) Guarantees received from the related parties as of September 30, 2024 are as follows:

In millions of Won
Primary Guarantor	Type of guarantees	Credit limit
KAPES, Inc.	Defect guarantees	W	475
	Performance guarantees		2,305
	Advance payment guarantee		135,598

(9) Derivatives transactions with the related parties as of September 30, 2024 are as follows:

(i) Currency Swap

In millions of Won and thousands of foreign currencies except contract exchange rate information
			Contract amounts				Contract interest rate per annum						Contract exchange
													rate
Counterparty	Contract year		Pay		Receive		Pay			Receive			(in Won)
Korea Development Bank		2020~2025	W	241,320		USD 200,000		0.54	%		1.13	%	W	1,206.60
		2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
		2022~2026		283,820		USD 200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
		2015~2025		111,190		USD 100,000		2.62	%		3.25	%		1,111.90
		2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600		HKD 800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400		USD 100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
		2020~2026		118,910		USD 100,000		0.61	%		1.00	%		1,189.10
		2021~2026		114,230		USD 100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710		USD 100,000		3.41	%		3.63	%		1,237.10
		2022~2025		128,560		USD 100,000		3.37	%		4.13	%		1,285.60
		2020~2025		122,780		USD 100,000		0.93	%		1.75	%		1,227.80
		2022~2025		252,360		USD 200,000		2.83	%		3.60	%		1,261.80
		2023~2028		129,500		USD 100,000		3.85	%		4.88	%		1,295.00

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

46. Related Parties, Continued

(9) Derivatives transactions with the related parties as of September 30, 2024 are as follows, continued:

(ii) Currency forward

In millions of Won and thousands of foreign currencies
					Contract amounts				Contract exchange
									rate
Counterparty	Contract date		Maturity date		Pay		Receive		(in Won)
Korea Development Bank		2024.09.12		2024.10.11	W	10,697		USD 8,000	W	1,337.10
		2024.08.08		2024.11.06		13,708		USD 10,000		1,370.75

(10) The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of Won	September 30, 2024				September 30, 2023
Type	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Salaries	W	218		858		202		661
Employee benefits		10		22		6		31
	W	228		880		208		692

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

47. Statement of Cash Flows

(1) Significant non-cash transactions for each of the nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won
Transactions	September 30, 2024		September 30, 2023
Transfer from construction-in-progress to other assets	W	10,031,412		6,774,264
Recognition of asset retirement cost and related provision for decommissioning costs		1,269,781		256,171
Transfer from provision for disposal of used nuclear fuel to accrued expenses		369,208		292,751
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities		24,194,581		17,132,084
Transfer from inventory to stored nuclear fuel		922,671		715,138
Recognition of right-of-use assets and others		65,308		253,495

(2) Changes in liabilities incurred from financing activities for each of the nine-month periods ended September 30, 2024 and 2023 are as follows:

In millions of Won	September 30, 2024
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings and debt securities	W	133,631,830			(1,863,188	)		—		376,160			132,144,802
Lease liabilities		3,807,880			(473,425	)		70,784		62,848			3,468,087
Derivative liabilities (assets), net		(554,146	)		330,937			—		(562,665	)		(785,874	)
	W	136,885,564			(2,005,676	)		70,784		(123,657	)		134,827,015

In millions of Won	September 30, 2023
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings and debt securities	W	120,605,365			12,389,908			—		1,041,377			134,036,650
Lease liabilities		4,163,143			(455,846	)		247,552		57,735			4,012,584
Derivative liabilities (assets), net		(591,470	)		152,568			—		(790,198	)		(1,229,100	)
	W	124,177,038			12,086,630			247,552		308,914			136,820,134

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

48. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	W	57,226		417		57,226		417
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)		—		—		51,796		20,661
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		15,109		37,168		15,109
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S		37,744		140		37,744		140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)		58,271		746		58,271		746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,282		13,476		35,136		20,370
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of GIS (362kV, 6300A, 63kA) Type 19 – Shinyangsan S/S		—		—		32,460		5,635
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,446		1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y		33,057		22,360		32,090		26,742
System stabilization ESS equipment (Bubuk S/S) Type 1		222,300		47,062		222,300		145,014
System stabilization ESS equipment (Shinnamwon S/S) Type 1		—		—		211,500		130,169
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		73,104		18,604
Concrete pole (10M, general purpose, 500KGF) 111,000 ea and four other equipment		—		—		67,996		39,971
Advanced EType low voltage electronic watt-hour meter 1,311,552 ea		—		—		36,103		—
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,403		12,095
System stabilization ESS equipment (Hamyang S/S) Type 1		35,697		12,268		35,609		12,870
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment		59,925		43,308		—		—
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		32,214		17,285		—		—
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		39,060		39,060		—		—
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		40,933		40,933		—		—
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,323		40,323		—		—
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,130		40,130		—		—
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S		39,300		39,300		—		—
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S		37,600		37,600		—		—
Construction of Saeul Units (#3,4)		9,800,424		232,842		9,800,424		1,113,349
Construction of Shin-Hanul Units (#1,2) (*)		10,702,915		—		10,592,760		—
Construction of Shin-Hanul Units (#3,4)		11,680,361		10,406,739		11,680,361		10,935,737
Other 40 contracts		1,692,629		1,373,019		1,631,574		1,133,467
Purchase of main equipment for Jeju LNG Combined		—		—		166,287		—
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		335,949		227,472		334,932		279,920
Purchase of main machine for Boryeong New Complex Unit 1		281,600		192,454		281,600		228,053
Boryeong New Complex Unit 1 Construction Project		196,153		158,653		186,358		186,358
Service of designing Taean Units (#9,10)		112,909		12,468		112,909		12,468
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		123,495		15,603		123,495		15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		220,864		101		220,864		214
Construction of Gimpo combined heat & power plant		217,743		15,894		211,372		13,960
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,029		42,316		197,983		193,578
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		14,772		65,918		45,299

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

48. Commitments for Expenditure, Continued

(1) The commitments for acquisition of property, plant and equipment as of September 30, 2024 and December 31, 2023 are as follows, continued:

In millions of Won	September 30, 2024				December 31, 2023
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Construction of Gumi natural gas power plant	W	230,657		122,788		210,393		173,350
Installation of natural gas supply facility at Gumi natural gas power plant		70,620		39,062		70,620		61,799
Construction of Gongju natural gas power plant		203,849		203,849		—		—
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		304,641		274,536		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		322,558		5,732		312,150		5,682
Purchase of main equipment for Namjeju		140,144		—		140,144		3
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		5,264		234,392		8,342
Purchase of Hadong thermal power indoor carboniferous plant		167,259		—		167,259		48,495
Purchase of phase 2 power generation facility for Yeongwol fuel cells		88,428		—		86,350		219
Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters		82,395		—		81,960		18,290
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		123,778		—		—
Construction of Andong Combined Unit 2 Power Plant		181,593		181,593		—		—
Purchase of main equipment for Andong Combined Unit 2		253,065		203,985		—		—

(*) As of September 30, 2024, the commitment amounts include the value of Shin-Hanul Unit #1, construction of which was completed during the year ended December 31, 2022. In addition, Shin-Hanul Unit #2 is in commercial operation as of September 30, 2024.

(2) As of September 30, 2024, details of contracts for inventory purchase commitment are as follows:

Type	Periods	Contracted quantity
Concentrate	2024 ~ 2033	22,282 Ton U3O8
Conversion	2024 ~ 2030	14,391 Ton U
Enrichment	2024 ~ 2035	26,943 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 817 Ton U (contract periods: 2014 ~ 2031).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments

(1) Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of September 30, 2024 and December 31, 2023 are as follows:

In millions of Won	September 30, 2024				December 31, 2023
	Number of cases		Amount		Number of cases		Amount
As the defendant		724	W	860,335		666	W	805,227
As the plaintiff		254		767,525		268		571,593

As of September 30, 2024, there are 3 ongoing litigations and 3 arbitration case between consolidated entities.

1) The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected litigations. Accordingly, the Group recognizedW39,065 million as litigation provisions in relation to the litigation as of September 30, 2024.

2) There are 21 arbitration cases pertaining to the Group as of September 30, 2024 and the significant arbitration cases are as follows:

i) The Group filed an arbitration application with Westinghouse Electric Company LLC to Korean Commercial Arbitration Board, requesting to confirm whether the Group is subject to nuclear power plant export control procedures or not. As of September 30, 2024, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

ii) Hitachi Energy Sweden filed an arbitration against the Group regarding the request for additional payment due to the increase in capacity of some facilities and the withdrawal of liquidated damage in relation to Shin Young-ju and Shin Jecheon substation TCSC construction projects. The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of September 30, 2024.

iii) Hyosung Heavy Industries Co., Ltd. filed an arbitration against the Group regarding the request for payment of a new transformer replacing the defective transformer in connection with the transformer supply contract of the Bukdangjin substation. The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of September 30, 2024.

iv) Samsung C&T consortium (Samsung C&T Co., Ltd., Doosan Enerbility Co., Ltd., and Hanwha Co., Ltd.) filed an arbitration application against the Group to National Contract Dispute Mediation Committee regarding the adjustment of the contract amount related to the main facility construction of Saeul Units 3 and 4 (formerly, Shin-Kori Nuclear Power Units 5 and 6). The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of September 30, 2024.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of September 30, 2024 are as follows:

1) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of September 30, 2024.

2) The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

3) The Group has provided USD 6,119 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 4,716 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

5) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

6) The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

7) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

8) The Group has provided USD 54,000 thousand for a performance guarantee to PT. Cirebon Electric Power, to guarantee the Cirebon coal-fired power plant operation and maintenance project in Indonesia.

9) The Group has provided Nonghyup Bank a debt guarantee up to USD 4,483 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

10) The Group has provided Nonghyup Bank a debt guarantee up to USD 9,290 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.

11) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

12) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

13) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

14) The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

15) The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of September 30, 2024 are as follows, continued:

16) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

17) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for the operation maintenance project in Indonesia siborpa.

18) The Group has provided joint guarantee forW1,641 million guarantee insurance contracted by Haetbyeotgil Sunlight Co., Ltd.

19) The Group has provided USD 38,054 thousand for a debt guarantee to First Abu Dhabi Bank PJSC, to guarantee the payment of capital-linked borrowings of Amaala Sustainable Company for Energy, LLC.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions and others as of September 30, 2024 are as follows:

In millions of Won and thousands of foreign currencies
Commitments	Financial institutions	Currency	Credit limit
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		2,260,500
Limit amount available for CP	Hana Bank and others	KRW		7,100,000
General Loan, etc.	Kookmin Bank and others	KRW		4,400,000
Limit amount available for card	Hana Bank and others	KRW		47,424
Loan limit	Korea Development Bank and others	KRW		2,692,610
	DBS Bank and others	USD		1,842,000
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700
Certification of payment on L/C	Shinhan Bank and others	USD		1,244,671
	Kookmin Bank and others	EUR		37,666
	Shinhan Bank	JPY		715,837
Performance bond	Hana Bank and others	KRW		239,214
	First Abu Dhabi Bank and others	USD		1,028,770
	Korea Development Bank and others	JPY		620,000
	Hana Bank	EUR		12,106
	Hana Bank	INR		67,944
	Hana Bank	OMR		6,250
	First Abu Dhabi Bank	AED		52,500
	Hana Bank	SAR		4,151
Certification of bidding	Korea Software Financial Cooperative	KRW		42,963
	Hana Bank and others	USD		10,200
	Export-Import Bank of Korea	EUR		10,000
	Shinhan Bank	QAR		11,250
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		57,670
	Hana Bank and others	USD		674,507
	Saudi National Bank	SAR		23,500
	Hana Bank and others	MXN		21,597
Others (*)	Nonghyup Bank and others	KRW		325,964
	Nonghyup Bank and others	USD		315,368
	Standard Chartered	AED		50
Secured loan of credit sales	Nonghyup Bank and others	KRW		271,000
Inclusive credit	Hana Bank	KRW		8,000
	Hana Bank and others	USD		135,000
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others	USD		1,819,409
Trade finance	DBS Bank and others	USD		850,000

(*) As of September 30, 2024, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank, and Woori Bank as ancillary to currency swap transactions.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments, Continued

(4) As of September 30, 2024, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are follows:

In millions of Won and thousands of foreign currencies
Obligor	Creditor	Assets provided as security	Currency	Amount		Description
Mira Power Limited	International Finance Corporation and others	Property, plant and equipment and others	USD		264,800	Collateral for borrowings (*1)
Tamra Offshore Wind Power Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		171,600	Collateral for borrowings (*1, 2)
Gyeonggi Green Energy Co., Ltd.	Korea Development Bank and others	Cash and cash equivalents and others	KRW		327,080	Collateral for borrowings (*2)
Commerce and Industry Energy Co., Ltd.	IBK and others	Property, plant and equipment and others	KRW		110,500	Collateral for borrowings (*2)
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW		231,538	Collateral for borrowings (*2)
Gyeongju Wind Power Co., Ltd.	Shinhan Bank and others	Property, plant and equipment and others	KRW		68,400	Collateral for borrowings (*2)
Korea Offshore Wind Power Co., Ltd.	Woori Bank and others	Property, plant and equipment and others	KRW		159,000	Collateral for borrowings (*1, 2)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others	JOD		136,623	Collateral for borrowings (*1)
KST Electric Power Company, S.A.P.I. de C.V.	Export–Import Bank of Korea and others	Finance lease receivable and property, plant and equipment and others	USD		401,277	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW		276,960	Collateral for borrowings (*2)
K-SOLAR SHINAN Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		329,736	Collateral for borrowings (*1, 2)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW		744,120	Collateral for borrowings (*2)
Jeju Hanlim Offshore Wind Co., Ltd.	Kookmin Bank and others	Property, plant and equipment and others	KRW		1,800	Collateral for borrowings (*2)
Western Power Changgi Solar Co., Ltd.	Samsung Life Insurance and others	Property, plant and equipment and others	KRW		54,000	Collateral for borrowings (*2)
Yeongdeok Sunrise Wind Power Co., Ltd.	Korea Development Bank and others	Property, plant and equipment and others	KRW		96,240	Collateral for borrowings (*2)
J Wind First, LLC	Woori Bank	Trade receivable and others	KRW		55,000	Collateral for borrowings (*2)
Chitose Solar Power Plant LLC	Korea Development Bank	Property, plant and equipment and others	USD		137,656	Collateral for borrowings (*2)
Mangilao Intermediate Holdings LLC	Mizuho Bank	Trade receivable and others	USD		93,392	Collateral for borrowings (*2)

(*1) This is based on the amount of loan commitment limit.

(*2) As of September 30, 2024, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group hasW1,197 million of project loans from the Korea Energy Agency as of September 30, 2024. The Group has provided a promissory note as a repayment guarantee.

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Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

49. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount ofW60,199 million as of September 30, 2024, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations ofW1,165 million and depreciation on the idle assets ofW2,747 million are recorded in other expenses for the nine-month period ended September 30, 2024. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of September 30, 2024.

(6) As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of September 30, 2024. The book value of facility isW11,460 million and trade receivables related to the companies residing in Gaeseong Industrial District have been fully written-off. As of September 30, 2024, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7) As of September 30, 2024, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value isW64,371 million.

(8) The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the ”Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(9) The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

50. Subsequent Events

(1) Subsequent to September 30, 2024, KEPCO borrowed long-term borrowings for the purposes of operation and details related thereto are as follows:

In millions of Won
Company	Type	Issue date		Maturity		Interest rate (%)	Amount
Korea Electric Power Corporation	Local long-term borrowings (Mid- to long-term CP (*))		2024.10.04		2027.09.30	3M CD+0.50	W200,000

(*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

(2) Subsequent to September 30, 2024, KEPCO and its subsidiary, Korea Southern Power Co., Ltd., issued bonds in Korean Won, for the purposes of operation, capital expenditure and debt repayment, and details related thereto are as follows:

In millions of Won
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation	#1424 Corporate bond		2024.10.02		2026.10.02		3.15	W400,000
	#1425 Corporate bond		2024.10.02		2029.10.02		3.23	300,000
	#1426 Corporate bond		2024.10.07		2026.10.07		3.25	300,000
	#1427 Corporate bond		2024.10.07		2027.10.07		3.27	400,000
	#1428 Corporate bond		2024.10.15		2026.10.15		3.23	200,000
	#1429 Corporate bond		2024.10.15		2027.10.15		3.23	300,000
	#1430 Corporate bond		2024.10.15		2029.10.15		3.30	200,000
	#1431 Corporate bond		2024.10.25		2027.10.25		3.20	400,000
	#1432 Corporate bond		2024.10.25		2029.10.25		3.28	300,000
	#1433 Corporate bond		2024.10.30		2026.10.30		3.27	400,000
	#1434 Corporate bond		2024.10.30		2029.10.30		3.32	300,000
	#1435 Corporate bond		2024.11.04		2026.11.04		3.27	300,000
	#1436 Corporate bond		2024.11.04		2027.11.04		3.26	400,000
	#1437 Corporate bond		2024.11.12		2026.11.12		3.23	300,000
	#1438 Corporate bond		2024.11.12		2027.11.12		3.21	200,000
	#1439 Corporate bond		2024.11.12		2029.11.12		3.26	200,000
Korea Southern Power Co., Ltd.	#76-1 Corporate bond		2024.10.04		2027.10.01		3.07	90,000
	#76-2 Corporate bond		2024.10.04		2029.10.04		3.17	60,000

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the interim consolidated financial statements, Continued

September 30, 2024 and 2023 (unaudited)

51. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s interim consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and nine-month periods ended September 30, 2024 and 2023 to the operating profit or loss as presented in the Group’s interim consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

In millions of Won	September 30, 2024						September 30, 2023
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Operating profit (loss) on interim consolidated statements of comprehensive income (loss)	W	3,396,055			5,945,660			1,996,572			(6,453,385	)
Add
Other income
Reversal of other provisions		1,332			23,746			11,168			34,501
Reversal of other allowance for doubtful accounts		—			—			487			487
Gains on government grants		—			—			61			193
Gains on assets contributed		24,585			28,724			46			15,840
Gains on liabilities exempted		127			288			80			755
Compensation and reparations revenue		12,574			67,382			30,535			66,085
Revenue from foundation fund		1			2			3			3
Rental income		45,583			153,119			51,659			159,417
Others		14,460			48,430			13,494			54,972
Other gains
Gains on disposal of property, plant and equipment		18,597			83,068			12,426			26,120
Gains on disposal of intangible assets		8			22			100			100
Gains on foreign currency translation		9,366			27,449			7,061			19,287
Gains on foreign currency transactions		28,261			59,099			30,519			97,863
Gains on insurance proceeds		2,604			3,411			221			221
Others		72,476			198,334			115,129			283,977
Deduct
Other expenses
Compensation and reparations expense		(3	)		(138	)		—			(3	)
Accretion expenses of other provisions		(4,457	)		(4,809	)		(1,174	)		(1,645	)
Depreciation expenses on investment properties		(172	)		(495	)		(122	)		(369	)
Depreciation expenses on idle assets		(911	)		(2,747	)		(914	)		(2,744	)
Other bad debt expense		(3,796	)		(11,799	)		—			(8,584	)
Donations		(16,069	)		(154,388	)		(17,121	)		(118,545	)
Others		(27,759	)		(38,596	)		(1,225	)		(18,125	)
Other losses
Losses on disposal of property, plant and equipment		(12,048	)		(58,633	)		(4,643	)		(38,800	)
Losses on disposal of intangible assets		—			(110	)		(1	)		(71	)
Impairment loss on property, plant and equipment		—			—			—			(6,167	)
Impairment loss on intangible assets		—			—			—			(283	)
Losses on foreign currency translation		—			(5,217	)		(2,872	)		(13,236	)
Losses on foreign currency transactions		(7,937	)		(81,008	)		(45,416	)		(147,222	)
Others		(29,054	)		(100,246	)		(42,211	)		(148,538	)
Adjusted operating profit (loss)	W	3,523,823			6,180,548			2,153,862			(6,197,896	)

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