KEP 6-K 2026 - Equibles

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 March 2026

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 ☐

On March 10, 2026, Korea Electric Power Corporation (“KEPCO”) filed its audit report for thefiscal year 2025 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS), and, on March 12, 2026, KEPCO amended and restated its audit report filed on March 10, 2026 as attached. The financial statements in suchreport have not been approved by the shareholders of KEPCO and remain subject to change.

SIGNATURES

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

By:	/s/ Joo, Hwa-Sik
Name: Joo,<br>Hwa-Sik
Title: Vice President

Date: March 13, 2026

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated financial statements

December 31, 2025

(With independent auditor’s report thereon)

TABLE OF CONTENTS

	Page
Independent auditors’ report
Consolidated financial statements
Consolidated statements of financial position		1
Consolidated statements of comprehensive income		3
Consolidated statements of changes in equity		5
Consolidated statements of cash flows		7
Notes to the consolidated financial statements		9
Audit opinion on internal control over financial reporting
Independent auditors’ report of internal control over financial reporting
Management’s annual report on the effectiveness of internal control over<br> financial reporting

Independent auditor’s report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Opinion

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the consolidated statements of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting polies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Korean International Financial Reporting Standards (“K-IFRS”).

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the Group’s Internal Control Over Financial Reporting (“ICFR”) for consolidation purposes as of December 31, 2025 based on the criteria established in Conceptual Framework for Designing and Operating Internal Control over Financial Reporting issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea, and our report dated March 10, 2026 expressed an unmodified opinion on the effectiveness of the Group’s ICFR for consolidation purposes.

Basis for Opinion

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements as of and for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

•	Impairment of property, plant and equipment in the cash-generating unit related to electricity sales.<br>

The Group’s property, plant and equipment (“PP&E”) amounted to KRW 187,751,538 million as of December 31, 2025, which included PP&E in the cash-generating unit (“CGU”) related to electricity sales. As discussed in Note 3.(18) to the consolidated financial statements, the Group performed impairment assessment for the CGU by comparing the carrying amount of the CGU with its estimated value-in-use (“VIU”) amount.

We identified the evaluation of impairment of PP&E in the CGU related to electricity sales as a key audit matter. Specifically, the determination of unit sales prices and the discount rate used by management in estimating VIU of the CGU involved a high degree of subjectivity and uncertainty. A minor change in unit sales prices or the discount rate may have a material impact on the impairment of the CGU. Consequently, evaluating the reasonableness of these key assumptions required subjective and complex auditor judgments.

The following are the primary procedures we performed to address this key audit matter.

•	We evaluated the design and tested the operating effectiveness of certain internal controls related to the<br>assessment of the VIU of the CGU, including controls over management’s review of the determination of unit sales prices and the discount rate.
•	We performed sensitivity analysis as a risk assessment procedure on unit sales prices, and the discount rate to<br>evaluate the impact of changes in these assumptions on the VIU of the CGU.
---	---
•	We assessed the unit sales prices assumptions by comparing them to those used in budgets as approved by the board<br>of directors and historical tariff rates policy measures adopted by the government.
---	---
•	We compared the estimated unit sales price prepared in prior year with the current year’s actual results to<br>assess the Group’s ability to accurately forecast.
---	---
•	We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the<br>reasonableness of the unit sales prices assumptions by performing comparing them to government-approved tariff framework, historical tariff changes, and relevant external market data, and (2) evaluating the appropriateness of the discount rate by<br>independently developing a discount rate using publicly available market information and comparing it to the rate used by management.
---	---

•	Evaluation of Provision for Decommissioning Cost - Nuclear Plants.

As discussed in Note 3.(20) and Note 26 to the consolidated financial statements, the Group recognized a provision for decommissioning cost - Nuclear plants of KRW 24,176,898 million as of December 31, 2025. The Group measures the provision at the present value of the estimated future decommissioning costs.

We identified the evaluation of provisions for decommissioning cost - Nuclear plants as a key audit matter. Specifically, the determination of the discount rate and the inflation rate used by management in measuring the present value of the provision involved a high degree of subjectivity and uncertainty. A minor change in either the discount rate or the inflation rate may have a material impact on the measurement of the provision. Consequently, evaluating the discount rate and the inflation rate assumptions required subjective and complex auditor judgment.

The following are the primary procedures we performed to address this key audit matter.

•	We evaluated the design and tested the operating effectiveness of certain internal controls related to the<br>measurement of the provision for decommissioning cost - Nuclear plants, including controls over management’s review of the determination of the discount rate and the inflation rate.
•	We performed sensitivity analysis as a risk assessment procedure on the discount rate and inflation rate to<br>evaluate the impact of changes in these assumptions on the measurement of the provision.
---	---
•	We involved valuation professionals with specialized skills and knowledge, who assisted in: (1) assessing the<br>long-term market interest rate for discounting the provision by evaluating its consistency with the expected timing and duration of future decommissioning cash outflows, and (2) evaluating the discount rate and inflation rate assumptions used by<br>management by comparing them to publicly available long-term market data.
---	---

Other Matters

The consolidated financial statements of the Group as of and for the year ended December 31, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on March 11, 2025.

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

Responsibilities of Management and Those Charged with Governancefor the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with K-IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with KSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•	Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to<br>fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is<br>higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are<br>appropriate in the circumstances.
---	---
•	Evaluate the appropriateness of accounting policies used in the preparation of the consolidated financial<br>statements and the reasonableness of accounting estimates and related disclosures made by management.
---	---

•	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are<br>required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up<br>to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
•	Evaluate the overall presentation, structure and content of the consolidated financial statements, including the<br>disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
---	---
•	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br>activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.<br>
---	---

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jung Soo Lee.

LOGO

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the accompanying consolidated financial statements and notes thereto. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

As of December 31, 2025 and 2024

In millions of won		2025
Assets
Current assets
Cash and cash equivalents	5,6,7,45	~~W~~	2,240,811	2,382,979
Current financial assets, net	5,6,9,11,12,13,45,47		4,250,164	3,494,717
Trade and other receivables, net	5,8,20,24,45,46,47		12,618,480	12,216,216
Inventories, net	14		10,152,724	9,769,236
Current income tax assets	41		91,579	78,495
Current non-financial assets	15		1,361,630	1,267,914
Assets<br>held-for-sale	16,42		—	45,648
Total current assets			30,715,388	29,255,205
Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,45,47		4,565,561	4,945,990
Non-current trade and other receivables, net	5,8,20,45,46,47		3,124,185	3,157,409
Property, plant and equipment, net	4,18,24,27,49		187,751,538	182,982,763
Investment properties, net	4,19,27		238,772	228,984
Goodwill, net	4,16		99,303	99,179
Intangible assets other than goodwill, net	4,21,27,46		1,001,295	1,046,918
Investments in associates	4,17		6,851,456	6,704,754
Investments in joint ventures	4,17		6,512,332	4,581,340
Defined benefit assets, net	25		104,344	40,425
Deferred tax assets	41		12,950,032	13,436,624
Non-current<br>non-financial assets	4,15		1,013,251	328,204
Total non-current assets			224,212,069	217,552,590
Total assets	4	~~W~~	254,927,457	246,807,795

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

Asof December 31, 2025 and 2024

In millions of won		2025
Liabilities
Current liabilities
Trade and other payables	5,22,24,45,47	~~W~~	8,621,671	9,411,315
Current financial liabilities	5,12,23,45,47		45,939,089	44,465,866
Current income tax liabilities	41		1,571,143	970,496
Current non-financial liabilities	20,28,29		6,805,171	6,327,141
Current provisions	26,45		4,170,243	2,793,971
Total current liabilities			67,107,317	63,968,789
Non-current liabilities
Non-current trade and other payables	5,22,24,45,47		4,028,808	4,609,241
Non-current financial liabilities	5,12,23,45,47		83,995,702	88,352,359
Non-current<br>non-financial liabilities	28,29		13,726,159	13,281,520
Employee benefits liabilities, net	25,45		1,381,852	1,451,547
Deferred tax liabilities	41		6,500,975	5,944,472
Non-current provisions	26,45		28,863,700	27,837,034
Total non-current liabilities			138,497,196	141,476,173
Total liabilities	4	~~W~~	205,604,513	205,444,962
Equity
Contributed capital	1,30,45
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			567,469	—
Unappropriated retained earnings			26,328,205	18,523,337
			28,500,584	20,128,247
Other components of equity	34
Other capital surplus			1,566,635	1,600,812
Accumulated other comprehensive income			1,340,560	1,424,014
Other equity			12,708,585	12,708,585
			15,615,780	15,733,411
Equity attributable to owners of the controlling company			48,169,942	39,915,236
Non-controlling interests	16,33		1,153,002	1,447,597
Total equity		~~W~~	49,322,944	41,362,833
Total liabilities and equity		~~W~~	254,927,457	246,807,795

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income

For each of the two years in the period ended December 31, 2025

In millions of won, except per share information		2025
Sales	4,35,45,47
Sale of goods	2	~~W~~	95,167,797		91,018,712
Sales of services			726,096		710,445
Sales of construction services	20		673,693		849,108
Revenue related to transfer of assets from customers	28		861,760		820,631
			97,429,346		93,398,896
Cost of sales	14,25,43,47
Cost of sales of goods			(77,593,597	)	(80,221,013	)
Cost of sales of services			(671,334	)	(557,261	)
Cost of sales of construction services			(2,439,881	)	(1,185,886	)
			(80,704,812	)	(81,964,160	)
Gross profit			16,724,534		11,434,736
Selling and administrative expenses	25,36,43,47		(3,233,977	)	(3,070,026	)
Operating profit	4		13,490,557		8,364,710
Other income	37		425,303		477,354
Other expenses	37		(243,387	)	(465,688	)
Other gains, net	38		338,973		84,884
Finance income	5,12,39		2,038,143		3,448,177
Finance expenses	5,12,40		(5,038,751	)	(7,535,228	)
Profit (loss) related to associates, joint ventures and subsidiaries	4,16,17
Share of profit of associates and joint ventures			807,419		937,959
Gain on disposal of investments in associates and joint ventures			3,880		186,066
Reversal of impairment loss on investments in associates and joint ventures			—		10,527
Gain on disposal of investments in subsidiaries			27		98
Share of loss of associates and joint ventures			(206,743	)	(182,507	)
Loss on disposal of investments in associates and joint ventures			—		(650	)
Loss on impairment of investments in associates and joint ventures			—		(69,173	)
Loss on disposal of investments in subsidiaries			(28,491	)	—
			576,092		882,320
Profit before income tax			11,586,930		5,256,529
Income tax expense	41		(2,920,274	)	(1,634,561	)
Profit for the year		~~W~~	8,666,656		3,621,968

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income, Continued

For each of the years in the two-year period ended December 31, 2025

In millions of won, except per share information		2025
Other comprehensive income (loss), net of tax	5,12,25,31,34
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans	25,31	~~W~~	(27,437)		(296,135	)
Share of other comprehensive loss of associates and joint ventures	31		(5,944	)	(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive<br>income	34		143,886		100,759
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting	5,12,34		34,663		11,870
Foreign currency translation of foreign operations	34		(32,608	)	164,628
Share of other comprehensive income (loss) of associates and joint ventures	34		(257,793	)	654,225
Other comprehensive income (loss) for the year			(145,233	)	629,001
Total comprehensive income for the year		~~W~~	8,521,423		4,250,969
Profit attributable to:
Owners of the controlling company	44	~~W~~	8,544,918		3,491,698
Non-controlling interests			121,738		130,270
		~~W~~	8,666,656		3,621,968
Total comprehensive income attributable to:
Owners of the controlling company		~~W~~	8,425,621		4,070,175
Non-controlling interests			95,802		180,794
		~~W~~	8,521,423		4,250,969
Earnings per share (in won)	44
Basic and diluted earnings per share		~~W~~	13,311		5,439

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

For each of the two years in the period ended December 31, 2025

In millions of won	Equity attributable to owners of the controlling company
	Contributedcapital		Retained<br>earnings			Other<br>components<br>of equity			Subtotal					Total<br>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		—		3,491,698			—			3,491,698		130,270			3,621,968
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(281,761	)		—			(281,761	)	(14,374	)		(296,135	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(6,346	)		—			(6,346	)	—			(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income, net<br>of tax		—		—			100,759			100,759		—			100,759
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<br>tax		—		—			11,976			11,976		(106	)		11,870
Foreign currency translation of foreign operations, net of tax		—		—			99,624			99,624		65,004			164,628
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			654,225			654,225		—			654,225
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—		(126,900	)		(126,900	)
Additional paid-in capital and others		—		—			—			—		(1,819	)		(1,819	)
Equity transaction within the consolidated entity		—		—			18			18		(13,878	)		(13,860	)
Changes in consolidation scope		—		—			—			—		9			9
Dividends paid for hybrid bonds		—		—			—			—		(10,316	)		(10,316	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—		—			—
Balance as of December 31, 2024	~~W~~	4,053,578		20,128,247			15,733,411			39,915,236		1,447,597			41,362,833

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

Foreach of the two years in the period ended December 31, 2025

In millions of won	Equity attributable to owners of the controlling company
	Contributedcapital		Retained<br>earnings			Other<br>components<br>of equity			Subtotal					Total<br>equity
Balance as of January 1, 2025	~~W~~	4,053,578		20,128,247			15,733,411			39,915,236		1,447,597			41,362,833
Total comprehensive income (loss) for the period
Profit for the period		—		8,544,918			—			8,544,918		121,738			8,666,656
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(29,899	)		—			(29,899	)	2,462			(27,437	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		(5,944	)		—			(5,944	)	—			(5,944	)
Net change in fair value of financial assets at fair value through other comprehensive income<br>(loss), net of tax		—		—			143,888			143,888		(2	)		143,886
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<br>tax		—		—			35,483			35,483		(820	)		34,663
Foreign currency translation of foreign operations, net of tax		—		—			(5,032	)		(5,032	)	(27,576	)		(32,608	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			(257,793	)		(257,793	)	—			(257,793	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,738	)		—			(136,738	)	(76,443	)		(213,181	)
Additional paid-in capital and others		—		—			(855	)		(855	)	882			27
Equity transaction within the consolidated entity		—		—			(33,322	)		(33,322	)	(82,564	)		(115,886	)
Changes in consolidation scope		—		—			—			—		(144	)		(144	)
Dividends paid for hybrid bonds		—		—			—			—		(2,128	)		(2,128	)
Repayment of hybrid bond		—		—			—			—		(230,000	)		(230,000	)
Balance as of December 31, 2025	~~W~~	4,053,578		28,500,584			15,615,780			48,169,942		1,153,002			49,322,944

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2025

In millions of won	2025
Cash flows from operating activities
Profit for the year	~~W~~	8,666,656		3,621,968
Adjustments to reconcile profit for the period to net cash provided by operating<br>activities:
Income tax expenses		2,920,274		1,634,561
Depreciation		13,630,181		13,833,788
Amortization		158,610		163,567
Retirement benefit expenses		484,224		427,980
Bad debt expense		83,001		60,309
Interest expense		4,339,560		4,665,095
Loss on disposal of financial assets		3,525		434
Loss on disposal of property, plant and equipment		112,692		112,018
Loss on abandonment of property, plant and equipment		122,368		195,697
Loss on impairment of property, plant and equipment		14,262		11,240
Loss on impairment of intangible assets		8,439		902
Loss on disposal of intangible assets		13		111
Increase in provisions, net		3,492,316		1,762,526
Loss (Gain) on foreign currency translation, net		(407,106	)	2,366,830
Gain on valuation of financial assets at fair value through profit or loss		(133,082	)	(83,408	)
Loss on valuation of financial assets at fair value through profit or loss		24,983		14,247
Gain on derivatives		(52,685	)	(2,406,368	)
Gain on valuation of investments in associates and joint ventures, net		(600,675	)	(755,452	)
Gain on disposal of financial assets		(58,115	)	(45,493	)
Reversal of impairment loss on intangible assets		(42	)	—
Gain on disposal of property, plant and equipment		(285,525	)	(85,990	)
Gain on disposal of intangible assets		(18	)	(41	)
Gain on disposal of associates and joint ventures		(3,880	)	(186,066	)
Loss on disposal of associates and joint ventures		—		650
Loss on impairment investments in associates and joint ventures		—		69,173
Reversal of impairment loss on investments in associates and joint ventures		—		(10,527	)
Gain on disposal of subsidiaries		(27	)	(98	)
Loss on disposal of subsidiaries		28,491		—
Interest income		(440,386	)	(467,525	)
Dividends income		(26,137	)	(70,601	)
Others, net		(422,833	)	(76,125	)
		22,992,428		21,131,434
Changes in working capital:
Trade receivables		(436,841	)	2,702
Non-trade receivables		76,882		(191,526	)
Accrued income		325,716		(189,995	)
Other receivables		97,299		101,042
Other current assets		(713,475	)	(656,588	)
Inventories		(1,566,800	)	(1,412,713	)
Other non-current assets		(165,996	)	108,625
Trade payables		(957,469	)	109,214
Non-trade payables		(498,552	)	(97,540	)
Accrued expenses		(343,879	)	(508,199	)
Other current liabilities		642,339		(2,261,294	)
Other non-current liabilities		365,255		2,892,947
Investments in associates and joint ventures (dividends received)		346,203		364,287
Provisions		(1,840,454	)	(1,588,396	)
Payments of employee benefit obligations		(362,044	)	(208,248	)
Plan assets		(350,970	)	(254,763	)
	~~W~~	(5,382,786	)	(3,790,445	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows, Continued

For each ofthe two years in the period ended December 31, 2025

In millions of won	2025
Cash generated from operating activities	~~W~~	26,276,298		20,962,957
Dividends received		26,137		12,243
Interest paid		(4,393,329	)	(4,697,442	)
Interest received		304,166		390,671
Income taxes paid		(1,333,118	)	(792,313	)
Net cash flows provided by operating activities		20,880,154		15,876,116
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		14,436		236,624
Acquisition of investments in associates and joint ventures		(2,096,355	)	(451,813	)
Proceeds from disposals of property, plant and equipment		467,623		402,603
Acquisition of property, plant and equipment		(15,834,139	)	(14,216,037	)
Proceeds from disposals of intangible assets		4,606		428
Acquisition of intangible assets		(103,490	)	(91,851	)
Proceeds from disposals of financial assets		3,677,329		2,615,341
Acquisition of financial assets		(4,341,542	)	(2,536,994	)
Increase in loans		(376,811	)	(172,849	)
Collection of loans		413,027		226,935
Increase in deposits		(161,923	)	(154,503	)
Decrease in deposits		143,226		152,803
Proceeds from disposals of assets<br>held-for-sale		40,047		28,727
Receipt of government grants		25,019		59,503
Net cash outflows from changes in consolidation scope		(3,062	)	(2,740	)
Other cash outflows from investing activities, net		(313,444	)	(189,284	)
Net cash flows used in investing activities		(18,445,453	)	(14,093,107	)
Cash flows from financing activities
Proceeds (Repayment) of short-term borrowings, net		948,196		(1,536,401	)
Proceeds from long-term borrowings		1,769,770		2,795,823
Proceeds from debt securities		23,093,711		20,476,245
Repayment of long-term borrowings		(1,211,324	)	(654,581	)
Repayment of debt securities		(26,541,349	)	(24,687,409	)
Payment of lease liabilities		(549,651	)	(612,828	)
Settlement of derivative instruments, net		621,571		545,483
Change in non-controlling interests		(57,759	)	(35,986	)
Repayment of hybrid bond		(230,000	)	—
Dividends paid for hybrid bond		(2,128	)	(10,316	)
Dividends paid		(216,780	)	(126,903	)
Other cash outflows from financing activities, net		(258,858	)	(2,428	)
Net cash flows used in financing activities		(2,634,601	)	(3,849,301	)
Net decrease in cash and cash equivalents before effect of exchange ratefluctuations		(199,900	)	(2,066,292	)
Effect of exchange rate fluctuations on cash held		57,732		106,384
Net decrease in cash and cash equivalents		(142,168	)	(1,959,908	)
Cash and cash equivalents as of January 1, 2025 and 2024		2,382,979		4,342,887
Cash and cash equivalents as of December 31, 2025 and 2024	~~W~~	2,240,811		2,382,979

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements

December 31, 2025 and 2024

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 December 31, 2025, KEPCO’s share capital amounts to ~~W~~3,209,820 million and KEPCO’s shareholders are as follows:

	Number of shares<br>(in shares)
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 143,869,288 shares (22.41%) as of December 31, 2025.<br>
---	---

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

2.	Basis of Preparation

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) were authorized for issuance by the Board of Directors on February 26, 2026, which will be submitted for final approval at the shareholders’ meeting held on March 25, 2026.

(1)	Statement of compliance

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

(2)	Basis of measurement

These 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<br>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”, “~~W~~” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

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

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

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

(ii)	Deferred tax

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

(iii)	Valuations of financial instruments at fair values

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

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

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

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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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 by using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to 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 estimated volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized as of December 31, 2025 and 2024 are ~~W~~2,573,914 million and ~~W~~2,492,898 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2.	Basis of Preparation, Continued
(5)	Changes in accounting policies
---	---

The Group has applied the following new accounting standards and amendments for their annual reporting period commencing January 1, 2025. The amendment has no significant impact on the Group’s consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

Amendments to KIFRS 1021 “lack of Exchangeability”

The amendments to KIFRS 1021 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments require disclosure of information that enables users of financial statements to understand the risk and impact of a currency not being exchangeable, or is expected to affect, an entity’s financial performance, financial position, and cash flows. The amendments apply to annual reporting periods beginning on or after January 1, 2025.

This amendment has no significant impact on the consolidated financial statements.

Amendments to KIFRS 1117 “Insurance Contracts” - Disclosure of Estimation Techniques for Inputs Used in Measuring Insurance Contracts

The amendments to KIFRS 1117, “Insurance Contracts,” are effective for reporting periods ending on or after December 31, 2025. These amendments address situations where an entity may be required to follow principled estimation techniques prescribed by insurance-related laws and regulations in the absence of sufficient historical data or experience for its insurance products.

If the estimation techniques used by an entity to measure insurance contracts differ from the principled estimation techniques required by such regulations, and if this information is deemed relevant and material to the users of the financial statements, the following disclosures are required:

•	The estimation techniques for inputs used based on significant judgment and the basis for such judgment, as well<br>as the details of any differences from the principled estimation techniques required by the regulations; and
•	The impact on the estimates of future cash flows, contractual service margin (CSM), insurance revenue, and<br>insurance service expenses, had the principled estimation techniques required by the regulations been applied.
---	---

These amendments will remain in effect through the reporting periods including December 31, 2029. This amendment has no significant impact on the consolidated financial statements.

(6)	New accounting standards and interpretations not yet adopted

The following are the major new and amended accounting standards and interpretations that have been issued but are not yet effective for the fiscal year beginning on January 1, 2025, and have not been early adopted by the Group:

Amendments to KIFRS 1109, “FinancialInstruments” and KIFRS 1107, “Financial Instruments: Disclosures”—Classification and Measurement of Financial Instruments

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

•	Clarification that a financial liability is derecognized on the settlement date, and the introduction of an<br>accounting policy choice to derecognize financial liabilities settled through electronic payment systems before the settlement date if specific criteria are met;
•	Additional guidance on assessing the contractual cash flow characteristics of financial assets with ESG or<br>similar features;
---	---
•	Clarification of the characteristics of non-recourse features and<br>contractually linked instruments; and
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2.	Basis of Preparation, Continued
(6)	New accounting standards and interpretations not yet adopted, continued
---	---
•	Introduction of new disclosure requirements for financial instruments with contingent features and additional<br>disclosures for equity instruments measured at fair value through other comprehensive income (FVOCI).
---	---

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. Entities may choose to early adopt only the amendments related to the classification of financial assets and the corresponding disclosures. The Group does not plan to early adopt these amendments.

Annual Improvements to KIFRS Accounting Standards - Volume 11

Annual Improvements to KIFRS Volume 11 were issued to enhance consistency among accounting standards and clarify ambiguous requirements. The key improvements include:

•	KIFRS 1101, “First-time Adoption of KIFRS”: Hedge accounting by a first-time adopter;<br>
•	KIFRS 1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation<br>guidance;
---	---
•	KIFRS 1109, “Financial Instruments”: Derecognition of lease liabilities and the definition of<br>transaction price;
---	---
•	KIFRS 1110, “Consolidated Financial Statements”: Determination of a “de facto” agent; and<br>
---	---
•	KIFRS 1007, “Statement of Cash Flows”: Cost method.
---	---

These amendments are effective for reporting periods beginning on or after January 1, 2026, with early adoption permitted. If an entity early adopts these amendments, it must disclose that fact. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures” - Contracts for Renewable Electricity

The amendments to KIFRS 1109 and KIFRS 1107 regarding contracts for renewable electricity (nature-dependent electricity) include the following:

•	Clarification of the “own-use” requirement for contracts<br>within the scope;
•	Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts<br>within the scope; and
---	---
•	New disclosure requirements to enable investors to understand the impact of such contracts on the entity’s<br>financial performance and cash flows.
---	---

These amendments are effective for fiscal years beginning on or after January 1, 2026, with early adoption permitted. Amendments regarding the “own-use” exception must be applied retrospectively, while amendments related to hedge accounting are to be applied prospectively to new hedge relationships designated after the date of initial application. The Group does not expect these amendments to have a material impact on its consolidated financial statements.

KIFRS 1118, “Presentation and Disclosure in Financial Statements”

KIFRS 1118, which replaces KIFRS 1001, “Presentation of Financial Statements,” has been issued. KIFRS 1118 introduces new requirements for the statement of profit or loss, including specific totals and subtotals. Entities are required to classify all income and expenses into one of five categories: operating, investing, financing, income taxes, and discontinued operations.

The standard also requires disclosure of “Management-defined Performance Measures” (MPMs) and includes new requirements for aggregating and disaggregating financial information based on identified “roles” of the primary financial statements and the notes.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

2.	Basis of Preparation, Continued
(6)	New accounting standards and interpretations not yet adopted, continued
---	---

Furthermore, narrow-scope amendments were made to KIFRS 1007, “Statement of Cash Flows,” such as changing the starting point for calculating operating cash flows under the indirect method from net income to operating profit or loss and removing options for the classification of cash flows arising from interest and dividends.

KIFRS 1118 and related amendments are effective for reporting periods beginning on or after January 1, 2027, with retrospective application required upon initial adoption. The Group is currently assessing the impact of these amendments on its consolidated financial statements. Significant changes expected upon initial application include:

•	Foreign exchange differences will be classified in the same category as the income and expenses of the items that<br>generated them;
•	New disclosures will be added, including:
---	---
•	Management-defined Performance Measures (MPMs);
---	---
•	Expenses by nature for specific items when expenses are presented by function in the operating category; and<br>
---	---
•	A reconciliation between the amounts presented under KIFRS 1118 and the amounts that would have been presented<br>under KIFRS 1001.
---	---
•	In the statement of cash flows, interest received and interest paid will be classified as investing and financing<br>activities, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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, 2024, except for the changes described in Note 2.(5).

(1)	Basis of consolidation

The consolidated financial statements are the financial statements of the Group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the current year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

Transactions within the Group are eliminated during the consolidation.

Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.

When the Group loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to income or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under KIFRS 1109 ‘Financial Instruments’ or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

(2)	Business combinations

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(2)	Business combinations, continued
---	---

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

•	deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are<br>recognized and measured in accordance with KIFRS 1012 Income Taxes and KIFRS 1019 Employee Benefits, respectively;
•	assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 Non-current Assets Held for Sale are measured in accordance with that standard.
---	---

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity’s net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 Financial Instruments, or with KIFRS 1037 Provisions, Contingent Liabilitiesand Contingent Assets, as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(3)	Investments in associates
---	---

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 Non-current Assets Held for Sale, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 Financial Instruments unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the income or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 Investments in Associates and Joint Ventures are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 Impairment ofAssets as a single asset by comparing its recoverable amount (higher of value-in-use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(4)	Joint arrangements
---	---

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types - joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 Investment in Associates and Joint Ventures (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 Non-current Assets Held for Sale.

(5)	Non-current assets held-for-sale

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(6)	Goodwill

The Group measures goodwill arises from a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group performs impairment assessment for CGUs to which goodwill is allocated at the end of each reporting period and more frequently if an indication that the CGU may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(7)	Revenue from Contracts with Customers
---	---

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation), in accordance with KIFRS 1115. The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

(i)	Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 95.46% of consolidated revenue for the year ended December 31, 2025.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

(ii)	Variable consideration

The Group may be subject to variability in the consideration received from customers due to the progressive electricity tariff system, government-mandated discounts, penalties, late-payment charges, and other factors. The Group estimates variable consideration using the expected value method, under which the Group can better predict the amount of consideration to which the Group will be entitled. The estimated variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the related uncertainty is subsequently resolved.

(iii)	Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

(a)	the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the<br>Group performs;
(b)	the Group’s performance creates or enhances an asset that the customer controls as the asset is created<br>or enhanced; or
---	---
(c)	the Group’s performance does not create an asset with an alternative use to the Group and the Group has<br>an enforceable right to payment for performance completed to date.
---	---
(iv)	Adoption of cost pass-through tariff system
---	---

The Group amended its basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. In accordance with this amendment, the cost pass-through tariff system has been applied to the electricity rate after January 1, 2021. The Group has assessed that the adoption of the new system did not affect the existing accounting policies, including revenue from contracts with customers.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(8)	Leases
---	---

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor’s accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

(i)	The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

(ii)	The Group as a lessee

(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(9)	Foreign currencies
---	---

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date’s exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

•	exchange differences on foreign currency borrowings relating to assets under construction for future productive<br>use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
•	exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note<br>3.(23) Derivative financial instruments, including hedge accounting); and
---	---
•	exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is<br>neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal<br>of the net investment.
---	---

For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognized, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

(10)	Borrowing costs

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in profit or loss in the period in which they are incurred.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(11)	Government grants
---	---

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant’s conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

(i)	If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

(ii)	If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

(12)	Retirement benefit expenses

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by “Pension Actuarial System” developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability’s measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(13)	Income taxes
---	---

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

(i)	Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

(a)	has a legally enforceable right to set off the recognized amounts; and
(b)	intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.<br>
---	---
(ii)	Deferred tax
---	---

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

(iii)	Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(14)	Property, plant and equipment
---	---

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group’s property, plant and equipment are as follows:

	Useful lives (years)
Buildings	8 ~ 40
Structures	5 ~ 50
Machinery	1 ~ 34
Vehicles	3 ~ 5
Loaded heavy water	30
Asset retirement costs	18, 30, 40, 60
Right-of-use<br>assets	1 ~ 65
Ships	9
Others	3 ~ 30

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(15)	Investment property
---	---

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, is depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

(16)	Intangible assets
(i)	Intangible assets acquired separately
---	---

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

(ii)	Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

•	the technical feasibility of completing the intangible asset so that it will be available for use or sale;<br>
•	the intention to complete the intangible asset and use or sell it;
---	---
•	the ability to use or sell the intangible asset;
---	---
•	how the intangible asset will generate probable future economic benefits;
---	---
•	the availability of adequate technical, financial and other resources to complete the development and to use or<br>sell the intangible asset; and
---	---
•	the ability to measure reliably the expenditure attributable to the intangible asset during its development.<br>
---	---

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(16)	Intangible assets, continued
---	---

The estimated useful lives and amortization methods of the Group’s intangible assets are as follows:

	Useful lives (years)	Amortizationmethods
Usage rights for donated assets	10 ~ 30	Straight line
Software	4 ~ 30	Straight line
Industrial rights	5 ~ 30	Straight line
Development expenses	5	Straight line
Leasehold rights	8	Straight line
Others	3 ~ 50 or indefinite	Straight line
Mining right	-	Unit of production

Mining right is amortized using the unit-of-production method to reflect the pattern in which the asset’s economic benefits are consumed.

(iii)	Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

(iv)	Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

(17)	Greenhouse gas emissions rights (allowances) and obligations

In connection with Act on the Allocation and Trading of Greenhouse Gas Emissions Permits of the Republic of Korea, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

(i)	Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

(ii)	Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group’s present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(18)	Impairment of non-financial assets other than goodwill
---	---

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

The Group determined that there were indications of impairment for the cash-generating unit (CGU) related to electricity sales, as the carrying amount of net assets exceeded the market capitalization. Accordingly, an impairment assessment was conducted for the CGU. The Group estimated the value-in-use based on discounted cash flow forecasts, applying key assumptions such as the discount rate, future sales volume estimates, sales price, and costs of electricity purchased. As a result of the impairment assessment, the recoverable amount exceeded the carrying amount of the CGU.

(19)	Inventories

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

(20)	Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(20)	Provisions, continued
---	---

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

(i)	Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

(ii)	Provision for decommissioning costs of nuclear power plants

The Company records the present value of estimated decommissioning costs as a liability in the period in which the Company incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

The discount rate applied to measure the decommissioning provision is based on a long-term market interest rate that reflects the expected timing and duration of future decommissioning cash outflows. In determining this rate, the Company also considers publicly available long term interest rate information, including historical long term rate patterns, given the long-term nature of nuclear decommissioning obligations.

Regarding inflation rate that is used to measure future cash outflows, the Company considers historical published consumer price index and their representativeness for future periods when the cash flows for decommissioning activities are expected to occur.

(iii)	Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

(iv)	Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

(v)	Provision for Polychlorinated Biphenyls (“PCBs”)

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group’s estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

(vi)	Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

(vii)	Provisions for transmission and transformation facilities-neighboring areas support program<br>

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

(viii)	Renewable Portfolio Standard (“RPS”) provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(21)	Financial instruments
---	---

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset’s acquisition or issuance.

(i)	Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

Business model	Cash flow characteristics
	Solely payments of<br>principal and<br>interest (SPPI)	Other<br>than<br>SPPI
To collect contractual cash flows	Amortized cost	FVTPL<br> <br>(*2)
Both collecting contractual cash flows and selling financial assets	FVOCI (*1)
To sell financial assets	FVTPL
(*1)	To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair<br>value in profit or loss.
---	---
(*2)	On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to<br>present subsequent changes in the investment’s fair value in OCI.
---	---

LOGO A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

LOGO A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

LOGO All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

(ii)	Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

LOGO A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

LOGO A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(21)	Financial instruments, continued
---	---
(iii)	Impairment: Financial assets and contract assets
---	---

The Group applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the table below.

Classification		Loss allowances
Stage 1	Credit risk has not increased significantly since the initial recognition	12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date
Stage 2	Credit risk has increased significantly since the initial recognition	Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument
Stage 3	Credit-impaired

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

(iv)	Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(22)	Service Concession Arrangements

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 Revenue from Contracts with Customers.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(23)	Derivative financial instruments, including hedge accounting
---	---

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

(i)	Separable embedded derivatives

A derivative embedded in a hybrid contract, with a financial liability host or host not in the scope of KIFRS 1109, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss.

(ii)	Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

(iii)	Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income. However, changes in the fair value of hedging instrument and hedged item of equity instruments for which changes in fair value have been elected to be presented in other comprehensive income at the time of initial recognition are recognized in other comprehensive income.

If a hedging relationship no longer meets the objective of the hedge effectiveness related to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship should be rebalanced so that the hedging relationship again meets the criteria. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

(iv)	Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in finance income and expense.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

3.	Material Accounting Policies, Continued
(23)	Derivative financial instruments, including hedge accounting, continued
---	---

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

4.	Segment, Geographic and Other Information
(1)	Segment determination and explanation of the measurements
---	---

The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision maker of the Group for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments classified in accordance with KIFRS 1108 are “Transmission and distribution”, “Electric power generation (Nuclear)”, “Electric power generation (Non-nuclear)”, “Plant maintenance & engineering service” and “Others”; others mainly represent the business unit that manages the Group’s foreign operations.

Segment operating profit (loss), which is the measure for segment profit or loss, is determined in the same way that 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

4.	Segment, Geographic and Other Information, Continued
(2)	The financial information of the segments for each of the two years in the period ended December 31,2025, respectively, is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Segment	Total<br>segment<br>revenue			Intersegment<br>revenue			Revenue<br>from<br>external<br>customers		Operating<br>profit (loss)			Depreciation<br>and<br>amortization			Interest<br>income			Interest<br>expense			Profit (loss) relatedto associates, jointventures andsubsidiaries
Transmission and distribution	~~W~~	95,536,165			2,323,115			93,213,050		8,540,000			4,544,891			93,656			2,628,600			364,660
Electric power generation (Nuclear)		15,346,722			14,980,918			365,804		2,478,392			4,898,189			85,585			796,273			(8,974	)
Electric power generation<br>(Non-nuclear)		28,710,970			26,182,963			2,528,007		2,141,000			4,119,191			43,902			667,916			220,330
Plant maintenance & engineering service		3,325,786			2,768,349			557,437		307,661			171,000			27,684			5,613			76
Others		2,200,702			1,435,654			765,048		99,277			236,282			249,422			327,450			—
Consolidation adjustments		(47,690,999	)		(47,690,999	)		—		(75,773	)		(180,762	)		(59,863	)		(86,292	)		—
	~~W~~	97,429,346			—			97,429,346		13,490,557			13,788,791			440,386			4,339,560			576,092
In millions of won
For the year ended December 31,2024
Segment	Total<br>segment<br>revenue			Intersegment<br>revenue			Revenue<br>from<br>external<br>customers		Operating<br>profit (loss)			Depreciation<br>and<br>amortization			Interest<br>income			Interest<br>expense			Profit (loss) relatedto associates, jointventures andsubsidiaries
Transmission and distribution	~~W~~	91,646,581			2,217,014			89,429,567		3,166,658			4,368,806			86,889			2,946,080			578,973
Electric power generation (Nuclear)		13,447,880			13,118,098			329,782		1,577,798			5,182,841			72,760			786,491			(20,548	)
Electric power generation<br>(Non-nuclear)		31,563,589			29,186,796			2,376,793		2,805,997			4,252,872			67,835			704,678			138,347
Plant maintenance & engineering service		3,266,873			2,765,640			501,233		405,389			164,749			26,262			7,144			185,548
Others		2,283,458			1,521,937			761,521		60,344			218,505			271,709			336,718			—
Consolidation adjustments		(48,809,485	)		(48,809,485	)		—		348,524			(190,418	)		(57,930	)		(116,016	)		—
	~~W~~	93,398,896			—			93,398,896		8,364,710			13,997,355			467,525			4,665,095			882,320

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

4.	Segment, Geographic and Other Information, Continued
(3)	The information related to segment assets and segment liabilities as of December 31, 2025 and 2024 isas follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Segment	Segment<br>assets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-currentassets			Segmentliabilities
Transmission and distribution	~~W~~	144,616,479			8,606,616		9,077,814			118,045,718
Electric power generation (Nuclear)		76,378,365			169,728		2,532,322			49,741,461
Electric power generation (Non-nuclear)		63,352,471			4,585,612		4,634,208			35,395,912
Plant maintenance & engineering service		4,363,345			1,832		202,142			1,346,629
Others		17,125,478			—		254,262			6,885,650
Consolidation adjustments		(50,908,681	)		—		(111,689	)		(5,810,857	)
	~~W~~	254,927,457			13,363,788		16,589,059			205,604,513
In millions of won
As of December 31, 2024
Segment	Segment<br>assets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-currentassets			Segmentliabilities
Transmission and distribution	~~W~~	139,472,103			6,839,513		8,417,992			120,083,068
Electric power generation (Nuclear)		72,508,359			171,956		2,629,626			47,082,862
Electric power generation (Non-nuclear)		66,834,569			4,272,928		3,862,287			36,363,754
Plant maintenance & engineering service		4,522,610			1,697		160,978			1,508,112
Others		14,977,126			—		195,451			7,073,716
Consolidation adjustments		(51,506,972	)		—		(185,981	)		(6,666,550	)
	~~W~~	246,807,795			11,286,094		15,080,353			205,444,962

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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)**
Geographical unit	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024		As of December 31,2025		As of December 31,2024
Domestic	~~W~~	96,294,769		92,107,468		196,736,382		191,214,679
Overseas (*1)		1,134,577		1,291,428		6,731,565		4,757,463
	~~W~~	97,429,346		93,398,896		203,467,947		195,972,142
(*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.<br>
---	---
(*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 two years in the period ended December 31, 2025.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5.	Classification of Financial Instruments
(1)	The classification of financial assets as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Financial assetsat fair valuethrough profitor loss		Financial assetsat fair valuethrough othercomprehensiveincome		Financial assetsat amortized cost		Derivative assets(applying hedgeaccounting)		Total
Current assets
Cash and cash equivalents	~~W~~	—		—		2,240,811		—		2,240,811
Current financial assets
Current financial assets at fair value through profit or loss		1,299,027		—		—		—		1,299,027
Current financial assets at amortized cost		—		—		21,663		—		21,663
Current derivative assets		492,028		—		—		344,204		836,232
Other financial assets		—		—		2,093,242		—		2,093,242
Trade and other receivables		—		—		12,618,480		—		12,618,480
		1,791,055		—		16,974,196		344,204		19,109,455
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit<br>or loss		696,199		—		—		—		696,199
Non-current financial assets at fair value through other<br>comprehensive income		—		885,173		—		—		885,173
Non-current financial assets at amortized cost		—		—		9,454		—		9,454
Non-current derivative assets		1,055,987		—		—		143,331		1,199,318
Other financial assets		—		—		1,775,417		—		1,775,417
Trade and other receivables		—		—		3,124,185		—		3,124,185
		1,752,186		885,173		4,909,056		143,331		7,689,746
	~~W~~	3,543,241		885,173		21,883,252		487,535		26,799,201

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5.	Classification of Financial Instruments, Continued
(1)	The classification of financial assets as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Financial assetsat fair valuethrough profitor loss		Financial assetsat fair valuethrough othercomprehensiveincome		Financial assetsat amortized cost		Derivative assets(applying hedgeaccounting)		Total
Current assets
Cash and cash equivalents	~~W~~	—		—		2,382,979		—		2,382,979
Current financial assets
Current financial assets at fair value through profit or loss		1,456,895		—		—		—		1,456,895
Current financial assets at amortized cost		—		—		20,418		—		20,418
Current derivative assets		396,477		—		—		364,077		760,554
Other financial assets		—		—		1,256,850		—		1,256,850
Trade and other receivables		—		—		12,216,216		—		12,216,216
		1,853,372		—		15,876,463		364,077		18,093,912
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit<br>or loss		719,277		—		—		—		719,277
Non-current financial assets at fair value through other<br>comprehensive income		—		674,850		—		—		674,850
Non-current financial assets at amortized cost		—		—		9,815		—		9,815
Non-current derivative assets		1,450,050		—		—		480,560		1,930,610
Other financial assets		—		—		1,611,438		—		1,611,438
Trade and other receivables		—		—		3,157,409		—		3,157,409
		2,169,327		674,850		4,778,662		480,560		8,103,399
	~~W~~	4,022,699		674,850		20,655,125		844,637		26,197,311

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5.	Classification of Financial Instruments, Continued
(2)	The classification of financial liabilities as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---
	Financial liabilities atfair value through<br>profit or loss		Financial liabilitiesrecognized atamortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		18,721,522		—		18,721,522
Debt securities		—		27,165,448		—		27,165,448
Derivative liabilities		52,119		—		—		52,119
Trade and other payables		—		8,621,671		—		8,621,671
		52,119		54,508,641		—		54,560,760
Non-current liabilities
Borrowings		—		3,274,774		—		3,274,774
Debt securities		—		80,607,548		—		80,607,548
Derivative liabilities		113,254		—		126		113,380
Trade and other payables		—		4,028,808		—		4,028,808
		113,254		87,911,130		126		88,024,510
	~~W~~	165,373		142,419,771		126		142,585,270
In millions of won	As of December 31, 2024
	Financial liabilities at<br>fair value through<br>profit or loss		Financial liabilitiesrecognized atamortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		17,540,585		—		17,540,585
Debt securities		—		26,901,367		—		26,901,367
Derivative liabilities		23,914		—		—		23,914
Trade and other payables		—		9,411,315		—		9,411,315
		23,914		53,853,267		—		53,877,181
Non-current liabilities
Borrowings		—		3,118,796		—		3,118,796
Debt securities		—		84,972,652		—		84,972,652
Derivative liabilities		256,018		—		4,893		260,911
Trade and other payables		—		4,609,241		—		4,609,241
		256,018		92,700,689		4,893		92,961,600
	~~W~~	279,932		146,553,956		4,893		146,838,781

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

5.	Classification of Financial Instruments, Continued
(3)	The classification of comprehensive income (loss) from financial instruments for each of the two years inthe period ended December 31, 2025 is as follows:
---	---
In millions of won		For the yearendedDecember 31,2025			For the yearendedDecember 31,2024
---	---	---	---	---	---	---	---
Cash and cash equivalents	Interest income	~~W~~	95,671			102,505
	Gain (loss) on foreign currency transactions and translations		(10,405	)		17,498
Financial assets at fair value through profit or loss	Interest income		40,506			54,385
	Dividend income		3,823			4,813
	Gain on valuation of derivatives		80,519			1,396,350
	Gain on transaction of derivatives		91,526			129,471
	Gain on valuation of financial assets		108,099			69,161
	Gain on disposal of financial assets		54,590			45,059
Financial assets at fair value through other comprehensive income	Dividend income		22,314			65,788
	Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)		212,336			162,565
Financial assets at amortized cost	Interest income		3,561			2,859
	Gain on foreign currency transactions and translations		—			5,568
Loans	Interest income		39,279			45,511
	Bad debt expense (Reversal of bad debt allowance)		(3,455	)		3,727
	Gain (loss) on foreign currency transactions and translations		(1,250	)		3,685
Trade and other receivables	Interest income		180,707			209,675
	Bad debt expense		86,455			56,581
	Gain (loss) on foreign currency transactions and translations		(45,331	)		121,193
Short-term financial instruments	Interest income		56,022			31,766
Long-term financial instruments	Interest income		24,270			20,562
	Gain on foreign currency transactions and translations		—			3
Other financial assets	Interest income		370			262
Derivatives assets<br><br><br>(applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		(54,478	)		410,088
	Gain on valuation of derivatives (equity, before tax)		63,425			21,443
	Gain (loss) on transaction of derivatives		(59,241	)		14,801
Financial liabilities at fair value through profit or loss	Gain on valuation of derivatives		51,138			52,515
	Gain (loss) on transaction of derivatives		(61,672	)		146,417
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		3,472,649			3,805,062
	Interest expense of trade and other payables		162,569			191,918
	Interest expense of others		704,342			668,115
	Other finance income		3,147			8,882
	Other finance expenses		14,669			4,177
	Gain (loss) on foreign currency transactions and translations		699,585			(2,643,230	)
Derivatives liabilities<br><br><br>(applying hedge accounting)	Gain on valuation of derivatives (profit or loss)		4,893			244,758
	Loss on valuation of derivatives (equity, before tax)		(447	)		(1,137	)
	Gain on transaction of derivatives		—			11,968

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

6.	Restricted Deposits

Restricted deposits as of December 31, 2025 and 2024 are as follows:

In millions of won		As ofDecember 31,2025
Cash and cash equivalents	Escrow accounts	~~W~~	3,082	3,280
	Deposits for government project and others		27,023	30,812
	Collateral provided for borrowings		263,685	211,522
	Collateral provided for lawsuit		2	54
	Deposits for transmission regional support program		3,498	8,959
	Deposits for other business purposes		22,064	4,187
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth<br><br><br>program’ for small and medium enterprises and others		292,500	83,520
	Collateral provided for borrowings		23,614	85,569
	Bid Bond		68,010	—
Non-current financial assets at fair value through profit<br>or loss	Decommissioning costs of nuclear power plants		257,649	296,496
Long-term financial instruments	Guarantee deposits for banking accounts<br> <br>at<br>overseas branches		1	22
	Collateral provided for borrowings		18,245	6,500
	Decommissioning costs of nuclear power plants		730,004	660,000
	Small and Medium Enterprise Development Fund		4,000	—
Long-term deposit	Court Deposit		4,588	—
Other non-current financial assets	Deposits for other business purposes		6,359	9,150
		~~W~~	1,724,324	1,400,071
7.	Cash and Cash Equivalents
---	---

Cash and cash equivalents as of December 31, 2025 and 2024 are as follows:

In millions of won	As ofDecember 31,2025
Cash	~~W~~	10,982	17,941
Other demand deposits		1,562,485	1,712,130
Short-term deposits classified as cash equivalents		558,775	548,611
Short-term investments classified as cash equivalents		108,569	104,297
	~~W~~	2,240,811	2,382,979

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8.	Trade and Other Receivables
(1)	Trade and other receivables as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Grossamount		Allowance for<br>doubtful accounts			Present value<br>discount			Bookvalue
Current assets
Trade receivables	~~W~~	11,811,493		(186,596	)		—			11,624,897
Other receivables		1,039,679		(42,415	)		(3,681	)		993,583
		12,851,172		(229,011	)		(3,681	)		12,618,480
Non-current assets
Trade receivables		1,037,726		(93,718	)		(83,101	)		860,907
Other receivables		2,395,952		(118,479	)		(14,195	)		2,263,278
		3,433,678		(212,197	)		(97,296	)		3,124,185
	~~W~~	16,284,850		(441,208	)		(100,977	)		15,742,665
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Grossamount		Allowance for<br>doubtful accounts			Present value<br>discount			Bookvalue
Current assets
Trade receivables	~~W~~	11,266,202		(167,028	)		—			11,099,174
Other receivables		1,160,945		(39,817	)		(4,086	)		1,117,042
		12,427,147		(206,845	)		(4,086	)		12,216,216
Non-current assets
Trade receivables		1,089,787		(93,746	)		—			996,041
Other receivables		2,272,127		(100,351	)		(10,408	)		2,161,368
		3,361,914		(194,097	)		(10,408	)		3,157,409
	~~W~~	15,789,061		(400,942	)		(14,494	)		15,373,625

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8.	Trade and Other Receivables, Continued
(2)	Other receivables as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Grossamount		Allowance for<br>doubtful accounts			Present valuediscount			Bookvalue
Current assets
Non-trade receivables	~~W~~	478,822		(36,074	)		(474	)		442,274
Accrued income		43,123		—			—			43,123
Deposits		268,090		—			(3,207	)		264,883
Finance lease receivables (*1)		104,600		(5,048	)		—			99,552
Others		145,044		(1,293	)		—			143,751
		1,039,679		(42,415	)		(3,681	)		993,583
Non-current assets
Non-trade receivables		401,390		(76,770	)		(5,096	)		319,524
Accrued income		65,615		(6,320	)		—			59,295
Deposits		516,519		(414	)		(9,099	)		507,006
Finance lease receivables (*2)		1,172,687		(1,954	)		—			1,170,733
Others		239,741		(33,021	)		—			206,720
		2,395,952		(118,479	)		(14,195	)		2,263,278
	~~W~~	3,435,631		(160,894	)		(17,876	)		3,256,861
(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 113,272 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~ 818,800 million.
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Grossamount		Allowance for<br>doubtful accounts			Present valuediscount			Bookvalue
Current assets
Non-trade receivables	~~W~~	403,248		(35,041	)		(21	)		368,186
Accrued income		112,941		—			—			112,941
Deposits		293,712		(4	)		(4,065	)		289,643
Finance lease receivables (*1)		92,130		(3,480	)		—			88,650
Others		258,914		(1,292	)		—			257,622
		1,160,945		(39,817	)		(4,086	)		1,117,042
Non-current assets
Non-trade receivables		243,813		(62,222	)		(41	)		181,550
Accrued income		21,395		—			—			21,395
Deposits		486,868		(414	)		(10,367	)		476,087
Finance lease receivables (*2)		1,264,269		(1,775	)		—			1,262,494
Others		255,782		(35,940	)		—			219,842
		2,272,127		(100,351	)		(10,408	)		2,161,368
	~~W~~	3,433,072		(140,168	)		(14,494	)		3,278,410
(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~121,170 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~956,968 million.
---	---
(3)	Trade and other receivables are classified as financial assets at amortized cost and are measured using the<br>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<br>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 whose contracts have been cancelled due to delinquent payments.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8.	Trade and Other Receivables, Continued
(4)	The aging analysis of trade receivables as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Trade receivables not overdue	~~W~~	12,472,407			12,010,590
Trade receivables overdue and impairment-reviewed:		376,812			345,399
Less than 60 days		15,256			12,289
60 ~ 90 days		54,093			59,427
90 ~ 120 days		21,317			21,642
120 days ~ 1 year		65,435			56,107
More than 1 year		220,711			195,934
		12,849,219			12,355,989
Less: allowance for doubtful accounts		(280,314	)		(260,774	)
Less: Present value discount		(83,101	)		—
	~~W~~	12,485,804			12,095,215

At the end of each reporting period, the Group assesses whether the trade receivables are 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)	The aging analysis of other receivables as of December 31, 2025 and 2024 is as follows:
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Other receivables not overdue	~~W~~	3,145,499			3,212,146
Other receivables overdue and impairment-reviewed:		290,132			220,926
Less than 60 days		79			318
60 ~ 90 days		54,271			34,267
90 ~ 120 days		1,012			1,786
120 days ~ 1 year		60,618			59,567
More than 1 year		174,152			124,988
		3,435,631			3,433,072
Less: allowance for doubtful accounts		(160,894	)		(140,168	)
Less: present value discount		(17,876	)		(14,494	)
	~~W~~	3,256,861			3,278,410

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

8.	Trade and Other Receivables, Continued
(6)	Changes in the allowance for doubtful accounts for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025						For the year endedDecember 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Tradereceivables			Otherreceivables			Tradereceivables			Otherreceivables
Beginning balance	~~W~~	260,774			140,168			232,645			133,953
Bad debts expense		84,625			8,155			48,160			21,937
Write-off		(37,639	)		(14,675	)		(17,157	)		(23,177	)
Reversal		(2,223	)		(4,101	)		(12,928	)		(587	)
Others		(25,223	)		31,347			10,054			8,042
Ending balance	~~W~~	280,314			160,894			260,774			140,168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

9.	Financial Assets at Fair Value through Profit or Loss
(1)	Financial assets at fair value through profit or loss as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	~~W~~	320		125,837		313		152,054
Cooperative		—		6,413		—		6,872
Others (*)		1,298,707		428,389		1,456,582		405,309
		1,299,027		560,639		1,456,895		564,235
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives		—		135,560		—		155,042
	~~W~~	1,299,027		696,199		1,456,895		719,277
(*)	Others include MMT, MMF etc.
---	---
(2)	Details of income (loss) from financial assets at fair value through profit or loss for each of the twoyears in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Beneficiary certificate	~~W~~	35,510		34,481
Cooperative		190		118
Debt with embedded derivatives		627		2,435
Others		170,691		136,383
	~~W~~	207,018		173,417

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income
(1)	Changes in financial assets at fair value through other comprehensive income for each of the two years inthe period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisition		Disposal			Valuation			Others		Ending<br>balance
Equity securities
Listed	~~W~~	360,096		—		(3,091	)		160,245			1		517,251
Unlisted		309,709		—		(10	)		52,343			1,086		363,128
		669,805		—		(3,101	)		212,588			1,087		880,379
Debt securities
Corporate bond		5,045		—		—			(251	)		—		4,794
	~~W~~	674,850		—		(3,101	)		212,337			1,087		885,173
Current financial assets at fair value through other comprehensive income	~~W~~	—		—		—			—			—		—
Non-current financial assets at fair value through other<br>comprehensive income		674,850		—		(3,101	)		212,337			1,087		885,173
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisition		Disposal			Valuation		Others		Ending<br>balance
Equity securities
Listed	~~W~~	285,054		—		(170	)		73,891		1,321		360,096
Unlisted		212,762		4,000		—			88,256		4,691		309,709
		497,816		4,000		(170	)		162,147		6,012		669,805
Debt securities
Corporate bond		4,627		—		—			418		—		5,045
	~~W~~	502,443		4,000		(170	)		162,565		6,012		674,850
Current financial assets at fair value through other comprehensive income	~~W~~	—		—		—			—		—		—
Non-current financial assets at fair value through other<br>comprehensive income		502,443		4,000		(170	)		162,565		6,012		674,850

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	~~W~~	173,201		218,255		218,255
KG Mobility Co., Ltd.		12,205		0.01	%		428		43		43
SM Korea Line Corp.		180		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		26		26
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		74,369		74,369
Denison Mines Corp.		58,284,000		7.46	%		84,134		222,278		222,278
Paladin Energy		10,760		0.01	%		41		98		98
KS Industry Co., Ltd		1,457		0.01	%		38		1		1
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		813		813
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
Winiaaid Co., Ltd.		129		0.00	%		1		1		1
							326,001		517,251		517,251
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%	~~W~~	229,255		310,808		310,808
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,807		5,807
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd. (Unlisted)		127,660		3.96	%		1,500		2,144		2,144
H Robotics Co., Ltd.		903,601		7.05	%		4,000		399		399
Good Tcells Co., Ltd.		11,364		0.33	%		500		630		630
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		873		873
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		862		862
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,714		1,714
Agencore Co., Ltd.		175,779		6.31	%		2,200		2,934		2,934
SamHong Machinery Co., Ltd.		1,543,837		9.13	%		7,000		15,099		15,099
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		639		639
Dailyshot Co., Ltd.		1,695		1.64	%		1,001		1,205		1,205
Mediquitous Co., Ltd.		5,080		0.48	%		1,250		1,546		1,546
Black Materials Co., Ltd.		37,038		8.31	%		500		431		431
Monit Co., Ltd.		333,334		14.29	%		1,000		853		853
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		337		337
Kalman Co., Ltd.		23,172		9.54	%		1,000		821		821
Himet Co., Ltd.		1,754,386		13.93	%		5,000		4,182		4,182
PT. 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)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd.		10,916		0.14	%		1,092		97		97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
SAMBO AUTO. Co., Ltd.		15,066		0.02	%	~~W~~	38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Sungwon Co., Ltd.		117		0.07	%		29		29		29
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
Newasia Co., Ltd.		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		30		30
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		110		2		2
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2
Biwang Industry Co., Ltd.		406		0.04	%		2		2		2
Young Sung Co., Ltd.		89		0.40	%		27		27		27
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		16		16		16
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		22		22
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		32		32
Seen Business and Technology co., Ltd.		29,424		0.73	%		147		7		7
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		5		5
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		26		26
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
B CON Co., Ltd.		96		1.16	%	~~W~~	6		6		6
Ace Integration Co., Ltd.		105		0.09	%		23		23		23
AceInti Agricultural Co., Ltd.		4		0.02	%		5		2		2
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		135		1		1
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co., Ltd.		41		0.05	%		1		1		1
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Sevenvalley JC		24		0.02	%		12		12		12
Han Young Technology Company Co., Ltd.		35		0.00	%		—		—		—
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
Hyundaitech Co., Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co., Ltd.		47		0.21	%		2		2		2
Samdo Industry Electric Co., Ltd.		48		0.02	%		1		1		1
Shinsei Trading Co., Ltd.		64		0.72	%		6		6		6
Green Alchemy Co., Ltd.		38,202		1.48	%		191		17		17
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co., Ltd.		555		0.80	%		3		3		3
Sewon Bus Co., Ltd.		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
Choheung packing Co., Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		11		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		13		13
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		17		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
NTS Co., Ltd.		143		0.22	%		36		36		36
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		32		32
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		—		—
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22
Puruen Environment Co., Ltd.		967		1.34	%		19		19		19
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23
Ilwoo Steel Co., Ltd.		41		0.28	%		17		17		17

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Dong-un Tech Co., Ltd.		1,159		6.28	%	~~W~~	81		34		34
Wongwang Door Corp.		575		1.00	%		29		29		29
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sungchang Tech Co., Ltd.		159		0.31	%		10		19		19
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		2		2
Caffe Bene Co.,Ltd.		1,908		0.03	%		9		9		9
Jinhung Packaging Co., Ltd.		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Daeji Product Co., Ltd.		15		0.05	%		1		—		—
SSET Co., Ltd.		181		0.30	%		18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Shinwoo Toptech Co., Ltd.		834		0.51	%		83		6		6
KMLC Co., Ltd.		281		0.14	%		22		22		22
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Han Mi Flexible Co., Ltd.		143		0.20	%		43		43		43
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23
TK Co., Ltd.		307		0.70	%		15		15		15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Arari Co., Ltd.		14		0.05	%	~~W~~	1		1		1
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Woosung I.B. Co., Ltd.		7,071		0.07	%		14		14		14
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		—		—		—
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
Newko Co., Ltd.		331		0.06	%		10		10		10
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		—		—		—
Coco Food Co., Ltd.		648		1.24	%		32		32		32
Woori Industry Co., Ltd.		102		1.05	%		20		20		20
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		1		1
SH Co., Ltd.		39		0.20	%		8		8		8
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Getron Co., Ltd.		7,259		0.20	%		36		4		4
JM Tech Co., Ltd.		403		0.67	%		81		10		10
Choigang-gujo Co., Ltd.		61		0.45	%		6		1		1
Hosungsteel Co., Ltd.		323		0.26	%		14		3		3
Uktae IND. Co., Ltd.		140		0.12	%		7		1		1
JFC Co., Ltd.		16		0.01	%		2		2		2
Hyundai Tech Co., Ltd.		28		0.69	%		10		10		10
Metal Link Inc. Co., Ltd.		709		0.17	%		35		4		4
Pipetec Korea Co., Ltd.		50		0.07	%		10		1		1
SungJin Tech Co., Ltd.		803		1.20	%		24		8		8
Yujin E&C Co., Ltd.		29		0.18	%		6		—		—
Daishin Logistics Co., Ltd.		13		0.09	%		1		1		1
JinSung Engineering Co., Ltd.		18		0.30	%		18		18		18
Yongho Industry Co., Ltd.		157		0.22	%		32		2		2
Wow tech Co., Ltd.		369		0.75	%		11		11		11
World Power Tech Co., Ltd.		16		0.28	%		24		24		24

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
PBM Auto Co., Ltd.		1,001		1.06	%	~~W~~	10		10		10
K2 Motors Co., Ltd.		54		0.28	%		1		1		1
CL Tech Co., Ltd.		801		2.25	%		40		40		40
Mirae Industry Co., Ltd.		39		0.04	%		6		6		6
Gentak Korea Co., Ltd.		301		0.31	%		8		8		8
Sungjin Chemical Co., Ltd.		118		0.36	%		4		4		4
LMAT Co., Ltd.		198		0.04	%		20		20		20
Poong Lim Industrial Co., Ltd.		25		0.00	%		38		38		38
Dae Sung GeoTech Co., Ltd.		631		1.28	%		32		32		32
Saeheemang Co., Ltd.		756		0.60	%		15		15		15
Vornech Co., Ltd.		431		0.37	%		11		2		2
Woojin Formtech Co., Ltd.		76		0.08	%		8		1		1
Korea Engineer Manufacturing Co., Ltd.		114		0.26	%		6		1		1
Sinwa J&K Co., Ltd.		476		0.28	%		5		5		5
Owon E&G Co., Ltd.		132		0.20	%		4		4		4
Guseong Co., Ltd.		141		0.20	%		4		4		4
Irefarm Co., Ltd.		45		0.30	%		3		3		3
Haenarae Agricultural Corp.		15		0.03	%		2		2		2
DECO&E Co., Ltd.		1,261		0.00	%		2		2		2
Design Beyond Co., Ltd.		17		0.19	%		2		2		2
LBK Co., Ltd.		8		0.05	%		1		1		1
Duckwon industrial Co., Ltd.		32		0.43	%		13		13		13
ASPT Co., Ltd.		64		0.82	%		19		19		19
Jingkang Resources Co., Ltd.		90		1.57	%		13		13		13
Fourever Co., Ltd.		44		0.10	%		4		4		4
Myungil Metal Co., Ltd.		80		0.10	%		4		4		4
Greencarbon Co., Ltd.		79		0.06	%		1		1		1
Sunkoo Co., Ltd.		4		0.10	%		2		2		2
Jians Construction Co., Ltd.		45		0.01	%		2		4		4
DH trading Co., Ltd.		891		0.04	%		178		—		—
Sangsin Co., Ltd.		29		0.09	%		15		15		15
Steel focus Co., Ltd.		154		0.20	%		4		4		4
Kamada Korea Co., Ltd.		437		0.33	%		22		22		22
Fosys Co., Ltd.		19		0.08	%		4		4		4
GB precision Co., Ltd.		137		0.57	%		1		1		1
Ewon Art Co., Ltd.		185		0.61	%		9		9		9
DI Tech Co., Ltd.		3		0.00	%		—		—		—
Hans AD Co., Ltd.		33		0.35	%		2		2		2
Daesung Stain Co., Ltd.		32		0.32	%		2		2		2
U&I Co., Ltd.		50		0.22	%		5		5		5
World One Co., Ltd.		401		0.58	%		10		10		10
Yewon Co., Ltd.		24		0.02	%		1		—		—
TSNT Co., Ltd.		119		0.00	%		24		24		24
Shinsung Tech Co., Ltd.		314		0.01	%		16		16		16
Loft Garden Co., Ltd.		1		0.04	%		—		—		—
GH Tech Co., Ltd.		82		0.22	%		3		3		3
Daeo Co., Ltd.		13		0.23	%		4		4		4
Bokwang Co., Ltd.		76		0.00	%		15		15		15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Samkum Industry Co., Ltd.		201		0.48	%	~~W~~	40		40		40
Mirae Engineering Co., Ltd.		66		0.15	%		1		1		1
Ilshin Tech Co., Ltd.		36		0.00	%		7		7		7
Sukwon Co., Ltd.		2,885		0.59	%		29		29		29
White&Clean Foods Co., Ltd.		330		0.00	%		3		3		3
Michang Cable Co., Ltd.		1,096		0.13	%		16		16		16
G.M Foods Co., Ltd.		57		0.16	%		9		9		9
Wecan Global Inc. Co., Ltd.		165		0.08	%		8		8		8
Daeju Steel Co., Ltd.		11		0.20	%		1		1		1
Hyundai Glass Co., Ltd.		860		0.83	%		43		43		43
MEC Co., Ltd.		16,468		1.17	%		41		41		41
Daeyeoneco Co., Ltd.		151		0.00	%		15		15		15
Hyesung Cable&Communication Inc.		762		0.39	%		38		38		38
Sangjin Co., Ltd.		428		0.35	%		21		21		21
Iksan-guwon Co., Ltd.		563		0.00	%		11		11		11
Korea Remicon Co., Ltd.		36		0.03	%		5		5		5
New Tech Co., Ltd.		23		0.15	%		2		2		2
Segeon Co., Ltd.		124		0.00	%		4		4		4
MS Tech Co., Ltd.		9		0.15	%		1		1		1
J.I Steel Co., Ltd.		21		0.00	%		2		2		2
HNT Co., Ltd.		172		0.00	%		9		9		9
Taejin Co., Ltd.		27		0.08	%		3		3		3
Macroad Co., Ltd.		953		0.17	%		10		10		10
Eunsung Industrial Co., Ltd.		3		0.03	%		—		—		—
KPE Co., Ltd.		51		0.19	%		13		13		13
Dongbangfarms Co., Ltd.		904		0.55	%		41		5		5
Altron Jeonju Co., Ltd.		34,846		1.34	%		697		5		5
K Shipbuilding Co., Ltd.		8,622		0.25	%		1,078		1,078		1,078
Shinjin International Corporation Co., Ltd.		4		0.01	%		1		1		1
RMK Co., Ltd.		63		0.90	%		22		22		22
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
Seokjin E&T Co., Ltd.		81		0.06	%		8		8		8
Seohan Food Co., Ltd.		83		0.19	%		2		2		2
JSL Co., Ltd.		51		0.49	%		3		3		3
Seil Textile Co., Ltd.		16		0.15	%		3		3		3
Sungdo Pack Co., Ltd.		15		0.06	%		1		1		1
Coffeenie Co., Ltd.		2		0.00	%		—		—		—
Medi Pharma Plan Co., Ltd.		1,075		0.26	%		108		7		7
Woori Ascon Co., Ltd.		25		0.34	%		10		10		10
Cheonwoo E.P.S Co., Ltd.		371		1.10	%		19		19		19
Koa Tech Co., Ltd.		1,244		0.77	%		12		12		12
SKE Cable Co., Ltd.		120		0.08	%		6		6		6
Hi Korea Co., Ltd.		1,845		1.94	%		185		21		21
Daeheung Engineering Co., Ltd.		65		0.01	%		1		1		1
Etapol Co., Ltd.		1,361		0.54	%		41		41		41
Yoongwon Korea Co., Ltd.		157		1.47	%		31		31		31
Avoh Ceramic&Bath Co., Ltd.		173		0.14	%		3		3		3
Dongyang R.P.F. Industrial Co., Ltd.		59		0.03	%		2		2		2
Yuil Engineering Co., Ltd.		14		0.03	%		1		1		1
Taesan Co., Ltd.		146		0.69	%		35		35		35
Thermo Tec Co., Ltd.		446		0.03	%		4		4		4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
DaeYang Hydro Co., Ltd.		6		0.02	%	~~W~~	1		1		1
SangMoo Steel Co., Ltd.		24		0.04	%		2		2		2
Jungin Distribution Co., Ltd.		17		0.00	%		3		3		3
TheSun Co., Ltd.		77		0.06	%		1		1		1
ChoungHwa Precise Co., Ltd.		428		0.08	%		43		4		4
Snopa Co., Ltd.		458		0.01	%		5		5		5
SKD Korea Co., Ltd.		40		0.28	%		20		20		20
Samhyup Co., Ltd.		376		0.91	%		38		38		38
Taekwang Paper Board Co., Ltd.		133		0.49	%		23		23		23
NY Tech Co., Ltd.		33		0.15	%		2		2		2
Dongbang Metal Co., Ltd.		1,985		0.32	%		20		20		20
Guseul Co., Ltd.		89		0.23	%		9		9		9
Gaone International Co., Ltd.		54		0.29	%		14		14		14
Dongyang Pratech Co., Ltd.		265		1.21	%		29		29		29
Samjin Placo Co., Ltd.		661		0.52	%		33		33		33
MS Steel Industrial Co., Ltd.		167		0.40	%		8		8		8
STS Global Co., Ltd.		9		0.04	%		—		—		—
Y Tech Co., Ltd.		855		0.65	%		34		34		34
J&J Tech Co.		14		0.22	%		1		1		1
Shield Board Co., Ltd.		165		0.15	%		3		3		3
SFC International Co., Ltd.		11		0.01	%		1		1		1
Hana ITM Inc.		8,443		0.70	%		84		84		84
Jeuvis Co., Ltd.		191		0.30	%		2		2		2
JBM Co., Ltd.		662		0.34	%		20		20		20
Jungwoo Metal Solution Co., Ltd.		27		0.08	%		2		2		2
MS Precision Co., Ltd.		220		0.16	%		22		22		22
YM Tech Co., Ltd.		2		0.01	%		—		—		—
C&C ENG Co., Ltd.		439		1.59	%		22		22		22
Daejoo E&G Co., Ltd.		133		0.00	%		27		27		27
Taeyoung Precision Co., Ltd.		31		0.22	%		—		—		—
Shin Heung Precision Co., Ltd.		93		4.63	%		4		4		4
TaeGwang P&C Co., Ltd.		530		0.90	%		13		13		13
KyeongGwang Tech Co., Ltd.		244		1.04	%		7		7		7
Wonil Image Maker Inc.		16		0.04	%		—		—		—
Vehicle System Co., Ltd.		225		0.19	%		23		23		23
Moohan Enterprise Co., Ltd.		63		0.12	%		3		3		3
C&A Industries Co., Ltd.		42,062		0.26	%		21		21		21
CH Solution Co., Ltd.		1,456		0.16	%		4		4		4
Value Invest Korea Co., Ltd.		8		0.00	%		2		2		2
HNT Co., Ltd.		8,567		0.09	%		9		9		9
Sunquen Co., Ltd.		4		0.01	%		—		—		—
Shabath Co., Ltd.		48		0.04	%		6		6		6
Woori Elec Co., Ltd.		102		0.17	%		5		5		5
Dong-Yang Special Casting Co., Ltd.		1,027		0.41	%		21		21		21
Haegang Industry Co., Ltd.		1,687		1.13	%		25		25		25
Daone Co., Ltd.		860		0.23	%		9		9		9
Yeowoon Co., Ltd.		3		0.00	%		—		—		—
Evertrue Co., Ltd.		15		0.00	%		—		—		—
Libechen Co., Ltd.		151		0.13	%		8		8		8
Hongin Co., Ltd.		149		0.22	%		45		45		45
Neo Life Co., Ltd.		19		0.04	%		—		—		—
T-Eng Co., Ltd.		123		1.05	%		25		25		25
Badanuri		8		0.10	%		2		2		2
Ki Soo Precision Co., Ltd.		325		0.44	%		98		27		27
DNGV		5,516		0.14	%		11		11		11
BJ Korea		446		0.81	%		40		40		40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
R&S Co., Ltd.		291		0.61	%	~~W~~	4		4		4
Daekyoung Co., Ltd.		85		0.66	%		17		17		17
Dongyang Environment		141		0.38	%		7		7		7
KEE Co., Ltd.		64		0.63	%		13		13		13
Asia Platech Co., Ltd.		932		3.59	%		47		47		47
HyoChang Industrial Co., Ltd		10,930		0.59	%		5		5		5
Semin Environmental Design Co., Ltd.		14		0.04	%		—		—		—
JungAng PNA Co., Ltd.		385		0.61	%		8		8		8
CNEGS Co., Ltd.		80		0.07	%		7		7		7
HaeDeuRim Co., Ltd.		70		0.41	%		11		11		11
CMTI Co., Ltd.		65		0.15	%		2		2		2
JMT Co., Ltd.		6,133		0.39	%		15		15		15
SeJung Precision Industrial Co., Ltd.		141		0.43	%		14		14		14
SGTech		30		0.66	%		3		3		3
OhBakSaDatkeom Co., Ltd.		52		0.23	%		3		3		3
SeongMinSusan Co., Ltd.		371		0.09	%		4		4		4
DreamFact Co., Ltd.		77		0.10	%		3		3		3
DongSuh Co., Ltd.		18		0.23	%		2		2		2
Dondodam Co., Ltd.		262		0.34	%		13		13		13
Vision Food Co., Ltd.		1,732		1.00	%		87		27		27
A One Metal Co., Ltd.		156		0.89	%		16		16		16
ECO Plus Co., Ltd.		2,786		0.91	%		3		3		3
DaeWoon Tech Co., Ltd.		106		0.26	%		3		3		3
KoWEEO Co., Ltd.		38		0.05	%		2		2		2
IK Co., Ltd.		14		0.06	%		1		1		1
Eco Join Co., Ltd.		145		0.03	%		2		2		2
Yuk Hwawon Co., Ltd.		567		0.25	%		11		11		11
Yun Hwawon FND Co., Ltd.		496		0.84	%		25		25		25
GoRyeoInSam Co., Ltd.		197		0.41	%		30		30		30
HyeJin IND Co., Ltd.		77		0.26	%		4		4		4
Cheongsong JungAng Aluminum Co., Ltd.		1,300		0.14	%		20		20		20
Easy Tape Co., Ltd.		144		0.30	%		14		14		14
Gyeonganaseukon		51		0.85	%		10		10		10
Biseullo Co., Ltd.		11		0.03	%		1		1		1
Cest Co., Ltd.		152		1.43	%		76		76		76
MDT Co., Ltd.		57		0.30	%		6		6		6
KDP Sieori Co., Ltd.		511		0.50	%		5		5		5
Hanam Industrial Co., Ltd.		87		0.80	%		13		13		13
Goryeo Filter Co.,Ltd.		31		0.07	%		2		2		2
Hungaforming Co., Ltd.		397		0.64	%		20		20		20
HyeopJin PL Co., Ltd.		7,889		0.72	%		39		39		39
AOS Co., Ltd.		25		0.16	%		1		1		1
SamHan Industrial Co., Ltd.		215		0.45	%		3		3		3
YangJI EnterPrise Co., Ltd.		16		0.04	%		3		3		3
GyungNam Metal Co., Ltd.		698		0.07	%		17		17		17
Yoolim industrial Co., Ltd.		1,560		1.98	%		234		43		43
Haemirae Co., Ltd.		57		0.25	%		4		4		4
KROPC Co., Ltd.		1,297		1.19	%		26		26		26
Mirae Seesco Co. Ltd.		17		0.04	%		2		2		2
SungMin Industrial Co., Ltd.		229		2.80	%		34		34		34
Kunyang Co., Ltd.		44		0.12	%		4		4		4
CAT Co., Ltd.		40		0.27	%		3		3		3
JeongJin Nurimaru Co., Ltd.		218		1.08	%		33		33		33
GeunHo Precision Co., Ltd.		1,770		0.98	%		133		47		47
HwaIn Inemtek Co., Ltd.		327		0.60	%		43		43		43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
TS Steel Co., Ltd.		202		0.13	%	~~W~~	20		20		20
SaeHan Food Co., Ltd.		23		0.40	%		5		5		5
SamYeong Engineer Co., Ltd.		501		0.55	%		10		10		10
GumYoung General Co., Ltd.		6,522		0.06	%		13		13		13
SaeUm Global Co., Ltd.		207		0.06	%		5		5		5
Work life balance Co., Ltd.		9		0.92	%		1		1		1
YuJin Hightech Co., Ltd.		152		0.58	%		15		15		15
GOC Co., Ltd.		4,415		0.16	%		44		44		44
Fraijour Queen Co., Ltd.		73		0.56	%		3		3		3
Wnt Co., Ltd.		57		0.19	%		6		6		6
Tae Gwang Engineer Co., Ltd.		406		2.60	%		41		41		41
GSB Co., Ltd.		370		1.03	%		37		37		37
MCI Co., Ltd.		760		0.12	%		23		23		23
Wonchang steel Co., Ltd.		66		0.16	%		7		7		7
GukWon Construction Co., Ltd.		9		0.00	%		—		—		—
Friend Co., Ltd.		2,745		0.46	%		55		21		21
AppleLind Networks Co., Ltd.		2,417		0.12	%		11		11		11
HSC Co., Ltd.		7,174		2.69	%		36		36		36
ChangShin Plant Co., Ltd.		108		1.40	%		22		22		22
PyeongKang Precision Co., Ltd.		3		0.01	%		—		—		—
ShinSung Co., Ltd.		66		0.58	%		13		13		13
DreamHightech Co., Ltd.		137		0.16	%		7		7		7
WooHo Construction Co., Ltd.		35		0.02	%		2		2		2
Seyang Co., Ltd.		229		0.81	%		23		23		23
KD Electric Co., Ltd.		202		0.35	%		15		15		15
WithU Co., Ltd.		68		0.39	%		7		7		7
Home Indus Co., Ltd.		100		0.43	%		3		3		3
P&P Industry Co., Ltd.		16		0.00	%		—		—		—
JY Co., Ltd.		2,059		1.88	%		41		41		41
Good Day Co., Ltd.		239		1.00	%		12		12		12
SM Food Co., Ltd.		121		0.64	%		6		6		6
Hyowon NV Co., Ltd.		302		0.43	%		9		9		9
Glogenic Co., Ltd.		3,920		0.28	%		10		10		10
Choco Square Co., Ltd.		2,542		0.02	%		1		1		1
GJTec Co., Ltd.		24		0.07	%		1		1		1
Mana F&B Co., Ltd.		29		0.09	%		1		1		1
Beolgyo Cockle Co., Ltd.		4,542		0.19	%		11		11		11
NanoOne Co., Ltd.		178		0.32	%		7		7		7
Samyoung Aluminum Co., Ltd.		56		1.11	%		7		7		7
JY Electronics Co., Ltd.		71		0.05	%		1		1		1
Silla Innotek Co., Ltd.		513		0.78	%		51		51		51
Insung Enpla Co., Ltd.		3,526		0.10	%		35		35		35
Jeil Chemical Co., Ltd.		263		0.02	%		3		3		3
Philip Co., Ltd.		2,391		1.60	%		12		12		12
SKB Co., Ltd.		15		0.24	%		2		2		2
URO Tech Co., Ltd.		42		0.53	%		8		8		8
Kyungsung Industry Co., Ltd.		89		0.08	%		9		9		9
Dorim Paper Board Co., Ltd.		846		1.23	%		42		42		42
Plintech Co., Ltd.		123		0.62	%		15		15		15
Changbo Co., Ltd.		68		0.39	%		10		10		10
Youchang Tech Co., Ltd.		61		0.24	%		9		9		9
Songcheon Tech Co., Ltd.		124		0.39	%		6		6		6
Saehan Co., Ltd.		28		0.41	%		3		3		3
Cusp Co., Ltd.		26		0.03	%		3		3		3
Woobang Co., Ltd.		8		0.00	%		8		8		8

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Miju Steel Co., Ltd.		1,097		0.23	%	~~W~~	50		50		50
Kkum & Deul Co., Ltd.		—		0.18	%		15		15		15
Istec Co., Ltd.		82		0.40	%		4		4		4
Porex Co., Ltd.		1,906		0.19	%		19		19		19
K-Pro System Co., Ltd.		8		0.08	%		1		1		1
Sunmi Co., Ltd.		4		0.06	%		2		2		2
Daewon MT Co., Ltd.		6		0.02	%		1		1		1
Kyungdong Meat Co., Ltd.		294		0.49	%		10		10		10
Enbiodime Co., Ltd.		794		0.60	%		12		12		12
Juwon Agricultural Co., Ltd.		280		0.86	%		14		14		14
Ildung Korea Co., Ltd.		1,462		0.27	%		29		29		29
Daemyung Industry Co., Ltd.		97		0.32	%		5		5		5
Living Square Co., Ltd.		17		0.09	%		1		1		1
SP Sungbo Co., Ltd.		61		0.39	%		12		12		12
L&RP Co., Ltd.		63		0.20	%		1		1		1
Joyful Co., Ltd.		30		0.13	%		2		2		2
Suyeong Metal Co., Ltd.		4,378		4.27	%		219		219		219
Eins Gratech Co., Ltd.		863		2.76	%		30		30		30
Gaga Farm Co., Ltd.		7		0.01	%		—		—		—
HS Tech Co., Ltd.		269		0.62	%		13		13		13
KG Industry Development Co., Ltd.		60		0.30	%		16		16		16
JK Metal Material Co., Ltd.		810		1.17	%		41		41		41
Ganggyeong Pack Co., Ltd.		51		0.18	%		3		3		3
Moduyeoneunsesang Co., Ltd.		15		0.19	%		2		2		2
Samil Frame Co., Ltd.		113		0.26	%		6		6		6
Samyoung M-TEK Co., Ltd.		321		1.15	%		32		32		32
Gwanmun Industry Co., Ltd.		77		0.10	%		16		16		16
Focus Engineer Co., Ltd.		241		0.13	%		12		12		12
Adic Co., Ltd.		174		0.02	%		1		1		1
Sunil Corporation Co., Ltd.		79		0.56	%		8		8		8
Pchef Korea Co., Ltd.		8		0.11	%		3		3		3
Busan Meat Processing Center Co., Ltd.		35		0.30	%		4		4		4
Ain Co., Ltd.		25		0.46	%		3		3		3
SLTE Co., Ltd.		868		1.62	%		87		87		87
SMC Global Co., Ltd.		76		0.41	%		4		4		4
Ereh Tech Co., Ltd.		87		0.12	%		17		17		17
Yechan Retail Co., Ltd.		462		0.39	%		12		12		12
Yuil Precision Co., Ltd.		75		0.10	%		8		8		8
Youngmaru Livestock Co., Ltd.		2		0.01	%		1		1		1
BSD Co., Ltd.		39		0.11	%		4		4		4
JPS Co., Ltd.		1,015		0.04	%		5		5		5
Seokrim Industry Co., Ltd.		270		0.90	%		27		27		27
Hanmadang Co., Ltd.		103		0.47	%		11		11		11
							349,588		363,128		363,128
*Debt securities (1)**
Aron Flying Ship Co., Ltd.		—		—		~~W~~	491		—		—
Ino Platech Co., Ltd.		—		—			1,080		1,278		1,278
Daebon Tech Co., Ltd.		—		—			3,000		3,516		3,516
							4,571		4,794		4,794
						~~W~~	680,160		885,173		885,173

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair<br>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<br>difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2025.
---	---
(*3)	The Group acquired shares in the entity through conversion of investments performed in accordance with<br>corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the<br>corporate rehabilitation procedures are completed.
---	---
(*4)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for<br>temporary injunction requiring the suspension of delisting decision and others.
---	---
(*5)	The entity entered corporate rehabilitation procedures during the prior year. The Group classified the<br>investment in the entity as a 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. As of December 31, 2025,<br>the liquidation process is in progress, and the book value of the investment has been measured at zero, considering its recoverability.
---	---
(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount<br>and the recoverable amount, due to the discontinuation of its operations.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	~~W~~	173,201		93,733		93,733
KG Mobility Co., Ltd.		12,205		0.01	%		428		46		46
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		34		34
PAN Ocean Co., Ltd.		1,492		0.00	%		14		5		5
HD Hyundai Marine Engine Co., Ltd.<br><br><br>(formerly, STX Heavy Industries Co., Ltd.		61,455		0.22	%		430		1,503		1,503
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Almatri Resources Indonesia (formerly, PT Adaro Energy Tbk.)		480,000,000		1.60	%		65,028		106,259		106,259
Denison Mines Corp.		58,284,000		7.46	%		84,134		155,766		155,766
Paladin Energy (formerly, Fission Uranium Corp.		100,000		0.01	%		41		74		74
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		3		3
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,314		1,314
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
							326,430		360,096		360,096
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%	~~W~~	229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,570		5,570
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd. (Unlisted)		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		331		331
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
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		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,442		1,442
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)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd.		10,916		0.14	%		1,092		97		97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
SAMBO AUTO. Co., Ltd.		15,066		0.02	%	~~W~~	38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Miju Steel Co., Ltd.		1,097		0.23	%		50		50		50
Sungwon Co., Ltd.		117		0.07	%		29		29		29
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
Sungkwang Timber Co., Ltd.		3		0.08	%		5		5		5
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Pyungsan SI Co., Ltd.		434		0.01	%		4		4		4
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
Newasia Co., Ltd.		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		30		30
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		110		2		2
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2
Biwang Industry Co., Ltd.		406		0.04	%		2		2		2
Young Sung Co., Ltd.		89		0.40	%		27		27		27
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		16		16		16
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		23		23
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		31		31
Seen Business and Technology co., Ltd.		29,424		0.73	%		147		7		7
Woobang Co., Ltd.		8		0.00	%		8		8		8
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		6		6
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		25		25
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
B CON Co., Ltd.		96		1.16	%	~~W~~	6		6		6
Ace Integration Co., Ltd.		105		0.09	%		23		23		23
AceInti Agricultural Co., Ltd.		16		0.02	%		5		5		5
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		135		1		1
HyoDong Development Co., Ltd.		128		0.16	%		25		1		1
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co., Ltd.		41		0.05	%		1		1		1
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Sevenvalley JC		24		0.02	%		12		12		12
Han Young Technology Company Co., Ltd.		35		0.00	%		—		—		—
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
Hyundaitech Co., Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co., Ltd.		47		0.21	%		2		2		2
Samdo Industry Electric Co.,Ltd.		48		0.02	%		—		—		—
Shinsei Trading Co., Ltd.		64		0.72	%		5		5		5
Dynamic Co., Ltd.		111		0.19	%		3		3		3
Green Alchemy Co.,Ltd.		38,202		1.48	%		191		17		17
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co.,Ltd.		555		0.80	%		3		3		3
Sewon Bus Co.,Ltd.		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
Choheung packing Co., Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		12		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		13		13
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		17		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
NTS Co., Ltd.		143		0.22	%		36		36		36
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		32		32
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Doosung Heavy Industries Co., Ltd.		53		0.06	%		5		5		5
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		—		—
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22
Puruen Environment Co., Ltd.		967		1.34	%		20		20		20
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Ilwoo Steel Co., Ltd.		41		0.28	%	~~W~~	16		17		17
Dong-un Tech Co., Ltd.		1,159		6.28	%		81		34		34
Wongwang Door Corp.		575		1.00	%		29		29		29
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sungchang Tech Co., Ltd.		159		0.31	%		10		19		19
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		2		2
Caffe Bene Co.,Ltd.		1,908		0.03	%		9		9		9
Jinhung Packaging Co., Ltd.		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Daeji Product Co., Ltd.		15		0.05	%		1		—		—
SSET Co., Ltd.		181		0.30	%		18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Dawon Yuhwa Co., Ltd.		506		1.94	%		25		25		25
Ewon materials Co., Ltd.		834		0.51	%		83		6		6
KMLC Co., Ltd.		281		0.14	%		22		22		22
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
S.I.T. Co.,Ltd		2,213		0.44	%		22		22		22
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Road Solar Co., Ltd.		12		0.00	%		—		—		—
Han Mi Flexible Co., Ltd.		143		0.20	%		43		43		43
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
TK Co., Ltd.		307		0.70	%	~~W~~	15		15		15
Arari Co., Ltd.		14		0.05	%		1		1		1
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Wenex Co., Ltd.		373		0.53	%		19		19		19
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Woosung I.B. Co., Ltd.		7,071		0.07	%		14		14		14
CAP Korea Co., Ltd.		16		0.30	%		3		3		3
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		—		—		—
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
Newko Co., Ltd.		331		0.06	%		10		10		10
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		—		—		—
Coco Food Co., Ltd.		648		1.24	%		32		32		32
Woori Industry Co., Ltd.		102		1.05	%		20		20		20
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		1		1
SH Co., Ltd.		39		0.20	%		8		8		8
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Getron Co., Ltd.		7,259		0.20	%		36		4		4
Jungmun Co., Ltd.		19		0.26	%		2		2		2
JM Tech Co., Ltd.		403		0.67	%		81		10		10
Choigang-gujo Co., Ltd.		61		0.45	%		6		1		1
Hosungsteel Co., Ltd.		323		0.26	%		14		3		3
Uktae IND. Co., Ltd.		140		0.12	%		7		1		1
JFC Co., Ltd.		16		0.01	%		2		2		2
Hyundai Tech Co., Ltd.		28		0.69	%		10		10		10
Daeil Co., Ltd.		301		0.42	%		15		2		2
Daehyeon Recycle Co., Ltd.		59		0.61	%		12		12		12
Metal Link Inc. Co., Ltd.		709		0.17	%		35		4		4
Pipetec Korea Co., Ltd.		50		0.07	%		10		1		1
SungJin Tech Co., Ltd.		803		1.20	%		24		8		8
Yujin E&C Co., Ltd.		29		0.18	%		6		—		—
Daishin Logistics Co., Ltd.		13		0.09	%		1		1		1
JinSung Engineering Co., Ltd.		18		0.30	%		18		18		18
Yongho Industry Co., Ltd.		157		0.22	%		32		2		2
Wow tech Co., Ltd.		369		0.75	%		11		11		11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
World Power Tech Co., Ltd.		16		0.28	%	~~W~~	24		24		24
PBM Auto Co., Ltd.		1,001		1.06	%		10		10		10
K2 Motors Co., Ltd.		54		0.28	%		1		1		1
CL Tech Co., Ltd.		801		2.25	%		40		40		40
Mirae Industry Co., Ltd.		39		0.04	%		6		6		6
Gentak Korea Co., Ltd.		301		0.31	%		8		8		8
Sungjin Chemical Co., Ltd.		118		0.36	%		4		4		4
LMAT Co., Ltd.		198		0.04	%		20		20		20
Poong Lim Industrial Co., Ltd.		25		0.00	%		38		38		38
Dae Sung GeoTech Co., Ltd.		631		1.28	%		32		32		32
Saeheemang Co., Ltd.		756		0.60	%		15		15		15
Vornech Co., Ltd.		431		0.37	%		11		2		2
Woojin Formtech Co., Ltd.		76		0.08	%		8		1		1
Korea Engineer Manufacturing Co., Ltd.		114		0.26	%		6		1		1
Sinwa J&K Co., Ltd.		476		0.28	%		5		5		5
Owon E&G Co., Ltd.		132		0.20	%		4		4		4
Guseong Co., Ltd.		141		0.20	%		4		4		4
Irefarm Co., Ltd.		45		0.30	%		3		3		3
Haenarae Agricultural Corp.		15		0.03	%		2		2		2
DECO&E Co., Ltd.		1,261		0.00	%		2		2		2
Design Beyond Co., Ltd.		17		0.19	%		2		2		2
LBK Co., Ltd.		8		0.05	%		2		2		2
Duckwon industrial Co., Ltd.		32		0.43	%		13		13		13
ASPT Co., Ltd.		64		0.82	%		19		19		19
SIMA Co., Ltd.		29		0.05	%		3		3		3
Jingkang Resources Co., Ltd.		90		1.57	%		13		13		13
CIC Tech Co., Ltd.		96		0.54	%		10		10		10
Fourever Co., Ltd.		44		0.10	%		4		4		4
Myungil Metal Co., Ltd.		80		0.10	%		4		4		4
Daeshin ECM Co., Ltd.		182		0.30	%		9		9		9
Greencarbon Co., Ltd.		79		0.06	%		1		1		1
Sunkoo Co., Ltd.		4		0.10	%		2		2		2
Jians Construction Co., Ltd.		45		0.01	%		2		4		4
DH trading Co., Ltd.		891		0.04	%		178		—		—
Sangsin Co., Ltd.		29		0.09	%		16		16		16
Steel focus Co., Ltd.		154		0.20	%		5		5		5
Kamada Korea Co., Ltd.		437		0.33	%		23		23		23
Fosys Co., Ltd.		19		0.08	%		4		4		4
GB precision Co., Ltd.		137		0.57	%		1		1		1
Ewon Art Co., Ltd.		185		0.61	%		9		9		9
DI Tech Co., Ltd.		3		0.00	%		1		—		—
Hans AD Co., Ltd.		33		0.35	%		2		2		2
Chaegim Environment Development Co., Ltd.		158		0.01	%		4		3		3
Daesung Stain Co., Ltd.		32		0.32	%		2		1		1
U&I Co., Ltd.		50		0.22	%		5		5		5
World One Co., Ltd.		401		0.58	%		10		10		10
Yewon Co., Ltd.		24		0.02	%		1		1		1
TSNT Co., Ltd.		119		0.00	%		24		24		24
Shinsung Tech Co., Ltd.		314		0.01	%		16		16		16
Loft Garden Co., Ltd.		1		0.04	%		—		—		—
Handon Co., Ltd.		74		0.25	%		11		11		11
GH Tech Co., Ltd.		82		0.22	%		3		3		3
Daeo Co., Ltd.		13		0.23	%		4		4		4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Bokwang Co., Ltd.		76		0.00	%	~~W~~	15		15		15
Samkum Industry Co., Ltd.		201		0.48	%		40		40		40
Dyntex Korea Co., Ltd.		75		0.28	%		15		15		15
Mirae Engineering Co., Ltd.		66		0.15	%		1		1		1
Ilshin Tech Co., Ltd.		36		0.00	%		7		7		7
Sukwon Co., Ltd.		2,885		0.59	%		29		29		29
White&Clean Foods Co., Ltd.		330		0.00	%		3		3		3
Michang Cable Co., Ltd.		1,096		0.13	%		16		16		16
G.M Foods Co., Ltd.		57		0.16	%		9		9		9
Wecan Global Inc. Co., Ltd.		165		0.08	%		8		8		8
Daeju Steel Co., Ltd.		11		0.20	%		1		—		—
Hyundai Glass Co., Ltd.		860		0.83	%		43		43		43
MEC Co., Ltd.		16,468		1.17	%		41		41		41
Daeyeoneco Co., Ltd.		151		0.00	%		15		15		15
Hyesung Cable&Communication Inc.		762		0.39	%		38		38		38
Sangjin Co., Ltd.		428		0.35	%		21		21		21
Iksan-guwon Co., Ltd.		563		0.00	%		11		11		11
Korea Remicon Co., Ltd.		36		0.03	%		5		5		5
New Tech Co., Ltd.		23		0.15	%		2		2		2
Segeon Co., Ltd.		124		0.00	%		4		4		4
MS Tech Co., Ltd.		9		0.15	%		1		1		1
J.I Steel Co., Ltd.		21		0.00	%		2		2		2
HNT Co., Ltd.		172		0.00	%		9		9		9
Taejin Co., Ltd.		27		0.08	%		3		3		3
Macroad Co., Ltd.		953		0.17	%		10		10		10
Woongjin Energy Co., Ltd.		94		0.00	%		9		9		9
Eunsung Industrial Co., Ltd.		3		0.03	%		—		—		—
KPE Co., Ltd.		51		0.19	%		13		13		13
Dongbangfarms Co., Ltd.		904		0.55	%		40		4		4
Altron Jeonju Co., Ltd.		34,846		1.34	%		697		5		5
K Shipbuilding Co., Ltd.		8,622		0.25	%		1,078		1,078		1,078
Shinjin International Corporation Co., Ltd.		4		0.01	%		1		1		1
RMK Co., Ltd.		63		0.90	%		22		22		22
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
Seokjin E&T Co., Ltd.		81		0.06	%		8		8		8
Seohan Food Co., Ltd.		83		0.19	%		2		2		2
JSL Co., Ltd.		51		0.49	%		3		3		3
Seil Textile Co., Ltd.		16		0.15	%		3		3		3
Sungdo Pack Co., Ltd.		15		0.06	%		1		1		1
Coffeenie Co., Ltd.		2		0.00	%		—		—		—
Medi Pharma Plan Co., Ltd.		1,075		0.26	%		108		7		7
Woori Ascon Co., Ltd.		25		0.34	%		10		10		10
Cheonwoo E.P.S Co., Ltd.		371		1.10	%		19		19		19
Koa Tech Co., Ltd.		1,244		0.77	%		12		12		12
SKE Cable Co., Ltd.		120		0.08	%		6		6		6
Hi Korea Co., Ltd.		1,845		1.94	%		185		21		21
Daeheung Engineering Co., Ltd.		65		0.01	%		1		1		1
Etapol Co., Ltd.		1,361		0.54	%		41		41		41
Yoongwon Korea Co., Ltd.		157		1.47	%		31		31		31
Avoh Ceramic&Bath Co., Ltd.		173		0.14	%		3		3		3
Dongyang R.P.F. Industrial Co., Ltd.		59		0.03	%		2		2		2
Yuil Engineering Co., Ltd.		14		0.03	%		1		1		1
Taesan Co., Ltd.		146		0.69	%		35		35		35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Thermo Tec Co., Ltd.		446		0.03	%	~~W~~	4		4		4
DaeYang Hydro Co., Ltd.		6		0.02	%		1		1		1
SangMoo Steel Co., Ltd.		24		0.04	%		2		2		2
Jungin Distribution Co., Ltd.		17		0.00	%		3		3		3
TheSun Co., Ltd.		77		0.06	%		1		1		1
ChoungHwa Precise Co., Ltd.		428		0.08	%		43		4		4
Snopa Co., Ltd.		458		0.01	%		5		5		5
SKD Korea Co., Ltd.		40		0.28	%		20		20		20
Samhyup Co., Ltd.		376		0.91	%		38		38		38
Gogang Aluminum Co., Ltd.		828		1.52	%		41		41		41
Taekwang Paper Board Co., Ltd.		133		0.49	%		23		23		23
NY Tech Co., Ltd.		33		0.15	%		2		2		2
Dongbang Metal Co., Ltd.		1,985		0.32	%		20		20		20
Samwang Co., Ltd.		170		0.25	%		17		17		17
Guseul Co., Ltd.		89		0.23	%		9		9		9
Gaone International Co., Ltd.		54		0.29	%		14		14		14
Dongyang Pratech Co., Ltd.		265		1.21	%		29		29		29
Samjin Placo Co., Ltd.		661		0.52	%		33		33		33
MS Steel Industrial Co., Ltd.		167		0.40	%		8		8		8
STS Global Co., Ltd.		9		0.04	%		—		—		—
Y Tech Co., Ltd.		855		0.65	%		34		34		34
J&J Tech Co.		14		0.22	%		1		1		1
Shield Board Co., Ltd.		165		0.15	%		3		3		3
SFC International Co., Ltd.		11		0.01	%		1		1		1
Hana ITM Inc.		8,443		0.70	%		84		84		84
Jeuvis Co., Ltd.		191		0.30	%		2		2		2
JBM Co., Ltd.		662		0.34	%		20		20		20
Jungwoo Metal Solution Co., Ltd.		27		0.08	%		2		2		2
MS Precision Co., Ltd.		220		0.16	%		22		22		22
YM Tech Co., Ltd.		2		0.01	%		—		—		—
C&C ENG Co., Ltd.		439		1.59	%		22		22		22
Daejoo E&G Co., Ltd.		133		0.00	%		27		27		27
Taeyoung Precision Co., Ltd.		31		0.22	%		—		—		—
Shin Heung Precision Co., Ltd.		93		4.63	%		4		4		4
TaeGwang P&C Co., Ltd.		530		0.90	%		13		13		13
KyeongGwang Tech Co., Ltd.		244		1.04	%		7		7		7
Wonil Image Maker Inc.		16		0.04	%		—		—		—
Vehicle System Co., Ltd.		225		0.19	%		23		23		23
Moohan Enterprise Co., Ltd.		63		0.12	%		3		3		3
C&A Industries Co., Ltd.		42,062		0.26	%		21		21		21
CH Solution Co., Ltd.		1,456		0.16	%		4		4		4
Value Invest Korea Co., Ltd.		8		0.00	%		2		2		2
HNT Co., Ltd.		8,567		0.09	%		9		9		9
Sunquen Co., Ltd.		4		0.01	%		—		—		—
Shabath Co., Ltd.		48		0.04	%		6		6		6
Woori Elec Co., Ltd.		102		0.17	%		6		6		6
Dong-Yang Special Casting Co., Ltd.		1,027		0.41	%		21		21		21
Haegang Industry Co., Ltd.		1,687		1.13	%		25		25		25
Daone Co., Ltd.		860		0.23	%		9		9		9
Yeowoon Co., Ltd.		3		0.00	%		1		1		1
Evertrue Co., Ltd.		15		0.00	%		—		1		1
Libechen Co., Ltd.		151		0.13	%		8		8		8
Hongin Co., Ltd.		149		0.22	%		45		45		45
Bolim Co., Ltd.		37		0.10	%		5		5		5
Neo Life Co., Ltd.		19		0.04	%		—		—		—
T-Eng Co., Ltd.		123		1.05	%		25		25		25

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
Badanuri		8		0.10	%	~~W~~	2		2		2
Ki Soo Precision Co., Ltd.		325		0.44	%		98		27		27
DNGV		5,516		0.14	%		11		11		11
BJ Korea		446		0.81	%		40		40		40
R&S Co., Ltd.		291		0.61	%		4		4		4
Daekyoung Co., Ltd.		85		0.66	%		17		17		17
Dongyang Environment		141		0.38	%		7		7		7
KEE Co., Ltd.		64		0.63	%		13		13		13
Asia Platech Co., Ltd.		932		3.59	%		47		47		47
HyoChang Industrial Co., Ltd		10,930		0.59	%		5		5		5
Semin Environmental Design Co., Ltd.		14		0.04	%		—		—		—
JungAng PNA Co., Ltd.		385		0.61	%		8		8		8
CNEGS Co., Ltd.		80		0.07	%		7		7		7
HaeDeuRim Co., Ltd.		70		0.41	%		11		11		11
CMTI Co., Ltd.		65		0.15	%		2		2		2
JMT Co., Ltd.		6,133		0.39	%		15		15		15
SeJung Precision Industrial Co., Ltd.		141		0.43	%		14		14		14
SGTech		30		0.66	%		3		3		3
OhBakSaDatkeom Co., Ltd.		52		0.23	%		3		3		3
GeumChangHwaseom Co., Ltd.		119		1.02	%		12		12		12
SeongMinSusan Co., Ltd.		371		0.09	%		4		4		4
DreamFact Co., Ltd.		77		0.10	%		3		3		3
DonEWorld Co., Ltd.		125		0.68	%		10		10		10
DongSuh Co., Ltd.		18		0.23	%		2		2		2
Dondodam Co., Ltd.		262		0.34	%		13		13		13
Vision Food Co., Ltd.		1,732		1.00	%		87		87		87
A One Metal Co., Ltd.		156		0.89	%		16		16		16
ECO Plus Co., Ltd.		2,786		0.91	%		3		3		3
Seong An Synthetics Co., Ltd.		200,684		2.91	%		2,007		2,007		2,007
DaeWoon Tech Co., Ltd.		106		0.26	%		3		3		3
KoWEEO Co., Ltd.		38		0.05	%		2		2		2
IK Co., Ltd.		14		0.06	%		1		1		1
Eco Join Co., Ltd.		145		0.03	%		2		2		2
Yuk Hwawon Co., Ltd.		567		0.25	%		12		12		12
Yun Hwawon FND Co., Ltd.		496		0.84	%		25		25		25
GoRyeoInSam Co., Ltd.		197		0.41	%		30		30		30
HyeJin IND Co., Ltd.		77		0.26	%		4		4		4
Cheongsong JungAng Aluminum Co., Ltd.		1,300		0.14	%		20		20		20
Easy Tape Co., Ltd.		144		0.30	%		14		14		14
Gyeonganaseukon		51		0.85	%		10		10		10
Biseullo Co., Ltd.		11		0.03	%		1		1		1
Cest Co., Ltd.		152		1.43	%		76		76		76
MDT Co., Ltd.		57		0.30	%		6		6		6
KDP Sieori Co., Ltd.		511		0.50	%		6		6		6
KREMS Co., Ltd.		868		0.81	%		347		347		347
Hanam Industrial Co., Ltd.		87		0.80	%		13		13		13
R Light Co., Ltd.		437		0.41	%		5		5		5
Daewon SNP Co., Ltd.		2,656		0.44	%		93		93		93
Goryeo Filter Co.,Ltd.		31		0.07	%		2		2		2
Daehan Special Metal Co., Ltd.		2,326		5.89	%		931		931		931
Hungaforming Co., Ltd.		397		0.64	%		20		20		20
HyeopJin PL Co., Ltd.		7,889		0.72	%		39		39		39
Seun Co., Ltd.		61		0.69	%		3		3		3
AOS Co., Ltd.		25		0.16	%		1		1		1
SamHan Industrial Co., Ltd.		215		0.45	%		3		3		3
YangJI EnterPrise Co., Ltd.		16		0.04	%		3		3		3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

10.	Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)	Financial assets at fair value through other comprehensive income as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---
	Shares		Ownership			Acquisition cost		Book value		Fair value
GyungNam Metal Co., Ltd.		698		0.07	%	~~W~~	17		17		17
Yoolim industrial Co., Ltd.		1,560		1.98	%		234		234		234
Haemirae Co., Ltd.		57		0.25	%		4		4		4
KROPC Co., Ltd.		1,297		1.19	%		26		26		26
Mirae Seesco Co. Ltd.		17		0.04	%		2		2		2
SungMin Industrial Co., Ltd.		229		2.80	%		34		34		34
Kunyang Co., Ltd.		44		0.12	%		4		4		4
CAT Co., Ltd.		40		0.27	%		3		3		3
JeongJin Nurimaru Co., Ltd.		218		1.08	%		33		33		33
GeunHo Precision Co., Ltd.		1,770		0.98	%		133		133		133
HwaIn Inemtek Co., Ltd.		327		0.60	%		43		43		43
TS Steel Co., Ltd.		202		0.13	%		20		20		20
SaeHan Food Co., Ltd.		23		0.40	%		5		5		5
SamYeong Engineer Co., Ltd.		501		0.55	%		10		10		10
GumYoung General Co., Ltd.		6,522		0.06	%		13		13		13
SaeUm Global Co., Ltd.		207		0.06	%		5		5		5
Work life balance Co., Ltd.		9		0.92	%		1		1		1
YuJin Hightech Co., Ltd.		152		0.58	%		15		15		15
GOC Co., Ltd.		4,415		0.16	%		44		44		44
Fraijour Queen Co., Ltd.		73		0.56	%		3		3		3
Wnt Co., Ltd.		57		0.19	%		6		6		6
Tae Gwang Engineer Co., Ltd.		406		2.60	%		41		41		41
GSB Co., Ltd.		370		1.03	%		37		37		37
MCI Co., Ltd.		760		0.12	%		23		23		23
Wonchang steel Co., Ltd.		66		0.16	%		7		7		7
GukWon Construction Co., Ltd.		9		0.00	%		—		—		—
Friend Co., Ltd.		2,745		0.46	%		55		55		55
AppleLind Networks Co., Ltd.		2,417		0.12	%		11		11		11
HSC Co., Ltd.		7,174		2.69	%		36		36		36
ChangShin Plant Co., Ltd.		108		1.40	%		22		22		22
PyeongKang Precision Co., Ltd.		3		0.01	%		—		—		—
ShinSung Co., Ltd.		66		0.58	%		13		13		13
DreamHightech Co., Ltd.		137		0.16	%		7		7		7
WooHo Construction Co., Ltd.		35		0.02	%		2		2		2
							352,191		309,709		309,709
*Debt securities (1)**
Aron Flying Ship Co., Ltd.		—		—		~~W~~	491		535		535
Ino Platech Co., Ltd.		—		—			1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—			3,000		3,316		3,316
							4,571		5,045		5,045
						~~W~~	683,192		674,850		674,850
(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair<br>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<br>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, 2024.
---	---
(*3)	The Group acquired shares in the entity through conversion of investments performed in accordance with<br>corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the<br>corporate rehabilitation procedures are completed.
---	---
(*4)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for<br>temporary injunction requiring the suspension of delisting decision and others.
---	---
(*5)	The entity is undergoing corporate rehabilitation procedures during the year ended December 31, 2024, and the<br>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.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

11.	Financial Assets at Amortized Cost

Financial assets at amortized cost as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
	Financial assets<br>at amortized cost		Book<br>value
Government bonds	~~W~~	1,423		1,423
Others		29,694		29,694
	~~W~~	31,117		31,117
Current	~~W~~	21,663		21,663
Non-current		9,454		9,454
In millions of won	As of December 31, 2024
	Financial assets<br>at amortized cost		Book<br>value
Government bonds	~~W~~	1,160		1,160
Others		29,073		29,073
	~~W~~	30,233		30,233
Current	~~W~~	20,418		20,418
Non-current		9,815		9,815

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives
(1)	Derivatives as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	~~W~~	76		—		12,153		—
Currency swap		833,715		927,127		733,374		1,630,570
Interest rate swap		2,441		174,195		9,571		176,138
Others (*2,3)		—		97,996		5,456		123,902
	~~W~~	836,232		1,199,318		760,554		1,930,610
Derivative liabilities
Currency forward	~~W~~	9,078		—		132		—
Currency swap		4,786		23,761		1,640		36,328
Interest rate swap		—		37,560		127		76,356
Others (*1,2,4,5)		38,255		52,059		22,015		148,227
	~~W~~	52,119		113,380		23,914		260,911
(*1)	In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint<br>venture of the Group, the performance obligation as of December 31, 2025 which amounts to ~~W~~23,494 million (~~W~~26,422 million as of December 31, 2024) to the<br>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<br>associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative<br>liabilities.
---	---
(*3)	The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of<br>its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.
---	---
(*4)	The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations<br>in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and the Group recognized a gain on transaction of derivative<br>instruments of ~~W~~37,572 million for the year ended December 31, 2025.
---	---
(*5)	The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its<br>joint venture, Wadi Noor Solar Power, as other derivative liabilities.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(2)	Currency forward contracts which are not designated as hedging instruments as of December 31, 2025 are as<br>follows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---
Counterparty	Contract<br>date		Maturity<br>date		Contract amounts
				Pay
Morgan Stanley		2025.12.11		2026.01.02	~~W~~	16,110	11,000	1,464.50
JP Morgan		2025.12.19		2026.01.15		5,911	4,000	1,477.80
Mizuho Bank		2025.12.24		2026.01.13		7,349	5,000	1,469.80
Hana Bank		2025.12.24		2026.01.16		14,698	10,000	1,469.80
Woori Bank		2025.12.24		2026.01.20		14,701	10,000	1,470.10
Kyongnam Bank		2025.12.24		2026.01.09		14,703	10,000	1,470.30
Busan Bank		2025.12.26		2026.01.23		14,390	10,000	1,439.00
Shinhan Bank		2025.12.29		2026.01.26		15,773	11,000	1,433.87
MUFG		2025.07.16		2026.01.16		6,585	700,000	9.41
MUFG		2025.09.04		2026.01.08		6,621	700,000	9.46
MUFG		2025.10.10		2026.01.15		6,540	700,000	9.34
MUFG		2025.10.16		2026.01.20		6,617	700,000	9.45
MUFG		2025.10.27		2026.01.27		6,591	700,000	9.42
MUFG		2025.10.30		2026.01.29		6,545	700,000	9.35
MUFG		2025.12.02		2026.01.05		10,272	7,000	1,467.45
JP Morgan		2025.12.02		2026.01.05		2,491	1,700	1,465.10
MUFG		2025.12.03		2026.01.05		8,800	6,000	1,466.65
JP Morgan		2025.12.05		2026.01.09		13,824	9,400	1,470.60
MUFG		2025.12.08		2026.01.12		7,335	5,000	1,467.02
JP Morgan		2025.12.08		2026.01.12		7,335	5,000	1,467.00
Nonghyup Bank		2025.12.08		2026.01.12		4,392	3,000	1,463.90
MUFG		2025.12.09		2026.01.13		10,278	7,000	1,468.35
MUFG		2025.12.10		2026.01.14		7,342	5,000	1,468.35
JP Morgan		2025.12.10		2026.01.14		7,342	5,000	1,468.35
MUFG		2025.12.11		2026.01.15		7,337	5,000	1,467.45
MUFG		2025.12.24		2026.01.29		7,292	5,000	1,458.35
Nonghyup Bank		2025.12.24		2026.01.29		7,267	5,000	1,453.45
MUFG		2025.12.26		2026.01.30		7,232	5,000	1,446.30
JP Morgan		2025.12.29		2026.02.05		6,421	700,000	9.17
MUFG		2025.12.30		2026.02.06		7,169	5,000	1,433.75
JP Morgan		2025.12.30		2026.02.02		14,338	10,000	1,433.80
Nonghyup Bank		2025.12.30		2026.02.06		7,170	5,000	1,433.90
Bank of America		2025.12.19		2026.01.27		7,379	5,000	1,475.89
Citi Bank		2025.11.24		2026.01.07		7,365	5,000	1,472.90
Citi Bank		2025.12.16		2026.01.27		5,865	4,000	1,466.20
Kookmin Bank		2025.12.04		2026.01.07		7,325	5,000	1,464.90
MUFG		2025.11.27		2026.01.07		4,379	3,000	1,459.80
SMBC		2025.12.22		2026.02.06		8,850	6,000	1,475.05
Nonghyup Bank		2025.12.30		2026.02.06		7,151	5,000	1,430.10
Mizuho Bank		2025.11.26		2026.01.07		8,753	6,000	1,458.90
Mizuho Bank		2025.12.08		2026.01.27		5,852	4,000	1,463.10
Mizuho Bank		2025.12.24		2026.02.06		8,760	6,000	1,459.95
Mizuho Bank		2025.12.30		2026.01.07		2,501	3,649	1458.90
Busan Bank		2025.12.23		2026.01.09		14,944	10,112	1,477.90
Shinhan Bank		2025.12.24		2026.02.06		10,255	7,000	1,465.00
Hana Bank		2025.12.08		2026.01.27		5,856	4,000	1,464.00
Bank of America		2025.11.13		2026.02.10		500	344	1,456.50
MUFG		2025.11.26		2026.02.26		3,039	2,093	1,451.65
Shinhan Bank		2025.12.08		2026.02.25		1,156	790	1,462.28
Woori Bank		2025.12.11		2026.02.25		1,259	862	1,460.70
Hana Bank		2025.12.11		2026.02.25		5,841	4,000	1,460.20
MUFG		2025.12.11		2026.02.25		7,305	5,000	1,461.00
HSBC		2025.12.24		2026.03.19		4,088	2,784	1,468.20
Shinhan Bank		2025.12.24		2026.03.17		10,238	7,000	1,462.60
Bank of America		2025.12.24		2026.03.19		7,328	5,000	1,465.50

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(2)	Currency forward contracts which are not designated as hedging instruments as of December 31, 2025 areas follows Continued:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---
Counterparty	Contract date		Maturity<br>date		Contract amounts
				Pay			Receive
JP Morgan		2025.12.24		2026.03.19	~~W~~	7,329		5,000	1,465.70
Nonghyup Bank		2025.12.24		2026.03.19		7,326		5,000	1,465.20
Busan Bank		2025.12.24		2026.03.19		7,329		5,000	1,465.80
MUFG		2025.12.24		2026.03.19		7,328		5,000	1,465.55
Woori Bank		2025.12.24		2026.03.19		7,328		5,000	1,465.60
HSBC		2025.12.24		2026.03.17		10,183		7,000	1,454.75
Shinhan Bank		2025.12.24		2026.03.19		7,273		5,000	1,454.55
Hana Bank		2025.12.24		2026.03.19		7,281		5,000	1,456.20
Bank of America		2025.12.24		2026.03.17		7,284		5,000	1,456.85
Woori Bank		2025.12.24		2026.03.17		7,266		5,000	1,453.10
Shinhan Bank		2025.12.26		2026.03.30		7,213		5,000	1,442.55
JP Morgan		2025.12.26		2026.03.30		7,195		5,000	1,438.90

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of December 31, 2025 are asfollows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate						Contractexchange rate<br>(in won)
			Pay			Receive					Receive
Standard Chartered		2014~2029			102,470		100,000		3.14	%		3.57	%		1,024.70
Woori Bank		2019~2027			21,708		19,417		5.04	%		6.75	%		1,118.00
Kookmin Bank		2020~2026			76,355		70,445		5.83	%		6.00	%		1,083.90
Woori Bank		2021~2026			118,170		100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank		2021~2026			118,170		100,000		1.11	%		1.13	%		1,181.70
Hana Bank		2021~2026			118,170		100,000		1.11	%		1.13	%		1,181.70
JP Morgan		2022~2027			128,600		100,000		3.56	%		4.00	%		1,286.00
Woori Bank		2022~2027			128,600		100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank		2022~2027			128,600		100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank		2022~2026			283,820		200,000		4.67	%		5.38	%		1,419.10
Hana Bank		2022~2026			141,910		100,000		4.68	%		5.38	%		1,419.10
Woori Bank		2022~2026			141,910		100,000		4.68	%		5.38	%		1,419.10
JP Morgan		2022~2026			141,910		100,000		4.69	%		5.38	%		1,419.10
Korea Development Bank		2022~2028			283,820		200,000		5.12	%		5.50	%		1,419.10
Woori Bank		2022~2028			141,910		100,000		5.13	%		5.50	%		1,419.10
Hana Bank		2023~2026			256,000		200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank		2023~2026			192,000		150,000		3.99	%		5.38	%		1,280.00
Kookmin Bank		2023~2026			128,000		100,000		4.03	%		5.38	%		1,280.00
Korea Development Bank		2023~2026			256,000		200,000		4.04	%		5.38	%		1,280.00
Bank of America		2023~2026			128,000		100,000		4.04	%		5.38	%		1,280.00
Standard Chartered		2023~2026			128,000		100,000		4.04	%		5.38	%		1,280.00
Woori Bank		2023~2026			192,000		150,000		4.05	%		5.38	%		1,280.00
Shinhan Bank		2024~2027			133,060		100,000		3.53	%		4.88	%		1,330.60
Kookmin Bank		2024~2027			133,060		100,000		3.53	%		4.88	%		1,330.60
Korea Development Bank		2024~2027			864,890		650,000		3.53	%		4.88	%		1,330.60
Bank of America		2024~2027			133,060		100,000		3.53	%		4.88	%		1,330.60
Standard Chartered		2024~2027			133,060		100,000		3.53	%		4.88	%		1,330.60
IBK Securities Co., Ltd.		2024~2027			199,590		150,000		3.53	%		4.88	%		1,330.60
Shinhan Bank		2024~2034			138,010		100,000		3.64	%		5.13	%		1,380.10
Hana Bank		2024~2034			138,010		100,000		3.69	%		5.13	%		1,380.10
Woori Bank		2024~2034			119,958		86,920		3.74	%		5.13	%		1,380.10
Shinhan Bank		2025~2030			146,320		100,000		3.18	%		4.13	%		1,463.20
Hana Bank		2025~2030			438,960		300,000		3.21	%		4.13	%		1,463.20
Kookmin Bank		2025~2028			292,640		200,000		2.99	%		SOFR + 0.62	%		1,463.20
Bank of America		2025~2028			219,480		150,000		2.99	%		SOFR + 0.62	%		1,463.20
Hana Bank		2025~2028			146,320		100,000		3.00	%		SOFR + 0.62	%		1,463.20
Korea Development Bank		2025~2028			73,160		50,000		3.02	%		SOFR + 0.62	%		1,463.20
Shinhan Bank		2025~2028			146,320		100,000		3.02	%		SOFR + 0.62	%		1,463.20
Woori Bank		2017~2027			111,610		100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank		2017~2027			111,610		100,000		2.31	%		3.13	%		1,116.10
Hana Bank		2017~2027			111,610		100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank		2018~2028			108,600		HKD800,000		2.69	%		3.35	%		135.75
Shinhan Bank		2018~2028			115,388		HKD850,000		2.66	%		3.35	%		135.75
Korea Development Bank		2019~2027			119,978		CHF100,000		1.43	%		0.05	%		1,199.78
Woori Bank		2021~2026			222,800		200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank		2021~2026			111,400		100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank		2021~2026			111,399		100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank		2021~2026			111,400		100,000		0.93	%		1.25	%		1,114.00
Woori Bank		2022~2027			262,000		200,000		3.62	%		4.25	%		1,310.00
Export-Import Bank of Korea		2022~2027			131,000		100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank		2022~2027			131,000		100,000		3.62	%		4.25	%		1,310.00
Hana Bank		2022~2027			131,000		100,000		3.61	%		4.25	%		1,310.00
Korea Development Bank		2022~2027			262,000		200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea		2022~2032			349,829		HKD1,935,000		4.87	%		5.16	%		180.79

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of December 31, 2025 are asfollows, continued:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate						Contractexchange rate<br>(in won)
			Pay			Receive					Receive
JP Morgan		2022~2032		~~W~~	75,194		HKD 415,000		5.00	%		5.16	%	~~W~~	181.19
Export-Import Bank of Korea		2023~2030			172,982		HKD1,037,000		4.25	%		4.51	%		166.81
Hana Bank		2024~2028			128,940		100,000		3.73	%		5.00	%		1,289.40
JP Morgan		2024~2028			128,940		100,000		3.85	%		5.00	%		1,289.40
Korea Development Bank		2024~2028			257,880		200,000		3.80	%		5.00	%		1,289.40
Korea Development Bank		2024~2028			128,940		100,000		3.69	%		5.00	%		1,289.40
Hana Bank		2024~2029			138,540		100,000		3.15	%		4.63	%		1,385.40
Shinhan Bank		2024~2029			138,540		100,000		3.15	%		4.63	%		1,385.40
Kookmin Bank		2024~2029			138,540		100,000		3.16	%		4.63	%		1,385.40
Woori Bank		2024~2029			138,540		100,000		3.17	%		4.63	%		1,385.40
Korea Development Bank		2024~2029			138,540		100,000		3.19	%		4.63	%		1,385.40
Credit Agricole		2025~2028			218,963		HKD1,166,000		2.85	%		4.10	%		187.79
Korea Development Bank		2025~2030			556,560		400,000		2.75	%		SOFR + 0.79	%		1,391.40
Hana Bank		2025~2030			139,140		100,000		2.75	%		SOFR + 0.79	%		1,391.40

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(4)	Currency swap contracts which are designated as hedging instruments as of December 31, 2025 are asfollows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate						Contractexchange rate<br>(in won)
			Pay			Receive					Receive
Korea Development Bank		2020~2026		~~W~~	118,910		100,000		0.61	%		1.00	%	~~W~~	1,189.10
Hana Bank		2020~2026			118,910		100,000		0.61	%		1.00	%		1,189.10
Woori Bank		2020~2026			118,910		100,000		0.62	%		1.00	%		1,189.10
Nomura		2017~2037			52,457		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		100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2021~2026			114,230		100,000		1.27	%		1.25	%		1,142.30
Hana Bank		2021~2026			114,230		100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2022~2027			123,710		100,000		3.41	%		3.63	%		1,237.10
Woori Bank		2022~2027			123,710		100,000		3.41	%		3.63	%		1,237.10
JP Morgan		2022~2027			123,710		100,000		3.41	%		3.63	%		1,237.10
Woori Bank		2021~2026			220,600		200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank		2021~2026			220,600		200,000		0.47	%		0.75	%		1,103.00
Hana Bank		2021~2026			55,150		50,000		0.48	%		0.75	%		1,103.00
Shinhan Bank		2023~2026			132,930		100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank		2023~2026			132,930		100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank		2023~2026			132,930		100,000		4.07	%		5.38	%		1,329.30
Woori Bank		2023~2028			259,000		200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank		2023~2028			129,500		100,000		3.85	%		4.88	%		1,295.00
Bank of America		2023~2028			64,750		50,000		3.85	%		4.88	%		1,295.00
Woori Bank		2025~2031			142,900		100,000		2.93	%		4.00	%		1,429.00
Hana Bank		2025~2031			142,900		100,000		2.93	%		4.00	%		1,429.00
Shinhan Bank		2025~2031			71,450		50,000		2.94	%		4.00	%		1,429.00
Bank of America		2025~2031			71,450		50,000		2.94	%		4.00	%		1,429.00

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(5)	Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2025are as follows:
---	---
In millions of won and thousands of foreign currencies					Contract interest rate per annum
---	---	---	---	---	---	---
Counterparty	Contract year		Contract amount		Pay	Receive
Nomura (*1)		2018~2038	~~W~~	30,000	3M CD + 0.10%	3.75%
Hana Bank		2022~2027		200,000	3.02%	3M CD + 0.61%
Hana Bank		2022~2027		200,000	3.04%	3M CD + 0.58%
Hana Bank		2022~2027		250,000	3.38%	3M CD + 0.59%
Nomura		2022~2027		200,000	3.55%	3M CD + 0.60%
Shinhan Bank		2022~2027		150,000	3.53%	3M CD + 0.55%
Hana Bank		2022~2027		200,000	3.70%	3M CD + 0.59%
Nomura		2022~2027		300,000	3.89%	3M CD + 0.67%
Hana Bank		2022~2027		200,000	3.93%	3M CD + 0.67%
Nomura		2022~2027		200,000	3.80%	3M CD + 0.68%
Nomura		2022~2027		300,000	4.04%	3M CD + 0.60%
Hana Bank		2022~2027		100,000	4.68%	3M CD + 1.04%
Hana Bank		2022~2027		100,000	5.45%	3M CD + 1.20%
Shinhan Bank		2023~2028		200,000	4.27%	3M CD + 0.76%
Shinhan Bank		2023~2028		50,000	4.27%	3M CD + 0.76%
Nomura		2023~2028		250,000	4.13%	3M CD + 0.73%
Hana Bank		2023~2028		200,000	3.74%	3M CD + 0.51%
Hana Bank		2023~2028		100,000	4.19%	3M CD + 0.50%
Shinhan Bank		2023~2028		300,000	3.81%	3M CD + 0.70%
Hana Bank		2023~2028		200,000	3.95%	3M CD + 0.50%
Shinhan Bank		2024~2029		200,000	3.84%	3M CD + 0.50%
Hana Bank		2024~2027		250,000	3.72%	3M CD + 0.34%
Hana Bank		2024~2027		250,000	3.77%	3M CD + 0.31%
Hana Bank		2024~2027		250,000	3.31%	3M CD + 0.31%
Hana Bank		2024~2027		200,000	3.46%	3M CD + 0.53%
Nomura		2024~2027		200,000	3.38%	3M CD + 0.50%
Hana Bank		2024~2027		300,000	3.18%	3M CD + 0.53%
Hana Bank		2025~2030		200,000	3.28%	3M CD + 0.57%
Hana Bank		2025~2030		200,000	3.28%	3M CD + 0.62%
Shinhan Bank		2025~2030		200,000	2.82%	3M CD + 0.50%
Hana Bank		2025~2028		200,000	2.86%	3M CD + 0.45%
Hana Bank		2025~2028		200,000	2.85%	3M CD + 0.25%
Shinhan Bank		2025~2026		100,000	3.30%	3M CD + 0.45%
Nomura		2017~2032		52,457	Floating rate + 2.55%	2.60%
Nomura		2017~2032		59,423	Floating rate + 2.57%	2.62%
Nomura (*2)		2021~2041		30,000	1.84%	2.60%
Nomura (*3)		2021~2041		50,000	1.87%	2.38%
MUFG		2022~2048		USD155,941	3M SOFR	3.71%
Mizuho Capital Markets LLC		2022~2048		USD155,941	3M SOFR	1.05%
NORD LB Bank		2022~2036		USD16,121	1.83%	6M SOFR
Rabobank		2022~2036		USD19,619	1.83%	6M SOFR
Mizuho Capital Markets LLC		2024~2045		USD77,399	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<br>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<br>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<br>CMT+0.35% is applied thereafter.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

12.	Derivatives, Continued
(6)	Interest rate swap contracts which are designated as hedging instruments as of December 31, 2025 are asfollows:
---	---
In thousands of foreign currencies					Contract interest rate per annum
---	---	---	---	---	---	---
Counterparty	Contract year		Contract amount		Pay	Receive
Export-Import Bank of Korea		2015~2031		USD11,021	2.67%	SOFR + 0.43%
ING Bank		2015~2031		USD27,178	2.67%	SOFR + 0.43%
BNP Paribas		2015~2031		USD28,994	2.67%	SOFR + 0.43%
BNP Paribas		2009~2027		USD22,923	4.16%	6M USD Synthetic Libor
KFW		2009~2027		USD22,923	4.16%	6M USD Synthetic Libor
Export-Import Bank of Korea		2016~2036		USD51,095	3.00%	6M USD Synthetic Libor
SMTB		2025~2036		JPY3,557,580	1.82%	6M TIBOR + 0.55%
(7)	Gains and losses on valuation and transaction of derivatives for each of the two years in the period endedDecember 31, 2025 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):
---	---
In millions of won	Net income effects ofvaluation gain (loss)					Net income effects oftransaction gain (loss)					Accumulated other<br>*comprehensive income (loss) ()**
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024		For the year endedDecember 31, 2025			For the year endedDecember 31, 2024		For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
Currency forward	~~W~~	(8,968	)		12,021		(5,565	)		78,237		—			—
Currency swap		26,014			2,058,411		(64,409	)		190,000		67,527			18,622
Interest rate swap		45,451			21,270		3,015			18,834		(4,549	)		1,684
Other derivatives		19,575			12,009		37,572			15,586		—			—
	~~W~~	82,072			2,103,711		(29,387	)		302,657		62,978			20,306
(*)	For each of the two years ended December 31, 2025 and 2024, the net gain on valuation of derivatives<br>applying cash flow hedge accounting of ~~W~~ 34,663 million and ~~W~~11,870 million, net of tax, is included in other comprehensive income, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

13.	Other Financial Assets
(1)	Other financial assets as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025						As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Current			Non-current			Current			Non-current
Loans	~~W~~	101,773			992,012			115,161			901,953
Less: allowance for doubtful accounts		(5,191	)		(66,807	)		(5,156	)		(66,838	)
Less: present value discount		(984	)		(34,275	)		(1,084	)		(35,888	)
		95,598			890,930			108,921			799,227
Long-term / short-term financial instruments		1,997,644			884,487			1,147,929			812,211
	~~W~~	2,093,242			1,775,417			1,256,850			1,611,438
(2)	Loans as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carrying value
Short-term loans
Loans for tuition	~~W~~	34,290		(5,155	)		(984	)		28,151
Loans for housing		40,515		—			—			40,515
Other loans		26,968		(36	)		—			26,932
		101,773		(5,191	)		(984	)		95,598
Long-term loans
Loans for tuition		326,941		(983	)		(34,275	)		291,683
Loans for housing		243,651		—			—			243,651
Loans for related parties		359,519		(24,218	)		—			335,301
Other loans		61,901		(41,606	)		—			20,295
		992,012		(66,807	)		(34,275	)		890,930
	~~W~~	1,093,785		(71,998	)		(35,259	)		986,528
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carrying value
Short-term loans
Loans for tuition	~~W~~	34,484		(5,156	)		(1,084	)		28,244
Loans for housing		43,171		—			—			43,171
Other loans		37,506		—			—			37,506
		115,161		(5,156	)		(1,084	)		108,921
Long-term loans
Loans for tuition		364,685		(4,888	)		(35,888	)		323,909
Loans for housing		266,208		—			—			266,208
Loans for related parties		260,227		(61,950	)		—			198,277
Other loans		10,833		—			—			10,833
		901,953		(66,838	)		(35,888	)		799,227
	~~W~~	1,017,114		(71,994	)		(36,972	)		908,148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

13.	Other Financial Assets, Continued
(3)	Changes in the allowance for doubtful accounts of loans for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	71,994			80,793
Bad debt expense (Reversal of bad debt allowance)		(3,455	)		3,727
Write-off		(447	)		(12,526	)
Others		3,906			—
Ending balance	~~W~~	71,998			71,994
(4)	Long-term and short-term financial instruments as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Time deposits	~~W~~	1,602,572		155,487		823,806		135,995
CD		40,000		—		40,000		—
Others		355,072		729,000		284,123		676,216
	~~W~~	1,997,644		884,487		1,147,929		812,211

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

14.	Inventories

Inventories as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	~~W~~	5,299,493		(670	)		5,298,823
Merchandises		3,447		—			3,447
Work-in-progress		213,919		—			213,919
Finished goods		93,379		—			93,379
Supplies		3,564,892		—			3,564,892
Inventories-in-transit		962,337		—			962,337
Other inventories		15,927		—			15,927
	~~W~~	10,153,394		(670	)		10,152,724
In millions of won	As of December 31, 2024
	Acquisition cost		Valuation allowance			Book value
Raw materials	~~W~~	4,914,250		(1,573	)		4,912,677
Merchandises		1,733		—			1,733
Work-in-progress		220,110		—			220,110
Finished goods		96,390		(630	)		95,760
Supplies		3,358,831		—			3,358,831
Inventories-in-transit		1,160,238		—			1,160,238
Other inventories		19,887		—			19,887
	~~W~~	9,771,439		(2,203	)		9,769,236

The reversal of the allowance for loss on inventory valuation included in cost of sales for each of the two years in the period ended December 31, 2025 amounts to ~~W~~6,477 million and ~~W~~9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for each of the two years in the period ended December 31, 2025 were ~~W~~4,944 million and ~~W~~9,941 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

15.	Non-Financial Assets

Non-financial assets as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advanced payments	~~W~~	632,235		634,986		467,156		66,174
Prepaid expenses		416,297		236,141		431,087		221,922
Others (*)		313,098		142,124		369,671		40,108
	~~W~~	1,361,630		1,013,251		1,267,914		328,204
(*)	Details of others as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Greenhouse gas<br><br><br>emissions rights	~~W~~	107,550		—		211,969		—
Other quick assets		205,548		142,124		157,702		40,108
	~~W~~	313,098		142,124		369,671		40,108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries
(1)	Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of December 31,2025			As of December 31,2024
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		80.82	%		80.12	%
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		99.99	%		99.99	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF Power generation	Korea		—			85.03	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of December 31,2025			As of December 31,2024
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC (*6)	Holding company	USA		69.21	%		69.55	%
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. (*8)	Power generation	Korea		100.00	%		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. (*8)	Power generation	Korea		93.68	%		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	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of December 31,2025			As of December 31,2024
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.99	%		99.99	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*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	Holding company	USA		61.62	%		61.62	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		80.96	%		80.96	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		62.62	%		62.62	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	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 liquidation	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		98.96	%		98.96	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		71.30	%		71.30	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		100.00	%		100.00	%
Sprott Chile Solar I SpA	Holding company	Chile		—			100.00	%
KEPCO Yona America LLC	Holding company	USA		100.00	%		—
KEPCO SADAWI - FZCO	Holding company	United Arab Emirates		100.00	%		—
EWP Yona America LLC	Holding company	USA		100.00	%		—
KOMIPO Middle East Energy L.L.C-FZ	Holding company	United Arab Emirates		100.00	%		—
Nuclear Energy Industry Growth Fund II	Holding company	Korea		99.99	%		—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of December 31, 2025 and 2024 are as follows, continued:
---	---
(*1)	Considering treasury stocks, the effective percentage of ownership is 51.24%. The Group sold a portion of its<br>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<br>consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
---	---
(*3)	As of December 31, 2025, the annual reporting period of all subsidiaries ends on December 31, except<br>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)	During the year ended December 31, 2025, the investment was reclassified from a subsidiary to an associate<br>due to a partial disposal of shares.
---	---
(*5)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the<br>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)	Liquidated during the current period.
---	---
(*8)	The ownership interest changed due to a disproportionate capital reduction with consideration during the year<br>ended December 31, 2025.
---	---
(2)	The subsidiaries included in and excluded from the scope of consolidation for the year endedDecember 31, 2025 are as follows:
---	---

Subsidiaries	Reason
KEPCO Yona America LLC	New investment
KEPCO SADAWI – FZCO	New investment
EWP Yona America LLC	New investment
KOMIPO Middle East Energy L.L.C-FZ	New investment
Nuclear Energy Industry Growth Fund II	New investment

Subsidiaries	Reason
Commerce and Industry Energy Co., Ltd.	Loss of control due to a partial disposal of shares
J Wind First, LLC	Liquidation
SPROTT CHILE SOLAR I SpA	Liquidation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for each of the two years in theperiod ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.	~~W~~	5,882		2,323		559		39
Fujeij Wind Power Company		232,988		146,500		—		15,343
KOSPO Youngnam Power Co., Ltd.		330,664		220,060		315,616		3,322
Chitose Solar Power Plant LLC		84,332		77,481		15,122		2,674
KEPCO ES Co., Ltd.		336,045		23,142		9,516		6,320
KEPCO Solar Co., Ltd.		243,087		28,763		23,412		7,023
KOSPO Power Services Ltda.		12,674		10,361		16,919		403
Energy New Industry Specialized Investment Private Investment Trust (*3)		543,694		5,879		—		49,341
KOEN Bylong Pty., Ltd.		17		201		—		(18	)
KOMIPO Bylong Pty., Ltd.		18		197		—		(8	)
KOWEPO Bylong Pty., Ltd.		18		203		—		(24	)
KOSPO Bylong Pty., Ltd.		193		453		—		(24	)
EWP Bylong Pty., Ltd.		18		21		—		(4	)
KOWEPO Lao International		21,202		1,085		12,712		5,021
KEPCO Mangilao Holdings LLC		97,123		49,828		844		1,764
Mangilao Investment LLC		208,610		19,622		—		(19,432	)
KEPCO Mangilao Solar, LLC		213,916		741		17,346		2,961
Jeju Hanlim Offshore Wind Co., Ltd.		633,525		555,268		80,467		12,289
PT. Siborpa Eco Power		17,564		4,083		—		(62	)
PT. Korea Energy Indonesia		8,462		5,142		8,227		760
KOLAT SpA		53,759		377		2,963		1,061
KEPCO California, LLC		50,809		7,248		672		(518	)
KEPCO Mojave Holdings, LLC		95,077		88,595		—		(4,491	)
Incheon Fuel Cell Co., Ltd.		212,662		217,098		75,963		(20,384	)
KOEN Service Co., Ltd.		8,055		4,959		41,138		171
KOMIPO Service Co., Ltd.		11,114		6,010		40,652		1,560
KOWEPO Service Co., Ltd.		10,223		6,762		44,485		271
KOSPO Service Co., Ltd.		7,875		4,718		34,049		593
EWP Service Co., Ltd.		7,234		4,462		29,819		1,296
PT. KOMIPO Energy Indonesia		5,855		1,616		5,425		1,421
KNF partners Co., Ltd.		3,222		1,220		7,416		429
KOSPO USA Inc.		853,452		509		—		(5,976	)
KOSPO Niles LLC		353,430		1,077		532		33,255
Tamra Offshore Wind Power Co., Ltd.		102,795		64,577		16,720		281
KEPCO MCS Co., Ltd.		63,700		54,752		280,479		(19,492	)
KEPCO FMS Co., Ltd.		23,883		21,889		117,234		220
Firstkeepers Co., Ltd.		27,337		14,052		102,366		4,563
Secutec Co., Ltd.		18,000		12,273		81,175		431
SE Green Energy Co., Ltd.		120,726		92,633		38,335		(407	)
Mangilao Intermediate Holdings LLC		212,243		119,591		—		(8,057	)
KEPCO CSC Co., Ltd.		20,227		12,573		50,773		2,084
KOAK Power Limited		16,089		126		—		(170	)
KOMIPO Europe B.V.		91,488		89		1,214		(3,124	)
Haenanum Energy Fund		7,416		3		951		902
Paju Ecoenergy Co., Ltd.		60,776		2,791		16,199		1,477
Guam Ukudu Power LLC		922,687		793,769		31,801		(34,266	)
K-SOLAR SHINAN Co., Ltd.		265,222		248,630		33,441		746

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for each of the two years in theperiod ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
KPS Partners Co., Ltd.	~~W~~	4,300		2,422		14,787		238
KEPCO E&C Service Co., Ltd.		10,278		2,208		16,789		1,321
Moha solar Co., Ltd.		25,401		26,861		—		985
Ogiri Solar Power Co., Ltd.		1,052		21		—		(22	)
KHNP USA LLC		59,782		391		1,244		157
KOMIPO Vanphong Power Service LLC		35,596		5,201		30,289		7,091
Energy Innovation Fund I		43,596		1,194		—		(790	)
KHNP Chile SpA		4,650		3,433		—		(48	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,379		1,237		208		44
Yeong Yang Corporation Co., Ltd.		1,356		1,227		204		40
SolarVader Co., Ltd.		1,368		1,230		206		42
Yeong Yang Innovation Co., Ltd.		1,356		1,227		200		36
Yeong Yang Horus Photovoltaic Co., Ltd.		1,337		1,228		192		28
Yeong Yang Solar Management Co., Ltd.		1,376		1,230		213		49
LSG Hydro Power Limited		350		4		—		(250	)
KOEN Bio Co., Ltd.		1,371		925		1,872		(35	)
KOMIPO Iberian Solar Group, S.L.U.		76,791		74,519		—		(6,552	)
Jeongam Wind Power Co., Ltd.		68,826		59,308		8,189		(1,084	)
KOWEPO Europe B.V.		51		4,036		—		(145	)
Yeongdeok Sunrise Wind Power Co., Ltd.		109,860		84,334		11,908		(617	)
KA Power Limited		6,373		3,258		—		(31	)
Western Power Changgi Solar Co., Ltd.		38,918		32,572		6,485		(109	)
EWP Australia Pty., Ltd.		54,134		461		—		(16,420	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		348,779		247,899		12,210		(22,288	)
Digital Innovation Growth Fund		9,506		215		—		1,650
KEPCO Holding Company		201,433		197,847		—		(56	)
KEPCO for Maintenance Company		4,522		1,307		8,920		3,889
KOSPO Trumbull LLC		466,732		—		—		359
Changjuk Wind Power Co., Ltd.		25,394		2,618		6,921		657
Chile Solar JV SpA		91,608		73,301		8,079		2,419
KEPCO KPS South Africa Pty., Ltd.		18,991		10,106		30,900		1,979
KOWEPO Holding Limited		21,077		1,072		—		11,875
KOSPO Rutile, LLC		50,508		112		373		557
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI - FZCO		389		—		—		(83	)
EWP Yona America LLC		—		—		—		—
KOMIPO Middle East Energy L.L.C-FZ		1,327		380		—		(7	)
Nuclear Energy Industry Growth Fund II		7,004		7		—		(3	)
(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation,<br>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<br>Holdings, LLC and CVS Equity Holdings, LLC.
---	---
(*3)	Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6<br>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<br>including Columboola Solar Farm Nominees Pty., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for each of the two years in theperiod ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Total<br>Assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.	~~W~~	72,508,359		47,082,862		13,447,880		567,267
Korea South-East Power Co., Ltd.		13,203,109		6,447,903		6,527,922		382,336
Korea Midland Power Co., Ltd.		14,849,596		9,513,087		7,088,426		225,196
Korea Western Power Co., Ltd.		13,309,836		7,708,730		6,193,922		361,725
Korea Southern Power Co., Ltd.		13,184,059		7,101,465		6,430,487		311,530
Korea East-West Power Co., Ltd.		12,287,969		5,592,569		5,322,832		467,885
KEPCO Engineering & Construction Company, Inc.		945,384		367,910		553,363		58,513
KEPCO Plant Service & Engineering Co., Ltd.		1,675,776		355,479		1,534,269		170,967
KEPCO Nuclear Fuel Co., Ltd.		1,060,367		562,604		397,595		48,061
KEPCO KDN Co., Ltd.		846,361		222,119		781,646		215,791
KEPCO International HongKong Ltd.		149,757		1,611		—		7,596
KEPCO International Philippines Inc.		13,720		78		—		40,427
KEPCO Gansu International Ltd.		8,233		693		—		(5	)
KEPCO Philippines Holdings Inc.		202,810		173		—		49,999
KEPCO Philippines Corporation		2,990		4		—		120
KEPCO Ilijan Corporation		58,752		615		—		4,549
KEPCO Neimenggu International Ltd.		323,519		4,839		—		10,891
KEPCO Shanxi International Ltd.		811,971		366,377		—		13,677
KOMIPO Global Pte Ltd.		454,052		2,716		—		15,618
KEPCO Netherlands B.V.		155,632		109		—		4,237
KEPCO Australia Pty., Ltd.		226		—		—		(4,017	)
KOSEP Australia Pty., Ltd.		55,461		7,847		31,935		10,139
KOMIPO Australia Pty., Ltd.		94,760		3,214		31,935		6,253
KOWEPO Australia Pty., Ltd.		93,353		2,736		31,935		4,978
KOSPO Australia Pty., Ltd.		39,606		3,221		31,935		8,768
KEPCO Middle East Holding Company		136,740		129,721		—		(7,668	)
Qatrana Electric Power Company		554,387		207,773		28,465		24,062
KHNP Canada Energy Ltd.		180,220		20,431		—		506
KEPCO Bylong Australia Pty., Ltd.		45,420		552,861		—		(69,620	)
Korea Waterbury Uranium Limited Partnership		20,773		62		—		(142	)
KEPCO Holdings de Mexico		670		3,025		—		(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.		654,086		532,766		67,656		24,713
KEPCO Energy Service Company		2,257		1,198		9,361		146
KEPCO Netherlands S3 B.V.		81,554		19,084		—		978
PT. KOMIPO Pembangkitan Jawa Bali		18,014		3,684		21,567		969
PT. Cirebon Power Service		3,004		823		10,515		586
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,620		22,271		17,477		4,312
EWP America Inc. (*1)		49,381		3,120		14,888		332
KNF Canada Energy Limited		2,337		30		—		(67	)
EWP Barbados 1 SRL		469,387		1,463		—		28,937
Gyeonggi Green Energy Co., Ltd.		160,060		226,650		60,769		(31,941	)
PT. Tanggamus Electric Power		232,963		155,119		6,136		4,216
Gyeongju Wind Power Co., Ltd.		87,987		41,547		18,550		5,817
KOMIPO America Inc. (*2)		633,218		328,237		18,806		9,662
PT. EWP Indonesia		101,015		84		—		6,115
KEPCO Netherlands J3 B.V.		174,130		15,748		—		7,378
Korea Offshore Wind Power Co., Ltd.		336,687		131,463		41,489		14,607
Global One Pioneer B.V.		150		64		—		(130	)
Global Energy Pioneer B.V.		363		69		—		(131	)
Mira Power Limited		443,556		332,629		4,213		11,499
KOSEP Material Co., Ltd.		6,111		539		5,016		1,108
Commerce and Industry Energy Co., Ltd.		65,954		25,841		35,054		(3,638	)
KEPCO KPS Philippines Corp.		6,403		594		7,372		422
KOSPO Chile SpA		186,200		83,705		—		(1,185	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for each of the two years in theperiod ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.	~~W~~	5,875		2,355		567		46
Fujeij Wind Power Company		245,967		171,610		—		14,962
KOSPO Youngnam Power Co., Ltd.		371,946		257,626		412,037		10,275
Chitose Solar Power Plant LLC		93,435		78,709		14,453		2,553
KEPCO ES Co., Ltd.		318,648		6,087		6,384		8,758
KEPCO Solar Co., Ltd.		240,555		29,240		20,788		6,210
KOSPO Power Services Ltda.		8,118		6,363		17,005		1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)		483,585		3,358		—		22,608
KOEN Bylong Pty., Ltd.		15		165		—		(12	)
KOMIPO Bylong Pty., Ltd.		15		172		—		(17	)
KOWEPO Bylong Pty., Ltd.		15		168		—		(17	)
KOSPO Bylong Pty., Ltd.		202		425		—		(57	)
EWP Bylong Pty., Ltd.		15		13		—		2
KOWEPO Lao International		17,335		2,247		11,891		4,823
KEPCO Mangilao Holdings LLC		99,669		52,732		810		(7,804	)
Mangilao Investment LLC		224,646		18		—		—
KEPCO Mangilao Solar, LLC		226,509		247		16,907		3,634
Jeju Hanlim Offshore Wind Co., Ltd.		590,613		524,640		10,872		(5,067	)
PT. Siborpa Eco Power		13,877		3		—		(38	)
PT. Korea Energy Indonesia		9,146		5,524		4,550		1,171
KOLAT SpA		49,452		406		2,880		1,090
KEPCO California, LLC		52,627		7,464		645		(507	)
KEPCO Mojave Holdings, LLC		101,912		90,646		—		(3,950	)
Incheon Fuel Cell Co., Ltd.		249,022		233,049		91,097		(5,805	)
KOEN Service Co., Ltd.		10,072		7,186		39,482		323
KOMIPO Service Co., Ltd.		8,123		4,728		38,415		657
KOWEPO Service Co., Ltd.		8,422		6,678		40,875		314
KOSPO Service Co., Ltd.		7,199		4,593		32,422		949
EWP Service Co., Ltd.		5,291		3,851		27,101		27
PT. KOMIPO Energy Indonesia		5,177		1,273		6,433		874
KNF partners Co., Ltd.		2,875		1,182		6,700		286
KOSPO USA Inc.		725,984		321		—		(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		326,651		51		—		9,947
Tamra Offshore Wind Power Co., Ltd.		112,747		74,809		19,937		1,551
KEPCO MCS Co., Ltd.		94,305		67,881		292,011		(9,033	)
KEPCO FMS Co., Ltd.		16,330		18,815		108,560		1,126
Firstkeepers Co., Ltd.		24,800		13,930		95,836		4,546
Secutec Co., Ltd.		17,416		11,980		78,011		1,968
SE Green Energy Co., Ltd.		126,012		93,330		41,251		178
Mangilao Intermediate Holdings LLC		230,079		126,833		—		(1,277	)
KEPCO CSC Co., Ltd.		17,430		11,516		49,443		2,944
KOAK Power Limited		16,961		322		—		(75	)
KOMIPO Europe B.V.		84,899		123		890		(6,403	)
Haenanum Energy Fund		7,415		3		493		445
Paju Ecoenergy Co., Ltd.		61,836		2,635		16,306		697
Guam Ukudu Power LLC		940,137		960,812		112,782		(39,280	)
K-SOLAR SHINAN Co., Ltd.		279,204		263,030		34,148		907

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for each of the two years in theperiod ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
KPS Partners Co., Ltd.	~~W~~	4,264		2,298		14,053		487
KEPCO E&C Service Co., Ltd.		8,437		1,738		16,861		1,578
Moha solar Co., Ltd.		25,946		28,391		—		(273	)
Ogiri Solar Power Co., Ltd.		1,077		21		77		55
KHNP USA LLC		2,170		400		1,196		186
KOMIPO Vanphong Power Service LLC		39,147		3,592		26,235		9,951
Energy Innovation Fund I		40,554		894		—		(899	)
KHNP Chile SpA		6,081		4,818		—		(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,422		1,324		194		(4	)
Yeong Yang Corporation Co., Ltd.		1,403		1,314		190		(12	)
SolarVader Co., Ltd.		1,413		1,317		195		(12	)
Yeong Yang Innovation Co., Ltd.		1,407		1,314		188		1
Yeong Yang Horus Photovoltaic Co., Ltd.		1,395		1,314		184		(3	)
Yeong Yang Solar Management Co., Ltd.		1,415		1,318		198		(23	)
LSG Hydro Power Limited		629		12		—		(187	)
KOEN Bio Co., Ltd.		1,179		683		1,570		90
KOMIPO Iberian Solar Group, S.L.U.		76,858		69,709		—		(3,786	)
Jeongam Wind Power Co., Ltd.		70,772		60,170		7,094		(2,113	)
KOWEPO Europe B.V.		35		3,511		—		(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.		112,863		87,437		7,717		3,555
KA Power Limited		6,620		3,375		—		(207	)
Western Power Changgi Solar Co., Ltd.		43,393		36,938		6,461		321
EWP Australia Pty., Ltd.		67,756		358		—		12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		342,603		222,480		8,349		20,622
Digital Innovation Growth Fund		11,989		172		—		1,745
J Wind First, LLC		54,456		54,456		2,992		—
KEPCO Holding Company		3,727		—		—		(35	)
KEPCO for Maintenance Company		12,192		10,078		2,726		1,838
KOSPO Trumbull LLC		336,425		—		—		—
Changjuk Wind Power Co., Ltd.		25,434		2,815		5,983		686
Chile Solar JV SpA		96,796		81,288		9,862		(5,411	)
KEPCO KPS South Africa Pty., Ltd.		10,784		4,688		19,713		266
KOWEPO Holding Limited		9,108		888		—		7,679
KOSPO Rutile, LLC		147		—		—		—
Sprott Chile Solar I SpA		8,682		27		—		1
(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation,<br>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<br>Holdings, LLC and CVS Equity Holdings, LLC.
---	---
(*3)	Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6<br>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<br>including Columboola Solar Farm Nominees Pty., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 2025 areas follows:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Gyeonggi Green Energy Co., Ltd.	Acquisition or disposal of assets of more than ~~W~~10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will<br>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<br>financial management priority of the contract. The Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.	Acquisition or disposal of assets of more than ~~W~~20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will<br>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<br>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<br>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<br>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<br>Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 2025 areas follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
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<br>paid-in capital cannot either increase, be written off or decrease.
Mangilao Intermediate Holdings LLC	Changes or termination of the O&M contract may not be made without the prior written consent of the majority of the lenders, and dividends can be 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 without the lender’s prior written consent is restricted. In addition, capital acquisition and new share issuance other than<br>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.<br><br><br>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<br>restricted.
(5)	As of December 31, 2025, the Group has following commitments unrecognized in relation to itssubsidiaries 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<br>value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.	The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(6)	Details of non-controlling interests prior to intra-companyeliminations as of and for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Description	KEPCO IlijanCorporation			KEPCO PlantService &EngineeringCo., Ltd.			KEPCOEngineering &<br>ConstructionCompany,Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	~~W~~	30,284			987,560			540,208			1,285,167			2,843,219
Non-current assets		714			700,200			343,310			4,508,792			5,553,016
Current liabilities		(201	)		(344,162	)		(253,981	)		(1,025,572	)		(1,623,916	)
Non-current liabilities		—			(6,569	)		(4,571	)		(2,594,928	)		(2,606,068	)
Net assets		30,797			1,337,029			624,966			2,173,459			4,166,251
Book value of non-controlling interests		15,091			655,144			304,734			178,033			1,153,002
Sales		—			1,545,256			518,768			1,157,679			3,221,703
Profit (loss) for the period		(2,228	)		123,796			85,368			108,860			315,796
Profit for the period attributable to non-controlling<br>interests		(1,092	)		60,660			41,625			20,545			121,738
Cash flows from operating activities		(1,752	)		136,753			26,999			378,589			540,589
Cash flows from investing activities		22			30,866			(7,722	)		(111,354	)		(88,188	)
Cash flows from financing activities before dividends to<br>non-controlling interests		(24,464	)		(70,264	)		(20,479	)		(202,212	)		(317,419	)
Dividends to non-controlling interests		—			(54,441	)		(18,530	)		(9,342	)		(82,313	)
Effect of exchange rate fluctuation		(1,603	)		(670	)		(35	)		(4,794	)		(7,102	)
Net increase (decrease) in cash and cash equivalents		(27,797	)		42,244			(19,767	)		50,887			45,567
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Description	KEPCO IlijanCorporation			KEPCO PlantService &EngineeringCo., Ltd.			KEPCOEngineering &<br>ConstructionCompany, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	~~W~~	58,291			1,033,936			568,226			1,284,969			2,945,422
Non-current assets		461			641,840			377,158			4,814,101			5,833,560
Current liabilities		(280	)		(341,918	)		(359,629	)		(1,282,746	)		(1,984,573	)
Non-current liabilities		(335	)		(13,561	)		(8,281	)		(2,578,521	)		(2,600,698	)
Net assets		58,137			1,320,297			577,474			2,237,803			4,193,711
Book value of non-controlling interests		28,487			646,946			281,576			490,588			1,447,597
Sales		—			1,534,269			553,363			1,032,246			3,119,878
Profit for the period		4,549			170,967			58,513			120,682			354,711
Profit for the period attributable to non-controlling<br>interests		2,229			83,774			28,531			15,736			130,270
Cash flows from operating activities		5,034			538,151			46,528			345,168			934,881
Cash flows from investing activities		—			(379,243	)		(31,761	)		(195,587	)		(606,591	)
Cash flows from financing activities before dividends to<br>non-controlling interests		(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests		(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation		12,321			1,362			447			28,762			42,892
Net increase (decrease) in cash and cash equivalents		(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

16.	Consolidated Subsidiaries, Continued
(7)	Changes in goodwill
---	---

(i) Details of goodwill as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025			As of December 31, 2024
Acquisition cost	~~W~~	101,885			101,761
Less: accumulated impairment		(2,582	)		(2,582	)
Carrying book value	~~W~~	99,303			99,179
(ii)	Changes in goodwill for each of the two years in the period ended December 31, 2025 are as follows:<br>
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	~~W~~	101,761			—		—		—		124		101,885
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)
Carrying book value	~~W~~	99,179			—		—		—		124		99,303
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	~~W~~	101,738			—		—		—		23		101,761
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)
Carrying book value	~~W~~	99,156			—		—		—		23		99,179
(8)	Disposals of subsidiaries
---	---

During the year ended December 31, 2025, the Group sold a portion of its stake in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate. The Group has completed the liquidation process of J Wind First, LLC and SPROTT CHILE SOLAR I SpA for the year ended December 31, 2025. The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Associates>
Korea Gas Corporation (*9)	Importing and wholesaling LNG		Korea		20.47%	~~W~~	94,500		2,283,535
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00%		4,727		31,642
Gangwon Wind Power Co., Ltd. (*1)	Power generation		Korea		15.00%		5,725		12,373
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00%		88,885		86,549
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00%		127,839		262,069
Taebaek Guinemi Wind Power Co., Ltd. (*26)	Power generation		Korea		67.25%		12,637		14,877
Daeryun Power Co., Ltd. (*1)	Power generation		Korea		6.85%		46,373		34,475
KNH Solar Co., Ltd.	Power generation		Korea		27.00%		1,296		1,687
SPC Power Corporation (*27)	Power generation		Philippines		38.00%		20,635		107,067
Gemeng International Energy Co., Ltd.	Power generation		China		42.00%		516,007		812,292
PT. Cirebon Electric Power	Power generation		Indonesia		27.50%		40,365		162,112
KNOC Nigerian East Oil Co., Ltd. (*3)	Resources development		Nigeria		14.63%		12		—
KNOC Nigerian West Oil Co., Ltd. (*3)	Resources development		Nigeria		14.63%		12		—
PT Wampu Electric Power	Power generation		Indonesia		46.00%		21,292		36,516
PT. Bayan Resources TBK	Resources development		Indonesia		20.00%		615,860		731,714
S-Power Co., Ltd.	Power generation		Korea		49.00%		132,300		200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.	Power generation		Laos		25.00%		87,426		65,612
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal		Indonesia		29.00%		2,978		4,399
Noeul Green Energy Co., Ltd.	Power generation		Korea		29.00%		1,740		—
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00%		262,740		276,085
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00%		261,000		227,683
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00%		72,000		148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation		Korea		28.00%		194		274
Dongducheon Dream Power Co., Ltd. (*4)	Power generation		Korea		33.61%		148,105		102,321
Jinbhuvish Power Generation Pvt. Ltd. (*1)	Power generation		India		5.16%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation		Korea		46.59%		5,190		1,355
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00%		204,000		286,796
Daegu Photovoltaic Co., Ltd.	Power generation		Korea		29.00%		1,230		2,417
Busan Green Energy Co., Ltd.	Power generation		Korea		29.00%		5,243		1,711
Hansuwon KNP Co., Ltd.	Electric material agency		Korea		28.98%		537		965
Korea Electric Power Corporation Fund (*5)	Developing electric enterprises		Korea		98.09%		9,480		14,892
Energy Infra Asset Management Co., Ltd. (*31)	Asset management		Korea		9.90%		297		1,399
YaksuESS Co., Ltd.	Installing ESS related equipment		Korea		29.00%		210		31
Nepal Water & Energy Development Company Private Limited (*6, 29)	Construction and operation of utility plant		Nepal		66.10%		110,332		192,705
Gwangyang Green Energy Co., Ltd.	Power generation		Korea		20.00%		26,800		23,781
PND solar Co., Ltd.	Power generation		Korea		29.00%		1,250		1,938
Hyundai Eco Energy Co., Ltd. (*1)	Power generation		Korea		19.00%		3,610		9,159
YeongGwang Yaksu Wind Electric Co., Ltd. (*1)	Power generation		Korea		9.63%		533		61
Green Energy Electricity Generation Co., Ltd.	Power generation		Korea		29.00%		1,189		230
Korea Energy Solutions Co., Ltd.	R & D		Korea		20.00%		300		139
ITR Co., Ltd. (*29, 30)	R & D		Korea		8.03%		50		—
STN Co., Ltd.	Technical testing and consulting		Korea		20.00%		25		354
Indeck Niles Development, LLC	Power generation		USA		50.00%		249,274		363,675
Indeck Niles Asset Management, LLC	Power generation		USA		33.33%		—		55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1	Holding company		Korea		49.00%		6,047		6,059
Suwon New Power Co., Ltd.	Power generation		Korea		39.90%		798		801
Gwangbaek Solar Power Investment Co., Ltd.	Power generation		Korea		44.00%		4,757		5,236
Go deok Clean Energy Co., Ltd.	Fuel cell generation		Korea		40.00%		5,560		5,479
SureDataLab Co., Ltd.(*29)	R & D		Korea		0.35%		126		3
SEP Co., Ltd.	R & D		Korea		21.26%		27		—
Hankook Electric Power Information Co., Ltd. (*11)	R & D		Korea		16.16%		38		291
Tronix Co., Ltd. (*11)	R & D		Korea		12.50%		75		65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Associates>
O2&B Global Co., Ltd.	R & D		Korea		20.00%	~~W~~	25		—
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation		Korea		20.00%		1,570		2,778
Bigeum Resident Photovoltaic Power Co., Ltd.	Power generation		Korea		27.31%		11,214		7,569
Goesan Solar Park Co., Ltd.	Power generation		Korea		29.00%		1,276		2,926
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation		Korea		35.00%		11,022		16,913
Bitgoel Eco Energy Co., Ltd.	Power generation		Korea		49.25%		7,880		12,977
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation		Korea		30.00%		714		—
Seoroseoro Sunny Power Plant Co., Ltd.	Power generation		Korea		42.58%		706		1,135
Muan Solar park Co., Ltd.	Power generation		Korea		20.00%		4,400		8,093
YuDang Solar Co., Ltd.	Power generation		Korea		20.00%		360		696
Anjwa Smart Farm & Solar City Co., Ltd.	Power generation		Korea		20.00%		5,651		9,477
KPE Green Energy Co., Ltd.	Power generation		Korea		25.36%		3,910		9,096
G.GURU Co., Ltd.(*29)	R & D		Korea		14.42%		493		—
UD4M Co., Ltd. (*8)	R & D		Korea		12.50%		75		120
Dongbu Highway Solar Co., Ltd.	Power generation		Korea		20.00%		190		523
Seobu Highway Solar Co., Ltd.	Power generation		Korea		20.00%		195		683
Korea Energy Data Co., Ltd.	R & D		Korea		29.37%		60		—
Gangneung Sacheon Fuel Cell Co., Ltd.	Power generation		Korea		41.00%		5,695		9,205
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation		Korea		34.00%		12,570		26,456
Chuncheon Green Energy Co., Ltd.	Power generation		Korea		45.00%		9,540		15,829
Yeomsubong Wind Power Co., Ltd.	Power generation		Korea		29.00%		1,411		325
Yeongyang Wind Power Corporation II	Power generation		Korea		30.00%		7,965		13,406
Haeparang Energy Co., Ltd.	Power generation		Korea		25.00%		2,241		2,714
Saemangeum Sebit Power Plant Co., Ltd. (*10)	Power generation		Korea		55.14%		21,037		37,662
PlatformN. Co., Ltd.	R & D		Korea		29.58%		105		—
PT. Cirebon Energi Prasarana (*7)	Power generation		Indonesia		10.00%		26,710		94,005
Green Radiation Co., Ltd. (*11,39)	R & D		Korea		8.74%		20		20
Future Convergence Technology Laboratory. Co., Ltd.	R & D		Korea		20.12%		76		20
Eco Motion Co., Ltd.	R & D		Korea		20.00%		90		334
REC’s Innovation Co., Ltd. (*31)	R & D		Korea		11.04%		81		197
ACE	R & D		Korea		20.00%		25		4
Environment and Energy Co., Ltd. (*11)	R & D		Korea		10.54%		11		1
Santiago Solar Power SpA	Power generation		Chile		50.00%		13,851		8,008
Yanggu Floating Photovoltaic Power Plant Inc.	Power generation		Korea		29.00%		904		851
Power Embedded	R & D		Korea		23.33%		70		57
Changwon SG Energy Co., Ltd. (*11)	Power generation		Korea		18.78%		900		673
Donpyung Technology. Co., Ltd.	R & D		Korea		20.00%		125		295
HORANG ENERGY Inc.	Power generation		Korea		40.00%		4,240		4,209
Hoenggye Renewable Energy Co., Ltd	Power generation		Korea		36.12%		2,375		2,375
Haman Green Energy Co., Ltd.	Power generation		Korea		35.00%		4,771		5,776
Songsan Green Energy Co., Ltd. (*6)	Power generation		Korea		60.00%		8,400		11,450
SkyPic Inc.	R & D		Korea		20.00%		26		30
HyChangwon Fuel Cell. Co., Ltd.	Power generation		Korea		40.00%		9,396		8,643
Dreams Co.,Ltd. (*11)	R & D		Korea		11.00%		11		3
DEEPAI Co.,Ltd. (*11, 36)	R & D		Korea		1.20%		11		8
Amaala Sustainable Company for Energy LLC (*7)	Power generation		Saudi Arabia		10.00%		18		18
Remal First Holding Company	Holding company		Saudi Arabia		30.00%		1		—
Naseem First Holding Company	Holding company		Saudi Arabia		30.00%		1		—
Cheonwang Green Energy Co., Ltd.	Power generation		Korea		40.00%		652		494
Namjeju Bitdream Energy Co., Ltd.	Power generation		Korea		50.00%		5,325		5,260
Jeju Bukchon BESS Power Plant Co., Ltd.	Power generation		Korea		41.00%		3,690		2,480
Commerce and Industry Energy Co., Ltd.	Power generation		Korea		24.46%		498		498
KI Tech Co., Ltd.	R & D		Korea		24.70%		247		171
Enlight Energy Advanced Industry Venture Fund	Holding company		Korea		28.00%		3,150		3,150
Gunsan Green Energy Co., Ltd.	Power generation		Korea		42.63%		2,043		2,043
						~~W~~	3,408,649		6,851,456

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherlands		49.00%	~~W~~	44,405		82,230
Shuweihat Asia Operation & Maintenance Company (*12)	Maintenance of utility plant		Cayman		55.00%		30		2,837
Waterbury Lake Uranium L.P. (*13,29)	Resources development		Canada		29.45%		24,985		28,576
ASM-BG Investicii AD	Power generation		Bulgaria		50.00%		9,846		20,491
RES Technology AD	Power generation		Bulgaria		50.00%		11,922		16,672
KV Holdings, Inc. (*27)	Power generation		Philippines		40.00%		2,103		6,374
KEPCO SPC Power Corporation (*12,27)	Construction and operation of utility plant		Philippines		60.00%		94,579		119,443
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		China		40.00%		16,621		8,029
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00%		121,928		212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00%		39,872		49,501
Rabigh Electricity Company(*13)	Power generation		Saudi arabia		40.00%		109,743		285,805
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		Saudi arabia		40.00%		70		10,091
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00%		301,910		412,277
KW Nuclear Components Co., Ltd.	Manufacturing		Korea		45.00%		833		22,365
Busan Shinho Solar Power Co., Ltd.	Power generation		Korea		25.00%		2,100		6,260
Global Trade Of Power System Co., Ltd. (*14)	Exporting products and technology of small or medium business by proxy		Korea		29.00%		290		708
Expressway Solar-light Power Generation Co., Ltd.	Power generation		Korea		50.00%		1,856		4,658
Amman Asia Electric Power Company (*12)	Power generation		Jordan		60.00%		111,476		274,751
KAPES, Inc. (*12)	R & D		Korea		51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation		Korea		29.00%		3,480		4,898
Korea Power Engineering Service Co., Ltd.	Construction and service		Korea		29.00%		290		6,404
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90%		52,700		36,703
Yeonggwangbaeksu Wind Power Co., Ltd. (*14)	Power generation		Korea		15.00%		3,000		3,835
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00%		175,261		566,700
Kelar S.A. (*12)	Power generation		Chile		65.00%		78,060		153,294
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00%		57,039		98,221
Incheon New Power Co., Ltd. (*16)	Power generation		Korea		29.00%		461		455
Seokmun Energy Co., Ltd.	Power generation		Korea		29.00%		15,370		14,565
Daehan Wind Power PSC	Power generation		Jordan		50.00%		7,493		25,095
Barakah One Company (*17)	Power generation		UAE		18.00%		1,794,166		1,672,507
Nawah Energy Company (*17)	Operation of utility plant		UAE		18.00%		296		392
MOMENTUM	International thermonuclear experimental reactor construction management		France		33.33%		1		106
Daegu Green Power Co., Ltd. (*18)	Power generation		Korea		29.00%		46,225		31,119
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00%		17,475		29,258
Chester Solar IV SpA (*15)	Power generation		Chile		90.00%		2,776		5,349
Chester Solar V SpA (*15)	Power generation		Chile		90.00%		634		756
Diego de Almagro Solar SpA (*15)	Power generation		Chile		90.00%		2,902		4,920
South Jamaica Power Company Limited	Power generation		Jamaica		20.00%		20,430		48,675
Daesan Green Energy Co., Ltd.	Power generation		Korea		35.00%		17,850		21,755
RE Holiday Holdings LLC	Power generation		USA		50.00%		42,948		80,631
RE Pioneer Holdings LLC	Power generation		USA		50.00%		27,891		48,831
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00%		28,021		54,825
RE Astoria 2 LandCo LLC	Power generation		USA		50.00%		5,188		8,137
RE Barren Ridge LandCo LLC	Power generation		USA		50.00%		2,187		2,870
Laurel SpA (*15)	Power generation		Chile		90.00%		2,156		3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14)	Power generation		Australia		12.37%		4,095		906
Cheong-Song Noraesan Wind Power Co., Ltd. (*13)	Power generation		Korea		29.01%		3,200		4,120
Chester Solar I SpA (*15)	Power generation		Chile		90.00%		1,316		3,417
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00%		47,903		61,113
Saemangeum Solar Power Co., Ltd. (*19)	Power generation		Korea		81.01%		26,400		23,123
Chungsongmeon BongSan wind power Co., Ltd. (*14)	Power generation		Korea		29.00%		2,900		2,304
Jaeun Resident Wind Power Plant Co., Ltd. (*14)	Power generation		Korea		29.00%		2,494		—
Dangjin Eco Power Co., Ltd.	Power generation		Korea		34.00%		25,661		27,150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Haemodum Solar Co., Ltd.	Power generation		Korea		49.00%	~~W~~	2,940		3,151
Yangyang Wind Power Co., Ltd.	Power generation		Korea		50.00%		12,000		15,131
HORUS SOLAR, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		5,068		2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		3,678		4,602
SUNMEX RENOVABLES, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		1,678		3,405
Stavro Holding II A.B.	Holding company		Sweden		20.00%		18,566		18,062
Solaseado Solar Power Co., Ltd.	Power generation		Korea		39.00%		7,020		26,553
Yeongam Solar Power Co., Ltd. (*14)	Power generation		Korea		19.00%		6,460		12,215
Samsu Wind Power Co., Ltd. (*14)	Power generation		Korea		19.00%		2,637		3,310
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00%		44,545		56,997
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21	Holding company		Korea		29.53%		22,636		11,001
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream (*12)	Holding company		Korea		90.00%		14,325		15,023
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61%		59,574		225,828
Cheongna Energy Co., Ltd. (*19)	Generating and distributing vapor and hot/cold water		Korea		50.10%		49,344		67,846
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20%		29,200		59,242
Boim Combined Heat and Power Generation Co., Ltd. (*21)	Power generation		Korea		30.66%		71,070		—
OneEnergy Asia Limited	Power generation		Vietnam		40.00%		296,872		494,403
KAS INVESTMENT I LLC (*13)	Holding company		USA		29.89%		23,437		13
KAS INVESTMENT II LLC (*13)	Holding company		USA		29.89%		23,343		13
Energyco Co., Ltd.	Power generation		Korea		29.00%		1,659		2,629
CAES, LLC	Holding company		USA		36.00%		19,414		18,098
Hapcheon Floating Photovoltaic Power Plant Inc. (*14)	Power generation		Korea		49.00%		7,512		12,792
Busan Industrial Solar Power Co., Ltd.	Power generation		Korea		28.02%		510		1,351
Bitsolar Energy Co., Ltd.	Power generation		Korea		27.10%		352		—
Pulau Indah O&M Sdn. Bhd. (*14)	Power generation		Malaysia		40.00%		—		62
Guadalupe Solar SpA (*22)	Power generation		Chile		60.00%		1,397		2,277
Omisan Wind Power Co., Ltd.	Power generation		Korea		42.00%		10,752		12,204
Foresight Iberian Solar Group Holding, S.L. (*22)	Power generation		Spain		75.00%		10,564		—
Yeongwol Eco Wind Co., Ltd.	Power generation		Korea		29.00%		3,089		631
Gurae Resident Power Co., Ltd.	Power generation		Korea		29.00%		386		408
Cheongju Eco Park Co., Ltd.	Power generation		Korea		29.00%		5,858		11,017
Enel X Midland Photovoltaic, LLC	Power generation		Korea		20.00%		2,211		2,822
Geumsungsan Wind Power Co., Ltd.	Power generation		Korea		29.00%		6,531		7,538
KEPCO KPS CARABAO Corp. (*16)	Utility plant maintenance		Philippines		40.00%		93		—
Prime Swedish Holding AB	Holding company		Sweden		45.00%		35,410		38,664
Goheung New Energy Co., Ltd.	Power generation		Korea		46.15%		12,959		18,238
Gunsan Land Solar Co., Ltd. (*22,28)	Power generation		Korea		75.29%		19,091		23,822
International Offshore Power Transmission Holding Company Limited	Undersea transmission network operation		UAE		35.00%		—		—
Pyeongchang Wind Power Co., Ltd. (*25)	Power generation		Korea		58.00%		9,329		12,851
Eumseong Eco Park Co., Ltd.	Power generation		Korea		29.00%		5,741		11,625
Changwon Nu-ri Energy Co., Ltd. (*14)	Fuel cell generation		Korea		61.00%		8,095		9,486
PungBack Wind Farm Corporation (*24)	Power generation		Korea		32.89%		7,885		6,367
Trumbull Asset Management, LLC (*25)	Holding company		USA		78.00%		1		1,228
S-Power Chile SpA	Power generation		Chile		50.00%		127		538
Seungmun Green Energy	Power generation		Korea		33.00%		8,973		12,457
Seobusambo highway photovoltaics Co., Ltd. (*23)	Power generation		Korea		80.00%		3,020		3,524
Yangyang Suri Wind Power Co., Ltd.(*13)	Power generation		Korea		29.00%		10,498		9,568
KEPCO for Power Company (*32)	Power generation		Saudi<br>arabia		60.00%		3,083		12,983
Taebaek Wind Power Co., Ltd. (*33)	Power generation		Korea		60.00%		11,494		12,637
Kumyang Eco Park Co., Ltd.	Power generation		Korea		29.00%		3,663		6,874
Jeongeup Green Power Co., Ltd. (*34)	Power generation		Korea		44.86%		9,600		6,724
Hadong E-factory Co., Ltd.(*13)	Power generation		Korea		29.99%		350		340
Namyangju Combined Heat and Power Co., Ltd. (*35)	Generating and distributing vapor and hot/cold water		Korea		70.10%		149,313		147,146
Samcheok Eco Materials Co., Ltd. (*37)	Recycling fly ashes		Korea		25.54%		686		—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Wadi Noor Solar Power Company SAOC	Power generation		Oman		50.00%		847		—
Fairhaven Energy Storage LLC	Power generation		USA		35.00%		1,505		—
Rutile BESS Holdings, LLC	Holding company		USA		50.00%		21,572		19,099
Trumbull Development Partners, LLC(*38)	Holding company		USA		56.23%		415,467		439,268
Imha Floating Photovoltaic Power Plant Inc.(*13)	Power generation		Korea		49.00%		7,174		5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED	Holding company		UAE		50.00%		1		854
Roof One Energy Co., Ltd.	Holding company		Korea		48.00%		2,000		1,933
Taean Haetdeulwon Solar Power Co., Ltd.	Power generation		Korea		45.00%		7,992		8,637
Haetbyeotgil Solar Power Co., Ltd.	Power generation		Korea		30.00%		704		732
Seongseo Neulpureun Energy Co., Ltd.	Power generation		Korea		49.80%		797		681
Luluah SKY Energy Holding Ltd. (*34)	Power generation		Qatar		15.00%		103		63
KES Yona Holdings LLC (*38)	Holding company		USA		80.00%		—		—
Siraj AlTaqa AlNazifa	Power generation		Saudi Arabia		20.00%		—		—
Nour Ibri Solar Power Company	Power generation		Oman		30.77%		364		373
Lucy Equity Holdings, LLC	Power generation		Oman		20.00%		9,612		—
							4,950,644		6,512,332
						~~W~~	8,359,293		13,363,788
(*1)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence<br>by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*2)	The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to<br>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<br>Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*3)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence<br>by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.<br>
---	---
(*4)	The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
---	---
(*5)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>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 more than 50% but the Group does not hold control over the entity<br>according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
---	---
(*7)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the decisions related to finance and operation.
---	---
(*8)	The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective<br>percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*9)	The effective percentage of ownership is 21.66%, considering hybrid bonds.
---	---
(*10)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
---	---
(*11)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the entity.
---	---
(*12)	The effective percentage of ownership is more than 50%. However, according to the shareholders’<br>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<br>ventures.
---	---

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
(*13)	The effective percentage of ownership is less than 50%. However, the investment is classified as a joint<br>venture because decisions regarding significant financial and operating policies require the unanimous consent of all parties sharing control.
---	---
(*14)	According to the shareholders’ agreement, the parties have joint control over all decisions related to<br>finance and operation. Accordingly, the entity is classified as joint ventures.
---	---
(*15)	Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the<br>year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders’ agreement requiring unanimous approval from the entities’ board of directors for making material decisions on financial and<br>operational policies.
---	---
(*16)	The joint arrangement which the Group has joint control is structured through a separate company. The parties<br>have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
---	---
(*17)	The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be<br>agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*18)	Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%,<br>considering the interest of financial investors as a liability component.
---	---
(*19)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*20)	The effective percentage of ownership is less than 50%. However, according to the shareholders’<br>agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*21)	According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011,<br>the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation.<br>Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of<br>ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has<br>been reclassified from an associate to a joint venture.
---	---
(*22)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*23)	Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be<br>agreed by all members of the board of directors.
---	---
(*24)	The effective percentage of ownership is 37%, considering potential common stock.
---	---
(*25)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
---	---
(*26)	The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, the<br>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.
---	---
(*27)	The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV<br>Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2025.
---	---
(*28)	The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 53.83%, as the Group<br>has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.
---	---
(*29)	During the period ended December 31, 2025, the Group’s ownership interest in the entity changed due<br>to a disproportionate capital increase by the financial investors.
---	---

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
(*30)	Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified<br>as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s<br>directors.
---	---
(*31)	Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise<br>significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.
---	---
(*32)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders’ agreement.
---	---
(*33)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies due to the joint shareholders’ agreement.<br>
---	---
(*34)	Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a<br>joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of<br>directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .
---	---
(*35)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors.
---	---
(*36)	The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.<br>
---	---
(*37)	Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a<br>joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies as the joint shareholders’ agreement revised in the year<br>ended December 31, 2024.
---	---
(*38)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s material financial and operational decisions require unanimous agreement of the representative committee due to the shareholders’ agreement.
---	---
(*39)	The effective ownership interest is 10%, considering convertible redeemable preferred shares.<br>
---	---

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Associates>
Korea Gas Corporation (*9)	Importing and wholesaling LNG		Korea		20.47%	~~W~~	94,500		2,289,304
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00%		4,727		30,177
Gangwon Wind Power Co., Ltd. (*1)	Power generation		Korea		15.00%		5,725		11,693
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00%		88,885		87,393
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00%		127,839		273,962
Taebaek Guinemi Wind Power Co., Ltd. (*26)	Power generation		Korea		67.25%		12,637		13,559
Daeryun Power Co., Ltd. (*1)	Power generation		Korea		6.85%		46,373		31,093
KNH Solar Co., Ltd.	Power generation		Korea		27.00%		1,296		2,165
SPC Power Corporation (*27)	Power generation		Philippines		38.00%		20,635		107,574
Gemeng International Energy Co., Ltd.	Power generation		China		42.00%		516,007		728,338
PT. Cirebon Electric Power	Power generation		Indonesia		27.50%		40,365		157,530
KNOC Nigerian East Oil Co., Ltd. (*3)	Resources development		Nigeria		14.63%		12		—
KNOC Nigerian West Oil Co., Ltd. (*3)	Resources development		Nigeria		14.63%		12		—
PT Wampu Electric Power	Power generation		Indonesia		46.00%		21,292		39,268
PT. Bayan Resources TBK	Resources development		Indonesia		20.00%		615,860		717,376
S-Power Co., Ltd.	Power generation		Korea		49.00%		132,300		180,372
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.	Power generation		Laos		25.00%		87,426		73,065
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal		Indonesia		29.00%		2,978		5,735
Noeul Green Energy Co., Ltd.	Power generation		Korea		29.00%		1,740		—
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00%		262,740		284,542
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00%		261,000		241,814
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00%		72,000		139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation		Korea		28.00%		194		360
Dongducheon Dream Power Co., Ltd. (*4)	Power generation		Korea		33.61%		148,105		91,351
Jinbhuvish Power Generation Pvt. Ltd. (*1)	Power generation		India		5.16%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation		Korea		46.59%		5,190		1,490
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00%		204,000		279,432
Daegu Photovoltaic Co., Ltd.	Power generation		Korea		29.00%		1,230		2,535
Busan Green Energy Co., Ltd.	Power generation		Korea		29.00%		5,243		2,334
Hansuwon KNP Co., Ltd.	Electric material agency		Korea		28.98%		537		674
Korea Electric Power Corporation Fund (*5)	Developing electric enterprises		Korea		98.09%		11,210		13,353
Energy Infra Asset Management Co., Ltd. (*31)	Asset management		Korea		9.90%		297		1,268
YaksuESS Co., Ltd.	Installing ESS related equipment		Korea		29.00%		210		162
Nepal Water & Energy Development Company Private Limited (*6)	Construction and operation of utility plant		Nepal		68.88%		110,332		170,955
Gwangyang Green Energy Co., Ltd.	Power generation		Korea		20.00%		26,800		24,217
PND solar Co., Ltd.	Power generation		Korea		29.00%		1,250		1,735
Hyundai Eco Energy Co., Ltd. (*1)	Power generation		Korea		19.00%		3,610		8,493
YeongGwang Yaksu Wind Electric Co., Ltd. (*1)	Power generation		Korea		9.63%		533		41
Green Energy Electricity Generation Co., Ltd.	Power generation		Korea		29.00%		1,189		—
Korea Energy Solutions Co., Ltd.	R & D		Korea		20.00%		300		197
ITR Co., Ltd. (*30)	R & D		Korea		8.70%		50		—
STN Co., Ltd.	Technical testing and consulting		Korea		20.00%		25		407

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Associates>
Indeck Niles Development, LLC	Power generation		USA		50.00%	~~W~~	249,274		370,970
Indeck Niles Asset Management, LLC	Power generation		USA		33.33%		—		60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1	Holding company		Korea		49.00%		6,108		6,119
Suwon New Power Co., Ltd.	Power generation		Korea		39.90%		798		914
Gwangbaek Solar Power Investment Co., Ltd.	Power generation		Korea		44.00%		4,757		5,155
Go deok Clean Energy Co., Ltd.	Fuel cell generation		Korea		40.00%		5,560		5,301
SureDataLab Co., Ltd.	R & D		Korea		23.95%		126		48
SEP Co., Ltd.	R & D		Korea		21.26%		27		—
Hankook Electric Power Information Co., Ltd. (*11)	R & D		Korea		16.16%		38		212
Tronix Co., Ltd. (*11)	R & D		Korea		12.50%		75		146
O2&B Global Co., Ltd.	R & D		Korea		20.00%		25		—
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation		Korea		20.00%		1,570		2,772
Bigeum Resident Photovoltaic Power Co., Ltd. (*29)	Power generation		Korea		27.31%		11,214		7,908
Goesan Solar Park Co., Ltd.	Power generation		Korea		29.00%		1,276		3,133
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation		Korea		35.00%		11,022		16,137
Bitgoel Eco Energy Co., Ltd.	Power generation		Korea		49.25%		7,880		13,701
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation		Korea		30.00%		714		250
Seoroseoro Sunny Power Plant Co., Ltd.	Power generation		Korea		42.58%		706		1,030
Muan Solar park Co., Ltd.	Power generation		Korea		20.00%		4,400		6,267
YuDang Solar Co., Ltd.	Power generation		Korea		20.00%		360		617
Anjwa Smart Farm & Solar City Co., Ltd.	Power generation		Korea		20.00%		5,651		8,298
KPE Green Energy Co., Ltd.	Power generation		Korea		25.36%		3,910		8,230
G.GURU Co., Ltd.	R & D		Korea		24.65%		493		34
UD4M Co., Ltd. (*8)	R & D		Korea		12.50%		75		121
Dongbu Highway Solar Co., Ltd.	Power generation		Korea		20.00%		190		512
Seobu Highway Solar Co., Ltd.	Power generation		Korea		20.00%		195		579
Korea Energy Data Co., Ltd.	R & D		Korea		29.37%		60		23
Gangneung Sacheon Fuel Cell Co., Ltd.	Power generation		Korea		41.00%		5,695		9,306
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation		Korea		34.00%		12,570		22,909
Chuncheon Green Energy Co., Ltd.	Power generation		Korea		45.00%		9,540		17,672
Yeomsubong Wind Power Co., Ltd.	Power generation		Korea		29.00%		1,411		603
Yeongyang Wind Power Corporation II	Power generation		Korea		30.00%		7,965		11,301
Haeparang Energy Co., Ltd.	Power generation		Korea		25.00%		2,241		1,950
Saemangeum Sebit Power Plant Co., Ltd. (*10)	Power generation		Korea		55.14%		21,037		37,110
PlatformN. Co., Ltd.	R & D		Korea		29.58%		105		—
PT. Cirebon Energi Prasarana (*7)	Power generation		Indonesia		10.00%		26,710		96,846
Green Radiation Co., Ltd. (*11)	R & D		Korea		9.00%		20		—
Future Convergence Technology Laboratory. Co., Ltd.	R & D		Korea		20.12%		76		22
Eco Motion Co., Ltd.	R & D		Korea		20.00%		90		229
REC’s Innovation Co., Ltd. (*31)	R & D		Korea		11.04%		81		155
ACE	R & D		Korea		20.00%		25		5
Environment and Energy Co., Ltd. (*11)	R & D		Korea		10.54%		11		3
Santiago Solar Power SpA	Power generation		Chile		50.00%		13,851		6,961
Yanggu Floating Photovoltaic Power Plant Inc.	Power generation		Korea		29.00%		904		846
Power Embedded	R & D		Korea		23.33%		70		68
Changwon SG Energy Co., Ltd. (*11)	Power generation		Korea		18.78%		900		682
Donpyung Technology. Co., Ltd.	R & D		Korea		20.00%		125		281
HORANG ENERGY Inc.	Power generation		Korea		40.00%		4,240		3,808
Hoenggye Renewable Energy Co., Ltd	Power generation		Korea		36.12%		2,375		2,375
Haman Green Energy Co., Ltd.	Power generation		Korea		35.00%		4,771		2,810
Songsan Green Energy Co., Ltd. (*6)	Power generation		Korea		60.00%		8,400		7,908
SkyPic Inc.	R & D		Korea		20.00%		26		26
HyChangwon Fuel Cell. Co., Ltd.	Power generation		Korea		40.00%		9,396		9,278
Dreams Co.,Ltd. (*11)	R & D		Korea		11.00%		11		11
DEEPAI Co.,Ltd. (*11, 36)	R & D		Korea		1.20%		11		11
Amaala Sustainable Company for Energy LLC (*7)	Power generation		Saudi Arabia		10.00%		18		18
						~~W~~	3,394,833		6,704,754

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherlands		49.00%	~~W~~	44,405		86,450
Shuweihat Asia Operation & Maintenance Company (*12)	Maintenance of utility plant		Cayman		55.00%		30		2,138
Waterbury Lake Uranium L.P. (*13)	Resources development		Canada		29.68%		20,753		23,756
ASM-BG Investicii AD	Power generation		Bulgaria		50.00%		9,846		16,936
RES Technology AD	Power generation		Bulgaria		50.00%		11,922		15,069
KV Holdings, Inc. (*27)	Power generation		Philippines		40.00%		2,103		6,921
KEPCO SPC Power Corporation (*12,27)	Construction and operation of utility plant		Philippines		60.00%		94,579		159,139
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		China		40.00%		16,621		7,919
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00%		121,928		204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00%		39,872		48,325
Rabigh Electricity Company(*13)	Power generation		Saudi arabia		40.00%		109,743		269,893
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		Saudi arabia		40.00%		70		8,311
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00%		301,910		412,616
KW Nuclear Components Co., Ltd.	Manufacturing		Korea		45.00%		833		18,758
Busan Shinho Solar Power Co., Ltd.	Power generation		Korea		25.00%		2,100		6,993
Global Trade Of Power System Co., Ltd. (*14)	Exporting products and technology of small or medium business by proxy		Korea		29.00%		290		696
Expressway Solar-light Power Generation Co., Ltd.	Power generation		Korea		50.00%		1,856		5,771
Amman Asia Electric Power Company (*12)	Power generation		Jordan		60.00%		111,476		268,864
KAPES, Inc. (*12)	R & D		Korea		51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation		Korea		29.00%		3,480		4,833
Korea Power Engineering Service Co., Ltd.	Construction and service		Korea		29.00%		290		6,054
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90%		52,700		36,599
Yeonggwangbaeksu Wind Power Co., Ltd. (*14)	Power generation		Korea		15.00%		3,000		3,729
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00%		175,261		563,079
Kelar S.A. (*12)	Power generation		Chile		65.00%		78,060		152,367
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00%		57,039		100,580
Incheon New Power Co., Ltd. (*16)	Power generation		Korea		29.00%		461		302
Seokmun Energy Co., Ltd.	Power generation		Korea		29.00%		15,370		15,456
Daehan Wind Power PSC	Power generation		Jordan		50.00%		7,493		21,327
Barakah One Company (*17)	Power generation		UAE		18.00%		118		—
Nawah Energy Company (*17)	Operation of utility plant		UAE		18.00%		296		392
MOMENTUM	International thermonuclear experimental reactor construction management		France		33.33%		1		195
Daegu Green Power Co., Ltd. (*18)	Power generation		Korea		29.00%		46,225		30,513
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00%		17,475		26,146
Chester Solar IV SpA (*15)	Power generation		Chile		90.00%		2,776		1,452
Chester Solar V SpA (*15)	Power generation		Chile		90.00%		634		262
Diego de Almagro Solar SpA (*15)	Power generation		Chile		90.00%		2,902		1,700
South Jamaica Power Company Limited	Power generation		Jamaica		20.00%		20,430		48,760
Daesan Green Energy Co., Ltd.	Power generation		Korea		35.00%		17,850		25,331
RE Holiday Holdings LLC	Power generation		USA		50.00%		42,948		89,780
RE Pioneer Holdings LLC	Power generation		USA		50.00%		27,891		55,622
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00%		28,021		59,806
RE Astoria 2 LandCo LLC	Power generation		USA		50.00%		5,188		8,119
RE Barren Ridge LandCo LLC	Power generation		USA		50.00%		2,187		2,857
Laurel SpA (*15)	Power generation		Chile		90.00%		2,156		1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14)	Power generation		Australia		12.37%		4,095		1,149
Cheong-Song Noraesan Wind Power Co., Ltd. (*13)	Power generation		Korea		29.01%		3,200		4,317
Chester Solar I SpA (*15)	Power generation		Chile		90.00%		1,316		1,649
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00%		47,903		63,695
Saemangeum Solar Power Co., Ltd. (*19)	Power generation		Korea		81.01%		26,400		23,277
Chungsongmeon BongSan wind power Co., Ltd. (*14)	Power generation		Korea		29.00%		2,900		2,590
Jaeun Resident Wind Power Plant Co., Ltd. (*14)	Power generation		Korea		29.00%		2,494		2,045
DE Energia SpA	Power generation		Chile		49.00%		8,364		11,062
Dangjin Eco Power Co., Ltd.	Power generation		Korea		34.00%		25,661		26,867

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Haemodum Solar Co., Ltd.	Power generation		Korea		49.00%	~~W~~	2,940		3,230
Yangyang Wind Power Co., Ltd.	Power generation		Korea		50.00%		12,000		11,640
HORUS SOLAR, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		5,068		1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		3,678		4,452
SUNMEX RENOVABLES, S.A. DE C.V. (*20)	Renewable power generation		Mexico		14.95%		1,678		1,687
Stavro Holding II A.B.	Holding company		Sweden		20.00%		18,566		16,459
Solaseado Solar Power Co., Ltd.	Power generation		Korea		39.00%		7,020		22,793
Yeongam Solar Power Co., Ltd. (*14)	Power generation		Korea		19.00%		6,460		11,828
Samsu Wind Power Co., Ltd. (*14)	Power generation		Korea		19.00%		2,637		2,851
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00%		39,052		50,721
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21	Holding company		Korea		29.53%		20,857		15,433
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream (*12)	Holding company		Korea		90.00%		14,848		15,496
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61%		59,574		207,565
Cheongna Energy Co., Ltd. (*19)	Generating and distributing vapor and hot/cold water		Korea		50.10%		49,344		46,158
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20%		29,200		48,031
Boim Combined Heat and Power Generation Co., Ltd. (*21)	Power generation		Korea		30.66%		71,070		—
OneEnergy Asia Limited	Power generation		Vietnam		40.00%		258,011		465,349
KAS INVESTMENT I LLC (*13)	Holding company		USA		29.89%		23,437		6,078
KAS INVESTMENT II LLC (*13)	Holding company		USA		29.89%		23,343		6,040
Energyco Co., Ltd.	Power generation		Korea		29.00%		1,659		2,322
CAES, LLC	Holding company		USA		36.00%		19,414		20,659
Hapcheon Floating Photovoltaic Power Plant Inc. (*14)	Power generation		Korea		49.00%		7,512		11,334
Busan Industrial Solar Power Co., Ltd.	Power generation		Korea		28.02%		510		1,160
Bitsolar Energy Co., Ltd.	Power generation		Korea		27.10%		352		—
Pulau Indah O&M Sdn. Bhd. (*14)	Power generation		Malaysia		40.00%		—		—
Guadalupe Solar SpA (*22)	Power generation		Chile		60.00%		1,397		781
Omisan Wind Power Co., Ltd.	Power generation		Korea		42.00%		10,752		10,859
Foresight Iberian Solar Group Holding, S.L. (*22)	Power generation		Spain		75.00%		10,564		—
Yeongwol Eco Wind Co., Ltd.	Power generation		Korea		29.00%		3,089		890
Gurae Resident Power Co., Ltd.	Power generation		Korea		29.00%		386		333
Cheongju Eco Park Co., Ltd.	Power generation		Korea		29.00%		5,858		10,636
Enel X Midland Photovoltaic, LLC	Power generation		Korea		20.00%		2,211		2,715
Geumsungsan Wind Power Co., Ltd.	Power generation		Korea		29.00%		6,531		7,840
KEPCO KPS CARABAO Corp. (*16)	Utility plant maintenance		Philippines		40.00%		93		—
Prime Swedish Holding AB	Holding company		Sweden		45.00%		35,410		37,559
Goheung New Energy Co., Ltd.	Power generation		Korea		46.15%		12,959		15,768
Gunsan Land Solar Co., Ltd. (*22,28)	Power generation		Korea		75.29%		19,091		23,163
CapMan Lynx SCA, SICAR	Holding company		Luxembourg		50.00%		9,601		—
International Offshore Power Transmission Holding Company Limited	Undersea transmission network operation		UAE		35.00%		—		11,038
Pyeongchang Wind Power Co., Ltd. (*25)	Power generation		Korea		58.00%		9,329		12,147
Eumseong Eco Park Co., Ltd.	Power generation		Korea		29.00%		5,741		11,613
Changwon Nu-ri Energy Co., Ltd. (*14)	Fuel cell generation		Korea		61.00%		8,095		7,658
PungBack Wind Farm Corporation (*24)	Power generation		Korea		32.89%		7,885		7,760
Trumbull Asset Management, LLC (*25)	Holding company		USA		78.00%		1		1,297
S-Power Chile SpA	Power generation		Chile		50.00%		127		159
Seungmun Green Energy	Power generation		Korea		33.00%		8,973		12,745
Seobusambo highway photovoltaics Co., Ltd. (*23)	Power generation		Korea		80.00%		3,020		3,309

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.(*13)	Power generation		Korea		29.00%	~~W~~	10,498		8,643
KEPCO for Power Company (*32)	Power generation		Saudi arabia		60.00%		3,083		17,906
Taebaek Wind Power Co., Ltd. (*33)	Power generation		Korea		60.00%		11,494		14,759
Jeonju Bio Green Energy Co., Ltd.(*22)	Power generation		Korea		65.00%		3,250		2,566
Kumyang Eco Park Co., Ltd.	Power generation		Korea		29.00%		3,663		3,841
Jeongeup Green Power Co., Ltd. (*34)	Power generation		Korea		44.86%		9,600		8,846
Hadong E-factory Co., Ltd.(*13)	Power generation		Korea		29.99%		350		344
Namyangju Combined Heat and Power Co., Ltd. (*35)	Generating and distributing vapor and hot/cold water		Korea		70.10%		53,977		51,768
Samcheok Eco Materials Co., Ltd. (*37)	Recycling fly ashes		Korea		25.54%		686		—
Wadi Noor Solar Power Company SAOC	Power generation		Oman		50.00%		847		1,392
Fairhaven Energy Storage LLC	Power generation		USA		35.00%		1,505		—
Rutile BESS Holdings, LLC	Holding company		USA		50.00%		106		1
Trumbull Development Partners, LLC	Holding company		USA		56.23%		304,836		355,379
Imha Floating Photovoltaic Power Plant Inc.(*13)	Power generation		Korea		49.00%		7,174		6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED	Holding company		UAE		50.00%		1		85
Roof One Energy Co., Ltd.	Holding company		Korea		48.00%		2,000		2,000
							2,880,964		4,581,340
						~~W~~	6,275,797		11,286,094
(*1)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence<br>by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*2)	The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to<br>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<br>Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*3)	The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence<br>by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.<br>
---	---
(*4)	The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
---	---
(*5)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>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 more than 50% but the Group does not hold control over the entity<br>according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
---	---
(*7)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the decisions related to finance and operation.
---	---
(*8)	The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective<br>percentage of ownership is less than 20%. However, the Group exercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.
---	---
(*9)	The effective percentage of ownership is 21.66%, considering hybrid bonds.
---	---
(*10)	The effective percentage of ownership is more than 50% but the Group does not hold control over relevant<br>business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
---	---
(*11)	The effective percentage of ownership is less than 20%. However, the entity is classified as an associate<br>because the Group exercises significant influence over the entity.
---	---
(*12)	The effective percentage of ownership is more than 50%. However, according to the shareholders’<br>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<br>ventures.
---	---

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
(*13)	The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture,<br>because all consent was required to make decisions on related activities.
---	---
(*14)	According to the shareholders’ agreement, the parties have joint control over all decisions related to<br>finance and operation. Accordingly, the entity is classified as joint ventures.
---	---
(*15)	Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the<br>year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders’ agreement requiring unanimous approval from the entities’ board of directors for making material decisions on financial and<br>operational policies.
---	---
(*16)	The joint arrangement which the Group has joint control is structured through a separate company. The parties<br>have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
---	---
(*17)	The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be<br>agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*18)	Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%,<br>considering the interest of financial investors as a liability component.
---	---
(*19)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*20)	The effective percentage of ownership is less than 50%. However, according to the shareholders’<br>agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*21)	According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011,<br>the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation.<br>Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of<br>ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has<br>been reclassified from an associate to a joint venture.
---	---
(*22)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
---	---
(*23)	Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be<br>agreed by all members of the board of directors.
---	---
(*24)	The effective percentage of ownership is 37%, considering potential common stock.
---	---
(*25)	The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be<br>agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
---	---
(*26)	The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, the<br>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.
---	---
(*27)	The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV<br>Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2024.
---	---
(*28)	The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Group<br>has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.
---	---
(*29)	During the year ended December 31, 2024, the long-term loan to Bigeum Resident Photovoltaic Power Co.,<br>Ltd. was converted into equity.
---	---

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of December 31, 2025 and 2024 are as follows,continued:
---	---
(*30)	Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified<br>as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s<br>directors.
---	---
(*31)	Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise<br>significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.
---	---
(*32)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders’ agreement.
---	---
(*33)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies due to the joint shareholders’ agreement.<br>
---	---
(*34)	Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a<br>joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of<br>directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .
---	---
(*35)	Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a<br>joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors.
---	---
(*36)	The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.<br>
---	---
(*37)	Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a<br>joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies as the joint shareholders’ agreement revised in the year<br>ended December 31, 2024.
---	---

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(2)	The fair values of investments in associates which are actively traded in an open market as ofDecember 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---
Investees	As of December 31, 2025		As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	~~W~~	98,511		88,489
Korea Gas Corporation		742,770		655,830
SPC Power Corporation		134,901		130,063
PT. Bayan Resources TBK		8,959,467		12,298,501

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	~~W~~	2,289,304		—		—			(27,500	)		28,811			(5,964	)		(1,116	)		2,283,535
Korea Electric Power Industrial Development Co., Ltd.		30,177		—		—			(3,470	)		4,779			—			156			31,642
Gangwon Wind Power Co., Ltd.		11,693		—		—			(1,420	)		2,100			—			—			12,373
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		2,678			—			33			86,549
Korea Power Exchange		273,962		—		—			—			(5,173	)		—			(6,720	)		262,069
Taebaek Guinemi Wind Power Co., Ltd.		13,559		—		—			—			1,318			—			—			14,877
Daeryun Power Co., Ltd.		31,093		—		—			—			3,381			—			1			34,475
KNH Solar Co., Ltd.		2,165		—		—			(108	)		(370	)		—			—			1,687
SPC Power Corporation		107,574		—		—			(16,876	)		20,767			(4,398	)		—			107,067
Gemeng International Energy Co., Ltd.		728,338		—		—			(19,510	)		87,732			15,732			—			812,292
PT. Cirebon Electric Power		157,530		—		—			—			8,270			(3,688	)		—			162,112
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			—			—			—			—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			—			—			—			—
PT Wampu Electric Power		39,268		—		—			(3,928	)		1,699			(523	)		—			36,516
PT. Bayan Resources TBK		717,376		—		—			(109,528	)		142,742			(18,784	)		(92	)		731,714
S-Power Co., Ltd.		180,372		—		—			—			19,962			1			—			200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		73,065		—		—			—			(4,845	)		(2,608	)		—			65,612
PT. Mutiara Jawa		5,735		—		—			(850	)		(188	)		(298	)		—			4,399
Noeul Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Goseong Green Power Co., Ltd.		284,542		—		—			—			(8,457	)		—			—			276,085
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(14,131	)		—			—			227,683
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			9,523			—			4			148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		360		—		—			(104	)		18			—			—			274
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			10,975			—			(5	)		102,321
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		1,490		—		—			—			(135	)		—			—			1,355
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		19,675			—			(282	)		286,796
Daegu Photovoltaic Co., Ltd.		2,535		—		—			(443	)		325			—			—			2,417
Busan Green Energy Co., Ltd.		2,334		—		—			—			(636	)		—			13			1,711
Hansuwon KNP Co., Ltd.		674		—		—			(13	)		304			—			—			965
Korea Electric Power Corporation Fund		13,353		—		(1,730	)		—			3,459			(190	)		—			14,892
Energy Infra Asset Management Co., Ltd.		1,268		—		—			—			131			—			—			1,399
YaksuESS Co., Ltd.		162		—		—			—			(131	)		—			—			31
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			25,028			(3,278	)		—			192,705
Gwangyang Green Energy Co., Ltd.		24,217		—		—			—			(436	)		—			—			23,781
PND solar Co., Ltd.		1,735		—		—			—			203			—			—			1,938
Hyundai Eco Energy Co., Ltd.		8,493		—		—			(578	)		1,244			—			—			9,159
YeongGwang Yaksu Wind Electric Co., Ltd.		41		—		—			—			20			—			—			61
Green Energy Electricity Generation Co., Ltd.		—		—		—			—			230			—			—			230
Korea Energy Solutions Co., Ltd.		197		—		—			—			(58	)		—			—			139
ITR Co., Ltd.		—		—		—			—			(41	)		—			41			—
STN Co., Ltd.		407		—		—			—			(53	)		—			—			354
Indeck Niles Development, LLC		370,970		—		—			(37,126	)		60,484			(30,653	)		—			363,675
Indeck Niles Asset Management, LLC		60		—		—			(410	)		406			(1	)		—			55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		6,119		—		(61	)		(553	)		554			—			—			6,059
Suwon New Power Co., Ltd.		914		—		—			—			(113	)		—			—			801
Gwangbaek Solar Power Investment Co., Ltd.		5,155		—		—			(307	)		388			—			—			5,236
Go deok Clean Energy Co., Ltd.		5,301		—		—			—			178			—			—			5,479
SureDataLab Co., Ltd.		48		—		—			—			(49	)		—			4			3
SEP Co., Ltd.		—		—		—			—			—			—			—			—
Hankook Electric Power Information Co., Ltd.		212		—		—			—			79			—			—			291
Tronix Co., Ltd.		146		—		—			—			(81	)		—			—			65
O2&B Global Co., Ltd.		—		—		—			—			—			—			—			—
Muan Sunshine Solar Power Plant Co., Ltd.		2,772		—		—			(520	)		526			—			—			2,778
Bigeum Resident Photovoltaic Power Co., Ltd.		7,908		—		—			—			(339	)		—			—			7,569

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Associates>
Goesan Solar Park Co., Ltd.	~~W~~	3,133		—		—			(400	)		193			—			—			2,926
Saemangeum Heemang Photovoltaic Co., Ltd.		16,137		—		—			(1,102	)		1,878			—			—			16,913
Bitgoel Eco Energy Co., Ltd.		13,701		—		—			(835	)		111			—			—			12,977
Jeju Gimnyeong Wind Power Co., Ltd.		250		—		—			—			(250	)		—			—			—
Seoroseoro Sunny Power Plant Co., Ltd.		1,030		—		—			—			105			—			—			1,135
Muan Solar park Co., Ltd.		6,267		—		—			(1,380	)		2,049			—			1,157			8,093
YuDang Solar Co., Ltd.		617		—		—			—			79			—			—			696
Anjwa Smart Farm & Solar City Co., Ltd.		8,298		—		—			—			1,179			—			—			9,477
KPE Green Energy Co., Ltd.		8,230		—		—			—			866			—			—			9,096
G.GURU Co., Ltd.		34		—		—			—			(48	)		—			14			—
UD4M Co., Ltd.		121		—		—			—			(1	)		—			—			120
Dongbu Highway Solar Co., Ltd.		512		—		—			—			11			—			—			523
Seobu Highway Solar Co., Ltd.		579		—		—			—			104			—			—			683
Korea Energy Data Co., Ltd.		23		—		—			—			(23	)		—			—			—
Gangneung Sacheon Fuel Cell Co., Ltd.		9,306		—		—			—			(101	)		—			—			9,205
Taebaek Gadeoksan Wind Power Co., Ltd.		22,909		—		—			(2,891	)		6,438			—			—			26,456
Chuncheon Green Energy Co., Ltd.		17,672		—		—			—			(1,843	)		—			—			15,829
Yeomsubong Wind Power Co., Ltd.		603		—		—			—			(278	)		—			—			325
Yeongyang Wind Power Corporation II		11,301		—		—			—			2,105			—			—			13,406
Haeparang Energy Co., Ltd.		1,950		—		—			—			765			(1	)		—			2,714
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			552			—			—			37,662
PlatformN. Co., Ltd.		—		—		—			—			—			—			—			—
PT. Cirebon Energi Prasarana		96,846		—		—			—			3,341			(6,182	)		—			94,005
Green Radiation Co., Ltd.		—		—		—			—			20			—			—			20
Future Convergence Technology Laboratory. Co., Ltd.		22		—		—			—			(2	)		—			—			20
Eco Motion Co., Ltd.		229		—		—			—			105			—			—			334
REC’s Innovation Co., Ltd.		155		—		—			—			42			—			—			197
ACE		5		—		—			—			(1	)		—			—			4
Environment and Energy Co., Ltd.		3		—		—			—			(5	)		3			—			1
Santiago Solar Power SpA		6,961		—		—			—			496			551			—			8,008
Yanggu Floating Photovoltaic Power Plant Inc.		846		—		—			—			5			—			—			851
Power Embedded		68		—		—			—			(11	)		—			—			57
Changwon SG Energy Co., Ltd.		682		—		—			—			(9	)		—			—			673
Donpyung Technology. Co., Ltd.		281		—		—			—			14			—			—			295
HORANG ENERGY Inc.		3,808		—		—			—			401			—			—			4,209
Hoenggye Renewable Energy Co., Ltd		2,375		—		—			—			—			—			—			2,375
Haman Green Energy Co., Ltd.		2,810		—		—			—			2,966			—			—			5,776
Songsan Green Energy Co., Ltd.		7,908		—		—			—			3,542			—			—			11,450
SkyPic Inc.		26		—		—			—			4			—			—			30
HyChangwon Fuel Cell. Co., Ltd.		9,278		—		—			—			(635	)		—			—			8,643
Dreams Co.,Ltd.		11		—		—			—			(8	)		—			—			3
DEEPAI Co.,Ltd.		11		—		—			—			(3	)		—			—			8
Amaala Sustainable Company for Energy LLC		18		—		—			—			—			—			—			18
Remal First Holding Company		—		1		—			—			(1	)		—			—			—
Naseem First Holding Company		—		1		—			—			(1	)		—			—			—
Cheonwang Green Energy Co., Ltd.		—		652		—			—			(158	)		—			—			494
Namjeju Bitdream Energy Co., Ltd.		—		5,325		—			—			(65	)		—			—			5,260
Jeju Bukchon BESS Power Plant Co., Ltd.		—		3,690		—			—			(1,157	)		(53	)		—			2,480
Commerce and Industry Energy Co., Ltd.		—		—		—			—			—			—			498			498
KI Tech Co., Ltd.		—		247		—			—			(76	)		—			—			171
Enlight Energy Advanced Industry Venture Fund		—		3,150		—			—			—			—			—			3,150
Gunsan Green Energy Co., Ltd.		—		2,043		—			—			—			—			—			2,043
		6,704,754		15,109		(1,791	)		(245,436	)		445,448			(60,334	)		(6,294	)		6,851,456

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Joint ventures>
Shuweihat Asia Power Investment B.V.	~~W~~	86,450		—		—			(1,087	)		1,699			(4,832	)		—			82,230
Shuweihat Asia Operation & Maintenance Company		2,138		—		—			(622	)		1,368			(47	)		—			2,837
Waterbury Lake Uranium L.P.		23,756		4,232		—			—			17			571			—			28,576
ASM-BG Investicii AD		16,936		—		—			—			1,954			1,720			(119	)		20,491
RES Technology AD		15,069		—		—			—			118			1,489			(4	)		16,672
KV Holdings, Inc.		6,921		—		—			—			891			(1,438	)		—			6,374
KEPCO SPC Power Corporation		159,139		—		—			(39,832	)		6,106			(5,970	)		—			119,443
Gansu Datang Yumen Wind Power Co., Ltd.		7,919		—		—			—			(31	)		141			—			8,029
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			3,974			3,640			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			330			846			—			49,501
Rabigh Electricity Company		269,893		—		—			(1,696	)		28,441			(10,833	)		—			285,805
Rabigh Operation & Maintenance Company Limited		8,311		—		—			(1,835	)		3,080			535			—			10,091
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		14,193			(5,435	)		603			412,277
KW Nuclear Components Co., Ltd.		18,758		—		—			(833	)		4,440			—			—			22,365
Busan Shinho Solar Power Co., Ltd.		6,993		—		—			(1,250	)		517			—			—			6,260
Global Trade Of Power System Co., Ltd.		696		—		—			—			12			—			—			708
Expressway Solar-light Power Generation Co., Ltd.		5,771		—		—			(650	)		(463	)		—			—			4,658
Amman Asia Electric Power Company		268,864		—		—			—			17,500			(11,613	)		—			274,751
KAPES, Inc.		—		—		—			(1,904	)		1,904			—			—			—
Honam Wind Power Co., Ltd.		4,833		—		—			(435	)		500			—			—			4,898
Korea Power Engineering Service Co., Ltd.		6,054		—		—			(203	)		541			—			12			6,404
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			104			—			—			36,703
Yeonggwangbaeksu Wind Power Co., Ltd.		3,729		—		—			—			106			—			—			3,835
Nghi Son 2 Power LLC		563,079		—		—			—			44,061			(40,440	)		—			566,700
Kelar S.A.		152,367		—		—			—			7,027			(6,100	)		—			153,294
PT. Tanjung Power Indonesia		100,580		—		—			(4,785	)		7,202			(4,229	)		(547	)		98,221
Incheon New Power Co., Ltd.		302		—		—			—			153			—			—			455
Seokmun Energy Co., Ltd.		15,456		—		—			—			(891	)		—			—			14,565
Daehan Wind Power PSC		21,327		—		—			—			3,521			247			—			25,095
Barakah One Company		—		1,794,047		—			—			(92,162	)		(29,378	)		—			1,672,507
Nawah Energy Company		392		—		—			—			8			(8	)		—			392
MOMENTUM		195		—		—			(203	)		98			16			—			106
Daegu Green Power Co., Ltd.		30,513		—		—			—			583			—			23			31,119
Yeonggwang Wind Power Co., Ltd.		26,146		—		—			—			3,112			—			—			29,258
Chester Solar IV SpA		1,452		—		—			—			3,681			216			—			5,349
Chester Solar V SpA		262		—		—			—			477			17			—			756
Diego de Almagro Solar SpA		1,700		—		—			—			2,980			240			—			4,920
South Jamaica Power Company Limited		48,760		—		—			(3,618	)		4,568			(1,035	)		—			48,675
Daesan Green Energy Co., Ltd.		25,331		—		—			—			(3,575	)		—			(1	)		21,755
RE Holiday Holdings LLC		89,780		—		—			—			(6,460	)		(2,689	)		—			80,631
RE Pioneer Holdings LLC		55,622		—		—			—			(5,430	)		(1,361	)		—			48,831
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,663	)		(1,781	)		(1,537	)		—			54,825
RE Astoria 2 LandCo LLC		8,119		—		—			(414	)		626			(194	)		—			8,137
RE Barren Ridge LandCo LLC		2,857		—		—			(164	)		245			(68	)		—			2,870
Laurel SpA		1,432		—		—			—			1,562			98			—			3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		1,149		—		—			—			1			(244	)		—			906
Cheong-Song Noraesan Wind Power Co., Ltd.		4,317		—		—			(692	)		495			—			—			4,120
Chester Solar I SpA		1,649		—		—			—			1,581			187			—			3,417
Solar Philippines Calatagan Corporation		63,695		—		—			(6,480	)		6,258			(2,360	)		—			61,113
Saemangeum Solar Power Co., Ltd.		23,277		—		—			—			(154	)		—			—			23,123
Chungsongmeon BongSan wind power Co., Ltd.		2,590		—		—			—			(286	)		—			—			2,304
Jaeun Resident Wind Power Plant Co., Ltd.		2,045		—		—			—			(2,045	)		—			—			—
DE Energia SpA		11,062		—		(9,409	)		(1,653	)		—			—			—			—

113

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.	~~W~~	26,867		—		—			—			263			18			2			27,150
Haemodum Solar Co., Ltd.		3,230		—		—			(235	)		156			—			—			3,151
Yangyang Wind Power Co., Ltd.		11,640		—		—			—			3,491			—			—			15,131
HORUS SOLAR, S.A. DE C.V.		1,488		—		—			—			1,313			(156	)		—			2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		4,452		—		—			—			461			(311	)		—			4,602
SUNMEX RENOVABLES, S.A. DE C.V.		1,687		—		—			—			1,409			309			—			3,405
Stavro Holding II A.B.		16,459		—		—			—			(1,227	)		1,144			1,686			18,062
Solaseado Solar Power Co., Ltd.		22,793		—		—			—			3,760			—			—			26,553
Yeongam Solar Power Co., Ltd.		11,828		—		—			—			387			—			—			12,215
Samsu Wind Power Co., Ltd.		2,851		—		—			(121	)		580			—			—			3,310
Pulau Indah Power Plant Sdn. Bhd.		50,721		5,493		—			—			2,464			(1,681	)		—			56,997
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		15,433		1,779		—			—			(6,211	)		—			—			11,001
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream		15,496		—		(523	)		(905	)		955			—			—			15,023
PT Barito Wahana Tenaga		207,565		—		—			—			37,915			(19,652	)		—			225,828
Cheongna Energy Co., Ltd.		46,158		—		—			—			21,688			—			—			67,846
Naepo Green Energy Co., Ltd.		48,031		—		—			(13,432	)		24,643			—			—			59,242
Boim Combined Heat and Power Generation Co., Ltd.		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		465,349		38,861		—			—			26,030			(35,837	)		—			494,403
KAS INVESTMENT I LLC		6,078		—		—			—			(6,522	)		457			—			13
KAS INVESTMENT II LLC		6,040		—		—			—			(6,481	)		454			—			13
Energyco Co., Ltd.		2,322		—		—			—			307			—			—			2,629
CAES, LLC		20,659		—		—			(742	)		(1,235	)		(141	)		(443	)		18,098
Hapcheon Floating Photovoltaic Power Plant Inc.		11,334		—		—			—			1,457			—			1			12,792
Busan Industrial Solar Power Co., Ltd.		1,160		—		—			—			191			—			—			1,351
Bitsolar Energy Co., Ltd.		—		—		—			—			—			—			—			—
Pulau Indah O&M Sdn. Bhd.		—		—		—			—			59			3			—			62
Guadalupe Solar SpA		781		—		—			—			1,355			141			—			2,277
Omisan Wind Power Co., Ltd.		10,859		—		—			—			1,345			—			—			12,204
Foresight Iberian Solar Group Holding, S.L.		—		—		—			—			(8,169	)		(833	)		9,002			—
Yeongwol Eco Wind Co., Ltd.		890		—		—			—			(259	)		—			—			631
Gurae Resident Power Co., Ltd.		333		—		—			—			75			—			—			408
Cheongju Eco Park Co., Ltd.		10,636		—		—			—			381			—			—			11,017
Enel X Midland Photovoltaic, LLC		2,715		—		—			—			107			—			—			2,822
Geumsungsan Wind Power Co., Ltd.		7,840		—		—			—			(302	)		—			—			7,538
KEPCO KPS CARABAO Corp.		—		—		—			—			—			—			—			—
Prime Swedish Holding AB		37,559		—		—			(203	)		(2,301	)		3,609			—			38,664
Goheung New Energy Co., Ltd.		15,768		—		—			—			2,470			—			—			18,238
Gunsan Land Solar Co., Ltd.		23,163		—		—			(3,011	)		3,670			—			—			23,822
CapMan Lynx SCA, SICAR		—		—		—			—			—			—			—			—
International Offshore Power Transmission Holding Company Limited		11,038		—		—			—			(133	)		(10,905	)		—			—
Pyeongchang Wind Power Co., Ltd.		12,147		—		—			—			700			—			4			12,851
Eumseong Eco Park Co., Ltd.		11,613		—		—			—			12			—			—			11,625
Changwon Nu-ri Energy Co., Ltd.		7,658		—		—			—			1,825			—			3			9,486
PungBack Wind Farm Corporation		7,760		—		—			—			(1,393	)		—			—			6,367
Trumbull Asset Management, LLC		1,297		—		—			—			(37	)		(32	)		—			1,228
S-Power Chile SpA		159		—		—			—			361			18			—			538
Seungmun Green Energy		12,745		—		—			—			(288	)		—			—			12,457
Seobusambo highway photovoltaics Co., Ltd.		3,309		—		—			—			215			—			—			3,524

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others		Ending balance
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	~~W~~	8,643		—		—			—			925			—			—		9,568
Kepco for Power Company		17,906		—		—			—			292			(5,215	)		—		12,983
Taebaek Wind Power Co., Ltd.		14,759		—		—			(2,399	)		277			—			—		12,637
Jeonju Bio Green Energy Co., Ltd.		2,566		—		(1,776	)		—			(790	)		—			—		—
Kumyang Eco Park Co., Ltd.		3,841		—		—			—			3,033			—			—		6,874
Jeongeup Green Power Co., Ltd.		8,846		—		—			—			(2,122	)		—			—		6,724
Hadong E-factory Co., Ltd.		344		—		—			—			(4	)		—			—		340
Namyangju Combined Heat and Power Co., Ltd.		51,768		95,336		—			—			36			6			—		147,146
Wadi Noor Solar Power Company SAOC		1,392		—		—			—			726			(2,118	)		—		—
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—		—
Fairhaven Energy Storage LLC		—		—		—			—			—			—			—		—
Rutile BESS Holdings, LLC		1		21,466		—			—			(2,274	)		(94	)		—		19,099
Trumbull Development Partners, LLC		355,379		110,631		—			—			(11,696	)		(15,046	)		—		439,268
Imha Floating Photovoltaic Power Plant Inc.		6,351		—		—			—			(724	)		—			—		5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED		85		—		—			—			(49	)		818			—		854
Roof One Energy Co., Ltd.		2,000		—		—			—			(67	)		—			—		1,933
Taean Haetdeulwon Solar Power Co., Ltd.		—		7,992		—			—			663			(18	)		—		8,637
Haetbyeotgil Solar Power Co., Ltd.		—		704		—			—			28			—			—		732
Seongseo Neulpureun Energy Co., Ltd.		—		797		—			—			(116	)		—			—		681
Luluah SKY Energy Holding Ltd.		—		103		—			—			(44	)		4			—		63
KES Yona Holdings LLC		—		—		—			—			—			—			—		—
Siraj AlTaqa AlNazifa		—		—		—			—			—			—			—		—
Nour Ibri Solar Power Company		—		364		—			—			—			9			—		373
Lucy Equity Holdings, LLC		—		9,612		—			—			(1,110	)		(8,532	)		30		—
		4,581,340		2,091,417		(11,708	)		(100,767	)		155,227			(213,429	)		10,252		6,512,332
	~~W~~	11,286,094		2,106,526		(13,499	)		(346,203	)		600,675			(273,763	)		3,958		13,363,788

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	~~W~~	1,970,643		—		—			—			248,385			36,628			33,648			2,289,304
Korea Electric Power Industrial Development Co., Ltd.		29,500		—		—			(2,801	)		3,124			—			354			30,177
YTN Co., Ltd.		52,303		—		(52,303	)		—			—			—			—			—
Gangwon Wind Power Co., Ltd.		12,001		—		—			(1,420	)		1,112			—			—			11,693
Hyundai Green Power Co., Ltd.		118,173		—		—			(3,555	)		2,712			—			(29,937	)		87,393
Korea Power Exchange		274,286		—		—			—			2,768			(59	)		(3,033	)		273,962
Taebaek Guinemi Wind Power Co., Ltd.		13,530		—		—			—			29			—			—			13,559
Daeryun Power Co., Ltd.		26,834		—		—			—			4,301			—			(42	)		31,093
KNH Solar Co., Ltd.		3,194		—		—			(1,620	)		591			—			—			2,165
SPC Power Corporation		78,931		—		—			(13,529	)		13,412			28,760			—			107,574
Gemeng International Energy Co., Ltd.		705,812		—		—			(22,908	)		(33,472	)		78,870			36			728,338
PT. Cirebon Electric Power		134,259		—		—			—			4,144			—			19,127			157,530
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			(12,334	)		1,621			10,713			—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			1,519			1,475			(2,994	)		—
PT Wampu Electric Power		34,555		—		—			(3,765	)		3,495			152			4,831			39,268
PT. Bayan Resources TBK		619,207		—		—			(168,698	)		187,634			79,332			(99	)		717,376
S-Power Co., Ltd.		162,765		—		—			—			17,607			—			—			180,372
Pioneer Gas Power Limited		—
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		116,378		—		—			—			(20,217	)		11,861			(34,957	)		73,065
PT. Mutiara Jawa		5,168		—		—			—			103			464			—			5,735
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Goseong Green Power Co., Ltd.		287,624		—		—			—			(3,026	)		—			(56	)		284,542
Gangneung Eco Power Co., Ltd.		254,929		—		—			—			(13,115	)		—			—			241,814
Shin Pyeongtaek Power Co., Ltd.		145,026		—		—			(30,080	)		24,145			—			(32	)		139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		294		—		—			—			66			—			—			360
Dongducheon Dream Power Co., Ltd.		87,203		—		—			—			4,141			—			7			91,351
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		1,483		—		—			—			7			—			—			1,490
GS Donghae Electric Power Co., Ltd.		259,085		—		—			—			20,323			—			24			279,432
Daegu Photovoltaic Co., Ltd.		2,804		—		—			(344	)		75			—			—			2,535
Busan Green Energy Co., Ltd.		3,259		—		—			—			(910	)		—			(15	)		2,334
Hansuwon KNP Co., Ltd.		467		—		—			—			207			—			—			674
Korea Electric Power Corporation Fund		23,421		—		(9,637	)		—			479			(910	)		—			13,353
Energy Infra Asset Management Co., Ltd.		1,213		—		—			(89	)		144			—			—			1,268
Daegu clean Energy Co., Ltd.		—		—		—			—			—			—			—			—
YaksuESS Co., Ltd.		285		—		—			—			(123	)		—			—			162
Nepal Water & Energy Development Company Private Limited		110,573		—		—			—			7,392			52,990			—			170,955
Gwangyang Green Energy Co., Ltd.		24,638		—		—			—			(421	)		—			—			24,217
PND solar Co., Ltd.		1,510		—		—			—			225			—			—			1,735
Hyundai Eco Energy Co., Ltd.		7,947		—		—			(477	)		1,024			—			(1	)		8,493
YeongGwang Yaksu Wind Electric Co., Ltd.		133		—		—			—			(92	)		—			—			41
Green Energy Electricity Generation Co., Ltd.		8		—		—			—			(8	)		—			—			—
Korea Energy Solutions Co., Ltd.		170		—		—			—			27			—			—			197
ITR Co., Ltd.		—		—		—			—			(12	)		—			12			—
STN Co., Ltd.		391		—		—			—			16			—			—			407
Indeck Niles Development, LLC		335,401		—		(14,551	)		(10,591	)		12,909			47,802			—			370,970
Indeck Niles Asset Management, LLC		93		—		—			(416	)		373			10			—			60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		6,496		—		(374	)		(360	)		358			(1	)		—			6,119
Suwon New Power Co., Ltd.		1,022		—		—			—			(108	)		—			—			914
Gwangbaek Solar Power Investment Co., Ltd.		5,155		—		—			(523	)		523			—			—			5,155
Go deok Clean Energy Co., Ltd.		4,723		—		—			—			578			—			—			5,301
SureDataLab Co., Ltd.		114		—		—			—			(66	)		—			—			48

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Associates>
SEP Co., Ltd.	~~W~~	—		—		—			—			—			—			—			—
Hankook Electric Power Information Co., Ltd.		214		—		—			—			(2	)		—			—			212
Tronix Co., Ltd.		220		—		—			—			(74	)		—			—			146
O2&B Global Co., Ltd.		21		—		—			—			(21	)		—			—			—
Muan Sunshine Solar Power Plant Co., Ltd.		2,822		—		—			(560	)		510			—			—			2,772
Bigeum Resident Photovoltaic Power Co., Ltd.		—		9,525		—			—			(1,560	)		(57	)		—			7,908
Goesan Solar Park Co., Ltd.		2,877		—		—			—			256			—			—			3,133
Saemangeum Heemang Photovoltaic Co., Ltd.		14,420		—		—			—			1,717			—			—			16,137
Bitgoel Eco Energy Co., Ltd.		12,394		—		—			(1,905	)		3,212			13			(13	)		13,701
Jeju Gimnyeong Wind Power Co., Ltd.		246		—		—			—			4			—			—			250
Seoroseoro Sunny Power Plant Co., Ltd.		941		—		—			—			89			—			—			1,030
Muan Solar park Co., Ltd.		6,830		—		—			(1,400	)		837			—			—			6,267
YuDang Solar Co., Ltd.		570		—		—			(60	)		110			—			(3	)		617
Anjwa Smart Farm & Solar City Co., Ltd.		7,665		—		—			—			633			—			—			8,298
KPE Green Energy Co., Ltd.		7,779		—		—			—			451			—			—			8,230
G.GURU Co., Ltd.		167		—		—			—			(133	)		—			—			34
UD4M Co., Ltd.		150		—		—			—			(29	)		—			—			121
Dongbu Highway Solar Co., Ltd.		380		—		—			—			132			—			—			512
Seobu Highway Solar Co., Ltd.		406		—		—			—			173			—			—			579
Korea Energy Data Co., Ltd.		36		—		—			—			(13	)		—			—			23
Gangneung Sacheon Fuel Cell Co., Ltd.		7,870		—		—			—			1,436			—			—			9,306
KOSTURE Co., Ltd.		8		—		(7	)		—			(1	)		—			—			—
Taebaek Gadeoksan Wind Power Co., Ltd.		19,426		—		—			(1,767	)		5,250			—			—			22,909
Chuncheon Green Energy Co., Ltd.		8,900		—		—			—			8,772			—			—			17,672
Yeomsubong Wind Power Co., Ltd.		871		—		—			—			(268	)		—			—			603
Yeongyang Wind Power Corporation II		10,100		—		—			—			1,201			—			—			11,301
Haeparang Energy Co., Ltd.		2,104		—		—			—			(154	)		—			—			1,950
Saemangeum Sebit Power Plant Co., Ltd.		37,191		—		—			—			(81	)		—			—			37,110
Boulder Solar III, LLC		754		—		(754	)		—			—			—			—			—
PlatformN. Co., Ltd.		—		—		—			—			—			—			—			—
PT. Cirebon Energi Prasarana		76,597		—		—			—			6,051			2,782			11,416			96,846
Green Radiation Co., Ltd.		26		—		—			—			(26	)		—			—			—
Future Convergence Technology Laboratory. Co., Ltd.		36		—		—			—			(14	)		—			—			22
Eco Motion Co., Ltd.		267		—		—			—			(38	)		—			—			229
REC’s Innovation Co., Ltd.		120		—		—			—			59			—			(24	)		155
ACE		2		—		—			—			3			—			—			5
Environment and Energy Co., Ltd.		9		—		—			—			(4	)		(2	)		—			3
Santiago Solar Power SpA		11,769		—		—			—			(4,877	)		69			—			6,961
Yanggu Floating Photovoltaic Power Plant Inc.		760		—		—			—			86			—			—			846
Power Embedded		70		—		—			—			(2	)		—			—			68
Changwon SG Energy Co., Ltd.		783		—		—			—			(101	)		—			—			682
Donpyung Technology. Co., Ltd.		254		—		—			—			27			—			—			281
HORANG ENERGY Inc.		4,149		—		—			—			(341	)		—			—			3,808
Hoenggye Renewable Energy Co., Ltd		2,375		—		—			—			—			—			—			2,375
Haman Green Energy Co., Ltd.		2,981		—		—			—			(145	)		(26	)		—			2,810
Songsan Green Energy Co., Ltd.		8,323		—		—			—			(415	)		—			—			7,908
SkyPic Inc.		—		26		—			—			—			—			—			26
HyChangwon Fuel Cell. Co., Ltd.		—		9,396		—			—			(118	)		—			—			9,278
Dreams Co.,Ltd.		—		11		—			—			—			—			—			11
DEEPAI Co.,Ltd.		—		11		—			—			—			—			—			11
Amaala Sustainable Company for Energy LLC		—		18		—			—			—			—			—			18
		6,176,889		18,987		(77,626	)		(266,868	)		502,636			341,774			8,962			6,704,754

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisitions		Disposals		Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Joint ventures>
Shuweihat Asia Power Investment B.V.	~~W~~	69,902		—		—		—			1,709			14,839			—			86,450
Shuweihat Asia Operation & Maintenance Company		1,818		—		—		(1,200	)		1,262			258			—			2,138
Waterbury Lake Uranium L.P.		22,612		—		—		—			74			1,070			—			23,756
ASM-BG Investicii AD		14,739		—		—		—			1,413			784			—			16,936
RES Technology AD		14,383		—		—		—			(145	)		831			—			15,069
KV Holdings, Inc.		5,186		—		—		(989	)		720			574			1,430			6,921
KEPCO SPC Power Corporation		196,544		—		—		(28,591	)		16,714			(25,528	)		—			159,139
Gansu Datang Yumen Wind Power Co., Ltd.		6,315		—		—		—			812			792			—			7,919
Datang Chifeng Renewable Power Co., Ltd.		186,739		—		—		(10,624	)		7,772			20,629			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		43,207		—		—		(591	)		813			4,896			—			48,325
Rabigh Electricity Company		235,051		—		—		(7,270	)		17,147			24,965			—			269,893
Rabigh Operation & Maintenance Company Limited		4,964		—		—		—			2,461			886			—			8,311
Jamaica Public Service Company Limited		349,866		—		—		(15,215	)		28,849			49,463			(347	)		412,616
KW Nuclear Components Co., Ltd.		18,680		—		—		(833	)		911			—			—			18,758
Busan Shinho Solar Power Co., Ltd.		6,669		—		—		(667	)		991			—			—			6,993
Global Trade Of Power System Co., Ltd.		615		—		—		—			81			—			—			696
Expressway Solar-light Power Generation Co., Ltd.		5,187		—		—		—			584			—			—			5,771
Amman Asia Electric Power Company		223,424		—		—		(8,171	)		20,485			33,126			—			268,864
KAPES, Inc.		—		—		—		(1,095	)		1,095			—			—			—
Honam Wind Power Co., Ltd.		4,743		—		—		(435	)		525			—			—			4,833
Korea Power Engineering Service Co., Ltd.		5,708		—		—		—			419			—			(73	)		6,054
Chun-cheon Energy Co., Ltd.		35,083		—		—		—			1,516			—			—			36,599
Yeonggwangbaeksu Wind Power Co., Ltd.		3,443		—		—		—			286			—			—			3,729
Nghi Son 2 Power LLC		417,989		—		—		—			45,889			99,201			—			563,079
Kelar S.A.		131,529		—		—		—			4,739			(2,498	)		18,597			152,367
PT. Tanjung Power Indonesia		90,151		—		—		(8,349	)		6,138			14,122			(1,482	)		100,580
Incheon New Power Co., Ltd.		298		—		—		—			4			—			—			302
Seokmun Energy Co., Ltd.		16,591		—		—		—			(1,135	)		—			—			15,456
Daehan Wind Power PSC		16,426		—		—		—			1,779			3,122			—			21,327
Barakah One Company		—		—		—		—			—			—			—			—
Nawah Energy Company		330		—		—		—			14			48			—			392
MOMENTUM		209		—		—		(225	)		196			15			—			195
Daegu Green Power Co., Ltd.		26,430		—		—		—			4,103			—			(20	)		30,513
Yeonggwang Wind Power Co., Ltd.		23,380		—		—		—			2,766			—			—			26,146
Chester Solar IV SpA		484		1,076		—		—			(216	)		108			—			1,452
Chester Solar V SpA		191		108		—		—			(66	)		29			—			262
Diego de Almagro Solar SpA		954		810		—		—			(160	)		96			—			1,700
South Jamaica Power Company Limited		43,109		—		—		(2,895	)		2,704			5,842			—			48,760
Daesan Green Energy Co., Ltd.		22,191		—		—		—			3,144			—			(4	)		25,331
RE Holiday Holdings LLC		84,092		—		—		—			(3,139	)		8,827			—			89,780
RE Pioneer Holdings LLC		54,081		—		—		—			(2,910	)		4,451			—			55,622
RE Barren Ridge 1 Holdings LLC		58,154		—		—		(1,966	)		(1,546	)		5,164			—			59,806
RE Astoria 2 LandCo LLC		6,937		—		—		(404	)		594			992			—			8,119
RE Barren Ridge LandCo LLC		2,441		—		—		(170	)		237			349			—			2,857
Laurel SpA		613		934		—		—			(228	)		113			—			1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		3,719		—		—		—			9			435			(3,014	)		1,149
Cheong-Song Noraesan Wind Power Co., Ltd.		3,756		—		—		—			560			—			1			4,317
Chester Solar I SpA		1,238		134		—		—			184			93			—			1,649
Solar Philippines Calatagan Corporation		58,130		—		—		(6,107	)		6,523			5,149			—			63,695
Saemangeum Solar Power Co., Ltd.		23,419		—		—		—			(142	)		—			—			23,277
Chungsongmeon BongSan wind power Co., Ltd.		2,665		—		—		—			(75	)		—			—			2,590
Jaeun Resident Wind Power Plant Co., Ltd.		2,214		—		—		—			(169	)		—			—			2,045
DE Energia SpA		9,703		—		—		—			—			1,359			—			11,062

118

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.	~~W~~	26,753		—		—			—			253			(139	)		—			26,867
Haemodum Solar Co., Ltd.		3,122		—		—			—			108			—			—			3,230
Yangyang Wind Power Co., Ltd.		10,435		—		—			—			1,209			—			(4	)		11,640
HORUS SOLAR, S.A. DE C.V.		11,181		—		—			—			(9,636	)		(57	)		—			1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		10,935		—		—			—			(6,540	)		57			—			4,452
SUNMEX RENOVABLES, S.A. DE C.V.		3,541		—		—			—			(1,724	)		(130	)		—			1,687
Stavro Holding II A.B.		18,263		—		—			—			(2,326	)		(676	)		1,198			16,459
Solaseado Solar Power Co., Ltd.		17,953		—		—			—			4,840			—			—			22,793
Yeongam Solar Power Co., Ltd.		9,637		—		—			—			2,191			—			—			11,828
Samsu Wind Power Co., Ltd.		3,022		—		—			(301	)		130			—			—			2,851
Pulau Indah Power Plant Sdn. Bhd.		25,603		14,713		—			—			(816	)		11,221			—			50,721
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		21,897		959		—			—			(6,896	)		—			(527	)		15,433
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream		15,487		—		(68	)		(87	)		164			—			—			15,496
PT Barito Wahana Tenaga		156,994		—		—			—			24,435			26,136			—			207,565
Cheongna Energy Co., Ltd.		25,549		—		—			—			20,609			—			—			46,158
Naepo Green Energy Co., Ltd.		5,285		—		—			—			32,284			—			10,462			48,031
Boim Combined Heat and Power Generation Co., Ltd.		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		289,966		62,880		—			—			47,346			65,157			—			465,349
KAS INVESTMENT I LLC		15,784		—		—			—			(12,916	)		3,210			—			6,078
KAS INVESTMENT II LLC		15,709		—		—			—			(12,867	)		3,198			—			6,040
Energyco Co., Ltd.		2,140		—		—			—			182			—			—			2,322
CAES, LLC		20,380		—		—			(663	)		340			(1,687	)		2,289			20,659
Hapcheon Floating Photovoltaic Power Plant Inc.		10,348		—		—			(661	)		1,647			—			—			11,334
Busan Industrial Solar Power Co., Ltd.		1,058		—		—			—			102			—			—			1,160
Bitsolar Energy Co., Ltd.		352		—		—			—			—			—			(352	)		—
Pulau Indah O&M Sdn. Bhd.		—		—		—			—			—			—			—			—
Guadalupe Solar SpA		1,200		—		—			—			(431	)		12			—			781
Omisan Wind Power Co., Ltd.		10,229		—		—			—			630			—			—			10,859
Foresight Iberian Solar Group Holding, S.L.		8,119		—		—			—			(5,852	)		(2,626	)		359			—
Yeongwol Eco Wind Co., Ltd.		4,024		—		—			—			(3,134	)		—			—			890
Gurae Resident Power Co., Ltd.		569		—		—			—			(236	)		—			—			333
Cheongju Eco Park Co., Ltd.		9,072		—		—			—			1,564			—			—			10,636
Enel X Midland Photovoltaic, LLC		2,542		—		—			—			173			—			—			2,715
Geumsungsan Wind Power Co., Ltd.		5,515		—		—			—			2,325			—			—			7,840
KEPCO KPS CARABAO Corp.		—		—		—			—			—			—			—			—
Prime Swedish Holding AB		38,789		—		—			—			(3,782	)		—			2,552			37,559
Goheung New Energy Co., Ltd.		15,736		—		—			—			32			—			—			15,768
Gunsan Land Solar Co., Ltd.		22,429		—		—			—			734			—			—			23,163
CapMan Lynx SCA, SICAR		—		—		—			—			—			—			—			—
International Offshore Power Transmission Holding Company Limited		1,423		—		—			—			(65	)		9,680			—			11,038
Pyeongchang Wind Power Co., Ltd.		12,228		—		—			—			(81	)		—			—			12,147
Eumseong Eco Park Co., Ltd.		8,386		—		—			—			3,227			—			—			11,613
Changwon Nu-ri Energy Co., Ltd.		8,027		—		—			—			(369	)		—			—			7,658
PungBack Wind Farm Corporation		7,940		—		—			—			(180	)		—			—			7,760
Trumbull Asset Management, LLC		936		—		—			—			212			149			—			1,297
S-Power Chile SpA		64		—		—			—			74			21			—			159
Seungmun Green Energy		9,757		—		—			—			2,988			—			—			12,745
Seobusambo highway photovoltaics Co., Ltd.		3,580		—		—			—			(271	)		—			—			3,309

119

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for each of the two years in the period endedDecember 31, 2025 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Beginningbalance		Acquisitions		Disposals			Dividendsreceived			Share ofprofit<br>(loss)			Othercomprehen-sive income(loss)			Others			Ending balance
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	~~W~~	9,608		—		—			—			(912	)		(53	)		—			8,643
Kepco for Power Company		435		—		—			—			(570	)		18,041			—			17,906
Taebaek Wind Power Co., Ltd.		13,932		—		—			—			827			—			—			14,759
Jeonju Bio Green Energy Co., Ltd.		3,195		—		—			—			(629	)		—			—			2,566
Kumyang Eco Park Co., Ltd.		3,663		—		—			—			178			—			—			3,841
Jeongeup Green Power Co., Ltd.		1,560		8,040		—			—			(1,473	)		—			719			8,846
Hadong E-factory Co., Ltd.		349		—		—			—			(5	)		—			—			344
Namyangju Combined Heat and Power Co., Ltd.		3,850		50,127		—			—			(1,519	)		(690	)		—			51,768
Wadi Noor Solar Power Company SAOC		846		—		—			—			(5,170	)		5,716			—			1,392
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Fairhaven Energy Storage LLC		—		1,505		—			—			(854	)		29			(680	)		—
Rutile BESS Holdings, LLC		—		106		—			—			(106	)		1			—			1
Trumbull Development Partners, LLC		—		304,836		—			—			7,976			42,567			—			355,379
Imha Floating Photovoltaic Power Plant Inc.		—		7,174		—			—			(823	)		—			—			6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED		—		1		—			—			(72	)		156			—			85
Roof One Energy Co., Ltd.		—		2,000		—			—			—			—			—			2,000
		3,485,699		455,403		(68	)		(97,509	)		252,816			453,895			31,104			4,581,340
	~~W~~	9,662,588		474,390		(77,694	)		(364,377	)		755,452			795,669			40,066			11,286,094

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Associates>
Korea Gas Corporation	~~W~~	53,627,847		42,828,922		35,727,336		132,251
Korea Electric Power Industrial Development Co., Ltd.		204,592		95,482		392,361		7,224
Gangwon Wind Power Co., Ltd.		283,460		201,297		27,005		13,997
Hyundai Green Power Co., Ltd.		656,989		256,336		111,887		9,787
Korea Power Exchange		350,477		88,408		126,117		2,817
Taebaek Guinemi Wind Power Co., Ltd.		35,835		17,788		7,003		1,995
Daeryun Power Co., Ltd.		1,102,566		587,322		393,540		48,372
KNH Solar Co., Ltd.		6,333		84		1,123		(977	)
SPC Power Corporation		313,540		31,783		73,796		55,063
Gemeng International Energy Co., Ltd.		8,504,351		5,688,462		3,149,333		222,146
PT. Cirebon Electric Power		724,772		135,272		304,258		30,071
KNOC Nigerian East Oil Co., Ltd.		30,204		124,852		—		(36	)
KNOC Nigerian West Oil Co., Ltd.		32,566		119,596		—		(36	)
PT Wampu Electric Power		190,896		111,514		19,113		3,694
PT. Bayan Resources TBK		4,842,617		1,149,228		4,874,768		1,118,309
S-Power Co., Ltd.		664,275		253,454		660,755		40,452
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		1,533,443		1,127,607		213,673		(23,055	)
PT. Mutiara Jawa		19,680		4,511		12,404		488
Noeul Green Energy Co., Ltd.		100,122		108,399		45,739		4,940
Goseong Green Power Co., Ltd.		4,953,795		3,966,676		1,307,686		(17,519	)
Gangneung Eco Power Co., Ltd.		5,413,851		4,752,300		932,084		(27,205	)
Shin Pyeongtaek Power Co., Ltd.		1,021,409		625,341		697,349		22,149
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,155		182		433		81
Dongducheon Dream Power Co., Ltd.		1,266,052		928,870		1,123,208		31,456
Jinbhuvish Power Generation Pvt. Ltd.		63,124		13,036		—		—
Daejung Offshore Wind Power Co., Ltd.		5,254		2,345		—		(253	)
GS Donghae Electric Power Co., Ltd.		1,794,220		950,702		544,701		57,866
Daegu Photovoltaic Co., Ltd.		11,373		3,037		2,990		714
Busan Green Energy Co., Ltd.		137,848		131,949		58,189		(2,194	)
Hansuwon KNP Co., Ltd.		5,591		1,706		10,944		1,051
Korea Electric Power Corporation Fund		15,199		21		3,155		3,522
Energy Infra Asset Management Co., Ltd.		15,316		1,181		5,081		1,328
YaksuESS Co., Ltd.		4,297		4,194		716		(454	)
Nepal Water & Energy Development Company Private Limited		868,222		578,041		146,768		25,127
Gwangyang Green Energy Co., Ltd.		628,711		509,896		—		(2,182	)
PND solar Co., Ltd.		30,067		23,914		5,511		753
Hyundai Eco Energy Co., Ltd.		145,984		98,906		24,404		6,734
YeongGwang Yaksu Wind Electric Co., Ltd.		34,792		34,993		5,925		205
Green Energy Electricity Generation Co., Ltd.		67,107		68,999		5,270		2,158
Korea Energy Solutions Co., Ltd.		1,018		321		443		(239	)
ITR Co., Ltd.		824		840		330		(622	)
STN Co., Ltd.		1,620		116		796		(200	)
Indeck Niles Development, LLC		1,208,801		685,577		456,748		123,823
Indeck Niles Asset Management, LLC		198		34		1,237		1,220
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		12,695		330		1,162		1,130
Suwon New Power Co., Ltd.		14,354		11,698		4,868		206
Gwangbaek Solar Power Investment Co., Ltd.		240,317		229,134		8,849		883
Go deok Clean Energy Co., Ltd.		135,051		121,354		46,357		836
SureDataLab Co., Ltd.		1,016		161		2,225		319
SEP Co., Ltd.		45		118		—		(1	)
Hankook Electric Power Information Co., Ltd.		2,957		1,157		2,701		388
Tronix Co., Ltd.		3,875		3,351		3,044		(95	)
O2&B Global Co., Ltd.		550		650		22		(84	)
Muan Sunshine Solar Power Plant Co., Ltd.		119,120		107,703		15,446		2,628
Bigeum Resident Photovoltaic Power Co., Ltd.		414,475		386,764		40,124		(3,556	)
Goesan Solar Park Co., Ltd.		46,279		36,188		6,120		667

121

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Associates>
Saemangeum Heemang Photovoltaic Co., Ltd.	~~W~~	143,972		97,762		22,920		5,389
Bitgoel Eco Energy Co., Ltd.		70,965		44,509		24,840		1,403
Jeju Gimnyeong Wind Power Co., Ltd.		49,262		49,515		11,339		(1,085	)
Seoroseoro Sunny Power Plant Co., Ltd.		6,578		3,959		1,039		248
Muan Solar park Co., Ltd.		182,811		143,971		31,033		8,707
YuDang Solar Co., Ltd.		18,046		14,567		3,501		635
Anjwa Smart Farm & Solar City Co., Ltd.		226,781		183,481		37,958		6,197
KPE Green Energy Co., Ltd.		132,729		97,030		35,620		3,392
G.GURU Co., Ltd.		32		43		159		(252	)
UD4M Co., Ltd.		1,352		511		1,416		(283	)
Dongbu Highway Solar Co., Ltd.		18,237		15,877		2,700		55
Seobu Highway Solar Co., Ltd.		15,871		12,456		2,837		519
Korea Energy Data Co., Ltd.		104		131		33		(119	)
Gangneung Sacheon Fuel Cell Co., Ltd.		141,398		119,159		40,919		110
Taebaek Gadeoksan Wind Power Co., Ltd.		187,427		109,615		35,363		22,390
Chuncheon Green Energy Co., Ltd.		214,160		179,102		59,398		(1,376	)
Yeomsubong Wind Power Co., Ltd.		50,729		50,458		6,151		(961	)
Yeongyang Wind Power Corporation II		138,971		101,318		20,537		7,014
Haeparang Energy Co., Ltd.		66,397		55,619		7,339		3,063
Saemangeum Sebit Power Plant Co., Ltd.		143,281		75,139		20,428		1,003
PlatformN. Co., Ltd.		62		128		—		(4	)
PT. Cirebon Energi Prasarana		3,650,107		2,710,061		525,647		33,411
Green Radiation Co., Ltd.		1,030		865		1,037		47
Future Convergence Technology Laboratory. Co., Ltd.		381		280		18		(29	)
Eco Motion Co., Ltd.		2,399		727		888		524
REC’s Innovation Co., Ltd.		3,081		1,296		1,803		382
ACE		162		117		9		(1	)
Environment and Energy Co., Ltd.		8		—		—		(22	)
Santiago Solar Power SpA		90,913		74,898		6,657		862
Yanggu Floating Photovoltaic Power Plant Inc.		14,940		12,006		2,018		17
Power Embedded		396		156		177		(49	)
Changwon SG Energy Co., Ltd.		4,564		1,065		3,744		(51	)
Donpyung Technology. Co., Ltd.		3,283		1,683		1,310		73
HORANG ENERGY Inc.		111,959		101,998		32,082		1,003
Hoenggye Renewable Energy Co., Ltd		87,568		84,838		85		(53	)
Haman Green Energy Co., Ltd.		140,112		123,610		35,401		8,469
Songsan Green Energy Co., Ltd.		143,642		124,676		42,284		5,904
SkyPic Inc.		171		21		27		16
HyChangwon Fuel Cell. Co., Ltd.		198,733		177,417		—		(1,585	)
Dreams Co.,Ltd.		181		202		212		(120	)
DEEPAI Co.,Ltd.		1,006		848		434		(56	)
Amaala Sustainable Company for Energy LLC		2,004,265		1,932,575		947,226		4,539
Remal First Holding Company		1		25,106		—		(116	)
Naseem First Holding Company		1		27,233		—		(116	)
Cheonwang Green Energy Co., Ltd.		1,428		300		—		(405	)
Namjeju Bitdream Energy Co., Ltd.		57,629		47,523		—		(383	)
Jeju Bukchon BESS Power Plant Co., Ltd.		71,424		65,375		—		(2,646	)
Commerce and Industry Energy Co., Ltd.		61,355		28,832		10,732		(3,487	)
KI Tech Co., Ltd.		949		9		—		(59	)
Enlight Energy Advanced Industry Venture Fund		11,235		—		—		—
Gunsan Green Energy Co., Ltd.		4,792		—		—		—
<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,992		177		—		(405	)
Shuweihat Asia Operation & Maintenance Company		5,494		337		3,822		2,488
Waterbury Lake Uranium L.P.		97,380		355		—		—
ASM-BG Investicii AD		70,715		29,734		14,792		3,904
RES Technology AD		57,211		23,867		8,946		232

122

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Joint ventures>
KV Holdings, Inc.	~~W~~	15,937		1		2,218		2,227
KEPCO SPC Power Corporation		234,570		35,498		159,381		10,392
Gansu Datang Yumen Wind Power Co., Ltd.		63,125		43,052		9,624		15
Datang Chifeng Renewable Power Co., Ltd.		827,575		297,251		111,688		13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		179,775		56,023		27,350		986
Rabigh Electricity Company		2,473,573		1,667,517		367,680		66,776
Rabigh Operation & Maintenance Company Limited		30,894		5,667		37,205		6,783
Jamaica Public Service Company Limited		2,903,070		1,910,042		1,530,704		41,735
KW Nuclear Components Co., Ltd.		57,137		7,045		23,272		9,869
Busan Shinho Solar Power Co., Ltd.		25,970		928		5,980		2,070
Global Trade Of Power System Co., Ltd.		2,812		371		3,288		258
Expressway Solar-light Power Generation Co., Ltd.		9,440		123		1,807		(7	)
Amman Asia Electric Power Company		758,903		300,985		30,651		29,223
KAPES, Inc.		340,957		300,260		97,232		2,904
Honam Wind Power Co., Ltd.		26,339		9,559		6,339		1,725
Korea Power Engineering Service Co., Ltd.		23,970		1,888		12,625		1,528
Chun-cheon Energy Co., Ltd.		499,150		375,580		363,995		325
Yeonggwangbaeksu Wind Power Co., Ltd.		67,345		41,815		11,161		1,004
Nghi Son 2 Power LLC		4,243,607		3,110,208		824,849		87,686
Kelar S.A.		678,813		448,065		114,267		15,295
PT. Tanjung Power Indonesia		695,407		414,774		105,871		20,516
Incheon New Power Co., Ltd.		1,839		271		2,982		528
Seokmun Energy Co., Ltd.		187,425		137,202		49,595		(3,034	)
Daehan Wind Power PSC		170,626		120,436		18,885		7,040
Barakah One Company		45,516,321		37,236,879		2,373,596		171,548
Nawah Energy Company		868,133		865,957		772,745		—
MOMENTUM		9,650		9,333		21,021		293
Daegu Green Power Co., Ltd.		450,953		356,158		258,151		1,309
Yeonggwang Wind Power Co., Ltd.		210,262		147,728		31,232		7,664
Chester Solar IV SpA		13,024		8,315		4,241		3,935
Chester Solar V SpA		4,356		3,854		592		455
Diego de Almagro Solar SpA		18,266		13,498		4,396		3,120
South Jamaica Power Company Limited		522,505		279,114		287,408		22,842
Daesan Green Energy Co., Ltd.		205,850		143,693		76,220		(8,563	)
RE Holiday Holdings LLC		334,702		173,439		16,417		(7,622	)
RE Pioneer Holdings LLC		251,486		153,824		14,708		(7,711	)
RE Barren Ridge 1 Holdings LLC		206,966		97,315		12,685		(1,673	)
RE Astoria 2 LandCo LLC		16,543		269		1,105		1,081
RE Barren Ridge LandCo LLC		5,847		108		428		423
Laurel SpA		11,722		9,406		1,591		1,338
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		31,790		165		—		35
Cheong-Song Noraesan Wind Power Co., Ltd.		50,178		36,187		7,672		2,257
Chester Solar I SpA		12,543		9,090		1,559		1,338
Solar Philippines Calatagan Corporation		162,588		46,665		22,752		11,978
Saemangeum Solar Power Co., Ltd.		34,546		6,001		—		(189	)
Chungsongmeon BongSan wind power Co., Ltd.		137,596		135,793		1,270		(1,059	)
Jaeun Resident Wind Power Plant Co., Ltd.		89,657		92,275		4,325		(6,348	)
Dangjin Eco Power Co., Ltd.		90,477		11,629		3,642		767
Haemodum Solar Co., Ltd.		20,139		13,708		2,208		319
Yangyang Wind Power Co., Ltd.		147,912		117,737		20,896		6,052
HORUS SOLAR, S.A. DE C.V.		188,294		194,547		27,527		7,556
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		264,327		248,063		18,937		3,082
SUNMEX RENOVABLES, S.A. DE C.V.		227,521		204,770		—		9,430
Stavro Holding II A.B.		90,561		252		—		(6,134	)
Solaseado Solar Power Co., Ltd.		333,609		268,850		44,123		11,125
Yeongam Solar Power Co., Ltd.		304,249		244,031		34,691		4,600
Samsu Wind Power Co., Ltd.		61,652		44,229		9,689		3,058

123

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees	Total assets		Total liabilities		Sales			Profit (loss) for<br>the year
<Joint ventures>
Pulau Indah Power Plant Sdn. Bhd.	~~W~~	1,430,289		1,224,872		489,648			4,541
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		39,023		1,768		10			(21,032	)
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream		17,254		562		1,109			1,061
PT Barito Wahana Tenaga		737,706		—		—			100,948
Cheongna Energy Co., Ltd.		495,919		364,410		160,101			43,278
Naepo Green Energy Co., Ltd.		759,180		568,084		427,122			80,207
Boim Combined Heat and Power Generation Co., Ltd.		415,646		479,035		125,925			(5,332	)
OneEnergy Asia Limited		3,529,252		2,357,026		139,025			61,186
KAS INVESTMENT I LLC		44		—		(21,877	)		(21,816	)
KAS INVESTMENT II LLC		44		—		(21,739	)		(21,678	)
Energyco Co., Ltd.		55,110		48,903		6,690			1,058
CAES, LLC		42,153		—		—			(3,434	)
Hapcheon Floating Photovoltaic Power Plant Inc.		76,375		50,349		11,958			3,044
Busan Industrial Solar Power Co., Ltd.		18,060		14,274		2,461			542
Bitsolar Energy Co., Ltd.		64,606		70,583		8,300			—
Pulau Indah O&M Sdn. Bhd.		5,656		5,500		7,573			157
Guadalupe Solar SpA		11,481		7,850		2,295			1,857
Omisan Wind Power Co., Ltd.		176,949		148,288		21,238			2,784
Foresight Iberian Solar Group Holding, S.L.		208,506		223,478		8,598			(1,312	)
Yeongwol Eco Wind Co., Ltd.		94,294		98,423		9,156			(2,875	)
Gurae Resident Power Co., Ltd.		12,581		11,340		1,552			(24	)
Cheongju Eco Park Co., Ltd.		136,937		99,619		36,505			1,314
Enel X Midland Photovoltaic, LLC		14,482		374		2,376			533
Geumsungsan Wind Power Co., Ltd.		153,201		129,123		18,692			253
KEPCO KPS CARABAO Corp.		246		687		—			(50	)
Prime Swedish Holding AB		151,330		69,152		10,691			(5,114	)
Goheung New Energy Co., Ltd.		172,504		135,334		29,501			4,993
Gunsan Land Solar Co., Ltd.		136,335		94,558		22,160			5,228
International Offshore Power Transmission Holding Company Limited		145,797		146,009		—			(613	)
Pyeongchang Wind Power Co., Ltd.		51,801		29,643		10,502			1,308
Eumseong Eco Park Co., Ltd.		141,344		103,247		35,958			200
Changwon Nu-ri Energy Co., Ltd.		150,789		135,244		22,907			2,694
PungBack Wind Farm Corporation		225,511		211,235		5,405			(3,808	)
Trumbull Asset Management, LLC		2,576		1,002		4,332			(48	)
S-Power Chile SpA		3,460		2,694		1,481			875
Seungmun Green Energy		138,284		100,535		38,641			(872	)
Seobusambo highway photovoltaics Co., Ltd.		10,027		5,622		1,313			110
Yangyang Suri Wind Power Co., Ltd.		252,661		219,668		—			(1,103	)
KEPCO for Power Company		704,847		683,209		—			(9	)
Taebaek Wind Power Co., Ltd.		24,758		3,696		6,274			895
Kumyang Eco Park Co., Ltd.		143,281		119,773		38,929			6,128
Jeongeup Green Power Co., Ltd.		70,905		59,659		—			(4,733	)
Hadong E-factory Co., Ltd.		2,335		1,220		—			(13	)
Namyangju Combined Heat and Power Co., Ltd.		211,193		1,559		—			51
Samcheok Eco Materials Co., Ltd.		21,858		2,714		6,662			2,616
Wadi Noor Solar Power Company SAOC		562,304		555,715		47,038			980
Fairhaven Energy Storage LLC		2,042		—		—			—
Rutile BESS Holdings, LLC		41,785		3,587		—			(4,548	)
Trumbull Development Partners, LLC		1,812,101		1,121,329		10,137			(20,709	)
Imha Floating Photovoltaic Power Plant Inc.		79,588		68,199		4,372			(1,477	)
EDFR KOWEPO AJBAN PV HOLDING LIMITED		11,723		10,016		—			148
Roof One Energy Co., Ltd.		32,551		28,596		2,379			658

124

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Joint ventures>
Taean Haetdeulwon Solar Power Co., Ltd.	~~W~~	98,868		81,256		9,857		988
Haetbyeotgil Solar Power Co., Ltd.		11,520		9,112		467		68
Seongseo Neulpureun Energy Co., Ltd.		1,395		28		—		(233	)
Luluah SKY Energy Holding Ltd.		716		293		—		(292	)
KES Yona Holdings LLC		—		—		—		—
Siraj AlTaqa AlNazifa		—		—		—		—
Nour Ibri Solar Power Company		1,184		—		—		—
Lucy Equity Holdings, LLC		274,705		423,262		—		(16	)

125

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Associates>
Korea Gas Corporation	~~W~~	57,669,638		46,843,282		38,388,740		1,148,985
Korea Electric Power Industrial Development Co., Ltd.		213,423		109,367		361,690		14,587
Gangwon Wind Power Co., Ltd.		123,787		46,156		23,400		7,415
Hyundai Green Power Co., Ltd.		698,653		295,095		109,081		9,354
Korea Power Exchange		365,652		91,690		120,586		1,795
Taebaek Guinemi Wind Power Co., Ltd.		35,917		19,831		5,155		213
Daeryun Power Co., Ltd.		1,117,771		651,892		397,332		61,893
KNH Solar Co., Ltd.		8,110		93		2,671		2,359
SPC Power Corporation		301,805		18,716		72,191		35,657
Gemeng International Energy Co., Ltd.		8,301,632		5,803,020		2,907,291		(66,765	)
PT. Cirebon Electric Power		742,634		169,796		281,041		15,070
KNOC Nigerian East Oil Co., Ltd.		30,834		127,760		—		(31	)
KNOC Nigerian West Oil Co., Ltd.		33,230		122,351		—		(31	)
PT Wampu Electric Power		209,724		124,358		19,146		7,598
PT. Bayan Resources TBK		5,338,900		2,100,603		4,700,051		1,285,816
S-Power Co., Ltd.		739,732		369,429		734,607		35,889
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		1,414,921		979,112		182,433		(81,032	)
PT. Mutiara Jawa		28,266		8,489		13,455		4,094
Noeul Green Energy Co., Ltd.		95,570		108,793		47,999		4,787
Goseong Green Power Co., Ltd.		5,129,641		4,125,053		1,310,775		2,823
Gangneung Eco Power Co., Ltd.		5,359,845		4,667,564		635,026		(10,547	)
Shin Pyeongtaek Power Co., Ltd.		1,052,048		678,140		841,818		58,855
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,666		385		476		135
Dongducheon Dream Power Co., Ltd.		1,350,004		1,044,020		1,360,809		10,453
Jinbhuvish Power Generation Pvt. Ltd.		67,903		14,023		—		—
Daejung Offshore Wind Power Co., Ltd.		5,419		2,220		—		53
GS Donghae Electric Power Co., Ltd.		1,910,960		1,089,101		535,012		59,776
Daegu Photovoltaic Co., Ltd.		11,767		3,025		3,805		908
Busan Green Energy Co., Ltd.		142,943		134,894		66,924		(3,140	)
Hansuwon KNP Co., Ltd.		4,324		1,444		7,949		716
Korea Electric Power Corporation Fund		13,676		67		1,880		488
Energy Infra Asset Management Co., Ltd.		14,037		1,229		5,003		1,450
YaksuESS Co., Ltd.		5,295		4,738		749		(423	)
Nepal Water & Energy Development Company Private Limited		666,316		419,386		123,848		10,732
Gwangyang Green Energy Co., Ltd.		547,208		426,210		—		(2,105	)
PND solar Co., Ltd.		32,025		26,570		5,331		737
Hyundai Eco Energy Co., Ltd.		157,873		114,299		25,081		5,963
YeongGwang Yaksu Wind Electric Co., Ltd.		36,659		37,065		5,194		(953	)
Green Energy Electricity Generation Co., Ltd.		81,798		85,848		1,942		(1,392	)
Korea Energy Solutions Co., Ltd.		1,303		318		1,209		146
ITR Co., Ltd.		720		898		130		(510	)
STN Co., Ltd.		1,870		99		666		108
Indeck Niles Development, LLC		1,234,170		704,296		284,855		32,491
Indeck Niles Asset Management, LLC		211		32		1,157		1,120
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		12,665		178		722		689
Suwon New Power Co., Ltd.		15,427		13,338		5,072		(229	)
Gwangbaek Solar Power Investment Co., Ltd.		260,641		249,642		9,658		1,188
Go deok Clean Energy Co., Ltd.		130,520		117,267		49,187		1,465
SureDataLab Co., Ltd.		660		461		675		(291	)
SEP Co., Ltd.		45		118		—		(1	)
Hankook Electric Power Information Co., Ltd.		2,381		991		2,135		58
Tronix Co., Ltd.		4,824		3,659		2,578		42

126

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Associates>
O2&B Global Co., Ltd.	~~W~~	453		485		149		(104	)
Muan Sunshine Solar Power Plant Co., Ltd.		128,131		116,742		16,246		2,552
Bigeum Resident Photovoltaic Power Co., Ltd.		441,227		412,276		10,812		(6,845	)
Goesan Solar Park Co., Ltd.		48,924		38,119		6,143		884
Saemangeum Heemang Photovoltaic Co., Ltd.		149,528		105,535		22,600		4,049
Bitgoel Eco Energy Co., Ltd.		79,709		51,776		28,110		6,064
Jeju Gimnyeong Wind Power Co., Ltd.		53,335		52,503		10,889		13
Seoroseoro Sunny Power Plant Co., Ltd.		6,680		4,309		1,035		208
Muan Solar park Co., Ltd.		188,303		158,595		27,641		5,152
YuDang Solar Co., Ltd.		18,321		15,238		3,506		589
Anjwa Smart Farm & Solar City Co., Ltd.		237,359		199,954		36,948		3,530
KPE Green Energy Co., Ltd.		135,307		103,023		41,289		2,131
G.GURU Co., Ltd.		273		133		103		(535	)
UD4M Co., Ltd.		1,076		227		1,142		(170	)
Dongbu Highway Solar Co., Ltd.		16,139		13,833		2,665		656
Seobu Highway Solar Co., Ltd.		16,323		13,428		2,737		863
Korea Energy Data Co., Ltd.		212		134		167		(104	)
Gangneung Sacheon Fuel Cell Co., Ltd.		148,460		125,975		45,534		5,768
Taebaek Gadeoksan Wind Power Co., Ltd.		187,927		120,551		32,534		15,536
Chuncheon Green Energy Co., Ltd.		234,506		195,354		68,010		11,494
Yeomsubong Wind Power Co., Ltd.		45,468		44,236		—		(924	)
Yeongyang Wind Power Corporation II		136,360		105,721		18,376		4,005
Haeparang Energy Co., Ltd.		63,749		56,030		758		(620	)
Saemangeum Sebit Power Plant Co., Ltd.		160,225		93,086		20,376		(147	)
PlatformN. Co., Ltd.		162		223		430		139
PT. Cirebon Energi Prasarana		3,831,992		2,863,534		543,340		60,512
Green Radiation Co., Ltd.		521		663		613		(272	)
Future Convergence Technology Laboratory. Co., Ltd.		384		277		—		(83	)
Eco Motion Co., Ltd.		1,830		684		350		82
REC’s Innovation Co., Ltd.		2,921		1,518		1,010		232
ACE		359		308		27		14
Environment and Energy Co., Ltd.		31		—		—		(36	)
Santiago Solar Power SpA		85,063		71,139		4,862		(9,488	)
Yanggu Floating Photovoltaic Power Plant Inc.		15,300		12,382		2,259		210
Power Embedded		400		112		—		(7	)
Changwon SG Energy Co., Ltd.		4,878		1,328		3,342		(539	)
Donpyung Technology. Co., Ltd.		2,205		673		2,317		135
HORANG ENERGY Inc.		94,637		85,678		—		(947	)
Hoenggye Renewable Energy Co., Ltd		43,206		43,942		—		(62	)
Haman Green Energy Co., Ltd.		122,937		114,908		—		(1,165	)
Songsan Green Energy Co., Ltd.		120,001		106,939		121		(692	)
SkyPic Inc.		167		37		3		(7	)
HyChangwon Fuel Cell. Co., Ltd.		114,580		91,679		—		(309	)
Dreams Co.,Ltd.		233		183		208		(49	)
DEEPAI Co.,Ltd.		813		449		240		(319	)
Amaala Sustainable Company for Energy LLC		697,354		697,158		—		—
<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,569		137		—		(370	)
Shuweihat Asia Operation & Maintenance Company		4,215		328		3,574		2,293
Waterbury Lake Uranium L.P.		80,803		761		—		—
ASM-BG Investicii AD		68,437		34,565		12,815		2,824
RES Technology AD		57,356		27,219		7,395		(292	)
KV Holdings, Inc.		17,304		1		1,778		1,799
KEPCO SPC Power Corporation		291,538		26,307		190,296		28,108
Gansu Datang Yumen Wind Power Co., Ltd.		63,240		43,443		10,721		944
Datang Chifeng Renewable Power Co., Ltd.		900,001		388,711		115,297		17,722

127

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the year
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	~~W~~	180,827		60,016		26,678		2,031
Rabigh Electricity Company		2,651,843		1,873,439		353,677		63,270
Rabigh Operation & Maintenance Company Limited		40,983		20,205		30,841		5,840
Jamaica Public Service Company Limited		2,649,022		1,656,068		1,490,606		76,611
KW Nuclear Components Co., Ltd.		47,498		5,423		6,919		2,510
Busan Shinho Solar Power Co., Ltd.		28,837		865		8,452		3,963
Global Trade Of Power System Co., Ltd.		2,976		574		3,635		290
Expressway Solar-light Power Generation Co., Ltd.		11,709		168		3,219		1,214
Amman Asia Electric Power Company		791,478		343,371		22,776		34,047
KAPES, Inc.		299,380		257,858		43,699		6,224
Honam Wind Power Co., Ltd.		29,174		12,618		6,508		1,810
Korea Power Engineering Service Co., Ltd.		22,701		1,828		12,983		1,444
Chun-cheon Energy Co., Ltd.		533,211		409,989		430,679		4,890
Yeonggwangbaeksu Wind Power Co., Ltd.		69,249		44,422		12,636		2,156
Nghi Son 2 Power LLC		4,412,970		3,286,814		921,504		91,777
Kelar S.A.		715,489		486,293		112,110		9,733
PT. Tanjung Power Indonesia		754,514		467,144		106,081		17,705
Incheon New Power Co., Ltd.		1,267		227		2,777		36
Seokmun Energy Co., Ltd.		192,083		138,787		51,233		(4,558	)
Daehan Wind Power PSC		173,637		130,982		18,496		3,584
Barakah One Company		43,235,235		45,056,439		1,636,730		(53,778	)
Nawah Energy Company		701,247		699,068		566,077		40
MOMENTUM		7,422		6,836		22,770		586
Daegu Green Power Co., Ltd.		493,595		399,918		338,750		7,344
Yeonggwang Wind Power Co., Ltd.		217,987		162,218		32,114		7,971
Chester Solar IV SpA		12,649		12,309		1,941		(676	)
Chester Solar V SpA		4,260		4,321		631		(176	)
Diego de Almagro Solar SpA		16,301		15,161		2,625		(667	)
South Jamaica Power Company Limited		532,323		288,501		250,519		14,460
Daesan Green Energy Co., Ltd.		225,765		153,391		110,002		5,960
RE Holiday Holdings LLC		363,750		184,188		20,251		(1,413	)
RE Pioneer Holdings LLC		272,900		161,657		13,343		(3,168	)
RE Barren Ridge 1 Holdings LLC		224,922		105,310		12,905		(1,301	)
RE Astoria 2 LandCo LLC		16,514		276		1,060		848
RE Barren Ridge LandCo LLC		5,826		110		411		342
Laurel SpA		10,897		10,471		1,522		(557	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,736		150		—		70
Cheong-Song Noraesan Wind Power Co., Ltd.		53,374		38,705		6,788		1,599
Chester Solar I SpA		12,935		11,454		1,395		(745	)
Solar Philippines Calatagan Corporation		166,126		37,872		19,412		8,733
Saemangeum Solar Power Co., Ltd.		34,377		5,643		—		(176	)
Chungsongmeon BongSan wind power Co., Ltd.		86,708		83,921		—		(399	)
Jaeun Resident Wind Power Plant Co., Ltd.		95,657		88,605		—		(380	)
DE Energia SpA		32,263		24,853		—		3,163
Dangjin Eco Power Co., Ltd.		90,750		12,732		3,645		743
Haemodum Solar Co., Ltd.		21,036		14,444		2,060		232
Yangyang Wind Power Co., Ltd.		146,697		123,504		11,948		2,334
HORUS SOLAR, S.A. DE C.V.		170,018		184,014		35,080		(43,774	)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		238,276		223,019		19,178		(37,720	)
SUNMEX RENOVABLES, S.A. DE C.V.		182,159		170,906		—		(15,771	)
Stavro Holding II A.B.		82,407		114		—		(11,632	)
Solaseado Solar Power Co., Ltd.		347,831		292,737		46,361		12,443
Yeongam Solar Power Co., Ltd.		318,641		260,459		34,509		10,880
Samsu Wind Power Co., Ltd.		61,678		46,675		7,051		682
Pulau Indah Power Plant Sdn. Bhd.		1,054,236		873,923		40,818		(2,896	)
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		52,533		271		3,054		(23,354	)

128

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(4)	The summarized financial information of associates and joint ventures as of and for each of the two years inthe period ended December 31, 2025 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---
As of and for the year endedDecember 31, 2024
Investees	Total assets		Total liabilities		Sales			Profit (loss) for<br>the year
<Joint ventures>
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream	~~W~~	17,251		33		227			182
PT Barito Wahana Tenaga		678,043		—		—			74,744
Cheongna Energy Co., Ltd.		463,574		375,343		142,400			41,124
Naepo Green Energy Co., Ltd.		738,857		586,152		467,225			124,830
Boim Combined Heat and Power Generation Co., Ltd.		421,954		480,084		139,134			294
OneEnergy Asia Limited		3,237,191		2,137,600		424,036			100,781
KAS INVESTMENT I LLC		20,361		28		(40,343	)		(43,213	)
KAS INVESTMENT II LLC		20,233		28		(40,189	)		(43,048	)
Energyco Co., Ltd.		50,310		45,161		6,221			629
CAES, LLC		49,267		—		—			946
Hapcheon Floating Photovoltaic Power Plant Inc.		76,903		53,853		12,361			3,992
Busan Industrial Solar Power Co., Ltd.		18,236		15,133		2,262			191
Bitsolar Energy Co., Ltd.		68,249		74,213		8,300			(390	)
Pulau Indah O&M Sdn. Bhd.		1		2		—			24
Guadalupe Solar SpA		10,477		9,339		1,408			(574	)
Omisan Wind Power Co., Ltd.		180,001		154,541		4,785			1,480
Foresight Iberian Solar Group Holding, S.L.		187,118		194,881		3,262			(13,206	)
Yeongwol Eco Wind Co., Ltd.		99,288		102,522		7,118			(5,518	)
Gurae Resident Power Co., Ltd.		12,845		11,861		1,490			(101	)
Cheongju Eco Park Co., Ltd.		145,162		109,158		37,392			2,415
Enel X Midland Photovoltaic, LLC		13,694		119		2,470			865
Geumsungsan Wind Power Co., Ltd.		143,725		118,608		21,048			7,349
KEPCO KPS CARABAO Corp.		226		835		—			(513	)
Prime Swedish Holding AB		143,102		62,354		8,911			(8,404	)
Goheung New Energy Co., Ltd.		174,255		142,437		28,059			2,190
Gunsan Land Solar Co., Ltd.		144,887		104,284		22,154			4,939
CapMan Lynx SCA, SICAR		3,319		134,790		—			(4,808	)
International Offshore Power Transmission Holding Company Limited		33,191		1,650		—			(213	)
Pyeongchang Wind Power Co., Ltd.		55,697		34,754		9,261			(536	)
Eumseong Eco Park Co., Ltd.		149,904		111,846		45,239			9,512
Changwon Nu-ri Energy Co., Ltd.		71,179		58,630		333			(606	)
PungBack Wind Farm Corporation		148,157		130,116		—			(536	)
Trumbull Asset Management, LLC		2,572		910		4,501			486
S-Power Chile SpA		2,779		2,778		1,369			108
Seungmun Green Energy		142,213		103,593		46,712			9,026
Seobusambo highway photovoltaics Co., Ltd.		10,245		6,108		1,214			26
Yangyang Suri Wind Power Co., Ltd.		210,853		181,052		—			(5,391	)
KEPCO for Power Company		644,110		614,267		—			(1,058	)
Taebaek Wind Power Co., Ltd.		28,067		3,468		6,431			2,169
Jeonju Bio Green Energy Co., Ltd.		4,130		181		—			(967	)
Kumyang Eco Park Co., Ltd.		125,961		112,910		3,169			615
Jeongeup Green Power Co., Ltd.		22,939		6,960		—			(2,767	)
Hadong E-factory Co., Ltd.		2,331		1,204		—			(17	)
Namyangju Combined Heat and Power Co., Ltd.		75,474		1,899		—			(2,410	)
Samcheok Eco Materials Co., Ltd.		21,109		1,981		3,352			(1,357	)
Wadi Noor Solar Power Company SAOC		492,407		481,139		—			(1,477	)
Fairhaven Energy Storage LLC		2,071		82		—			(14	)
Rutile BESS Holdings, LLC		7,353		7,350		—			(211	)
Trumbull Development Partners, LLC		1,582,082		1,042,712		—			14,174
Imha Floating Photovoltaic Power Plant Inc.		36,412		23,546		—			(1,679	)
EDFR KOWEPO AJBAN PV HOLDING LIMITED		37,776		37,606		—			(143	)
Roof One Energy Co., Ltd.		9,305		5,209		—			(46	)

129

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Associates>
Korea Gas Corporation	~~W~~	10,798,925			21.66	%		2,339,047			—		—			(55,512	)		2,283,535
Korea Electric Power Industrial Development Co., Ltd.		109,110			29.00	%		31,642			—		—			—			31,642
Gangwon Wind Power Co., Ltd.		82,163			15.00	%		12,324			49		—			—			12,373
Hyundai Green Power Co., Ltd.		400,653			29.00	%		116,189			—		—			(29,640	)		86,549
Korea Power Exchange		262,069			100.00	%		262,069			—		—			—			262,069
Taebaek Guinemi Wind Power Co., Ltd.		18,047			67.25	%		12,136			2,741		—			—			14,877
Daeryun Power Co., Ltd.		515,244			6.85	%		35,295			—		—			(820	)		34,475
KNH Solar Co., Ltd.		6,249			27.00	%		1,687			—		—			—			1,687
SPC Power Corporation		281,757			38.00	%		107,067			—		—			—			107,067
Gemeng International Energy Co., Ltd.		2,815,889			42.00	%		1,182,674			—		—			(370,382	)		812,292
PT. Cirebon Electric Power		589,500			27.50	%		162,112			—		—			—			162,112
KNOC Nigerian East Oil Co., Ltd.		(94,648	)		14.63	%		(13,847	)		—		—			13,847			—
KNOC Nigerian West Oil Co., Ltd.		(87,030	)		14.63	%		(12,732	)		—		—			12,732			—
PT Wampu Electric Power		79,382			46.00	%		36,516			—		—			—			36,516
PT. Bayan Resources TBK		3,693,389			20.00	%		738,678			69,416		—			(76,380	)		731,714
S-Power Co., Ltd.		410,821			49.00	%		201,302			—		(967	)		—			200,335
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		405,836			25.00	%		101,459			305		(905	)		(35,247	)		65,612
PT. Mutiara Jawa		15,169			29.00	%		4,399			—		—			—			4,399
Noeul Green Energy Co., Ltd.		(8,277	)		29.00	%		(2,401	)		—		—			2,401			—
Goseong Green Power Co., Ltd.		987,119			29.00	%		286,264			—		(10,179	)		—			276,085
Gangneung Eco Power Co., Ltd.		661,551			29.00	%		191,850			45,212		(9,379	)		—			227,683
Shin Pyeongtaek Power Co., Ltd.		396,068			40.00	%		158,428			3,559		(13,401	)		—			148,586
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		973			28.00	%		272			—		—			2			274
Dongducheon Dream Power Co., Ltd.		337,182			34.01	%		114,675			1,757		(1,529	)		(12,582	)		102,321
Jinbhuvish Power Generation Pvt. Ltd.		50,088			5.20	%		2,605			—		—			(2,605	)		—
Daejung Offshore Wind Power Co., Ltd.		2,909			46.59	%		1,355			—		—			—			1,355
GS Donghae Electric Power Co., Ltd.		843,518			34.00	%		286,796			—		—			—			286,796
Daegu Photovoltaic Co., Ltd.		8,336			29.00	%		2,417			—		—			—			2,417
Busan Green Energy Co., Ltd.		5,899			29.00	%		1,711			—		—			—			1,711
Hansuwon KNP Co., Ltd.		3,885			28.98	%		1,125			—		—			(160	)		965
Korea Electric Power Corporation Fund		15,178			98.09	%		14,889			—		—			3			14,892
Energy Infra Asset Management Co., Ltd.		14,135			9.90	%		1,399			—		—			—			1,399
YaksuESS Co., Ltd.		103			29.00	%		30			1		—			—			31
Nepal Water & Energy Development Company Private Limited		290,181			66.12	%		191,868			837		—			—			192,705
Gwangyang Green Energy Co., Ltd.		118,815			20.00	%		23,763			18		—			—			23,781
PND solar Co., Ltd.		6,153			29.00	%		1,784			154		—			—			1,938
Hyundai Eco Energy Co., Ltd.		47,078			19.00	%		8,945			214		—			—			9,159
YeongGwang Yaksu Wind Electric Co., Ltd.		(201	)		9.63	%		(19	)		300		—			(220	)		61
Green Energy Electricity Generation Co., Ltd.		(1,892	)		29.00	%		(549	)		779		—			—			230
Korea Energy Solutions Co., Ltd.		697			20.00	%		139			—		—			—			139
ITR Co., Ltd.		(16	)		8.03	%		(1	)		—		—			1			—
STN Co., Ltd.		1,504			20.00	%		301			53		—			—			354
Indeck Niles Development, LLC		523,224			50.00	%		261,613			97,643		—			4,419			363,675
Indeck Niles Asset Management, LLC		164			33.33	%		55			—		—			—			55
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		12,365			49.00	%		6,059			—		—			—			6,059
Suwon New Power Co., Ltd.		2,656			30.15	%		801			—		—			—			801
Gwangbaek Solar Power Investment Co., Ltd.		11,183			44.00	%		4,920			316		—			—			5,236
Go deok Clean Energy Co., Ltd.		13,697			40.00	%		5,479			—		—			—			5,479
SureDataLab Co., Ltd.		855			0.35	%		3			—		—			—			3
SEP Co., Ltd.		(73	)		21.26	%		(15	)		—		—			15			—
Hankook Electric Power Information Co., Ltd.		1,800			16.16	%		291			—		—			—			291
Tronix Co., Ltd.		524			12.50	%		65			—		—			—			65
O2&B Global Co., Ltd.		(100	)		20.00	%		(20	)		—		—			20			—

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Associates>
Muan Sunshine Solar Power Plant Co., Ltd.	~~W~~	11,417			20.00	%		2,284			494		—			—			2,778
Bigeum Resident Photovoltaic Power Co., Ltd.		27,711			27.31	%		7,569			—		—			—			7,569
Goesan Solar Park Co., Ltd.		10,091			29.00	%		2,926			—		—			—			2,926
Saemangeum Heemang Photovoltaic Co., Ltd.		46,210			35.00	%		16,174			739		—			—			16,913
Bitgoel Eco Energy Co., Ltd.		26,456			49.05	%		12,977			—		—			—			12,977
Jeju Gimnyeong Wind Power Co., Ltd.		(253	)		30.00	%		(76	)		—		—			76			—
Seoroseoro Sunny Power Plant Co., Ltd.		2,619			42.58	%		1,115			20		—			—			1,135
Muan Solar park Co., Ltd.		38,840			20.00	%		7,768			325		—			—			8,093
YuDang Solar Co., Ltd.		3,479			20.00	%		696			—		—			—			696
Anjwa Smart Farm & Solar City Co., Ltd.		43,300			20.00	%		8,661			816		—			—			9,477
KPE Green Energy Co., Ltd.		35,699			25.36	%		9,052			44		—			—			9,096
G.GURU Co., Ltd.		(11	)		14.42	%		(2	)		—		—			2			—
UD4M Co., Ltd.		841			14.29	%		120			—		—			—			120
Dongbu Highway Solar Co., Ltd.		2,360			20.00	%		473			50		—			—			523
Seobu Highway Solar Co., Ltd.		3,415			20.00	%		683			—		—			—			683
Korea Energy Data Co., Ltd.		(27	)		29.37	%		(8	)		—		—			8			—
Gangneung Sacheon Fuel Cell Co., Ltd.		22,239			41.00	%		9,118			87		—			—			9,205
Taebaek Gadeoksan Wind Power Co., Ltd.		77,812			34.00	%		26,456			—		—			—			26,456
Chuncheon Green Energy Co., Ltd.		35,058			45.00	%		15,776			53		—			—			15,829
Yeomsubong Wind Power Co., Ltd.		271			29.00	%		79			246		—			—			325
Yeongyang Wind Power Corporation II		37,653			30.00	%		11,296			2,110		—			—			13,406
Haeparang Energy Co., Ltd.		10,778			25.00	%		2,694			20		—			—			2,714
Saemangeum Sebit Power Plant Co., Ltd.		68,142			55.00	%		37,480			182		—			—			37,662
PlatformN. Co., Ltd.		(66	)		29.58	%		(20	)		—		—			20			—
PT. Cirebon Energi Prasarana		940,046			10.00	%		94,005			—		—			—			94,005
Green Radiation Co., Ltd.		165			10.00	%		17			3		—			—			20
Future Convergence Technology Laboratory. Co., Ltd.		101			20.12	%		20			—		—			—			20
Eco motion Co., Ltd.		1,672			20.00	%		334			—		—			—			334
REC’s Innovation Co., Ltd.		1,785			11.04	%		197			—		—			—			197
ACE		45			20.00	%		9			—		(5	)		—			4
Environment and Energy Co., Ltd.		8			10.54	%		1			—		—			—			1
Santiago Solar Power SpA		16,015			50.00	%		8,008			—		—			—			8,008
Yanggu Floating Photovoltaic Power Plant Inc.		2,934			29.00	%		851			—		—			—			851
Power Embedded		240			23.33	%		56			1		—			—			57
Changwon SG Energy Co., Ltd.		3,499			18.78	%		658			15		—			—			673
Donpyung Technology. Co., Ltd.		1,600			20.00	%		320			—		(25	)		—			295
HORANG ENERGY Inc.		9,961			40.00	%		3,985			224		—			—			4,209
Hoenggye Renewable Energy Co., Ltd		2,730			36.12	%		986			2,375		—			(986	)		2,375
Haman Green Energy Co., Ltd.		16,502			35.00	%		5,776			—		—			—			5,776
Songsan Green Energy Co., Ltd.		18,966			60.00	%		11,379			71		—			—			11,450
SkyPic Inc.		150			20.00	%		30			—		—			—			30
HyChangwon Fuel Cell. Co., Ltd.		21,316			40.00	%		8,526			117		—			—			8,643
Dreams Co.,Ltd.		(21	)		11.00	%		(2	)		5		—			—			3
DEEPAI Co.,Ltd.		158			1.32	%		2			6		—			—			8
Amaala Sustainable Company for Energy LLC		71,690			10.00	%		7,169			—		—			(7,151	)		18
Remal First Holding Company		(25,105	)		30.00	%		(7,532	)		—		—			7,532			—
Naseem First Holding Company		(27,232	)		30.00	%		(8,170	)		—		—			8,170			—
Cheonwang Green Energy Co., Ltd.		1,128			40.00	%		451			46		—			(3	)		494
Namjeju Bitdream Energy Co., Ltd.		10,106			50.00	%		5,053			207		—			—			5,260
Jeju Bukchon BESS Power Plant Co., Ltd.		6,049			41.00	%		2,480			—		—			—			2,480
Commerce and Industry Energy Co., Ltd.		32,523			24.46	%		7,954			—		—			(7,456	)		498
KI Tech Co., Ltd.		940			24.70	%		232			—		(61	)		—			171
Enlight Energy Advanced Industry Venture Fund		11,235			28.04	%		3,150			—		—			—			3,150
Gunsan Green Energy Co., Ltd.		4,792			42.63	%		2,043			—		—			—			2,043

131

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2025
Investees	Net assets		*Percentage ofownership ()**			Share in<br>net assets		Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	~~W~~	167,815		49.00	%		82,230		—		—			—			82,230
Shuweihat Asia Operation & Maintenance Company		5,157		55.00	%		2,837		—		—			—			2,837
Waterbury Lake Uranium L.P.		97,025		29.45	%		28,576		—		—			—			28,576
ASM-BG Investicii AD		40,981		50.00	%		20,491		—		—			—			20,491
RES Technology AD		33,344		50.00	%		16,672		—		—			—			16,672
KV Holdings, Inc.		15,936		40.00	%		6,374		—		—			—			6,374
KEPCO SPC Power Corporation		199,072		60.00	%		119,443		—		—			—			119,443
Gansu Datang Yumen Wind Power Co., Ltd.		20,073		40.00	%		8,029		—		—			—			8,029
Datang Chifeng Renewable Power Co., Ltd.		530,324		40.00	%		212,130		—		—			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		123,752		40.00	%		49,501		—		—			—			49,501
Rabigh Electricity Company		806,056		40.00	%		322,423		—		(35,813	)		(805	)		285,805
Rabigh Operation & Maintenance Company Limited		25,227		40.00	%		10,091		—		—			—			10,091
Jamaica Public Service Company Limited		993,028		40.00	%		397,211		29,357		—			(14,291	)		412,277
KW Nuclear Components Co., Ltd.		50,092		45.00	%		22,541		—		—			(176	)		22,365
Busan Shinho Solar Power Co., Ltd.		25,042		25.00	%		6,260		—		—			—			6,260
Global Trade Of Power System Co., Ltd.		2,441		29.00	%		708		—		—			—			708
Expressway Solar-light Power Generation Co., Ltd.		9,317		50.00	%		4,658		—		—			—			4,658
Amman Asia Electric Power Company		457,918		60.00	%		274,751		—		—			—			274,751
KAPES, Inc.		40,697		51.00	%		20,755		—		(31,563	)		10,808			—
Honam Wind Power Co., Ltd.		16,780		29.00	%		4,866		32		—			—			4,898
Korea Power Engineering Service Co., Ltd.		22,082		29.00	%		6,404		—		—			—			6,404
Chun-cheon Energy Co., Ltd.		123,570		29.90	%		36,948		3		—			(248	)		36,703
Yeonggwangbaeksu Wind Power Co., Ltd.		25,530		15.00	%		3,829		6		—			—			3,835
Nghi Son 2 Power LLC		1,133,399		50.00	%		566,700		—		—			—			566,700
Kelar S.A.		230,748		65.00	%		149,986		3,308		—			—			153,294
PT. Tanjung Power Indonesia		280,633		35.00	%		98,221		—		—			—			98,221
Incheon New Power Co., Ltd.		1,568		29.00	%		455		—		—			—			455
Seokmun Energy Co., Ltd.		50,223		29.00	%		14,565		—		—			—			14,565
Daehan Wind Power PSC		50,190		50.00	%		25,095		—		—			—			25,095
Barakah One Company		8,279,442		18.00	%		1,490,300		—		182,207			—			1,672,507
Nawah Energy Company		2,176		18.00	%		392		—		—			—			392
MOMENTUM		317		33.33	%		106		—		—			—			106
Daegu Green Power Co., Ltd.		94,795		54.24	%		51,416		84		—			(20,381	)		31,119
Yeonggwang Wind Power Co., Ltd.		62,534		46.00	%		28,766		492		—			—			29,258
Chester Solar IV SpA		4,709		90.00	%		4,237		1,112		—			—			5,349
Chester Solar V SpA		502		90.00	%		452		304		—			—			756
Diego de Almagro Solar SpA		4,768		90.00	%		4,291		629		—			—			4,920
South Jamaica Power Company Limited		243,391		20.00	%		48,678		—		—			(3	)		48,675
Daesan Green Energy Co., Ltd.		62,157		35.00	%		21,755		—		—			—			21,755
RE Holiday Holdings LLC		161,263		50.00	%		80,631		—		—			—			80,631
RE Pioneer Holdings LLC		97,662		50.00	%		48,831		—		—			—			48,831
RE Barren Ridge 1 Holdings LLC		109,651		50.00	%		54,825		—		—			—			54,825
RE Astoria 2 LandCo LLC		16,274		50.00	%		8,137		—		—			—			8,137
RE Barren Ridge LandCo LLC		5,739		50.00	%		2,870		—		—			—			2,870
Laurel SpA		2,316		90.00	%		2,084		1,008		—			—			3,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		31,625		12.37	%		3,912		9		—			(3,015	)		906
Cheong-Song Noraesan Wind Power Co., Ltd.		13,991		29.01	%		4,059		61		—			—			4,120
Chester Solar I SpA		3,453		90.00	%		3,108		309		—			—			3,417
Solar Philippines Calatagan Corporation		115,923		38.00	%		44,050		—		—			17,063			61,113
Saemangeum Solar Power Co., Ltd.		28,545		81.01	%		23,123		—		—			—			23,123
Chungsongmeon BongSan wind power Co., Ltd.		1,803		29.00	%		522		1,782		—			—			2,304

132

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential			Intercompany<br>transaction			Others			Book<br>value
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.	~~W~~	(2,618	)		29.00	%		(759	)		—			—			759			—
Dangjin Eco Power Co., Ltd.		78,848			34.00	%		26,809			341			—			—			27,150
Haemodum Solar Co., Ltd.		6,431			49.00	%		3,151			—			—			—			3,151
Yangyang Wind Power Co., Ltd.		30,175			50.00	%		15,088			43			—			—			15,131
HORUS SOLAR, S.A. DE C.V.		(6,253	)		14.95	%		(935	)		3,580			—			—			2,645
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		16,264			14.95	%		2,431			2,171			—			—			4,602
SUNMEX RENOVABLES, S.A. DE C.V.		22,751			14.95	%		3,400			5			—			—			3,405
Stavro Holding II A.B.		90,309			20.00	%		18,062			—			—			—			18,062
Solaseado Solar Power Co., Ltd.		64,759			38.90	%		25,192			1,361			—			—			26,553
Yeongam Solar Power Co., Ltd.		60,218			19.00	%		11,442			773			—			—			12,215
Samsu Wind Power Co., Ltd.		17,423			19.00	%		3,310			—			—			—			3,310
Pulau Indah Power Plant Sdn. Bhd.		205,417			25.00	%		51,354			5,643			—			—			56,997
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		37,255			29.53	%		11,001			527			—			(527	)		11,001
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream		16,692			90.00	%		15,023			—			—			—			15,023
PT Barito Wahana Tenaga		737,706			30.61	%		225,828			—			—			—			225,828
Cheongna Energy Co., Ltd.		131,509			50.10	%		65,886			3,137			(1,177	)		—			67,846
Naepo Green Energy Co., Ltd.		191,096			29.20	%		55,800			—			—			3,442			59,242
Boim Combined Heat and Power Generation Co., Ltd.		(63,389	)		46.30	%		(29,349	)		—			(743	)		30,092			—
OneEnergy Asia Limited		1,172,226			40.00	%		468,891			25,512			—			—			494,403
KAS INVESTMENT I LLC		44			29.89	%		13			—			—			—			13
KAS INVESTMENT II LLC		44			29.89	%		13			—			—			—			13
Energyco Co., Ltd.		6,207			29.00	%		1,800			829			—			—			2,629
CAES, LLC		42,153			36.00	%		15,175			2,923			—			—			18,098
Hapcheon Floating Photovoltaic Power Plant Inc.		26,026			49.00	%		12,753			39			—			—			12,792
Busan Industrial Solar Power Co., Ltd.		3,786			28.02	%		1,061			290			—			—			1,351
Bitsolar Energy Co., Ltd.		(5,977	)		27.10	%		(1,620	)		—			—			1,620			—
Pulau Indah O&M Sdn. Bhd.		156			40.00	%		62			—			—			—			62
Guadalupe Solar SpA		3,631			60.00	%		2,179			98			—			—			2,277
Omisan Wind Power Co., Ltd.		28,661			42.00	%		12,038			166			—			—			12,204
Foresight Iberian Solar Group Holding, S.L.		(14,972	)		75.00	%		(11,229	)		1,427			—			9,802			—
Yeongwol Eco Wind Co., Ltd.		(4,129	)		29.00	%		(1,197	)		1,828			—			—			631
Gurae Resident Power Co., Ltd.		1,241			29.00	%		360			48			—			—			408
Cheongju Eco Park Co., Ltd.		37,318			29.00	%		10,822			195			—			—			11,017
Enel X Midland Photovoltaic, LLC		14,108			20.00	%		2,822			—			—			—			2,822
Geumsungsan Wind Power Co., Ltd.		24,078			29.00	%		6,982			556			—			—			7,538
KEPCO KPS CARABAO Corp.		(441	)		40.00	%		(176	)		—			—			176			—
Prime Swedish Holding AB		82,178			45.00	%		36,980			1,684			—			—			38,664
Goheung New Energy Co., Ltd.		37,170			46.15	%		17,154			1,084			—			—			18,238
Gunsan Land Solar Co., Ltd.		41,777			53.83	%		22,488			—			—			1,334			23,822
International Offshore Power Transmission Holding Company Limited		(212	)		35.00	%		(74	)		(2	)		—			76			—
Pyeongchang Wind Power Co., Ltd.		22,158			58.00	%		12,851			—			—			—			12,851
Eumseong Eco Park Co., Ltd.		38,097			29.00	%		11,048			577			—			—			11,625
Changwon Nu-ri Energy Co., Ltd.		15,545			61.00	%		9,483			3			—			—			9,486
PungBack Wind Farm Corporation		14,276			37.00	%		5,282			1,085			—			—			6,367
Trumbull Asset Management, LLC		1,574			78.00	%		1,228			—			—			—			1,228
S-Power Chile SpA		766			50.00	%		383			155			—			—			538
Seungmun Green Energy		37,749			33.00	%		12,457			—			—			—			12,457
Seobusambo highway photovoltaics Co., Ltd.		4,405			80.00	%		3,524			—			—			—			3,524

133

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2025
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	~~W~~	32,993			29.00	%		9,568			—		—			—			9,568
KEPCO for Power Company		21,638			60.00	%		12,983			—		—			—			12,983
Taebaek Wind Power Co., Ltd.		21,062			60.00	%		12,637			—		—			—			12,637
Kumyang Eco Park Co., Ltd.		23,508			29.00	%		6,818			56		—			—			6,874
Jeongeup Green Power Co., Ltd.		11,246			44.86	%		5,045			1,679		—			—			6,724
Hadong E-factory Co., Ltd.		1,115			29.99	%		334			6		—			—			340
Namyangju Combined Heat and Power Co., Ltd.		209,634			70.10	%		146,953			193		—			—			147,146
Samchuck		19,144			25.54	%		4,889			—		—			(4,889	)		—
Wadi Noor Solar Power Company SAOC		6,589			50.00	%		3,295			9		(4,015	)		711			—
Fairhaven Energy Storage LLC		2,042			35.00	%		715			—		—			(715	)		—
Rutile BESS Holdings, LLC		38,198			50.00	%		19,099			—		—			—			19,099
Trumbull Development Partners, LLC		690,772			56.23	%		388,421			50,847		—			—			439,268
Imha Floating Photovoltaic Power Plant Inc.		11,389			49.00	%		5,581			46		—			—			5,627
EDFR KOWEPO AJBAN PV HOLDING LIMITED		1,707			50.00	%		854			—		—			—			854
Roof One Energy Co., Ltd.		3,955			48.00	%		1,899			34		—			—			1,933
Taean Haetdeulwon Solar Power Co., Ltd.		17,612			45.00	%		7,925			712		—			—			8,637
Haetbyeotgil Solar Power Co., Ltd.		2,408			30.00	%		723			9		—			—			732
Seongseo Neulpureun Energy Co., Ltd.		1,367			49.81	%		681			—		—			—			681
Luluah SKY Energy Holding Ltd.		423			15.00	%		63			—		—			—			63
KES Yona Holdings LLC		—			0.00	%		—			—		—			—			—
Siraj AlTaqa AlNazifa		—			0.00	%		—			—		—			—			—
Nour Ibri Solar Power Company		1,184			30.77	%		364			—		—			9			373
Lucy Equity Holdings, LLC		(148,557	)		20.00	%		(29,711	)		1,268		—			28,443			—
(*)	The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks<br>and others.
---	---

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments incondensed consolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Associates>
Korea Gas Corporation	~~W~~	10,826,356			21.66	%		2,344,989			—		—			(55,685	)		2,289,304
Korea Electric Power Industrial Development Co., Ltd.		104,056			29.00	%		30,177			—		—			—			30,177
Gangwon Wind Power Co., Ltd.		77,631			15.00	%		11,644			49		—			—			11,693
Hyundai Green Power Co., Ltd.		403,558			29.00	%		117,033			—		—			(29,640	)		87,393
Korea Power Exchange		273,962			100.00	%		273,962			—		—			—			273,962
Taebaek Guinemi Wind Power Co., Ltd.		16,086			67.25	%		10,818			2,741		—			—			13,559
Daeryun Power Co., Ltd.		465,879			6.85	%		31,913			—		—			(820	)		31,093
KNH Solar Co., Ltd.		8,017			27.00	%		2,165			—		—			—			2,165
SPC Power Corporation		283,089			38.00	%		107,574			—		—			—			107,574
Gemeng International Energy Co., Ltd.		2,498,612			42.00	%		1,049,417			—		—			(321,079	)		728,338
PT. Cirebon Electric Power		572,838			27.50	%		157,530			—		—			—			157,530
KNOC Nigerian East Oil Co., Ltd.		(96,926	)		14.63	%		(14,180	)		—		—			14,180			—
KNOC Nigerian West Oil Co., Ltd.		(89,121	)		14.63	%		(13,038	)		—		—			13,038			—
PT Wampu Electric Power		85,366			46.00	%		39,268			—		—			—			39,268
PT. Bayan Resources TBK		3,238,297			20.00	%		647,659			146,097		—			(76,380	)		717,376
S-Power Co., Ltd.		370,303			49.00	%		181,448			—		(1,076	)		—			180,372
Xe-Pian Xe-Namnoy<br>Power Co., Ltd.		435,809			25.00	%		108,953			305		(946	)		(35,247	)		73,065
PT. Mutiara Jawa		19,777			29.00	%		5,735			—		—			—			5,735
Noeul Green Energy Co., Ltd.		(13,223	)		29.00	%		(3,835	)		—		—			3,835			—
Goseong Green Power Co., Ltd.		1,004,588			29.00	%		291,331			—		(6,789	)		—			284,542
Gangneung Eco Power Co., Ltd.		692,281			29.00	%		200,761			46,872		(5,819	)		—			241,814
Shin Pyeongtaek Power Co., Ltd.		373,908			40.00	%		149,563			3,559		(14,064	)		1			139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,281			28.00	%		359			—		—			1			360
Dongducheon Dream Power Co., Ltd.		305,984			34.01	%		104,065			1,757		(1,889	)		(12,582	)		91,351
Jinbhuvish Power Generation Pvt. Ltd.		53,880			5.16	%		2,780			—		—			(2,780	)		—
Daejung Offshore Wind Power Co., Ltd.		3,199			46.59	%		1,490			—		—			—			1,490
GS Donghae Electric Power Co., Ltd.		821,859			34.00	%		279,432			—		—			—			279,432
Daegu Photovoltaic Co., Ltd.		8,742			29.00	%		2,535			—		—			—			2,535
Busan Green Energy Co., Ltd.		8,049			29.00	%		2,334			—		—			—			2,334
Hansuwon KNP Co., Ltd.		2,880			28.98	%		835			—		—			(161	)		674
Korea Electric Power Corporation Fund		13,609			98.09	%		13,349			—		—			4			13,353
Energy Infra Asset Management Co., Ltd.		12,808			9.90	%		1,268			—		—			—			1,268
YaksuESS Co., Ltd.		557			29.00	%		161			1		—			—			162
Nepal Water & Energy Development Company Private Limited		246,930			68.88	%		170,083			872		—			—			170,955
Gwangyang Green Energy Co., Ltd.		120,998			20.00	%		24,199			18		—			—			24,217
PND solar Co., Ltd.		5,455			29.00	%		1,582			154		—			(1	)		1,735
Hyundai Eco Energy Co., Ltd.		43,574			19.00	%		8,279			214		—			—			8,493
YeongGwang Yaksu Wind Electric Co., Ltd.		(406	)		9.63	%		(39	)		300		—			(220	)		41
Green Energy Electricity Generation Co., Ltd.		(4,050	)		29.00	%		(1,175	)		779		—			396			—
Korea Energy Solutions Co., Ltd.		985			20.00	%		197			—		—			—			197
ITR Co., Ltd.		(178	)		8.70	%		(15	)		—		—			15			—
STN Co., Ltd.		1,771			20.00	%		354			53		—			—			407
Indeck Niles Development, LLC		529,874			50.00	%		264,936			101,361		—			4,673			370,970
Indeck Niles Asset Management, LLC		179			33.33	%		60			—		—			—			60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1		12,487			49.00	%		6,119			—		—			—			6,119

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Associates>
Suwon New Power Co., Ltd.	~~W~~	2,089			30.15	%		630			—		284			—			914
Gwangbaek Solar Power Investment Co., Ltd.		10,999			44.00	%		4,839			316		—			—			5,155
Go deok Clean Energy Co., Ltd.		13,253			40.00	%		5,301			—		—			—			5,301
SureDataLab Co., Ltd.		199			23.95	%		48			—		—			—			48
SEP Co., Ltd.		(73	)		21.26	%		(15	)		—		—			15			—
Hankook Electric Power Information Co., Ltd.		1,390			16.16	%		225			—		—			(13	)		212
Tronix Co., Ltd.		1,165			12.50	%		146			—		—			—			146
O2&B Global Co., Ltd.		(32	)		20.00	%		(6	)		—		—			6			—
Muan Sunshine Solar Power Plant Co., Ltd.		11,389			20.00	%		2,278			494		—			—			2,772
Bigeum Resident Photovoltaic Power Co., Ltd.		28,951			27.31	%		7,908			—		—			—			7,908
Goesan Solar Park Co., Ltd.		10,805			29.00	%		3,133			—		—			—			3,133
Saemangeum Heemang Photovoltaic Co., Ltd.		43,993			35.00	%		15,398			739		—			—			16,137
Bitgoel Eco Energy Co., Ltd.		27,933			49.05	%		13,701			—		—			—			13,701
Jeju Gimnyeong Wind Power Co., Ltd.		832			30.00	%		250			—		—			—			250
Seoroseoro Sunny Power Plant Co., Ltd.		2,371			42.58	%		1,010			20		—			—			1,030
Muan Solar park Co., Ltd.		29,708			20.00	%		5,942			325		—			—			6,267
YuDang Solar Co., Ltd.		3,083			20.00	%		617			—		—			—			617
Anjwa Smart Farm & Solar City Co., Ltd.		37,405			20.00	%		7,482			816		—			—			8,298
KPE Green Energy Co., Ltd.		32,284			25.36	%		8,186			44		—			—			8,230
G.GURU Co., Ltd.		140			24.65	%		34			—		—			—			34
UD4M Co., Ltd.		849			14.29	%		121			—		—			—			121
Dongbu Highway Solar Co., Ltd.		2,306			20.00	%		462			50		—			—			512
Seobu Highway Solar Co., Ltd.		2,895			20.00	%		579			—		—			—			579
Korea Energy Data Co., Ltd.		78			29.37	%		23			—		—			—			23
Gangneung Sacheon Fuel Cell Co., Ltd.		22,485			41.00	%		9,219			87		—			—			9,306
Taebaek Gadeoksan Wind Power Co., Ltd.		67,376			34.00	%		22,909			—		—			—			22,909
Chuncheon Green Energy Co., Ltd.		39,152			45.00	%		17,619			53		—			—			17,672
Yeomsubong Wind Power Co., Ltd.		1,232			29.00	%		357			246		—			—			603
Yeongyang Wind Power Corporation II		30,639			30.00	%		9,191			2,110		—			—			11,301
Haeparang Energy Co., Ltd.		7,719			25.00	%		1,930			20		—			—			1,950
Saemangeum Sebit Power Plant Co., Ltd.		67,139			55.00	%		36,928			182		—			—			37,110
PlatformN. Co., Ltd.		(61	)		29.58	%		(18	)		—		—			18			—
PT. Cirebon Energi Prasarana		968,458			10.00	%		96,846			—		—			—			96,846
Green Radiation Co., Ltd.		(142	)		10.00	%		(14	)		3		—			11			—
Future Convergence Technology Laboratory. Co., Ltd.		107			20.12	%		22			—		—			—			22
Eco motion Co., Ltd.		1,146			20.00	%		229			—		—			—			229
REC’s Innovation Co., Ltd.		1,403			11.04	%		155			—		—			—			155
ACE		51			20.00	%		10			—		(5	)		—			5
Environment and Energy Co., Ltd.		31			10.54	%		3			—		—			—			3
Santiago Solar Power SpA		13,924			50.00	%		6,961			—		—			—			6,961
Yanggu Floating Photovoltaic Power Plant Inc.		2,918			29.00	%		846			—		—			—			846
Power Embedded		288			23.33	%		67			1		—			—			68
Changwon SG Energy Co., Ltd.		3,550			18.78	%		667			15		—			—			682
Donpyung Technology. Co., Ltd.		1,532			20.00	%		306			—		(25	)		—			281
HORANG ENERGY Inc.		8,959			40.00	%		3,584			224		—			—			3,808
Hoenggye Renewable Energy Co., Ltd		(736	)		36.12	%		(266	)		2,375		—			266			2,375
Haman Green Energy Co., Ltd.		8,029			35.00	%		2,810			—		—			—			2,810
Songsan Green Energy Co., Ltd.		13,062			60.00	%		7,837			71		—			—			7,908
SkyPic Inc.		130			20.00	%		26			—		—			—			26
HyChangwon Fuel Cell. Co., Ltd.		22,901			40.00	%		9,161			117		—			—			9,278
Dreams Co.,Ltd.		50			11.00	%		6			5		—			—			11
DEEPAI Co.,Ltd.		364			1.32	%		5			6		—			—			11
Amaala Sustainable Company for Energy LLC		196			10.00	%		20			—		—			(2	)		18

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the year ended December 31,2024
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential		Intercompany<br>transaction			Others			Bookvalue
<Joint ventures>
Shuweihat Asia Power Investment B.V.	~~W~~	176,432			49.00	%		86,450			—		—			—			86,450
Shuweihat Asia Operation & Maintenance Company		3,887			55.00	%		2,138			—		—			—			2,138
Waterbury Lake Uranium L.P.		80,042			29.68	%		23,756			—		—			—			23,756
ASM-BG Investicii AD		33,872			50.00	%		16,936			—		—			—			16,936
RES Technology AD		30,137			50.00	%		15,069			—		—			—			15,069
KV Holdings, Inc.		17,303			40.00	%		6,921			—		—			—			6,921
KEPCO SPC Power Corporation		265,231			60.00	%		159,139			—		—			—			159,139
Gansu Datang Yumen Wind Power Co., Ltd.		19,797			40.00	%		7,919			—		—			—			7,919
Datang Chifeng Renewable Power Co., Ltd.		511,290			40.00	%		204,516			—		—			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		120,811			40.00	%		48,325			—		—			—			48,325
Rabigh Electricity Company		778,404			40.00	%		311,362			—		(40,752	)		(717	)		269,893
Rabigh Operation & Maintenance Company Limited		20,778			40.00	%		8,311			—		—			—			8,311
Jamaica Public Service Company Limited		992,954			40.00	%		397,182			29,357		—			(13,923	)		412,616
KW Nuclear Components Co., Ltd.		42,075			45.00	%		18,934			—		—			(176	)		18,758
Busan Shinho Solar Power Co., Ltd.		27,972			25.00	%		6,993			—		—			—			6,993
Global Trade Of Power System Co., Ltd.		2,402			29.00	%		696			—		—			—			696
Expressway Solar-light Power Generation Co., Ltd.		11,541			50.00	%		5,771			—		—			—			5,771
Amman Asia Electric Power Company		448,107			60.00	%		268,864			—		—			—			268,864
KAPES, Inc.		41,522			51.00	%		21,176			—		(25,107	)		3,931			—
Honam Wind Power Co., Ltd.		16,556			29.00	%		4,801			32		—			—			4,833
Korea Power Engineering Service Co., Ltd.		20,873			29.00	%		6,054			—		—			—			6,054
Chun-cheon Energy Co., Ltd.		123,222			29.90	%		36,843			3		—			(247	)		36,599
Yeonggwangbaeksu Wind Power Co., Ltd.		24,827			15.00	%		3,723			6		—			—			3,729
Nghi Son 2 Power LLC		1,126,156			50.00	%		563,079			—		—			—			563,079
Kelar S.A.		229,196			65.00	%		148,978			3,389		—			—			152,367
PT. Tanjung Power Indonesia		287,370			35.00	%		100,580			—		—			—			100,580
Incheon New Power Co., Ltd.		1,040			29.00	%		302			—		—			—			302
Seokmun Energy Co., Ltd.		53,296			29.00	%		15,456			—		—			—			15,456
Daehan Wind Power PSC		42,655			50.00	%		21,327			—		—			—			21,327
Barakah One Company		(1,821,204	)		18.00	%		(327,817	)		—		153,104			174,713			—
Nawah Energy Company		2,179			18.00	%		392			—		—			—			392
MOMENTUM		586			33.33	%		195			—		—			—			195
Daegu Green Power Co., Ltd.		93,677			54.24	%		50,810			84		—			(20,381	)		30,513
Yeonggwang Wind Power Co., Ltd.		55,769			46.00	%		25,654			492		—			—			26,146
Chester Solar IV SpA		340			90.00	%		306			1,146		—			—			1,452
Chester Solar V SpA		(61	)		90.00	%		(55	)		317		—			—			262
Diego de Almagro Solar SpA		1,140			90.00	%		1,026			674		—			—			1,700
South Jamaica Power Company Limited		243,822			20.00	%		48,764			—		—			(4	)		48,760
Daesan Green Energy Co., Ltd.		72,374			35.00	%		25,331			—		—			—			25,331
RE Holiday Holdings LLC		179,562			50.00	%		89,780			—		—			—			89,780
RE Pioneer Holdings LLC		111,243			50.00	%		55,622			—		—			—			55,622
RE Barren Ridge 1 Holdings LLC		119,612			50.00	%		59,806			—		—			—			59,806
RE Astoria 2 LandCo LLC		16,238			50.00	%		8,119			—		—			—			8,119
RE Barren Ridge LandCo LLC		5,716			50.00	%		2,857			—		—			—			2,857
Laurel SpA		426			90.00	%		382			1,050		—			—			1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,586			12.37	%		4,155			9		—			(3,015	)		1,149
Cheong-Song Noraesan Wind Power Co., Ltd.		14,669			29.01	%		4,256			61		—			—			4,317
Chester Solar I SpA		1,481			90.00	%		1,333			316		—			—			1,649
Solar Philippines Calatagan Corporation		128,254			38.00	%		48,737			—		—			14,958			63,695
Saemangeum Solar Power Co., Ltd.		28,734			81.01	%		23,277			—		—			—			23,277
Chungsongmeon BongSan wind power Co., Ltd.		2,787			29.00	%		808			1,782		—			—			2,590

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Net assets			*Percentage ofownership ()**			Share in<br>net assets			Investment<br>differential			Intercompany<br>transaction			Others			Bookvalue
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.	~~W~~	7,052			29.00	%		2,045			—			—			—			2,045
DE Energia SpA		7,410			49.00	%		3,631			—			—			7,431			11,062
Dangjin Eco Power Co., Ltd.		78,018			34.00	%		26,526			341			—			—			26,867
Haemodum Solar Co., Ltd.		6,592			49.00	%		3,230			—			—			—			3,230
Yangyang Wind Power Co., Ltd.		23,193			50.00	%		11,597			43			—			—			11,640
HORUS SOLAR, S.A. DE C.V.		(13,996	)		14.95	%		(2,092	)		3,580			—			—			1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		15,257			14.95	%		2,281			2,171			—			—			4,452
SUNMEX RENOVABLES, S.A. DE C.V.		11,253			14.95	%		1,682			5			—			—			1,687
Stavro Holding II A.B.		82,293			20.00	%		16,459			—			—			—			16,459
Solaseado Solar Power Co., Ltd.		55,094			38.90	%		21,432			1,361			—			—			22,793
Yeongam Solar Power Co., Ltd.		58,182			19.00	%		11,055			773			—			—			11,828
Samsu Wind Power Co., Ltd.		15,003			19.00	%		2,851			—			—			—			2,851
Pulau Indah Power Plant Sdn. Bhd.		180,313			25.00	%		45,078			5,643			—			—			50,721
NH-Amundi Global Infrastructure Investment Private<br>Investment Trust 21		52,262			29.53	%		15,433			527			—			(527	)		15,433
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream		17,218			90.00	%		15,496			—			—			—			15,496
PT Barito Wahana Tenaga		678,043			30.61	%		207,565			—			—			—			207,565
Cheongna Energy Co., Ltd.		88,231			50.10	%		44,204			3,137			(1,183	)		—			46,158
Naepo Green Energy Co., Ltd.		152,705			29.20	%		44,590			—			—			3,441			48,031
Boim Combined Heat and Power Generation Co., Ltd.		(58,130	)		46.30	%		(27,938	)		—			(785	)		28,723			—
OneEnergy Asia Limited		1,099,591			40.00	%		439,837			25,512			—			—			465,349
KAS INVESTMENT I LLC		20,333			29.89	%		6,078			—			—			—			6,078
KAS INVESTMENT II LLC		20,205			29.89	%		6,040			—			—			—			6,040
Energyco Co., Ltd.		5,149			29.00	%		1,493			829			—			—			2,322
CAES, LLC		49,267			36.00	%		17,736			2,923			—			—			20,659
Hapcheon Floating Photovoltaic Power Plant Inc.		23,050			49.00	%		11,295			39			—			—			11,334
Busan Industrial Solar Power Co., Ltd.		3,103			28.02	%		870			290			—			—			1,160
Bitsolar Energy Co., Ltd.		(5,964	)		27.10	%		(1,616	)		352			—			1,264			—
Pulau Indah O&M Sdn. Bhd.		(1	)		40.00	%		—			—			—			—			—
Guadalupe Solar SpA		1,138			60.00	%		683			98			—			—			781
Omisan Wind Power Co., Ltd.		25,460			42.00	%		10,693			166			—			—			10,859
Foresight Iberian Solar Group Holding, S.L.		(7,763	)		75.00	%		(5,822	)		1,427			—			4,395			—
Yeongwol Eco Wind Co., Ltd.		(3,234	)		29.00	%		(938	)		1,828			—			—			890
Gurae Resident Power Co., Ltd.		984			29.00	%		285			48			—			—			333
Cheongju Eco Park Co., Ltd.		36,004			29.00	%		10,441			195			—			—			10,636
Enel X Midland Photovoltaic, LLC		13,575			20.00	%		2,715			—			—			—			2,715
Geumsungsan Wind Power Co., Ltd.		25,117			29.00	%		7,284			556			—			—			7,840
KEPCO KPS CARABAO Corp.		(609	)		40.00	%		(244	)		—			—			244			—
Prime Swedish Holding AB		80,748			45.00	%		36,336			1,223			—			—			37,559
Goheung New Energy Co., Ltd.		31,818			46.15	%		14,684			1,084			—			—			15,768
Gunsan Land Solar Co., Ltd.		40,603			51.94	%		21,090			—			—			2,073			23,163
CapMan Lynx SCA, SICAR		(131,471	)		50.00	%		(65,735	)		—			—			65,735			—
International Offshore Power Transmission Holding Company Limited		31,541			35.00	%		11,040			(2	)		—			—			11,038
Pyeongchang Wind Power Co., Ltd.		20,943			58.00	%		12,147			—			—			—			12,147
Eumseong Eco Park Co., Ltd.		38,058			29.00	%		11,036			577			—			—			11,613
Changwon Nu-ri Energy Co., Ltd.		12,549			61.00	%		7,655			3			—			—			7,658
PungBack Wind Farm Corporation		18,041			37.00	%		6,675			1,085			—			—			7,760
Trumbull Asset Management, LLC		1,662			78.00	%		1,297			—			—			—			1,297
S-Power Chile SpA		1			50.00	%		1			158			—			—			159
Seungmun Green Energy		38,620			33.00	%		12,745			—			—			—			12,745
Seobusambo highway photovoltaics Co., Ltd.		4,137			80.00	%		3,309			—			—			—			3,309

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(5)	The financial information of associates and joint ventures reconciled to the Group’s investments inconsolidated financial statements as of December 31, 2025 and 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of December 31, 2024
Investees	Net assets		*Percentage ofownership ()**			Share in<br>net assets		Investment<br>differential		Intercompany<br>transaction			Others			Bookvalue
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	~~W~~	29,801		29.00	%		8,643		—		—			—			8,643
KEPCO for Power Company		29,843		60.00	%		17,906		—		—			—			17,906
Taebaek Wind Power Co., Ltd.		24,599		60.00	%		14,759		—		—			—			14,759
Jeonju Bio Green Energy Co., Ltd.		3,949		65.00	%		2,566		—		—			—			2,566
Kumyang Eco Park Co., Ltd.		13,051		29.00	%		3,785		56		—			—			3,841
Jeongeup Green Power Co., Ltd.		15,979		44.86	%		7,167		1,679		—			—			8,846
Hadong E-factory Co., Ltd.		1,127		29.99	%		338		6		—			—			344
Namyangju Combined Heat and Power Co., Ltd.		73,575		70.10	%		51,575		193		—			—			51,768
Samchuck		19,128		25.54	%		4,885		—		—			(4,885	)		—
Wadi Noor Solar Power Company SAOC		11,268		50.00	%		5,634		9		(4,251	)		—			1,392
Fairhaven Energy Storage LLC		1,989		35.00	%		696		—		—			(696	)		—
Rutile BESS Holdings, LLC		3		50.00	%		1		—		—			—			1
Trumbull Development Partners, LLC		539,370		56.23	%		303,288		52,091		—			—			355,379
Imha Floating Photovoltaic Power Plant Inc.		12,866		49.00	%		6,305		46		—			—			6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED		170		50.00	%		85		—		—			—			85
Roof One Energy Co., Ltd.		4,096		48.00	%		1,966		34		—			—			2,000
(*)	The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks<br>and others.
---	---

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(6)	The share of losses of associates and joint ventures that has not been recognized due to the discontinuationof loss recognition as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025					As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Unrecognized equityinterest			Accumulated<br>unrecognizedequity interest		Unrecognizedequity interest			Accumulated<br>unrecognizedequity interest
Boim Combined Heat and Power Generation Co., Ltd.	~~W~~	2,394			31,117		769			28,723
Samcheok Eco Materials Co., Ltd.		(5	)		5,321		895			5,326
Barakah One Company		(174,713	)		—		33,994			174,713
KAPES, Inc.		6,877			10,808		916			3,931
ITR Co., Ltd.		(14	)		1		14			15
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(1,434	)		2,401		(1,377	)		3,835
PlatformN. Co., Ltd.		2			20		(44	)		18
KEPCO KPS CARABAO Corp.		(68	)		176		207			244
Bitsolar Energy Co., Ltd.		356			1,620		1,264			1,264
Green Energy Electricity Generation Co., Ltd.		(396	)		—		396			396
O2&B Global Co., Ltd.		14			20		6			6
Pulau Indah O&M Sdn. Bhd.		(1	)		—		1			1
Foresight Iberian Solar Group Holding, S.L. (*2)		5,407			9,802		4,395			4,395
Green Radiation Co., Ltd.,		(11	)		—		11			11
Hoenggye Renewable Energy Co., Ltd.,		(266	)		—		266			266
CapMan Lynx SCA, SICAR (*)		(31,090	)		—		31,090			31,090
G.GURU Co., Ltd.		2			2		—			—
International Offshore Power Transmission<br><br><br>Holding Company Limited		76			76		—			—
Jeju Gimnyeong Wind Power Co., Ltd.		76			76		—			—
Korea Energy Data Co., Ltd.		8			8		—			—
Wadi Noor Solar Power Company SAOC		711			711		—			—
Jaeun Resident Wind Power Plant Co., Ltd.		759			759		—			—
Lucy Equity Holdings, LLC		3,538			3,538		—			—
Remal First Holding Company		7,532			7,532		—			—
Naseem First Holding Company		8,170			8,170		—			—
KNOC Nigerian East Oil Co., Ltd. (*2)		(333	)		13,847		14,180			14,180
KNOC Nigerian West Oil Co., Ltd. (*2)		(306	)		12,732		13,038			13,038
(*1)	Liquidated during the period.
---	---
(*2)	Further share of losses exceeding the carrying amount of the investment is recognized against other long-term<br>interests, such as loans, that in substance form part of the net investment in the entity.
---	---

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of December 31, 2025, shareholders’ agreements on investments in associates and joint venturesthat 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 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)	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.

(vii)	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.

(viii)	Seokmun Green Energy

According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to the Group, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the Group, they may demand that the Group purchase their stakes in the future if certain conditions are met.

(ix)	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.

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of December 31, 2025, shareholders’ agreements on investments in associates and joint venturesthat may cause future economic resource or cash outflows are as follows, continued:
---	---
(x)	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.

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

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

(xii)	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.

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates and joint ventures as ofDecember 31, 2025 are as follows:
---	---
Company	Nature and extent of any significantrestrictions
---	---
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<br>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<br>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<br>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<br>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<br>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<br>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<br>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.
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<br>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<br>satisfied.

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofDecember 31, 2025 are as follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Yeonggwangbaeksu Wind Power<br> <br>Co.,<br>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<br>interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Yeonggwang Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jamaica Public Service Company Limited	Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
PT. Tanjung Power Indonesia	Dividends can only be paid when all conditions of the loan agreement are satisfied.
Daesan Green Energy Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Taebaek Gadeoksan Wind Power<br> <br>Co.,<br>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<br>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<br>partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, and Unison Co., Ltd. shall not transfer their shares to<br>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<br>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<br>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<br>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<br>obtained.
Seokmun Green Energy	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
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<br>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<br>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.
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<br>financial institutions.

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofDecember 31, 2025 are as follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
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<br>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<br>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<br>wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.
YuDang Solar Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>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<br>partially transferred without prior written consent of the financial institutions.
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<br>financial institutions.
Hapcheon Floating Photovoltaic Power Plant Inc.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>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<br>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<br>wholly or partially transferred without prior written consent of the financial institutions.
Gunsan Land Solar Co., Ltd.	Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially<br>transferred without prior written consent of the financial institutions. 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<br>partially transferred without prior written consent of the financial institutions.
PungBack Wind Farm Corporation	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>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<br>wholly or partially transferred without prior written consent of the financial institutions.

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

17.	Investments in Associates and Joint Ventures, Continued
(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as ofDecember 31, 2025 are as follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Haman Green Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent<br>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<br>written consent of the financial institutions.
Jeongeup Green Power Co., Ltd.	Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan<br>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<br>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.	Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.
Gangneung Eco Power Co., Ltd.	Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.
S-Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.
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 stakeholders.
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<br>transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.
Roof One Energy Co., Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Amaala Sustainable Company for Energy LLC	Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.
Namjeju Bitdream Energy Co., Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Cheonwang Green Energy Co., Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haetbyeotgil Solar Co., Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Luluah SKY Energy Holding Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

18.	Property, Plant and Equipment
(1)	Property, plant and equipment as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land	~~W~~	14,867,112		(27,392	)		—			(30,756	)		14,808,964
Buildings		27,544,929		(38,077	)		(13,779,225	)		(7,119	)		13,720,508
Structures		93,340,759		(149,558	)		(40,552,716	)		(18,678	)		52,619,807
Machinery		126,564,408		(94,337	)		(70,384,493	)		(546,317	)		55,539,261
Ships		17,870		—			(9,199	)		—			8,671
Vehicles		538,604		(2,683	)		(402,753	)		(116	)		133,052
Equipment		2,641,393		(1,868	)		(2,191,439	)		(376	)		447,710
Tools		1,495,250		(982	)		(1,305,965	)		(1	)		188,302
Construction-in-progress		36,779,508		(230,573	)		—			(22,795	)		36,526,140
Right-of-use<br>assets		5,441,389		—			(2,809,452	)		—			2,631,937
Asset retirement costs		18,347,513		—			(9,302,981	)		(146,422	)		8,898,110
Others		18,380,931		—			(16,151,855	)		—			2,229,076
	~~W~~	345,959,666		(545,470	)		(156,890,078	)		(772,580	)		187,751,538
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land	~~W~~	14,577,296		(27,403	)		—			(29,241	)		14,520,652
Buildings		26,217,223		(41,718	)		(12,812,659	)		(7,103	)		13,355,743
Structures		89,573,695		(149,737	)		(37,762,078	)		(18,678	)		51,643,202
Machinery		122,610,077		(105,546	)		(65,120,941	)		(533,405	)		56,850,185
Ships		17,870		—			(7,336	)		—			10,534
Vehicles		452,812		(2,745	)		(371,245	)		(116	)		78,706
Equipment		2,512,223		(3,915	)		(2,073,752	)		(375	)		434,181
Tools		1,428,994		(1,306	)		(1,255,257	)		(1	)		172,430
Construction-in-progress		31,307,153		(223,566	)		—			(22,795	)		31,060,792
Right-of-use<br>assets		6,031,076		—			(2,984,680	)		—			3,046,396
Asset retirement costs		18,283,796		—			(8,388,929	)		(146,423	)		9,748,444
Others		17,198,254		—			(15,136,756	)		—			2,061,498
	~~W~~	330,210,469		(555,936	)		(145,913,633	)		(758,137	)		182,982,763

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for each of the two years in the period ended December 31,2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending<br>balance
Land	~~W~~	14,548,055			3,397		(14,757	)		—			—			299,661			14,836,356
(Government grants)		(27,403	)		—		11			—			—			—			(27,392	)
Buildings		13,397,461			29,671		(27,419	)		(1,008,638	)		(16	)		1,367,526			13,758,585
(Government grants)		(41,718	)		—		4			3,937			—			(300	)		(38,077	)
Structures		51,792,939			8,593		(304,274	)		(3,015,461	)		—			4,287,568			52,769,365
(Government grants)		(149,737	)		—		687			9,552			—			(10,060	)		(149,558	)
Machinery		56,955,731			477,443		(238,182	)		(6,371,551	)		(14,246	)		4,824,403			55,633,598
(Government grants)		(105,546	)		—		384			15,011			—			(4,186	)		(94,337	)
Ships		10,534			—		—			(1,863	)		—			—			8,671
Vehicles		81,451			5,482		(108	)		(49,732	)		—			98,642			135,735
(Government grants)		(2,745	)		—		6			1,309			—			(1,253	)		(2,683	)
Equipment		438,096			88,890		(166	)		(212,174	)		—			134,932			449,578
(Government grants)		(3,915	)		—		—			2,119			—			(72	)		(1,868	)
Tools		173,736			36,172		(48	)		(78,791	)		—			58,215			189,284
(Government grants)		(1,306	)		—		—			437			—			(113	)		(982	)
Construction-in-progress		31,284,358			15,728,954		(65	)		—			—			(10,256,534	)		36,756,713
(Government grants)		(223,566	)		4,685		—			—			—			(11,692	)		(230,573	)
Right-of-use<br>assets		3,046,396			100,430		(5,876	)		(477,663	)		—			(31,350	)		2,631,937
Asset retirement costs		9,748,444			—		—			(1,437,687	)		—			587,353			8,898,110
Others		2,061,498			2,849		—			(1,007,904	)		—			1,172,633			2,229,076
	~~W~~	182,982,763			16,486,566		(589,803	)		(13,629,099	)		(14,262	)		2,515,373			187,751,538

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for each of the two years in the period ended December 31,2025 are as follows, continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending<br>balance
Land	~~W~~	14,398,088			28,390		(38,162	)		—			—			159,739			14,548,055
(Government grants)		(27,404	)		—		1			—			—			—			(27,403	)
Buildings		13,360,204			3,767		(13,366	)		(984,288	)		(1,351	)		1,032,495			13,397,461
(Government grants)		(46,227	)		—		—			4,508			—			1			(41,718	)
Structures		50,890,001			16,201		(303,046	)		(2,873,012	)		(9,154	)		4,071,949			51,792,939
(Government grants)		(157,881	)		—		1,330			9,458			—			(2,644	)		(149,737	)
Machinery		53,817,046			341,652		(199,670	)		(6,311,423	)		(735	)		9,308,861			56,955,731
(Government grants)		(119,824	)		—		522			16,076			—			(2,320	)		(105,546	)
Ships		12,365			—		—			(1,865	)		—			34			10,534
Vehicles		83,374			4,311		(223	)		(43,837	)		—			37,826			81,451
(Government grants)		(2,837	)		—		8			1,233			—			(1,149	)		(2,745	)
Equipment		430,875			84,020		(236	)		(210,376	)		—			133,813			438,096
(Government grants)		(5,932	)		—		—			2,118			—			(101	)		(3,915	)
Tools		164,474			32,825		(68	)		(82,603	)		—			59,108			173,736
(Government grants)		(62	)		—		—			341			—			(1,585	)		(1,306	)
Construction-in-progress		32,008,502			14,335,323		—			—			—			(15,059,467	)		31,284,358
(Government grants)		(173,474	)		6,806		75			—			—			(56,973	)		(223,566	)
Right-of-use<br>assets		3,363,743			132,495		(2,252	)		(538,995	)		—			91,405			3,046,396
Asset retirement costs		9,733,574			—		—			(1,809,280	)		—			1,824,150			9,748,444
Others		2,146,930			1,704		—			(1,011,161	)		—			924,025			2,061,498
	~~W~~	179,875,535			14,987,494		(555,087	)		(13,833,106	)		(11,240	)		2,519,167			182,982,763
(3)	For the year ended December 31, 2025, the Group’s subsidiaries including Korea<br>Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, ~~W~~7,038 million (~~W~~101,609 million for the year ended<br>December 31, 2024) was recognized as revenue and ~~W~~23,041 million (~~W~~77,549 million for the year ended December 31, 2024) was recognized as cost of sales in profit or loss, respectively.<br>
---	---

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

19.	Investment Properties
(1)	Investment properties as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulateddepreciation			Book<br>value
Land	~~W~~	218,041		—			—			218,041
Buildings		38,311		(22	)		(17,558	)		20,731
	~~W~~	256,352		(22	)		(17,558	)		238,772
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulateddepreciation			Book<br>value
Land		~~W~~210,509		—			—			210,509
Buildings		32,517		(22	)		(14,020	)		18,475
		~~W~~243,026		(22	)		(14,020	)		228,984

(2) Changes in investment properties for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won	For the year ended December 31, 2025
	Beginningbalance			Disposal		Depreciation			Others		Endingbalance
Land	~~W~~	210,509			—		—			7,532		218,041
Buildings		18,497			—		(1,082	)		3,338		20,753
(Government grants)		(22	)		—		—			—		(22	)
	~~W~~	228,984			—		(1,082	)		10,870		238,772
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Disposal		Depreciation			Others			Endingbalance
Land	~~W~~	172,594			—		—			37,915			210,509
Buildings		12,955			—		(683	)		6,225			18,497
(Government grants)		(22	)		—		1			(1	)		(22	)
	~~W~~	185,527			—		(682	)		44,139			228,984

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

19.	Investment Properties, Continued
(3)	Income and expenses related to investment properties for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Rental income	~~W~~	12,394			11,594
Operating and maintenance expenses related to rental income		(1,103	)		(716	)
	~~W~~	11,291			10,878
(4)	Fair values of investment properties as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Book value		Fair value		Book value		Fair value
Land	~~W~~	218,041		363,922		210,509		337,379
Buildings		20,731		24,126		18,475		19,094
	~~W~~	238,772		388,048		228,984		356,473

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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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

20.	Construction Contracts
(1)	Changes in the total contract amount in which revenue is not yet recognized for each of the two years in theperiod ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognizedas<br>revenue			Endingbalance
Nuclear power plant construction in overseas and others	~~W~~	6,136,773		28,724,681		(673,693	)		34,187,761
(*)	For the year ended December 31, 2025, the increased balance of contracts from new orders is<br>~~W~~ 29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~ 993,479 million.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognizedas<br>revenue			Endingbalance
Nuclear power plant construction in overseas and others	~~W~~	5,795,600		1,190,281		(849,108	)		6,136,773
(*)	For the year ended December 31, 2024, the increased balance of contracts from new orders is<br>~~W~~1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~109,000 million.
---	---
(2)	Accumulated earned revenue, expense and others related to the Group’s construction contracts inprogress as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>Profit (loss)			Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	23,954,612		25,468,062		(1,513,450	)		102,359
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>profit		Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	24,255,432		24,008,579		246,853		80,069

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

20.	Construction Contracts, Continued
(3)	The gross amounts due from customers recognized as contract assets and due to customers recognized ascontract liabilities for contract works as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	*Contractassets (1)**		*Contractliabilities (2)**		*Contractassets (1)**		*Contractliabilities (2)**
Nuclear power plant construction in overseas and others	~~W~~	538,057		363,521		1,159,085		161,778
(*1)	Included in trade and other receivables, net, in the consolidated statements of financial position.<br>
---	---
(*2)	Included in non-financial liabilities as advance received in the<br>consolidated statements of financial position. The revenue recognized for the year ended December 31, 2025 from the amounts included in contract liabilities at the end of the prior year was ~~W~~134,174 million.<br>
---	---
(4)	The contracts with customers state that the disclosure of information related to UAE nuclear power plant<br>construction project, Egypt Eldaba nuclear power plant construction projects, construction of retubing and refurbishment for Cernavoda NPP Unit1 refurbishment project in Romania, and Dukovany nuclear power plant construction projects (Units 5 and 6)<br>in the Czech Republic, such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not disclose such<br>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<br>consolidated financial statements.
---	---
	Contract date		Completion date
---	---	---	---	---
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029
Construction of Retubing and Refurbishment for Cernavoda NPP Unit1 Refurbishment Project in<br>Romania		December 19, 2024		June 30, 2030
Dukovany nuclear power plant construction projects (Units 5 and 6) in the Czech Republic<br>(*)		June 17, 2025		—
(*)	The completion date of the Dukovany New Nuclear Power Plant (Units 5 and 6) Project is exempt from disclosure<br>pursuant to the laws of the Czech Republic.
---	---
(5)	The Group is in discussion with the contracting parties about the prolongation costs and liquidated<br>damages for the UAE nuclear power plant project. As of December 31, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.
---	---
(6)	The operating segment information related to the contracts for which the Group recognizes revenue based onthe percentage-of-completion on a cost-based input method for the year ended December 31, 2025 is as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Effect from changes in accounting estimates															Contract assets from<br>construction contracts				Trade receivables from<br>construction contracts
	Expectedloss onconstructioncontracts		The effecton profit orloss ofchanges inestimatesof contractrevenue andcontractcosts			Amountsrecognizedin current<br>profit orloss			Amountsto berecognizedin futureprofit orloss			Changes inestimated totalcontract costs		Revenue<br>recognized fromperformance<br>obligations satisfiedin previous periods		Gross		Allowance<br>fordoubtful<br>accounts		Gross		Allowance<br>fordoubtful<br>accounts
Transmission and distribution	~~W~~	12,814		(227,497	)		(227,473	)		(24	)		321,193		—		351,593		—		—		—
Electric power generation (Nuclear)		1,434,601		(2,465,749	)		(1,537,333	)		(928,416	)		1,730,523		—		116,720		—		117,102		—
Plant maintenance & engineering Service and others		2,268		10,099			(12,722	)		22,821			13,494		14,514		67,033		1		45,890		13,336
Others		—		—			—			—			—		—		2,711		—		18,631		49
	~~W~~	1,449,683		(2,683,147	)		(1,777,528	)		(905,619	)		2,065,210		14,514		538,057		1		181,623		13,385

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

21.	Intangible Assets other than Goodwill
(1)	Intangible assets as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software	~~W~~	1,237,800		(804	)		(1,064,876	)		(19	)		172,101
Copyrights, patents rights and other industrial rights		57,100		—			(42,168	)		—			14,932
Mining rights		626,449		—			(16,125	)		(601,636	)		8,688
Development expenditures		1,033,744		(540	)		(965,175	)		—			68,029
Intangible assets under development		125,687		(5,044	)		—			—			120,643
Usage rights of donated assets and others		602,139		—			(470,762	)		(136	)		131,241
Leasehold rights		28,185		—			(25,959	)		(538	)		1,688
Greenhouse gas emissions rights		108,300		—			—			—			108,300
Others		631,396		(136	)		(243,363	)		(12,224	)		375,673
	~~W~~	4,450,800		(6,524	)		(2,828,428	)		(614,553	)		1,001,295
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software	~~W~~	1,156,641		(844	)		(976,633	)		(19	)		179,145
Copyrights, patents rights and other industrial rights		107,040		—			(71,231	)		(9,178	)		26,631
Mining rights		670,083		—			(66,938	)		(573,723	)		29,422
Development expenditures		1,011,550		(939	)		(937,877	)		—			72,734
Intangible assets under development		96,544		(3,473	)		—			(8,903	)		84,168
Usage rights of donated assets and others		592,680		—			(459,165	)		(136	)		133,379
Leasehold rights		28,185		—			(25,216	)		(538	)		2,431
Greenhouse gas emissions rights		135,534		—			—			—			135,534
Others		620,366		(229	)		(224,410	)		(12,253	)		383,474
	~~W~~	4,418,623		(5,485	)		(2,761,470	)		(604,750	)		1,046,918

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

21.	Intangible Assets other than Goodwill, Continued
(2)	Changes in intangible assets for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	179,989			23,008		(2,267	)		(89,309	)		40			61,444			172,905
(Government grants)		(844	)		—		—			342			—			(302	)		(804	)
Copyrights, patents rights and other industrial rights		26,631			390		(12	)		(4,937	)		(8,348	)		1,208			14,932
Mining rights		29,422			30		(972	)		(1,569	)		—			(18,223	)		8,688
Development expenditures		73,673			—		—			(27,901	)		—			22,797			68,569
(Government grants)		(939	)		—		—			496			—			(97	)		(540	)
Intangible assets under development		87,641			75,291		—			—			(30	)		(37,215	)		125,687
(Government grants)		(3,473	)		—		—			—			—			(1,571	)		(5,044	)
Usage rights of donated assets and others		133,379			—		—			(11,599	)		—			9,461			131,241
Leasehold rights		2,431			—		—			(743	)		—			—			1,688
Greenhouse gas emissions rights		135,534			1,523		—			—			—			(28,757	)		108,300
Others		383,703			2,251		(1,350	)		(23,483	)		(58	)		14,746			375,809
(Government grants)		(229	)		—		—			93			—			—			(136	)
	~~W~~	1,046,918			102,493		(4,601	)		(158,610	)		(8,396	)		23,491			1,001,295
In millions of won	For the year ended December 31, 2024
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	197,841			18,249		(4	)		(88,985	)		—			52,888			179,989
(Government grants)		(413	)		—		—			229			—			(660	)		(844	)
Copyrights, patents rights and other industrial rights		23,491			576		(44	)		(4,846	)		—			7,454			26,631
Mining rights		32,165			—		(100	)		(5,798	)		—			3,155			29,422
Development expenditures		55,434			—		—			(25,830	)		—			44,069			73,673
(Government grants)		(2,121	)		—		—			1,364			—			(182	)		(939	)
Intangible assets under development		86,013			69,878		—			(14	)		—			(68,236	)		87,641
(Government grants)		(2,458	)		—		—			—			—			(1,015	)		(3,473	)
Usage rights of donated assets and others		145,251			36		—			(11,903	)		—			(5	)		133,379
Leasehold rights		3,929			—		—			(960	)		(538	)		—			2,431
Greenhouse gas emissions rights		107,086			123		—			(416	)		—			28,741			135,534
Others		388,088			3,997		(394	)		(26,501	)		(364	)		18,877			383,703
(Government grants)		(322	)		—		—			93			—			—			(229	)
	~~W~~	1,033,984			92,859		(542	)		(163,567	)		(902	)		85,086			1,046,918

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

21.	Intangible Assets other than Goodwill, Continued
(3)	Significant specific intangible assets as of December 31, 2025 and 2024 are as follows:
---	---

In millions of won and thousands of Australian dollars

As of December 31,2025
Type	Description	Currency		Amount		Remaining useful lives
Software	S/4HANA ERP license		KRW		2,810	1 years and 11 months
Mining rights	Mining rights of Bylong mine		AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		4,159	11 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		4,745	4 years and 6 months
Others	Occupancy and use of public waters		KRW		59,977	11 years and 1 month
	Greenhouse gas emissions rights		KRW		108,300	—
	Business rights		KRW		143,216	24 years and 11 months
(*)	The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia<br>Pty., Ltd. had recognized impairment losses in full.
---	---

In millions of won and thousands of Australian dollars

As of December 31,2024
Type	Description	Currency		Amount		Remaining useful lives
Software	S/4HANA ERP license		KRW		4,276	2 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC		KRW		12,523	3 years
Mining rights	Mining rights of Bylong mine		AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		8,697	1 year and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		5,799	5 years and 6 months
Others	Occupancy and use of public waters		KRW		65,389	12 years and 1 month
	Greenhouse gas emissions rights		KRW		135,534	—
	Business rights		KRW		143,216	24 years and 11 months
(*) The carrying amount of mining rights is nil, because KEPCO Australia<br>Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.
---
(4)	For each of the two years in the period ended December 31, 2025, the Group recognized<br>research and development expenses of ~~W~~794,917 million and ~~W~~773,931 million, respectively.
---	---

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

22.	Trade and Other Payables

Trade and other payables as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31. 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Trade payables	~~W~~	3,543,008		—		4,494,504		—
Non-trade payables		2,413,056		1,298,781		2,224,036		1,432,421
Accrued expenses		2,066,595		39,309		1,983,697		22,259
Leasehold deposits received		5,448		956		3,211		3,237
Other deposits received		82,116		38,788		97,276		45,012
Lease liabilities		510,105		2,640,775		603,492		3,095,964
Dividends payable		1,319		—		5,063		—
Others (*)		24		10,199		36		10,348
	~~W~~	8,621,671		4,028,808		9,411,315		4,609,241
(*)	Details of others as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31. 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Advance received from local governments	~~W~~	—		2,689		—		2,689
Others		24		7,510		36		7,659
	W	24		10,199		36		10,348

157

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities
(1)	Borrowings and debt securities as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31. 2025			As of December 31, 2024
---	---	---	---	---	---	---
Current liabilities
Short-term borrowings	~~W~~	9,979,420			9,122,792
Current portion of long-term borrowings		8,744,156			8,434,330
Current portion of debt securities		27,173,916			26,908,467
Less: current portion of discount on long-term borrowings		(2,054	)		(16,537	)
Less: current portion of discount on debt securities		(8,468	)		(7,100	)
		45,886,970			44,441,952
Non-current liabilities
Long-term borrowings		3,317,261			3,153,867
Debt securities		80,769,677			85,149,391
Less: discount on long-term borrowings		(42,487	)		(35,071	)
Less: discount on debt securities		(162,129	)		(176,739	)
		83,882,322			88,091,448
	~~W~~	129,769,292			132,533,400
(2)	Repayment schedules of borrowings and debt securities as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---
	As of December 31. 2025
Type	Borrowings		Debt Securities
Less than 1 year		~~W~~18,723,576		27,173,916
1~ 5 years		1,268,982		59,991,872
More than 5 years		2,048,279		20,777,805
		~~W~~22,040,837		107,943,593
In millions of won
---	---	---	---	---
	As of December 31, 2024
Type	Borrowings		Debt Securities
Less than 1 year		~~W~~17,557,122		26,908,467
1~ 5 years		1,488,840		63,087,182
More than 5 years		1,665,027		22,062,209
		~~W~~20,710,989		112,057,858

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(3)	Short-term borrowings as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
		As of December 31, 2025
Type	Creditor	Interest rate (%)		Maturity	Foreign<br>currency
Local short-term borrowings	Yuanta Securities Co., Ltd. and others		2.82 ~ 3.65	2026.01.02 ~ 2026.05.18		—	7,018,433
Local short-term borrowings	Nonghyup Bank and others		3M CD + 0.62 ~<br>0.80	2026.05.27 ~ 2026.07.11		—	2,600,000
Local short-term borrowings	Korea Development Bank		Short-term loan base<br>interest rate + 1.03	2026.02.24		—	30,000
Local short-term borrowings	Export-Import Bank of Korea		2.97 ~ 3.30	2026.09.18 ~ 2026.12.29		—	30,000
Foreign short-term borrowings	Hana Bank and others		SOFR(1M) + 0.40 ~ 0.90	2026.08.11 ~ 2026.11.25		49,165	70,547
Local bank overdraft	Nonghyup Bank		3.26	2026.01.08		—	183,300
Local bank overdraft	Hana Bank		1yr bank debenture<br> <br>rate+1.07	2026.10.31		—	47,140
							9,979,420

All values are in US Dollars.

In millions of won and thousands of	As of December 31, 2024
Type	Interest rate (%)		Maturity		Foreign<br>currency
Local short-term borrowings		3.27 ~ 4.60		2025.01.07 ~ 2025.12.31		—	4,953,348
Local short-term borrowings		3M CD + 0.23 ~<br> <br>0.65 4.17		2025.01.02<br> <br>~ 2025.11.20		—	3,934,600
Foreign short-term borrowings		SOFR(1M) + 0.90		2025.08.12		40,000	58,800
Local bank overdraft		3.85		2025.04.28		—	100,000
Local bank overdraft		Standard overdraft rate +<br>1.37 4.20		2025.02.21 ~ 2025.03.28		—	76,044
							9,122,792

All values are in US Dollars.

159

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
		As of December 31, 2025
Type		Interest rate (%)	Maturity	Foreign<br>currency		Localcurrency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	~~W~~	1,097
	Facility	4.60~4.94	2028~2042		—		46,340
	Facility	CB rate+0.90	2029		—		7,457
Hana Bank and others	Commercial Paper	3M CD + 0.31~1.20	2025~2030		—		8,350,000
	Facility	4.60	2028		—		3,578
	Facility	3yr KTB rate-1.25	2025~2028		—		1,827
Export-Import Bank of<br><br><br>Korea	Project loans	1.00	2026		—		1,473
	Facility	1.32	2026~2028		—		48,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25<br> <br>1.75	2028		—		6,438
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		10,586
	Others	3.95	2034		—		61,820
	Others	Standard overdraft rate+1.00	2034		—		61,820
Kookmin Bank	Facility	4.36~5.93	2030~2037		—		161,114
Woori Bank	Facility	3M CD+1.90<br>4.66~5.20	2034~2042		—		92,963
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	5.60~5.70	2030~2041		—		39,093
Others	Facility	3.30~6.80	2028~2042		—		768,821
	Facility	CB rate+1.10<br> <br>1.75~5.70	2028~2041		—		20,549
	Others	4.40~7.90	2038~2039		—		79,296
	Others	2.00~5.41	2031~2034		—		49,819
						~~W~~	9,893,978

160

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
		As of December 31, 2025
Type		Interest rate (%)	Maturity		Foreign<br>currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		8,744	12,546
Export-Import Bank of Korea and others	Direct Loan and others	6.72~8.12		2036		65,616	94,152
	Direct Loan and others	6M Synthetic Libor<br>+2.25~3.70		2027		32,621	46,808
	Facility	SOFR+0.43~1.83		2029~2031		125,556	180,160
	Facility	SOFR+0.78		2029		SAR 517,167	197,847
POSCO E&C and others	Shareholder’s Loan	8.00		2026		4,086	5,863
	Shareholder’s Loan	8.00		2031		6,845	9,822
NH-Amundi	Syndicated Loan	8.00		2032		491,448	4,510
SMTB	Syndicated Loan	((0.55%+TIBOR 6M)×40%)<br>+(1.8225%×60%)		2036		5,792,647	53,155
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		36,060	60,786
MUFGBank	Facility	SOFR(3M)+1.60~1.99<br>SOFR(6M)+5.00<br>5.67~6.18		2026~2032		801,862	1,150,592
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2038		60,818	87,267
Shinhan Bank	Facility	1M BBSY+1.40~2.25		2026		AUD 223,008	214,315
Nonghyup Bank and others	Facility	10.40		2039		34,577	49,616
							2,167,439
							12,061,417
Less: discount on long-term borrowings							(44,541	)
Less: current portion of long-term borrowings							(8,744,156	)
Add: current portion of discount on long-term borrowings							2,054
							3,274,774

All values are in US Dollars.

161

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---
		As of December 31, 2024
Type		Interest rate (%)	Maturity		Foreign<br>currency		Localcurrency
Local long-term borrowings
Korea Development Bank	Others	0.50		2025~2044		—	~~W~~	1,424
	Facility	2.60~4.94		2025~2042		—		51,960
	Facility	CB rate+0.90		2029		—		9,486
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20		2025~2029		—		7,550,000
	Facility	4.60		2028		—		4,904
	Facility	3yr KTB rate-1.25		2028		—		2,492
Export-Import Bank of Korea	Project loans	1.00		2026		—		4,419
	Facility	1.32		2025~2028		—		64,000
	Operating funds	3M bank debenture<br>rate+0.66		2026		—		50,000
Korea Energy Agency	Development of power<br> <br>resources	3yr KTB rate-2.25<br> <br>1.75		2025~2028		—		7,494
	Project loans	—		2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10		2028~2029		—		13,995
	Operating funds	6M bank debenture<br>rate+0.93~1.03		2025~2027		—		50,000
	Others	3.95		2034		—		67,733
	Others	Standard overdraft rate+1.00		2034		—		67,733
Kookmin Bank	Facility	3M CD+1.79<br> <br>5.53~5.63		2030~2037		—		167,945
	Operating funds	1yr bank debenture<br>rate+0.78		2025		—		20,000
Woori Bank	Facility	3M CD+1.90<br>5.12~5.61		2034~2042		—		100,071
IBK	Facility	4.00~5.80		2042~2044		—		30,690
Nonghyup Bank	Facility	5.53~5.63		2030~2041		—		36,351
Others	Facility	3.30~6.80		2028~2042		—		801,687
	Facility	CB rate+1.10 2.25~5.63		2028~2041		—		24,517
	PF Refinancing	CB rate+1.25		2030		—		5,726
	PF Refinancing	4.10		2030		—		15,905
	Securitized debts (*)	3M CD+1.80		2025		—		54,236
	Others	4.40~7.90		2025~2039		—		113,362
	Others	2.00~6.15		2031~2034		—		49,826
							~~W~~	9,367,153

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of December 31, 2025 and 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
		As of December 31, 2024
Type		Interest rate (%)		Foreign<br>currency		Localcurrency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026	USD	8,744	~~W~~	12,853
Export-Import Bank of Korea and others	Direct Loan and others	6M SyntheticLibor+1.80~3.20	2036	USD	72,163		106,080
	Direct Loan and others	6M SyntheticLibor+2.25~3.70	2027	JOD	44,126		91,437
	Facility	SOFR+0.43 1M SOFR+1.83	2029~2031	USD	112,672		165,628
Korea Development Bank and others	EBL	1M SOFR+0.86	2025	USD	149,592		219,900
POSCO E&C and others	Shareholder’s loan	5.60~8.00	2025~2026	USD	10,145		14,914
	Shareholder’s loan	8.00	2031	JOD	4,853		10,056
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00	2025~2032	JPY	3,937,987		36,878
Woori Bank and others	Syndicated Loan	6M Tibor+1.84	2025	JPY	2,178,069		20,397
Solar Construction <br>Lending, LLC	Facility	5.00	2025	USD	28,303		41,605
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90	2029	EUR	38,139		58,304
IFC and others	Facility	3M SOFR+1.60~1.996M SOFR+5.006.19~7.22	2026~2032	USD	772,852		1,136,092
Hanwha US Solar Private Fund 1 and others	Facility	6.00	2038	USD	60,743		89,292
DBS Bank and others	Facility	1M BBSY+1.40~2.25	2025	AUD	178,729		163,301
Nonghyup Bank and others	Facility	10.40	2039	USD	36,943		54,307
							2,221,044
							11,588,197
Less: discount on long-term borrowings							(51,608	)
Less: current portion of long-term borrowings							(8,434,330	)
Add: current portion of discount on long-term borrowings							16,537
						~~W~~	3,118,796

All values are in Japanese Yen.

(*)	The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:<br>
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.

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(5)	Local debt securities as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---
	Issue date		Maturity		Interest rate(%)		As of December 31,2025			As of December 31,2024
Electricity Bonds		2012.03.27~2025.11.06		2026.01.03~2052.04.21		1.48~5.69	~~W~~	59,850,000			63,960,000
Corporate Bonds (*)		2009.10.16~2025.12.01		2026.01.16~2054.06.28		1.29~10.00		29,957,353			28,727,353
Corporate Bonds		2021.05.26~2023.12.28		2041.05.25~2043.09.15		1.75~3.78		41,578			41,578
								89,848,931			92,728,931
Less: discount on local debt securities								(52,559	)		(51,149	)
Less: current portion of local debt securities								(21,801,584	)		(22,621,584	)
Add: current portion of discount on local debt securities								2,163			2,124
							~~W~~	67,996,951			70,058,322
(*)	Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds,<br>amounting to ~~W~~1,584 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<br>date.
---	---

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
			December 31, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign<br>currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95	USD	278,701	~~W~~	399,908
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		451,587
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		411,702
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		143,490
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		430,470
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		67,429
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		70,187
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		304,277
FY-19	2019.07.19	2027.07.19	0.05	CHF	100,000		181,197
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	310,682		445,798
FY-20	2020.08.03	2026.02.03	0.61	USD	300,000		430,470
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		645,705
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		717,450
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		430,470
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		430,470
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		430,470
FY-22	2022.06.14	2027.06.14	4.00	USD	300,000		430,470
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		1,004,430
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,147,920
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		433,364
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		191,233
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		502,215
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		717,450
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,434,900
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		430,470
FY-24	2024.01.31	2027.01.31	4.88	USD	1,200,000		1,721,880
FY-24	2024.07.29	2029.07.29	4.63	USD	500,000		717,450
FY-25	2025.02.13	2028.02.13	4.75	USD	400,000		573,960
FY-25	2025.03.05	2028.03.05	4.10	HKD	1,166,000		215,022
FY-25	2025.07.30	2030.07.30	SOFR+0.79	USD	500,000		717,450
FY-25	2025.11.04	2031.05.04	4.00	USD	300,000		430,470
FY-25	2025.11.12	2028.11.12	Compounded Daily SOFR+0.62	USD	600,000		860,939
FY-25	2025.11.12	2030.11.12	4.13	USD	400,000		573,959
							18,094,662
Less: discount on foreign debt securities							(118,038	)
Less: current portion of foreign debt securities							(5,372,332	)
Add: current portion of discount on foreign debt securities							6,305
						~~W~~	12,610,597

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of December 31, 2025 and 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
			As of December 31, 2024
Type	Issue date	Maturity	Interest rate (%)	Foreign<br>currency		Localcurrency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95	USD	278,701	~~W~~	409,690
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		462,634
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		421,772
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		147,000
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		441,000
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		441,000
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		61,149
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		59,954
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		312,345
FY-19	2019.07.19	2027.07.19	0.05	CHF	100,000		162,638
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	326,929		480,586
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		441,000
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		735,000
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		735,000
FY-20	2020.08.03	2026.02.03	1.00	USD	300,000		441,000
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		661,500
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		735,000
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		441,000
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		441,000
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		441,000
FY-22	2022.05.06	2025.05.06	3.60	USD	500,000		735,000
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD	800,000		1,176,000
FY-22	2022.06.28	2025.06.28	4.13	USD	300,000		441,000
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		1,029,000
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,176,000
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		444,855
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		196,304
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		514,500
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		735,000
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,470,000
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		441,000
FY-24	2024.01.31	2027.01.31	4.88	USD	1,200,000		1,764,000
FY-24	2024.07.29	2029.07.29	4.63	USD	500,000		735,000
							19,328,927
Less: discount on foreign debt securities							(132,690	)
Less: current portion of foreign debt securities							(4,286,883	)
Add: current portion of discount on foreign debt securities							4,976
						~~W~~	14,914,330
(7)	Changes in borrowings and debt securities for each of the two years in the period ended December 31,2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025									For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Borrowings			Debt<br>Securities			Total			Borrowings			Debt<br>Securities			Total
Beginning balance	~~W~~	20,659,381			111,874,019			132,533,400			19,839,652			113,792,178			133,631,830
Cash flow		1,506,642			(3,447,638	)		(1,940,996	)		604,841			(4,211,164	)		(3,606,323	)
Effect of exchange rate fluctuations		(176,794	)		(666,627	)		(843,421	)		250,661			2,294,022			2,544,683
Others		7,067			13,242			20,309			(35,773	)		(1,017	)		(36,790	)
	~~W~~	21,996,296			107,772,996			129,769,292			20,659,381			111,874,019			132,533,400

166

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease
1)	Group as a lessee
---	---
(1)	Lease contracts
---	---

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized ~~W~~195,791 million and ~~W~~152,644 million respectively, as expense for each of the two years in the period ended December 31, 2025. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than ~~W~~5 million), and recognized ~~W~~4,008 million and ~~W~~3,121 million respectively, as expense for each of the two years in the period ended December 31, 2025. 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 ofDecember 31, 2025 and 2024 are as follows:
In millions of won	As of December 31, 2025
---	---	---	---	---	---	---	---
	AcquisitionCost		Accumulated<br>depreciation			Book<br>value
Land	~~W~~	1,025,978		(401,002	)		624,976
Buildings		220,277		(126,636	)		93,641
Structures		54,310		(15,125	)		39,185
Machinery		56,211		(33,535	)		22,676
Ships		3,630,728		(2,066,439	)		1,564,289
Vehicles		72,416		(47,670	)		24,746
Others (*)		381,469		(119,045	)		262,424
	~~W~~	5,441,389		(2,809,452	)		2,631,937
(*)	During the year ended December 31, 2025, the power purchase agreement (“PPA”) with CGN Yulchon<br>Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---
	Acquisition<br>Cost		Accumulated<br>depreciation			Book<br>value
Land	~~W~~	1,017,114		(339,512	)		677,602
Buildings		214,258		(108,417	)		105,841
Structures		52,983		(12,124	)		40,859
Machinery		54,654		(27,594	)		27,060
Ships		3,946,265		(2,015,172	)		1,931,093
Vehicles		59,402		(38,482	)		20,920
Others (*)		686,400		(443,379	)		243,021
	~~W~~	6,031,076		(2,984,680	)		3,046,396
(*)	Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.<br>
---	---

167

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(3)	Changes in right-of-useassets for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Depreciation			Decrease			Others			Endingbalance
Land	~~W~~	677,602		9,402		(59,793	)		(2,035	)		(200	)		624,976
Buildings		105,841		25,783		(41,921	)		(2,282	)		6,220			93,641
Structures		40,859		1,889		(8,433	)		(96	)		4,966			39,185
Machinery		27,060		1,364		(6,515	)		(19	)		786			22,676
Ships		1,931,093		9,688		(316,823	)		—			(59,669	)		1,564,289
Vehicles		20,920		21,280		(15,498	)		(1,444	)		(512	)		24,746
Others		243,021		31,024		(28,680	)		—			17,059			262,424
	~~W~~	3,046,396		100,430		(477,663	)		(5,876	)		(31,350	)		2,631,937
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Depreciation			Decrease			Others			Endingbalance
Land	~~W~~	655,860		12,369		(65,245	)		(117	)		74,735			677,602
Buildings		90,573		61,397		(48,371	)		(399	)		2,641			105,841
Structures		37,356		4,115		(4,595	)		—			3,983			40,859
Machinery		5,943		26,200		(7,083	)		—			2,000			27,060
Ships		2,313,305		—		(363,032	)		(1,656	)		(17,524	)		1,931,093
Vehicles		25,491		11,042		(14,167	)		(77	)		(1,369	)		20,920
Others		235,215		17,372		(36,502	)		(3	)		26,939			243,021
	~~W~~	3,363,743		132,495		(538,995	)		(2,252	)		91,405			3,046,396

168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(4)	Lease liabilities as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	526,324			632,878
1 ~ 5 years		1,614,003			1,817,340
More than 5 years		1,407,310			1,670,416
		3,547,637			4,120,634
Less: present value discounts and others		(396,757	)		(421,178	)
Present value of lease payment	~~W~~	3,150,880			3,699,456
(5)	Details of the liquidity classification of lease liabilities as of December 31, 2025 and 2024 are asfollows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Current lease liabilities	~~W~~	510,105		603,492
Non-current lease liabilities		2,640,775		3,095,964
	~~W~~	3,150,880		3,699,456
(6)	Changes in lease liabilities for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Interestexpenses		*Others ()**			Endingbalance
Lease liabilities	~~W~~	3,699,456		90,362		(626,586	)		76,935		(89,287	)		3,150,880
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Interestexpenses		*Others ()**		Endingbalance
Lease liabilities	~~W~~	3,807,880		119,161		(695,466	)		82,638		385,243		3,699,456
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease, Continued
1)	Group as a lessee, Continued
---	---
(7)	Details of expense relating to lease contracts as lessee for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Depreciation of<br>right-of-use assets	~~W~~	477,663		538,995
Interest expenses of lease liabilities		76,935		82,638
Lease expenses for short-term leases		195,791		152,644
Lease expenses for leases of low-value assets		4,008		3,121
Variable lease payments		5,169		12,420
	~~W~~	759,566		789,818
(8)	The total cash outflow related to the lease contracts amounts to ~~W~~831,553 million<br>and ~~W~~863,651 million, for each of the two years in the period ended December 31, 2025, respectively.
---	---

170

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease, Continued
2)	Group as a lessor
---	---
(1)	Finance lease contracts
---	---

The Group has entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas-fired 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 11 energy storage system installation projects and 295 energy efficiency contracts as finance leases with lease terms ranging from 3 to 11 years. Also, the Group has 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 receives revenue consisting of fixed charges (for capital cost recovery) and variable costs over the contracted period.

(2)	Profits and losses related to finance leases for each of the two years in the period ended December 31,2025 are as follows:
In millions of won	For the year ended<br>December 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Finance income on the net investment in the lease	~~W~~	118,903		120,770
(3)	The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease paymentsto the net investment in the lease as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	217,872			213,300
1 ~ 2 years		206,023			217,747
2 ~ 3 years		194,195			204,867
3 ~ 4 years		184,626			193,379
4 ~ 5 years		187,851			184,436
More than 5 years		1,218,793			1,420,807
		2,209,360			2,434,536
Less: unearned finance income		(932,072	)		(1,078,138	)
Net investment in the lease (*)	~~W~~	1,277,288			1,356,398
(*)	Including the present value of unguaranteed residual value amounting to ~~W~~34,047 million<br>and ~~W~~31,857 million, as of December 31, 2025 and 2024, 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 17.37% per year as of December 31, 2025 (0.00%~17.15% as of December 31, 2024).

171

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

24.	Lease, Continued
2)	Group as a lessor, Continued
---	---
(4)	Changes in the allowance for doubtful accounts of finance lease receivables for each of the two years in theperiod ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	5,255			5,256
Bad debt expense		1,977			—
Write-off		(230	)		—
Reversal		—			(1	)
Ending balance	~~W~~	7,002			5,255

172

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25.	Employment Benefits
(1)	Employment benefit obligations as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Net defined benefit asset	~~W~~	104,344		40,425
Net defined benefit obligations		1,380,352		1,449,837
Other long-term employee benefit obligations		1,500		1,710
(2)	Principal assumptions used for actuarial valuation as of December 31, 2025 and 2024 are as follows:
---	---
	As of December 31, 2025	As of December 31, 2024
---	---	---
Discount rate	3.38% ~ 5.44%	3.38% ~ 5.06%
Future salary and benefit levels	4.83%	4.83%
Weighted average duration	9.65 years	9.89 years
(3)	Details of expense relating to defined benefit plans for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Current service cost	~~W~~	486,139			430,308
Interest cost		173,362			184,169
Expected return on plan assets		(124,639	)		(141,108	)
	~~W~~	534,862			473,369

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

In millions of won	For the year ended<br>December 31, 2025
Cost of sales	~~W~~	384,386	340,165
Selling and administrative expenses		99,838	87,815
Others including<br>construction-in-progress		50,638	45,389
	~~W~~	534,862	473,369

In addition, for each of the two years in the period ended December 31, 2025, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: ~~W~~95,639 million and ~~W~~87,998 million as cost of sales; ~~W~~22,729 million and ~~W~~ 16,221 million as selling and administrative expenses; and ~~W~~17,749 million and ~~W~~15,701 million as construction-in-progress and others.

173

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25.	Employment Benefits, Continued
(4)	Details of defined benefit obligations as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Present value of defined benefit obligation from funded plans	~~W~~	4,978,795			4,960,645
Fair value of plan assets		(3,702,787	)		(3,551,233	)
Net liabilities incurred from defined benefit plans	~~W~~	1,276,008			1,409,412
(5)	Changes in the present value of defined benefit obligations for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	4,960,645			4,312,702
Current service cost		486,139			430,308
Interest cost		173,362			184,169
Remeasurement component		32,568			425,671
Actual payments		(673,863	)		(392,336	)
Others		(56	)		131
Ending balance	~~W~~	4,978,795			4,960,645
(6)	Changes in the fair value of plan assets for each of the two years in the period ended December 31,2025 are as follows:
---	---
In millions of won	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	3,551,233			3,349,480
Expected return		124,639			141,108
Remeasurement component		(12,236	)		(10,030	)
Contributions by the employers		350,970			254,763
Actual payments		(311,819	)		(184,088	)
Ending balance	~~W~~	3,702,787			3,551,233

174

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

25.	Employment Benefits, Continued
(7)	Details of the fair value of plan assets as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Equity instruments	~~W~~	879		2,308
Debt instruments		527,278		413,522
Bank deposits		275,590		452,158
Others (*)		2,899,040		2,683,245
	~~W~~	3,702,787		3,551,233
(*)	Others consist of various financial instruments managed by external asset management companies.<br>
---	---

For each of the two years in the period ended December 31, 2025, actual returns on plan assets amounted to ~~W~~112,403 million and ~~W~~131,078 million, respectively.

(8)	Remeasurement components recognized in other comprehensive income (loss) for each of the two years in theperiod ended December 31, 2025 are as follows:
In millions of won	For the year ended<br>December 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---
Actuarial loss (gain) from changes in financial assumptions	~~W~~	(172,587	)		320,582
Actuarial loss from experience adjustments, etc.		205,155			105,089
Expected loss		12,236			10,030
	~~W~~	44,804			435,701

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

In addition, gain(loss) on accumulated remeasurement component amounting to ~~W~~8,027 million and ~~W~~(95,694) million have been recognized as other comprehensive income or loss as of December 31, 2025 and 2024, respectively.

175

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26.	Provisions
(1)	Provisions as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	~~W~~	1,145,049		—		1,093,625		—
Litigation
Litigation provisions		10,114		342,213		9,350		479,071
Decommissioning cost
Nuclear plants		55,874		24,121,023		79,501		23,192,872
Spent fuel		700,694		2,044,650		799,384		2,124,361
Radioactive waste		72,616		1,699,429		84,485		1,677,306
PCBs		—		14,073		—		39,389
Other recovery provisions		—		55,843		—		50,407
Others
Power plant regional support program		132,818		—		130,256		—
Transmission regional support program (*)		344,824		—		302,631		—
Provisions for financial guarantee		21,815		28,894		26,440		4,484
Provisions for greenhouse gas emissions obligations		151,187		—		156,463		—
Provision for onerous contracts		1,448,037		1,656		434		1,333
Others		87,215		555,919		111,402		267,811
	~~W~~	4,170,243		28,863,700		2,793,971		27,837,034
(*)	As of December 31, 2025 and 2024, the Group recognized reimbursement assets of ~~W~~<br>46,069 million and ~~W~~ 46,444 million, respectively, in connection with the provisions for support projects for areas adjacent to transmission and substation facilities.
---	---
(2)	Changes in provisions for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	1,093,625		1,364,058		(1,301,555	)		(11,079	)		—			1,145,049
Litigation
Litigation provisions		488,421		44,700		(167,170	)		(13,638	)		14			352,327
Decommissioning cost
Nuclear plants		23,272,373		1,005,286		(63,355	)		(37,407	)		—			24,176,897
Spent fuel		2,923,745		578,601		(411,377	)		(345,625	)		—			2,745,344
Radioactive waste		1,761,791		108,910		(56,879	)		(41,777	)		—			1,772,045
PCBs		39,389		1,144		(19,958	)		(6,502	)		—			14,073
Other recovery provisions		50,407		18,963		(1,290	)		(280	)		(11,957	)		55,843
Others
Power plant regional support program		130,256		59,769		(57,207	)		—			—			132,818
Transmission regional support program		302,631		212,701		(170,508	)		—			—			344,824
Provisions for financial guarantee		30,924		45,864		(22,553	)		(3,347	)		(179	)		50,709
Provisions for RPS		—		1,107,704		(1,101,002	)		(6,702	)		—			—
Provisions for greenhouse gas emissions obligations		156,463		247,135		(241,024	)		(7,204	)		(4,183	)		151,187
Provision for onerous contracts		1,767		1,448,691		—			(765	)		—			1,449,693
Others		379,213		308,807		(44,620	)		(147	)		(119	)		643,134
	~~W~~	30,631,005		6,552,333		(3,658,498	)		(474,473	)		(16,424	)		33,033,943

176

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26.	Provisions, Continued
(2)	Changes in provisions for each of the two years in the period ended December 31, 2025 are as follows,continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	999,691		1,226,957		(1,127,746	)		(5,379	)		102			1,093,625
Litigation
Litigation provisions		177,018		373,328		(26,040	)		(35,885	)		—			488,421
Decommissioning cost
Nuclear plants		21,646,887		1,692,508		(66,971	)		—			(51	)		23,272,373
Spent fuel		2,925,734		842,753		(463,388	)		(381,354	)		—			2,923,745
Radioactive waste		1,908,085		113,342		(56,907	)		(202,729	)		—			1,761,791
PCBs		57,944		7,049		(25,604	)		—			—			39,389
Other recovery provisions		36,082		4,479		(879	)		—			10,725			50,407
Others
Power plant regional support program		130,034		55,761		(55,539	)		—			—			130,256
Transmission regional support program		256,006		202,882		(156,257	)		—			—			302,631
Provisions for financial guarantee		49,992		11,347		(25,723	)		(5,086	)		394			30,924
Provisions for RPS		36,074		891,143		(862,039	)		(65,178	)		—			—
Provisions for greenhouse gas emissions obligations		18,672		164,438		(17,659	)		(5,611	)		(3,377	)		156,463
Provision for onerous contracts		2,733		348		—			(1,314	)		—			1,767
Others		290,217		294,606		(126,693	)		(1,127	)		(77,790	)		379,213
	~~W~~	28,535,169		5,880,941		(3,011,445	)		(703,663	)		(69,997	)		30,631,005
(3)	Greenhouse gas emissions rights (allowances) and obligations:
---	---
(i)	Allowances allocated free of charge from the government for each compliance year in the commitment period as of<br>December 31, 2025 are as follows:
---	---
In ten thousands of tons(tCO2-eq)	3rd planned period
---	---	---	---	---	---	---	---	---	---	---	---	---
	2021		2022		2023		2024		2025		Total
Allowances received free of charge from the government		15,831		14,542		14,575		12,451		11,838		69,237
(ii)	Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025<br>are as follows:
---	---
In ten thousands of tons(tCO2-eq), millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	3rd commitment period
	2024						2025						Total
	Quantity			Amount			Quantity			Amount			Quantity			Amount
Beginning (*1)		13,784			129,571			11,402			68,476			25,186			198,047
Purchase (Sell)		1,833			176,441			1,823			179,183			3,656			355,624
Government Submission		(13,884	)		(159,199	)		(2,858	)		(240,001	)		(16,742	)		(399,200	)
Carry Forward (Borrowing)		(1,708	)		(146,813	)		1,275			92,621			(433	)		(54,192	)
ETC		—			—			25			7,271			25			7,271
Ending (*2)		25			—			11,667			107,550			11,692			107,550
(*1)	Changes in emission rights due to allowances additionally allocated or cancelled are reflected.<br>
---	---
(*2)	Current greenhouse gas emissions rights represent those expected to be surrendered to the government or sold<br>within one year from the end of the reporting period. Non-current greenhouse gas emissions rights, amounting to ~~W~~ 108,300 million, are classified as other intangible<br>assets (See Note 21).
---	---

177

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

26.	Provisions, Continued
(3)	Greenhouse gas emissions rights and obligations, continued:
---	---
(ii)	Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2025<br>are as follows, continued:
---	---
In ten thousands of tons(tCO2-eq), millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	3rd commitment period
	2023						2024						2025				Total
	Quantity			Amount			Quantity			Amount			Quantity		Amount		Quantity			Amount
Beginning (*)		14,829			25,128			11,952			99,968			9,288		6,873		36,069			131,969
Purchase (Sell)		1,536			135,837			1,674			174,991			—		—		3,210			310,828
Government Submission		(14,780	)		(39,968	)		(657	)		(53,727	)		—		—		(15,437	)		(93,695	)
Carry Forward (Borrowing)		(1,585	)		(129,188	)		1,043			44,430			828		128,417		286			43,659
ETC		—			8,191			—			(53,693	)		—		244		—			(45,258	)
Ending		—			—			14,012			211,969			10,116		135,534		24,128			347,503
(*)	Changes in emission rights due to allowances additionally allocated or cancelled are reflected.<br>
---	---
(iii)	The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2025.<br>
---	---
(iv)	The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term<br>fluctuations in price as of December 31, 2025.
---	---
(v)	The estimated greenhouse gas emission of the Group for the year ended December 31, 2025 is 11,401 ten<br>thousand tons.
---	---

178

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27.	Government Grants
(1)	Government grants as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Land	~~W~~	27,392		27,403
Buildings		38,077		41,718
Structures		149,558		149,737
Machinery		94,337		105,546
Vehicles		2,683		2,745
Equipment		1,868		3,915
Tools		982		1,306
Construction-in-progress		230,573		223,566
Investment properties		22		22
Software		804		844
Development expenditures		540		939
Intangible assets under development		5,044		3,473
Other intangible assets		136		229
	~~W~~	552,016		561,443

179

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27.	Government Grants, Continued
(2)	Changes in government grants for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue		Others			Endingbalance
Cash	~~W~~	—		25,019		—			—			—			224		(25,243	)		—
Land		27,403		—		—			—			(11	)		—		—			27,392
Buildings		41,718		—		—			(3,937	)		(4	)		—		300			38,077
Structures		149,737		—		—			(9,552	)		(687	)		—		10,060			149,558
Machinery		105,546		—		—			(15,011	)		(384	)		—		4,186			94,337
Vehicles		2,745		—		—			(1,309	)		(6	)		—		1,253			2,683
Equipment		3,915		—		—			(2,119	)		—			—		72			1,868
Tools		1,306		—		—			(437	)		—			—		113			982
Construction-in-progress		223,566		—		(4,685	)		—			—			—		11,692			230,573
Investment properties		22		—		—			—			—			—		—			22
Software		844		—		—			(342	)		—			—		302			804
Development expenditures		939		—		—			(496	)		—			—		97			540
Intangible assets under development		3,473		—		—			—			—			—		1,571			5,044
Other intangible assets		229		—		—			(93	)		—			—		—			136
	~~W~~	561,443		25,019		(4,685	)		(33,296	)		(1,092	)		224		4,403			552,016
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue		Others			Endingbalance
Cash	~~W~~	—		59,503		—			—			—			4,789		(64,292	)		—
Land		27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(4,508	)		—			—		(1	)		41,718
Structures		157,881		—		—			(9,458	)		(1,330	)		—		2,644			149,737
Machinery		119,824		—		—			(16,076	)		(522	)		—		2,320			105,546
Vehicles		2,837		—		—			(1,233	)		(8	)		—		1,149			2,745
Equipment		5,932		—		—			(2,118	)		—			—		101			3,915
Tools		62		—		—			(341	)		—			—		1,585			1,306
Construction-in-progress		173,474		—		(6,806	)		—			(75	)		—		56,973			223,566
Investment properties		22		—		—			(1	)		—			—		1			22
Software		413		—		—			(229	)		—			—		660			844
Development expenditures		2,121		—		—			(1,364	)		—			—		182			939
Intangible assets under development		2,458		—		—			—			—			—		1,015			3,473
Other intangible assets		322		—		—			(93	)		—			—		—			229
	~~W~~	538,977		59,503		(6,806	)		(35,421	)		(1,936	)		4,789		2,337			561,443

180

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27.	Government Grants, Continued
(3)	Changes in government grants for specific business projects for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of Won						2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Department	Business Name	Description	Period	Budget		BeginningBalance		Received		Used			Return		Others		EndingBalance
Ministry of Employment and Labor	Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers (2021)	2023.01.01~2023.12.31		1,491		1		—		—			—		—		1
Ministry of Trade, Industry and Energy	Electricity supply business in rural areas	Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024)	2024.01.01~2024.12.31		161,429		—		18,828		(18,828	)		—		—		—
Ministry of Industry and Trade	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners (2024)	2024.02.15~2024.12.31		178,753		28,074		19,058		(41,772	)		—		—		5,360
Ministry of SMEs and Startups		Construction of the Integrated Control System for Renewable Energy in Transmission Area	2024.02.13~2026.03.31		5,601		—		195		(196	)		—		32		31
Ministry of Employment and Labor	Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers (2025)	2025.01.01~2025.07.09		80		—		80		(80	)		—		—		—
Ministry of Climate, Energy and Environment	Electricity supply business in rural areas	Electricity supply business in rural areas (Government Fiscal Loans, 2025) Electricity supply business in rural<br>areas	2025.01.01~2026.12.31		122		—		111		(111	)		—		—		—
Ministry of Climate, Energy and Environment	Electricity supply business in rural areas	(Capital Expenditure for Rural Electrification Support and New Connections, 2025)	2025.01.01~2026.12.31		20,987		—		9,789		(9,789	)		—		—		—
Ministry of Climate, Energy and Environment	Electricity supply business in rural areas	Electricity supply business in rural areas (Support for for self-generation Facilities, 2025)	2025.01.01~2026.12.31		93,925		—		86,747		(86,747	)		—		—		—
Ministry of Climate, Energy and Environment	Renewable Energy Generation Difference Support	Renewable Energy Generation Difference Support (2025)	2025.01.01~2025.12.31		30,913		—		29,901		(29,901	)		—		—		—
Ministry of Climate, Energy and Environment	Operating expenses for regional projects around the power plant	Operating expenses for regional projects around the power plant (2025) Energy Industry Cooperation: Improving	2025.01.01~2025.12.31		436		—		61		(61	)		—		—		—
Ministry of Climate, Energy and Environment	Official Development Assistance (ODA)	Efficiency through the Utilization of Distribution Automation Systems (DAS) in the Dominican Republic Energy Industry<br>Cooperation: Support for	2025.01.01~2026.12.31		6,752		—		788		(788	)		—		—		—
Ministry of Climate, Energy and Environment	Official Development Assistance (ODA)	Modernizing Grid Operations based on Distribution Automation Systems (DAS) in the Central-Southern Region of<br>Honduras	2025.01.01~2026.12.31		10,468		—		222		(222	)		—		—		—
Saemangeum Development and Investment Agency	Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex	Construction of Power Infrastructure for the Saemangeum Secondary Battery Specialized Complex	2025.01.01~2026.12.31		6,542		—		1,730		(1,730	)		—		—		—

181

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

27.	Government Grants, Continued
(3)	Changes in government grants for specific business projects for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
					2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Business Name	Description	Period	Budget		BeginningBalance		Received		Used			Return			Others		EndingBalance
Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners	2021.04.01 ~ 2022.06.30		211,235		1,069		—		(791	)		(278	)		—		—
Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers	2023.01.01 ~ 2023.12.31		1,491		—		1		—			—			—		1
Support for underground power line installation	Daebul Industrial Complex Underground Power Line Project (Phase 1) (Subsidy)	2023.01.01 ~ 2025.12.31		3,492		—		3,492		(3,492	)		—			—		—
Construction of the Integrated Control System for Renewable Energy in Transmission Area	Construction of the Integrated Control System for Renewable Energy in Transmission Area	2023.01.01 ~ 2023.12.31		490		—		213		(213	)		—			—		—
Construction of the Integrated Control System for Renewable Energy in Power Distribution<br>Sector	Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector	2023.01.01 ~ 2023.12.31		2,510		2		203		(205	)		—			—		—
Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners (2024)	2024.02.15 ~ 2024.12.31		178,753		—		156,058		(127,984	)		—			—		28,074
Electricity supply business in rural areas	Electricity supply business in rural areas (Support for Losses in Local Government Operations, 2024)	2024.01.01 ~ 2024.12.31		161,429		—		170,276		(170,276	)		—			—		—
Renewable Energy Generation Difference Support	Renewable Energy Generation Difference Support (2024)	2024.01.01 ~ 2024.12.31		52,170		—		51,413		(51,413	)		—			—		—
Operating expenses for regional projects around the power plant	Operating expenses for regional projects around the power plant (2024)	2024.01.02 ~ 2024.12.31		428		—		61		(61	)		—			—		—

182

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

28.	Deferred Revenue

Changes in deferred revenues for each of the two years in the period ended December 31, 2025 are as follows which are included incurrent and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won	For the year ended<br>December 31, 2025
Beginning balance	~~W~~	13,652,565		11,548,855
Increase		1,308,338		2,924,341
Recognized as revenue		(861,760	)	(820,631	)
Ending balance	~~W~~	14,099,143		13,652,565
29.	Non-financial Liabilities
---	---

Non-financial liabilities as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advance received	~~W~~	3,742,661		423,445		3,531,207		354,218
Unearned revenue		56,306		18,364		37,062		14,910
Deferred revenue		826,003		13,273,140		776,988		12,875,577
Withholdings		300,016		1,024		271,425		2,296
Others		1,880,185		10,186		1,710,459		34,519
	~~W~~	6,805,171		13,726,159		6,327,141		13,281,520

183

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

30.	Contributed Capital
(1)	Details of share capital as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---
	As of December 31, 2025
	Shares<br>authorized<br>(in shares)		Shares issued<br>(in shares)		Par value<br>per share<br>(in won)		*Owned bygovernment ()**		Owned byothers		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 of ~~W~~1,056,176 million is<br>included.
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---
	As of December 31, 2024
	Shares<br>authorized<br>(in shares)		Shares issued<br>(in shares)		Par value<br>per share<br>(in won)		*Owned bygovernment ()**		Owned byothers		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 of ~~W~~1,056,176 million is<br>included.
---	---
(2)	Details in the number of floating capital stock for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
Number of shares	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077
(3)	Details of share premium as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Share premium	~~W~~	843,758		843,758

184

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

31.	Retained Earnings and Dividends Paid
(1)	Details of retained earnings as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Legal reserve (*)	~~W~~	1,604,910		1,604,910
Voluntary reserves		567,469		—
Retained earnings before appropriations		26,328,205		18,523,337
Retained earnings	~~W~~	28,500,584		20,128,247
(*)	The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of<br>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<br>paid-in capital or offset against accumulated deficit by the resolution of the shareholders.
---	---
(2)	Details of voluntary reserves as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Reserve for business expansion	~~W~~	567,469		—
	~~W~~	567,469		—
(3)	Changes in retained earnings for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	20,128,247			16,338,262
Profit for the year attributed to owners of the controlling company		8,544,918			3,491,698
Changes in equity method retained earnings		(5,944	)		(6,346	)
Remeasurements of defined benefit liability, net of tax		(29,899	)		(281,761	)
Transfer of revaluation reserve		—			586,394
Dividend paid		(136,738	)		—
Ending balance	~~W~~	28,500,584			20,128,247

185

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

31.	Retained Earnings and Dividends Paid, Continued
(4)	Dividends paid for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Number of<br>shares issued<br>(in shares)		Number of<br>treasury stocks<br>(in shares)		Number of<br>shares eligible for<br>dividends (in shares)		Dividends paid<br>per share<br>(in won)		Dividends<br>paid
Common shares		641,964,077		—		641,964,077	~~W~~	213		136,738
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Number of<br>shares issued<br>(in shares)		Number of<br>treasury stocks<br>(in shares)		Number of<br>shares eligible for<br>dividends (in shares)		Dividends paid<br>per share<br>(in won)		Dividends<br>paid
Common shares		641,964,077		—		641,964,077	~~W~~	—		—
(5)	Changes in retained earnings of investments in associates and joint ventures for each of the two years inthe period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(17,420	)		(11,074	)
Changes		(5,944	)		(6,346	)
Ending balance	~~W~~	(23,364	)		(17,420	)
(6)	Changes in remeasurement components related to defined benefit liability for each of the two years in theperiod ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(95,694	)		29,229
Changes		(47,266	)		(421,327	)
Income tax effect		17,367			139,566
Transfer to reserve for business expansion		133,620			156,838
Ending balance	~~W~~	8,027			(95,694	)

186

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

32.	Statement of Appropriation of Retained Earnings

For the year ended December 31, 2024, KEPCO’s retained earnings were appropriated on March 26, 2025. For the year ended December 31, 2025, KEPCO’s retained earnings are expected to be appropriated on March 25, 2026. The statements of appropriation of retained earnings of KEPCO, the controlling company, for each of the two years in the period ended December 31, 2025, respectively, are as follows:

In millions of won except for dividends per share	For the year endedDecember 31, 2025
I. Unappropriated retained earnings Unappropriated retained earnings carried over from prior<br>years	~~W~~	—		—
Net profit		7,249,900		829,339
Remeasurement of the defined benefit plan		(20,426	)	(125,132	)
		7,229,474		704,207
II. Transfer from voluntary reserves		—		—
III. Subtotal (I + II)		7,229,474		704,207
IV. Appropriation of retained earnings
Dividends (government, individuals)<br>Amount of dividends per share (%): Current year –<br>~~W~~1,542 (30.84%)<br><br><br>Prior<br> year – ~~W~~213 (4.26%)		(989,909	)	(136,738	)
Voluntary reserves		(6,239,565	)	(567,469	)
		(7,229,474	)	(704,207	)
V. Unappropriated retained earnings to be carried over forward to subsequent year		—		—

187

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

33.	Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2025 and 2024are as follows:

In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		As ofDecember 31, 2025		As ofDecember 31, 2024
Korea South-East Power Co., Ltd. (*1, 2)		2nd hybrid bond		2012.12.07		2042.12.06		5.10	~~W~~	—		230,000
Expense of issuance										—		(627	)
									~~W~~	—		229,373
(*1)	Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds<br>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<br>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<br>decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds. From December 7, 2024, the date when the call option becomes exercisable for the first time, the interest rate has increased from 4.44% to<br>5.10% due to the application of the step-up provision.
---	---
(*2)	2nd hybrid bond was redeemed during the year ended December 31, 2025.
---	---

188

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

34.	Other Components of Equity
(1)	Other components of equity as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Other capital surplus	~~W~~	1,566,635		1,600,812
Accumulated other comprehensive income		1,340,560		1,424,014
Other equity		12,708,585		12,708,585
	~~W~~	15,615,780		15,733,411
(2)	Changes in other capital surplus for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year ended December 31, 2025								For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Gains ondisposal of<br>treasury<br>stocks		Others			Total			Gains on<br>disposal of<br>treasury<br>stocks		Others			Total
Beginning balance	~~W~~	387,524		1,213,288			1,600,812			387,524		1,213,277			1,600,801
Additional paid-in capital of subsidiaries		—		(855	)		(855	)		—		(7	)		(7	)
Equity transaction within the consolidated entity		—		(33,322	)		(33,322	)		—		18			18
Ending balance	~~W~~	387,524		1,179,111			1,566,635			387,524		1,213,288			1,600,812

189

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

34.	Other Components of Equity, Continued
(3)	Changes in accumulated other comprehensive income (loss) for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Financial assets at<br>fair value through<br>other<br>comprehensive<br>income<br>valuation reserve		Shares of othercomprehensive<br>income of<br>investments in<br>associates and jointventures			Reservefor overseasoperations<br>translationcredit			Reserve for<br>gain (loss) onvaluation of<br>derivatives			Total
Beginning balance	~~W~~	80,757		1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		143,888		—			—			—			143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		(257,793	)		—			—			(257,793	)
Foreign currency translation of foreign operations, net of tax		—		—			(5,032	)		—			(5,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—		—			—			35,483			35,483
Ending balance	~~W~~	224,645		1,340,165			(236,978	)		12,728			1,340,560
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Financial assets at<br>fair value through<br>other<br>comprehensive<br>income<br>valuationreserve			Shares of othercomprehensive<br>income of<br>investments in<br>associates and jointventures		Reservefor overseasoperations<br>translationcredit			Reserve for<br>gain (loss) onvaluation of<br>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		100,759			—		—			—			100,759
Shares of other comprehensive income of associates and joint ventures, net of tax		—			654,225		—			—			654,225
Foreign currency translation of foreign operations, net of tax		—			—		99,624			—			99,624
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—			—		—			11,976			11,976
Ending balance	~~W~~	80,757			1,597,958		(231,946	)		(22,755	)		1,424,014
(4)	Other equity as of December 31, 2025 and 2024 is as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Statutory revaluation reserve	~~W~~	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)
	~~W~~	12,708,585			12,708,585

190

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

35.	Sales

Details of sales for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won	For the year ended December 31, 2025						For the year ended December 31, 2024
	Domestic		Overseas		Total		Domestic		Overseas		Total
[Type of goods and services]
Sales of goods	~~W~~	94,771,926		395,871		95,167,797		90,659,090		359,622		91,018,712
Electricity		93,004,580		—		93,004,580		88,889,764		—		88,889,764
Heat supply		342,123		—		342,123		363,154		—		363,154
Others		1,425,223		395,871		1,821,094		1,406,172		359,622		1,765,794
Sales related to rendering of services		475,616		250,480		726,096		482,251		228,194		710,445
Sales related to construction services		185,467		488,226		673,693		145,496		703,612		849,108
Revenue related to transfer of assets from customers		861,760		—		861,760		820,631		—		820,631
	~~W~~	96,294,769		1,134,577		97,429,346		92,107,468		1,291,428		93,398,896
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	~~W~~	94,771,926		395,871		95,167,797		90,659,090		359,622		91,018,712
Performance obligations satisfied over time		1,522,843		738,706		2,261,549		1,448,378		931,806		2,380,184
	~~W~~	96,294,769		1,134,577		97,429,346		92,107,468		1,291,428		93,398,896

191

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

36.	Selling and Administrative Expenses
(1)	Selling and administrative expenses for each of the two years in the period ended December 31, 2025 areas follows:
---	---
In millions of won	For the year ended<br>December 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Salaries	~~W~~	1,220,937		1,180,379
Retirement benefit expense		122,567		104,036
Welfare and benefit expense		196,532		151,840
Insurance expense		34,783		30,460
Depreciation		238,291		231,114
Amortization of intangible assets		82,897		88,920
Bad debt expense		82,402		35,232
Commission		455,435		429,977
Advertising expense		38,523		32,205
Training expense		9,388		8,911
Vehicle maintenance expense		9,548		9,218
Publishing expense		3,087		2,857
Business development expense		2,938		2,687
Rent expense		63,562		48,474
Telecommunication expense		9,673		9,406
Transportation expense		1,142		1,108
Taxes and dues		100,765		98,714
Expendable supplies expense		9,809		6,976
Water, light and heating expense		14,784		15,009
Repairs and maintenance expense		173,738		197,942
Ordinary development expense		186,947		217,975
Travel expense		21,491		18,726
Clothing expense		10,777		11,216
Survey and analysis expense		738		871
Membership fee		2,168		1,709
Others		141,055		134,064
	~~W~~	3,233,977		3,070,026
(2)	Other selling and administrative expenses for each of the two years in the period ended December 31,2025 are as follows:
---	---
In millions of won	For the year ended<br>December 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Accommodation development expenses	~~W~~	38,751		48,902
Miscellaneous wages		35,503		33,020
Litigation and filing expenses		20,047		22,578
Compensation for damages		8,544		7,653
Outsourcing expenses		1,779		1,368
Reward expenses		2,951		2,764
Overseas market development expenses		1,780		1,378
Others		31,700		16,401
	~~W~~	141,055		134,064

192

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

37.	Other Income and Expenses
(1)	Other income for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Reversal of other provisions	~~W~~	8,847		35,317
Reversal of other allowance for bad debt		4,101		17,699
Gains on government grants		224		4,789
Gains on assets contributed		4,505		29,968
Gains on liabilities exempted		914		504
Compensation and reparations revenue		99,976		84,682
Revenue from foundation fund		245		58
Rental income		209,400		204,277
Others		97,091		100,060
	~~W~~	425,303		477,354
(2)	Details of “others” of other income for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Refund of claim for rectification	~~W~~	10,585		1,512
Maintenance expenses on lease building		801		109
Training expenses		3,218		2,486
Deposit redemption		223		252
Reversal of expenses on litigation		6,817		45,751
Gains on guarantee contracts		85		85
Others		75,362		49,865
	~~W~~	97,091		100,060

193

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

37.	Other Income and Expenses, Continued
(3)	Other expenses for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Compensation and indemnification expense	~~W~~	2,174		234
Accretion expenses of other provisions		6,441		5,841
Depreciation expenses on investment properties		1,082		682
Depreciation expenses on idle assets		3,614		3,642
Other bad debt expense		4,700		42,776
Donations		145,798		324,694
Others		79,578		87,819
	~~W~~	243,387		465,688
(4)	Details of “others” of other expense for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Operating expenses related to the idle assets	~~W~~	761		1,741
Research grants		254		662
Supporting expenses on farming and fishing village		12,833		15,344
Operating expenses on fitness center		5,277		10,116
Expenses on adjustment of research and development grants		655		392
Taxes and dues		10,506		18,065
Expenses on R&D supporting		205		41
Others		49,087		41,458
	~~W~~	79,578		87,819

194

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

38.	Other Gains (Losses)
(1)	Composition of other gains (losses) for each of the two years in the period ended December 31, 2025 areas follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Other gains
Gains on disposal of property, plant and equipment	~~W~~	285,525			85,990
Gains on disposal of intangible assets		18			41
Reversal of impairment loss on intangible assets		42			—
Gains on foreign currency translation		22,283			77,269
Gains on foreign currency transactions		110,496			74,520
Gains on insurance proceeds		1,840			3,411
Others		434,280			273,745
Other losses
Losses on disposal of property, plant and equipment		(112,692	)		(112,018	)
Losses on disposal of intangible assets		(13	)		(111	)
Loss on impairment of property, plant and equipment		(14,262	)		(11,240	)
Loss on impairment of intangible assets		(8,439	)		(902	)
Losses on foreign currency translation		(37,045	)		(29,225	)
Losses on foreign currency transactions		(128,384	)		(148,381	)
Others		(214,676	)		(128,215	)
	~~W~~	338,973			84,884
(2)	Details of “others” of other gains for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Gains on disposal of inventories	~~W~~	41,403		18,789
Gains on proxy collection of TV license fee		22,359		33,191
Gains on compensation of impaired electric poles		289		688
Gains on harbor facilities dues		3,806		3,710
Gains on technical fees		2,166		1,836
Reversal of occupation development training fees		935		1,466
Gains on disposal of waste		4,728		2,950
Gain on insurance settlement:		736		—
Gains on tax rebate		1,642		206
Gains on other commission		2,623		1,945
Others		353,593		208,964
	~~W~~	434,280		273,745
(3)	Details of “others” of other losses for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Losses on valuation of inventories	~~W~~	4,944		9,941
Losses on disposal of inventories		15,804		15,494
Losses due to disaster		17,651		5,761
Losses on rounding adjustment of electric charge surtax		1,383		1,351
Others		174,894		95,668
	~~W~~	214,676		128,215

195

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

39.	Finance Income
(1)	Finance income for each of the two years in the period ended December 31, 2025 is as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Interest income	~~W~~	440,386		467,525
Dividend income		26,137		70,601
Gains on disposal of financial assets		58,115		45,493
Gains on valuation of financial assets at fair value through profit or loss		133,082		83,408
Gains on valuation of derivatives		314,700		2,231,533
Gains on transaction of derivatives		258,795		362,119
Gains on foreign currency translation		500,074		142,723
Gains on foreign currency transactions		303,706		35,893
Others		3,148		8,882
	~~W~~	2,038,143		3,448,177
(2)	Interest income included in finance income for each of the two years in the period ended December 31,2025 is as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Cash and cash equivalents	~~W~~	95,671		102,505
Financial assets at fair value through profit or loss		40,506		54,385
Financial assets at amortized cost		3,561		2,859
Loans		39,279		45,511
Short-term financial instrument		56,022		31,766
Long-term financial instrument		24,270		20,562
Other financial assets		370		262
Trade and other receivables		180,707		209,675
	~~W~~	440,386		467,525

196

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

40.	Finance Expenses
(1)	Finance expenses for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025		For the year ended<br>December 31, 2024
---	---	---	---	---
Interest expense	~~W~~	4,339,560		4,665,095
Losses on disposal of financial assets		3,525		434
Losses on valuation of financial assets at fair value through profit or loss		24,983		14,247
Losses on valuation of derivatives		232,628		127,822
Losses on transaction of derivatives		288,182		59,462
Losses on foreign currency translation		78,206		2,557,597
Losses on foreign currency transactions		50,325		90,485
Others		21,342		20,086
	~~W~~	5,038,751		7,535,228
(2)	Interest expense included in finance expenses for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Trade and other payables	~~W~~	162,569			191,918
Short-term borrowings		329,111			395,773
Long-term borrowings		451,529			465,352
Debt securities		3,541,732			3,857,917
Other financial liabilities		704,342			668,115
		5,189,283			5,579,075
Less: Capitalized borrowing costs		(849,723	)		(913,980	)
	~~W~~	4,339,560			4,665,095

Capitalization rates for each of the two years in the period ended December 31, 2025 are 2.04%~4.00% and 2.39%~4.94%, respectively

197

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41.	Income Taxes
(1)	Income tax expenses (benefits) for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Current income tax expense
Payment of income tax	~~W~~	2,012,555			1,301,275
Adjustment in respect of prior years due to change in estimate		(82,133	)		(44,892	)
Current income tax directly recognized in equity		(53,243	)		(128,337	)
		1,877,179			1,128,046
Deferred tax expense (benefit)
Generation and realization of temporary differences		4,455			(1,561,484	)
Changes of unrecognized tax losses, tax credit and temporary differences for prior<br>periods		48,957			(7,740	)
Changes in deferred tax on tax losses carryforwards		1,053,591			2,012,537
Tax credit carryforwards		18,359			72,371
Amount due to change in tax rate or regulations		(82,267	)		(9,169	)
		1,043,095			506,515
Income tax expense (benefit)	~~W~~	2,920,274			1,634,561
(2)	Reconciliations between actual income tax expense (benefit) and amount computed by applying the statutorytax rate to income (loss) before income taxes for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Profit before income tax	~~W~~	11,586,930			5,256,529
Income tax expense at applicable tax rate (2025: 26.92%, 2024: 25.93%)		3,119,202			1,363,018
Adjustments:
Effect of applying gradual tax rate		(10,362	)		(10,362	)
Effect of non-taxable income		(437,942	)		(86,442	)
Effect of non-deductible expenses		15,336			28,712
Effect of tax losses that are not recognized as deferred tax asset		—			(797	)
Effects of tax credits and deduction		(118,434	)		(54,364	)
Reversal of unrecognized deferred tax asset, net		48,957			(7,740	)
Effect of change in deferred tax due to change in tax rate		(372,426	)		(11,985	)
Deduction of deferred tax assets		10,136			—
Deferred income tax related to investments in subsidiaries and associates		784,577			447,833
Others, net		(36,637	)		11,580
		(116,795	)		316,435
Adjustment in respect of prior years due to change in estimate		(82,133	)		(44,892	)
Income tax expense	~~W~~	2,920,274			1,634,561
		(	*)		(	*)
(*)	The average effective tax rate for each of the two years in the period ended December 31, 2025 is****25.20% and 31.10%, respectively
---	---

198

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41.	Income Taxes, Continued
(3)	Income tax recognized as other comprehensive income (loss) for each of the two years in the period endedDecember 31, 2025 is as follows:
---	---
In millions of won	For the year endedDecember 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Income tax recognized as other comprehensive income (loss)
Loss on valuation of financial assets at fair value through other comprehensive income	~~W~~	(68,449	)		(61,807	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		(28,316	)		(8,435	)
Remeasurement of defined benefit obligations		17,367			139,566
Investments in associates		15,865			(134,639	)
Others		10,290			(63,022	)
	~~W~~	(53,243	)		(128,337	)
(4)	Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each ofthe two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance			Amountsrecognizedin profit orloss			Amountrecognized inothercomprehensiveincome (loss)			Amounts<br>recognized<br>directly<br>in equity		Ending<br>balance
Deferred tax on temporary differences
Long-term employee benefits	~~W~~	863,353			(364,037	)		17,367			—		516,683
Cash flow hedge		(156,115	)		54,250			(28,316	)		—		(130,181	)
Investments in subsidiaries, associates and joint ventures		(7,850,272	)		(556,478	)		15,865			—		(8,390,885	)
Property, plant and equipment		(7,469,734	)		(827,785	)		—			—		(8,297,519	)
Finance lease		(225,013	)		(38,008	)		—			—		(263,021	)
Intangible assets		(26,573	)		(3	)		—			—		(26,576	)
Financial assets at fair value through profit or loss		(730	)		880			—			—		150
Financial assets at fair value through other comprehensive income		(16,339	)		(8,489	)		(68,449	)		—		(93,277	)
Deferred revenue		1,862,318			797,179			—			—		2,659,497
Provisions		7,603,648			975,554			—			—		8,579,202
Doubtful receivables		2,264			107			—			—		2,371
Other finance liabilities		17,431			(17,662	)		—			—		(231	)
Gains or losses on foreign exchange translation		215,275			(51,782	)		—			—		163,493
Allowance for doubtful accounts		67,821			2,500			—			—		70,321
Accrued income		(14,532	)		(1,517	)		—			—		(16,049	)
Special deduction for property, plant and equipment		(211,318	)		(8,149	)		—			—		(219,467	)
Others		1,320,120			130,394			10,290			—		1,460,804
		(4,018,396	)		86,954			(53,243	)		—		(3,984,685	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		11,300,587			(1,012,460	)		—			—		10,288,127
Excess of donation limit		42,210			(42,210	)		—			—		—
Tax credit		167,751			(22,136	)		—			—		145,615
		11,510,548			(1,076,806	)		—			—		10,433,742
	~~W~~	7,492,152			(989,852	)		(53,243	)		—		6,449,057

199

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41.	Income Taxes, Continued
(4)	Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each ofthe two years in the period ended December 31, 2025 are as follows, continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance			Amountsrecognizedin profit orloss			Amountrecognized inothercomprehensiveincome (loss)			Amounts<br>recognized<br>directly<br>in equity		Ending<br>balance
Deferred tax on temporary differences
Long-term employee benefits	~~W~~	339,284			384,503			139,566			—		863,353
Cash flow hedge		(20,855	)		(126,825	)		(8,435	)		—		(156,115	)
Investments in subsidiaries, associates and joint ventures		(7,117,637	)		(597,996	)		(134,639	)		—		(7,850,272	)
Property, plant and equipment		(7,007,277	)		(462,457	)		—			—		(7,469,734	)
Finance lease		(225,696	)		683			—			—		(225,013	)
Intangible assets		(23,405	)		(3,168	)		—			—		(26,573	)
Financial assets at fair value through profit or loss		(1,742	)		1,012			—			—		(730	)
Financial assets at fair value through other comprehensive income		27,358			18,110			(61,807	)		—		(16,339	)
Deferred revenue		156,400			1,705,918			—			—		1,862,318
Provisions		7,041,660			561,988			—			—		7,603,648
Doubtful receivables		2,400			(136	)		—			—		2,264
Other finance liabilities		17,992			(561	)		—			—		17,431
Gains or losses on foreign exchange translation		128,010			87,265			—			—		215,275
Allowance for doubtful accounts		55,743			12,078			—			—		67,821
Accrued income		33,935			(48,467	)		—			—		(14,532	)
Special deduction for property, plant and equipment		(211,860	)		542			—			—		(211,318	)
Others		1,216,228			166,914			(63,022	)		—		1,320,120
		(5,589,462	)		1,699,403			(128,337	)		—		(4,018,396	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		13,338,743			(2,038,156	)		—			—		11,300,587
Excess of donation limit		46,322			(4,112	)		—			—		42,210
Tax credit		203,064			(35,313	)		—			—		167,751
		13,588,129			(2,077,581	)		—			—		11,510,548
	~~W~~	7,998,667			(378,178	)		(128,337	)		—		7,492,152
(5)	Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31,2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Deferred tax assets	~~W~~	12,950,032			13,436,624
Deferred tax liabilities		(6,500,975	)		(5,944,472	)
	~~W~~	6,449,057			7,492,152

200

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

41.	Income Taxes, Continued
(6)	Details of deductible temporary differences, tax losses and unused tax credits for which no deferred taxassets were recognized as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Deductible temporary differences and others	~~W~~	1,373,128		1,287,886
Tax loss carryforwards and unused tax credits (*)		29,360		128,764
	~~W~~	1,402,488		1,416,650
(*)	The expiration dates of unused tax credits for which no deferred tax assets have been recognized are as<br>follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Less than 1 year	~~W~~	—		—
1 ~ 2 years		—		—
2 ~ 3 years		11,500		—
Over 3 years		17,860		128,764
	~~W~~	29,360		128,764
(7)	Pillar Two Model Rules
---	---

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information for 2025. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the year ended December 31, 2025 in relation with the additional Pillar Two income taxes amounts to approximately ~~W~~6,715 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

201

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

42.	Assets Held-for-Sale
(1)	Assets held-for-sale as ofDecember 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025		As of December 31, 2024
---	---	---	---	---
Land (*)	~~W~~	—		31,766
Buildings (*)		—		13,881
Structures		—		1
	~~W~~	—		45,648
(*)	The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell<br>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<br>during the year ended December 31, 2022. KEPCO completed the sale during the year ended December 31, 2025.
---	---
(2)	Although the Group entered into a contract to sell the site of the Majang Materials Center during the year<br>ended December 31, 2025, the asset was not classified as assets held-for-sale as of December 31, 2025, as it was not considered highly probable that the sale would be completed within one year.
---	---

202

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

43.	Expenses Classified by Nature

Expenses classified by nature for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won	For the year ended December 31, 2025
	Selling andadministrative expenses		Cost of sales		Total
Raw materials used	~~W~~	—		18,642,916		18,642,916
Power purchase		—		34,052,707		34,052,707
Salaries		1,220,937		4,947,070		6,168,007
Retirement benefit expense		122,567		480,025		602,592
Welfare and benefit expense		196,532		622,677		819,209
Insurance expense		34,783		135,051		169,834
Depreciation		238,291		13,387,194		13,625,485
Amortization of intangible assets		82,897		75,713		158,610
Bad debt expense		82,402		—		82,402
Commission		455,435		378,471		833,906
Advertising expense		38,523		14,137		52,660
Training expense		9,388		19,723		29,111
Vehicle maintenance expense		9,548		9,311		18,859
Publishing expense		3,087		2,964		6,051
Business promotion expense		2,938		2,791		5,729
Rent expense		63,562		234,486		298,048
Telecommunication expense		9,673		10,206		19,879
Transportation expense		1,142		76,466		77,608
Taxes and dues		100,765		622,768		723,533
Expendable supplies expense		9,809		57,049		66,858
Water, light and heating expense		14,784		39,807		54,591
Repairs and maintenance expense		173,738		3,167,758		3,341,496
Ordinary development expense		186,947		607,970		794,917
Travel expense		21,491		72,845		94,336
Clothing expense		10,777		10,083		20,860
Survey and analysis expense		738		4,577		5,315
Membership fee		2,168		16,422		18,590
Others		141,055		3,013,625		3,154,680
	~~W~~	3,233,977		80,704,812		83,938,789

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

43.	Expenses Classified by Nature, Continued

Expenses classified by nature for each of the two years in the period endedDecember 31, 2025 are as follows, continued:

In millions of won	For the year ended December 31, 2024
	Selling andadministrative expenses		Cost of sales		Total
Raw materials used	~~W~~	—		21,070,280		21,070,280
Power purchase		—		34,659,893		34,659,893
Salaries		1,180,379		4,887,006		6,067,385
Retirement benefit expense		104,036		428,163		532,199
Welfare and benefit expense		151,840		546,124		697,964
Insurance expense		30,460		130,904		161,364
Depreciation		231,114		13,598,350		13,829,464
Amortization of intangible assets		88,920		74,647		163,567
Bad debt expense		35,232		0		35,232
Commission		429,977		426,976		856,953
Advertising expense		32,205		11,359		43,564
Training expense		8,911		17,156		26,067
Vehicle maintenance expense		9,218		9,416		18,634
Publishing expense		2,857		2,750		5,607
Business promotion expense		2,687		2,627		5,314
Rent expense		48,474		182,358		230,832
Telecommunication expense		9,406		9,920		19,326
Transportation expense		1108		52,532		53,640
Taxes and dues		98,714		624,475		723,189
Expendable supplies expense		6,976		50,451		57,427
Water, light and heating expense		15,009		42,180		57,189
Repairs and maintenance expense		197,942		2,750,014		2,947,956
Ordinary development expense		217,975		555,956		773,931
Travel expense		18,726		74,843		93,569
Clothing expense		11,216		9,299		20,515
Survey and analysis expense		871		4,382		5,253
Membership fee		1,709		15,995		17,704
Others		134,064		1,726,104		1,860,168
	~~W~~	3,070,026		81,964,160		85,034,186

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

44.	Earnings Per Share
(1)	Basic earnings per share for each of the two years in the period ended December 31, 2025 are asfollows:
---	---
In won
---	---	---	---	---
Type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
Basic earnings per share	~~W~~	13,311		5,439
(2)	Profits for the periods and the weighted average number of common shares used in the calculation of basicearnings per share for each of the two years in the period ended December 31, 2025 are as follows:
---	---
In millions of won except number of shares
---	---	---	---	---
Type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
Profit attributable to controlling interest	~~W~~	8,544,918		3,491,698
Profit used in the calculation of total basic earnings per share		8,544,918		3,491,698
Weighted average number of common shares		641,964,077		641,964,077
(3)	The weighted average number of common shares used in the calculation of basic earnings per share for each ofthe two years in the period ended December 31, 2025 is as follows:
---	---
In number of shares
---	---	---	---	---
Type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
The number of common shares issued at beginning of the year		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077
(4)	There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings pershare for each of the two years in the period ended December 31, 2025.
---	---

205

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, managed, and reported in accordance with the Group’s established basic policy for risk management.

(1)	Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
Total borrowings and debt securities	~~W~~	129,769,292		132,533,400
Cash and cash equivalents		2,240,811		2,382,979
Net borrowings and debt securities		127,528,481		130,150,421
Total equity		49,322,944		41,362,833
Debt to equity ratio		258.56	%	314.66	%
(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 financial 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 collectible amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis is 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 consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management, Continued
(2)	Financial risk management, continued
---	---

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
Cash and cash equivalents	~~W~~	2,240,811	2,382,979
Financial assets at fair value through profit or loss (*1)		1,800,539	2,013,948
Derivative assets (trading)		1,548,015	1,846,527
Financial assets at fair value through other comprehensive income (debt securities)		4,794	5,045
Financial assets at amortized cost		31,117	30,233
Loans		986,528	908,148
Long-term/short-term financial instruments		2,882,131	1,960,140
Derivative assets (applying hedge accounting)		487,535	844,637
Trade and other receivables		15,742,665	15,373,625
Financial guarantee contracts (*2)		4,091,813	5,151,554
(*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.<br>
---	---

For the year ended December 31, 2025, 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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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
(iii)	Sensitivity analysis
---	---

Significant assets and liabilities with uncertainties in underlying assumptions.

①	Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 2025						As of December 31, 2024
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary<br><br><br>increases	Increase (decrease) in<br> <br>defined benefit<br>obligation	~~W~~	460,237			(412,611	)		473,627			(413,799	)
Discount rate	Increase (decrease) in defined benefit obligation		(427,236	)		491,119			(429,517	)		506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for each of the two years in the period ended December 31, 2025 are ~~W~~32,726 million and ~~W~~36,602 million, respectively.

②	Provisions

The underlying assumptions to estimate provisions as of December 31, 2025 and 2024 are as follows:

Accounts	Type
PCBs	Inflation rate	3.29	%	2.80	%
	Discount rate	3.24	%	2.90	%
Nuclear plants	Inflation rate	2.04	%	2.02	%
	Discount rate	2.89	%	2.78	%
Spent fuel	Inflation rate	2.04	%	1.91	%
	Discount rate	2.47	%	2.49	%
Radioactive waste	Inflation rate	2.45	%	3.32	%
	Discount rate	4.03	%	4.17	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of December 31, 2025 and 2024 is as follows:

In millions of won		As of December 31, 2025						As of December 31, 2024
Type	Accounts	0.1%p<br>Increase			0.1%p<br>Decrease			0.1%p<br>Increase			0.1%p<br>Decrease
Discount rate	PCBs	~~W~~	(17	)		17			(58	)		58
	Nuclear plants		(478,760	)		495,645			(464,727	)		481,899
	Spent fuel		(147,517	)		157,989			(129,983	)		130,679
	Radioactive waste		(13,625	)		14,951			(11,363	)		11,478
Inflation rate	PCBs		17			(17	)		58			(58	)
	Nuclear plants		523,954			(506,787	)		507,814			(490,386	)
	Spent fuel		158,525			(148,263	)		133,847			(128,527	)
	Radioactive waste		14,868			(13,625	)		11,167			(11,075	)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	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 December 31, 2025 and 2024 are as follows:

In thousands of foreigncurrencies				Liabilities
Type		As of December 31, 2024		As of December 31, 2025		As of December 31, 2024
AED	51,617		33,465		4,927		8,795
AUD	49		26		—		64
BDT	2,251		2,252		—		—
BWP	726		768		—		—
EGP	759,561		203,044		—		—
CAD	579		2		—		61
CHF	—		—		99,946		100,686
DOP	6,378		7,772		—		—
	89,734		20,433		44,482		47,829
	90		139		—		4
HKD	—		—		6,286,899		5,093,862
IDR	37,788,922		37,830,902		49,014,235		4,027,099
	1,175,785		1,037,437		161,578		225,042
JOD	646		902		433		49,128
	60,443		23,798		746,066		7,483,199
KZT	1,485		1,510		—		—
MGA	7,038,637		5,452,745		577,908		248,175
MMK	188,021		188,021		—		—
MYR	2,805		2,805		—		—
PHP	71,400		19,401		—		—
PKR	64,839,210		68,734,242		10,418		10,418
RON	748		—		—		—
SAR	1,069		1,087		—		—
SEK	—		—		449,349		449,302
SGD	1,783		291		—		110
	1,356,230		1,651,765		13,851,077		15,364,685
UYU	93,414		99,189		1,285		1,141
VND	772,198		733,338		—		587,003
ZAR	84,167		79,897		—		—

All values are in Euros.

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2025 and 2024 is as follows:

In millions of won	As of December 31, 2025					As of December 31, 2024
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	~~W~~	(1,885,349	)		1,885,349		(2,114,808	)		2,114,808
Increase (decrease) of shareholder’s equity (*)		(1,885,349	)		1,885,349		(2,114,808	)		2,114,808
(*)	The effect on the shareholder’s equity excludes the impact of income taxes.
---	---

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2025 and 2024.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	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 are 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 December 31, 2025, 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 December 31, 2025 and 2024 are as follows:

In millions of won
Type	As of December 31, 2025		As of December 31, 2024
Short-term borrowings	~~W~~	2,747,687		4,069,444
Long-term borrowings		10,787,203		10,112,707
Debt securities		1,619,967		41,578
	~~W~~	15,154,857		14,223,729

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for each of the two years in the period ended December 31, 2025 is as follows:

In millions of won	For the year ended<br>December 31, 2025					For the year ended<br>December 31, 2024
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	~~W~~	(151,549	)		151,549		(142,237	)		142,237
Increase (decrease) of shareholder’s equity (*)		(151,549	)		151,549		(142,237	)		142,237
(*)	The effect on the shareholder’s equity excludes 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 consolidated financial statements, Continued

December 31, 2025 and 2024

45.	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 two years in the period ended December 31, 2025 is as follows:

In millions of won	For the year ended December 31, 2025					For the year ended December 31, 2024
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	~~W~~	930,046		(930,046	)		888,898		(888,898	)
Increase (decrease) of shareholder’s equity (*)		930,046		(930,046	)		888,898		(888,898	)
(*)	The effect on the shareholder’s equity excludes 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, for large-scale capital investments, the Group minimizes liquidity risk by aligning the funding maturity through the use of internally generated funds or long-term borrowings.

The expected maturities of non-derivative financial liabilities as of December 31, 2025 and 2024 in detail are as follows:

In millions of won	As of December 31, 2025
Type	Less than<br>1 year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	20,100,531		597,717		792,513		2,512,018		24,002,779
Debt securities		29,172,320		28,897,889		37,383,870		24,539,981		119,994,060
Lease liabilities		526,324		473,319		1,140,684		1,407,310		3,547,637
Trade and other payables (*1)		8,111,566		343,906		618,231		425,896		9,499,599
Financial guarantee contracts (*2)		4,091,813		—		—		—		4,091,813
	~~W~~	62,002,554		30,312,831		39,935,298		28,885,205		161,135,888
(*1)	Excludes lease liabilities.
---	---
(*2)	The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a<br>financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized ~~W~~50,709 million as a provision for financial<br>guarantee contracts.
---	---

211

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management, Continued
(2)	Financial risk management, continued
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
Type	Less than<br>1 year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	18,887,527		430,883		1,300,087		2,032,303		22,650,800
Debt securities		28,967,125		29,601,867		39,451,207		28,885,833		126,906,032
Lease liabilities		632,878		553,030		1,264,310		1,670,416		4,120,634
Trade and other payables (*1)		8,807,823		354,778		631,653		526,846		10,321,100
Financial guarantee contracts (*2)		3,156,187		1,712,801		270,806		11,760		5,151,554
	~~W~~	60,451,540		32,653,359		42,918,063		33,127,158		169,150,120
(*1)	Excludes lease liabilities.
---	---
(*2)	The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a<br>financial guarantee occurrence, and it is classified by maturity of the guarantee contracts. The maximum amount of guarantee that may be called upon at the earliest period is ~~W~~5,151,554 million. As of<br>December 31, 2024, the Group has recognized ~~W~~30,924 million as a provision for financial guarantee contracts.
---	---

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

The expected maturities of non-derivative financial assets as of December 31, 2025 and 2024 in detail are as follows:

In millions of won	As of December 31, 2025
Type	Less than<br>1 year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,240,811		—		—		—		2,240,811
Financial assets at fair value through other comprehensive income		—		—		—		885,173		885,173
Financial assets at amortized cost		21,663		9,454		—		—		31,117
Loans and receivables		96,582		420,903		344,853		159,449		1,021,787
Long-term/short-term financial Instruments		1,997,644		19,423		—		865,064		2,882,131
Financial assets at fair value through profit or loss		1,309,159		325,496		681,967		487,841		2,804,463
Trade and other receivables		12,840,965		2,063,420		4,768,062		—		19,672,447
	~~W~~	18,506,824		2,838,696		5,794,882		2,397,527		29,537,929
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
Type	Less than<br>1 year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,382,979		—		—		—		2,382,979
Financial assets at fair value through other comprehensive income		—		—		—		674,850		674,850
Financial assets at amortized cost		20,418		1,333		8,482		—		30,233
Loans and receivables		110,005		347,251		369,851		118,013		945,120
Long-term/short-term financial Instruments		1,147,929		583		—		811,628		1,960,140
Financial assets at fair value through profit or loss		1,467,954		346,982		780,130		494,710		3,089,776
Trade and other receivables		12,245,159		1,506,085		2,126,928		—		15,878,172
	~~W~~	17,374,444		2,202,234		3,285,391		2,099,201		24,961,270
(*)	The maturities cannot be presently determined.
---	---

212

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	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 December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
Type	Less than<br>1 year			1~2Years			2~5Years			More than<br>5 years			Total
Net settlement
- Trading	~~W~~	—			—			—			—			—
Gross settlement
- Trading and others		(53,973	)		(14,327	)		(10,395	)		(89,024	)		(167,719	)
- Hedging		—			—			—			(126	)		(126	)
	~~W~~	(53,973	)		(14,327	)		(10,395	)		(89,150	)		(167,845	)
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type	Less than<br>1 year			1~2Years			2~5Years			More than<br>5 years			Total
Net settlement
- Trading	~~W~~	—			—			—			—			—
Gross settlement
- Trading and others		(46,087	)		(61,259	)		(73,017	)		(31,760	)		(212,123	)
- Hedging		—			—			—			(4,895	)		(4,895	)
	~~W~~	(46,087	)		(61,259	)		(73,017	)		(36,655	)		(217,018	)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	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 December 31, 2025 and 2024 are as<br>follows:
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	~~W~~	885,173		885,173		674,850		674,850
Derivative assets (trading)		1,548,015		1,548,015		1,846,527		1,846,527
Derivative assets (applying hedge accounting)		487,535		487,535		844,637		844,637
Financial assets at fair value through profit or loss		1,995,226		1,995,226		2,176,172		2,176,172
	~~W~~	4,915,949		4,915,949		5,542,186		5,542,186
Assets carried at amortized cost
Financial assets at amortized cost	~~W~~	31,117		31,117		30,233		30,233
Loans and receivables		986,528		986,528		908,148		908,148
Trade and other receivables		15,742,665		15,742,665		15,373,625		15,373,625
Long-term financial instruments		884,487		884,487		812,211		812,211
Short-term financial instruments		1,997,644		1,997,644		1,147,929		1,147,929
Cash and cash equivalents		2,240,811		2,240,811		2,382,979		2,382,979
	~~W~~	21,883,252		21,883,252		20,655,125		20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading)	~~W~~	165,373		165,373		279,932		279,932
Derivative liabilities (applying hedge accounting)		126		126		4,893		4,893
	~~W~~	165,499		165,499		284,825		284,825
Liabilities carried at amortized cost
Secured borrowings	~~W~~	1,245,289		1,245,289		1,443,125		1,443,125
Unsecured bond		107,772,996		106,751,304		111,874,019		110,798,858
Lease liabilities		3,150,880		3,150,880		3,699,456		3,699,456
Unsecured borrowings		20,520,567		20,473,189		19,040,213		18,994,676
Trade and other payables (*)		9,499,599		9,499,599		10,321,100		10,321,100
Overdraft		230,440		230,440		176,043		176,043
	~~W~~	142,419,771		141,350,701		146,553,956		145,433,258
(*)	Excludes lease liabilities.
---	---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management, Continued
(3)	Fair value risk, continued
---	---
(ii)	Interest rates used for determining fair value
---	---

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

The discount rates used for calculating fair value as of December 31, 2025 and 2024 are as follows:

Type	As of December 31, 2025
Derivatives		0.00% ~ 4.88%	0.03% ~ 4.88%
Borrowings and debt securities		0.33% ~ 5.50%	0.96% ~ 5.84%
Leases		0.00% ~ 17.37%	0.00% ~ 17.15%
(iii)	Fair value hierarchy
---	---

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

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

Fair values of financial instruments by hierarchy level as of December 31, 2025 and 2024 are as follows:

In millions of won	As of December 31, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	~~W~~	517,251		—		367,922		885,173
Derivative assets		—		1,937,554		97,996		2,035,550
Financial assets at fair value through profit or loss		—		1,988,813		6,413		1,995,226
	~~W~~	517,251		3,926,367		472,331		4,915,949
Financial liabilities at fair value
Derivative liabilities	~~W~~	—		75,185		90,314		165,499
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	~~W~~	360,096		—		314,754		674,850
Derivative assets		—		2,691,164		—		2,691,164
Financial assets at fair value through profit or loss		—		2,169,300		6,872		2,176,172
	~~W~~	360,096		4,860,464		321,626		5,542,186
Financial liabilities at fair value
Derivative liabilities	~~W~~	—		284,825		—		284,825

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.

215

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

45.	Risk Management, Continued
(3)	Fair value risk, continued
---	---

Changes in financial assets and liabilities which are classified as level 3 for each of the two years in the period ended December 31, 2025 are as follows:

In millions of won	For the year ended December 31, 2025
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation			Disposal			Foreigncurrencytranslationand others			Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,872		—		—		(459	)		—			—			6,413
Financial assets at fair value through other comprehensive income Unlisted securities		309,709		—		—		52,343			(10	)		1,086			363,128
Debt securities		5,045		—		—		(251	)		—			—			4,794
Derivatives
Others		—		7,496		129,359		8,293			(53,373	)		6,221			97,996
Financial liabilities at fair value
Derivatives
Others		—		3		170,244		(11,282	)		(67,752	)		(899	)		90,314
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation		Disposal		Foreigncurrencytranslationand others		Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,735		—		22		115		—		—		6,872
Financial assets at fair value through other comprehensive income Unlisted securities		212,762		4,000		—		88,256		—		4,691		309,709
Debt securities		4,627		—		—		418		—		—		5,045

216

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

46.	Service Concession Arrangements
(1)	Hydroelectric Power Generation at Semangka, Indonesia
---	---
(i)	Significant terms and concession period of the arrangement
---	---

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 ~ 2048) subsequent to the completion of plant construction and shall receive 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 concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of December 31, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	35,968
1 ~ 2 years		36,013
2 ~ 3 years		36,184
Over 3 years		512,761
	~~W~~	620,926

217

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

46.	Service Concession Arrangements, Continued
(2)	Pakistan Gulpur Hydropower Project
---	---
(i)	Significant terms and concession period of the arrangement
---	---

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 ~ 2050) subsequent to the completion of plant construction and shall receive 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 concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of December 31, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	80,668
1 ~ 2 years		80,668
2 ~ 3 years		80,668
Over 3 years		843,303
	~~W~~	1,085,307

218

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

46.	Service Concession Arrangements, Continued
(3)	Guam Ukudu Combined thermal power plant Project
---	---
(i)	Significant terms and concession period of the arrangement
---	---

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive tariff rates designed to recover variable O&M cost, fixed O&M 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 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)	Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv)	The Group’s expected future collections of service concession arrangements as of December 31, 2025<br>are as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	115,706
1 ~ 2 years		116,741
2 ~ 3 years		117,818
Over 3 years		2,815,444
	~~W~~	3,165,709

219

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties
(1)	The Group’s related parties as of December 31, 2025 are as follows:
---	---
Type	Related party
---	---
Parent	Republic of Korea government
Subsidiaries<br> <br>(169 subsidiaries)	Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO<br>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.,<br>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<br>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<br>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<br>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<br>America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP<br>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.,<br>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,<br>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.,<br>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.,<br>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<br>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<br>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,<br>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<br>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., KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull<br>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<br>Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy<br>Industry Growth Fund II

220

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(1)	The Group’s related parties as of December 31, 2025 are as follows, continued:
---	---
Type	Related party
---	---
Associates<br> <br>(107 entities)<br><br><br>(*1)	Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung<br>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<br>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.,<br>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<br>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.,<br>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<br>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., Godeok Clean Energy Co., Ltd.,<br>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.,<br>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.,<br>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<br>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<br>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<br>Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI<br>Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd.,<br>Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund
Joint ventures<br> <br>(122 entities)<br><br><br>(*1)	Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd.,<br>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<br>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 &<br>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<br>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<br>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<br>Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar<br>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<br>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<br>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<br>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,<br>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.,<br>Gunsan Land Solar Co., Ltd., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway<br>photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for<br>Power Company, 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<br>LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd.,<br>Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC
Others <br>(1 entity)	Korea Development Bank
(*1)	Subsidiaries of associates and joint ventures are included.
---	---

221

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(2)	Transactions between the Group and its subsidiaries are eliminated during the consolidation and are notdisclosed in notes.
---	---
(3)	The related party transactions for each of the two years in the period ended December 31, 2025 are asfollows:
---	---

<Sales and Others>

In millions of won		Sales and others
Company name	Transaction type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
<Associates>
Korea Gas Corporation	Electricity sales	~~W~~	332,646		149,095
Goseong Green Power Co., Ltd.	Electricity sales		632,703		612,327
Dongducheon Dream Power Co., Ltd.	Electricity sales		18,573		17,151
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		1,555		1,693
Daejung Offshore Wind Power Co., Ltd.	Electricity sales		90		87
Namjeju Bitdream Energy Co., Ltd.	Rental income		35		—
Daegu Photovoltaic Co., Ltd.	Electricity sales		443		344
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		107		3
Korea Electric Power Industrial Development Co., Ltd.	Service		10,204		11,180
Gangneung Eco Power Co., Ltd.	Fuel sales		594,273		494,428
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		23,344		55,610
Noeul Green Energy Co., Ltd.	Electricity sales		7,941		8,009
Busan Green Energy Co., Ltd.	Electricity sales		5,787		11,794
Hansuwon KNP Co., Ltd.	Dividends		13		—
Energy Infra Asset Management Co., Ltd.	Electricity sales		—		89
Gangwon Wind Power Co., Ltd.	Electricity sales		1,549		1,736
Gwangyang Green Energy Co., Ltd.	Electricity sales		2,546		1,479
Bigeum Resident Photovoltaic Power Co., Ltd.	Electricity sales		478		919
Yanggu Floating Photovoltaic Power Plant Inc.	Electricity sales		—		6
Goesan Solar Park Co., Ltd.	Electricity sales		400		—
Hyundai Green Power Co., Ltd.	Electricity sales and design service		6,815		6,659
Korea Power Exchange	Service		37,156		78,346
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		30		26
Daeryun Power Co., Ltd.	Electricity sales		51		3,628
Commerce and Industry Energy Co., Ltd.	Rental income and others		338		—
GS Donghae Electric Power Co., Ltd.	Electricity sales		22,018		9,284
KNH Solar Co., Ltd.	Electricity sales		124		1,635
S-Power Co., Ltd.	Service		2,470		2,359
Chuncheon Green Energy Co., Ltd.	Electricity sales		21,446		11,010
Yeomsubong Wind Power Co., Ltd.	Electricity sales		20		—
Yeongyang Wind Power Corporation II	Comission		150		150
PND solar Co., Ltd.	Electricity sales		35		348
Hyundai Eco Energy Co., Ltd.	Electricity sales		928		833
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		156		237
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		3,852		2,464
Korea Energy Solutions Co., Ltd.	Electricity sales		2		2
STN Co., Ltd.	Others				1
Green Energy Electricity Generation Co., Ltd.	Electricity sales		1		—
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust<br>No. 1	Others		553		360
Bitgoel Eco Energy Co., Ltd.	Electricity sales		2,206		3,377
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		610		458
Seoroseoro Sunny Power Plant Co., Ltd.	Electricity sales		2		2
Muan Solar Park Co., Ltd.	Electricity sales		1,742		1,797
YuDang Solar Co., Ltd.	Electricity sales		—		60
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		973		971
KPE Green Energy Co., Ltd.	Others		290		226
Saemangeum Heemang Photovoltaic Co., Ltd.	Electricity sales		1,288		2,232
UD4M Co., Ltd.	Electricity sales		4		8
Dongbu Highway Solar Co., Ltd.	Electricity sales		11		11
Seobu Highway Solar Co., Ltd.	Electricity sales		12		13
Songsan Green Energy Co., Ltd.	Interest income/ Dividends income		320		174

222

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(3)	Related party transactions for each of the two years in the period ended December 31, 2025 are asfollows, continued:
---	---
In millions of won		Sales and others
---	---	---	---	---	---	---
Company name	Transaction type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
<Associates>
DEEPAI Co.,Ltd.	Others	~~W~~	1		—
KI Tech Co., Ltd.	R & D		247		—
Jeju Bukchon BESS Power Plant Co., Ltd.	Power generation		1,161		—
Gwangbaek Solar Power Investment Co., Ltd.	Electricity sales		307		523
Go deok Clean Energy Co., Ltd.	Electricity sales		3,120		11,376
Changwon SG Energy Co., Ltd.	Electricity sales		11		9
Suwon New Power Co., Ltd.	Electricity sales		15		(102	)
Donpyung Technology. Co., Ltd.	Others		1		—
Hankook Electric Power Information Co., Ltd.	Others		45		—
HyChangwon Fuel Cell. Co., Ltd.	Others		478		—
HORANG ENERGY Inc.	REC sales		130		—
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		584		630
Hoenggye Renewable Energy Co., Ltd.	Others		11		—
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		12,814		8,343
15 Associates (Overseas)	Others		201,938		243,651
<Joint ventures>
Daegu Green Power Co., Ltd.	Electricity sales		2,483		2,385
Seobusambo highway photovoltaics Co., Ltd.	Electricity sales		22		20
Yangyang Suri Wind Power Co., Ltd.	Service		201		202
KAPES, Inc.	Commission		2,237		1,531
Honam Wind Power Co., Ltd.	Electricity sales		487		529
Korea Power Engineering Service Co., Ltd.	Service		358		777
Seokmun Energy Co., Ltd.	Service		1,897		1,774
Incheon New Power Co., Ltd.	Others		16		26
Naepo Green Energy Co., Ltd.	Electricity sales		17,270		3,972
Chun-cheon Energy Co., Ltd.	Electricity sales		3,152		968
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		2,031		2,031
Samcheok Eco Materials Co., Ltd.	Electricity sales		248		—
Cheongna Enrergy Co., Ltd.	Others		38,724		38,349
Namyangju Combined Heat and Power Co., Ltd.	Service		4,245		2,493
Yeonggwang Wind Power Co., Ltd.	Electricity sales		977		943
Seungmun Green Energy	Electricity sales		62		79
KW Nuclear Components Co., Ltd.	Service		1,587		1,645
Boim Combined Heat and Power Generation Co., Ltd.	Service		3,497		2,073
Taebaek Wind Power Co., Ltd.	Others		2,436		41
Roof One Energy Co., Ltd.	Others		1		—
Pyeongchang Wind Power Co., Ltd.	Electricity sales		52		771
Busan Shinho Solar Power Co., Ltd.	Electricity sales		1,284		699
Expressway Solar-light Power Generation Co., Ltd.	Electricity sales		650		—
Goheung New Energy Co., Ltd.	Electricity sales		233		3,106
Gunsan Land Solar Co., Ltd.	Electricity sales		3,905		944
Daesan Green Energy Co., Ltd.	Electricity sales		674		426
Cheong-Song Noraesan Wind Power Co., Ltd.	Electricity sales		726		38
Chungsongmeon BongSan wind power Co., Ltd.	Electricity sales		45		1
Saemangeum Solar Power Co., Ltd.	Electricity sales		39		—
Dangjin Eco Power Co., Ltd.	Electricity sales		42		42
Yangyang Wind Power Co., Ltd.	Electricity sales		111		238
Energyco Co., Ltd.	Electricity sales		55		161
Hapcheon Floating Photovoltaic Power Plant Inc.	Electricity sales		178		905
Busan Industrial Solar Power Co., Ltd.	Electricity sales		22		23
Bitsolar Energy Co., Ltd.	Electricity sales		460		464
Omisan Wind Power Co., Ltd.	Electricity sales		527		279
Changwon Nu-ri Energy Co., Ltd.	Service		366		171
Jeonju Bio Green Energy Co., Ltd.	Service		12		170
Haemodum Solar Co., Ltd.	Electricity sales		275		39

223

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(3)	Related party transactions for each of the two years in the period ended December 31, 2025 are asfollows, continued:
---	---
In millions of won		Sales and others
---	---	---	---	---	---
Company name	Transaction type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
<Joint ventures>
Yeongam Solar Power Co., Ltd.	Electricity sales		506		545
Samsu Wind Power Co., Ltd.	Electricity sales		122		301
Solaseado Solar Power Co., Ltd.	Electricity sales		1,855		1,870
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream	Dividends income		905		87
Yeongwol Eco Wind Co., Ltd.	Electricity sales		210		—
Gurae Resident Power Co., Ltd.	Electricity sales		14		—
Cheongju Eco Park Co., Ltd.	Electricity sales		1,013		316
Enel X Midland Photovoltaic, LLC	Electricity sales		12		11
Geumsungsan Wind Power Co., Ltd.	Electricity sales		57		58
Eumseong Eco Park Co., Ltd.	Electricity sales		20		19
Taean Haetdeulwon Solar Power Co., Ltd.	Electricity sales and others		73		—
41 Joint ventures (Overseas)	Others		346,183		518,941
<Others>
Korea Development Bank	Electricity sales		5,622		4,368
	Interest income		4,704		10,324

224

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(3)	Related party transactions for each of the two years in the period ended December 31, 2025 are asfollows, continued:
---	---

<Purchase and Others>

In millions of won		Purchase and others
Company name	Transaction type	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
<Associates>
Korea Gas Corporation	Electricity sales	~~W~~	4,959,219		6,623,974
Goseong Green Power Co., Ltd.	Electricity sales		1,298,250		1,301,710
Dongducheon Dream Power Co., Ltd.	Electricity sales		1,123,263		1,360,837
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		19,821		19,753
Haman Green Energy Co., Ltd.	REC Purchase		14,237		—
Cheonwang Green Energy Co., Ltd.	Others		652		—
Daegu Photovoltaic Co., Ltd.	Electricity sales		2,762		3,815
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		419		427
Korea Electric Power Industrial Development Co., Ltd.	Service		338,796		317,114
Gangneung Eco Power Co., Ltd.	Others		122		1,134
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		709,267		843,056
Noeul Green Energy Co., Ltd.	Electricity sales		24,177		20,833
Busan Green Energy Co., Ltd.	Electricity sales		26,552		28,272
Energy Infra Asset Management Co., Ltd.	Others		2,546		2,631
Yaksu ESS Co., Ltd.	Electricity sales		716		749
Gangwon Wind Power Co., Ltd.	Electricity sales		27,005		23,400
Bigeum Resident Photovoltaic Power Co., Ltd.	Others		4,880		285
Yanggu Floating Photovoltaic Power Plant Inc.	Electricity sales		692		562
Goesan Solar park Co., Ltd.	Electricity sales		6,120		6,143
Korea Power Exchange	Service		104,365		90,549
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		7,003		5,155
Daeryun Power Co., Ltd.	Electricity sales		262,924		282,968
Commerce and Industry Energy Co., Ltd.	Othes		6,071		—
GS Donghae Electric Power Co., Ltd.	Electricity sales		530,717		519,119
KNH Solar Co., Ltd.	Electricity sales		1,123		2,671
S-Power Co., Ltd.	Service		622,968		693,948
Chuncheon Green Energy Co., Ltd.	Electricity sales		62,637		39,333
Yeomsubong Wind Power Co., Ltd.	Electricity sales		8,358		—
Yeongyang Wind Power Corporation II	Comission		19,954		17,898
Haeparang Energy Co., Ltd.	Electricity sales		7,051		—
PND solar Co., Ltd.	Electricity sales		5,392		5,231
Hyundai Eco Energy Co., Ltd.	Electricity sales		27,475		26,253
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		9,168		7,415
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		34,039		32,549
Korea Energy Solutions Co., Ltd.	Electricity sales		132		132
ITR Co., Ltd.	Others		5		—
STN Co., Ltd.	Others		—		8
Green Energy Electricity Generation Co., Ltd.	Electricity sales		5,171		1,966
Bitgoel Eco Energy Co., Ltd.	Service and others		24,457		32,413
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		10,630		10,161
Seoroseoro Sunny Power Plant Co., Ltd.	REC and others		1,050		991
Muan Solar Park Co., Ltd.	REC and others		19,145		17,825
YuDang Solar Co., Ltd.	REC and others		2,186		2,020
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		21,490		19,494
KPE Green Energy Co., Ltd.	Others		36,047		41,197
Saemangeum Heemang Photovoltaic Co., Ltd.	Electricity sales		4,655		2,745
G.GURU Co., Ltd.	Electricity sales		115		—
Dongbu Highway Solar Co., Ltd.	Electricity sales		3,931		2,951
Seobu Highway Solar Co., Ltd.	Electricity sales		2,879		2,899
REC’s Innovation Co., Ltd.	Interest income/ Dividends income		12		23
Dreams Co.,Ltd.	Others		33		30
DEEPAI Co.,Ltd.	Others		30		30
KI Tech Co., Ltd.	R & D		247		—
Green Radiation Co., Ltd.	Ordinary development expense		85		45

225

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(3)	Related party transactions for each of the two years in the period ended December 31, 2025 are asfollows, continued:
---	---
In millions of won		Purchase and others
---	---	---	---	---	---
Company name	Transaction type	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
<Associates>
Gwangbaek Solar Power Investment Co., Ltd.	Electricity sales	~~W~~	590		499
Go deok Clean Energy Co., Ltd.	Electricity sales		28,814		35,055
Changwon SG Energy Co., Ltd.	Electricity sales		1,657		1,080
SureDataLab Co., Ltd.	Others		—		72
HORANG ENERGY Inc.	Others		12,984		—
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		15,223		15,697
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		41,821		32,689
PlatformN. Co., Ltd.	Others		—		237
15 Associates (Overseas)	Others		113,947		98,753
<Joint ventures>
Daegu Green Power Co., Ltd.	Electricity sales		246,605		328,485
Seobusambo highway photovoltaics Co., Ltd.	Electricity sales		1,045		825
Haetbyeotgil Sunlight Co., Ltd.	Others		704		—
KAPES, Inc.	Commission		198,464		23,924
Honam Wind Power Co., Ltd.	Electricity sales		6,617		7,148
Korea Power Engineering Service Co., Ltd.	Others		—		551
Seokmun Energy Co., Ltd.	Others		46,553		51,924
Chun-cheon Energy Co., Ltd.	Electricity sales		363,960		430,697
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		13,503		12,294
Samcheok Eco Materials Co., Ltd. (*1)	Electricity sales		6,117		3,282
Cheongna Energy Co., Ltd.	Service		62		60
Yeonggwang Wind Power Co., Ltd.	Electricity sales		30,501		31,712
Seungmun Green Energy	Electricity sales		21,373		25,725
KW Nuclear Components Co., Ltd.	Service		22,817		6,880
Boim Combined Heat and Power Generation Co., Ltd.	Service		6,324		3,038
Taebaek Wind Power Co., Ltd.	Service		6,182		6,327
Pyeongchang Wind Power Co., Ltd.	Electricity sales		5,074		3,079
Busan Shinho Solar Power Co., Ltd.	Electricity sales		6,854		8,467
Global Trade Of Power System Co., Ltd.	Service		529		511
Expressway Solar-light Power Generation Co., Ltd.	Electricity sales		1,500		3,165
Goheung New Energy Co., Ltd.	Electricity sales		12,547		10,133
Gunsan Land Solar Co., Ltd.	Electricity sales		4,655		2,752
Daesan Green Energy Co., Ltd.	Electricity sales		124,074		154,623
Cheong-Song Noraesan Wind Power Co., Ltd.	Electricity sales		2,959		2,048
Chungsongmeon BongSan wind power Co., Ltd.	Electricity sales		10		—
Saemangeum Solar Power Co., Ltd.	Electricity sales		218		—
Dangjin Eco Power Co., Ltd.	Electricity sales		3,443		3,645
Yangyang Wind Power Co., Ltd.	Service and Electricity sales		7,299		3,599
Energyco Co., Ltd.	Electricity sales		6,294		5,788
Hapcheon Floating Photovoltaic Power Plant Inc.	Service and REC		5,343		4,759
Busan Industrial Solar Power Co., Ltd.	Electricity sales		2,497		2,493
Bitsolar Energy Co., Ltd.	Electricity sales		12,940		9,072
Omisan Wind Power Co., Ltd.	Electricity sales		9,500		638
Haemodum Solar Co., Ltd.	Electricity sales		718		544
Yeongam Solar Power Co., Ltd.	Electricity sales		36,198		24,004
Samsu Wind Power Co., Ltd.	Electricity sales		9,268		6,864
Solaseado Solar Power Co., Ltd.	Electricity sales		33,059		24,899
Yeongwol Eco Wind Co., Ltd.	Electricity sales		3,974		2,496
Gurae Resident Power Co., Ltd.	Electricity sales		676		476
Cheongju Eco Park Co., Ltd.	Electricity sales		38,416		34,601
Enel X Midland Photovoltaic, LLC	Electricity sales		3,196		3,200
Geumsungsan Wind Power Co., Ltd	Electricity sales		6,055		—
Eumseong Eco Park Co., Ltd.	Electricity sales		23,194		26,372
Taean Haetdeulwon Solar Power Co., Ltd.	REC Purchase and others		1,948		—
41 Joint ventures (Overseas)	Others		22,436		14,796
<Others>
Korea Development Bank	Interest expense		50,658		7,839

226

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of December 31, 2025 and 2024are as follows:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	As of<br>December 31, 2025		As of<br>December 31, 2024		As of<br>December 31, 2025		As of<br>December 31, 2024
<Associates>
Korea Gas Corporation	Trade receivables	~~W~~	15,486		15,766		—		—
	Non-trade receivables and others		447		404		—		—
	Trade payables		—		—		381,353		482,008
	Non-trade payables and others		—		—		466		1,486
Goseong Green Power Co., Ltd.	Trade receivables		69,535		30,732		—		—
	Non-trade receivables and others		16		1,438		—		—
	Trade payables		—		—		112,314		162,719
	Non-trade payables and others		—		—		41,070		45,174
Dongducheon Dream Power Co., Ltd.	Trade receivables		1,254		6,350		—		—
	Non-trade receivables and others		637		637		—		—
	Trade payables		—		—		58,610		114,962
	Non-trade payables and others		—		—		—		29
Saemangeum Sebit Power Plant Co., Ltd.	Trade receivables		132		156		—		—
	Non-trade receivables and others		40		47		—		—
	Trade payables		—		—		1,736		1,499
	Non-trade payables and others		—		—		11		—
Green Radiation Co., Ltd.	Non-trade payables and others		—		—		—		30
Daejung Offshore Wind Power Co., Ltd.	Non-trade receivables and others		438		349		—		—
Daegu Photovoltaic Co., Ltd.	Trade payables		—		—		219		108
	Non-trade payables and others		—		—		1		—
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Trade receivables		—		—		—		—
Korea Electric Power Industrial	Trade receivables		57		123		—		—
Development Co., Ltd.	Trade payables		—		—		21		1,291
	Non-trade payables and others		—		—		4,563		8,832
Gangneung Eco Power Co., Ltd.	Trade receivables		29,354		8,142		—		—
	Non-trade payables and others		—		—		1,071		105
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		2,634		1,720		—		—
	Non-trade receivables and others		1,514		5,812		—		—
	Trade payables		—		—		42,688		77,222
	Non-trade payables and others		—		—		85		2,450
Noeul Green Energy Co., Ltd.	Trade receivables		4		5		—		—
	Non-trade receivables and others		35,447		27,043		—		—
	Non-trade payables and others		—		—		3,428		3,699
Busan Green Energy Co., Ltd.	Trade receivables		2		1		—		—
	Non-trade receivables and others		50,846		43,790		—		—
	Non-trade payables and others		—		—		3,688		4,799
Energy Infra Asset Management Co., Ltd.	Non-trade payables and others		—		—		—		1
Yaksu ESS Co., Ltd.	Trade payables		—		—		496		923
Gangwon Wind Power Co., Ltd.	Trade receivables		8		10		—		—
	Trade payables		—		—		3,367		4,023
Gwangyang Green Energy Co., Ltd.	Trade receivables		990		1,040		—		—
	Non-trade receivables and others		252		1,016		—		—
Bigeum Resident Photovoltaic Power Co., Ltd.	Trade receivables		48		273		—		—
	Non-trade receivables and others		1,796		1,796		—		—
Hyundai Green Power Co., Ltd.	Trade receivables		1,057		893		—		—
Korea Power Exchange	Trade receivables		5,022		2,434		—		—
	Non-trade receivables and others		4		—		—		—
	Trade payables		—		—		—		2,688
	Non-trade payables and others		—		—		3,583		1,571
Taebaek Guinemi Wind Power Co., Ltd.	Non-trade receivables and others		3		—		—		—
	Trade payables		—				487		840
	Non-trade payables and others		—		—		373		167
Daeryun Power Co., Ltd.	Trade payables		—		—		28,426		35,392

227

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(4)	Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	As of<br>December 31, 2025		As of<br>December 31, 2024		As of<br>December 31, 2025		As of<br>December 31, 2024
<Associates>
GS Donghae Electric Power Co., Ltd.	Trade receivables	~~W~~	975		22		—		—
	Non-trade receivables and others		109		109		—		—
	Trade payables		—		—		154,984		90,468
	Non-trade payables and others		—		—		17		—
KNH Solar Co., Ltd.	Trade receivables		1		—		—		—
S-Power Co., Ltd.	Trade receivables		360		264		—		—
	Non-trade receivables and others		60		54		—		—
	Trade payables		—		—		49,089		73,377
	Non-trade payables and others		—		—		—		19
Chuncheon Green Energy Co., Ltd.	Non-trade receivables and others		31,676		10,870		—		—
	Non-trade payables and others		—		—		14,305		8,881
Yeomsubong Wind Power Co., Ltd.	Trade receivables		1		—		—		—
Yeongyang Wind Power Corporation II	Trade payables		—		—		3,594		3,978
Haeparang Energy Co., Ltd.	Trade payables		—		—		1,429		—
PND solar Co., Ltd.	Trade payables		—		—		507		418
Hyundai Eco Energy Co., Ltd.	Trade receivables		26		25		—		—
	Trade payables		—		—		540		647
	Non-trade payables and others		—		—		—		—
YeongGwang Yaksu Wind Electric Co., Ltd.	Trade receivables		6		7		—		—
	Non-trade receivables and others		2,725		2,858		—		—
	Trade payables		—		—		1,195		1,034
	Non-trade payables and others		—		—		413		—
Taebaek Gadeoksan Wind Power Co., Ltd.	Non-trade receivables and others		54		62		—		—
	Trade payables		—		—		11,649		9,249
	Non-trade payables and others		—		—		1,919		1
Korea Energy Solutions Co., Ltd.	Trade receivables		—		—		—		—
Green Energy Electricity Generation Co., Ltd.	Trade payables		—		—		555		—
	Non-trade payables and others		—		—		—		—
Bitgoel Eco Energy Co., Ltd.	Trade payables		—		—		175		5,394
	Non-trade receivables and others		1,395		2		—		—
	Non-trade payables and others		—		—		—		1,458
Jeju Gimnyeong Wind Power Co., Ltd.	Non-trade receivables and others		118		143		—		—
	Trade payables		—		—		1,783		2,152
	Non-trade payables and others		—		—		7		5
Muan Solar Park Co., Ltd.	Trade receivables		28		—		—		—
	Non-trade receivables and others		3		4		—		—
Gunsan Green Energy Co., Ltd.	Non-trade payables and others		—		—		2,670		—
Songsan Green Energy Co., Ltd.	Trade receivables		1		—		—		—
	Non-trade payables and others		—		—		7,202		—
Anjwa Smart Farm & Solar City Co., Ltd.	Trade receivables		34		—		—		—
	Non-trade payables and others		—		—		2,297		1,797
KPE Green Energy Co., Ltd.	Trade receivables		3,514		1		—		—
	Non-trade receivables and others		—		130		—		—
	Trade payables		—		—		4,693		5,521
Saemangeum Heemang Photovoltaic Co., Ltd.	Non-trade receivables and others		—		1		—		—
	Non-trade payables and others		—		—		—		—
UD4M Co., Ltd.	Trade receivables		—		—		—		—
Dongbu Highway Solar Co., Ltd.	Trade receivables		1		1		—		—
	Trade payables		—		—		244		241
	Non-trade payables and others		—		—		—		1
Seobu Highway Solar Co., Ltd.	Trade receivables		1		1		—		—
	Trade payables		—		—		355		231
	Non-trade payables and others		—		—		—		2
Songsan Green Energy Co., Ltd.	Non-trade receivables and others		193		190		—		—
Dreams Co.,Ltd.	Non-trade receivables and others		1		1		—		—
	Non-trade payables and others		—		—		—		30

228

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(4)	Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	As of<br>December 31, 2025		As of<br>December 31, 2024		As of<br>December 31, 2025		As of<br>December 31, 2024
<Associates>
DEEPAI Co.,Ltd.	Non-trade receivables and others	~~W~~	1		1		—		—
	Non-trade payables and others		—		—		—		30
Jeju Bukchon BES Power Co., Ltd.	Non-trade receivables and others		177		—		—		—
Go deok Clean Energy Co., Ltd.	Non-trade receivables and others		12,818		10,118		—		—
	Non-trade payables and others		—		—		5,187		3,022
Suwon New Power Co., Ltd.	Trade receivables		1		—		—		—
	Non-trade payables and others		—		—		—		1
Donpyung Technology. Co., Ltd.	Trade receivables		—		—		—		—
HORANG ENERGY Inc.	Trade receivables		6		—		—		—
Muan Sunshine Solar Power Plant Co., Ltd.	Trade payables		—		—		2,015		1,954
Gangneung Sacheon Fuel Cell Co., Ltd.	Trade receivables		—		8,343		—		—
	Non-trade receivables and others		20,731		—		—		—
	Non-trade payables and others		—		—		6,278		3,201
8 Associates (Overseas)	Non-trade receivables and others		19,061		59,651		—		—
	Trade payables		—		—		5,899		—
<Joint ventures>
Daegu Green Power Co., Ltd.	Trade receivables		223		182		—		—
	Non-trade receivables and others		456		503		—		—
	Trade payables		—		—		10,877		25,622
Seobusambo highway photovoltaics Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		4		4		—		—
Yangyang Suri Wind Power Co., Ltd.	Non-trade receivables and others		56		55		—		—
	Non-trade payables and others		—		—		1		—
KAPES, Inc.	Trade receivables		4		4		—		—
	Non-trade receivables and others		161,784		90,088		—		—
	Non-trade payables and others		—		—		9,072		3,041
Honam Wind Power Co., Ltd.	Trade payables		—		—		437		515
Korea Power Engineering Service Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		7		52		—		—
Seokmun Energy Co., Ltd.	Trade receivables		37		35		—		—
	Non-trade receivables and others		10,358		862		—		—
	Trade payables		—		—		6,027		7,156
Incheon New Power Co., Ltd.	Trade receivables		—		9		—		—
Naepo Green Energy Co., Ltd.	Trade receivables		199		325		—		—
	Non-trade receivables and others		308		458		—		—
Chun-cheon Energy Co., Ltd.	Trade receivables		307		—		—		—
	Non-trade receivables and others		222		—		—		—
	Trade payables		—		—		23,654		35,325
Yeonggwangbaeksu Wind Power Co., Ltd.	Trade receivables		184		9		—		—
	Non-trade receivables and others		—		178		—		—
	Trade payables		—		—		687		962
Samcheok Eco Materials Co., Ltd.	Trade receivables		26		—		—		—
Cheongna Energy Co., Ltd.	Trade receivables		4,479		7,033		—		—
	Non-trade receivables and others		2,228		3,229		—		—
	Non-trade payables and others		—		—		—		8
Yeonggwang Wind Power Co., Ltd.	Trade receivables		12		12		—		—
	Non-trade receivables and others		60		58		—		—
	Trade payables		—		—		4,660		4,591
Seungmun Green Energy	Non-trade receivables and others		35		34		—		—
	Non-trade payables and others		—		—		2,566		—
KW Nuclear Components Co., Ltd.	Trade receivables		5		—		—		—
	Non-trade receivables and others		16		—		—		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		47		—		—
	Non-trade receivables and others		5,045		3,208		—		—
	Trade payables		—		—		861		445
	Non-trade payables and others		—		—		27,834		13,824

229

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(4)	Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	As of<br>December 31, 2025		As of<br>December 31, 2024		As of<br>December 31, 2025		As of<br>December 31, 2024
<Joint ventures>
Taebaek Wind Power Co., Ltd.	Trade payables	~~W~~	—		—		387		691
	Non-trade payables and others		—		—		275		184
	Trade receivables		3		—		—		—
Busan Shinho Solar Power Co., Ltd.	Trade receivables		4		3		—		—
	Trade payables		—		—		451		915
Global Trade Of Power System Co., Ltd.	Non-trade payables and others		—		—		—		7
Expressway Solar-light Power Generation<br><br><br>Co., Ltd.	Trade payables		—		—		—		432
Goheung New Energy Co., Ltd.	Trade receivables		25		21		—		—
	Non-trade receivables and others		—		8		—		—
	Non-trade payables and others		—		—		411		—
Gunsan Land Solar Co., Ltd.	Non-trade receivables and others		268		217		—		—
	Non-trade payables and others		—		—		—		—
Daesan Green Energy Co., Ltd.	Trade receivables		12		4		—		—
	Non-trade receivables and others		220		211		—		—
	Trade payables		—		—		2,804		3,819
Cheong-Song Noraesan Wind Power<br><br><br>Co., Ltd.	Trade receivables		2		—		—		—
Chungsongmeon BongSan wind power Co., Ltd.	Trade receivables		6		—		—		—
	Non-trade receivables and others		87		—		—		—
Saemangeum Solar Power Co., Ltd.	Non-trade receivables and others		4,437		4,368		—		—
Dangjin Eco Power Co., Ltd.	Trade receivables		4		4		—		—
	Trade payables		—		—		273		282
	Non-trade payables and others		—		—		—		181
Yangyang Wind Power Co., Ltd.	Non-trade receivables and others		273		163		—		—
Energyco Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		1		124		—		—
	Trade payables		—		—		524		432
Hapcheon Floating Photovoltaic Power Plant Inc.	Trade receivables		11		12		—		—
	Non-trade receivables and others		—		59		—		—
Busan Industrial Solar Power Co., Ltd.	Trade receivables		2		2		—		—
	Trade payables		—		—		82		240
	Non-trade payables and others		—		—		6		—
Bitsolar Energy Co., Ltd.	Trade receivables		11		12		—		—
	Non-trade receivables and others		767		444		—		—
	Trade payables		—		—		426		207
	Non-trade payables and others		—		—		361		—
Omisan Wind Power Co., Ltd.	Trade receivables		6		—		—		—
	Non-trade receivables and others		563		146		—		—
Changwon Nu-ri Energy Co., Ltd.	Non-trade receivables and others		197		188		—		—
	Non-trade payables and others		—		—		4,405		—
Jeonju Bio Green Energy Co., Ltd.	Non-trade receivables and others		—		187		—		—
Haemodum Solar Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade payables and others		—		—		1		—
Yeongam Solar Power Co., Ltd.	Trade receivables		48		48		—		—
	Trade payables		—		—		4,764		5,723
	Non-trade payables and others		—		—		2,246		—
Samsu Wind Power Co., Ltd.	Trade payables		—		—		1,963		1,834
	Non-trade payables and others		—		—		—		—
Solaseado Solar Power Co., Ltd.	Non-trade receivables and others		18		15		—		—
Shin-han BNPP Private Investment Trust for East-West<br>Sunlight Dream	Non-trade receivables and others		381		—		—		—
Yeongwol Eco Wind Co., Ltd.	Trade receivables		5		—		—		—
	Non-trade receivables and others		82		—		—		—
Gurae Resident Power Co., Ltd.	Non-trade receivables and others		4		—		—		—

230

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(4)	Receivables and payables arising from related party transactions as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	As of<br>December 31, 2025		As of<br>December 31, 2024		As of<br>December 31, 2025		As of<br>December 31, 2024
<Joint ventures>
Cheongju Eco Park Co., Ltd.	Non-trade receivables and others	~~W~~	16,117		13,461		—		—
	Trade payables		—		—		6,906		9,105
	Non-trade payables and others		—		—		—		2,853
Enel X Midland Photovoltaic, LLC	Trade receivables		1		1		—		—
	Trade payables		—		—		124		204
	Non-trade payables and others		—		—		—		59
Geumsungsan Wind Power Co., Ltd.	Trade receivables		3		3		—		—
Taean Haetdeulwon Solar Power Co., Ltd.	Non-trade payables and others		—		—		399		—
27 Joint ventures (Overseas)	Trade receivables		361,770		271,219		—		—
	Non-trade receivables and others		62,446		59,839		—		—
	Non-trade payables and others		—		—		43,464		34,932
<Others>
Korea Development Bank	Interest receivables		1,642		—		—		—
	Non-trade receivables and others		32,354		34,138		—		—
	Non-trade payables and others		—		—		44		231
	Derivatives and others		183,662		273,627		1,085		2,421

231

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(5)	Loans arising from the related party transactions as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Type	Company name	Beginningbalance			Loans			Collection			Others			Ending<br>balance
Associates	KNOC Nigerian East Oil Co., Ltd.,<br> <br>KNOC<br>Nigerian West Oil Co., Ltd.	~~W~~	33,066			710			—			—			33,776
	(Allowance for doubtful accounts)		(33,066	)		(710	)		—			—			(33,776	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		26,606			—			—			(635	)		25,971
Associates	PT. Cirebon Energi Prasarana		38,865			10,412			(1,642	)		3,039			50,674
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		26,625			—			(4,118	)		—			22,507
Associates	Saemangeum Sebit Power Plant Co., Ltd.		27,550			—			(5,748	)		—			21,802
Associates	Remal First Holding Company		—			1			—			—			1
Associates	Naseem First Holding Company		—			1			—			—			1
Associates	Jeju Bukchon BES Power Co., Ltd.		—			7,380			—			—			7,380
Associates	Gunsan Green Energy Co., Ltd.		—			627			—			—			627
Joint ventures	Solaseado Solar Power Co., Ltd.		34,929			—			(999	)		—			33,930
Joint ventures	Recursos Solares PV de Mexico II S.A. de C.V.		14,313			1,512			—			(275	)		15,550
Joint ventures	Horus Solar S.A. de C.V.		13,677			3,413			—			(296	)		16,794
Joint ventures	Sunmex Renovables S.A. de C.V.		21,793			2,529			—			(463	)		23,859
Joint ventures	Kelar S.A		19,291			11,397			(10	)		(12,358	)		18,320
Joint ventures	DE energia SpA		8,420			—			(8,420	)		—			—
Joint ventures	Daehan Wind Power PSC		16,956			—			(1,767	)		(411	)		14,778
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		2,491			811			—			—			3,302
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—			—			—			3,257
Joint ventures	Nghi Son 2 Power LLC		168,601			—			(19,429	)		(4,245	)		144,927
Joint ventures	Guadalupe Solar SpA		3,352			—			(198	)		(81	)		3,073
Joint ventures	Forsight Iberian Solar Group Holding, S.L.		71,137			3,018			—			(1,944	)		72,211
Joint ventures	Capman Lynx SCA, SICAR		35,210			—			—			(35,210	)		—
	(Allowance for doubtful accounts)		(35,210	)		—			—			35,210			—
Joint ventures	S-Power Chile SpA		294			—			—			(7	)		287
Joint ventures	Omisan Wind Power Co., Ltd.		8,894			—			—			—			8,894
Joint ventures	Gurae Resident Power Co., Ltd.		—			106			—			—			106
Joint ventures	Yeongwol Eco Wind Co., Ltd.		—			2,178			—			—			2,178
Joint ventures	KAS Investment I LLC		7,517			—			—			(184	)		7,333
Joint ventures	KAS Investment II LLC		7,567			—			—			(176	)		7,391
Joint ventures	Chungsongmeon BongSan Wind Power Co., Ltd.		—			5,563			—			—			5,563
		~~W~~	526,300			48,948			(42,331	)		(18,036	)		514,881
(6)	Borrowings arising from the related party transactions as of December 31, 2025 and 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties	Type	Beginning<br>balance		Borrowings		Repayment			Others			Ending<br>balance
Korea Development	Facility	~~W~~	84,653		—		(9,416	)		(295	)		74,942
Bank	Others		1,424		—		(327	)		—			1,097
	Operating funds		100,000		637,711		(607,711	)		—			130,000
	EBL and others		149,862		2,521		(52,012	)		(681	)		99,690
		~~W~~	335,939		640,232		(669,466	)		(976	)		305,729

232

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of December 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 44,350	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others		USD 3,876,233	FAB and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 203,981	EFS Renewables Holdings, LLC, CA-CIB and<br>others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees		USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 13,200	Hana Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		USD 1,165	CENACE
		Other performance guarantees		MXN 14,843	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CFE Transmission
		Other performance guarantees		MXN 4,929	CFE Transmission<br><br><br>and others
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	KEPCO for Power Company	Other performance guarantees		USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal Energy Company	Debt Guarantee		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation	Naseem Energy Company	Debt Guarantee		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 28,202	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 53,233	Kookmin Bank and others
		Debt Guarantee		KRW 18,200	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	PT.Mutiara Jawa	Collateralized money invested		—	Woori Bank
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy<br>Power Co., Ltd.	Collateralized money invested		KRW 72,509	Krung Thai Bank
		Impounding bonus guarantees (*10)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 194	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 72,000	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 2,940	Nonghyup Bank
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 706	Hana Bank and others
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 4,400	IBK and others
Korea Western Power Co.,<br><br><br>Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 360	Hana Bank and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 5,651	Hana Bank and others
Korea Western Power Co.,<br><br><br>Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 7,512	Nonghyup Bank

233

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of December 31, 2025 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.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 386	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 19,091	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,020	Hana Bank and others
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 5,741	Kyobo Life Insurance Co., Ltd.<br><br><br>and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,885	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co., Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee		USD 57,090	First Abu Dhabi Bank
Korea Western Power Co., Ltd.	Taean Haetdeulwon Solar Co., Ltd.	Collateralized money invested		KRW 7,992	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 14,565	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 36,703	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,898	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 286,796	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,835	Kookmin Bank and others
		Collateralized money invested		—
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 21,755	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 26,456	Hana Bank and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Other guarantees(*14)		USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
		Collateralized money invested		KRW 98,221	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*13)		USD 14,400	Hana Bank
		Collateralized money invested		KRW 48,675	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 11,017	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,351	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 15,131	Hana Bank and others
		Collateralized money invested(*1)		—
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 5,572	Woori Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 851	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Collateralized money invested(*1)		—

234

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of December 31, 2025 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.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 6,874	Woori Bank and others
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for Energy LLC	Loan payment guarantee (*7)		USD 38,054	FAB
		Collateralized money invested		KRW 18	First Abu Dhabi Bank PJSC
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 9,096	Hana Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 29,258	KDB Capital Corp. and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		—	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Jeju Bukchon BES Power Co., Ltd.	Collateralized money invested		KRW 2,480	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 34,475	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 31,119	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 26,520	Hana Bank, MUFG
		Payment guarantees (*11)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Payment guarantees (*6)		USD 2,000	Hana Bank
		Performance guarantees (*15)		USD 1,800	Shinhan Bank
		Collateralized money invested		KRW 25,095	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,851	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 14,878	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 19,781	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 59,242	IBK and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 12,204	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 7,538	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 4,209	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 5,776	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 6,724	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 8,643	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 1,933	Woori Bank
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested		KRW 5,260	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested		KRW 494	Samsung Fire & Marine Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haetbyeotgil Sunlight Co., Ltd.	Collateralized money invested		KRW 732	Kyobo Life Insurance Co.,Ltd.
		Guarantees for supplemental funding (*1)		—	Heungkuk Asset Management
Korea Southern Power Co., Ltd.	Rutile BESS. LLC	Payment guarantees		USD 13,000	Nonghyup Bank, JP Morgan Chase Bank
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees		USD 1,348	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW<br>153,294	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 3,417	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 5,349	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 756	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 4,920	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 3,092	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 61	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 86,549	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 3,795	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,253	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 230	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,236	Kyobo Life Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—

235

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of December 31, 2025 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.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 31	IBK
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,778	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,926	IBK
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,672	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,629	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 523	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 683	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 13,406	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,714	Templeton Hana Asset
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 28,114	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 325	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Commerce and Industry Energy Co., Ltd.	Collateralized money invested		KRW 498	IBK and others
Korea Midland Power Co., Ltd.	Ibri III Solar IPP	Performance Guarantee		OMR 2,750	Oman Power and Water Procurement Company SAOC
		Performance Guarantee		USD 17,300	Shinhan Bank
		Performance Guarantee		USD 600	Shinhan Bank
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3,4)		—	IBK
		Guarantees for supplemental funding and others (*1,16)		KRW 76,800	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)		EUR 7,210	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested (*4)		EUR 5,735	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)		KRW 276,085	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)		KRW 227,683	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)		KRW 1,938	Korea Investment & Securities Co., Ltd.
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)		KRW 9,159	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested (*4)		—	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)		KRW 2,304	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)		KRW 12,215	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)		KRW 3,310	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)		KRW 16,913	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested (*4)		USD 95,960	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 1,711	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested		KRW 5,479	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 4,119	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 23,781	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,205	Hana Bank and others

236

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of December 31, 2025 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.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 15,830	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,569	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 7,569	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 11,450	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 9,485	Hana Bank and others
		Guarantees for supplemental funding (*1)		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 5,627	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT I LLC	Payment guarantees (*12)		USD 9,770	WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT II LLC	Payment guarantees (*12)		USD 9,730	WOORI AMERICA BANK
(*1)	The Group guarantees to provide supplemental funding for business with respect to excessive business expenses<br>or insufficient repayment of borrowings.
---	---
(*2)	Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are<br>not repaid by December 8, 2026, the parent company and shareholders must purchase the bonds from the acquirer. As of December 31, 2025, derivative liabilities of ~~W~~23,494 million were recognized in<br>relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.<br>
---	---
(*3)	The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power<br>Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ~~W~~47,067 million.
---	---
(*4)	The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount<br>over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.
---	---
(*5)	The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.<br>
---	---
(*6)	The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service<br>Reserve Account (DSRA).
---	---
(*7)	The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an<br>associate of the Group.
---	---
(*8)	The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the<br>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<br>subsidiaries.
---	---
(*10)	Xe-Pian Xe-Namnoy Power Co.,<br>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<br>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.<br>
---	---
(*11)	The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account<br>(DSRA), and others.
---	---
(*12)	The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of<br>guarantees to their subsidiaries.
---	---
(*13)	The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company<br>Limited, a joint venture of the Group.
---	---
(*14)	The payment guarantees for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture<br>of the Group, has not yet been executed.
---	---
(*15)	The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.<br>
---	---
(*16)	In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of<br>the obligation as other provisions, amounting to ~~W~~13,498 million.
---	---

237

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(8)	Guarantees received from the related parties as of December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---
Primary Guarantor	Type of guarantees	Credit limit
KAPES, Inc.	Defect guarantees	~~W~~	16,081
	Performance guarantees		35,926
	Advance payment guarantee		248,042
(9)	Derivatives transactions with the related parties as of December 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amounts				Contract interest rate<br>per annum						Contract<br>exchange<br>rate (in won)
			Pay			Receive					Receive
Korea Development Bank		2021~2026		~~W~~	118,170		100,000		1.11	%		1.13	%	~~W~~	1,181.70
		2022~2026			283,820		200,000		4.67	%		5.38	%		1,419.10
		2022~2028			283,820		200,000		5.12	%		5.50	%		1,419.10
		2023~2026			256,000		200,000		4.04	%		5.38	%		1,280.00
		2024~2027			864,890		650,000		3.53	%		4.88	%		1,330.60
		2025~2028			73,160		50,000		3.02	%		SOFR + 0.62	%		1,463.20
		2017~2027			111,610		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			111,399		100,000		0.93	%		1.25	%		1,114.00
		2022~2027			262,000		200,000		3.63	%		4.25	%		1,310.00
		2024~2028			257,880		200,000		3.80	%		5.00	%		1,289.40
		2024~2028			128,940		100,000		3.69	%		5.00	%		1,289.40
		2024~2029			138,540		100,000		3.19	%		4.63	%		1,385.40
		2025~2030			556,560		400,000		2.75	%		SOFR + 0.79	%		1,391.40
		2020~2026			118,910		100,000		0.61	%		1.00	%		1,189.10
		2021~2026			114,230		100,000		1.27	%		1.25	%		1,142.30
		2022~2027			123,710		100,000		3.41	%		3.63	%		1,237.10
		2023~2028			129,500		100,000		3.85	%		4.88	%		1,295.00

All values are in US Dollars.

238

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

47.	Related Parties, Continued
(10)	During the year ended December 31, 2025, the Group acquired financial instruments amounting to KRW 120,000million from Korea Development Bank, an other related party, and disposed of financial instruments amounting to KRW 80,000 million.
---	---
(11)	The Group considers all standing directors of the Board who serve as executive officers responsible forplanning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:
---	---
In millions of won
---	---	---	---	---
Type	For the year ended<br>December 31, 2025		For the year ended<br>December 31, 2024
Salaries	~~W~~	1,407		1,064
Retirement benefits		62		36
	~~W~~	1,469		1,100

239

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

48.	Statement of Cash Flows
(1)	Significant non-cash transactions for each of the two years in theperiod ended December 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---	---
Transactions	For the year endedDecember 31, 2025		For the year endedDecember 31, 2024
Transfer from<br>construction-in-progress to other assets	~~W~~	10,256,534		15,059,467
Recognition of asset retirement cost and related provision for decommissioning costs		591,433		1,821,415
Transfer from provision for disposal of used nuclear fuel to accrued expenses		411,377		463,388
Transfer from long-term borrowings to current portion of long-term borrowings		8,742,102		8,417,793
Transfer from debt securities to current portion of debt securities		27,165,448		26,901,367
Transfer from inventory to stored nuclear fuel		1,194,976		1,002,036
Recognition of<br>right-of-use assets and others		100,430		132,495
(2)	Changes in liabilities incurred from financing activities for each of the two years in the period endedDecember 31, 2025 are as follows:
---	---
In millions of won	For the year ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect ofexchange rate<br>fluctuationsand others			Endingbalance
Borrowings	~~W~~	20,659,381			1,506,642			—		(169,727	)		21,996,296
Debt securities		111,874,019			(3,447,638	)		—		(653,385	)		107,772,996
Lease liabilities		3,699,456			(549,651	)		90,362		(89,287	)		3,150,880
Dividends Payable		5,063			(216,780	)		—		213,036			1,319
Derivative liabilities (assets), net		(2,406,338	)		621,571			—		(85,283	)		(1,870,050	)
	~~W~~	133,831,581			(2,085,856	)		90,362		(784,646	)		131,051,441
In millions of won	For the year ended December 31, 2024
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect ofexchange rate<br>fluctuationsand others			Endingbalance
Borrowings	~~W~~	19,839,652			604,841			—		214,888			20,659,381
Debt securities		113,792,178			(4,211,164	)		—		2,293,005			111,874,019
Lease liabilities		3,807,880			(612,828	)		119,161		385,243			3,699,456
Dividends Payable		4,574			(126,902	)		—		127,391			5,063
Derivative liabilities (assets), net		(554,147	)		545,483			—		(2,397,674	)		(2,406,338	)
		~~W~~136,890,137			(3,800,570	)		119,161		622,853			133,831,581

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

49.	Commitments for Expenditure
(1)	The commitments for acquisition of property, plant and equipment as of December 31, 2025 and 2024 areas follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Contracts	Commitmentamounts		Remaining<br>liability balances		Commitmentamounts		Remaining liabilitybalances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	~~W~~	57,226		417		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,081		8,394		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		4,749		35,282		13,476
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (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		16,045		33,057		16,045
System stabilization ESS equipment (Bubuk S/S) Type 1		221,939		42,137		221,939		42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		72,779		16,975
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,174		11,471
System stabilization ESS equipment (Hamyang S/S) Type 1		35,764		11,468		35,764		11,468
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment		—		—		59,473		36,464
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		—		—		31,925		7,756
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		38,520		38,520		39,060		39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		40,933		15,651		40,933		28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,323		31,810		40,323		40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,130		31,505		40,130		40,130
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon<br>S/S		39,300		39,300		39,300		39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East<br>coast #1C/S		37,600		37,600		37,600		37,600
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA - Annual Unit Price		—		—		43,054		38,404
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin<br>Gapyeong S/S		40,590		40,590		40,590		40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin<br>Namwon S/S		37,100		37,100		37,100		37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section<br>2)		32,381		11,453		25,214		25,214
Steel Pipe Towers (500kV HVDC), 6,143 tons – Donghae–Shingapyeong (Section<br>3)		31,184		14,490		25,372		25,372
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S		41,000		40,700		—		—
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)		38,086		10,334		—		—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		31,838		18,411		—		—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price<br>(General)		40,475		29,546		—		—
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price<br>(General)		42,252		12,262		—		—
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East<br>Seoul#2-Tancheon)		30,471		30,471		—		—
Purchase of cable (PE,1C,2500SQ) 69,720M and others (Saemangeum-Dongbieung)		30,607		20,679		—		—

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

49.	Commitments for Expenditure, Continued
(1)	The commitments for acquisition of property, plant and equipment as of December 31, 2025 and 2024 areas follows, continued:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Contracts	Commitmentamounts		Remaining<br>liability balances		Commitmentamounts		Remaining liabilitybalances
Stationary reactive power compensation device<br><br><br>(Phase 3, ±500MVAR) – East coast #2C/S		36,400		36,400		—		—
Purchase of GIS (800KV,8000A,50KA) Type 7– Dangjin Thermal Power Plant		63,903		63,903		—		—
765kV Power Transformer 3Bank(15Tank) - Dangjin Thermal Power Plant		61,100		61,100		—		—
Purchase of cable (PVC, 1C, 2000SQ) 61,641M and others (Shin Gangseoboonki)		52,204		52,204		—		—
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) Type2- Shin<br>Okcheon S/S		58,650		58,650		—		—
Construction of Saeul Units (#3,4)		11,718,217		921,006		11,718,217		1,748,342
Construction of Shin-Hanul Units (#3,4)		12,343,245		10,205,627		12,343,245		10,964,638
Other 55 contracts		2,245,116		1,583,953		2,033,913		1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		371,978		134,735		357,479		241,751
Purchase of main machine for Boryeong New Complex Unit 1		282,623		29,970		286,299		177,988
Boryeong New Complex Unit 1 Construction Project		221,475		93,617		202,552		161,753
Haman Combined Power Block Conditional Purchase Agreement		586,983		514,447		581,790		543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power<br>plant		123,989		9,820		123,495		15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power<br>plant		—		—		220,864		101
Construction of Gimpo combined heat & power plant		223,697		7,184		223,660		8,795
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,029		18,973		198,029		29,417
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		9,336		65,918		12,574
Construction of Gumi natural gas power plant		301,684		24,569		246,110		96,708
Installation of natural gas supply facility at Gumi natural gas power plant		—		—		83,801		45,019
Construction of Gongju natural gas power plant		224,392		120,972		203,849		190,840
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		310,322		257,822		305,829		273,338
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.		288,250		232,221		—		—
Purchase of gas turbines and accessories for Asan combined heat & power plant		123,000		123,000		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		327,569		2,110		326,395		5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		2,862		234,392		2,670
Hadong Thermal Power Plant Indoor Coal Storage Yard Residual Project Purchase		61,859		49,504		—		—
Purchase of Samcheok hydrogen compound co-firing facility<br>infrastructure		128,820		64,989		128,820		90,876
Construction of Andong Combined Unit 2 Power Plant		185,647		132,297		181,593		175,029
Purchase of main equipment for Andong Combined Unit 2		279,771		125,852		279,773		230,694
Service of designing Hadong Combined Unit 1		32,289		26,988		31,593		26,351

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

49.	Commitments for Expenditure, Continued
(2)	As of December 31, 2025, details of contracts for inventory purchase commitment are as follows:
---	---
Type	Periods		Contracted quantity
---	---	---	---
Concentrate		2025 ~ 2033	20,737 Ton U3O8
Conversion		2025 ~ 2030	17,392 Ton U
Enrichment		2025 ~ 2035	27,829 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50.	Contingencies and Commitments
(1)	Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as ofDecember 31, 2025 and 2024 are as follows:
---	---
In millions of won	As of December 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Number of cases		Amount		Number of cases		Amount
As the defendant		706	~~W~~	799,646		722	~~W~~	884,402
As the plaintiff		244		531,459		264		769,772

As of December 31, 2025, the Group is involved in five litigation matters and two arbitration proceedings.

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

As of December 31, 2025, the Group is a defendant in a total of 14 lawsuits regarding ordinary wages and 9 lawsuits regarding other wage-related matters pending in various courts, including the Supreme Court of Korea. The aggregate amount of claims filed against the Group in these wage-related lawsuits is ~~W~~ 198,628 million, and the Group has recognized provisions for litigation amounting to ~~W~~ 196,504 million as of December 31, 2025. While the ultimate outcomes of the lawsuits for which no provisions have been recognized are not currently predictable, the Group’s management believes that the results of such proceedings will not have a material adverse effect on the Group’s results of operations or financial position.

2)	There are 10 arbitration cases pertaining to the Group as of December 31, 2025 and the significant arbitration<br>cases are as follows:
①	During the year ended December 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration request with the<br>Korean Commercial Arbitration Board (KCAB) against the Group in connection with the 200MW Voltage Source Converter (VSC) HVDC technology development agreement and the related acquisition costs. As of December 31, 2025, the Group is unable to<br>reasonably estimate the amount or timing of any potential resource outflows that may result from the final outcome of this arbitration.
---	---
②	The Group is currently engaged in arbitration proceedings at the KCAB against S-Energy Co., Ltd. to confirm the<br>latter’s obligation to pay compensation for the shortfall in guaranteed power output of certain solar power facilities. As of the end of the current period, the Group cannot reasonably estimate the probability or the amount of any potential<br>inflow of economic benefits arising from the outcome of this arbitration.
---	---

244

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50.	Contingencies and Commitments, Continued
(2)	Guarantees of payments and commitments provided to other companies as of December 31, 2025 are asfollows:
---	---
1)	The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito<br>Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2025.
---	---
2)	The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as<br>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<br>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 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas<br>and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.
---	---
4)	The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the<br>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<br>regarding weatherization in relation with tax investors up to USD 3,000 thousand for 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,<br>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<br>54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.
---	---
8)	The Group has provided Nonghyup Bank a debt guarantee up to USD 3,795 thousand to guarantee Debt Service<br>Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.
---	---
9)	The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for<br>the implementation of Tanjung Jati power plant operation project in Indonesia.
---	---
10)	The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to<br>guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.
---	---
11)	The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment<br>of subscription obligation regarding photovoltaic power generation project in USA.
---	---
12)	The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for<br>Concho Valley solar business in the United States.
---	---
13)	The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the<br>operation maintenance project in Van Phong, Vietnam.
---	---
14)	The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD<br>62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.
---	---
15)	The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee<br>for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.
---	---
16)	The Group has provided an equity commitment guarantee of OMR 17,515 thousand to Natixis in connection with the<br>Oman Ibri 3 Solar Project, which is being developed by its subsidiary, KOMIPO Middle East Energy L.L.C. FZ.
---	---
17)	The Group has provided a performance guarantee of OMR 667 thousand to HSBC Seoul, in connection with the bid<br>bond for the Oman Al Kamil Solar Project conducted by a consortium consisting of Abu Dhabi Future Energy Company PJSC (Masdar), KOMIPO, and Al Khadra.
---	---

245

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50.	Contingencies and Commitments, Continued
(3)	Credit lines provided by financial institutions and others as of December 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Commitments	Financial institutions	Currency		Used amount
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW	1,780,500		388,873
Limit amount available for CP	Hana Bank and others	KRW	8,380,000		8,380,000
General Loan, etc.	Nonghyup Bank and others	KRW	2,600,000		2,600,000
Limit amount available for card	Nonghyup Card and others	KRW	48,458		4,351
Loan limit	Korea Development Bank and others	KRW	3,067,095		1,845,751
	DBS Bank and others		1,760,000		—
Certification of payment on payables from foreign country	Nonghyup Bank		8,700		4,020
Certification of payment on L/C	Shinhan Bank and others		1,292,634		USD 323,645
					EUR 5,150
	Kookmin Bank and others		8,431		7,461
	Shinhan Bank		526,241		118,950
Certification of Performance guarantee on contract	Hana Bank and others	KRW	170,168		108,989
	First Abu Dhabi Bank and others		1,874,849		388,118
	SMTB		6,500,000		440,000
	Hana Bank and others		377,623		6,342
	Hana Bank		27,117		27,117
	Hana Bank	OMR	6,250		—
	First Abu Dhabi Bank	AED	52,500		52,500
	Saudi National Bank and others	SAR	124,151		123,657
Certification of bidding	Korea Software<br> <br>Financial<br>Cooperative	KRW	43,806		—
	Hana Bank and others		14,200		9,000
	Bank Muscat	OMR	3,750		3,750
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW	110,226		110,226
	Saudi National Bank and others		705,517		667,341
	Saudi National Bank	SAR	42,505		42,505
	Shinhan Bank and others	MXN	21,290		21,290
Others (*)	Nonghyup Bank and others	KRW	624,149		210,779
	Nonghyup Bank and others		575,137		162,799
	Shinhan Bank	QAR	155,213		—
	Standard Chartered	AED	50		50
Secured loan of credit sales	Nonghyup Bank and others	KRW	284,500		—
Inclusive credit	Hana Bank and others	KRW	28,000		3,954
	Hana Bank and others		35,000		USD 6,913
					INR 273,832
					AED 1,446
Equity Bridge Loan Guarantee	First Abu Dhabi Bank<br> <br>and others		1,102,993		955,893
Trade finance	DBS Bank and others		600,000		—

All values are in US Dollars.

(*)	As of December 31, 2025, the Group has entered into a credit extension agreement for derivatives<br>transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50.	Contingencies and Commitments, Continued
(4)	As of December 31, 2025, promissory notes and assets provided as collaterals or pledges to financialinstitutions by the Group are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Obligor	Creditor	*Assets provided as security (2)**	Currency		Description
Mira Power Limited	International Finance Corporation and others	Property, plant and Equipment and others		264,800	Collateral for borrowings (*1)
Tamra Offshore Wind Power Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW	132,000	Collateral for borrowings (*1)
Gyeonggi Green Energy Co., Ltd.	Korea Development Bank and others	Cash and cash equivalents and others	KRW	251,600	Collateral for borrowings (*1)
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW	230,716	Collateral for borrowings
Gyeongju Wind Power Co., Ltd.	Shinhan Bank and others	Property, plant and equipment and others	KRW	68,400	Collateral for borrowings (*1)
Korea Offshore Wind Power Co., Ltd.	Woori Bank and others	Property, plant and equipment and others	KRW	244,500	Collateral for borrowings (*1)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others		32,667	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		310,682	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW	230,800	Collateral for borrowings (*1)
K-SOLAR SHINAN Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW	274,780	Collateral for borrowings (*1)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW	744,120	Collateral for borrowings
Jeju Hanlim Offshore Wind Co., Ltd.	Kookmin Bank and others	Property, plant and equipment and others	KRW	37,232	Collateral for borrowings
Western Power Changgi Solar Co., Ltd.	Samsung Life Insurance and others	Property, plant and equipment and others	KRW	45,000	Collateral for borrowings (*1)
Yeongdeok Sunrise Wind Power Co., Ltd.	Korea Development Bank and others	Property, plant and equipment and others	KRW	96,240	Collateral for borrowings (*1)
Chitose Solar Power Plant LLC	SMTB	Cash and cash equivalents and others		594,963	Collateral for borrowings
Mangilao Intermediate Holdings LLC	Mizuho Bank and others	Trade receivable and others		83,147	Collateral for borrowings (*1)

All values are in US Dollars.

(*1)	This is based on the amount of loan commitment limit.
(*2)	As of December 31, 2025, the Group has established guarantees for pledge for transfer of rights of<br>long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.
---	---

The Group has ~~W~~1,197 million of project loans from the Korea Energy Agency as of December 31, 2025. The Group has provided a promissory note as a repayment guarantee.

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Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

50.	Contingencies and Commitments, Continued
(5)	The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a<br>carrying amount of ~~W~~55,707 million as of December 31, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ~~W~~761 million and<br>depreciation on the idle assets of ~~W~~3,614 million are recorded in other expenses for the year ended December 31, 2025. Regarding the improvement of water quality, the results of damages compensation for the local residents<br>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 December 31, 2025.
---	---
(6)	As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial<br>District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of December 31, 2025. Accordingly, the book value of the facility, amounting to<br>~~W~~11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of December 31, 2025, the Group cannot make<br>reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.
---	---
(7)	As of December 31, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is ~~W~~64,371 million.
---	---
(8)	The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the<br>“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<br>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<br>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<br>Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
---	---
( 10 )	The Group believes that a potential obligation related to mutual cooperation contributions exists in connection<br>with nuclear power plants whose design life is approaching expiration. The amount and terms of such mutual cooperation contributions have not been agreed upon, and accordingly, the likelihood of an outflow of economic benefits resulting from the<br>settlement of such obligation cannot be reasonably estimated, as of December 31, 2025.
---	---

248

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

51.	Subsequent Events
(1)	Subsequent to December 31, 2025, KEPCO borrowed long-term borrowings for the purposes of operation<br>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<br>(Mid- to long-term CP (*))		2026.01.22		2029.01.22		3M CD + 0.34	~~W~~	200,000
Korea Electric Power Corporation	Local long-term borrowings<br>(Mid- to long-term CP (*))		2026.02.04		2029.02.02		3M CD + 0.36		200,000
Korea Electric Power Corporation	Local long-term borrowings<br>(Mid- to long-term CP (*))		2026.02.12		2029.02.09		3M CD + 0.40		200,000
(*)	The maturity of mid- to long-term CPs corresponds to contract period of<br>commercial paper repurchase agreements.
---	---
(2)	Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd.,<br>Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---
Company	Type		Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation		#1536 Corporate bond		2026.01.06		2028.01.06		2.98	~~W~~	200,000
		#1537 Corporate bond		2026.01.06		2029.01.05		3.15		100,000
		#1538 Corporate bond		2026.01.12		2028.01.12		2.99		200,000
		#1539 Corporate bond		2026.01.12		2029.01.12		3.15		200,000
		#1540 Corporate bond		2026.01.19		2028.01.19		3.11		120,000
		#1541 Corporate bond		2026.01.19		2029.01.19		3.32		250,000
		#1542 Corporate bond		2026.01.27		2028.01.25		3.20		30,000
		#1543 Corporate bond		2026.01.27		2029.01.26		3.41		100,000
		#1544 Corporate bond		2026.01.27		2031.01.27		3.65		80,000
		#1545 Corporate bond		2026.02.03		2028.02.03		3.35		50,000
		#1546 Corporate bond		2026.02.03		2029.02.02		3.54		120,000
		#1547 Corporate bond		2026.02.03		2031.02.03		3.80		130,000
		#1548 Corporate bond		2026.02.10		2028.02.10		3.44		70,000
		#1549 Corporate bond		2026.02.10		2029.02.09		3.65		100,000
		#1550 Corporate bond		2026.02.10		2031.02.10		3.86		170,000
		#1551 Corporate bond		2026.02.24		2028.02.24		3.28		110,000
		#1552 Corporate bond		2026.02.24		2029.02.23		3.51		230,000
		#1553 Corporate bond		2026.02.24		2031.02.24		3.71		100,000
		#1554 Corporate bond		2026.03.05		2028.03.03		3.31		120,000
		#1555 Corporate bond		2026.03.05		2029.03.05		3.52		110,000
		#1556 Corporate bond		2026.03.05		2031.03.05		3.71		70,000

249

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

51.	Subsequent Events, Continued
(2)	Subsequent to December 31, 2025, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd.,<br>Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd. and Korea Southern Power Co., Ltd., issued bonds denominated in Korean won and USD for the purpose of operation funding and details related thereto are as follows, continued:<br>
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---	---	---
Company	Type		Issue date		Maturity		Interest rate (%)		Amount
Korea South-East Power Co., Ltd		#69-1 Corporate bond		2026.01.20		2028.01.19		3.15	~~W~~	150,000
		#69-2 Corporate bond		2026.01.20		2029.01.19		3.40		90,000
		#69-3 Corporate bond		2026.01.20		2031.01.20		3.68		70,000
		#70-1 Corporate bond		2026.01.30		2028.01.25		3.26		110,000
		#70-2 Corporate bond		2026.01.30		2029.01.30		3.47		110,000
		#70-3 Corporate bond		2026.01.30		2031.01.30		3.78		80,000
Korea Midland Power Co., Ltd.		#75 Corporate bond		2026.02.12		2028.02.11		3.56		100,000
Korea Western Power Co., Ltd.		#75-1 Corporate bond		2026.01.27		2029.01.26		3.43		100,000
		#75-2 Corporate bond		2026.01.27		2031.01.27		3.73		90,000
		#76-1 Corporate bond		2026.02.12		2029.02.09		3.63		100,000
		#76-2 Corporate bond		2026.02.12		2031.02.12		3.91		110,000
		Electronic short-term bonds		2026.01.06		2026.03.13		2.86		150,000
		Electronic short-term bonds		2026.01.14		2026.03.26		2.89		150,000
		Electronic short-term bonds		2026.01.26		2026.02.25		3.04		80,000
Korea Southern Power Co., Ltd.		#82-1 Corporate bond		2026.01.23		2029.01.23		3.38		70,000
		#82-2 Corporate bond		2026.01.23		2031.01.21		3.69		30,000
		#83-1 Corporate bond		2026.02.13		2029.02.09		3.64		60,000
		#83-2 Corporate bond		2026.02.13		2031.02.13		3.87		80,000
		#83-3 Corporate bond		2026.02.13		2036.02.13		4.11		20,000
(3)	An armed conflict that began in the Middle East in February 2026 has led to increased geopolitical and<br>economic uncertainty. These developments may affect entities with direct or indirect operations in the affected region, or those exposed to the economies of the countries involved. This situation is considered a<br>non-adjusting event after the reporting period. At this time, the Group is unable to reasonably estimate the potential financial impact that the evolving situation in the Middle East may have on its financial<br>position or results of operations.
---	---

250

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2025 and 2024

52.	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 consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the two years in the period ended December 31, 2025 to the operating profit or loss as presented in the Group’s 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	2025
Operating profit on the consolidated statements of comprehensive income	~~W~~	13,490,557		8,364,710
Add
Other income
Reversal of other provisions		8,847		35,317
Reversal of other allowance for bad debt		4,101		17,699
Gains on government grants		224		4,789
Gains on assets contributed		4,505		29,968
Gains on liabilities exempted		914		504
Compensation and reparations revenue		99,976		84,682
Revenue from foundation fund		245		58
Rental income		209,400		204,277
Others		97,091		100,060
Other gains
Gains on disposal of property, plant and equipment		285,525		85,990
Gains on disposal of intangible assets		18		41
Reversal of impairment losses on intangible assets		42		—
Gains on foreign currency translation		22,283		77,269
Gains on foreign currency transactions		110,496		74,520
Gains on insurance proceeds		1,840		3,411
Others		434,280		273,745
Deduct
Other expenses
Compensation and indemnification expense		(2,174	)	(234	)
Accretion expenses of other provisions		(6,441	)	(5,841	)
Depreciation expenses on investment properties		(1,082	)	(682	)
Depreciation expenses on idle assets		(3,614	)	(3,642	)
Other bad debt expense		(4,700	)	(42,776	)
Donations		(145,798	)	(324,694	)
Others		(79,578	)	(87,819	)
Other losses
Losses on disposal of property, plant and equipment		(112,692	)	(112,018	)
Losses on disposal of intangible assets		(13	)	(111	)
Losses on impairment of property, plant and equipment		(14,262	)	(11,240	)
Losses on impairment of intangible assets		(8,439	)	(902	)
Losses on foreign currency translation		(37,045	)	(29,225	)
Losses on foreign currency transactions		(128,384	)	(148,381	)
Others		(214,676	)	(128,215	)
Adjusted operating profit	~~W~~	14,011,446		8,461,260

251

Independent Auditors’ Report of

Internal Control over Financial Reporting

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

KoreaElectric Power Corporation

Opinion on Internal Control over Financial Reporting for Consolidation Purposes

We have audited Korea Electric Power Corporation and its subsidiaries (the “Group”)’ internal control over financial reporting (“ICFR”) for consolidation purposes as of December 31, 2025 based on the criteria established in the Conceptual Framework for Designing and Operating ICFR (“ICFR Design and Operation Framework”) issued by the Operating Committee of Internal Control over Financial Reporting in the Republic of Korea (the “ICFR Committee”).

In our opinion, the Group maintained, in all material respects, effective internal control over financial reporting for consolidation purposes as of December 31, 2025, based on ICFR Design and Operation Framework.

We also have audited, in accordance with Korean Standards on Auditing (KSAs), the consolidated financial statements of the Group, which comprise the consolidated statement of financial position as of December 31, 2025, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising material accounting policy information and our report dated March 10, 2026 expressed an unmodified opinion on those consolidated financial statements.

Basis for Opinion on InternalControl over Financial Reporting for Consolidation Purposes

We conducted our audit in accordance with KSAs. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Internal Control over Financial Reporting for Consolidation Purposes section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the internal control over financial reporting in Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance forthe Internal Control over Financial Reporting for Consolidation Purposes

The Group’s management is responsible for designing, operating and maintaining effective internal control over financial reporting for consolidation purposes and for its assessment of the effectiveness of internal control over financial reporting for consolidation purposes, included in the accompanying Management’s annual report on internal control over financial reporting.

Those charged with governance are responsible for overseeing the Group’s internal control over financial reporting for consolidation purposes.

Auditors’ Responsibilities for the Audit of the InternalControl over Financial Reporting for Consolidation Purposes

Our responsibility is to express an opinion on the Group’s internal control over financial reporting for consolidation purposes based on our audit. We conducted our audit in accordance with KSAs. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting for consolidation purposes was maintained in all material respects.

Our audit of internal control over financial reporting for consolidation purposes included obtaining an understanding of internal control over financial reporting for consolidation purposes, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Definition and Limitations of Internal Control over Financial Reporting for Consolidation Purposes

A company’s internal control over financial reporting for consolidation purposes is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with Korean International Financial Reporting Standards (“K-IFRS”). A company’s internal control over financial reporting for consolidation purposes includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with K-IFRS, and that receipts and expenditures of the Group are being made only in accordance with authorizations of management and directors of the Group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Group’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting for consolidation purposes may not prevent or detect material misstatements in the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The engagement partner on the audit resulting in this independent auditors’ report is Jung Soo Lee.

LOGO

Seoul, Korea

March 10, 2026

This report is effective as of March 10, 2026, the audit report date. Certain subsequent events or circumstances, which may occur between the audit report date and the time of reading this report, could have a material impact on the internal control over financial reporting. Accordingly, the readers of the audit report should understand that the above audit report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

Management’s annual report on

the effectiveness of internal control over financial reporting

(English translation of a report originally issued in Korean)

To the Shareholders, Board of Directors and Audit Committee of Korea Electric Power Corporation

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting (“ICFR”) Officer of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), assessed the status of the design and operation of the Group’s ICFR for consolidation purposes for the year ended December 31, 2025.

The Group’s management including the CEO and ICFR Officer is responsible for designing and operating ICFR. We, as the CEO and ICFR Officer (collectively, “We”, “Our” or “Us”), evaluated whether the ICFR has been effectively designed and operated to prevent and detect error or fraud which may cause material misstatement of the consolidated financial statements to ensure preparation and disclosure of reliable financial information.

We used the Conceptual Framework for Design and Operation ofICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as the criteria for the design and operation of the Group’s ICFR. We also conducted an evaluation of ICFR based on the Management Guidelinefor Evaluation and Reporting of ICFR established by the ICFR Committee.

Based on our assessment of ICFR operation, we concluded that the Group’s ICFR has been appropriately designed and is operating effectively in all material respects as of December 31, 2025, in accordance with the Conceptual Framework for Design and Operation of ICFR.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.

February 19, 2026

(Appendix)

•	Results of the Implementation of Remediation Plans for Material Weaknesses Reported in the Prior Fiscal Year: Not<br>applicable
•	Internal Control Activities Performed by the Company to Address Fraud Risks Related to Cash and Embezzlement<br>
---	---

/s/ Dong-Cheol Kim

President/CEO

/s/ Heung-Bok Oh

Internal Control over Financial Reporting Officer

(Appendix) Internal Control Activities Performed by the Company to Address Fraud RisksRelated to Cash and Embezzlement

Control Category	Control Activities Performed by the Company	In-ScopeCompany	Results of Design and Operating Effectiveness Assessment(Performing Department and Timing,etc.)
Entity Level Controls	<Operation of Fraud Prevention Program> <br>The Company has established and operates an ethical reporting system to prevent fraudulent activities, including embezzlement.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.
	<Communication of the Code of Ethics> <br>In order to communicate management’s commitment to ethical management, the Company publicly disseminates its Code of Ethics and related policies across the<br>organization.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Internal Audit Considering Fraud Risks><br><br><br>The Company performs oversight activities related to employee misconduct and the supervision of the internal control over financial reporting through its<br>internal audit department.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
Treasury Controls	<Bank Account Registration and Termination> <br>The registration and termination of bank accounts are performed subject to appropriate approval procedures.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Monitoring of Bank Account Status> The head of the treasury department periodically reviews and approves the list of bank accounts and related balances.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Management of Dormant Accounts> <br>The head of the treasury department periodically reviews and manages dormant bank accounts.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Completeness Review of Bank Accounts> <br>The head of the treasury department reviews and approves the results of comparisons between company-owned bank accounts identified through financial institutions and those<br>registered in the Company’s systems to verify completeness and consistency.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Verification of Cash-on-Hand and Bank Balances> <br>The head of the treasury department reviews daily cash reports and verifies that bank<br>account balances reconcile with the Company’s recorded cash balances, and approves the results of such review.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Approval of Foreign Currency Disbursements and Remittances> <br>The personnel responsible for foreign currency transactions disburse foreign currency payments only after reconciling accounting vouchers, relevant<br>supporting documents, and foreign remittance requests, and obtaining approval from the authorized approver.	KEPCO, KHNP<br>and 8 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Segregation of Initiator and Approver in Firm Banking> <br>Fund disbursements, including those executed through firm banking systems, are approved by appropriate authorized approvers, and the roles of transaction<br>initiator and approver are segregated.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Control over the Use of Corporate Seals> <br>Physical access to corporate seals is restricted, and the use of such seals is permitted only after obtaining approval from an appropriate authorized approver.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Borrowings and Repayments of Debt> <br>The head of the financing department reviews and approves the appropriateness of key terms set forth in proposals for borrowings and bond issuances, and submits such matters to<br>the Board of Directors when board approval is required.	KEPCO, KHNP<br>and 7 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
	<Restriction on Fund Disbursements> The Company’s systems are configured to prevent transfers to bank accounts that are not registered in the vendor bank account master.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)
Other Process Level Controls	<Review and Approval of Vendor Bank Accounts><br><br><br>Business personnel obtain approval from an appropriate approver by submitting the required supporting documents when creating or modifying a vendor disbursement<br>bank account. The treasury department reviews whether key information is consistent with the supporting documentation and approves the request.	KEPCO, KHNP<br>and 9 other companies	Based on the results of testing, no material weaknesses were identified (Compliance Management Office, etc.; October 2025, December 2025, January 2026, etc.)

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