Skip to main content
Equibles

6-K

Korea Electric Power Corp (KEP)

6-K 2025-09-15 For: 2025-09-15
View Original
Added on April 11, 2026

UNITED STATES

SECURITIESAND 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 September 2025

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒   Form 40-F ☐

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2025 to June 30, 2025)

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

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

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

I. Company Overview
1. Name of the company: Korea Electric Power Corporation (“KEPCO”)
--- ---
2. Information of the company
--- ---

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

(Phone number) 82-61-345-4218

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

3. Major businesses

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

• development of electric power resources;
• generation, transmission, transformation and distribution of electricity and other related activities;<br>
--- ---
• research and development of technology related to the businesses mentioned above;
--- ---
• overseas business related to the businesses mentioned above;
--- ---
• investment or contributions related to the businesses mentioned above;
--- ---
• development and operation of certain real estate holdings; and
--- ---
• other businesses entrusted by the government.
--- ---

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

4. Consolidated subsidiaries
(As of June 30, 2025)
--- --- ---
Listed Unlisted Total
2 168 170
5. Major changes in management
--- ---
A. On January 6, 2025, Mr. An, Jung-Eun was appointed as a standing director for a term of two years.<br>
--- ---
B. On March 3, 2025, Mr. Lee, Jun-Ho, standing director, resigned<br>from all his positions.
--- ---
C. On March 31, 2025, a non-standing director Mr. Park,<br>Chung-Kun’s term of office expired.
--- ---
D. On May 7, 2025, Mr. Lee, Heung-Ryeol was appointed as a<br>non-standing director for a term of two years in replacement of Mr. Park, Chung-Kun whose term of office expired.
--- ---
E. On May 19, Mr. Seo Geun-Bae, standing director, resigned from<br>all his positions.
--- ---
F. On May 28, Mr. Jung, Chi-Gyo was appointed as a standing member for a term of two years.<br>
--- ---
6. Changes in major shareholders
--- ---

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

7. Information regarding KEPCO shares
A. Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)
--- ---
B. Total number of issued shares: 641,964,077
--- ---
(Total number of authorized shares for issuance: 1,200,000,000)
---
C. Dividends: Dividend payments for fiscal year 2024 was Won 213 per share and Won 136.7 billion as a total.<br>
--- ---
II. Business Overview
--- ---
1. Consolidated financial results by segment for a six-month period ended June 30, 2024 and 2025<br>
--- ---

(In billions of Won)

January to June 2024 January to June 2025
Sales Operating<br>profit Sales Operating<br>profit
Electricity sales 42,995 1,169 45,462 2,857
Nuclear generation 6,094 188 8,206 2,396
Thermal generation 14,530 746 13,052 565
Plant maintenance & engineering service 1,618 228 1,518 121
Others^(1)^ 1,070 69 1,085 40
Subtotal 66,307 2,400 69,323 55,979
Adjustment for related- party transactions -22,541 150 -23,149 -90
Total 43,766 2,550 46,174 5,889

Note:

(1) Others relate to business areas including overseas businesses, etc..
2. Changes in unit prices of major products for a six-month period ended June 30, 2024 and 2025<br>
--- ---
(In Won per kWh)
--- --- --- --- --- --- ---
Business sector Company January to<br>June 2024 January to<br>June 2025
Electricity sold Residential KEPCO 152.65 155.22
Commercial 170.39 169.93
Educational 139.34 139.70
Industrial 162.67 179.23
Agricultural 81.53 87.92
Street lighting 159.85 160.76
Overnight usage 107.79 107.74
Electricity from nuclear generation Nuclear Generation KHNP 66.68 82.87
Electricity from thermal generation Thermal generation KOSEP 132.91 139.48
KOMIPO 150.18 161.40
KOWEPO 157.35 160.30
KOSPO 170.39 175.84
EWP 149.90 161.63
3. Power purchase from generation subsidiaries for a six-month period ended June 30, 2025
--- ---
Company Volume<br>(GWh) Expense<br>(In billions of Won)
--- --- --- --- ---
KHNP 97,014 8,049
KOSEP 17,787 2,478
KOMIPO 15,255 2,460
KOWEPO 13,922 2,229
KOSPO 14,958 2,625
EWP 13,105 2,118
Others 105,714 15,500
Closing adjustment — 2,306
Total 277,755 37,765
4. Intellectual property as of June 30, 2025
--- ---
Patents Utility models Designs Trademarks Total
--- --- --- --- --- --- --- --- --- --- ---
KEPCO 5,114 28 112 61 5,315
Generation subsidiaries 4,209 46 92 263 4,610
Total 9,323 74 204 324 9,925
III. Financial Information
--- ---
1. Condensed consolidated financial results as of and for a six-month period ended June 30, 2024 and 2025<br>
--- ---

(In billions of Won)

Consolidated statements of<br><br><br>comprehensive income Consolidated statements of<br><br><br>financial position
January toJune 2024 January toJune 2025 Change December 31,2024 June 30,<br>2025 Change
Sales 43,766 46,174 2,408 Total assets 246,808 249,900 3,092
Operating profit (loss) 2,550 5,889 3,339 Total liabilities 205,445 206,232 787
Net income (loss) 710 3,538 2,828 Total equity 41,363 43,667 2,304
2. Condensed separate financial results as of and for a six-month period ended June 30, 2024 and 2025<br>
--- ---

(In billions of Won)

Separate statements of<br><br><br>comprehensive income Separate statements of<br><br><br>financial position
January toJune 2024 January toJune 2025 Change December 31,2024 June 30,<br>2025 Change
Sales 42,994 45,461 2,467 Total assets 139,472 141,697 2,225
Operating profit (loss) 1,169 2,857 1,688 Total liabilities 120,083 119,334 -749
Net income (loss) 137 3,085 2,948 Total equity 19,389 22,362 2,973

IV. Board of Directors (KEPCO Only)

  1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight non-standing directors. The number of non-standing directors must exceed the number of standing directors, including our president.
* Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New<br>York Stock Exchange listing standards. The ESG Committee consists of three non-standing directors and one standing director. The Power System Committee consists of three<br>non-standing directors and one standing director.
  1. Board meetings and agenda for a six-month period ended June 30, 2025
Number of meetings Number of agendas Classification
Resolutions Reports
8 25 20 5
* The audit committee held 8 meetings with 43 agenda (of which, 23 were approved as proposed and 20 were accepted<br>as reported).
--- ---
  1. Major activities of the Board of Directors for a six-month period ended June 30, 2025
Date Agenda Results Type
January 23, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director) Approved as<br>proposed Resolution
Approval of the revised relocation plan for the Gyeonggi Materials Management Center Approved as<br>proposed Resolution
Approval of the safety management plan of 2025 Approved as<br>proposed Resolution
Report on the annual management of commercial papers in 2024 Accepted as<br>reported Report
Report on the headquarters organizational enhancement plan Accepted as<br>reported Report
February 28, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director Approved as proposed Resolution
--- --- --- ---
Approval to call for the annual general meeting of shareholders for the fiscal year 2024 Approved as proposed Resolution
Approval of consolidated and separate financial statements for the fiscal year 2024 Approved as proposed Resolution
Approval of the maximum aggregate amount of remuneration for directors in 2025 Approved as proposed Resolution
Report on internal control over financial reporting for the fiscal year 2024 Accepted as reported Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2024 Accepted as reported Report
Report on audit results for 2024 Accepted as reported Report
March 21, 2025 Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2) Approved as proposed Resolution
April 18, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders Approved as proposed Resolution
Approval of amendments to the Regulation for Employee Remuneration and Welfare Approved as proposed Resolution
April 23, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders Approved as proposed Resolution
May 9, 2025 Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025 Approved as proposed Resolution
May 23, 2025 Approval of amendments of the Supplementary Power Exchange Terms and Conditions for the Distributed Energy Specialized Area Approved as proposed Resolution
Approval of the 11th long-term plan for power transmission and substation facilities Approved as proposed Resolution
Approval of appointment of a member of Power System Committee Approved as approved Resolution
June 20, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director Approved as proposed Resolution
--- --- --- ---
Approval of amendment to the Regulation of the Board of Directors Approved as proposed Resolution
Approval of the mid-to long-term financial management plan (2025~2029) Approved as proposed Resolution
Approval of personnel increase Approved as proposed Resolution
Approval of contribution to Korea Institute of Energy Technology in 2025 Approved as proposed Resolution
  1. Attendance Status of Non-standing directors and Voting Results by Agenda Items for a six-month period ended June 30, 2025
Date Agenda Han,Jin-<br>Hyun Kim,Jong-Woon Kim,Jun-Ki Park,Chung-<br><br><br>Kun Kim,Sung-<br><br><br>Eun Lee,Sung-Ho Cho,Seong-<br><br><br>Jin Kang,Hoon Lee,<br>Heung-<br>Ryul
January 23,2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director (labor director) For For For For For For For For Before<br>Appointment
Approval of the revised relocation plan for the Gyeonggi Materials Management Center For For For For For For For For
Approval of the safety management plan of 2025 For For For For For For For For
Report on the annual management of commercial papers in 2024 Agenda for Report
Report on the headquarters organizational enhancement plan Agenda for Report
February 28, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director Absent For For For For For For For
Approval to call for the annual general meeting of shareholders for the fiscal year 2024 Absent For For For For For For For
Approval of consolidated and separate financial statements for the fiscal year 2024 Absent For For For Absent For For For
Approval of the maximum aggregate amount of remuneration for directors in 2025 Absent For For For For For For For
Report on internal control over financial reporting for the fiscal year 2024 Agenda for Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2024 Agenda for Report
Report on audit results for 2024 Agenda for Report
March 21, 2025 Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2) For For For For For For For For
--- --- --- --- --- --- --- --- --- --- ---
April 18, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders For For For Retired For For For For
Approval of amendments to the Regulation for Employee Remuneration and Welfare For For For For For For For
April 23, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders For Absent For For For For For
May 9, 2025 Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025 For For For For For For For For
May 23, 2025 Approval of amendments of the Supplementary Power exchange Terms and Conditions for the Distributed Energy Specialized Area For For For For For For For For
Approval of the 11th long-term plan for power transmission and substation facilities For For For For For For For For
Approval of appointment of a member of Power System Committee For For For For For For For For
June 20, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director Absent For For Absent For For For For
--- --- --- --- --- --- --- --- --- --- ---
Approval of amendment to the Regulation Concerning the Board of Directors Absent For For Absent For For For For
Approval of the mid-to long-term financial management plan (2025~2029) Absent For For Absent For For For For
Approval of personnel increase Absent For For Absent For For For For
Approval of contribution to Korea Institute of Energy Technology in 2025 Absent For For Absent For Against For For
Attendance Rate 75% 87.5% 100% 100% 75% 100% 100% 100% 100%
  1. Attendance Status of Standing directors for a six-month period ended June 30, 2025
Date Agenda Kim,Dong-Cheol Jun,Young-Sang Oh,<br>Heung-Bok Lee,Jun-Ho Jung,<br>Chi- Gyo Ahn,Jung-Eun Seo,Chul-Soo Seo,Guen-Bae
January 23, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director (labor director) For For For For Before<br>Appointment For For For
Approval of the revised relocation plan for the Gyeonggi Materials Management Center For For For For For For For
Approval of the safety management plan of 2025 For For For For For For For
Report on the annual management of commercial papers in 2024 Agenda for Report Agenda for Report
Report on the headquarters organizational enhancement plan Agenda for Report Agenda for Report
February 23, 2024 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director For For For For For For For
Approval to call for the annual general meeting of shareholders for the fiscal year 2024 For For For For For For For
Approval of consolidated and separate financial statements for the fiscal year 2024 For For For For For For For
Approval of the maximum aggregate amount of remuneration for directors in 2025 For For For For For For For
Report on internal control over financial reporting for the fiscal year 2024 Agenda for Report Agenda for Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2024 Agenda for Report Agenda for Report
Report on audit results for 2024 Agenda for Report Agenda for Report
March 21, 2025 Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2) For For For For For For
--- --- --- --- --- --- --- --- ---
April 18, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders For For For For For For
Approval of amendments to the Regulation for Employee Remuneration and Welfare For For For Retired For For For
April 23, 2025 Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders For For For For For For
May 9, 2025 Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025 For For For For For For
May 23, 2025 Approval of amendments of the Supplementary Electricity Supply Terms and Conditions for the Distributed Energy Specialized Area For For For For For Retired
Approval of the 11th long-term plan for power transmission and substation facilities For For For For For
Approval of appointment of a member of Power System Committee For For For For For
June 20, 2025 Approval of forming Director Nomination Committee and evaluation standards for the candidates of a<br>non-standing director For For For For For For
--- --- --- --- --- --- --- --- --- ---
Approval of amendment to the Regulation Concerning the Board of Directors For For For For For For
Approval of the mid-to long-term financial management plan (2025~2029) For For For For For For
Approval of personnel increase For For For For For For
Approval of contribution to Korea Institute of Energy Technology in 2025 For For For For For For
Attendance Rate 100% 100% 100% 100% 100% 100% 100% 100%
  1. Major activities of the Audit Committee for a six-month period ended June 30, 2025
Date Agenda Results Type
January 23, 2025 Approval of appointment of independent auditors of subsidiaries Approved as proposed Resolution
Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries Approved as proposed Resolution
Approval of annual audit plans for 2025 Approved as proposed Resolution
Approval of audit committee’s opinions on the operation of the Board Accepted as proposed Resolution
Report on amendments to the internal control over financial reporting regulations Accepted as reported Report
Report on audit education plans in 2025 Accepted as reported Report
Report on audit results for December of 2024 Accepted as reported Report
Report on independence of independent auditors Accepted as reported Report
February 12, 2025 Approval of appointment of independent auditors of subsidiaries Rejected Resolution
Report on independence of independent auditors prior to engagement Approved as reported Report
February 27, 2025 Approval of the consolidated and separate financial statements and business report for the fiscal year 2024 Approved as proposed Resolution
Pre-approval of non-audit service for subsidiaries by the independent auditor Approved as proposed Resolution
Approval of the Operating Guidelines for the Audit Advisory Committee Accepted as amended Resolution
Report on internal control over financial reporting for the fiscal year 2024 Accepted as reported Report
Report on the evaluation on internal control over financial reporting for the fiscal year 2024 Accepted as reported Report
Report on audit results by the independent auditor for the fiscal year 2024 Accepted as reported Report
Report on audit results for 2024 Accepted as reported Report
March 14, 2025 Approval of appointment of the chairman of the Audit Committee Approved as proposed Resolution
--- --- --- ---
Pre-approval of non-audit service for subsidiaries by the independent auditor Approved as proposed Resolution
Approval of auditor’s report for the annual general meeting of shareholders Approved as proposed Resolution
Approval of amendments to Internal Audit Regulations Approved as proposed Resolution
Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices Approved as proposed Resolution
Report on audit results by the independent auditor for the fiscal year 2024 Approved as reported Report
Report on audit results for January and February of 2025 Approved as reported Report
April 10, 2025 Approval of amendments to audit plans for 2025 Approved as proposed Resolution
Approval of amendments to Guidelines for Legal Support on auditors Approved as amended Resolution
Pre-approval of non-audit service for subsidiaries by the independent auditor Approved as proposed Resolution
Pre-approval of appointment of independent auditors of subsidiaries Approved as proposed Resolution
Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices Approved as proposed Resolution
Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and<br>Exchange Accepted as reported Report
Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed<br>with the U.S. Securities and Exchange Accepted as reported Report
Report on audit results for March of 2025 Accepted as reported Report
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders Approved as proposed Resolution
Approval of Clean KEPCO branch office certification Approved as proposed Resolution
May 22, 2025 Approval of amendments to the internal audit guidelines Approved as proposed Resolution
Report on auditor’s review for the first quarter of fiscal year 2025 Accepted as reported Report
Report on audit results for April of 2025 Accepted as reported Report
Approval of revocation of Clean KEPCO branch office certification Approved as proposed Resolution
June 20, 2025 Report on post-evaluation of the auditor for the fiscal year 2024 Accepted as reported Report
Report on audit results for May of 2025 Accepted as reported Report
Approval of appointment of independent auditors of subsidiaries Approved as amended Resolution
July 17, 2024 Report on annual audit plan of independent auditor for fiscal year 2025 Approved as reported Report
Report on audit results for June of 2025 Approved as reported Report
* The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the<br>entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.
--- ---
  1. Attendance Status of the Audit Committee for a six-month period ended June 30, 2025
Date Agenda Lee,<br>Sung-Ho Kim,<br>Sung-Eun Jun,<br>Young-Sang
January 23, 2025 Approval of appointment of independent auditors of subsidiaries
Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries
Approval of annual audit plans for 2025
Approval of audit committee’s opinions on the operation of the Board Attended Attended Attended
Report on amendments to the internal control over financial reporting regulations
Report on audit education plans in 2025
Report on audit results for December of 2024
Report on independence of independent auditors
February 12, 2025 Approval of appointment of independent auditors of subsidiaries Attended Attended Attended
Report on independence of independent auditors prior to engagement
February 27, 2025 Approval of the consolidated and separate financial statements and business report for the fiscal year 2024 Attended Absent Attended
--- --- --- --- ---
Pre-approval of non-audit service for subsidiaries by the<br>independent auditor
Approval of the operating guidelines for the Audit Advisory Committee
Report on internal control over financial reporting for the fiscal year 2024
Report on the evaluation on internal control over financial reporting for the fiscal year 2024
Report on audit results by the independent auditor for the fiscal year 2024
Report on audit results for 2024
March 14, 2025 Approval of appointment of the chairman of the Audit Committee Attended Absent Attended
Pre-approval of non-audit service for subsidiaries by the<br>independent auditor
Approval of auditor’s report for the annual general meeting of shareholders
Approval of amendments to Internal Audit Regulations
Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
Report on audit results by the independent auditor for the fiscal year 2024
Report on audit results for January and February of 2025
April 10, 2025 Approval of amendments to audit plans for 2025 Attended Absent Attended
--- --- --- --- ---
Approval of amendments to Guidelines for Legal Support on auditors
Pre-approval for non-audit for subsidiaries by the independent auditor
Pre-approval of appointment of independent auditors of subsidiaries
Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and<br>Exchange
Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed<br>with the U.S. Securities and Exchange
Report on audit results for March of 2025
May 22, 2025 Approval of investigation result on the agenda for the extraordinary general meeting of shareholders Attended Absent Attended
Approval of Clean KEPCO branch office certification
Approval of amendments to the internal audit guidelines
Report on auditor’s review for the first quarter of fiscal year 2025
Report on audit results for April of 2025
June 20, 2025 Approval of revocation of Clean KEPCO branch office certification Attended Absent Attended
Report on post-evaluation of the auditor for the fiscal year 2024
Report on audit results for May of 2025
July 17, 2025 Approval of appointment of independent auditors of subsidiaries Attended Absent Attended
Report on annual audit plan of independent auditor for fiscal year 2025
Report on audit results for June of 2025
Attendance Rate 100% 25% 100%

V. Shareholder’s Meetings

  1. Summary of shareholder’s meetings for a six-month period ended June 30, 2025
Type Agenda Results
Extraordinary General Meeting held on January 6, 2025 Election of a Standing Director Approved as proposed
Annual General Meeting held on<br><br><br>March 26, 2025 Approval of the consolidated and separate financial statements for the fiscal year 2024 Approved as proposed
Approval of the maximum aggregate amount of remuneration for directors in 2025 Approved as proposed
Extraordinary General Meeting held on May 28, 2025 Election of a Standing Director Approved as proposed

VI. Shareholders

  1. List of shareholders as of June 30, 2025
Number ofshareholders Shares owned Percentage of<br>total (%)
Government of the Republic of Korea 1 116,841,794 18.20
Korea Development Bank 1 211,235,264 32.90
Subtotal 2 328,077,058 51.10
National Pension Service 1 50,455,464 7.86
Public<br> <br>(Non-Koreans) Common Shares 1,384 109,651,769 17.08
American depositary shares (ADS) 1 11,435,146 1.78
Public (Koreans) 568,573 142,344,640 22.18
Total 569,961 641,964,077 100.00
• Percentages are based on issued shares of common stock.
--- ---
• All of our shareholder have equal voting rights.
--- ---
• Citibank, N.A. is our depositary bank and each ADS represents one-half of<br>one share of our common stock.
--- ---

VII. Directors and employees as of and for a six-month period ended June 30, 2025 (KEPCO Only)

  1. Directors

(In thousands of Won)

Type Number of<br>directors Totalremuneration Averageremuneration<br>per person Remarks
Standing director 6 433,286 72,214 Excluding members of the Audit Committee
Non-standing director 6 90,000 15,000
Member of Audit Committee Standing director 1 69,653 69,653 —
Non-standing director 2 30,000 15,000 —
Total **** 15 **** 622,939 **** 41,529 —
  1. Employees

(In thousands of Won)

Type Number of employees Average<br>continuousservice year Total<br>salaries Averagesalaries<br>per person
Regular Non-regular Total
Male 17,228 109 17,337 15.1 790,259,271 45,767
Female 5,220 96 5,316 14.1 209,815,129 39,814
Total 22,448 205 22,653 14.9 1,000,074,400 44,391

VIII. Other Information Necessary for the Protection of Investors

  1. Pending legal proceedings as of June 30, 2025

(In billions of Won)

Type Number oflawsuits Amountclaimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants 724 1,064
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs 264 974
  1. Sanctions **** as of June 30, 2025(Korea Hydro & Nuclear Power CO, Ltd.)

Santions by Law Enforcement and Judicial Authorities

ProsecutionDate Subject Sanctions Relevant<br><br><br>laws (charges) Proceedings
Position Tenure
June 30,<br>2021 CEO (Former) 4yrs Prosecution with detention The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act In the progress in the district court
April 9,<br> <br>2024 The head of a power plant(Current) 29yrs Prosecution with detention Occupational embezzlement, The Criminal Act In the progress in the high court
January 3,<br> <br>2025 KHNP Prosecution with detention Nuclear Safety Act(Vicarious Liability Provision) In the progress in the district court

Santions by Administrative Authorities (January 1, 2025 ~ June 30, 2025)

Date Subject Sanctions Grounds and Applicable Laws Proceedings
January 15,<br> <br>2025 KHNP HANBIT Nuclear Power Site Administrative Fine<br> <br>(10 million<br>Won) Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records) Fine Payment
January 15,<br> <br>2025 KHNP HANUL Nuclear Power Site Administrative Fine<br> <br>(8 million<br>Won) Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records) Fine Payment
March 6,<br> <br>2025 KHNP Corrective Action Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1) Prohibition of unfair contractual terms Implementation of Corrective Actions to prevent recurrence
June 16,<br> <br>2025 KHNP<br> <br>HANUL Nuclear Power Site Administrative Fine<br> <br>(0.25 million<br>Won) Groundwater Act Article 9 Failure to conduct a geotechnical investigation Fine Payment
June 26,<br> <br>2025 KHNP Administrative Fine<br> <br>(144 million<br>Won) Nuclear Safety Act Article 70 and 119 The Enforcement Decree of Nuclear Safety ACT Article 107 and 178 Fine Payment
  1. Sanctions as of June 30, 2025(KEPCO KDN)
Date Sanction Authorities Resolution Number Case Name Proceedings
Febrary 20, 2025 Korea Fair Trade Commission Resolution2025-029 Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO Corrective Actions and fine(39 million Won)

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, Hwa-sik
Title: Vice President

Date: September 15, 2025

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements ****

June 30, 2025

with the independent auditors’ review report

TABLE OF CONTENTS

Page
Independent auditors’ review report 1
Condensed consolidated interim statements of financial<br>position 3
Condensed consolidated interim statements of comprehensive<br>income 5
Condensed consolidated interim statements of changes in<br>equity 7
Condensed consolidated interim statements of cash flows 9
Notes to the condensed consolidated interim financial<br>statements 11

Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of June 30, 2025, the condensed consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2025, the condensed consolidated interim statements of changes in equity and cash flows for the six-month period ended June 30, 2025 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034, ‘Interim Financial Reporting’ and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Review Responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our review.

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

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

Other Matters

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

The consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2024 and the consolidated interim statements of changes in equity and cash flows for the six-month period ended June 30, 2024, presented for comparative purposes, were reviewed by another auditor. Their review report dated August 14, 2024, stated that nothing had come to their attention that caused them to believe that those consolidated interim financial statements did not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

The consolidated statement of financial position as of December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, have been audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 11, 2025, expressed an unmodified opinion. The accompanying consolidated statement of financial position as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

Seoul, Korea

August 14, 2025

This report is effective as of August 14, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

1

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

For each of the six-month periods ended June 30, 2025 and 2024

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

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

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

As of June 30, 2025 and December 31, 2024 (Unaudited)

In millions of won Note June 30, 2025 December 31, 2024
Assets
Current assets
Cash and cash equivalents 5,6,7,44 ~~W~~ 1,925,749 2,382,979
Current financial assets, net 5,6,9,11,12,13,44,45,46 4,486,376 3,494,717
Trade and other receivables, net 5,8,20,24,44,45,46 11,347,306 12,216,216
Inventories, net 14 9,774,599 9,769,236
Current income tax assets 73,140 78,495
Current non-financial assets 15 1,314,054 1,267,914
Assets<br>held-for-sale 41 28,868 45,648
Total current assets 28,950,092 29,255,205
Non-current assets
Non-current financial assets, net 5,6,9,10,11,12,13,44,46 3,890,791 4,945,990
Non-current trade and other receivables, net 5,8,20,44,45,46 2,917,042 3,157,409
Property, plant and equipment, net 18,24,27,48 185,989,546 182,982,763
Investment properties, net 19,27 163,120 228,984
Goodwill 16 99,134 99,179
Intangible assets other than goodwill, net 21,27 1,079,394 1,046,918
Investments in associates 4,17 6,684,092 6,704,754
Investments in joint ventures 4,17 6,013,566 4,581,340
Defined benefit assets, net 25 17,449 40,425
Deferred tax assets 13,252,681 13,436,624
Non-current<br>non-financial assets 15 842,765 328,204
Total non-current assets 220,949,580 217,552,590
Total assets 4 ~~W~~ 249,899,672 246,807,795

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

As of June 30, 2025 and December 31, 2024 (Unaudited)

In millions of won Note June 30, 2025 December 31, 2024
Liabilities
Current liabilities
Trade and other payables 5,22,24,44,46 ~~W~~ 9,441,672 9,411,315
Current financial liabilities 5,12,23,44,46 42,615,755 44,465,866
Current income tax liabilities 1,126,876 970,496
Current non-financial liabilities 20,28,29 6,325,372 6,327,141
Current provisions 26,44 3,265,829 2,793,971
Total current liabilities 62,775,504 63,968,789
Non-current liabilities
Non-current trade and other payables 5,22,24,44,46 4,284,399 4,609,241
Non-current financial liabilities 5,12,23,44,46 89,684,700 88,352,359
Non-current<br>non-financial liabilities 28,29 13,992,571 13,281,520
Employee benefits liabilities, net 25,44 1,682,062 1,451,547
Deferred tax liabilities 5,783,033 5,944,472
Non-current provisions 26,44 28,030,064 27,837,034
Total non-current liabilities 143,456,829 141,476,173
Total liabilities 4 ~~W~~ 206,232,333 205,444,962
Equity
Contributed capital 1,30,44
Share capital ~~W~~ 3,209,820 3,209,820
Share premium 843,758 843,758
4,053,578 4,053,578
Retained earnings 31
Legal reserves 1,604,910 1,604,910
Voluntary reserves 567,469 —
Unappropriated retained earnings 21,195,909 18,523,337
23,368,288 20,128,247
Other components of equity 33
Other capital surplus 1,606,126 1,600,812
Accumulated other comprehensive income 785,247 1,424,014
Other equity 12,708,585 12,708,585
15,099,958 15,733,411
Equity attributable to owners of the controlling company 42,521,824 39,915,236
Non-controlling interests 16,32 1,145,515 1,447,597
Total equity ~~W~~ 43,667,339 41,362,833
Total liabilities and equity ~~W~~ 249,899,672 246,807,795

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

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

For each of the three-month and six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of Won, except per share information June 30, 2025 June 30, 2024
Note Three-monthperiod ended Six-monthperiod ended Three-monthperiod ended Six-monthperiod ended
Sales 4,34,44,46
Sale of goods 2 ~~W~~ 21,392,996 45,202,445 19,969,892 42,820,640
Sales of services 156,882 303,574 169,589 337,289
Sales of construction services 20 181,271 237,468 141,403 226,909
Revenue related to transfer of assets from customers 28 218,989 430,635 192,823 381,612
21,950,138 46,174,122 20,473,707 43,766,450
Cost of sales 14,25,42,46
Cost of sale of goods (18,588,673 ) (37,783,716 ) (18,154,388 ) (39,199,741 )
Cost of sales of services (144,919 ) (286,024 ) (164,152 ) (291,682 )
Cost of sales of construction services (285,950 ) (706,746 ) (142,223 ) (272,527 )
(19,019,542 ) (38,776,486 ) (18,460,763 ) (39,763,950 )
Gross profit 2,930,596 7,397,636 2,012,944 4,002,500
Selling and administrative expenses 25,35,42,46 (794,724 ) (1,508,157 ) (762,682 ) (1,452,895 )
Operating profit 4 2,135,872 5,889,479 1,250,262 2,549,605
Other income 36 93,373 186,180 97,635 223,029
Other expenses 36 (75,220 ) (95,098 ) (57,289 ) (159,805 )
Other gains, net 37 20,611 119,183 18,832 43,896
Finance income 5,12,38 1,785,966 2,150,192 722,974 1,698,386
Finance expenses 5,12,39 (2,463,698 ) (3,646,278 ) (1,778,881 ) (3,768,320 )
Profit (loss) related to associates, joint ventures and subsidiaries 4,16,17
Share of profit of associates and joint ventures 166,283 484,739 199,122 497,992
Gain on disposal of investments in associates and joint ventures 3,838 3,879 1 185,340
Gain on disposal of investments in subsidiaries — — 98 98
Share of loss of associates and joint ventures (1,846 ) (195,223 ) (103,082 ) (182,764 )
Loss on disposal of investments in associates and joint ventures — — (626 ) (626 )
~~W~~ 168,275 293,395 95,513 500,040

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

For each of the three-month and six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of Won, except per share information June 30, 2025 June 30, 2024
Note Three-monthperiod ended Six-monthperiod ended Three-monthperiod ended Six-monthperiod ended
Profit before income tax ~~W~~ 1,665,179 4,897,053 349,046 1,086,831
Income tax expense 40 (488,822) (1,358,988 ) (234,628 ) (376,478 )
Profit for the period 1,176,357 3,538,065 114,418 710,353
Other comprehensive income (loss), net of tax 5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans 25,31 ~~W~~ 2,037 (98,100 ) (159,522 ) (193,187 )
Share of other comprehensive income of associates and joint ventures 31 258 10 775 1,410
Net change in fair value of financial assets at fair value through other comprehensive<br>income 33 82,199 42,445 5,276 71,450
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting 5,12,33 (994) 9,469 (2,733 ) (1,232 )
Foreign currency translation of foreign operations 33 (174,393) (149,836 ) 57,356 92,465
Share of other comprehensive income (loss) of associates and joint ventures 33 (527,865) (580,284 ) 153,740 403,253
Other comprehensive income (loss) for the period (618,758) (776,296 ) 54,892 374,159
Total comprehensive income for the period ~~W~~ 557,599 2,761,769 169,310 1,084,512
Profit attributable to:
Owners of the controlling company 43 ~~W~~ 1,136,712 3,464,958 65,087 626,549
Non-controlling interests 39,645 73,107 49,331 83,804
~~W~~ 1,176,357 3,538,065 114,418 710,353
Total comprehensive income (loss)<br><br><br>attributable to:
Owners of the controlling company ~~W~~ 560,245 2,738,012 116,386 973,727
Non-controlling interests (2,646) 23,757 52,924 110,785
~~W~~ 557,599 2,761,769 169,310 1,084,512
Earnings per share (in won) 43
Basic and diluted earnings per share ~~W~~ 1,771 5,397 101 976

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

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of won Equity attributable to owners of the controlling company Non-<br>controlling<br>interests
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 (loss) for the period
Profit for the period — 626,549 — 626,549 83,804 710,353
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax — (180,562 ) — (180,562 ) (12,625 ) (193,187 )
Share of other comprehensive income of associates and joint ventures, net of tax — 1,410 — 1,410 — 1,410
Net change in fair value of financial assets at fair value through other comprehensive income, net<br>of tax — — 71,448 71,448 2 71,450
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 — — (1,599 ) (1,599 ) 367 (1,232 )
Foreign currency translation of foreign operations, net of tax — — 53,228 53,228 39,237 92,465
Share of other comprehensive income of associates and joint ventures, net of tax — — 403,253 403,253 — 403,253
Transactions with owners of the Group, recognized directly in equity
Dividends paid — — — — (83,528 ) (83,528 )
Additional paid-in capital and others — — — — (840 ) (840 )
Equity transaction within the consolidated entity — — 32 32 — 32
Changes in consolidation scope — — — — 8 8
Dividends paid for hybrid bonds — — — — (5,106 ) (5,106 )
Others
Transfer of revaluation reserve — 586,394 (586,394 ) — — —
Balance as of June 30, 2024 ~~W~~ 4,053,578 17,372,053 15,393,171 36,818,802 1,441,026 38,259,828

(Continued)

7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of won Equity attributable to owners of the controlling company Non-<br>controlling<br>interests
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 — 3,464,958 — 3,464,958 73,107 3,538,065
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax — (88,189 ) — (88,189 ) (9,911 ) (98,100 )
Share of other comprehensive income of associates and joint ventures, net of tax — 10 — 10 — 10
Net change in fair value of financial assets at fair value through other comprehensive income<br>(loss), net of tax — — 42,447 42,447 (2 ) 42,445
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 — — 10,295 10,295 (826 ) 9,469
Foreign currency translation of foreign operations, net of tax — — (111,225 ) (111,225 ) (38,611 ) (149,836 )
Share of other comprehensive loss of associates and joint ventures, net of tax — — (580,284 ) (580,284 ) — (580,284 )
Transactions with owners of the Group, recognized directly in equity
Dividends paid — (136,738 ) — (136,738 ) (74,714 ) (211,452 )
Additional paid-in capital and others — — 127 127 (6,826 ) (6,699 )
Equity transaction within the consolidated entity — — 5,187 5,187 (12,171 ) (6,984 )
Dividends paid for hybrid bonds — — — — (2,128 ) (2,128 )
Repayment of hybrid bond — — — — (230,000 ) (230,000 )
Balance as of June 30, 2025 ~~W~~ 4,053,578 23,368,288 15,099,958 42,521,824 1,145,515 43,667,339

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

8

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of won June 30, 2025 June 30, 2024
Cash flows from operating activities
Profit for the period ~~W~~ 3,538,065 710,353
Adjustments to reconcile profit for the period to net cash provided by operating<br>activities:
Income tax expense 1,358,988 376,478
Depreciation 6,911,418 6,941,517
Amortization 82,466 82,154
Retirement benefit expenses 227,929 204,629
Bad debt expense 25,803 31,804
Interest expense 2,211,256 2,284,112
Loss on disposal of financial assets 2,683 219
Loss on disposal of property, plant and equipment 50,140 46,585
Loss on abandonment of property, plant and equipment 70,001 56,166
Loss on impairment of intangible assets 30 —
Loss on disposal of intangible assets 13 110
Increase in provisions, net 1,009,317 521,982
Loss (gain) on foreign currency translation, net (1,263,030 ) 1,282,984
Gain on valuation of financial assets at fair value through profit or loss (34,789 ) (50,379 )
Loss on valuation of financial assets at fair value through profit or loss 387 711
Loss (gain) on valuation and transaction of derivative instruments, net 1,115,023 (1,256,186 )
Share of profit of investments in associates and joint ventures, net (289,516 ) (315,228 )
Gain on disposal of financial assets (19,496 ) (20,704 )
Reversal of impairment loss on intangible assets (40 ) —
Gain on disposal of property, plant and equipment (8,075 ) (64,471 )
Gain on disposal of intangible assets (16 ) (14 )
Gain on disposal of associates and joint ventures (3,879 ) (185,340 )
Loss on disposal of associates and joint ventures — 626
Gain on disposal of subsidiaries — (98 )
Interest income (215,046 ) (223,369 )
Dividends income (23,321 ) (10,874 )
Others, net (311,770 ) 17,655
10,896,476 9,721,069
Changes in:
Trade receivables 696,551 1,406,110
Non-trade receivables 392,070 116,555
Accrued income (52,232 ) (82,356 )
Other receivables 66,819 36,681
Other current assets (352,446 ) (714,979 )
Inventories (527,713 ) (879,961 )
Other non-current assets (128,890 ) 36,264
Trade payables (760,931 ) (388,276 )
Non-trade payables 323,957 550,103
Accrued expenses 121,391 (98,850 )
Other current liabilities 150,807 412,017
Other non-current liabilities 672,458 324,497
Investments in associates and joint ventures (dividends received) 142,745 111,656
Provisions (644,872 ) (587,244 )
Payments of employee benefit obligations (145,537 ) (70,252 )
Plan assets (1,240 ) (1,650 )
~~W~~ (47,063 ) 170,315

(Continued)

9

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)

In millions of won June 30, 2025 June 30, 2024
Cash generated from operating activities ~~W~~ 14,387,478 10,601,737
Dividends received 23,321 10,874
Interest paid (2,247,651 ) (2,295,912 )
Interest received 183,180 190,644
Income taxes paid (999,742 ) (473,111 )
Net cash flows provided by operating activities 11,346,586 8,034,232
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures 12,097 207,114
Acquisition of investments in associates and joint ventures (1,966,262 ) (250,875 )
Proceeds from disposals of property, plant and equipment 113,294 232,675
Acquisition of property, plant and equipment (8,920,625 ) (7,324,009 )
Proceeds from disposals of intangible assets 1,430 356
Acquisition of intangible assets (42,668 ) (44,089 )
Proceeds from disposals of financial assets 8,478,049 3,030,187
Acquisition of financial assets (9,929,595 ) (2,218,221 )
Increase in loans (90,047 ) (44,653 )
Collection of loans 177,106 122,425
Increase in deposits (85,179 ) (105,172 )
Decrease in deposits 71,894 109,256
Proceeds from disposals of assets<br>held-for-sale 14,363 14,363
Receipt of government grants 5,931 16,705
Net cash outflows from changes in consolidation scope — (3,034 )
Other cash outflow from investing activities, net (64,513 ) (168,947 )
Net cash flows used in investing activities (12,224,725 ) (6,425,919 )
Cash flows from financing activities
Proceeds (repayment) of short-term borrowings, net 3,159,911 (162,093 )
Proceeds from long-term borrowings 1,122,664 1,285,186
Proceeds from debt securities 15,434,199 5,406,091
Repayment of long-term borrowings (235,025 ) (363,165 )
Repayment of debt securities (18,749,783 ) (9,434,259 )
Payment of lease liabilities (329,894 ) (317,367 )
Settlement of derivative instruments, net 539,303 249,011
Change in non-controlling interests (41,363 ) (840 )
Repayment of hybrid bond (230,000 ) —
Dividends paid for hybrid bond (2,128 ) (5,106 )
Dividends paid (211,452 ) (83,528 )
Other cash outflow from financing activities, net (1,267 ) (1,287 )
Net cash flows provided by (used in) financing activities 455,165 (3,427,357 )
Net decrease in cash and cash equivalents before effect of exchange ratefluctuations (422,974 ) (1,819,044 )
Effect of exchange rate fluctuations on cash held (34,256 ) 132,826
Net decrease in cash and cash equivalents (457,230 ) (1,686,218 )
Cash and cash equivalents as of January 1, 2025 and 2024 2,382,979 4,342,887
Cash and cash equivalents as of June 30, 2025 and 2024 ~~W~~ 1,925,749 2,656,669

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

10

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2025 and 2024 (unaudited)

1. Reporting Entity (Description of the controlling company)

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

As of June 30, 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) Percentage of<br>ownership
The Government of the Republic of Korea 116,841,794 18.20 %
Korea Development Bank 211,235,264 32.90 %
Other (*) 313,887,019 48.90 %
641,964,077 100.00 %
(*) The number of shares held by foreign shareholders is 111,319,356 shares (17.34%) as of May 8, 2025, the<br>most recent closing date of the shareholder list.
--- ---

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

2. Basis of Preparation
(1) Statement of compliance
--- ---

These condensed consolidated interim financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, enacted by the Act on External Audits of Stock Companies in the Republic of Korea.

(2) Basis of measurement

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

11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

2. Basis of Preparation, Continued
(4) Use of estimates and judgments
--- ---

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

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, 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.

12

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

2. Basis of Preparation, Continued
(4) Use of estimates and judgments, continued
--- ---
(iv) Defined employee benefit liabilities
--- ---

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

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of June 30, 2025 and 2024 are ~~W~~2,063,977 million and ~~W~~2,006,587 million, respectively.

(vi) Construction contracts

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

13

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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 condensed consolidated interim 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. When applying this amendment, the Group does not restate comparative information.

14

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

3. Material Accounting Policies

The accounting policies applied by the Group in these condensed 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).

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) 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 condensed 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 condensed consolidated financial statements.

15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued
(2) The financial information of the segments for each of the three and six-month periods ended June 30, 2025and 2024, respectively, is as follows:
--- ---

In millions of won

For the three and six-month period ended June 30,2025
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) related to<br>associates, joint<br>ventures and<br>subsidiaries
Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Transmission and distribution ~~W~~ 21,600,000 45,461,484 555,450 1,128,495 21,044,550 44,332,989 956,576 2,857,492 1,131,481 2,242,319 19,336 50,543 665,582 1,351,119 117,151 161,590
Electric power generation (Nuclear) 3,931,460 8,206,340 3,846,685 8,111,62 ) 84,775 94,720 1,110,554 2,396,048 1,236,933 2,568,976 22,059 35,209 191,582 399,529 4,497 (9,684 )
Electric power generation (Non-nuclear) 6,023,117 13,052,147 5,559,259 11,931,113 463,858 1,121,029 (11,119 ) 565,483 1,039,245 2,073,290 12,411 22,763 173,698 339,047 46,835 141,481
Plant maintenance & engineering service 848,404 1,518,012 703,242 1,262,161 145,162 255,851 90,014 120,773 42,618 84,988 7, 162 15,917 1,108 3,129 (208 )
Others 521,913 1,084,917 310,120 715,384 211,793 369,533 16,620 39,582 54,678 117,121 56,871 119,984 84,011 162,164 — —
Consolidation adjustments (10,974,756 ) (23,148,778 ) (10,974,756 ) (23,148,77E ) — — (26,773 ) (89,899 ) (44,532 ) (92,810 ) (14,782 ) (29,370 ) (21,849 ) (43,732 ) — —
~~W~~ 21,950,138 46,174,122 — — 21,950,138 46,174,122 2,135,872 5,889,479 3,460,423 6,993,884 103,057 215,046 1,094,132 2,211,256 168,275 293,395

In millions of won

For the three and six-month period endedJune 30, 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) related to<br>associates, joint<br>ventures and<br>subsidiaries
Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Transmission and distribution ~~W~~ 20,212,052 42,994,220 634,470 1,134,555 19,577,582 41,859,664 (92,757 ) 1,169,136 1,078,578 2,160,408 19,337 47,438 710,218 1,451,891 112,490 291,248
Electric power generation (Nuclear) 3,397,209 6,094,395 3,313,643 5,961,023 83,566 133,367 465,133 187,566 1,289,116 2,641,763 13,212 32,003 191,460 370,867 2,167 (3,452 )
Electric power generation (Non-nuclear) 6,680,766 14,530,248 6,151,216 13,285,175 529,550 1,245,073 438,811 745,584 1,057,438 2,124,134 17,417 37,6 18 184,153 370,974 (‘<br>9,764 ) 26,400
Plant maintenance & engineering service 836,285 1,618,391 713,749 1,393,40 ) 122,536 224,991 129,065 228,174 41,536 79,886 6,185 11,940 1,619 3,565 620 185,844
Others 542,736 1,069,823 382,263 766,463 160,473 303,355 57,144 69,382 48,126 109,306 62,150 121,159 64,075 125,344 — —
Consolidation adjustments (11,195,341 ) (22,540,627 ) (11,195,341 ) (22,540,627 ) — — 252,866 149,763 (43,923 ) (91,826 ) (13,374 ) (26,789 ) (19,142 ) (38,529 ) — —
~~W~~ 20,473,707 43,766,450 — — 20,473,707 43,766,450 1,250,262 2,549,605 3,470,871 7,023,671 104,927 223,369 1,132,383 2,284,112 95,513 500,040

16

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued
(3) The information related to segment assets and segment liabilities as of June 30, 2025 andDecember 31, 2024 is as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- ---
As of June 30, 2025
Segment Segment<br>assets Investments inassociates and<br>joint ventures Acquisition of<br>non-current assets Segmentliabilities
Transmission and distribution ~~W~~ 141,696,740 8,223,793 4,838,333 119,334,302
Electric power generation (Nuclear) 75,050,450 162,275 1,424,463 48,440,323
Electric power generation (Non-nuclear) 64,926,014 4,309,878 2,353,393 36,428,483
Plant maintenance & engineering service 4,196,498 1,712 70,771 1,353,290
Others 16,331,967 — 267,217 6,891,975
Consolidation adjustments (52,301,997 ) — 51,693 (6,216,040 )
~~W~~ 249,899,672 12,697,658 9,005,870 206,232,333
In millions of won
--- --- --- --- --- --- --- --- --- --- --- ---
As of December 31, 2024
Segment Segment<br>assets Investments inassociates and<br>joint ventures Acquisition of<br>non-current assets 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

17

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4. Segment, Geographic and Other Information, Continued
(4) Geographic information
--- ---

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

In millions of won Revenue from external customers Non-current assets (*2)
June 30, 2025 June 30, 2024 June 30,<br>2025 December 31,<br>2024
Geographical unit Three-<br>month periodended Six-<br>month period<br>ended Three-<br>month period<br>ended Six-<br>month period<br>ended
Domestic ~~W~~ 21,698,359 45,715,418 20,238,190 43,326,986 194,299,512 191,214,679
Overseas (*1) 251,779 458,704 235,517 439,464 6,572,105 4,757,463
~~W~~ 21,950,138 46,174,122 20,473,707 43,766,450 200,871,617 195,972,142
(*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 six-month periods ended June 30, 2025 and 2024.

18

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments
(1) The classification of financial assets as of June 30, 2025 and December 31, 2024 is as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Financial assets atfair value throughprofit or loss Financial assetsat fair valuethrough othercomprehensiveincome Financial assetsat amortized cost Derivative assets(applying hedgeaccounting) Total
Current assets
Cash and cash equivalents ~~W~~ — — 1,925,749 — 1,925,749
Current financial assets
Current financial assets at fair value through profit or loss 2,051,124 — — — 2,051,124
Current financial assets at amortized costs — — 21,187 — 21,187
Current derivative assets 161,075 — — 157,263 318,338
Other financial assets — — 2,095,727 — 2,095,727
Trade and other receivables — — 11,347,306 — 11,347,306
2,212,199 — 15,389,969 157,263 17,759,431
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit<br>or loss 706,208 — — — 706,208
Non-current financial assets at fair value through other<br>comprehensive income — 727,366 — — 727,366
Non-current financial assets at amortized costs — — 10,141 — 10,141
Non-current derivative assets 739,070 — — 117,323 856,393
Other financial assets — — 1,590,683 — 1,590,683
Trade and other receivables — — 2,917,042 — 2,917,042
1,445,278 727,366 4,517,866 117,323 6,807,833
~~W~~ 3,657,477 727,366 19,907,835 274,586 24,567,264

19

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued
(1) The classification of financial assets as of June 30, 2025 and December 31, 2024 is as follows,continued:
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Financial assets atfair value throughprofit or loss Financial assetsat fair valuethrough othercomprehensiveincome Financial assetsatamortized 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 costs — — 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 costs — — 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

20

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued
(2) The classification of financial liabilities as of June 30, 2025 and December 31, 2024 is asfollows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- ---
Financial liabilitiesat fair valuethrough<br>profit or loss Financial liabilitiesrecognized atamortized cost Derivative liabilities(applying hedgeaccounting) Total
Current liabilities
Borrowings ~~W~~ — 21,324,545 — 21,324,545
Debt securities — 21,212,196 — 21,212,196
Derivative liabilities 79,014 — — 79,014
Trade and other payables — 9,441,672 — 9,441,672
79,014 51,978,413 — 52,057,427
Non-current liabilities
Borrowings — 3,213,868 — 3,213,868
Debt securities — 86,110,984 — 86,110,984
Derivative liabilities 359,848 — — 359,848
Trade and other payables — 4,284,399 — 4,284,399
359,848 93,609,251 — 93,969,099
~~W~~ 438,862 145,587,664 — 146,026,526
In millions of won As of December 31, 2024
Financial liabilitiesat fair valuethrough<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

21

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5. Classification of Financial Instruments, Continued
(3) The classification of comprehensive income (loss) from financial instruments for each of the three andsix-month periods ended June 30, 2025 and 2024 is as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Three-<br>month<br>period<br>ended Six-<br>monthperiodended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Cash and cash equivalents Interest income ~~W~~ 23,134 52,064 39,477 73,022
Gain (loss) on foreign currency<br> <br>transactions<br>and translations (11,860 ) (18,549 ) 2,776 9,143
Financial assets at fair value through profit or loss Interest income 12,081 19,720 22,850 39,946
Dividends income 3,066 3,128 2,220 2,298
Gain on valuation of financial assets 20,008 34,402 13,235 49,668
Gain on disposal of financial assets 6,984 16,813 12,404 20,485
Financial assets at fair value through other comprehensive income Dividends income 6,704 20,193 8,576 8,576
Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax) 105,260 52,179 40,542 104,191
Financial assets at amortized cost Interest income 258 513 999 1,265
Gain on disposal of financial assets 1 — — —
Gain (loss) on foreign currency<br> <br>transactions<br>and translations (3,205 ) (3,371 ) 2,037 3,895
Loans Interest income 8,324 18,017 9,708 19,587
Bad debt expense (Reversal of allowance for<br><br><br>doubtful accounts) (494 ) 102 (8,927 ) (8,284 )
Gain (loss) on foreign currency<br> <br>transactions<br>and translations (1,768 ) (1,824 ) 1,445 3,316
Trade and other receivables Interest income 37,742 85,888 29,066 74,986
Bad debt expense 15,422 25,701 28,010 40,088
Loss on foreign currency<br> <br>transactions and<br>translations (45,346 ) (39,132 ) (39,648 ) (7,502 )
Short-term financial instruments Interest income 14,737 25,187 1,561 5,827
Long-term financial instruments Interest income 6,699 13,525 1,250 8,635
Gain on foreign currency<br> <br>transactions and<br>translations — — 2 3
Other financial assets Interest income 83 132 17 101
Financial liabilities carried at amortized cost Interest expense of borrowings<br> <br>and debt<br>securities 882,896 1,787,080 910,764 1,854,170
Interest expense of trade and other<br><br><br>Payables 41,637 85,166 50,663 86,325
Interest expense of others 169,599 339,010 170,956 343,617
Other finance income 679 1,510 1,078 1,790
Other finance expenses 354 796 (313 ) 247
Gain (loss) on foreign currency<br> <br>transactions<br>and translations 1,523,362 1,612,879 (582,736 ) (1,378,068 )
Derivatives (trading) Gain (loss) on valuation of derivatives (814,208 ) (774,521 ) 297,197 767,914
Gain (loss) on transaction of derivatives (101,820 ) (54,709 ) 83,120 117,322
Derivatives (applying hedge accounting) Gain (loss) on valuation of derivatives (profit or loss) (214,807 ) (217,486 ) 155,866 361,529
Gain (loss) on valuation of derivatives<br><br><br>(equity, before tax) (1,271 ) 18,630 (4,587 ) (3,439 )
Gain (loss) on transaction of derivatives (65,877 ) (68,307 ) 9,321 9,421

22

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

6. Restricted Deposits

Restricted deposits as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Cash and cash equivalents Escrow accounts ~~W~~ 3,013 3,280
Deposits for government project and others 52,381 30,812
Collateral provided for borrowings 237,701 211,522
Collateral provided for lawsuit 164 54
Deposits for transmission regional support program 6,987 8,959
Deposits for other business purposes 1,469 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 270,500 83,520
Collateral provided for borrowings 67,324 85,569
Other current financial assets Deposits for Other Business Purposes and others 2,855 —
Non-current financial assets at fair value through profit<br>or loss Decommissioning costs of nuclear power plants 311,942 296,496
Long-term financial instruments Guarantee deposits for banking accounts<br> <br>at<br>oversea branches 1 22
Collateral provided for borrowings 18,245 6,500
Decommissioning costs of nuclear power plants 660,000 660,000
Small and Medium Enterprise Development Fund 4,000 —
Long-term deposit Court Deposit 78 —
Other non-current financial assets Deposits for other business purposes 5,736 9,150
~~W~~ 1,642,396 1,400,071
7. Cash and Cash Equivalents
--- ---

Cash and cash equivalents as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Cash ~~W~~ 13,434 17,941
Other demand deposits 1,613,169 1,712,130
Short-term deposits classified as cash equivalents 204,550 548,611
Short-term investments classified as cash equivalents 94,596 104,297
~~W~~ 1,925,749 2,382,979

23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables
(1) Trade and other receivables as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Gross<br>amount Allowance for<br>doubtful accounts Present value<br>discount Book<br>value
Current assets
Trade receivables ~~W~~ 10,385,146 (187,003 ) — 10,198,143
Other receivables 1,192,711 (39,199 ) (4,349 ) 1,149,163
11,577,857 (226,202 ) (4,349 ) 11,347,306
Non-current assets
Trade receivables 993,597 (93,821 ) — 899,776
Other receivables 2,130,266 (103,130 ) (9,870 ) 2,017,266
3,123,863 (196,951 ) (9,870 ) 2,917,042
~~W~~ 14,701,720 (423,153 ) (14,219 ) 14,264,348
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Gross<br>amount Allowance for<br>doubtful accounts Present value<br>discount Book<br>value
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

24

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables, Continued
(2) Other receivables as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Gross<br>amount Allowance for<br>doubtful accounts Present value<br>discount Book<br>value
Current assets
Non-trade receivables ~~W~~ 559,908 (33,235 ) (21 ) 526,652
Accrued income 114,838 — — 114,838
Deposits 289,183 (4 ) (4,328 ) 284,851
Finance lease receivables (*1) 91,933 (4,668 ) — 87,265
Others 136,849 (1,292 ) — 135,557
1,192,711 (39,199 ) (4,349 ) 1,149,163
Non-current assets
Non-trade receivables 231,229 (58,089 ) (41 ) 173,099
Accrued income 28,692 (6,320 ) — 22,372
Deposits 490,887 (414 ) (9,829 ) 480,644
Finance lease receivables (*2) 1,144,055 (2,484 ) — 1,141,571
Others 235,403 (35,823 ) — 199,580
2,130,266 (103,130 ) (9,870 ) 2,017,266
~~W~~ 3,322,977 (142,329 ) (14,219 ) 3,166,429
(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~108,183 million.
--- ---
(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~827,147 million.
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Gross<br>amount Allowance for<br>doubtful accounts Present value<br>discount Book<br>value
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>
--- ---

25

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8. Trade and Other Receivables, Continued
(4) The aging analysis of trade receivables as of June 30, 2025 and December 31, 2024 is as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Trade receivables not overdue ~~W~~ 11,031,762 12,010,590
Trade receivables overdue and impairment - reviewed: 346,981 345,399
Less than 60 days 3,383 12,289
60 ~ 90 days 49,204 59,427
90 ~ 120 days 18,595 21,642
120 days ~ 1 year 66,258 56,107
More than 1 year 209,541 195,934
11,378,743 12,355,989
Less: allowance for doubtful accounts (280,824 ) (260,774 )
~~W~~ 11,097,919 12,095,215

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

(5) Changes in the allowance for doubtful accounts for the six-monthperiod ended June 30, 2025 and for the year ended December 31, 2024 are as follows:
In millions of won For the six-month period ended June 30, 2025 For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Trade receivables Other receivables Trade receivables Other receivables
Beginning balance ~~W~~ 260,774 140,168 232,645 133,953
Bad debts expense 32,095 2 48,160 21,937
Write-off (8,320 ) (1,299 ) (17,157 ) (23,177 )
Reversal (551 ) (5,845 ) (12,928 ) (587 )
Others (3,174 ) 9,303 10,054 8,042
Ending balance ~~W~~ 280,824 142,329 260,774 140,168

26

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

9. Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Current Non-current Current Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate ~~W~~ 318 154,935 313 152,054
Cooperative — 6,400 — 6,872
Others (*) 2,050,806 382,173 1,456,582 405,309
2,051,124 543,508 1,456,895 564,235
Financial assets designated as at fair value<br><br><br>through profit or loss
Debt with embedded derivatives and others — 162,700 — 155,042
~~W~~ 2,051,124 706,208 1,456,895 719,277
(*) Others include MMT, MMF etc.
--- ---

27

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income
(1) Changes in financial assets at fair value through other comprehensive income for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Acquisition Disposal Valuation Others Ending<br>balance
Equity securities
Listed ~~W~~ 360,096 — — 52,702 — 412,798
Unlisted 309,709 — (9 ) (522 ) 345 309,523
669,805 — (9 ) 52,180 345 722,321
Debt securities
Corporate bond 5,045 — — — — 5,045
~~W~~ 674,850 — (9 ) 52,180 345 727,366
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 — (9 ) 52,180 345 727,366
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

28

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2) Financial assets at fair value through other comprehensive income as of June 30, 2025 andDecember 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- ---
Shares (in shares) Ownership Acquisition cost Book value Fair value
Listed
Korea District Heating Corp. 2,264,068 19.55 % ~~W~~ 173,201 189,729 189,729
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 29 29
PAN Ocean Co., Ltd. 1,492 0.00 % 14 6 6
HD Hyundai Marine Engine Co., Ltd. 61,455 0.22 % 430 3,091 3,091
Codes Combine Co., Ltd. 291 0.00 % 1 1 1
PT Almatri Resources Indonesia 480,000,000 1.60 % 65,028 73,522 73,522
Denison Mines Corp. 58,284,000 7.46 % 84,134 143,882 143,882
Paladin Energy 100,000 0.01 % 41 77 77
KS 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 2 2
KC Industry Co., Ltd. 139 0.00 % 6 — —
Ihsung CNI Co., Ltd. 142,860 4.43 % 1,500 1,057 1,057
Aone Alform Co., Ltd. 2,672 0.04 % 19 3 3
Kodaco Co., Ltd. 131,698 0.85 % 1,317 1,352 1,352
326,430 412,798 412,798
Unlisted (*1)
Set Holding (*2) 1,100,220 2.50 % 229,255 258,974 258,974
SGC Greenpower Co., Ltd. 580,000 5.00 % 2,900 5,569 5,569
Le Soleil KHNP LLC 137,600 19.00 % 1,376 1,376 1,376
Ihsung CNI Co., Ltd. 127,660 3.96 % 1,500 2,160 2,160
H Robotics Co., Ltd. 903,601 7.05 % 4,000 332 332
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.(*6) — 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.KedapSayaaq 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. and others (*7) — — 14,013 10,185 10,185
351,970 309,523 309,523

29

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2) Financial assets at fair value through other comprehensive income as of June 30, 2025 andDecember 31, 2024 are as follows, continued:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Shares (in shares) Ownership Acquisition cost Book value Fair value
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~~ 682,971 727,366 727,366
(*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 six-month period ended June 30, 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 is undergoing corporate rehabilitation procedures for the<br>six-month period ended June 30, 2025 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were<br>reclassified as financial assets at fair value through other comprehensive income.
--- ---
(*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.
--- ---
(*7) Equity securities, acquired through<br>debt-for-equity swaps of electricity rate bonds and others, consist of 473 companies including Hwan Young Steel Co., Ltd.
--- ---

30

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2) Financial assets at fair value through other comprehensive income as of June 30, 2025 andDecember 31, 2024 are as follows, continued:
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Shares (in 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. 61,455 0.22 % 430 1,503 1,503
Codes Combine Co., Ltd. 291 0.00 % 1 — —
PT Almatri Resources Indonesia 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 100,000 0.01 % 41 74 74
KS 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 % 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. 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.(*6) — 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.KedapSayaaq 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. and others (*7) — — 14,234 10,371 10,371
352,191 309,709 309,709

31

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2) Financial assets at fair value through other comprehensive income as of June 30, 2025 andDecember 31, 2024 are as follows, continued:
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Shares (in shares) Ownership Acquisition cost Book value Fair value
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 underwent corporate rehabilitation procedures during the year ended December 31, 2024, and the Group<br>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>
--- ---
(*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.
--- ---
(*7) Equity securities, acquired through<br>debt-for-equity swaps of electricity rate bonds and others, consist of 464 companies including Hwan Young Steel Co., Ltd.
--- ---

32

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

11. Financial Assets at Amortized Cost
Financial assets at amortized cost as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- ---
Financial assetsat amortized cost Book<br>value
Government bonds ~~W~~ 1,416 1,416
Others 29,912 29,912
~~W~~ 31,328 31,328
Current ~~W~~ 21,187 21,187
Non-current 10,141 10,141
In millions of won As of December 31, 2024
Financial assetsat 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

33

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives
(1) Derivatives as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Derivative assets
Currency forward ~~W~~ 322 — 12,153 —
Currency swap 305,643 582,208 733,374 1,630,570
Interest rate swap 5,759 154,541 9,571 176,138
Others (*2,3) 6,614 119,644 5,456 123,902
~~W~~ 318,338 856,393 760,554 1,930,610
Derivative liabilities
Currency forward ~~W~~ 1,577 — 132 —
Currency swap 43,034 153,970 1,640 36,328
Interest rate swap 814 94,621 127 76,356
Others (*1,2,4,5) 33,589 111,257 22,015 148,227
~~W~~ 79,014 359,848 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 June 30, 2025 which amounts to ~~W~~26,422 million (~~W~~26,422 million as of December 31, 2024) to the underwriter of the bonds was recorded as<br>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 six-month period ended June 30, 2025, and the<br>Group recognized a gain on transaction of derivative instruments of ~~W~~ 37,572 million for the six-month period ended June 30, 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.
--- ---

34

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(2) Currency forward contracts which are not designated as hedging instruments as of June 30, 2025 are asfollows:
--- ---

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

Counterparty Contract<br>date Maturity<br>date Contract amounts
Pay Receive
Woori Bank 2025.06.25 2025.07.03 ~~W~~ 3,879 2,857 1,357.96
Hana Bank 2025.06.04 2025.07.03 13,729 10,000 1,372.90
JP Morgan 2025.06.10 2025.07.08 13,530 10,000 1,353.00
Kyongnam Bank 2025.05.30 2025.07.01 2,736 2,000 1,367.90
Mizuho Bank 2025.06.04 2025.07.18 13,705 10,000 1,370.50
Standard Chartered 2025.06.17 2025.07.15 9,519 7,000 1,359.80
Shinhan Bank 2025.06.24 2025.07.22 13,655 10,000 1,365.50
Korea Development Bank 2025.06.24 2025.07.24 13,657 10,000 1,365.70
Kyongnam Bank 2025.06.24 2025.07.29 13,622 10,000 1,362.20
Busan Bank 2025.06.26 2025.07.31 13,552 10,000 1,355.20
Shinhan Bank 2025.06.26 2025.07.11 13,568 10,000 1,356.80
Woori Bank 2025.06.30 2025.07.22 9,509 7,000 1,358.40
Shinhan Bank 2025.06.13 2025.07.07 5,460 4,000 1,364.99
Hana Bank 2025.06.13 2025.07.07 5,460 4,000 1,365.10
Korea Development Bank 2025.06.13 2025.07.07 5,461 4,000 1,365.18
Shinhan Bank 2025.06.17 2025.07.14 5,438 4,000 1,359.51
Kookmin Bank 2025.06.17 2025.07.14 4,079 3,000 1,359.55
Shinhan Bank 2025.06.18 2025.07.14 6,856 5,000 1,371.27
Mizuho Bank 2025.06.18 2025.07.14 6,856 5,000 1,371.27
Mizuho Bank 2025.06.24 2025.07.14 5,456 4,000 1,363.90
Mizuho Bank 2025.06.25 2025.07.14 5,439 4,000 1,359.70
JP Morgan 2025.06.25 2025.07.14 5,439 4,000 1,359.80
Hana Bank 2025.06.27 2025.07.01 1 IDR 14,990 0.08
Shinhan Bank 2025.06.30 2025.07.23 5,408 4,000 1,351.94
MUFG 2025.06.04 2025.07.09 4,118 3,000 1,372.50
JP Morgan 2025.06.05 2025.07.10 6,783 5,000 1,356.60
JP Morgan 2025.06.24 2025.07.28 6,799 5,000 1,359.75
Kookmin Bank 2025.06.24 2025.07.28 6,814 5,000 1,362.70
MUFG 2025.06.30 2025.08.05 4,066 3,000 1,355.35
Nonghyup Bank 2025.06.30 2025.08.05 4,058 3,000 1,352.80
Busan Bank 2025.06.05 2025.07.07 806 595 1,354.70
MUFG 2025.06.09 2025.07.14 5,405 4,000 1,351.30
Shinhan Bank 2025.06.02 2025.07.14 6,853 5,000 1,370.69
Mizuho Bank 2025.06.09 2025.07.14 6,781 5,000 1,356.25
Hana Bank 2025.06.09 2025.07.14 6,758 5,000 1,351.60
Hana Bank 2025.06.16 2025.07.25 6,786 5,000 1,357.20
MUFG 2025.06.23 2025.07.25 2,760 2,000 1,379.80
Citi Bank 2025.06.30 2025.07.25 5,393 4,000 1,348.15
Nonghyup Bank 2025.06.30 2025.07.25 4,045 3,000 1,348.45
Woori Bank 2025.06.04 2025.08.18 3,282 2,398 1,368.60
Standard Chartered 2025.06.04 2025.08.18 4,099 3,000 1,366.40
JP Morgan 2025.06.04 2025.08.18 4,091 3,000 1,363.75
MUFG 2025.06.04 2025.08.29 5,423 4,000 1,355.75
Hana Bank 2025.06.09 2025.08.29 8,083 6,000 1,347.10
Shinhan Bank 2025.06.12 2025.07.24 4,071 3,000 1,356.98
Bank of America 2025.06.12 2025.07.24 2,712 2,000 1,356.20
Woori Bank 2025.06.16 2025.08.04 5,432 4,000 1,357.90
HSBC 2025.06.16 2025.08.04 4,072 3,000 1,357.30
Shinhan Bank 2025.06.20 2025.08.08 4,091 3,000 1,363.72
Bank of America 2025.06.24 2025.08.14 2,727 2,000 1,363.65
HSBC 2025.06.24 2025.08.20 2,721 2,000 1,360.30
Woori Bank 2025.06.26 2025.08.07 4,059 3,000 1,353.00
Busan Bank 2025.06.26 2025.08.07 2,707 2,000 1,353.45
Busan Bank 2025.06.26 2025.08.20 2,699 2,000 1,349.70
Hana Bank 2025.06.26 2025.08.20 2,697 2,000 1,348.50
Standard Chartered 2025.06.30 2025.08.20 2,705 2,000 1,352.40
Shinhan Bank 2025.06.30 2025.08.20 4,056 3,000 1,352.13
HSBC 2025.06.30 2025.08.20 4,036 3,000 1,345.30
Bank of America 2025.06.30 2025.08.20 4,037 3,000 1,345.50
Hana Bank 2025.06.30 2025.09.30 2,681 2,000 1,340.52

All values are in US Dollars.

35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(3) Currency swap contracts which are not designated as hedging instruments as of June 30, 2025 are asfollows:
--- ---

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

Counterparty Contract year Contract amount Contractexchange rate(in won)
Pay Receive Receive
Standard Chartered 2014~2029 ~~W~~ 102,470 100,000 3.14 % 3.57 % ~~W~~ 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
JP Morgan 2022~2026 141,910 100,000 4.69 % 5.38 % 1,419.10
Woori Bank 2022~2026 141,910 100,000 4.68 % 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
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 HKD 800,000 2.69 % 3.35 % 135.75
Shinhan Bank 2018~2028 115,387 HKD 850,000 2.66 % 3.35 % 135.75
Korea Development Bank 2019~2027 119,978 CHF 100,000 1.43 % 0.05 % 1,199.78
Woori Bank 2021~2026 222,800 200,000 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 111,400 100,000 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 HKD 1,935,000 4.87 % 5.16 % 180.79
JP Morgan 2022~2032 75,194 HKD 415,000 5.00 % 5.16 % 181.19
Export-Import Bank of Korea 2023~2030 172,982 HKD 1,037,000 4.25 % 4.51 % 166.81
Hana Bank 2024~2028 128,940 100,000 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

All values are in US Dollars.

36

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(3) Currency swap contracts which are not designated as hedging instruments as of June 30, 2025 are as follows,continued:
--- ---

In millions of won and thousands of foreign currencies except contract exchange rateinformation

Counterparty Contract year Contract amount Contractexchange rate(in won)
Pay Receive Receive
Hana Bank 2024~2029 ~~W~~ 138,540 100,000 3.15 % 4.63 % ~~W~~ 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 HKD 1,166,000 2.85 % 4.10 % 187.79

All values are in US Dollars.

37

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(4) Currency swap contracts which are designated as hedging instruments as of June 30, 2025 are as follows:
--- ---

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

Counterparty Contract year Contract amount Contract interest rate Contractexchange rate<br>(in won)
Pay Receive Pay Receive
Korea Development Bank 2020~2026 ~~W~~ 118,910 USD 100,000 0.61 % 1.00 % 1,189.10
Hana Bank 2020~2026 118,910 USD 100,000 0.61 % 1.00 % 1,189.10
Woori Bank 2020~2026 118,910 USD 100,000 0.62 % 1.00 % 1,189.10
Nomura 2017~2037 52,457 EUR 40,000 2.60 % 1.70 % 1,311.42
Nomura 2017~2037 59,423 SEK 450,000 2.62 % 2.36 % 132.05
Kookmin Bank 2021~2026 114,230 USD 100,000 1.27 % 1.25 % 1,142.30
Korea Development Bank 2021~2026 114,230 USD 100,000 1.27 % 1.25 % 1,142.30
Hana Bank 2021~2026 114,230 USD 100,000 1.27 % 1.25 % 1,142.30
Korea Development Bank 2022~2027 123,710 USD 100,000 3.41 % 3.63 % 1,237.10
Woori Bank 2022~2027 123,710 USD 100,000 3.41 % 3.63 % 1,237.10
JP Morgan 2022~2027 123,710 USD 100,000 3.41 % 3.63 % 1,237.10
Woori Bank 2021~2026 220,600 USD 200,000 0.47 % 0.75 % 1,103.00
Shinhan Bank 2021~2026 220,600 USD 200,000 0.47 % 0.75 % 1,103.00
Hana Bank 2021~2026 55,150 USD 50,000 0.48 % 0.75 % 1,103.00
Shinhan Bank 2023~2026 132,930 USD 100,000 4.07 % 5.38 % 1,329.30
Nonghyup Bank 2023~2026 132,930 USD 100,000 4.05 % 5.38 % 1,329.30
Kookmin Bank 2023~2026 132,930 USD 100,000 4.07 % 5.38 % 1,329.30
Woori Bank 2023~2028 259,000 USD 200,000 3.83 % 4.88 % 1,295.00
Korea Development Bank 2023~2028 129,500 USD 100,000 3.85 % 4.88 % 1,295.00
Bank of America 2023~2028 64,750 USD 50,000 3.85 % 4.88 % 1,295.00

38

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(5) Interest rate swap contracts which are not designated as hedging instruments as of June 30, 2025 are asfollows:
--- ---

In millions of won and thousands of foreign currencies

Counterparty Contract year Contract amount Contract interest rate per annum
Pay
Nomura (*1) 2018~2038 ~~W~~ 30,000 3M CD + 0.10 3.75 %
Shinhan Bank 2021~2025 100,000 2.32% 3M CD + 0.43 %
Hana Bank 2022~2027 200,000 3.02% 3M CD + 0.61 %
Hana Bank 2022~2027 200,000 3.04% 3M CD + 0.58 %
Hana Bank 2022~2027 250,000 3.38% 3M CD + 0.59 %
Nomura 2022~2027 200,000 3.55% 3M CD + 0.60 %
Shinhan Bank 2022~2027 150,000 3.53% 3M CD + 0.55 %
Hana Bank 2022~2027 200,000 3.70% 3M CD + 0.59 %
Nomura 2022~2027 300,000 3.89% 3M CD + 0.67 %
Hana Bank 2022~2027 200,000 3.93% 3M CD + 0.67 %
Nomura 2022~2027 200,000 3.80% 3M CD + 0.68 %
Nomura 2022~2027 300,000 4.04% 3M CD + 0.60 %
Hana Bank 2022~2027 100,000 4.68% 3M CD + 1.04 %
Hana Bank 2022~2027 100,000 5.45% 3M CD + 1.20 %
Shinhan Bank 2023~2028 200,000 4.27% 3M CD + 0.76 %
Shinhan Bank 2023~2028 50,000 4.27% 3M CD + 0.76 %
Nomura 2023~2028 250,000 4.13% 3M CD + 0.73 %
Hana Bank 2023~2028 200,000 3.74% 3M CD + 0.51 %
Hana Bank 2023~2028 100,000 4.19% 3M CD + 0.50 %
Shinhan Bank 2023~2028 300,000 3.81% 3M CD + 0.70 %
Hana Bank 2023~2028 200,000 3.95% 3M CD + 0.50 %
Shinhan Bank 2024~2029 200,000 3.84% 3M CD + 0.50 %
Hana Bank 2024~2027 250,000 3.72% 3M CD + 0.34 %
Hana Bank 2024~2027 250,000 3.77% 3M CD + 0.31 %
Hana Bank 2024~2027 250,000 3.31% 3M CD + 0.31 %
Hana Bank 2024~2027 200,000 3.46% 3M CD + 0.53 %
Shinhan Bank 2024~2025 200,000 3.53% 3M CD + 0.35 %
Nomura 2024~2027 200,000 3.38% 3M CD + 0.50 %
Hana Bank 2024~2027 300,000 3.18% 3M CD + 0.53 %
Shinhan Bank 2024~2025 100,000 3.29% 3M CD + 0.42 %
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 %
Nomura 2017~2032 52,457 2.55% + Floating rate 2.60 %
Nomura 2017~2032 59,423 2.57% + Floating rate 2.62 %
Nomura (*2) 2021~2041 30,000 1.84% 2.60 %
Nomura (*3) 2021~2041 50,000 1.87% 2.38 %
ANZ 2022~2025 AUD 865 0.48% 3M BBSW + 0.05 %
DBS Bank 2022~2025 AUD 865 0.48% 3M BBSW + 0.05 %
Societe Generale 2022~2025 AUD 865 0.48% 3M BBSW + 0.05 %
MUFG 2022~2048 USD 155,941 3M SOFR 3.71 %
Mizuho Capital Markets LLC 2022~2048 USD 155,941 3M SOFR 1.05 %
Mizuho Capital Markets LLC 2024~2025 USD 112,194 1M SOFR 4.20 %
NORD LB Bank 2022~2036 USD 16,121 1.83% 6M SOFR
Rabobank 2022~2036 USD 19,619 1.83% 6M SOFR
Mizuho Capital Markets LLC 2024~2045 USD 78,927 3M  Synthetic Libor 1.14 %

All values are in US Dollars.

(*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.
--- ---

39

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12. Derivatives, Continued
(6) Interest rate swap contracts which are designated as hedging instruments as of June 30, 2025 are asfollows:
--- ---

In thousands of foreign currencies

Counterparty Contract year Contract<br>amount
Pay Receive
Export-Import Bank of Korea 2015~2031 11,021 2.67 % SOFR + 0.428
ING Bank 2015~2031 27,178 2.67 % SOFR + 0.428
BNP Paribas 2015~2031 28,994 2.67 % SOFR + 0.428
BNP Paribas 2009~2027 22,923 4.16 % 6M  Synthetic Libor
KFW 2009~2027 22,923 4.16 % 6M Synthetic Libor
Export-Import Bank of Korea 2016~2036 53,525 3.00 % 6M Synthetic Libor
SMTB 2025~2036 3,787,290 1.82 % 6M TIBOR + 0.55

All values are in US Dollars.

(7) Gains and losses on valuation and transaction of derivatives for each of the three and six-month periods ended June 30, 2025 and 2024 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) (*)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Three-<br>month<br>period<br>ended Six-<br>monthperiodended Three-<br>monthperiod<br>ended Six-<br>monthperiodended Three-<br>monthperiod<br>ended Six-<br>monthperiodended Three-<br>monthperiodended Six-<br>monthperiodended Three-<br>monthperiod<br>ended Six-<br>monthperiodended Three-<br>monthperiod<br>ended Six-<br>monthperiodended
Currency forward ~~W~~ (4,555) (1,221 ) 4,270 19,419 (17,438 ) (27,107 ) 22,329 42,080 — — — —
Currency swap (1,018,448 ) (970,626 ) 448,738 1,066,848 (173,221 ) (127,568 ) 64,790 68,958 147 22,721 (4,083 ) (6,561 )
Interest rate swap (6,012 ) (28,515 ) (13,599 ) 16,083 (5,132 ) (5,924 ) 3,405 10,332 (1,418 ) (4,091 ) (504 ) 3,122
Other derivatives — 8,355 13,654 27,093 28,094 37,583 1,917 5,373 — — — —
~~W~~ (1,029,015) (992,007 ) 453,063 1,129,443 (167,697 ) (123,016 ) 92,441 126,743 (1,271 ) 18,630 (4,587 ) (3,439 )
(*) For the six-month periods ended June 30, 2025 and 2024, the net gain (loss) on valuation of derivatives<br>applying cash flow hedge accounting of ~~W~~9,469 million and ~~W~~(1,232) million, net of tax, are included in other comprehensive income (loss), respectively.
--- ---

40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

13. Other Financial Assets
(1) Other financial assets as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Loans ~~W~~ 112,627 878,768 115,161 901,953
Less: allowance for doubtful accounts (5,156 ) (66,891 ) (5,156 ) (66,838 )
Less: present value discount (1,106 ) (35,003 ) (1,084 ) (35,888 )
106,365 776,874 108,921 799,227
Long-term / short-term financial instruments 1,989,362 813,809 1,147,929 812,211
~~W~~ 2,095,727 1,590,683 1,256,850 1,611,438
(2) Loans as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Face value Allowance fordoubtful accounts Present valuediscount Carrying value
Short-term loans
Loans for tuition ~~W~~ 35,014 (5,156 ) (1,106 ) 28,752
Loans for housing 38,768 — — 38,768
Other loans 38,845 — — 38,845
112,627 (5,156 ) (1,106 ) 106,365
Long-term loans
Loans for tuition 351,884 (3,385 ) (35,003 ) 313,496
Loans for housing 255,508 — — 255,508
Loans for related parties 232,486 (63,506 ) — 168,980
Other loans 38,890 — — 38,890
878,768 (66,891 ) (35,003 ) 776,874
~~W~~ 991,395 (72,047 ) (36,109 ) 883,239
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

41

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

13. Other Financial Assets, Continued
(3) Changes in the allowance for doubtful accounts of loans for thesix-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-monthperiod endedJune 30, 2025 For the year endedDecember 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ 71,994 80,793
Bad debts expense 102 3,727
Write-off (49 ) (12,526 )
Ending balance ~~W~~ 72,047 71,994
(4) Long-term and short-term financial instruments as of June 30, 2025 and December 31, 2024 are asfollows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Time deposits ~~W~~ 1,613,441 152,723 823,806 135,995
CD 30,000 — 40,000 —
Others 345,921 661,086 284,123 676,216
~~W~~ 1,989,362 813,809 1,147,929 812,211

42

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

14. Inventories

Inventories as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025
Acquisition cost Valuation allowance Book value
Raw materials ~~W~~ 5,147,036 (1,565 ) 5,145,471
Merchandises 1,733 — 1,733
Work-in-progress 219,237 — 219,237
Finished goods 55,428 — 55,428
Supplies 3,552,287 — 3,552,287
Inventories-in-transit 783,581 — 783,581
Other inventories 16,862 — 16,862
~~W~~ 9,776,164 (1,565 ) 9,774,599
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 the six-month period ended June 30, 2025 and for the year ended December 31, 2024 amounts to ~~W~~3,928 million and ~~W~~9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 were ~~W~~3,290 million and ~~W~~9,941 million, respectively.

43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

15. Non-Financial Assets

Non-financial assets as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Current Non-current Current Non-current
Advanced payments ~~W~~ 514,739 537,721 467,156 66,174
Prepaid expenses 410,631 267,517 431,087 221,922
Others (*) 388,684 37,527 369,671 40,108
~~W~~ 1,314,054 842,765 1,267,914 328,204
(*) Details of others as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Greenhouse gas emissions rights ~~W~~ 160,216 — 211,969 —
Other quick assets 228,468 37,527 157,702 40,108
~~W~~ 388,684 37,527 369,671 40,108

44

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries
(1) Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
Subsidiaries Key operation activities Location Percentage of ownership (%)
--- --- --- --- --- --- --- --- ---
As of June 30,2025 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 Netherland 100.00 % 100.00 %
KEPCO Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
KOSEP Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
KOMIPO Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
KOWEPO Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
KOSPO Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
KEPCO Middle East Holding Company Holding company Bahrain 100.00 % 100.00 %
Qatrana Electric Power Company Construction and operation of utility plant Jordan 80.00 % 80.00 %
KHNP Canada Energy Ltd. Holding company Canada 100.00 % 100.00 %
KEPCO Bylong Australia Pty., Ltd. Resources development Australia 100.00 % 100.00 %
Korea Waterbury Uranium Limited Partnership Resources development Canada 80.12 % 80.12 %
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 99.37 % 85.03 %

45

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(1) Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:
--- ---
Subsidiaries Key operation activities Location Percentage of ownership (%)
--- --- --- --- --- --- --- --- ---
As of June 30,2025 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 Holding company USA 69.55 % 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 %

46

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(1) Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:
--- ---
Subsidiaries Key operation activities Location Percentage of ownership (%)
--- --- --- --- --- --- --- --- ---
As of June 30,2025 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 liquidization Korea — —
KEPCO Holding Company Holding company Saudi Arabia 100.00 % 100.00 %
KEPCO for Maintenance Company Utility plant maintenance and others Saudi Arabia 100.00 % 100.00 %
KOSPO Trumbull LLC Holding company USA 100.00 % 100.00 %
Changjuk Wind Power Co., Ltd. Power generation Korea 73.00 % 73.00 %
Chile Solar JV SpA Power generation Chile 100.00 % 100.00 %
KEPCO KPS South Africa Pty., Ltd. Utility plant maintenance and others Republic of South Africa 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 % 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 % —

47

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(1) Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:
--- ---
(*1) Considering treasury stocks, the effective percentage of ownership is 51.24%.
--- ---
(*2) The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed<br>consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
--- ---
(*3) As of June 30, 2025, the annual reporting period of all subsidiaries ends on December 31, except for<br>Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.
--- ---
(*4) The Group exercised the purchase option for a 14.3% equity interest held by a financial investor of Commerce<br>and Industry Energy Co., Ltd., and acquired the 14.3% equity interest during the six-month period ended June 30, 2025.
--- ---
(*5) The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed<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) Although the Group does not hold a stake as of June 30, 2025, considering the purpose and design of the<br>structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, the Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been<br>determined that the Group has control over the entity.
--- ---
(*8) The ownership interest changed due to a disproportionate capital reduction with consideration during the six-month period ended June 30, 2025.
--- ---
(2) There were no subsidiaries newly excluded from the scope of consolidation during the six-month period ended June 30, 2025 and subsidiaries included in the scope of consolidation during the six-month period ended June 30, 2025 are as follows:
--- ---

<Subsidiaries included in consolidation during the six-month period ended June 30, 2025>

Subsidiaries Reason
KEPCO Yona America LLC New investment
KEPCO SADAWI - FZCO New investment
EWP Yona America LLC New investment

48

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the six-month period ended June 30, 2025
Subsidiaries Total<br>assets Total<br>liabilities Sales Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd. ~~W~~ 75,050,450 48,440,323 8,206,340 1,565,596
Korea South-East Power Co., Ltd. 12,389,832 6,183,140 3,107,855 155,079
Korea Midland Power Co., Ltd. 14,347,978 9,399,440 2,562,681 (12,883 )
Korea Western Power Co., Ltd. 13,261,954 8,053,033 2,394,631 35,339
Korea Southern Power Co., Ltd. 12,857,391 7,130,931 2,745,350 39,029
Korea East-West Power Co., Ltd. 12,068,859 5,661,939 2,241,630 206,135
KEPCO Engineering & Construction Company, Inc. 861,846 260,241 198,686 66,229
KEPCO Plant Service & Engineering Co., Ltd. 1,598,249 343,031 728,774 62,316
KEPCO Nuclear Fuel Co., Ltd. 1,050,738 562,579 258,475 23,792
KEPCO KDN Co., Ltd. 685,665 187,439 332,077 18,889
KEPCO International HongKong Ltd. 140,023 — — 3,501
KEPCO International Philippines Inc. 12,594 — — 6
KEPCO Gansu International Ltd. 7,913 979 — (24 )
KEPCO Philippines Holdings Inc. 203,239 208 — 12,387
KEPCO Philippines Corporation 2,873 — — 59
KEPCO Ilijan Corporation 54,797 394 — 150
KEPCO Neimenggu International Ltd. 298,393 4,465 — (131 )
KEPCO Shanxi International Ltd. 750,102 339,189 — (259 )
KOMIPO Global Pte Ltd. 420,584 2,014 — 5,757
KEPCO Netherlands B.V. 145,153 66 — 1,657
KEPCO Australia Pty., Ltd. 319 119 — (20 )
KOSEP Australia Pty., Ltd. 53,538 5,267 12,391 3,724
KOMIPO Australia Pty., Ltd. 97,901 5,501 12,391 3,639
KOWEPO Australia Pty., Ltd. 97,036 4,561 12,391 4,635
KOSPO Australia Pty., Ltd. 41,398 4,346 12,391 1,781
KEPCO Middle East Holding Company 127,669 125,264 — (4,286 )
Qatrana Electric Power Company 508,957 177,804 15,095 11,726
KHNP Canada Energy Ltd. 168,223 19,489 — 220
KEPCO Bylong Australia Pty., Ltd. 43,858 519,959 — 16,642
Korea Waterbury Uranium Limited Partnership 21,360 81 — (55 )
KEPCO Holdings de Mexico 619 2,931 — 74
KST Electric Power Company, S.A.P.I. de C.V. 614,419 493,086 52,197 10,929
KEPCO Energy Service Company 4,034 1,552 6,902 1,506
KEPCO Netherlands S3 B.V. 72,578 17,590 — 564
PT. KOMIPO Pembangkitan Jawa Bali 20,969 4,480 11,277 4,451
PT. Cirebon Power Service 3,284 993 5,099 293
KOWEPO International Corporation — 11 — —
KOSPO Jordan LLC 35,199 19,858 7,366 2,204
EWP America Inc. (*1) 51,756 4,168 11,959 5,161
KNF Canada Energy Limited 2,302 39 — (32 )
EWP Barbados 1 SRL 450,786 1,301 — 14,622
Gyeonggi Green Energy Co., Ltd. 194,309 265,477 27,830 (4,578 )
PT. Tanggamus Electric Power 211,231 134,049 3,553 7,353
Gyeongju Wind Power Co., Ltd. 87,526 38,178 9,469 2,885
KOMIPO America Inc. (*2) 571,259 292,102 9,924 (2,516 )
PT. EWP Indonesia 94,929 71 — 3,785
KEPCO Netherlands J3 B.V. 164,416 18,798 — (566 )
Korea Offshore Wind Power Co., Ltd. 342,418 131,366 24,404 5,827
Global One Pioneer B.V. 1,659,741 213 — (175 )
Global Energy Pioneer B.V. 517 155 — (101 )
Mira Power Limited 395,797 290,963 1,594 4,698
KOSEP Material Co., Ltd. 7,073 712 2,655 789
Commerce and Industry Energy Co., Ltd. 61,628 24,932 13,923 (3,417 )
KEPCO KPS Philippines Corp. 6,249 566 3,761 212
KOSPO Chile SpA 174,269 79,713 — (19 )

49

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the six-month period ended June 30, 2025
Subsidiaries Totalassets Total<br>liabilities Sales Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd. ~~W~~ 6,001 2,398 324 84
Fujeij Wind Power Company 225,679 149,409 — 9,160
KOSPO Youngnam Power Co., Ltd. 340,995 236,525 164,719 (2,809 )
Chitose Solar Power Plant LLC 89,873 83,887 8,277 2,246
KEPCO ES Co., Ltd. 313,802 6,002 3,666 1,196
KEPCO Solar Co., Ltd. 240,697 28,630 12,821 4,789
KOSPO Power Services Ltda. 7,688 5,550 7,207 447
Energy New Industry Specialized Investment Private<br><br><br>Investment Trust (*3) 472,872 3,443 — 1,633
KOEN Bylong Pty., Ltd. 15 167 — (1 )
KOMIPO Bylong Pty., Ltd. 16 175 — (8 )
KOWEPO Bylong Pty., Ltd. 15 169 — (6 )
KOSPO Bylong Pty., Ltd. 177 400 — (6 )
EWP Bylong Pty., Ltd. 14 13 — —
KOWEPO Lao International 17,066 389 5,955 2,640
KEPCO Mangilao Holdings LLC 91,654 48,648 424 (21 )
Mangilao Investment LLC 202,358 16 — —
KEPCO Mangilao Solar, LLC 206,687 594 9,447 2,360
Jeju Hanlim Offshore Wind Co., Ltd. 599,654 551,448 14,805 (17,767 )
PT. Siborpa Eco Power 14,998 2,219 — (24 )
PT. Korea Energy Indonesia 6,224 5,628 828 (1,988 )
KOLAT SpA 48,139 587 1,286 234
KEPCO California, LLC 48,229 6,888 338 (349 )
KEPCO Mojave Holdings, LLC 91,920 83,397 — (2,218 )
Incheon Fuel Cell Co., Ltd. 240,206 227,507 41,637 (3,274 )
KOEN Service Co., Ltd. 9,455 6,111 20,138 419
KOMIPO Service Co., Ltd. 9,234 4,857 20,057 982
KOWEPO Service Co., Ltd. 10,044 5,636 21,594 1,086
KOSPO Service Co., Ltd. 8,396 4,576 17,035 1,214
EWP Service Co., Ltd. 5,489 3,385 13,886 638
PT. KOMIPO Energy Indonesia 4,737 244 2,647 940
KNF partners Co., Ltd. 2,554 992 2,862 (131 )
KOSPO USA Inc. 803,707 638 — (5,158 )
KOSPO Niles LLC (formerly, Nambu USA LLC) 306,726 452 482 5,172
Tamra Offshore Wind Power Co., Ltd. 108,981 69,287 9,467 1,755
KEPCO MCS Co., Ltd. 87,462 66,927 137,735 (5,889 )
KEPCO FMS Co., Ltd. 21,715 20,716 56,013 3,369
Firstkeepers Co., Ltd. 28,384 16,198 49,236 2,499
Secutec Co., Ltd. 17,581 11,784 39,768 (186 )
SE Green Energy Co., Ltd. 120,396 92,252 19,052 (356 )
Mangilao Intermediate Holdings LLC 204,967 115,085 — (5,669 )
KEPCO CSC Co., Ltd. 17,470 9,865 23,057 1,690
KOAK Power Limited 15,213 132 — 18
KOMIPO Europe B.V. 86,996 148 590 (2,346 )
Haenanum Energy Fund 7,463 21 951 932
Paju Ecoenergy Co., Ltd. 58,829 2,350 7,045 (29 )
Guam Ukudu Power LLC 844,020 885,001 21,601 (14,692 )
K-SOLAR SHINAN Co., Ltd. 273,153 257,176 16,340 131

50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the six-month period ended June 30, 2025
Subsidiaries Totalassets Total<br>liabilities Sales Profit (loss)<br>for the period
KPS Partners Co., Ltd. ~~W~~ 5,101 2,876 7,647 389
KEPCO E&C Service Co., Ltd. 9,747 2,116 8,683 932
Moha solar Co., Ltd. 25,662 28,238 — (131 )
Ogiri Solar Power Co., Ltd. 1,057 21 — (20 )
KHNP USA LLC 2,137 346 624 166
KOMIPO Vanphong Power Service LLC 29,594 1,532 15,440 6,283
Energy Innovation Fund I 39,806 901 — (497 )
KHNP Chile SpA 5,650 4,417 — (42 )
Yeong Yang Apollon Photovoltaic Co., Ltd. 1,442 1,283 106 61
Yeong Yang Corporation Co., Ltd. 1,420 1,273 103 58
SolarVader Co., Ltd. 1,429 1,276 102 57
Yeong Yang Innovation Co., Ltd. 1,414 1,268 99 53
Yeong Yang Horus Photovoltaic Co., Ltd. 1,403 1,273 95 50
Yeong Yang Solar Management Co., Ltd. 1,436 1,276 108 63
LSG Hydro Power Limited 445 6 — (127 )
KOEN Bio Co., Ltd. 1,432 886 1,205 49
KOMIPO Iberian Solar Group, S.L.U. 82,153 71,875 — 2,778
Jeongam Wind Power Co., Ltd. 68,958 58,253 4,451 102
KOWEPO Europe B.V. 48 3,733 — (64 )
Yeongdeok Sunrise Wind Power Co., Ltd. 113,712 86,775 6,839 791
KA Power Limited 5,979 3,153 — (118 )
Western Power Changgi Solar Co., Ltd. 43,020 36,288 3,713 277
EWP Australia Pty., Ltd. 59,491 402 — (6,434 )
Columboola Solar Farm Hold Co Pty., Ltd. (*4) 321,234 214,772 6,050 (8,351 )
Digital Innovation Growth Fund 11,438 116 — 1,617
J Wind First, LLC 52,897 52,897 1,282 —
KEPCO Holding Company 174,058 170,628 — (14 )
KEPCO for Maintenance Company 12,405 14,860 — (1,878 )
KOSPO Trumbull LLC 368,085 — — 1
Changjuk Wind Power Co., Ltd. 25,321 2,561 4,402 640
Chile Solar JV SpA 89,902 72,249 4,247 3,537
KEPCO KPS South Africa Pty., Ltd. 9,054 2,655 11,862 459
KOWEPO Holding Limited 10,760 831 — 2,468
KOSPO Rutile, LLC 2,983 — — (1 )
Sprott Chile Solar I SpA 8,011 26 — (2 )
KEPCO Yona America LLC — — — —
KEPCO SADAWI - FZCO 447 — — —
EWP Yona America LLC — — — —
(*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.
--- ---

51

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the year endedDecember 31, 2024
Subsidiaries Total 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 )

52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 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

53

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(3) The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the year endedDecember 31, 2024
Subsidiaries Totalassets 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.
--- ---

54

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(4) Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2025 are asfollows:
--- ---
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 require<br>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 require<br>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.

55

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(4) Significant restrictions on the Gorup’s abilities to its subsidiaries as of June 30, 2025 are asfollows, 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, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is<br>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. 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 June 30, 2025, the Group has following commitments unrecognized in relation to its subsidiariesas 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.

56

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(6) Details of non-controlling interests prior to intra-companyeliminations as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of and for the six-month period ended June 30, 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~~ 53,896 967,044 512,352 1,270,046 2,803,338
Non-current assets 901 631,205 349,494 4,479,080 5,460,680
Current liabilities (235 ) (285,891 ) (252,080 ) (1,131,683 ) (1,669,889 )
Non-current liabilities (159 ) (57,140 ) (8,161 ) (2,543,802 ) (2,609,262 )
Net assets 54,403 1,255,218 601,605 2,073,641 3,984,867
Book value of non-controlling interests 26,657 615,057 293,343 210,458 1,145,515
Sales — 728,774 198,686 578,521 1,505,981
Profit for the period 150 62,316 66,229 39,051 167,746
Profit for the period attributable to non-controlling<br>interests 74 30,535 32,293 10,205 73,107
Cash flows from operating activities 466 39,852 22,419 274,207 336,944
Cash flows from investing activities (1 ) 102,338 10,101 (56,866 ) 55,572
Cash flows from financing activities before dividends to<br>non-controlling interests (158 ) (66,545 ) (19,936 ) (180,226 ) (266,865 )
Dividends to non-controlling interests — (54,441 ) (18,531 ) (3,396 ) (76,368 )
Effect of exchange rate fluctuation (4,449 ) (2,389 ) (225 ) (16,828 ) (23,891 )
Net increase (decrease) in cash and cash equivalents (4,142 ) 18,815 (6,172 ) 16,891 25,392
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of and for the year ended2024
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 )

57

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16. Consolidated Subsidiaries, Continued
(7) Changes in goodwill
--- ---
(i) Details of goodwill as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Acquisition cost ~~W~~ 101,716 101,761
Less: accumulated impairment (2,582 ) (2,582 )
Carrying book value ~~W~~ 99,134 99,179
(ii) Changes in goodwill for the six-month period ended June 30, 2025<br>and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning Increase Decrease Impairment Others Ending
Acquisition cost ~~W~~ 101,761 — — — (45 ) 101,716
Less: accumulated impairment (2,582 ) — — — — (2,582 )
Carrying book value ~~W~~ 99,179 — — — (45 ) 99,134
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
--- ---

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.

58

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures
(1) Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are asfollows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Investees Key operation activities Location Percentage<br>of ownership Acquisitioncost Book<br>value
<Associates>
Korea Gas Corporation (*1) Importing and wholesaling LNG Korea 20.47 % ~~W~~ 94,500 2,325,494
Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others Korea 29.00 % 4,727 34,678
Hyundai Green Power Co., Ltd. Power generation equipment consignment and operation service Korea 29.00 % 88,885 85,039
Korea Power Exchange (*2) Management of power marketand others Korea 100.00 % 127,839 270,924
Daeryun Power Co., Ltd.(*3) Power generation Korea 6.85 % 46,373 32,739
SPC Power Corporation (*4) Power generation Philippines 38.00 % 20,635 103,907
Gemeng International Energy Co., Ltd. Power generation China 42.00 % 516,007 701,369
PT. Cirebon Electric Power Power generation Indonesia 27.50 % 40,365 149,428
PT Wampu Electric Power Power generation Indonesia 46.00 % 21,292 34,991
PT. Bayan Resources TBK Resources development Indonesia 20.00 % 615,860 737,100
S-Power Co., Ltd. Power generation Korea 49.00 % 132,300 190,490
Xe-Pian Xe-Namnoy Power Co., Ltd. Power generation Laos 25.00 % 87,426 65,249
Goseong Green Power Co., Ltd. Power generation Korea 29.00 % 262,740 299,007
Gangneung Eco Power Co., Ltd. Power generation Korea 29.00 % 261,000 234,933
Shin Pyeongtaek Power Co., Ltd. Power generation Korea 40.00 % 72,000 146,132
Dongducheon Dream Power Co., Ltd. (*5) Power generation Korea 33.61 % 148,105 89,878
GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00 % 204,000 277,927
Nepal Water & Energy Development Company<br><br><br>Private Limited (*6, 15) Construction and operation ofutility plant Nepal 66.10 % 110,332 158,645
Indeck Niles Development, LLC Holding company USA 50.00 % 249,274 329,666
Saemangeum Sebit Power Plant Co., Ltd. (*7) Power generation Korea 55.14 % 21,037 37,537
PT. Cirebon Energi Prasarana (*8) Power generation Indonesia 10.00 % 26,710 86,776
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others) 251,344 292,183
3,402,751 6,684,092
<Joint ventures>
Shuweihat Asia Power Investment B.V. Holding company Netherland 49.00 % 44,405 77,959
KEPCO SPC Power Corporation (*4,9) Construction and operation of utility plant Philippines 60.00 % 94,579 152,317
Datang Chifeng Renewable Power Co., Ltd. Power generation China 40.00 % 121,928 198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation China 40.00 % 39,872 46,975
Rabigh Electricity Company (*10) Power generation Saudi Arabia 40.00 % 109,743 253,051
Jamaica Public Service Company Limited Power generation Jamaica 40.00 % 301,910 387,872
Amman Asia Electric Power Company (*9) Power generation Jordan 60.00 % 111,476 254,303
Chun-cheon Energy Co., Ltd. Power generation Korea 29.90 % 52,700 35,626
Nghi Son 2 Power LLC Power generation Vietnam 50.00 % 175,261 515,164
Kelar S.A. (*9) Power generation Chile 65.00 % 78,060 142,257
PT. Tanjung Power Indonesia Power generation Indonesia 35.00 % 57,039 90,287
Barakah One Company (*11) Power generation UAE 18.00 % 1,794,166 1,546,590
Daegu Green Power Co., Ltd. (*12) Power generation Korea 29.00 % 46,225 31,598
South Jamaica Power Company Limited Power generation Jamaica 20.00 % 20,430 46,948
RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 77,894
RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 48,364
RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 52,267
Solar Philippines Calatagan Corporation Power generation Philippines 38.00 % 47,903 57,009
Pulau Indah Power Plant Sdn. Bhd. Power generation Malaysia 25.00 % 39,052 51,220
PT Barito Wahana Tenaga Power generation Indonesia 30.61 % 59,574 201,086
Cheongna Energy Co., Ltd. (*13) Generating and distributing vaporand hot/cold water Korea 50.10 % 49,344 67,332
Naepo Green Energy Co., Ltd. Power generation Korea 29.20 % 29,200 50,184
OneEnergy Asia Limited Power generation Vietnam 40.00 % 277,887 438,445
Prime Swedish Holding AB Holding company Sweden 45.00 % 35,410 37,661
Namyangju Combined Heat and Power Co., Ltd. (*13) Generating and distributing vaporand hot/cold water Korea 70.10 % 124,077 122,239
Trumbull Development Partners, LLC (*14) Holding company USA 56.23 % 365,049 377,976
Others (Dangjin Eco Power Co., Ltd. and 95 others) 655,047 652,774
4,829,197 6,013,566
~~W~~ 8,231,948 12,697,658

59

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(1) Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are as follows,continued:
--- ---
(*1) The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
--- ---
(*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 by<br>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.
--- ---
(*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or<br>proceeds of sales are not specified as of June 30, 2025.
--- ---
(*5) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
--- ---
(*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 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.
--- ---
(*8) 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 critical decisions related to finance and operation.
--- ---
(*9) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement,<br>all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.<br>
--- ---
(*10) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
--- ---
(*11) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
--- ---
(*12) 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.
--- ---
(*13) 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 critical financial and operating decisions require unanimous agreement of members in the board of directors.
--- ---
(*14) Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint<br>venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.
--- ---
(*15) The Group’s ownership interest was changed during the six-month period ended June 30, 2025, as a<br>result of a disproportionate capital contribution by a financial investor.
--- ---

60

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(1) Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are asfollows, continued:
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Investees Key operation activities Location Percentage<br>of ownership Acquisitioncost Book<br>value
<Associates>
Korea Gas Corporation (*1) 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
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 marketand others Korea 100.00 % 127,839 273,962
Daeryun Power Co., Ltd.(*3) Power generation Korea 6.85 % 46,373 31,093
SPC Power Corporation (*4) 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
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 Power Co., Ltd. Power generation Laos 25.00 % 87,426 73,065
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
Dongducheon Dream Power Co., Ltd. (*5) Power generation Korea 33.61 % 148,105 91,351
GS Donghae Electric Power Co., Ltd. Power generation Korea 34.00 % 204,000 279,432
Nepal Water & Energy Development Company<br><br><br>Private Limited (*6) Construction and operation ofutility plant Nepal 68.88 % 110,332 170,955
Indeck Niles Development, LLC Holding company USA 50.00 % 249,274 370,970
Saemangeum Sebit Power Plant Co., Ltd. (*7) Power generation Korea 55.14 % 21,037 37,110
PT. Cirebon Energi Prasarana (*8) Power generation Indonesia 10.00 % 26,710 96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 76 others) 243,426 277,223
3,394,833 6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V. Holding company Netherland 49.00 % 44,405 86,450
KEPCO SPC Power Corporation (*4,9) Construction and operation of utility plant Philippines 60.00 % 94,579 159,139
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 (*10) Power generation Saudi Arabia 40.00 % 109,743 269,893
Jamaica Public Service Company Limited Power generation Jamaica 40.00 % 301,910 412,616
Amman Asia Electric Power Company (*9) Power generation Jordan 60.00 % 111,476 268,864
Chun-cheon Energy Co., Ltd. Power generation Korea 29.90 % 52,700 36,599
Nghi Son 2 Power LLC Power generation Vietnam 50.00 % 175,261 563,079
Kelar S.A. (*9) Power generation Chile 65.00 % 78,060 152,367
PT. Tanjung Power Indonesia Power generation Indonesia 35.00 % 57,039 100,580
Barakah One Company (*11) Power generation UAE 18.00 % 118 —
Daegu Green Power Co., Ltd. (*12) Power generation Korea 29.00 % 46,225 30,513
South Jamaica Power Company Limited Power generation Jamaica 20.00 % 20,430 48,760
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
Solar Philippines Calatagan Corporation Power generation Philippines 38.00 % 47,903 63,695
Pulau Indah Power Plant Sdn. Bhd. Power generation Malaysia 25.00 % 39,052 50,721
PT Barito Wahana Tenaga Power generation Indonesia 30.61 % 59,574 207,565
Cheongna Energy Co., Ltd. (*13) Generating and distributing vaporand hot/cold water Korea 50.10 % 49,344 46,158
Naepo Green Energy Co., Ltd. Power generation Korea 29.20 % 29,200 48,031
OneEnergy Asia Limited Power generation Vietnam 40.00 % 258,011 465,349
Prime Swedish Holding AB Holding company Sweden 45.00 % 35,410 37,559
Namyangju Combined Heat and Power Co., Ltd. (*14) Generating and distributing vaporand hot/cold water Korea 70.10 % 53,977 51,768
Trumbull Development Partners, LLC Holding company USA 56.23 % 304,836 355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others) 651,051 668,206
2,880,964 4,581,340
~~W~~ 6,275,797 11,286,094

61

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(1) Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are asfollows, continued:
--- ---
(*1) The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
--- ---
(*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 by<br>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.
--- ---
(*4) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or<br>proceeds of sales are not specified as of December 31, 2024.
--- ---
(*5) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred<br>stock into ordinary stock.
--- ---
(*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 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.
--- ---
(*8) 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.
--- ---
(*9) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement,<br>all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.<br>
--- ---
(*10) The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions<br>must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
--- ---
(*11) The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed<br>by ownership parties. Accordingly, the entity is classified as a joint venture.
--- ---
(*12) 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.
--- ---
(*13) Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant<br>activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.
--- ---
(*14) 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 critical financial and operating decisions require unanimous agreement of members in the board of directors.
--- ---
In millions of won
--- --- --- --- ---
Investees As of June 30, 2025 As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd. ~~W~~ 135,949 88,489
Korea Gas Corporation 787,185 655,830
SPC Power Corporation 117,109 130,063
PT. Bayan Resources TBK 11,048,401 12,298,501

62

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(3) Changes in investments in associates and joint ventures for the six-month period ended June 30, 2025and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the six-month period endedJune 30, 2025
Investees Beginningbalance Acquisition Disposals Dividendsreceived Share ofincome(loss) Othercomprehen-sive income(loss) Others Endingbalance
<Associates>
Korea Gas Corporation ~~W~~ 2,289,304 — — (27,500 ) 98,092 (34,254 ) (148 ) 2,325,494
Korea Electric Power Industrial Development Co., Ltd. 30,177 — — (3,470 ) 7,854 — 117 34,678
Hyundai Green Power Co., Ltd. 87,393 — — (3,555 ) 1,201 — — 85,039
Korea Power Exchange 273,962 — — — (3,038 ) — — 270,924
Daeryun Power Co., Ltd. 31,093 — — — 1,647 — (1 ) 32,739
SPC Power Corporation 107,574 — — (5,687 ) 8,204 (6,184 ) — 103,907
Gemeng International Energy Co., Ltd. 728,338 — — (20,644 ) 32,334 (38,659 ) — 701,369
PT. Cirebon Electric Power 157,530 — — — 4,287 (12,389 ) — 149,428
PT Wampu Electric Power 39,268 — — (1,971 ) 821 (3,127 ) — 34,991
PT. Bayan Resources TBK 717,376 — — — 69,036 (49,352 ) 40 737,100
S-Power Co., Ltd. 180,372 — — — 10,118 — — 190,490
Xe-Pian Xe-Namnoy Power Co., Ltd. 73,065 — — — 595 (8,411 ) — 65,249
Goseong Green Power Co., Ltd. 284,542 — — — 14,469 — (4 ) 299,007
Gangneung Eco Power Co., Ltd. 241,814 — — — (6,881 ) — — 234,933
Shin Pyeongtaek Power Co., Ltd. 139,059 — — — 7,073 — — 146,132
Dongducheon Dream Power Co., Ltd. 91,351 — — — (1,473 ) — — 89,878
GS Donghae Electric Power Co., Ltd. 279,432 — — (12,029 ) 10,524 — — 277,927
Nepal Water & Energy Development Company Private Limited 170,955 — — — 290 (12,600 ) — 158,645
Indeck Niles Development, LLC 370,970 — — (5,871 ) (2,306 ) (33,127 ) — 329,666
Saemangeum Sebit Power Plant Co., Ltd. 37,110 — — — 427 — — 37,537
PT. Cirebon Energi Prasarana 96,846 — — — 652 (10,722 ) — 86,776
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others) 277,223 9,669 (1,751 ) (11,062 ) 17,320 (432 ) 1,216 292,183
6,704,754 9,669 (1,751 ) (91,789 ) 271,246 (209,257 ) 1,220 6,684,092
<Joint ventures>
Shuweihat Asia Power Investment B.V. 86,450 — — (560 ) 1,376 (9,307 ) — 77,959
KEPCO SPC Power Corporation 159,139 — — — 2,289 (9,111 ) — 152,317
Datang Chifeng Renewable Power Co., Ltd. 204,516 — — — 6,163 (12,511 ) — 198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd. 48,325 — — — 1,533 (2,883 ) — 46,975
Rabigh Electricity Company 269,893 — — (1,696 ) 12,582 (27,728 ) — 253,051
Jamaica Public Service Company Limited 412,616 — — (9,700 ) 12,908 (27,952 ) — 387,872
Amman Asia Electric Power Company 268,864 — — — 10,755 (25,316 ) — 254,303
Chun-cheon Energy Co., Ltd. 36,599 — — — (973 ) — — 35,626
Nghi Son 2 Power LLC 563,079 — — — 16,942 (64,857 ) — 515,164
Kelar S.A. 152,367 — — — 3,721 (13,831 ) — 142,257
PT. Tanjung Power Indonesia 100,580 — — (4,785 ) 3,961 (9,822 ) 353 90,287
Barakah One Company — 1,794,047 — — (137,535 ) (109,922 ) — 1,546,590
Daegu Green Power Co., Ltd. 30,513 — — — 1,085 — — 31,598
South Jamaica Power Company Limited 48,760 — — (167 ) 2,220 (3,865 ) — 46,948
RE Holiday Holdings LLC 89,780 — — — (5,468 ) (6,418 ) — 77,894
RE Pioneer Holdings LLC 55,622 — — — (3,759 ) (3,499 ) — 48,364
RE Barren Ridge 1 Holdings LLC 59,806 — — (1,663 ) (1,936 ) (3,940 ) — 52,267
Solar Philippines Calatagan Corporation 63,695 — — (6,480 ) 3,209 (3,415 ) — 57,009
Pulau Indah Power Plant Sdn. Bhd. 50,721 — — — 1,543 (1,044 ) — 51,220
PT Barito Wahana Tenaga 207,565 — — — 26,205 (32,684 ) — 201,086
Cheongna Energy Co., Ltd. 46,158 — — — 21,174 — — 67,332
Naepo Green Energy Co., Ltd. 48,031 — — (13,432 ) 15,585 — — 50,184
OneEnergy Asia Limited 465,349 19,876 — — 9,059 (55,839 ) — 438,445
Prime Swedish Holding AB 37,559 — — — (1,559 ) 1,661 — 37,661
Namyangju Combined Heat and Power Co., Ltd. 51,768 70,100 — — 241 130 — 122,239
Trumbull Development Partners, LLC 355,379 60,214 — (7 ) 844 (38,454 ) — 377,976
Others (Dangjin Eco Power Co., Ltd. and 96 others) 668,206 12,359 (9,409 ) (12,434 ) 16,105 (22,053 ) — 652,774
4,581,340 1,956,596 (9,409 ) (50,924 ) 18,270 (482,660 ) 353 6,013,566
~~W~~ 11,286,094 1,966,265 (11,160 ) (142,713 ) 289,516 (691,917 ) 1,573 12,697,658

63

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(3) Changes in investments in associates and joint ventures for the six-month period ended June 30, 2025and for the year ended December 31, 2024 are as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the year ended December 31,2024
Investees Beginningbalance Acquisition Disposals Dividendsreceived Share ofincome(loss) Othercomprehen-sive income(loss) Others Endingbalance
<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 ) — — — — —
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
Daeryun Power Co., Ltd. 26,834 — — — 4,301 — (42 ) 31,093
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
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
Xe-Pian Xe-Namnoy Power Co., Ltd. 116,378 — — — (20,217 ) 11,861 (34,957 ) 73,065
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
Dongducheon Dream Power Co., Ltd. 87,203 — — — 4,141 — 7 91,351
GS Donghae Electric Power Co., Ltd. 259,085 — — — 20,323 — 24 279,432
Nepal Water & Energy Development Company Private Limited 110,573 — — — 7,392 52,990 — 170,955
Indeck Niles Development, LLC 335,401 — (14,551 ) (10,591 ) 12,909 47,802 — 370,970
Saemangeum Sebit Power Plant Co., Ltd. 37,191 — — — (81 ) — — 37,110
PT. Cirebon Energi Prasarana 76,597 — — — 6,051 2,782 11,416 96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others) 259,614 18,987 (10,772 ) (10,941 ) 10,004 2,656 7,675 277,223
6,176,889 18,987 (77,626 ) (266,868 ) 502,636 341,774 8,962 6,704,754
<Joint ventures>
Shuweihat Asia Power Investment B.V. 69,902 — — — 1,709 14,839 — 86,450
KEPCO SPC Power Corporation 196,544 — — (28,591 ) 16,714 (25,528 ) — 159,139
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
Jamaica Public Service Company Limited 349,866 — — (15,215 ) 28,849 49,463 (347 ) 412,616
Amman Asia Electric Power Company 223,424 — — (8,171 ) 20,485 33,126 — 268,864
Chun-cheon Energy Co., Ltd. 35,083 — — — 1,516 — — 36,599
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
Barakah One Company — — — — — — — —
Daegu Green Power Co., Ltd. 26,430 — — — 4,103 — (20 ) 30,513
South Jamaica Power Company Limited 43,109 — — (2,895 ) 2,704 5,842 — 48,760
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
Solar Philippines Calatagan Corporation 58,130 — — (6,107 ) 6,523 5,149 — 63,695
Pulau Indah Power Plant Sdn. Bhd. 25,603 14,713 — — (816 ) 11,221 — 50,721
PT Barito Wahana Tenaga 156,994 — — — 24,435 26,136 — 207,565
Cheongna Energy Co., Ltd. 25,549 — — — 20,609 — — 46,158
Naepo Green EnegryCo., Ltd. 5,285 — — — 32,284 — 10,462 48,031
OneEnergy Asia Limited 289,966 62,880 — — 47,346 65,157 — 465,349
Prime Swedish Holding AB 38,789 — — — (3,782 ) — 2,552 37,559
Namyangju Combined Heat and Power Co., Ltd. 3,850 50,127 — — (1,519 ) (690 ) — 51,768
Trumbull Development Partners, LLC — 304,836 — — 7,976 42,567 — 355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others) 636,182 22,847 (68 ) (7,730 ) (31,223 ) 46,856 1,342 668,206
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

64

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(4) The summarized financial information of associates and joint ventures as of and for the six-month periodended June 30, 2025 and for the year ended December 31, 2024 is as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- ---
As of and for the six-month period endedJune 30, 2025
Investees Total assets Total liabilities Sales Profit (loss) for<br>the period
<Associates>
Korea Gas Corporation ~~W~~ 50,888,627 39,895,802 20,362,811 452,283
Korea Electric Power Industrial Development Co., Ltd. 216,669 97,089 198,184 17,824
Hyundai Green Power Co., Ltd. 669,909 274,471 55,692 4,690
Korea Power Exchange 371,175 100,251 57,904 4,953
Daeryun Power Co., Ltd. 1,105,015 615,104 218,767 23,071
SPC Power Corporation 304,505 31,066 27,489 22,000
Gemeng International Energy Co., Ltd. 7,789,263 5,354,538 1,495,670 82,206
PT. Cirebon Electric Power 677,880 134,503 147,176 15,588
PT Wampu Electric Power 186,761 110,693 10,085 1,784
PT. Bayan Resources TBK 4,332,922 1,411,894 2,315,913 509,104
S-Power Co., Ltd. 674,248 283,407 372,584 20,574
Xe-Pian Xe-Namnoy Power Co., Ltd. 1,307,258 902,791 101,234 2,296
Goseong Green Power Co., Ltd. 5,050,921 3,992,724 509,544 53,625
Gangneung Eco Power Co., Ltd. 5,428,940 4,753,245 378,278 (13,061 )
Shin Pyeongtaek Power Co., Ltd. 1,030,819 640,059 368,949 16,852
Dongducheon Dream Power Co., Ltd. 1,309,183 1,008,062 614,480 (4,619 )
GS Donghae Electric Power Co., Ltd. 1,862,236 1,044,804 249,800 30,951
Nepal Water & Energy Development Company Private Limited 572,404 333,734 11,898 (12,287 )
Indeck Niles Development, LLC 1,102,156 637,140 154,121 (3,180 )
Saemangeum Sebit Power Plant Co., Ltd. 145,457 77,543 10,751 775
PT. Cirebon Energi Prasarana 3,447,371 2,579,609 224,654 6,519
<Joint ventures>
Shuweihat Asia Power Investment B.V. 159,141 40 — (138 )
KEPCO SPC Power Corporation 280,136 26,275 80,078 4,029
Datang Chifeng Renewable Power Co., Ltd. 852,960 357,540 64,399 18,622
Datang KEPCO Chaoyang Renewable Power Co., Ltd. 171,455 54,017 16,257 3,994
Rabigh Electricity Company 2,388,946 1,658,600 178,121 33,304
Jamaica Public Service Company Limited 2,455,620 1,521,544 777,708 35,289
Amman Asia Electric Power Company 719,300 295,461 17,024 17,982
Chun-cheon Energy Co., Ltd. 530,614 410,646 190,759 (3,277 )
Nghi Son 2 Power LLC 4,008,451 2,978,124 412,993 33,449
Kelar S.A. 649,367 435,320 57,048 9,252
PT. Tanjung Power Indonesia 677,239 419,276 53,174 11,257
Barakah One Company 50,393,161 42,729,541 4,191,092 74,794
Daegu Green Power Co., Ltd. 481,344 385,668 157,961 2,234
South Jamaica Power Company Limited 497,884 263,129 144,849 11,101
RE Holiday Holdings LLC 320,924 165,136 2,453 (5,638 )
RE Pioneer Holdings LLC 243,717 146,989 2,240 (4,371 )
RE Barren Ridge 1 Holdings LLC 199,109 94,575 2,846 (2,038 )
Solar Philippines Calatagan Corporation 161,499 34,395 12,015 6,551
Pulau Indah Power Plant Sdn. Bhd. 1,280,662 1,098,353 143,938 856
PT Barito Wahana Tenaga 656,882 — — 62,695
Cheongna Energy Co., Ltd. 480,080 349,592 96,424 42,257
Naepo Green Energy Co., Ltd. 752,965 592,887 222,725 49,189
OneEnergy Asia Limited 3,095,442 2,063,112 65,792 18,757
Prime Swedish Holding AB 147,203 66,660 3,605 (3,465 )
Namyangju Combined Heat and Power Co., Ltd. 175,259 1,154 — 346
Trumbull Development Partners, LLC 1,587,747 1,001,031 — 1,596

65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(4) The summarized financial information of associates and joint ventures as of and for the six-month periodended June 30, 2025 and for the year ended December 31, 2024 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 period
<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
Hyundai Green Power Co., Ltd. 698,653 295,095 109,081 9,354
Korea Power Exchange 365,652 91,690 120,586 1,795
Daeryun Power Co., Ltd. 1,117,771 651,892 397,332 61,893
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
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 Power Co., Ltd. 1,414,921 979,112 182,433 (81,032 )
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
Dongducheon Dream Power Co., Ltd. 1,350,004 1,044,020 1,360,809 10,453
GS Donghae Electric Power Co., Ltd. 1,910,960 1,089,101 535,012 59,776
Nepal Water & Energy Development Company Private Limited 666,316 419,386 123,848 10,732
Indeck Niles Development, LLC 1,234,170 704,296 284,855 32,491
Saemangeum Sebit Power Plant Co., Ltd. 160,225 93,086 20,376 (147 )
PT. Cirebon Energi Prasarana 3,831,992 2,863,534 543,340 60,512
<Joint ventures>
Shuweihat Asia Power Investment B.V. 176,569 137 — (370 )
KEPCO SPC Power Corporation 291,538 26,307 190,296 28,108
Datang Chifeng Renewable Power Co., Ltd. 900,001 388,711 115,297 17,722
Datang KEPCO Chaoyang Renewable Power Co., Ltd. 180,827 60,016 26,678 2,031
Rabigh Electricity Company 2,651,843 1,873,439 353,677 63,270
Jamaica Public Service Company Limited 2,649,022 1,656,068 1,490,606 76,611
Amman Asia Electric Power Company 791,478 343,371 22,776 34,047
Chun-cheon Energy Co., Ltd. 533,211 409,989 430,679 4,890
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
Barakah One Company 43,235,235 45,056,439 1,636,730 (53,778 )
Daegu Green Power Co., Ltd. 493,595 399,918 338,750 7,344
South Jamaica Power Company Limited 532,323 288,501 250,519 14,460
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 )
Solar Philippines Calatagan Corporation 166,126 37,872 19,412 8,733
Pulau Indah Power Plant Sdn. Bhd. 1,054,236 873,923 40,818 (2,896 )
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
OneEnergy Asia Limited 3,237,191 2,137,600 424,036 100,781
Prime Swedish Holding AB 143,102 62,354 8,911 (8,404 )
Namyangju Combined Heat and Power Co., Ltd. 75,474 1,899 — (2,410 )
Trumbull Development Partners, LLC 1,582,082 1,042,712 — 14,174

66

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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 June 30, 2025 and December 31, 2024 is as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
As of June 30, 2025
Investees Net assets Percentage ofownership (*) Share in<br>net assets Investment<br>differential Intercompany<br>transaction Others Bookvalue
<Associates>
Korea Gas Corporation ~~W~~ 10,992,825 21.66 % 2,381,046 — — (55,552 ) 2,325,494
Korea Electric Power Industrial Development Co., Ltd. 119,580 29.00 % 34,678 — — — 34,678
Hyundai Green Power Co., Ltd. 395,438 29.00 % 114,678 — — (29,639 ) 85,039
Korea Power Exchange 270,924 100.00 % 270,924 — — — 270,924
Daeryun Power Co., Ltd. 489,911 6.85 % 33,559 — — (820 ) 32,739
SPC Power Corporation 273,439 38.00 % 103,907 — — — 103,907
Gemeng International Energy Co., Ltd. 2,434,725 42.00 % 1,022,585 — — (321,216 ) 701,369
PT. Cirebon Electric Power 543,377 27.50 % 149,428 — — — 149,428
PT Wampu Electric Power 76,068 46.00 % 34,991 — — — 34,991
PT. Bayan Resources TBK 2,921,028 20.00 % 584,206 115,039 — 37,855 737,100
S-Power Co., Ltd. 390,841 49.00 % 191,512 — (1,022 ) — 190,490
Xe-Pian Xe-Namnoy Power Co., Ltd. 404,467 25.00 % 101,117 305 (925 ) (35,248 ) 65,249
Goseong Green Power Co., Ltd. 1,058,197 29.00 % 306,876 — (7,869 ) — 299,007
Gangneung Eco Power Co., Ltd. 675,695 29.00 % 195,951 46,042 (7,060 ) — 234,933
Shin Pyeongtaek Power Co., Ltd. 390,760 40.00 % 156,305 3,559 (13,732 ) — 146,132
Dongducheon Dream Power Co., Ltd. 301,121 34.01 % 102,411 1,757 (1,709 ) (12,581 ) 89,878
GS Donghae Electric Power Co., Ltd. 817,432 34.00 % 277,927 — — — 277,927
Nepal Water & Energy Development Company Private Limited 238,670 66.12 % 157,809 836 — — 158,645
Indeck Niles Development, LLC 465,016 50.00 % 232,507 92,915 — 4,244 329,666
Saemangeum Sebit Power Plant Co., Ltd. 67,914 55.00 % 37,355 182 — — 37,537
PT. Cirebon Energi Prasarana 867,762 10.00 % 86,776 — — — 86,776
<Joint ventures>
Shuweihat Asia Power Investment B.V. 159,101 49.00 % 77,959 — — — 77,959
KEPCO SPC Power Corporation 253,861 60.00 % 152,317 — — — 152,317
Datang Chifeng Renewable Power Co., Ltd. 495,420 40.00 % 198,168 — — — 198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd. 117,438 40.00 % 46,975 — — — 46,975
Rabigh Electricity Company 730,346 40.00 % 292,139 — (38,283 ) (805 ) 253,051
Jamaica Public Service Company Limited 934,076 40.00 % 373,630 29,357 — (15,115 ) 387,872
Amman Asia Electric Power Company 423,839 60.00 % 254,303 — — — 254,303
Chun-cheon Energy Co., Ltd. 119,968 29.90 % 35,871 3 — (248 ) 35,626
Nghi Son 2 Power LLC 1,030,327 50.00 % 515,164 — — — 515,164
Kelar S.A. 214,047 65.00 % 139,130 3,127 — — 142,257
PT. Tanjung Power Indonesia 257,963 35.00 % 90,287 — — — 90,287
Barakah One Company 7,663,620 18.00 % 1,379,452 — 167,138 — 1,546,590
Daegu Green Power Co., Ltd. 95,676 54.24 % 51,895 84 — (20,381 ) 31,598
South Jamaica Power Company Limited 234,755 20.00 % 46,951 — — (3 ) 46,948
RE Holiday Holdings LLC 155,788 50.00 % 77,894 — — — 77,894
RE Pioneer Holdings LLC 96,728 50.00 % 48,364 — — — 48,364
RE Barren Ridge 1 Holdings LLC 104,534 50.00 % 52,267 — — — 52,267
Solar Philippines Calatagan Corporation 127,104 38.00 % 48,299 — — 8,710 57,009
Pulau Indah Power Plant Sdn. Bhd. 182,309 25.00 % 45,577 5,643 — — 51,220
PT Barito Wahana Tenaga 656,882 30.61 % 201,086 — — — 201,086
Cheongna Energy Co., Ltd. 130,488 50.10 % 65,375 3,137 (1,180 ) — 67,332
Naepo Green Energy Co., Ltd. 160,078 29.20 % 46,742 — — 3,442 50,184
OneEnergy Asia Limited 1,032,330 40.00 % 412,933 25,512 — — 438,445
Prime Swedish Holding AB 80,543 45.00 % 36,244 1,223 — 194 37,661
Namyangju Combined Heat and Power Co., Ltd. 174,105 70.10 % 122,048 191 — — 122,239
Trumbull Development Partners, LLC 586,716 56.23 % 329,910 48,066 — — 377,976

67

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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 June 30, 2025 and December 31, 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 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
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
Daeryun Power Co., Ltd. 465,879 6.85 % 31,913 — — (820 ) 31,093
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
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 Power Co., Ltd. 435,809 25.00 % 108,953 305 (946 ) (35,247 ) 73,065
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
Dongducheon Dream Power Co., Ltd. 305,984 34.01 % 104,065 1,757 (1,889 ) (12,582 ) 91,351
GS Donghae Electric Power Co., Ltd. 821,859 34.00 % 279,432 — — — 279,432
Nepal Water & Energy Development Company Private Limited 246,930 68.88 % 170,083 872 — — 170,955
Indeck Niles Development, LLC 529,874 50.00 % 264,936 101,361 — 4,673 370,970
Saemangeum Sebit Power Plant Co., Ltd. 67,139 55.00 % 36,928 182 — — 37,110
PT. Cirebon Energi Prasarana 968,458 10.00 % 96,846 — — — 96,846
<Joint ventures>
Shuweihat Asia Power Investment B.V. 176,432 49.00 % 86,450 — — — 86,450
KEPCO SPC Power Corporation 265,231 60.00 % 159,139 — — — 159,139
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
Jamaica Public Service Company Limited 992,954 40.00 % 397,182 29,357 — (13,923 ) 412,616
Amman Asia Electric Power Company 448,107 60.00 % 268,864 — — — 268,864
Chun-cheon Energy Co., Ltd. 123,222 29.90 % 36,843 3 — (247 ) 36,599
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
Barakah One Company (1,821,204 ) 18.00 % (327,817 ) — 153,104 174,713 —
Daegu Green Power Co., Ltd. 93,677 54.24 % 50,810 84 — (20,381 ) 30,513
South Jamaica Power Company Limited 243,822 20.00 % 48,764 — — (4 ) 48,760
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
Solar Philippines Calatagan Corporation 128,254 38.00 % 48,737 — — 14,958 63,695
Pulau Indah Power Plant Sdn. Bhd. 180,313 25.00 % 45,078 5,643 — — 50,721
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
OneEnergy Asia Limited 1,099,591 40.00 % 439,837 25,512 — — 465,349
Prime Swedish Holding AB 80,748 45.00 % 36,336 1,223 — — 37,559
Namyangju Combined Heat and Power Co., Ltd. 73,575 70.10 % 51,575 193 — — 51,768
Trumbull Development Partners, LLC 539,370 56.23 % 303,288 52,091 — — 355,379
(*) The percentage of ownership shown above is the effective ownership ratio that takes into account treasury<br>stocks.
--- ---

68

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(6) As of June 30, 2025 and December 31, 2024, investments in associates and joint venturesunrecognized of which the book value has become nil due to the accumulated losses of associates and joint ventures are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- ---
As of June 30, 2025 As of December 31, 2024
Unrecognizedequity interest Accumulated<br>unrecognizedequity interest Unrecognizedequity interest Accumulated<br>unrecognizedequity interest
Boim Combined Heat and Power Generation Co., Ltd. ~~W~~ 1,407 30,130 769 28,723
Samcheok Eco Materials Co., Ltd. 331 5,657 895 5,326
Barakah One Company (174,713 ) — 33,994 174,713
KAPES, Inc. 6,063 9,994 916 3,931
ITR Co., Ltd. (15 ) — 14 15
SEP Co., Ltd. — 15 — 15
Noeul Green Energy Co., Ltd. (790 ) 3,045 (1,377 ) 3,835
PlatformN. Co., Ltd. 2 20 (44 ) 18
KEPCO KPS CARABAO Corp. (72 ) 172 207 244
Bitsolar Energy Co., Ltd. (224 ) 1,040 1,264 1,264
Green Energy Electricity Generation Co., Ltd. (396 ) — 396 396
O2&B Global Co., Ltd. 8 14 6 6
Pulau Indah O&M Sdn. Bhd. (1 ) — 1 1
Foresight Iberian Solar Group Holding, S.L. 4,800 9,195 4,395 4,395
Green Radiation Co., Ltd., (11 ) — 11 11
Hoenggye Renewable Energy Co., Ltd., (266 ) — 266 266
CapMan Lynx SCA, SICAR 2,716 33,806 31,090 31,090
KAS INVESTMENT I LLC 5 5 — —
KAS INVESTMENT II LLC 6 6 — —
Wadi Noor Solar Power Company SAOC 738 738 — —

69

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(7) As of June 30, 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.

70

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(7) As of June 30, 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.

71

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of June 30,2025 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 satisfied.

72

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,2025 are as follows, continued:
--- ---
Company Nature and extent of any significantrestrictions
--- ---
Yeonggwangbaeksu Wind Power Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and<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 Co., Ltd. Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests<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.

73

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,2025 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 is obtained. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong Eco Park Co., Ltd. Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or<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.

74

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17. Investments in Associates and Joint Ventures, Continued
(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,2025 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.

75

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment
(1) Property, plant and equipment as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Acquisition cost Government<br>grants Accumulated<br>depreciation Accumulatedimpairment<br>losses Book<br>value
Land ~~W~~ 14,698,192 (27,402 ) — (28,374 ) 14,642,416
Buildings 26,517,701 (39,723 ) (13,294,902 ) (7,103 ) 13,175,973
Structures 90,950,276 (144,623 ) (39,148,041 ) (18,678 ) 51,638,934
Machinery 124,053,165 (99,305 ) (68,083,023 ) (532,903 ) 55,337,934
Ships 17,870 — (8,268 ) — 9,602
Vehicles 470,911 (2,455 ) (378,894 ) (116 ) 89,446
Equipment 2,584,171 (2,857 ) (2,146,932 ) (376 ) 434,006
Tools 1,454,252 (1,202 ) (1,285,468 ) (1 ) 167,581
Construction-in-progress 36,500,612 (226,766 ) — (22,795 ) 36,251,051
Right-of-use assets 5,596,749 — (2,756,105 ) — 2,840,644
Asset retirement costs 18,367,914 — (8,982,220 ) (146,423 ) 9,239,271
Others 17,820,029 — (15,657,341 ) — 2,162,688
~~W~~ 339,031,842 (544,333 ) (151,741,194 ) (756,769 ) 185,989,546
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 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

76

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment, Continued
(2) Changes in property, plant and equipment for the six-month period ended June 30, 2025 and for the yearended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Acquisition Disposal Depreciation Impairment Others Ending<br>balance
Land ~~W~~ 14,548,055 2,240 (1,086 ) — — 120,609 14,669,818
(Government grants) (27,403 ) — 1 — — — (27,402 )
Buildings 13,397,461 1,683 (5,522 ) (484,802 ) — 306,876 13,215,696
(Government grants) (41,718 ) — — 1,995 — — (39,723 )
Structures 51,792,939 17,756 (109,163 ) (1,486,259 ) — 1,568,284 51,783,557
(Government grants) (149,737 ) — 389 4,730 — (5 ) (144,623 )
Machinery 56,955,731 180,739 (80,387 ) (3,254,775 ) — 1,635,931 55,437,239
(Government grants) (105,546 ) — 222 7,748 — (1,729 ) (99,305 )
Ships 10,534 — — (932 ) — — 9,602
Vehicles 81,451 727 (31 ) (19,733 ) — 29,487 91,901
(Government grants) (2,745 ) — 6 696 — (412 ) (2,455 )
Equipment 438,096 57,072 (83 ) (105,473 ) — 47,251 436,863
(Government grants) (3,915 ) — — 1,058 — — (2,857 )
Tools 173,736 7,281 (11 ) (38,941 ) — 26,718 168,783
(Government grants) (1,306 ) — — 216 — (112 ) (1,202 )
Construction-in-progress 31,284,358 8,648,615 — — — (3,455,156 ) 36,477,817
(Government grants) (223,566 ) 1,836 — — — (5,036 ) (226,766 )
Right-of-use assets 3,046,396 43,906 (2,392 ) (253,460 ) — 6,194 2,840,644
Asset retirement costs 9,748,444 — — (761,100 ) — 251,927 9,239,271
Others 2,061,498 2,455 — (521,878 ) — 620,613 2,162,688
~~W~~ 182,982,763 8,964,310 (198,057 ) (6,910,910 ) — 1,151,440 185,989,546

77

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18. Property, Plant and Equipment, Continued
(2) Changes in property, plant and equipment for the six-month period ended June 30, 2025 and for the yearended December 31, 2024 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 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 six-month period ended June 30, 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, W331 million (W95,090 million for the six-month period ended June 30, 2024) was recognized as<br>revenue and W669 million (W77,131 million for the six-month period ended June 30, 2024) was recognized as cost of sales in profit or loss, respectively.
--- ---

78

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

19. Investment Properties
(1) Investment properties as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Acquisition cost Government grants Accumulateddepreciation Book<br>value
Land ~~W~~ 144,464 — — 144,464
Buildings 33,977 (23 ) (15,298 ) 18,656
~~W~~ 178,441 (23 ) (15,298 ) 163,120
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Acquisition cost Government grants 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 the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Disposal Depreciation Others Endingbalance
Land ~~W~~ 210,509 — — (66,045 ) 144,464
Buildings 18,497 — (508 ) 690 18,679
(Government grants) (22 ) — — (1 ) (23 )
~~W~~ 228,984 — (508 ) (65,356 ) 163,120
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance 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

79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

19. Investment Properties, Continued
(3) Income and expenses related to investment properties for the six-month periods ended June 30, 2025 and2024 are as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Three-monthperiod ended Six-monthperiod ended Three-monthperiod ended Six-monthperiod ended
Rental income ~~W~~ 2,694 5,478 2,662 5,569
Operating and maintenance expenses related to rental income (317 ) (518 ) (169 ) (333 )
~~W~~ 2,377 4,960 2,493 5,236
(4)   Fair values of investment properties as of June 30,2025 and December 31, 2024 are as follows: ****
In millions of won As of June 30, 2025 As of December 31, 2024
Book value Fair value Book value Fair value
Land ~~W~~ 144,464 254,515 210,509 337,379
Buildings 18,656 19,166 18,475 19,094
~~W~~ 163,120 273,681 228,984 356,473

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.

80

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

20. Construction Contracts
(1) Changes in the total contract amount in which revenue is not yet recognized for the six-month period endedJune 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Increase(decrease) (*) Recognized as<br>revenue Ending balance
Nuclear power plant construction in overseas and others ~~W~~ 6,136,773 1,082,322 (237,468 ) 6,981,627
(*) For the six-month period ended June 30, 2025, the increased balance of contracts from new orders is<br>W1,342,660 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W260,338 million.
--- ---
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- ---
Beginning<br>balance Increase(decrease) (*) Recognized as<br>revenue Ending balance
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 W1,299,281<br>million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W109,000 million.
--- ---
(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts inprogress as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- ---
Accumulated<br>earned revenue Accumulated<br>expense Accumulated<br>Profit (loss) Unearned<br>advance receipts
Nuclear power plant construction in overseas and others ~~W~~ 24,326,535 24,579,684 (253,149 ) 87,494
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Accumulated<br>earned 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

81

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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 June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Contract assets<br>(*1) Contract liabilities<br>(*2) Contract assets<br>(*1) Contract liabilities<br>(*2)
Nuclear power plant construction in overseas and others ~~W~~ 1,193,880 351,402 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 consolidated statements of financial position.<br>The revenue recognized for the six-month period ended June 30, 2025 from the amounts included in contract liabilities at the end of the prior year was W66,630 million.
--- ---
(4) The contracts with customers state that the disclosure of information related to UAE and Egypt Eldaba nuclear<br>power plant construction projects 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<br>disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in<br>the notes to the condensed consolidated financial statements.
--- ---
Contract date Completion date
--- --- --- --- ---
Egypt Eldaba nuclear power plant construction projects August 25, 2022 April 8, 2029
(5) The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for<br>the UAE nuclear power plant project. As of June 30, 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 six-month period ended June 30, 2025 is as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Effect from changes in accounting estimates Contract assets from<br>construction contracts Trade receivables from<br>construction contracts
Expectedloss onconstructioncontracts The effect onprofit or lossof changes inestimates ofcontractrevenue andcontractcosts Amountsrecognized incurrent<br>profit or loss Amounts to berecognized infuture profitor loss Changes inestimated totalcontract costs Revenue<br>recognized fromperformance<br>obligations satisfiedin previous periods Gross Allowance<br>for doubtful<br>accounts Gross Allowance<br>for doubtful<br>accounts
Transmission and distribution ~~W~~ — (106,455 ) (104,407 ) (2,048 ) 159,959 — 294,444 15,427 — —
Electric power generation (Nuclear) 307,821 (1,140,048 ) (370,965 ) (769,083 ) 891,916 — — — 58,219 —
Plant maintenance & engineering Service and others 2,428 1,248 2,320 (1,072 ) 11,289 8,700 899,436 2 58,436 5,591
~~W~~ 310,249 (1,245,255 ) (473,052 ) (772,203 ) 1,063,164 8,700 1,193,880 15,429 116,655 5,591

82

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill
(1) Intangible assets as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Acquisition cost Governmentgrants Accumulatedamortization Accumulatedimpairmentlosses Book<br>value
Software ~~W~~ 1,189,633 (696 ) (1,020,487 ) (19 ) 168,431
Copyrights, patents rights and other industrial rights 109,166 — (74,438 ) (9,178 ) 25,550
Mining rights 659,728 — (70,454 ) (557,762 ) 31,512
Development expenditures 1,021,137 (587 ) (951,418 ) — 69,132
Intangible assets under development 100,469 (3,935 ) — — 96,534
Usage rights of donated assets and others 592,652 — (464,732 ) (136 ) 127,784
Leasehold rights 28,185 — (25,587 ) (538 ) 2,060
Greenhouse gas emissions rights 185,991 — — — 185,991
Others 621,853 (183 ) (237,093 ) (12,177 ) 372,400
~~W~~ 4,508,814 (5,401 ) (2,844,209 ) (579,810 ) 1,079,394
In millions of won As of December 31, 2024
Acquisition cost 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

83

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill, Continued
(2) Changes in intangible assets for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Acquisition Disposal Amortization Impairment Others Ending balance
Software ~~W~~ 179,989 8,811 (565 ) (43,744 ) — 24,636 169,127
(Government grants) (844 ) — — 148 — — (696 )
Copyrights, patents rights and other industrial rights 26,631 160 (13 ) (2,565 ) — 1,337 25,550
Mining rights 29,422 29 (494 ) (3,025 ) — 5,580 31,512
Development expenditures 73,673 — — (13,505 ) — 9,551 69,719
(Government grants) (939 ) — — 352 — — (587 )
Intangible assets under development 87,641 31,728 — — (30 ) (18,870 ) 100,469
(Government grants) (3,473 ) — — — — (462 ) (3,935 )
Usage rights of donated assets and others 133,379 — — (5,595 ) — — 127,784
Leasehold rights 2,431 — — (371 ) — — 2,060
Greenhouse gas emissions rights 135,534 256 — — — 50,201 185,991
Others 383,703 576 (355 ) (14,208 ) 40 2,827 372,583
(Government grants) (229 ) — — 47 — (1 ) (183 )
~~W~~ 1,046,918 41,560 (1,427 ) (82,466 ) 10 74,799 1,079,394
In millions of won For the year ended December 31, 2024
Beginningbalance Acquisition Disposal Amortization Impairment Others Ending balance
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

84

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21. Intangible Assets other than Goodwill, Continued
(3) Significant specific intangible assets as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won and thousands of Australian dollars
--- --- --- --- --- ---
As of June 30, 2025
Type Description Currency Amount Remaining useful lives
Software S/4HANA ERP license KRW 3,543 2 years and 5 months
Copyrights, patents rights and other industrial rights Contributions to APR NRC DC KRW 10,436 2 years and 6 months
Mining rights Mining rights of Bylong mine AUD — — (*)
Usage rights of donated assets and others Sejong Haengbogdosi sharing charge KRW 6,428 1 year and 5 months
Right of use electricity and gas supply facility (Community district of Songdo) KRW 5,272 5 years
Others Occupancy and use of public waters KRW 62,683 11 years and 7 months
Greenhouse gas emissions rights KRW 185,991 —
Business rights KRW 140,342 24 years and 5 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 Pty., Ltd. and KEPCO Bylong Australia<br>Pty., Ltd. had recognized impairment losses in full.
--- ---
(4) For the six-month periods ended June 30, 2025 and 2024, the Group recognized research and<br>development expenses of W357,110 million and W341,141 million, respectively.
--- ---

85

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

22. Trade and Other Payables
Trade and other payables as of June 30, 2025 and December 31, 2024 are as follows:
---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Trade payables ~~W~~ 3,700,318 — 4,494,504 —
Non-trade payables 2,855,967 1,486,576 2,224,036 1,432,421
Accrued expenses 2,259,683 20,362 1,983,697 22,259
Leasehold deposits received 5,201 1,000 3,211 3,237
Other deposits received 72,540 46,471 97,276 45,012
Lease liabilities 541,151 2,708,208 603,492 3,095,964
Dividends payable 6,784 — 5,063 —
Others (*) 28 21,782 36 10,348
~~W~~ 9,441,672 4,284,399 9,411,315 4,609,241
(*) Details of others as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Advance received from local governments ~~W~~ — 2,689 — 2,689
Others 28 19,093 36 7,659
~~W~~ 28 21,782 36 10,348

86

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities
(1) Borrowings and debt securities as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Current liabilities
Short-term borrowings ~~W~~ 12,288,632 9,122,792
Current portion of long-term borrowings 9,047,300 8,434,330
Current portion of debt securities 21,220,423 26,908,467
Less: current portion of discount on long-term borrowings (11,387 ) (16,537 )
Less: current portion of discount on debt securities (8,227 ) (7,100 )
42,536,741 44,441,952
Non-current liabilities
Long-term borrowings 3,273,629 3,153,867
Debt securities 86,269,940 85,149,391
Less: discount on long-term borrowings (59,761 ) (35,071 )
Less: discount on debt securities (158,956 ) (176,739 )
89,324,852 88,091,448
~~W~~ 131,861,593 132,533,400
(2) Repayment schedules of borrowings and debt securities as of June 30, 2025 and December 31, 2024are as follows:
--- ---
In millions of won
--- --- --- --- ---
As of June 30, 2025
Type Borrowings Debt Securities
Less than 1 year ~~W~~ 21,335,932 21,220,423
1~ 5 years 1,297,144 65,081,498
More than 5 years 1,976,485 21,188,442
~~W~~ 24,609,561 107,490,363
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

87

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(3) Short-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won and thousands of foreign currencies
--- --- --- --- --- --- ---
As of June 30, 2025
Type Interest rate (%) Maturity Foreign<br>currency
Local short-term borrowings 2.57 ~ 4.60 2025.07.08 ~<br>2026.05.17 — 7,898,994
Local short-term borrowings 3M CD + 0.32 ~ 0.80 2025.07.04 ~<br>2026.06.09 — 3,200,000
Foreign short-term borrowings SOFR(1M) + 0.90 2025.08.12 39,990 54,242
Foreign short-term borrowings 9.50 2025.12.10 IDR 8,000,000 670
Local bank overdraft 3.25 2025.07.19 ~<br> <br>2025.07.30 — 93,787
Local bank overdraft 3.74 2025.07.07 — 50,000
Local bank overdraft Standard overdraft rate+1.44 2026.02.20 — 939
Electronic short-term bonds 2.62 ~ 2.86 2025.07.07 ~<br>2025.09.12 — 990,000
12,288,632
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<br> <br>~ 2025.12.31 — 4,953,348
Local short-term borrowings 3M CD+0.23~0.65<br>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+1.37<br><br><br>4.20 2025.02.21<br> <br>~ 2025.03.28 — 76,044
9,122,792

All values are in US Dollars.

88

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(4) Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- ---
As of June 30, 2025
Type Interest rate (%) Maturity Foreign<br>currency Local<br>currency
Local long-term borrowings
Korea Development Bank Others 0.50 2025~2044 — ~~W~~ 1,261
Facility 4.60~4.94 2028~2042 — 48,918
Facility CB rate+0.90 2029 — 8,451
Hana Bank and others Commercial Paper 3M CD+0.19~1.20 2025~2030 — 8,350,000
Facility 4.60 2028 — 4,231
Facility 3yr KTB rate-1.25 2025~2028 — 2,160
Export-Import Bank of Korea Project loans 1.00 2026 — 2,946
Facility 1.32 2025~2028 — 56,000
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 — 6,895
Project loans — 2033 — 1,197
Shinhan Bank and others Facility CB rate+0.90~1.10 2028~2029 — 12,262
Others 3.95 2034 — 64,804
Others Standard overdraft<br>rate+1.00 2034 — 64,804
Kookmin Bank Facility 3M CD+1.79<br>4.94~5.63 2030~2037 — 166,152
Woori Bank Facility 3M CD+1.90<br>4.94~5.12 2034~2042 — 97,076
IBK Facility 4.00~5.80 2042~2044 — 30,690
Nonghyup Bank Facility 5.53~5.63 2030~2041 — 39,093
Others Facility 3.30~6.80 2028~2042 — 796,789
Facility CB rate+1.10<br> <br>1.75~5.63 2028~2041 — 22,780
PF Refinancing CB rate+1.25 2030 — 5,249
PF Refinancing 4.10 2030 — 14,579
Securitized debts (*) 3M CD+1.80 2025 — 52,708
Others 4.40~7.90 2038~2039 — 87,545
Others 2.00~5.43 2031~2034 — 49,823
~~W~~ 10,036,413

89

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(4) Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows, continued:
--- ---
In millions of won and thousands of foreign currencies
--- --- --- --- --- --- --- ---
As of June 30, 2025
Type Interest rate (%) Foreign<br>currency
Foreign long-term borrowings
Korea Energy Agency Project loans — 2026 8,744 11,860
Export-Import Bank of Korea and others Direct Loan and others TERM SOFR (6M)+CAS+<br>3.00 2036 68,739 93,237
Direct Loan and others 6M Synthetic Libor+2.25~3.70 2027 JOD 35,677 68,255
Facility SOFR+0.43~1.83 2029~2031 234,725 318,381
POSCO E&C and others Shareholder’s loan 5.60~8.00 2026 8,892 12,061
Shareholder’s loan 8.00 2031 JOD 4,853 9,284
NH-Amundi Syndicated Loan 8.00 2032 526,476 4,944
SMTB Syndicated Loan 6M Tibor+0.55 2036 6,156,369 57,807
Solar Construction Lending, LLC Facility 5.00 2025 28,303 38,390
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V Senior borrowing 3.90 2029 36,096 57,457
IFC and others Facility SOFR(3M)+1.60~1.99SOFR(6M)+5.005.70~6.18 2026~2032 947,305 1,284,924
Hanwha US Solar Private Fund 1 and others Facility 6.00 2038 61,162 82,960
Shinhan Bank Facility 1M BBSY+1.40~2.25 2025 AUD 222,164 196,973
Nonghyup Bank and others Facility 10.40 2039 35,375 47,983
2,284,516
12,320,929
Less: discount on long-term borrowings (71,148 )
Less: current portion of long-term borrowings (9,047,300 )
Add: current portion of discount on long-term borrowings 11,387
3,213,868

All values are in Japanese Yen.

(*) The main reasons for early repayment of securitized debts as of June 30, 2025 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.

90

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(4) Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows, continued:
--- ---
In millions of won
--- --- --- --- --- --- --- ---
As of December 31, 2024
Type Interest rate (%) Maturity Foreign<br>currency Local<br>currency
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><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<br>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<br> <br>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

91

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(4) Long-term borrowings as of June 30, 2025 and December 31, 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
Foreign long-term borrowings ****
Korea Energy Agency Project loans — 2026 8,744 12,853
Export-Import Bank of Korea and others Direct Loan and others 6M SyntheticLibor+1.80~3.20 2036 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 112,672 165,628
Korea Development Bank and others EBL 1M SOFR+0.86 2025 149,592 219,900
POSCO E&C and others Shareholder’s loan 5.60~8.00 2025~2026 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 3,937,987 36,878
Woori Bank and others Syndicated Loan 6M Tibor+1.84 2025 2,178,069 20,397
Solar Construction Lending, LLC Facility 5.00 2025 28,303 41,605
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V Senior borrowing 3.90 2029 38,139 58,304
IFC and others Facility 3M SOFR+1.60~1.996M SOFR+5.006.19~7.22 2026~2032 772,852 1,136,092
Hanwha US Solar Private Fund 1 and others Facility 6.00 2038 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 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
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.

92

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(5) Local debt securities as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- ---
Issue date Maturity Interest rate (%) As of June 30,2025 As of December 31,2024
Electricity Bonds 2012.03.27<br> <br>~2025.06.16 2025.07.04<br> <br>~2052.04.21 1.43~5.99 ~~W~~ 62,560,000 63,960,000
Corporate Bonds (*) 2009.10.16<br> <br>~2025.06.30 2025.07.02<br> <br>~2054.06.28 1.28~10.00 30,227,353 28,727,353
Corporate Bonds 2021.05.26<br> <br>~2023.12.28 2041.05.25<br> <br>~2043.09.15 1.71~3.78 41,578 41,578
92,828,931 92,728,931
Less: discount on local debt securities (56,606 ) (51,149 )
Less: current portion of local debt securities (18,821,584 ) (22,621,584 )
Add: current portion of discount on local debt securities 2,850 2,124
~~W~~ 73,953,591 70,058,322
(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds,<br>amounting to W1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.<br>
--- ---

93

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(6) Foreign debt securities as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won and thousands of foreign currencies
--- --- --- --- --- --- --- ---
June 30, 2025
Type Issue date Maturity Interest rate (%) Foreign<br>currency
FY-96 1996.04.01~1996.12.06 2026.12.01~2096.04.01 6.00~7.95 278,701 378,030
FY-97 1997.01.31~1997.08.04 2027.02.01~2027.08.01 6.75~7.00 314,717 426,882
FY-04 2004.04.23 2034.04.23 5.13 286,920 389,178
FY-14 2014.07.30 2029.07.30 3.57 100,000 135,640
FY-17 2017.07.25 2027.07.25 3.13 300,000 406,920
FY-17 2017.10.30 2037.10.30 1.70 40,000 63,672
FY-17 2017.11.16 2037.11.16 2.36 SEK 450,000 64,449
FY-18 2018.03.13 2028.03.13 3.35 HKD 1,650,000 285,120
FY-19 2019.07.19 2027.07.19 0.05 CHF 100,000 169,900
FY-19 2019.12.19 2037.12.31 3.30~5.70 318,787 432,402
FY-20 2020.08.03 2026.02.03 1.00 300,000 406,920
FY-21 2021.01.27 2026.01.27 0.75 450,000 610,380
FY-21 2021.04.27 2026.04.27 1.25 500,000 678,200
FY-21 2021.08.09 2026.08.09 1.25 300,000 406,920
FY-21 2021.09.24 2026.09.24 1.13 300,000 406,920
FY-22 2022.04.21 2027.04.21 3.63 300,000 406,920
FY-22 2022.06.14 2027.06.14 4.00 300,000 406,920
FY-22 2022.07.27 2027.07.27 4.25 700,000 949,480
FY-22 2022.10.06 2026.04.06~2028.04.06 5.38~5.50 800,000 1,085,120
FY-22 2022.10.06~2022.11.01 2032.10.06 5.16 HKD 2,350,000 406,080
FY-23 2023.06.07 2030.06.07 4.51 HKD 1,037,000 179,194
FY-23 2023.07.12 2028.07.12 4.88 350,000 474,740
FY-23 2023.07.18 2028.07.18 5.00 500,000 678,200
FY-23 2023.07.31 2026.07.31 5.38 1,000,000 1,356,400
FY-23 2023.09.21 2026.09.21 5.38 300,000 406,920
FY-24 2024.01.31 2027.01.31 4.88 1,200,000 1,627,680
FY-24 2024.07.29 2029.07.29 4.63 500,000 678,200
FY-25 2025.02.13 2028.02.13 4.75 400,000 542,560
FY-25 2025.03.05 2028.03.05 4.10 HKD 1,166,000 201,485
14,661,432
Less: discount on foreign debt securities (110,577 )
Less: current portion of foreign debt securities (2,398,839 )
Add: current portion of discount on foreign debt securities 5,377
12,157,393

All values are in US Dollars.

94

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23. Borrowings and Debt Securities, Continued
(6) Foreign debt securities as of June 30, 2025 and December 31, 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
FY-96 1996.04.01~1996.12.06 2026.12.01~2096.04.01 6.00~7.95 278,701 409,690
FY-97 1997.01.31~1997.08.04 2027.02.01~2027.08.01 6.75~7.00 314,717 462,634
FY-04 2004.04.23 2034.04.23 5.13 286,920 421,772
FY-14 2014.07.30 2029.07.30 3.57 100,000 147,000
FY-15 2015.06.15 2025.06.15 3.25 300,000 441,000
FY-17 2017.07.25 2027.07.25 3.13 300,000 441,000
FY-17 2017.10.30 2037.10.30 1.70 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 3.30~5.70 326,929 480,586
FY-20 2020.02.03 2025.02.03 2.13 300,000 441,000
FY-20 2020.05.06 2025.05.06 1.75 500,000 735,000
FY-20 2020.06.15 2025.06.15 1.13 500,000 735,000
FY-20 2020.08.03 2026.02.03 1.00 300,000 441,000
FY-21 2021.01.27 2026.01.27 0.75 450,000 661,500
FY-21 2021.04.27 2026.04.27 1.25 500,000 735,000
FY-21 2021.08.09 2026.08.09 1.25 300,000 441,000
FY-21 2021.09.24 2026.09.24 1.13 300,000 441,000
FY-22 2022.04.21 2027.04.21 3.63 300,000 441,000
FY-22 2022.05.06 2025.05.06 3.60 500,000 735,000
FY-22 2022.06.14 2025.06.14~2027.06.14 3.63~4.00 800,000 1,176,000
FY-22 2022.06.28 2025.06.28 4.13 300,000 441,000
FY-22 2022.07.27 2027.07.27 4.25 700,000 1,029,000
FY-22 2022.10.06 2026.04.06~2028.04.06 5.38~5.50 800,000 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 4.88 350,000 514,500
FY-23 2023.07.18 2028.07.18 5.00 500,000 735,000
FY-23 2023.07.31 2026.07.31 5.38 1,000,000 1,470,000
FY-23 2023.09.21 2026.09.21 5.38 300,000 441,000
FY-24 2024.01.31 2027.01.31 4.88 1,200,000 1,764,000
FY-24 2024.07.29 2029.07.29 4.63 500,000 735,000
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
14,914,330

All values are in US Dollars.

(7) Changes in borrowings and debt securities for the six-month periods ended June 30, 2025 and 2024 are asfollows:
In millions of won For the six-month period ended June 30, 2025 For the six-month period ended June 30, 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 4,047,550 (3,315,584 ) 731,966 759,928 (4,028,168 ) (3,268,240 )
Effect of exchange rate fluctuations (148,978 ) (1,251,911 ) (1,400,889 ) 150,552 1,224,693 1,375,245
Others (19,540 ) 16,656 (2,884 ) (38,826 ) (3,366 ) (42,192 )
~~W~~ 24,538,413 107,323,180 131,861,593 20,711,306 110,985,337 131,696,643

95

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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 W53,916 million and W94,059 million respectively, as expense for the six-month periods ended June 30, 2025 and 2024. 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 W5 million), and recognized W1,827 million and W1,459 million respectively, as expense for the six-month periods ended June 30, 2025 and 2024. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of June 30, 2025 and December 31, 2024 are as follows:
In millions of won As of June 30, 2025
--- --- --- --- --- --- --- ---
AcquisitionCost Accumulated<br>depreciation Book<br>value
Land ~~W~~ 1,017,183 (370,529 ) 646,654
Buildings 221,402 (119,855 ) 101,547
Structures 53,424 (13,596 ) 39,828
Machinery 55,360 (30,871 ) 24,489
Ships 3,836,868 (2,067,285 ) 1,769,583
Vehicles 69,193 (42,268 ) 26,925
Others (*) 343,319 (111,701 ) 231,618
~~W~~ 5,596,749 (2,756,105 ) 2,840,644
(*) During the six-month period ended June 30, 2025, the power purchase agreement (“PPA”) with CGN<br>Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- ---
AcquisitionCost 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>
--- ---

96

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24. Lease, Continued
1) Group as a lessee, Continued
--- ---
(3) Changes in right-of-use assets for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Increase Decrease Depreciation Others Ending balance
Land ~~W~~ 677,602 1,405 (1,508 ) (29,596 ) (1,249 ) 646,654
Buildings 105,841 13,585 (648 ) (20,167 ) 2,936 101,547
Structures 40,859 1,889 — (3,260 ) 340 39,828
Machinery 27,060 191 (19 ) (3,284 ) 541 24,489
Ships 1,931,093 9,688 — (171,183 ) (15 ) 1,769,583
Vehicles 20,920 13,013 (217 ) (6,785 ) (6 ) 26,925
Others 243,021 4,135 — (19,185 ) 3,647 231,618
~~W~~ 3,046,396 43,906 (2,392 ) (253,460 ) 6,194 2,840,644
In millions of won For the year ended December 31, 2024
Beginningbalance Increase Decrease Depreciation Others Ending balance
Land ~~W~~ 655,860 12,369 (117 ) (65,245 ) 74,735 677,602
Buildings 90,573 61,397 (399 ) (48,371 ) 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 — (1,656 ) (363,032 ) (17,524 ) 1,931,093
Vehicles 25,491 11,042 (77 ) (14,167 ) (1,369 ) 20,920
Others 235,215 17,372 (3 ) (36,502 ) 26,939 243,021
~~W~~ 3,363,743 132,495 (2,252 ) (538,995 ) 91,405 3,046,396

97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24. Lease, Continued
1) Group as a lessee, Continued
--- ---
(4) Lease liabilities as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Less than 1 year ~~W~~ 559,811 632,878
1 ~ 5 years 1,624,510 1,817,340
More than 5 years 1,462,893 1,670,416
3,647,214 4,120,634
Less: present value discounts and others (397,855 ) (421,178 )
Present value of lease payment ~~W~~ 3,249,359 3,699,456
(5) Details of the liquidity classification of lease liabilities as of June 30, 2025 and December 31,2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Current lease liabilities ~~W~~ 541,151 603,492
Non-current lease liabilities 2,708,208 3,095,964
~~W~~ 3,249,359 3,699,456
(6) Changes in lease liabilities for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Increase Decrease Interestexpenses Others (*) Ending balance
Lease liabilities ~~W~~ 3,699,456 37,195 (369,909 ) 40,015 (157,398 ) 3,249,359
(*) 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 (*) Ending balance
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.
--- ---

98

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24. Lease, Continued
1) Group as a lessee, Continued
--- ---
(7) Details of expense relating to lease contracts as lessee for the three and six-month periods endedJune 30, 2025 and 2024 are as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- --- --- ---
Three-monthperiod ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Depreciation of right-of-use assets ~~W~~ 126,449 253,460 129,291 267,451
Interest expenses of lease liabilities 19,194 40,015 21,324 42,249
Lease expenses for short-term leases 32,913 53,916 55,020 94,059
Lease expenses for leases of low-value assets 991 1,827 636 1,459
Variable lease payments (6,454 ) (2,744 ) 6,070 2,370
~~W~~ 173,093 346,474 212,341 407,588
(8) The total cash outflow related to the lease contracts amounts to W422,908 million and W457,504 million,<br>for the six-month periods ended June 30, 2025 and 2024, respectively.
--- ---

99

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 13 energy storage system installation projects and 279 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2) Profits and losses related to finance leases for the three and six-month periods ended June 30, 2025and 2024 are as follows:
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Three-monthperiod ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Finance income on the net investment in the lease ~~W~~ 30,550 60,379 30,565 59,427
(3) The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease paymentsto the net investment in the lease as of June 30, 2025 and December 31, 2024 is as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Less than 1 year ~~W~~ 200,116 213,300
1 ~ 2 years 193,609 217,747
2 ~ 3 years 186,326 204,867
3 ~ 4 years 177,058 193,379
4 ~ 5 years 168,248 184,436
More than 5 years 1,245,962 1,420,807
2,171,319 2,434,536
Less: unearned finance income (935,330 ) (1,078,138 )
Net investment in the lease (*) ~~W~~ 1,235,989 1,356,398
(*) Including the present value of unguaranteed residual value amounting to W30,758 million and W31,857 million, as<br>of June 30, 2025 and December 31, 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 17.39% per year as of June 30, 2025 (0.00%~17.15% as of December 31, 2024).

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24. Lease, Continued
2) Group as a lessor, Continued
--- ---
(4) Changes in the allowance for doubtful accounts of finance lease receivables for the six-month period endedJune 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month periodended June 30, 2025 For the year endedDecember 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ 5,255 5,256
Bad debt expense 2,126 —
Write-off (229 ) —
Reversal — (1 )
Ending balance ~~W~~ 7,152 5,255

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25. Employment Benefits
(1) Employment benefit obligations as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Net defined benefit asset ~~W~~ 17,449 40,425
Net defined benefit obligations 1,680,495 1,449,837
Other long-term employee benefit obligations 1,567 1,710
(2) Principal assumptions used for actuarial valuation as of June 30, 2025 and December 31, 2024 areas follows:
--- ---
As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Discount rate 3.14% ~ 4.76 % 3.38% ~ 5.06 %
Future salary and benefit levels 4.83 % 4.83 %
Weighted average duration 9.81 years 9.89 years
(3) Details of expense relating to defined benefit plans for the three and six-month periods ended June 30,2025 and 2024 are as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Three-month<br>period ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Current service cost ~~W~~ 115,824 228,692 104,284 207,047
Interest cost 42,465 83,412 44,301 87,472
Expected return on plan assets (30,551 ) (59,882 ) (34,396 ) (67,944 )
~~W~~ 127,738 252,222 114,189 226,575

Expenses described above are recognized in those items below in the condensed consolidated financialstatements.

In millions of Won June 30, 2025 June 30, 2024
Three-month<br>period ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Cost of sales ~~W~~ 91,058 179,554 82,691 162,549
Selling and administrative expenses 24,428 48,375 20,562 42,080
Others including construction-in- progress 12,252 24,293 10,936 21,946
~~W~~ 127,738 252,222 114,189 226,575

In addition, for the six-month periods ended June 30, 2025 and 2024, 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~~49,043 million and ~~W~~42,982 million as cost of sales; ~~W~~7,138 million and ~~W~~7,369 million as selling and administrative expenses; and ~~W~~8,589 million and ~~W~~7,183 million as construction-in-progress and others.

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25. Employment Benefits, Continued
(4) Details of defined benefit obligations as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- ---
Present value of defined benefit obligation from funded plans ~~W~~ 5,128,586 4,960,645
Fair value of plan assets (3,465,540 ) (3,551,233 )
Net liabilities incurred from defined benefit plans ~~W~~ 1,663,046 1,409,412
(5) Changes in the present value of defined benefit obligations for the six-month period ended June 30,2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period endedJune 30, 2025 For the year ended<br>December 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ 4,960,645 4,312,702
Current service cost 228,692 430,308
Interest cost 83,412 184,169
Remeasurement component 145,637 425,671
Actual payments (289,604 ) (392,336 )
Others (196 ) 131
Ending balance ~~W~~ 5,128,586 4,960,645
(6) Changes in the fair value of plan assets for the six-month period ended June 30, 2025 and for the yearended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period endedJune 30, 2025 For the year ended<br>December 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ 3,551,233 3,349,480
Expected return 59,882 141,108
Remeasurement component (2,748 ) (10,030 )
Contributions by the employers 1,240 254,763
Actual payments (144,067 ) (184,088 )
Ending balance ~~W~~ 3,465,540 3,551,233

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25. Employment Benefits, Continued
(7) Details of the fair value of plan assets as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Equity instruments ~~W~~ 1,610 2,308
Debt instruments 393,935 413,522
Bank deposits 441,250 452,158
Others (*) 2,628,745 2,683,245
~~W~~ 3,465,540 3,551,233
(*) Others consist of various financial instruments managed by external asset management companies.<br>
--- ---

For the six-month period ended June 30, 2025 and for the year ended December 31, 2024, actual returns on plan assets amounted to W57,134 million and W131,078 million, respectively.

(8) Remeasurement components recognized in other comprehensive income (loss) for the six-month period endedJune 30, 2025 and for the year ended December 31, 2024 are as follows:
In millions of won For the six-month period endedJune 30, 2025 For the year ended<br>December 31, 2024
--- --- --- --- ---
Actuarial loss from changes in financial assumptions ~~W~~ 61,189 320,582
Actuarial loss from experience adjustments, etc. 84,448 105,089
Expected loss 2,748 10,030
~~W~~ 148,385 435,701

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

In addition, loss on accumulated remeasurement component amounting to ~~W~~50,310 million and ~~W~~95,694 million have been recognized as other comprehensive income or loss as of June 30, 2025 and December 31, 2024, respectively.

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

26. Provisions
(1) Provisions as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Current Non-current Current Non-current
Employment benefits
Provisions for employment benefits ~~W~~ 1,202,434 — 1,093,625 —
Litigation
Litigation provisions 13,846 481,129 9,350 479,071
Decommissioning cost
Nuclear plants 79,501 23,467,565 79,501 23,192,872
Spent fuel 910,794 2,018,920 799,384 2,124,361
Radioactive waste 105,012 1,694,659 84,485 1,677,306
PCBs — 34,391 — 39,389
Other recovery provisions — 39,091 — 50,407
Others
Power plant regional support program 160,729 — 130,256 —
Transmission regional support program 215,757 — 302,631 —
Provisions for financial guarantee 24,072 22,562 26,440 4,484
Provisions for RPS 55,735 — — —
Provisions for greenhouse gas<br><br><br>emissions obligations 92,981 — 156,463 —
Provision for Onerous Contracts 309,227 1,021 434 1,333
Others 95,741 270,726 111,402 267,811
~~W~~ 3,265,829 28,030,064 2,793,971 27,837,034
(2) Changes in provisions for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance Increase inprovision Payment Reversal Others Ending<br>balance
Employment benefits
Provisions for employment benefits ~~W~~ 1,093,625 590,114 (481,250 ) (55 ) — 1,202,434
Litigation
Litigation provisions 488,421 21,168 (10,793 ) (3,821 ) — 494,975
Decommissioning cost
Nuclear plants 23,272,373 274,693 — — — 23,547,066
Spent fuel 2,923,745 135,484 — (129,515 ) — 2,929,714
Radioactive waste 1,761,791 37,880 — — — 1,799,671
PCBs 39,389 572 (5,570 ) — — 34,391
Other recovery provisions 50,407 709 (83 ) — (11,942 ) 39,091
Others
Power plant regional support program 130,256 59,576 (29,103 ) — — 160,729
Transmission regional support program 302,631 6,140 (93,014 ) — — 215,757
Provisions for financial guarantee 30,924 31,915 (12,344 ) (3,356 ) (505 ) 46,634
Provisions for RPS — 533,532 (477,797 ) — — 55,735
Provisions for greenhouse gas<br><br><br>emissions obligations 156,463 3,946 (65,323 ) (2,105 ) — 92,981
Provision for Onerous Contracts 1,767 308,792 — (311 ) — 310,248
Others 379,213 64,519 (76,169 ) (682 ) (414 ) 366,467
~~W~~ 30,631,005 2,069,040 (1,251,446 ) (139,845 ) (12,861 ) 31,295,893

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

26. Provisions, Continued
(2) Changes in provisions for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows, continued:
--- ---
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginning balance 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<br><br><br>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

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

27. Government Grants
(1) Government grants as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Land ~~W~~ 27,402 27,403
Buildings 39,723 41,718
Structures 144,623 149,737
Machinery 99,305 105,546
Vehicles 2,455 2,745
Equipment 2,857 3,915
Tools 1,202 1,306
Construction-in-progress 226,766 223,566
Investment properties 23 22
Software 696 844
Development expenditures 587 939
Intangible assets under development 3,935 3,473
Other intangible assets 183 229
~~W~~ 549,757 561,443

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

27. Government Grants, Continued
(2) Changes in government grants for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Receipt Acquisition Offset theitems ofdepreciationexpense andothers Disposal Revenue Others Endingbalance
Cash ~~W~~ — 5,931 — — — 102 (6,033 ) —
Land 27,403 — — — (1 ) — — 27,402
Buildings 41,718 — — (1,995 ) — — — 39,723
Structures 149,737 — — (4,730 ) (389 ) — 5 144,623
Machinery 105,546 — — (7,748 ) (222 ) — 1,729 99,305
Vehicles 2,745 — — (696 ) (6 ) — 412 2,455
Equipment 3,915 — — (1,058 ) — — — 2,857
Tools 1,306 — — (216 ) — — 112 1,202
Construction-in-progress 223,566 — (1,836 ) — — — 5,036 226,766
Investment properties 22 — — — — — 1 23
Software 844 — — (148 ) — — — 696
Development expenditures 939 — — (352 ) — — — 587
Intangible assets under development 3,473 — — — — — 462 3,935
Other intangible assets 229 — — (47 ) — — 1 183
~~W~~ 561,443 5,931 (1,836 ) (16,990 ) (618 ) 102 1,725 549,757
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Receipt Acquisition Offset<br>the items 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

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

28. Deferred Revenue

Changes in deferred revenues for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows which areincluded in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won For the six-month period endedJune 30, 2025 For the year ended<br>December 31, 2024
Beginning balance ~~W~~ 13,652,565 11,548,855
Increase 973,711 2,924,341
Recognized as revenue (430,635 ) (820,631 )
Ending balance ~~W~~ 14,195,641 13,652,565
29. Non-financial Liabilities
--- ---

Non-financial liabilities as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Current Non-current Current Non-current
Advance received ~~W~~ 3,389,122 549,143 3,531,207 354,218
Unearned revenue 49,684 12,872 37,062 14,910
Deferred revenue 801,555 13,394,086 776,988 12,875,577
Withholdings 400,071 2,063 271,425 2,296
Others 1,684,940 34,407 1,710,459 34,519
~~W~~ 6,325,372 13,992,571 6,327,141 13,281,520

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

30. Contributed Capital
(1) Details of share capital as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won except share information
--- --- --- --- --- --- --- --- --- --- --- --- ---
As of June 30, 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 included.<br>
--- ---
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 included.<br>
--- ---
(2) Details in the number of floating capital stock for the six-month period ended June 30, 2025 and forthe year ended December 31, 2024 are as follows:
--- ---
Number of shares For the six-month periodended June 30, 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 June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Share premium ~~W~~ 843,758 843,758

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

31. Retained Earnings and Dividends Paid
(1) Details of retained earnings as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Legal reserve (*) ~~W~~ 1,604,910 1,604,910
Voluntary reserves 567,469 —
Retained earnings before appropriations 21,195,909 18,523,337
Retained earnings ~~W~~ 23,368,288 20,128,247
(*) The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net<br>income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated<br>deficit by the resolution of the shareholders.
--- ---
(2) Details of voluntary reserves as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Reserve for business expansion ~~W~~ 567,469 —
~~W~~ 567,469 —
(3) Changes in retained earnings for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month periodended June 30, 2025 For the year ended December 31,2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ 20,128,247 16,338,262
Profit for the year attributed to owners of the controlling company 3,464,958 3,491,698
Changes in equity method retained earnings 10 (6,346 )
Remeasurements of defined benefit liability, net of tax (88,189 ) (281,761 )
Transfer of revaluation reserve — 586,394
Dividend paid (136,738 ) —
Ending balance ~~W~~ 23,368,288 20,128,247

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

31. Retained Earnings and Dividends Paid, Continued
(4) Dividends paid for the six-month period ended June 30, 2025 and for the year ended December 31,2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 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 paidper share(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 paidper share(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 the six-month period endedJune 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month periodended June 30, 2025 For the year endedDecember 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ (17,420 ) (11,074 )
Changes 10 (6,346 )
Ending balance ~~W~~ (17,410 ) (17,420 )
(6) Changes in remeasurement components related to defined benefit liability for the six-month period endedJune 30, 2025 and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month periodended June 30, 2025 For the year endedDecember 31, 2024
--- --- --- --- --- --- ---
Beginning balance ~~W~~ (95,694 ) 29,229
Changes (138,474 ) (421,327 )
Income tax effect 50,285 139,566
Transfer to reserve for business expansion 133,573 156,838
Ending balance ~~W~~ (50,310 ) (95,694 )

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

32. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won
Issuer Hybrid bond Issued date Maturity Yield (%) As of June 30, 2025 As of December 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 these instruments have contractual maturity<br>dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares,<br>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 5.10% due to the application of the step-up<br>provision.
--- ---
(*2) 2nd hybrid bond was redeemed during the six-month period ended June 30, 2025.
--- ---

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

33. Other Components of Equity
(1) Other components of equity as of June 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- ---
Other capital surplus ~~W~~ 1,606,126 1,600,812
Accumulated other comprehensive income 785,247 1,424,014
Other equity 12,708,585 12,708,585
~~W~~ 15,099,958 15,733,411
(2) Changes in other capital surplus for the six-month period ended June 30, 2025 and for the year endedDecember 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025 For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Gains ondisposal oftreasurystocks 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 — 127 127 — (7 ) (7 )
Equity transaction within the consolidated entity — 5,187 5,187 — 18 18
Ending balance ~~W~~ 387,524 1,218,602 1,606,126 387,524 1,213,288 1,600,812

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

33. Other Components of Equity, Continued
(3) Changes in accumulated other comprehensive income (loss) for the six-month period ended June 30, 2025and for the year ended December 31, 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial assets atfair valuethrough othercomprehensiveincome valuationreserve Shares of othercomprehensive<br>income of<br>investments in<br>associates andjoint ventures Reserve for<br>overseas operations<br>translation credit 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 42,447 — — — 42,447
Shares of other comprehensive loss of associates and joint ventures, net of tax — (580,284 ) — — (580,284 )
Foreign currency translation of foreign operations, net of tax — — (111,225 ) — (111,225 )
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax — — — 10,295 10,295
Ending balance ~~W~~ 123,204 1,017,674 (343,171 ) (12,460 ) 785,247
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial assets atfair valuethrough othercomprehensiveincome valuationreserve Shares of othercomprehensive<br>income of<br>investments in<br>associates andjoint ventures Reserve for<br>overseas operations<br>translation credit 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 June 30, 2025 and December 31, 2024 is as follows:
--- ---
In millions of won As of June 30, 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

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

34. Sales

Details of sales for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:

In millions of Won June 30, 2025
Domestic Overseas Total
Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended
[Type of goods and services]
Sales of goods ~~W~~ 21,295,111 44,994,678 97,885 207,767 21,392,996 45,202,445
Electricity 20,946,333 44,157,533 — — 20,946,333 44,157,533
Heat supply 54,495 241,183 — — 54,495 241,183
Others 294,283 595,962 97,885 207,767 392,168 803,729
Sales related to rendering of services 112,928 199,518 43,954 104,056 156,882 303,574
Sales related to construction services 71,331 90,587 109,940 146,881 181,271 237,468
Revenue related to transfer of assets from customers 218,989 430,635 — — 218,989 430,635
~~W~~ 21,698,359 45,715,418 251,779 458,704 21,950,138 46,174,122
[Timing of revenue recognition]
Performance obligations satisfied at a point in time ~~W~~ 21,295,111 44,994,678 97,885 207,767 21,392,996 45,202,445
Performance obligations satisfied over time 403,248 720,740 153,894 250,937 557,142 971,677
~~W~~ 21,698,359 45,715,418 251,779 458,704 21,950,138 46,174,122
In millions of Won June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Domestic Overseas Total
Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended Three-<br>monthperiod<br>ended Six-<br>monthperiod<br>ended
[Type of goods and services]
Sales of goods ~~W~~ 19,892,060 42,667,231 77,832 153,409 19,969,892 42,820,640
Electricity 19,540,621 41,705,614 — — 19,540,621 41,705,614
Heat supply 42,035 235,293 — — 42,035 235,293
Others 309,404 726,324 77,832 153,409 387,236 879,733
Sales related to rendering of services 117,648 217,797 51,941 119,492 169,589 337,289
Sales related to construction services 35,659 60,346 105,744 166,563 141,403 226,909
Revenue related to transfer of assets from customers 192,823 381,612 — — 192,823 381,612
~~W~~ 20,238,190 43,326,986 235,517 439,464 20,473,707 43,766,450
[Timing of revenue recognition]
Performance obligations satisfied at a point in time ~~W~~ 19,892,060 42,667,231 77,832 153,409 19,969,892 42,820,640
Performance obligations satisfied over time 346,130 659,755 157,685 286,055 503,815 945,810
~~W~~ 20,238,190 43,326,986 235,517 439,464 20,473,707 43,766,450

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

35. Selling and Administrative Expenses

Selling and administrative expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:

In millions of Won June 30, 2025 June 30, 2024
Three-monthperiodended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Salaries ~~W~~ 293,934 579,663 272,367 553,399
Retirement benefit expense 27,406 55,513 24,081 49,449
Welfare and benefit expense 40,919 73,743 32,997 64,543
Insurance expense 8,499 16,215 6,933 14,278
Depreciation 58,753 116,264 57,806 115,128
Amortization of intangible assets 23,072 45,390 22,250 44,125
Bad debt expense 14,171 31,544 13,626 23,801
Commission 99,019 205,026 101,503 206,703
Advertising expense 6,292 16,776 7,886 18,450
Training expense 2,329 4,315 2,032 4,105
Vehicle maintenance expense 2,280 4,318 2,212 4,185
Publishing expense 805 1,516 539 1,265
Business promotion expense 679 1,387 620 1,301
Rent expense 14,393 26,165 10,494 21,807
Telecommunication expense 2,309 5,147 2,296 4,863
Transportation expense 297 542 253 489
Taxes and dues 74,296 84,447 77,146 86,580
Expendable supplies expense 2,376 4,228 1,523 3,208
Water, light and heating expense 3,316 7,941 3,360 7,522
Repairs and maintenance expense 37,771 66,832 31,172 68,653
Ordinary development expense 47,363 90,963 46,076 84,216
Travel expense 5,821 10,728 4,777 9,263
Clothing expense 2,326 2,872 1,044 1,392
Survey and analysis expense 211 397 210 408
Membership fee 790 1,423 580 1,235
Others 25,297 54,802 38,899 62,527
~~W~~ 794,724 1,508,157 762,682 1,452,895

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

36. Other Income and Expenses
(1) Other income for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- --- ---
Three-<br>monthperiodended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Reversal of other provisions ~~W~~ 970 4,083 602 22,414
Reversal of other bad debt allowance (757 ) 5,743 — —
Gains on government grants 55 102 — —
Gains on assets contributed 1,332 1,513 3,257 4,139
Gains on liabilities exempted 427 707 6 161
Compensation and reparations revenue 25,688 45,895 34,118 54,808
Revenue from foundation fund 9 163 1 1
Rental income 52,340 105,189 50,893 107,536
Others 13,309 22,785 8,758 33,970
~~W~~ 93,373 186,180 97,635 223,029
(2) Other expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:
--- ---
In millions of Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Three-monthperiodended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Compensation and indemnification expense ~~W~~ 1,309 1,310 52 135
Accretion expenses of other provisions 315 755 238 352
Depreciation expenses on investment properties 313 508 164 323
Depreciation expenses on idle assets 903 1,807 926 1,836
Other bad debt expense — 2 5,457 8,003
Donations 64,634 76,745 47,026 138,319
Others 7,746 13,971 3,426 10,837
~~W~~ 75,220 95,098 57,289 159,805

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

37. Other Gains (Losses)

Composition of other gains (losses) for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:

In millions of Won June 30, 2025 June 30, 2024
Three-monthperiodended Six-<br>monthperiodended Three-<br>monthperiodended Six-<br>monthperiodended
Other gains
Gains on disposal of property, plant and equipment ~~W~~ 2,712 8,075 30,418 64,471
Gains on disposal of intangible assets 16 16 3 14
Reversal of impairment loss on intangible assets 40 40 — —
Gains on foreign currency translation 9,677 13,839 12,611 25,542
Gains on foreign currency transactions 31,125 75,738 13,750 30,838
Gains on insurance proceeds 1,015 1,015 807 807
Others 109,052 281,516 54,837 125,858
Other losses
Losses on disposal of property, plant and equipment (12,982 ) (50,140 ) (28,602 ) (46,585 )
Losses on disposal of intangible assets — (13 ) — (110 )
Impairment loss on intangible assets (30 ) (30 ) — —
Losses on foreign currency translation (36,974 ) (47,056 ) (4,071 ) (12,676 )
Losses on foreign currency transactions (17,706 ) (37,394 ) (30,228 ) (73,071 )
Others (65,334 ) (126,423 ) (30,693 ) (71,192 )
~~W~~ 20,611 119,183 18,832 43,896

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

38. Finance Income

Finance income for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:

In millions of Won June 30, 2025 June 30, 2024
Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Interest income ~~W~~ 103,057 215,046 104,928 223,369
Dividends income 9,770 23,321 10,796 10,874
Gains on disposal of financial assets 8,932 19,496 12,596 20,704
Gains on valuation of financial assets at fair value through profit or loss 20,180 34,789 13,708 50,379
Gains on valuation of derivatives — 31,735 453,063 1,146,610
Gains on transaction of derivatives 60,048 139,178 100,133 148,035
Gains on foreign currency translation 1,329,479 1,391,376 23,024 84,625
Gains on foreign currency transactions 253,818 293,741 3,648 12,000
Others 682 1,510 1,078 1,790
~~W~~ 1,785,966 2,150,192 722,974 1,698,386

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

39. Finance Expenses

Finance expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:

In millions of Won June 30, 2025 June 30, 2024
Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Interest expense ~~W~~ 1,094,132 2,211,256 1,132,383 2,284,112
Losses on sale of financial assets 1,948 2,683 192 219
Losses on valuation of financial assets at fair value through profit or loss 172 387 473 711
Losses on valuation of derivatives 1,029,015 1,023,742 — 17,167
Losses on transaction of derivatives 227,745 262,194 7,692 21,292
Losses on foreign currency translation 65,639 95,129 581,440 1,380,475
Losses on foreign currency transactions 42,597 45,112 53,419 55,996
Others 2,450 5,775 3,282 8,348
~~W~~ 2,463,698 3,646,278 1,778,881 3,768,320

Capitalization rates for the six-month periods ended June 30, 2025 and 2024 **** are 2.31%~3.29% and 2.45%~4.66%, respectively.

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

40. Income Taxes
(1) Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and<br>liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for the six-month periods ended June 30, 2025 and 2024 is 27.75% and 34.64%,<br>respectively.
--- ---
(2) Pillar two model rules
--- ---

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. 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 six-month period ended June 30, 2025 in relation with the additional Pillar Two income taxes amounts to ~~W~~1,421 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

41. Assets Held-for-Sale

Assets held-for-sale as ofJune 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Land (*) ~~W~~ 28,859 31,766
Buildings (*) 9 13,881
Structures — 1
~~W~~ 28,868 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<br>transaction during the year ended December 31, 2022. Although it is expected to take more than a year to complete the sale transaction, the Group decided that the definitive purchase contract is still valid as a result of discussions with the<br>counterparty.
--- ---

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

42. Expenses Classified by Nature

Expenses classified by nature for the six-month periods ended June 30, 2025 and 2024 are as follows:

In millions of won For the six-month period ended June 30, 2025
Selling andadministrativeexpenses Cost of sales Total
Raw materials used ~~W~~ — 8,718,869 8,718,869
Power purchase — 17,357,843 17,357,843
Salaries 579,663 2,349,931 2,929,594
Retirement benefit expense 55,513 228,597 284,110
Welfare and benefit expense 73,743 271,843 345,586
Insurance expense 16,215 71,501 87,716
Depreciation 116,264 6,792,839 6,909,103
Amortization of intangible assets 45,390 37,076 82,466
Bad debt expense 31,544 — 31,544
Commission 205,026 153,795 358,821
Advertising expense 16,776 4,299 21,075
Training expense 4,315 7,119 11,434
Vehicle maintenance expense 4,318 4,255 8,573
Publishing expense 1,516 1,245 2,761
Business promotion expense 1,387 1,238 2,625
Rent expense 26,165 80,351 106,516
Telecommunication expense 5,147 5,433 10,580
Transportation expense 542 34,168 34,710
Taxes and dues 84,447 377,524 461,971
Expendable supplies expense 4,228 23,246 27,474
Water, light and heating expense 7,941 18,810 26,751
Repairs and maintenance expense 66,832 1,221,685 1,288,517
Ordinary development expense 90,963 266,147 357,110
Travel expense 10,728 37,291 48,019
Clothing expense 2,872 2,482 5,354
Survey and analysis expense 397 1,965 2,362
Membership fee 1,423 12,799 14,222
Others 54,802 694,135 748,937
~~W~~ 1,508,157 38,776,486 40,284,643

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

42. Expenses Classified by Nature, Continued

Expenses classified by nature for the six-month periods ended June 30, 2025 and 2024are as follows, continued:

In millions of won For the six-month period ended June 30, 2024
Selling andadministrativeexpenses Cost of sales Total
Raw materials used ~~W~~ — 10,109,503 10,109,503
Power purchase — 17,172,599 17,172,599
Salaries 553,399 2,279,581 2,832,980
Retirement benefit expense 49,449 205,531 254,980
Welfare and benefit expense 64,543 257,412 321,955
Insurance expense 14,278 70,415 84,693
Depreciation 115,128 6,824,230 6,939,358
Amortization of intangible assets 44,125 38,029 82,154
Bad debt expense 23,801 — 23,801
Commission 206,703 205,708 412,411
Advertising expense 18,450 4,118 22,568
Training expense 4,105 6,123 10,228
Vehicle maintenance expense 4,185 4,474 8,659
Publishing expense 1,265 1,189 2,454
Business promotion expense 1,301 1,229 2,530
Rent expense 21,807 77,484 99,291
Telecommunication expense 4,863 5,155 10,018
Transportation expense 489 25,431 25,920
Taxes and dues 86,580 365,492 452,072
Expendable supplies expense 3,208 22,689 25,897
Water, light and heating expense 7,522 17,362 24,884
Repairs and maintenance expense 68,653 1,436,322 1,504,975
Ordinary development expense 84,216 256,925 341,141
Travel expense 9,263 39,597 48,860
Clothing expense 1,392 5,326 6,718
Survey and analysis expense 408 1,900 2,308
Membership fee 1,235 9,309 10,544
Others 62,527 320,817 383,344
~~W~~ 1,452,895 39,763,950 41,216,845

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

43. Earnings Per Share
(1) Basic earnings per share for each of the three and six-month periods ended June 30, 2025 and 2024 areas follows:
--- ---
In Won June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Type Three-monthperiodended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Basic earnings per share ~~W~~ 1,771 5,397 101 976
(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 three and six-month periods ended June 30, 2025 and 2024 are as follows:
--- ---
In millions of Won except number of shares June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Type Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
Profit attributable to controlling interest ~~W~~ 1,136,712 3,464,958 65,087 626,549
Profit used in the calculation of total basic earnings per share 1,136,712 3,464,958 65,087 626,549
Weighted average number of common shares (in shares) 641,964,077 641,964,077 641,964,077 641,964,077
(3) The weighted average number of common shares used in the calculation of basic earnings per share for each ofthe three and six-month periods ended June 30, 2025 and 2024 is as follows:
--- ---
In number of shares June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Type Three-<br>Month<br>period<br>ended Six-<br>month<br>period<br>ended Three-<br>month<br>period<br>ended Six-<br>month<br>period<br>ended
The number of common shares issued at beginning of the year 641,964,077 641,964,077 641,964,077 641,964,077
Weighted average number of common shares 641,964,077 641,964,077 641,964,077 641,964,077
(4) There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings pershare for each of the three and six-month periods ended June 30, 2025 and 2024.
--- ---

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44. 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, controlled, 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 June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Total borrowings and debt securities ~~W~~ 131,861,593 132,533,400
Cash and cash equivalents 1,925,749 2,382,979
Net borrowings and debt securities 129,935,844 130,150,421
Total equity 43,667,339 41,362,833
Debt to equity ratio 297.56 % 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 finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

① Credit risk management

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

② Impairment and allowance account

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

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

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Cash and cash equivalents ~~W~~ 1,925,749 2,382,979
Financial assets at fair value through profit or loss (*1) 2,591,253 2,013,948
Derivative assets (trading) 900,145 1,846,527
Financial assets at fair value through other comprehensive income (debt securities) 5,045 5,045
Financial assets at amortized cost 31,328 30,233
Loans 883,239 908,148
Long-term/short-term financial instruments 2,803,171 1,960,140
Derivative assets (applying hedge accounting) 274,586 844,637
Trade and other receivables 14,264,348 15,373,625
Financial guarantee contracts (*2) 4,193,144 5,151,554
~~W~~ 27,872,008 30,516,836
(*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 six-month period ended June 30, 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.

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

Significant assets and liabilities with uncertainties in underlying assumptions.

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of June 30, 2025 and December 31, 2024 is as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Type Accounts 1%pIncrease 1%p<br>Decrease 1%p<br>Increase 1%p<br>Decrease
Future salary increases Increase (decrease) in defined benefit obligation ~~W~~ 511,777 (446,866 ) 473,627 (413,799 )
Discount rate Increase (decrease) in defined benefit obligation (442,472 ) 520,488 (429,517 ) 506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the six-month periods ended June 30, 2025 and 2024 are ~~W~~16,506 million and ~~W~~15,724 million, respectively.

② Provisions

The underlying assumptions to estimate provisions as of June 30, 2025 and December 31, 2024 are as follows:

Accounts Type As of June 30, 2025 As of December 31, 2024
PCBs Inflation rate 2.80 % 2.80 %
Discount rate 2.90 % 2.90 %
Nuclear plants Inflation rate 2.02 % 2.02 %
Discount rate 2.78 % 2.78 %
Spent fuel Inflation rate 1.91 % 1.91 %
Discount rate 2.49 % 2.49 %
Radioactive waste Inflation rate 3.32 % 3.32 %
Discount rate 4.17 % 4.17 %

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of June 30, 2025 and December 31, 2024 is as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Type Accounts 0.1%pIncrease 0.1%p<br>Decrease 0.1%p<br>Increase 0.1%p<br>Decrease
Discount rate PCBs ~~W~~ (39 ) 39 (58 ) 58
Nuclear plants (460,639 ) 477,575 (464,727 ) 481,899
Spent fuel (130,228 ) 130,925 (129,983 ) 130,679
Radioactive waste (10,914 ) 11,021 (11,363 ) 11,478
Inflation rate PCBs 39 (39 ) 58 (58 )
Nuclear plants 514,811 (497,143 ) 507,814 (490,386 )
Spent fuel 134,099 (128,769 ) 133,847 (128,527 )
Radioactive waste 11,515 (11,420 ) 11,167 (11,075 )

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

Management judgment effected by uncertainties in underlying assumptions.

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of June 30, 2025 and December 31, 2024 are as follows:

In thousands of foreign currencies Liabilities
Type As of December 31, 2024 As of June 30, 2025 As of December 31, 2024
AED 54,687 33,465 7,770 8,795
AUD 26 26 — 64
BDT 2,252 2,252 — —
BWP 768 768 — —
CAD 2 2 — 61
CHF — — 100,278 100,686
DOP 15,580 7,772 — —
EGP 233,626 203,044 — —
4,520 20,433 44,116 47,829
85 139 — 4
HKD — — 6,325,550 5,093,862
IDR 41,978,914 37,830,902 28,051,832 4,027,099
1,513,057 1,037,437 185,550 225,042
JOD 899 902 211 49,128
184,460 23,798 1,023,983 7,483,199
KZT 1,510 1,510 — —
MGA 8,416,237 5,452,745 838,196 248,175
MMK 188,021 188,021 — —
MYR 2,805 2,805 — —
PHP 26,358 19,401 — —
PKR 66,473,502 68,734,242 10,418 10,418
SAR 1,051 1,087 — —
SEK — — 449,325 449,302
SGD 115 291 — 110
1,612,880 1,651,765 12,772,519 15,364,685
UYU 181,556 99,189 1,647 1,141
VND 849,044 733,338 — 587,003
ZAR 82,390 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 June 30, 2025 and December 31, 2024 is as follows:

In millions of won As of June 30, 2025 As of December 31, 2024
Type 10% Increase 10% Decrease 10% Increase 10% Decrease
Increase (decrease) of profit before income tax ~~W~~ (1,752,736 ) 1,752,736 (2,114,808 ) 2,114,808
Increase (decrease) of shareholder’s equity (*) (1,752,736 ) 1,752,736 (2,114,808 ) 2,114,808
(*) The effect on the shareholder’s equity excluding the impact of income taxes.
--- ---

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of June 30, 2025 and December 31, 2024.

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

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

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of June 30, 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 June 30, 2025 and December 31, 2024 are as follows:

In millions of won
Type As of June 30, 2025 As of December 31, 2024
Short-term borrowings ~~W~~ 3,399,638 4,069,444
Long-term borrowings 10,947,030 10,112,707
Debt securities 41,578 41,578
~~W~~ 14,388,246 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 the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won For the six-month period endedJune 30, 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~~ (71,941 ) 71,941 (142,237 ) 142,237
Increase (decrease) of shareholder’s equity (*) (71,941 ) 71,941 (142,237 ) 142,237
(*) The effect on the shareholder’s equity excluding the impact of income taxes.
--- ---

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

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued
(2) Financial risk management, continued
--- ---
③ Electricity rates risk
--- ---

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

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the six-month periods ended June 30, 2025 and 2024 is as follows:

In millions of won For the six-month period endedJune 30, 2025 For the six-month periodended June 30, 2024
Type 1% Increase 1% Decrease 1% Increase 1% Decrease
Increase (decrease) of profit before income tax ~~W~~ 441,575 (441,575 ) 417,056 (417,056 )
Increase (decrease) of shareholder’s equity (*) 441,575 (441,575 ) 417,056 (417,056 )
(*) The effect on the shareholder’s equity excluding the impact of income taxes.
--- ---
(iv) Liquidity risk
--- ---

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

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

The expected maturities of non-derivative financial liabilities as of June 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won As of June 30, 2025
Type Less than<br>1 year 1~2 Years 2~5 Years More than<br>5 years Total
Borrowings ~~W~~ 23,142,348 894,185 517,582 2,400,457 26,954,572
Debt securities 23,017,059 30,690,861 40,902,637 24,890,985 119,501,542
Lease liabilities 559,811 480,618 1,143,892 1,462,893 3,647,214
Trade and other payables (*1) 8,900,521 405,462 715,256 455,473 10,476,712
Financial guarantee contracts (*2) 4,193,144 — — — 4,193,144
~~W~~ 59,812,883 32,471,126 43,279,367 29,209,808 164,773,184
(*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 June 30, 2025, the Group has recognized ~~W~~ 46,634 million as a provision for financial guarantee contracts.<br>
--- ---

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44. Risk Management, Continued
(2) Financial risk management, continued
--- ---
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Type Less than 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 December 31, 2024,<br>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 June 30, 2025 and December 31, 2024 in detail are as follows:

In millions of won As of June 30, 2025
Type Less than<br>1 year 1~5 Years More than<br>5 years Other (*) Total
Cash and cash equivalents ~~W~~ 1,925,749 — — — 1,925,749
Financial assets at fair value through other comprehensive income — — — 727,366 727,366
Financial assets at amortized cost 21,187 10,141 — — 31,328
Loans and receivables 107,471 374,646 296,713 140,518 919,348
Long-term/short-term financial Instruments 1,989,362 19,264 — 794,545 2,803,171
Financial assets at fair value through profit or loss 2,060,759 300,832 665,588 514,972 3,542,151
Trade and other receivables 11,454,170 1,600,661 3,907,283 — 16,962,114
~~W~~ 17,558,698 2,305,544 4,869,584 2,177,401 26,911,227
In millions of won As of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
Type Less than 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.
--- ---

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025
Type Less than<br>1 year 1~2 Years 2~5Years More than<br>5 years Total
Net settlement
- Trading ~~W~~ — — — — —
Gross settlement
- Trading and others (104,942 ) (107,680 ) (85,949 ) (61,004 ) (359,575 )
- Hedging — — — — —
~~W~~ (104,942) (107,680 ) (85,949 ) (61,004 ) (359,575 )
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 )

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

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

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

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

(i) Fair values and book values of financial assets and liabilities as of June 30, 2025 and December 31,<br>2024 are as follows:
In millions of won As of June 30, 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~~ 727,366 727,366 674,850 674,850
Derivative assets (trading) 900,145 900,145 1,846,527 1,846,527
Derivative assets (applying hedge accounting) 274,586 274,586 844,637 844,637
Financial assets at fair value through profit or loss 2,757,332 2,757,332 2,176,172 2,176,172
~~W~~ 4,659,429 4,659,429 5,542,186 5,542,186
Assets carried at amortized cost
Financial assets at amortized cost ~~W~~ 31,328 31,328 30,233 30,233
Loans and receivables 883,239 883,239 908,148 908,148
Trade and other receivables 14,264,348 14,264,348 15,373,625 15,373,625
Long-term financial instruments 813,809 813,809 812,211 812,211
Short-term financial instruments 1,989,363 1,989,363 1,147,929 1,147,929
Cash and cash equivalents 1,925,749 1,925,749 2,382,979 2,382,979
~~W~~ 19,907,836 19,907,836 20,655,125 20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading) ~~W~~ 438,862 438,862 279,932 279,932
Derivative liabilities (applying hedge accounting) — — 4,893 4,893
~~W~~ 438,862 438,862 284,825 284,825
Liabilities carried at amortized cost
Secured borrowings ~~W~~ 1,416,979 1,416,979 1,443,125 1,443,125
Unsecured bond 107,323,180 107,044,190 111,874,019 110,798,858
Lease liabilities 3,249,359 3,249,359 3,699,456 3,699,456
Unsecured borrowings 22,977,647 22,934,936 19,040,213 18,994,676
Trade and other payables (*) 10,476,712 10,476,712 10,321,100 10,321,100
Overdraft 143,787 143,787 176,043 176,043
~~W~~ 145,587,664 145,265,963 146,553,956 145,433,258
(*) Excludes lease liabilities.
--- ---

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

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

The discount rates used for calculating fair value as of June 30, 2025 and December 31, 2024 are as follows:

Type As of June 30, 2025 As of December 31, 2024
Derivatives 0.00% ~ 4.88% 0.03% ~ 4.88%
Borrowings and debt securities 0.40% ~ 5.84% 0.96% ~ 5.84%
Leases 0.83% ~ 10.00% 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 June 30, 2025 and December 31, 2024 are as follows:

In millions of won As of June 30, 2025
Type Level 1 Level 2 Level 3 Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income ~~W~~ 412,798 — 314,568 727,366
Derivative assets — 1,048,473 126,258 1,174,731
Financial assets at fair value through profit or loss — 2,750,932 6,400 2,757,332
~~W~~ 412,798 3,799,405 447,226 4,659,429
Financial liabilities at fair value
Derivative liabilities ~~W~~ — 294,016 144,846 438,862
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.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

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

Changes in financial assets and liabilities which are classified as level 3 for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won For the six-month period ended June 30, 2025
Beginningbalance Acquisitions Reclassifiedcategory Valuation Disposal Foreigncurrencytranslation andothers Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative ~~W~~ 6,872 — — (472 ) — — 6,400
Financial assets at fair value through other comprehensive income Unlisted securities 309,709 — — (522 ) (9 ) 345 309,523
Debt securities 5,045 — — — — — 5,045
Derivatives Others — — 129,359 — — (3,101 ) 126,258
Financial liabilities at fair value
Derivatives Others — — 170,244 (8,355 ) (13,659 ) (3,384 ) 144,846
In millions of won For the year ended December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Beginningbalance Acquisitions Reclassifiedcategory Valuation Disposal Foreigncurrencytranslation andothers 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

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45. 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) after subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii) Rights and classification of the arrangement

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

(iii) Classification method

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

(iv) The Group’s expected future collections of service concession arrangements as of June 30, 2025 are<br>as follows:
In millions of won
--- --- ---
Type Amounts
Less than 1 year ~~W~~ 33,984
1 ~ 2 years 34,026
2 ~ 3 years 34,187
Over 3 years 498,176
~~W~~ 600,373

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45. 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 charge tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii) Rights and classification of the arrangement

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

(iii) Classification method

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

(iv) The Group’s expected future collections of service concession arrangements as of June 30, 2025 are<br>as follows:
In millions of won
--- --- ---
Type Amounts
Less than 1 year ~~W~~ 74,963
1 ~ 2 years 74,963
2 ~ 3 years 74,963
Over 3 years 815,515
~~W~~ 1,040,404

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45. 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 charge 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 June 30, 2025 are<br>as follows:
In millions of won
--- --- ---
Type Amounts
Less than 1 year ~~W~~ 80,906
1 ~ 2 years 108,747
2 ~ 3 years 109,742
Over 3 years 2,657,611
~~W~~ 2,957,006

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties
(1) The Group’s related parties as of June 30, 2025 are as follows:
--- ---
Type Related party
--- ---
Parent Republic of Korea government
Subsidiaries<br><br><br>(170 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, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd.,<br>California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services<br>Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao<br>Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New<br>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.,<br>Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd.,<br>KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu<br>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., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance<br>Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty.,<br>Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(1) The Group’s related parties as of June 30, 2025 are as follows, continued:
--- ---
Type Related party
--- ---
Associates<br><br><br>(103 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.
Joint ventures<br><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., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm<br>Corporation, Seobusambo highway 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<br>Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd., Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co.,<br>Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR<br>KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd.
Others<br><br><br>(1 entity) Korea Development Bank
(*1) Subsidiaries of associates and joint ventures are included**.**
--- ---

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. 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 the six-month periods endedJune 30, 2025 and 2024 are as follows:
--- ---

<Sales and Others>

In millions of won Sales and others
Company name Transaction type June 30, 2025 June 30, 2024
<Associates>
Korea Gas Corporation Electricity sales ~~W~~ 109,605 74,503
Goseong Green Power Co., Ltd. Electricity sales 224,912 310,264
Dongducheon Dream Power Co., Ltd. Electricity sales 12,062 5,433
Shin Pyeongtaek Power Co., Ltd. Electricity sales 11,799 37,663
S-Power Co., Ltd. Service 1,022 1,017
Korea Power Exchange Service 16,943 5,688
GS Donghae Electric Power Co., Ltd. Electricity sales 17,537 672
Gangneung Eco Power Co., Ltd. Fuel sales 223,458 215,789
Korea Electric Power Industrial Development Co., Ltd. Service 6,729 6,755
Daeryun Power Co., Ltd. Electricity sales — 1,889
Chuncheon Green Energy Co., Ltd. Electricity sales 10,447 5,002
Gangneung Sacheon Fuel Cell Co., Ltd. Electricity sales 6,039 2,878
Gemeng International Energy Co., Ltd. Dividend income 20,644 —
KPE Green Energy Co., Ltd. Electricity sales 100 102
Taebaek Gadeoksan Wind Power Co., Ltd. Electricity sales 3,411 2,167
Busan Green Energy Co., Ltd. Electricity sales 2,751 1,592
Noeul Green Energy Co., Ltd. Electricity sales 3,725 2,939
Gangwon Wind Power Co., Ltd. Electricity sales 1,480 1,542
Godeok Clean Energy Co., Ltd. Electricity sales 615 5,270
Hyundai Eco Energy Co., Ltd. Electricity sales 743 635
Naseem First Holding Company Others 1,279 —
Others (Remal First Holding Company and 52 others) Electricity sales 35,713 32,463
<Joint ventures>
Chun-cheon Energy Co., Ltd. Electricity sales 482 513
Daegu Green Power Co., Ltd. Electricity sales 999 858
KAPES, Inc. Others 2,060 1,301
Daesan Green Energy Co., Ltd. Electricity sales 81 79
Seokmun Energy Co., Ltd. Electricity sales 1,031 679
Cheongna Energy Co., Ltd. Others 26,031 20,973
Cheongju Eco Park Co., Ltd. Electricity sales 93 96
Yeonggwang Wind Power Co., Ltd. Electricity sales 534 507
Solaseado Solar Power Co., Ltd. Electricity sales 502 926
Yeongam Solar Power Co., Ltd. Electricity sales 245 275
Naepo Green Energy Co., Ltd. Electricity sales 15,122 1,586
Seokmun Green Energy Electricity sales 30 48
Amman Asia Electric Power Company Others 12,729 15,271
KW Nuclear Components Co., Ltd. Service 863 1,357
Eumseong Eco Park Co., Ltd. Electricity sales 10 10
Kelar S.A. Service 10,070 11,373
Jamaica Public Service Company Limited Dividend income 9,700 1,289
Yeonggwangbaeksu Wind Power Co., Ltd. Electricity sales 1,009 993
Solar Philippines Calatagan Corporation Dividend income 6,480 5,911
Samsu Wind Power Co., Ltd. Electricity sales 121 301
Others (Goheung New Energy Co., Ltd. and 65 others) Electricity sales 130,008 154,492
<Others>
Korea Development Bank Electricity sales 2,544 2,558
Interest income 3,728 6,713
~~W~~ 935,486 942,372

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(3) The related party transactions for each of the six-month periodsended June 30, 2025 and 2024 are as follows, continued:
--- ---

<Purchase and Others>

In millions of won Purchase and others
Company name Transaction type June 30, 2025 June 30, 2024
<Associates>
Korea Gas Corporation Electricity sales ~~W~~ 2,834,688 3,254,456
Goseong Green Power Co., Ltd. Electricity sales 504,481 515,943
Dongducheon Dream Power Co., Ltd. Electricity sales 614,531 761,095
Shin Pyeongtaek Power Co., Ltd. Electricity sales 368,957 404,341
S-Power Co., Ltd. Service 344,711 404,958
Korea Power Exchange Service 257,121 45,685
GS Donghae Electric Power Co., Ltd. Electricity sales 244,817 262,257
Gangneung Eco Power Co., Ltd. Fuel sales 70 833
Korea Electric Power Industrial Development Co., Ltd. Service 162,675 141,655
Daeryun Power Co., Ltd. Electricity sales 143,442 138,498
Chuncheon Green Energy Co., Ltd. Electricity sales 35,812 30,492
PT. Bayan Resources TBK Others 34,835 58,223
Gangneung Sacheon Fuel Cell Co., Ltd. Electricity sales 24,014 18,797
KPE Green Energy Co., Ltd. Electricity sales 20,525 21,670
Taebaek Gadeoksan Wind Power Co., Ltd. Electricity sales 16,928 13,878
Busan Green Energy Co., Ltd. Electricity sales 15,495 12,485
Noeul Green Energy Co., Ltd. Electricity sales 14,008 9,947
Gangwon Wind Power Co., Ltd. Electricity sales 15,463 11,647
Godeok Clean Energy Co., Ltd. Electricity sales 14,988 19,988
Hyundai Eco Energy Co., Ltd. Electricity sales 13,879 11,151
Yeongyang Wind Power Corporation II Service 12,367 9,375
Naseem First Holding Company Others 10,455 —
Others (Remal First Holding Company and 52 others) Electricity sales 112,869 79,741
<Joint ventures>
Chun-cheon Energy Co., Ltd. Electricity sales 190,770 216,082
Daegu Green Power Co., Ltd. Electricity sales 152,187 180,972
KAPES, Inc. Others 102,054 11,813
Daesan Green Energy Co., Ltd. Electricity sales 87,046 56,722
Seokmun Energy Co., Ltd. Service 28,504 26,241
Cheongna Energy Co., Ltd. Others 63 62
Cheongju Eco Park Co., Ltd. Electricity sales 20,200 9,474
Yeonggwang Wind Power Co., Ltd. Electricity sales 16,779 12,333
Solaseado Solar Power Co., Ltd. Electricity sales 16,564 14,156
Yeongam Solar Power Co., Ltd. Electricity sales 16,201 12,279
Seokmun Green Energy Electricity sales 14,883 12,963
KW Nuclear Components Co., Ltd. Service 11,032 —
Eumseong Eco Park Co., Ltd. Electricity sales 11,446 13,541
Jamaica Public Service Company Limited Others 57 123
Yeonggwangbaeksu Wind Power Co., Ltd. Electricity sales 6,380 5,239
Samsu Wind Power Co., Ltd. Electricity sales 6,046 3,599
Others (Goheung New Energy Co., Ltd. and 65 others) Electricity sales 69,813 50,409
<Others>
Korea Development Bank Interest expense 4,862 1,688
~~W~~ 6,572,018 6,854,811

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(4) Receivables and payables arising from the related party transactions as of June 30, 2025 andDecember 31, 2024 are as follows:
--- ---
In millions of won Receivables Payables
--- --- --- --- --- --- --- --- --- ---
Company name Type June 30,<br>2025 December 31,<br>2024 June 30,<br>2025 December 31,<br>2024
<Associates>
Korea Gas Corporation Trade receivables ~~W~~ 11,357 15,766 — —
Non-trade receivables and others — 404 — —
Trade payables — — 351,092 482,008
Non-trade payables and others — — 1,255 1,486
Goseong Green Power Co., Ltd. Trade receivables 14,063 30,732 — —
Non-trade receivables and others 1,730 1,438 — —
Trade payables — — 83,789 162,719
Non-trade payables and others — — 44,702 45,174
GS Donghae Electric Power Co., Ltd. Trade receivables 857 22 — —
Non-trade receivables and others 11,025 109 — —
Trade payables — — 148,792 90,468
Non-trade payables and others — — 38 —
Dongducheon Dream Power Co., Ltd. Trade receivables 7,197 6,350 — —
Non-trade receivables and others 428 637 — —
Trade payables — — 65,871 114,962
Non-trade payables and others — — 1 29
Shin Pyeongtaek Power Co., Ltd. Trade receivables 1,558 1,720 — —
Non-trade receivables and others 1,265 5,812 — —
Trade payables — — 64,936 77,222
Non-trade payables and others — — 235 2,450
S-Power Co., Ltd. Trade receivables 133 264 — —
Non-trade receivables and others 60 54 — —
Trade payables — — 51,504 73,377
Non-trade payables and others — — — 19
Busan Green Energy Co., Ltd. Trade receivables 1 1 — —
Non-trade receivables and others 46,725 43,790 — —
Trade payables — — — —
Non-trade payables and others — — 3,506 4,799
Noeul Green Energy Co., Ltd. Trade receivables 3 5 — —
Non-trade receivables and others 30,809 27,043 — —
Trade payables — — — —
Non-trade payables and others — — 3,351 3,699
Chuncheon Green Energy Co., Ltd. Trade receivables — — — —
Non-trade receivables and others 20,699 10,870 — —
Trade payables — — — —
Non-trade payables and others — — 8,671 8,881
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 47 others) Trade receivables 13,500 21,449 — —
Non-trade receivables and others 43,777 76,369 — —
Trade payables — — 44,590 77,583
Non-trade payables and others — — 27,175 20,254

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(4) Receivables and payables arising from the related party transactions as of June 30, 2025 andDecember 31, 2024 are as follows, continued:
--- ---
In millions of won Receivables Payables
--- --- --- --- --- --- --- --- --- ---
Company name Type June 30,2025 December 31,2024 June 30,2025 December 31,2024
<Joint ventures>
KAPES Inc. Trade receivables ~~W~~ 3 4 — —
Non-trade receivables and others 170,159 90,088 — —
Trade payables — — — —
Non-trade payables and others — — 40,646 3,041
Kelar S.A. Trade receivables 1,740 3,244 — —
Non-trade receivables and others 35,937 36,010 — —
Trade payables — — — —
Non-trade payables and others — — — —
Chun-cheon Energy Co., Ltd. Trade receivables 145 — — —
Non-trade receivables and others 165 — — —
Trade payables — — 32,346 35,325
Non-trade payables and others — — — —
Boim Combined Heat and Power Generation Co., Ltd. Trade receivables 46 47 — —
Non-trade receivables and others 15,860 3,208 — —
Trade payables — — 536 445
Non-trade payables and others — — 13,394 13,824
Amman Asia Electric Power Company Trade receivables 5,145 4,653 — —
Non-trade receivables and others — — — —
Trade payables — — — —
Non-trade payables and others — — 23,037 23,559
Others (Cheongju Eco Park Co., Ltd. and 61 others) Trade receivables 330,349 271,039 — —
Non-trade receivables and others 44,528 48,853 — —
Trade payables — — 46,464 62,730
Non-trade payables and others — — 11,175 14,665
<Others>
Korea Development Bank Accrued Interest Receivable 3,413 — — —
Non-trade receivables and others 29,317 34,138 — —
Non-trade payables and others — — 37,619 231
Derivatives and others 91,044 273,627 35 2,421
~~W~~ 933,038 1,007,746 1,104,760 1,321,371

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(5) Loans and others arising from the related party transactions as of June 30, 2025 and December 31,2024 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><br>KNOC Nigerian West Oil Co., Ltd. ~~W~~ 33,066 — — — 33,066
(Allowance for doubtful accounts) (33,066 ) — — — (33,066 )
Associates Xe-Pian Xe-Namnoy Power Co., Ltd. 26,606 — — (2,057 ) 24,549
Associates PT. Cirebon Energi Prasarana 38,865 — — (1,959 ) 36,906
Associates Daejung Offshore Wind Power Co., Ltd. 1,000 — — — 1,000
Associates Bitgoel Eco Energy Co., Ltd. 26,625 — (2,095 ) — 24,530
Associates Saemangeum Sebit Power Plant Co., Ltd. 27,550 — (5,003 ) — 22,547
Associates Remal First Holding Company — 1 — — 1
Associates Nassem First Holding Company — 1 — — 1
Associates Jeju Bukchon BES Power Co., Ltd. — 7,380 — — 7,380
Joint ventures Solaseado Solar Power Co., Ltd. 34,929 — (500 ) — 34,429
Joint ventures Recursos Solares PV de Mexico II, S.A. de C.V. 14,313 1,512 — (1,126 ) 14,699
Joint ventures Horus Solar, S.A. de C.V. 13,677 — — (1,057 ) 12,620
Joint ventures Sunmex Renovables, S.A. de C.V. 21,793 2,529 — (1,769 ) 22,553
Joint ventures Kelar S.A. 19,291 — (9 ) (3,154 ) 16,128
Joint ventures DE Energia SpA 8,420 — (8,420 ) — —
Joint ventures Daehan Wind Power PSC 16,956 — (595 ) (1,275 ) 15,086
Joint ventures Bitsolar Energy Co., Ltd. 3,165 — — — 3,165
Joint ventures Daesan Green Energy Co., Ltd. 2,491 — — — 2,491
Joint ventures Yangyang Wind Power Co., Ltd. 3,257 — — — 3,257
Joint ventures Nghi Son 2 Power LLC 168,601 — (9,759 ) (12,418 ) 146,424
Joint ventures Guadalupe Solar SpA 3,352 — (114 ) (233 ) 3,005
Joint ventures Foresight Iberian Solar Group Holding, S.L. 71,137 445 — 5,166 76,748
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 — — (23 ) 271
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 — — (585 ) 6,932
Joint ventures KAS Investment II LLC 7,567 — — (581 ) 6,986
~~W~~ 526,300 14,152 (26,495 ) (21,071 ) 492,886
(6) Borrowings arising from the related party transactions as of June 30, 2025 and December 31, 2024are as follows:
--- ---
In millions of won
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Related parties Type Beginningbalance Borrowings Repayment Others Ending<br>balance
Korea Development Bank Facility ~~W~~ 84,653 — (6,791 ) (2,650 ) 75,212
Others 1,424 — (163 ) — 1,261
Operating funds 100,000 223,787 (230,000 ) — 93,787
EBL and others 149,862 4,976 (10,604 ) (7,943 ) 136,291
~~W~~ 335,939 228,763 (247,558 ) (10,593 ) 306,551

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(7) Guarantees provided to the related parties as of June 30, 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 Nghi Son 2 Power LLC Certification of payment on L/C USD 42,750 SMBC Singapore and others
Korea Electric Power Corporation Barakah One Company Performance guarantees and others USD 3,939,658 First Abu Dhabi Bank and others
Korea Electric Power Corporation RE Holiday Holdings LLC Performance guarantees (*9) USD 203,981 EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation RE Pioneer Holdings LLC Performance guarantees USD 106,873 EFS Renewables Holdings, LLC
Korea Electric Power Corporation Rabigh Electricity Company Performance guarantees SAR 4,151 Hana Bank
Korea Electric Power Corporation Shuweihat Asia Power Investment B.V. Certification of payment on L/C USD 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 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
USD 393 CFE Transmission
Korea Electric Power Corporation Sunmex Renovables, S.A. de C.V. Other performance guarantees USD 9,078 CENACE
MXN 4,929 CFE Transmission<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 Pulau Indah Power Plant Sdn. Bhd. Collateralized money invested (*10) MYR 25,350 Malaysian Trustee Berhad
Korea Electric Power Corporation KEPCO for Power Company Debt guarantees USD 60,000 Riyad bank
Other performance guarantees USD 70,000 SMBC Seoul
Korea Electric Power Corporation Remal First Holding Company Debt Guarantee (*15) USD 138,000 DBS BANK LTD. (DIFC BRANCH)
Korea Electric Power Corporation Naseem First Holding Company Debt Guarantee (*15) USD 138,000 DBS BANK LTD. (DIFC BRANCH)
Korea Western Power Co., Ltd. Cheongna Energy Co., Ltd. Collateralized money invested KRW 28,202 Kookmin Bank and others
Korea Western Power Co., Ltd. Dongducheon Dream Power Co., Ltd. Collateralized money invested (*5) KRW 53,233 Kookmin Bank and others
Debt Guarantee KRW 20,300 HY western 1st co., Ltd
Korea Western Power Co., Ltd. Rabigh Operation & Maintenance Company Limited Performance guarantees and others SAR 11,200 National Bank of Kuwait
Korea Western Power Co., Ltd. Xe-Pian Xe-Namnoy Power Co., Ltd. Collateralized money invested KRW 73,064 Krung Thai Bank
Impounding bonus guarantees (*11) 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
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., 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., Ltd. Hapcheon Floating Photovoltaic Power Plant Inc. Collateralized money invested KRW 7,512 Nonghyup Bank and others

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(7) Guarantees provided to the related parties as of June 30, 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 SAOC 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 14,781 Kookmin Bank and others
Guarantees for supplemental funding (*1) —
Korea East-West Power Co., Ltd. Chun-cheon Energy Co., Ltd. Collateralized money invested KRW 35,626 Kookmin Bank and others
Guarantees for supplemental funding (*1) KRW 90,800
Korea East-West Power Co., Ltd. Honam Wind Power Co., Ltd. Collateralized money invested KRW 4,760 Shinhan Bank and others
Korea East-West Power Co., Ltd. GS Donghae Electric Power Co., Ltd. Collateralized money invested KRW<br>277,927 Korea Development Bank and others
Korea East-West Power Co., Ltd. Yeonggwangbaeksu Wind Power Co., Ltd. Collateralized money invested KRW 3,752 Kookmin Bank and others
Korea East-West Power Co., Ltd. Yeonggwang Wind Power Co., Ltd. Collateralized money invested KRW 27,415 KDB Capital Corporation and others
Korea East-West Power Co., Ltd. Daesan Green Energy Co., Ltd. Collateralized money invested KRW 26,388 IBK
Guarantees for supplemental funding (*1) —
Korea East-West Power Co., Ltd. Taebaek Gadeoksan Wind Power Co., Ltd. Collateralized money invested KRW 23,191 Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd. PT. Tanjung Power Indonesia Other guarantees(*16) USD 3,150 PT. Adaro Indonesia
Guarantees for supplemental funding (*1) — Sumitomo mitsui banking and others
Collateralized money invested KRW 90,287 MUFG and others
Korea East-West Power Co., Ltd. South Jamaica Power Company Limited Performance guarantees (*14) USD 14,400 Hana Bank
Collateralized money invested KRW 46,948 JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd. Cheongju Eco Park Co., Ltd. Collateralized money invested KRW 10,822 Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd. Busan Industrial Solar Power Co., Ltd. Collateralized money invested KRW 1,241 Shinhan Bank and others
Korea East-West Power Co., Ltd. Yangyang Wind Power Co., Ltd. Collateralized money invested KRW 14,807 Hana Bank and others
Guarantees for supplemental funding (*1) —
Korea East-West Power Co., Ltd. KPE Green Energy Co., Ltd. Collateralized money invested KRW 8,891 Hana Bank and others
Korea East-West Power Co., Ltd. Goheung New Energy Co., Ltd. Collateralized money invested KRW 5,266 Woori Bank and others
Korea East-West Power Co., Ltd. Seokmun Green Energy Collateralized money invested KRW 14,144 Hana Bank and others
Korea East-West Power Co., Ltd. Yanggu Floating Photovoltaic Power Plant Inc. Collateralized money invested KRW 876 Korea Development Bank
Korea East-West Power Co., Ltd. Hoenggye Renewable Energy Co., Ltd. Collateralized money invested KRW 2,375 IBK
Guarantees for supplemental funding (*1) —

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(7) Guarantees provided to the related parties as of June 30, 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 6,181 Woori Bank and others
Guarantees for supplemental funding (*1) —
Korea East-West Power Co., Ltd. Amaala Sustaninable Company for Energy LLC Loan payment guarantee (*7) USD 38,054 First Abu Dhabi Bank
Collateralized money invested KRW 18
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Daeryun Power Co., Ltd. Collateralized money invested KRW 32,739 Korea Development Bank and others
Korea Southern Power Co., Ltd. Daegu Green Power Co., Ltd. Collateralized money invested KRW 31,598 Shinhan Bank and others
Performance guarantees —
Korea Southern Power Co., Ltd. Kelar S.A. Performance guarantees USD 30,030 Hana Bank, MUFG
Payment guarantees (*12) USD 11,707 Hana Bank
Korea Southern Power Co., Ltd. Daehan Wind Power PSC Performance guarantees (*17) USD 1,800 Shinhan Bank
Payment guarantees (*6) USD 2,000 Hana Bank
Collateralized money invested KRW 22,138 Standard Chartered
Korea Southern Power Co., Ltd. Pyeongchang Wind Power Co., Ltd. Collateralized money invested KRW 12,506 Woori Bank, Shinhan Bank and others
Performance guarantees —
Korea Southern Power Co., Ltd. Taebaek Guinemi Wind Power Co.,<br> <br>Ltd. Collateralized money invested KRW 14,962 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 19,254 Kookmin Bank and others
Korea Southern Power Co., Ltd. Naepo Green Energy Co., Ltd. Collateralized money invested KRW 50,184 IBK and others
Performance guarantees and guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Omisan Wind Power Co., Ltd. Collateralized money invested KRW 12,075 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 7,201 Kookmin Bank and others
Korea Southern Power Co., Ltd. HORANG ENERGY Inc. Collateralized money invested KRW 4,236 Woori Bank and others
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Haman Green Energy Co., Ltd. Collateralized money invested KRW 3,726 Hana Bank and others
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Jeongeup Green Power Co., Ltd. Collateralized money invested KRW 6,723 Mirae Asset Securities Co., Ltd.
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. HyChangwon Fuel Cell. Co., Ltd. Collateralized money invested KRW 9,050 Woori Bank and others
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Roof One Energy Co., Ltd. Collateralized money invested KRW 1,317 Woori Bank
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Namjeju Bitdream Energy Co., Ltd. Collateralized money invested KRW 4,825 Woori Bank and others
Guarantees for supplemental funding (*1) —
Korea Southern Power Co., Ltd. Cheonwang Green Energy Co., Ltd. Collateralized money invested KRW 606 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 398 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, JPMogan 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 142,257 Export-Import Bank of Korea and others
KOSPO Chile SpA Chester Solar I SpA Collateralized money invested KRW 2,525 IBK
KOSPO Chile SpA Chester Solar IV SpA Collateralized money invested KRW 1,907 IBK
KOSPO Chile SpA Chester Solar V SpA Collateralized money invested KRW 505 IBK
KOSPO Chile SpA Diego de Almagro Solar SpA Collateralized money invested KRW 2,538 IBK
KOSPO Chile SpA Laurel SpA Collateralized money invested KRW 2,304 IBK
Korea Midland Power Co., Ltd. YeongGwang Yaksu Wind Electric Co., Ltd. Collateralized money invested KRW 79 IBK and others
Korea Midland Power Co., Ltd. Hyundai Green Power Co., Ltd. Collateralized money invested KRW 85,037 Korea Development Bank and others
Korea Midland Power Co., Ltd. PT. Cirebon Electric Power Debt guarantees USD 4,510 Mizuho Bank
Korea Midland Power Co., Ltd. PT Wampu Electric Power Debt guarantees USD 4,716 PT. Bank KB Bukopin
Korea Midland Power Co., Ltd. PT. Cirebon Energi Prasarana Debt guarantees USD 9,230 Mizuho Bank
Korea Midland Power Co., Ltd. Green Energy Electricity Generation Co., Ltd. Collateralized money invested KRW 508,434 IBK
Guarantees for supplemental funding (*1) —
Korea Midland Power Co., Ltd. Yaksu ESS Co., Ltd. Collateralized money invested KRW 183 IBK
Korea Midland Power Co., Ltd. Gwangbaek Solar Power Investment Co., Ltd. Collateralized money invested KRW 5,192 Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd. Muan Sunshine Solar Power Plant Co., Ltd. Collateralized money invested KRW 2,594 IBK
Korea Midland Power Co., Ltd. Goesan Solar park Co., Ltd. Collateralized money invested KRW 2,811 IBK

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(7) Guarantees provided to the related parties as of June 30, 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. Bitgoel Eco Energy Co., Ltd. Collateralized money invested KRW 7,818 IBK and others
Guarantees for supplemental funding (*1) —
Korea Midland Power Co., Ltd. Energyco Co., Ltd. Collateralized money invested KRW 2,426 Nonghyup Bank
Korea Midland Power Co., Ltd. Jeju Gimnyeong Wind Power Co., Ltd. Collateralized money invested KRW 361 Nonghyup Bank
Korea Midland Power Co., Ltd. Dongbu Highway Solar Co., Ltd. Collateralized money invested KRW 542 Shinhan Bank
Korea Midland Power Co., Ltd. Seobu Highway Solar Co., Ltd. Collateralized money invested KRW 640 Shinhan Bank
Korea Midland Power Co., Ltd. Yeongyang Wind Power Corporation II Collateralized money invested KRW 12,465 Korea Development Bank<br> <br>and others
Korea Midland Power Co., Ltd. Haeparang Energy Co., Ltd. Collateralized money invested KRW 2,874 Templeton Hana Asset
Guarantees for supplemental funding (*1) — Management Co., Ltd.
Korea Midland Power Co., Ltd. Saemangeum Sebit Power Plant Co., Ltd. Collateralized money invested KRW 28,020 IBK and others
Korea Midland Power Co., Ltd. Yeomsubong Wind Power Co., Ltd. Collateralized money invested KRW 687 Korea Development Bank
Guarantees for supplemental funding (*1) —
Korea South-East Power Co., Ltd. Boim Combined Heat and Power Generation Co., Ltd. Collateralized money invested (*3,4) — IBK
Guarantees for supplemental funding and others (*1,18) KRW 76,800 NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd. RES Technology AD Collateralized money invested (*4) KRW 15,794 UniCredit Bulbank and<br> <br>others
Korea South-East Power Co., Ltd. ASM-BG Investicii AD Collateralized money invested (*4) KRW 18,551 UniCredit Bulbank and<br> <br>others
Korea South-East Power Co., Ltd. Goseong Green Power Co., Ltd. Collateralized money invested (*4) KRW 299,008 Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd. Gangneung Eco Power Co., Ltd. Collateralized money invested (*4) KRW 234,933 Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd. PND Solar Co., Ltd. Collateralized money invested (*4) KRW 1,909 IBK
Korea South-East Power Co., Ltd. Hyundai Eco Energy Co., Ltd. Collateralized money invested (*4) KRW 8,389 Samsung Life Insurance and others
Korea South-East Power Co., Ltd. Jaeun Resident Wind Power Plant Co., Ltd. Collateralized money invested (*4) KRW 553 IBK
Korea South-East Power Co., Ltd. Chungsongmeon BongSan wind power Co., Ltd. Collateralized money invested (*4) KRW 2,385 Kyobo Life Insurance Co.,<br> <br>Ltd. and<br>others
Korea South-East Power Co., Ltd. Yeongam Solar Power Co., Ltd. Collateralized money invested (*4) KRW 11,743 Kookmin Bank and others
Korea South-East Power Co., Ltd. Samsu Wind Power Co., Ltd. Collateralized money invested (*4) KRW 3,192 Shinhan Bank and others
Korea South-East Power Co., Ltd. Saemangeum Heemang Photovoltaic Co., Ltd. Collateralized money invested (*4) KRW 16,308 Woori Bank and others
Korea South-East Power Co., Ltd. Nepal Water & Energy Development Company Private Limited Collateralized money invested (*4) USD 97,105 International Finance
Business reserve payment guarantee USD 33,333 Corporation and others
Korea South-East Power Co., Ltd. Santiago Solar Power SpA Debt guarantees (*8) USD 8,000 Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Noeul Green Energy Co., Ltd. Collateralized money invested — Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Busan Green Energy Co., Ltd. Collateralized money invested KRW 1,961 Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Godeok Clean Energy Co., Ltd. Collateralized money invested KRW 6,137 Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Cheong-Song Noraesan Wind Power Co., Ltd. Collateralized money invested KRW 3,998 Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Gwangyang Green Energy Co., Ltd. Collateralized money invested KRW 24,086 Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Gangneung Sacheon Fuel Cell Co., Ltd. Collateralized money invested KRW 9,206 Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Chuncheon Green Energy Co., Ltd. Collateralized money invested KRW 16,534 Hana Bank and others
Guarantees for supplemental funding (*1) —

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(7) Guarantees provided to the related parties as of June 30, 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. Yangyang Suri Wind Power Co., Ltd. Collateralized money<br> <br>invested KRW 8,925 Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Bigeum Resident Photovoltaic Power Co., Ltd. Collateralized money invested KRW 8,157 Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd. Songsan Green Energy Co., Ltd. Collateralized money invested KRW 10,924 Hana Bank
Korea Hydro & Nuclear Power Co., Ltd. Changwon Nu-ri Energy Co., Ltd. Collateralized money invested KRW 9,105 Hana Bank
Korea Hydro & Nuclear Power Co., Ltd. Imha Floating Photovoltaic Power Plant Inc. Collateralized money invested KRW 5,117 Hana Bank
Korea Hydro & Nuclear Power Co., Ltd. KAS INVESTMENT I LLC Payment guarantees (*13) USD 9,770 WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd. KAS INVESTMENT II LLC Payment guarantees (*13) USD 9,730 WOORI AMERICA BANK
(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses<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 except the parent company must purchase the bonds from the acquirer. As of June 30, 2025, derivative liabilities of ~~W~~26,422 million were recognized<br>in 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) The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah<br>Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd.. The Group has pledged a portion of its shares in Pulau Indah Power Plant Sdn. Bhd., with a book value of ~~W~~<br>25,350 million, as collateral.
--- ---
(*11) 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>
--- ---
(*12) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account<br>(DSRA), and others.
--- ---
(*13) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of<br>guarantees to their subsidiaries.
--- ---
(*14) 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.
--- ---
(*15) The guarantee limits of Remal First Holding Company and Naseem First Holding Company include the guarantee<br>limits provided for subsidiaries of associates.
--- ---
(*16) 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.
--- ---
(*17) The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.<br>
--- ---
(*18) 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~~ 10,904 million.
--- ---

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(8) Guarantees received from the related parties as of June 30, 2025 are as follows:
--- ---
In millions of won
--- --- --- ---
Primary Guarantor Type of guarantees Credit limit
KAPES, Inc. Defect guarantees ~~W~~ 16,081
Performance guarantees 38,231
Advance payment guarantee 248,042
(9) Derivatives transactions with the related parties as of June 30, 2025 are as follows:
--- ---

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
Contractamounts Contractexchange
rate
Counterparty Contract year Pay Receive Receive (in won)
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
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 111,400 100,000 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
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.

(ii) Currency forward

In millions of Won and thousands of foreign currencies except contract exchange rate information
Contract amounts
Counterparty Contract date Maturity date Pay Receive
Korea Development Bank 2025.06.24 2025.07.24 ~~W~~ 13,657 10,000 1,365.70
2025.06.13 2025.07.07 5,461 4,000 1,365.18

All values are in US Dollars.

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46. Related Parties, Continued
(10) 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 June 30, 2025 June 30, 2024
--- --- --- --- --- --- --- --- ---
Type Three-monthperiod ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Salaries ~~W~~ 722 954 419 640
Employee benefits 15 32 10 12
~~W~~ 737 986 429 652

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

47. Statement of Cash Flows
(1) Significant non-cash transactions for the six-month periods ended June 30, 2025 and 2024 are as follows:
--- ---
In millions of won
--- --- --- --- ---
Transactions For the six-month periodended<br>June 30, 2025 For the six-month<br>period ended<br>June 30, 2024
Transfer from<br>construction-in-progress to other assets ~~W~~ 3,455,156 7,912,217
Recognition of asset retirement cost and related provision for decommissioning costs 252,052 1,089,405
Transfer from provision for disposal of used nuclear fuel to accrued expenses 207,685 270,859
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings<br>and debt securities 13,247,746 19,700,292
Transfer from inventory to stored nuclear fuel 627,304 686,300
Recognition of<br>right-of-use assets and others 43,906 50,521
(2) Changes in liabilities incurred from financing activities for thesix-month periods ended June 30, 2025 and 2024 are as follows:
--- ---
In millions of won For the six-month period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-cash changes
Beginningbalance Cash flows Increase Effect of exchange rate<br>fluctuations and others Endingbalance
Borrowings ~~W~~ 20,659,381 4,047,550 — (168,518 ) 24,538,413
Debt securities 111,874,019 (3,315,584 ) — (1,235,255 ) 107,323,180
Lease liabilities 3,699,456 (329,894 ) 37,195 (157,398 ) 3,249,359
Dividends Payable 5,063 (211,453 ) — 213,174 6,784
Derivative liabilities (assets), net (2,406,338 ) 539,303 — 1,131,167 (735,868 )
~~W~~ 133,831,581 729,922 37,195 (216,830 ) 134,381,868
In millions of won For the six-month period ended June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-cash changes
Beginningbalance Cash flows Increase Effect of exchange rate<br>fluctuations and others Endingbalance
Borrowings ~~W~~ 19,839,652 759,928 — 111,726 20,711,306
Debt securities 113,792,178 (4,028,168 ) — 1,221,327 110,985,337
Lease liabilities 3,807,880 (317,367 ) 57,459 185,612 3,733,584
Dividends Payable 4,574 (83,528 ) — 85,444 6,490
Derivative liabilities (assets), net (554,146 ) 249,011 — (1,252,265 ) (1,557,400 )
~~W~~ 136,890,138 (3,420,124 ) 57,459 351,844 133,879,317

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure
(1) The commitments for acquisition of property, plant and equipment as of June 30, 2025 andDecember 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Contracts Commitmentamounts Remaining<br>liability balances Commitmentamounts Remaining<br>liability balances
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 37,168 11,747 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 10,351 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) 31,919 — 31,925 7,756
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S 39,060 39,060 39,060 39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju) 40,933 28,790 40,933 28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others 40,323 40,323 40,323 40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others 40,130 40,130 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<br>Price 43,054 5,683 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 2) 30,990 24,074 25,214 25,214
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S 41,000 41,000 — —
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin) 37,470 37,470 — —
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment 32,269 24,832 — —
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price<br>(General) 40,475 34,410 — —
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price<br>(General) 42,252 32,309 — —
Diesel Power Plant Fuel Oil (Kerosene, By-product Fuel Oil<br>No.1) – Power Generation Technology Department Annual Unit Price 99,016 99,016 — —
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East<br>Seoul#2-Tancheon) 30,471 30,471 — —
Construction of Saeul Units (#3,4) 11,718,217 1,223,552 11,718,217 1,748,342

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure, Continued
(1) The commitments for acquisition of property, plant and equipment as of June 30, 2025 andDecember 31, 2024 are as follows, continued:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Contracts Commitmentamounts Remaining<br>liability balances Commitmentamounts Remaining<br>liability balances
Construction of Shin-Hanul Units (#3,4) ~~W~~ 12,343,245 10,440,684 12,343,245 10,964,638
Other 53 contracts 2,188,853 1,546,592 2,033,913 1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard 364,968 166,540 357,479 241,751
Purchase of main machine for Boryeong New Complex Unit 1 286,299 154,417 286,299 177,988
Boryeong New Complex Unit 1 Construction Project 211,805 113,362 202,552 161,753
Haman Combined Power Block Conditional Purchase Agreement 581,790 511,702 581,790 543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power<br>plant 123,495 15,603 123,495 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<br>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 269,789 38,028 246,110 96,708
Installation of natural gas supply facility at Gumi natural gas power plant 102,583 18,751 83,801 45,019
Construction of Gongju natural gas power plant 215,460 171,780 203,849 190,840
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<br>Plant. 288,250 232,221 — —
Purchase of coal handling machine for construction of Samcheok Units (#1,2) — — 326,395 5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant 234,392 2,862 234,392 2,670
Purchase of Samcheok hydrogen compound co-firing facility<br>infrastructure 128,820 76,150 128,820 90,876
Construction of Andong Combined Unit 2 Power Plant 181,640 161,390 181,593 175,029
Purchase of main equipment for Andong Combined Unit 2 279,773 174,330 279,773 230,694
Service of designing Hadong Combined Unit 1 31,593 26,293 31,593 26,351

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48. Commitments for Expenditure, Continued
(2) As of June 30, 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).

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments
(1) Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as ofJune 30, 2025 and December 31, 2024 are as follows:
--- ---
In millions of won As of June 30, 2025 As of December 31, 2024
--- --- --- --- --- --- --- --- ---
Number of cases Amount Number of cases Amount
As the defendant 724 ~~W~~ 1,064,274 722 ~~W~~ 884,402
As the plaintiff 264 973,625 264 769,772

As of June 30, 2025, there are 3 ongoing litigations and 2 arbitration case between consolidated entities.

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:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected litigations. Accordingly, the Group recognized ~~W~~335,157 million as litigation provisions in relation to the litigation as of June 30, 2025.

2) There are 15 arbitration cases pertaining to the Group as of June 30, 2025 and the significant arbitration<br>cases are as follows:
i) During the six-month period ended June 30, 2025, UniTest Co., Ltd.<br>filed an arbitration claim against KEPCO for delay damages arising from the modification of design and contract amount related to the 154kV Yesan S/S 82MW ESS construction project. The amount and timing of resource outflows resulted therefrom cannot<br>be reasonably estimated.
--- ---
ii) Samsung C&T consortium (Samsung C&T Co., Ltd., Doosan Enerbility Co., Ltd., and Hanwha Co., Ltd.) filed<br>an arbitration application against the Group to National Contract Dispute Mediation Committee regarding the adjustment of the contract amount related to the main facility construction of Saeul Units 3 and 4 (formerly, Shin-Kori Nuclear Power Units 5<br>and 6). The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of June 30, 2025
--- ---

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued
(2) Guarantees of payments and commitments provided to other companies as of June 30, 2025 are as follows:
--- ---
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 June 30, 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 6,119 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 4,716 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<br>HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the<br>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 4,510 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 Nonghyup Bank a debt guarantee up to USD 9,230 thousand to guarantee Debt Service<br>Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.
--- ---
10) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand<br>for the implementation of Tanjung Jati power plant operation project in Indonesia.
--- ---
11) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group<br>Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.
--- ---
12) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the<br>fulfillment of subscription obligation regarding photovoltaic power generation project in USA.
--- ---
13) The Group has provided Kookmin Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge<br>Loan for Concho Valley solar business in the United States.
--- ---
14) The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for<br>the operation maintenance project in Van Phong, Vietnam.
--- ---
15) The Group has provided RBC Community Investments Impact Renewables<br>HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.
--- ---
16) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for<br>the operation maintenance project in Indonesia siborpa.
--- ---
17) The Group has provided joint guarantee for ~~W~~1,641 million guarantee insurance contracted<br>by Haetbyeotgil Sunlight Co., Ltd.
--- ---
18) The Group has provided a bid bond of USD 2,000 thousand to HSBC Bank Middle East Limited, Oman Branch, as<br>a guarantee for the Ibri 3 solar bidding project in Oman undertaken by the consortium of MASDAR, KOMIPO, and AL KHADRA.
--- ---
19) The Group has provided a performance guarantee of USD 4,412 thousand to Mondelez Global, LLC, as a<br>guarantee for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.
--- ---

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued
(3) Credit lines provided by financial institutions and others as of June 30, 2025 are as follows:
--- ---
In millions of won and thousands of foreign currencies
--- --- --- ---
Commitments Financial institutions Currency
Commitments on Bank-overdraft Nonghyup Bank and others KRW 2,220,500
Limit amount available for CP Hana Bank and others KRW 8,380,000
General Loan, etc. Kookmin Bank and others KRW 3,200,000
Limit amount available for card Nonghyup Card and others KRW 48,158
Loan limit Korea Development Bank and others KRW 2,680,095
DBS Bank and others 1,861,000
Certification of payment on payables from foreign country Nonghyup Bank 8,700
Certification of payment on L/C Shinhan Bank and others 1,190,856
Kookmin Bank and others 23,983
Shinhan Bank 715,837
Certification of Performance guarantee on contract Hana Bank and others KRW 118,099
First Abu Dhabi Bank and others 1,804,459
SMTB 6,500,000
Hana Bank and others 362,432
Hana Bank 27,117
Hana Bank OMR 6,250
First Abu Dhabi Bank and others AED 53,472
Saudi National Bank and others SAR 124,151
Certification of bidding Korea Software Financial Cooperative KRW 43,935
Hana Bank and others 10,200
Export-Import Bank of Korea 10,000
Shinhan Bank QAR 155,213
First Abu Dhabi Bank OMR 2,500
Advance payment bond, Warranty bond, Retention bond and others Seoul Guarantee Insurance KRW 77,186
Hana Bank and others 656,805
Saudi National Bank SAR 15,050
Hana Bank and others MXN 21,290
Others (*) Nonghyup Bank and others KRW 396,521
Nonghyup Bank and others 477,971
Standard Chartered AED 50
Secured loan of credit sales Nonghyup Bank and others KRW 320,000
Inclusive credit Hana Bank KRW 8,000
Hana Bank and others 35,000
Equity Bridge Loan Guarantee Export-Import Bank of Korea and others 1,141,657
Trade finance DBS Bank and others 600,000

All values are in US Dollars.

(*) As of June 30, 2025, the Group has entered into a credit extension agreement for derivatives transactions<br>with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued
(4) As of June 30, 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<br><br><br>security (*2) Currency Description
Mira Power Limited International Finance<br><br><br>Corporation<br><br><br>and others Property, plant<br><br><br>and Equipment<br><br><br>and others 264,800 Collateral for borrowings<br><br><br>(*1)
Tamra Offshore<br><br><br>Wind Power Co.,<br><br><br>Ltd. Kyobo Life Insurance Co., Ltd. and others Property, plant and<br><br><br>equipment and others KRW 132,000 Collateral for borrowings<br><br><br>(*1)
Gyeonggi Green<br><br><br>Energy Co., Ltd. Korea Development<br><br><br>Bank and others Cash and cash<br><br><br>equivalents and others KRW 251,600 Collateral for borrowings<br><br><br>(*1)
Commerce and<br><br><br>Industry Energy<br><br><br>Co., Ltd. IBK and others Property, plant and<br><br><br>equipment and others KRW 97,339 Collateral for borrowings
Jeongam Wind<br><br><br>Power Co., Ltd. KDB Capital Corporation and others Cash and cash<br><br><br>equivalents and others KRW 230,716 Collateral for borrowings
Gyeongju Wind<br><br><br>Power Co., Ltd. Shinhan Bank<br><br><br>and others Property, plant and<br><br><br>equipment and others KRW 68,400 Collateral for borrowings
Korea Offshore<br><br><br>Wind Power Co.,<br><br><br>Ltd. Woori Bank and<br><br><br>others Property, plant and<br><br><br>equipment and others KRW 244,500 Collateral for borrowings<br><br><br>(*1)
Qatrana Electric<br><br><br>Power Company The Islamic<br><br><br>Development<br><br><br>Bank and others Finance lease receivable<br><br><br>and property, plant and<br><br><br>equipment and others 50,391 Collateral for borrowings<br><br><br>(*1)
KST Electric Power<br><br><br>Company, S.A.P.I.<br><br><br>de C.V. Export–Import<br><br><br>Bank of Korea and<br><br><br>others Finance lease receivable<br><br><br>and property, plant and<br><br><br>equipment and others 318,787 Collateral for debt securities (*1)
Incheon Fuel Cell<br><br><br>Co., Ltd. Kookmin Bank and<br><br><br>others Cash and cash<br><br><br>equivalents and others KRW 230,800 Collateral for borrowings<br><br><br>(*1)
K-SOLAR SHINAN Co., Ltd. Kyobo Life Insurance Co., Ltd. and others Property, plant and<br><br><br>equipment and others KRW 274,780 Collateral for borrowings<br><br><br>(*1)
KOSPO Youngnam<br><br><br>Power Co., Ltd. Shinhan Bank<br><br><br>and others Cash and cash<br><br><br>equivalents and others KRW 744,120 Collateral for borrowings
Jeju Hanlim Offshore Wind Co., Ltd. Kookmin Bank and<br><br><br>others Property, plant and<br><br><br>equipment and others KRW 37,232 Collateral for borrowings
Western Power Changgi Solar Co., Ltd. Samsung Life Insurance and others Property, plant and<br><br><br>equipment and others KRW 45,000 Collateral for borrowings<br><br><br>(*1)
Yeongdeok Sunrise Wind Power Co., Ltd. Korea Development<br><br><br>Bank and others Property, plant and<br><br><br>equipment and others KRW 96,240 Collateral for borrowings
J Wind First, LLC Woori Bank Trade receivable and<br><br><br>Others KRW 64,171 Collateral for borrowings
Chitose Solar Power Plant LLC SMTB Property, plant and<br><br><br>equipment and others 130,587 Collateral for borrowings
Mangilao Intermediate Holdings LLC Mizuho Bank Trade receivable and<br><br><br>others 93,392 Collateral for borrowings

All values are in US Dollars.

(*1) This is based on the amount of loan commitment limit.
(*2) As of June 30, 2025, the Group has established guarantees for pledge for transfer of rights of long-term<br>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 June 30, 2025. The Group has provided a promissory note as a repayment guarantee.

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49. Contingencies and Commitments, Continued
(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a<br>carrying amount of ~~W~~57,513 million as of June 30, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ~~W~~384 million and<br>depreciation on the idle assets of ~~W~~1,807 million are recorded in other expenses for the six-month period ended June 30, 2025. Regarding the improvement of water quality, the results<br>of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of June 30, 2025.<br>
--- ---
(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 June 30, 2025. Accordingly, the book value of the facility, amounting to<br>~~W~~12,399 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 June 30, 2025, the Group cannot make reasonable<br>estimation on whether assets will be recovered or utilized in regular way related thereto.
--- ---
(7) As of June 30, 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<br>by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine.<br>The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
--- ---

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

50. Subsequent Events
(1) Subsequent to June 30, 2025, KEPCO and its subsidiaries, Korea Hydro & Nuclear Power Co.,<br>Ltd. and Korea Western Power Co., Ltd., issued bonds denominated in Korean won and USD for the purposes of operation and facility funding and details related thereto are as follows:
--- ---
In millions of won and thousands of foreign currencies
--- --- --- --- --- --- --- --- ---
Company Type Issue date Maturity Interest rate<br>(%) Amount
Korea Electric Power Corporation #1510 Corporate bond 2025.07.04 2027.07.02 2.59 ~~W~~150,000
#1511 Corporate bond 2025.07.04 2028.07.04 2.67 200,000
#1512 Corporate bond 2025.07.04 2030.07.04 2.80 150,000
#1513 Corporate bond 2025.07.11 2027.07.09 2.55 150,000
#1514 Corporate bond 2025.07.11 2028.07.11 2.61 190,000
#1515 Corporate bond 2025.07.11 2030.07.11 2.76 160,000
#1516 Corporate bond 2025.08.05 2027.08.05 2.54 100,000
#1517 Corporate bond 2025.08.05 2028.08.04 2.60 210,000
#1518 Corporate bond 2025.08.05 2030.08.05 2.74 90,000
#1519 Corporate bond 2025.08.12 2027.08.12 2.56 90,000
#1520 Corporate bond 2025.08.12 2028.08.11 2.64 210,000
#1521 Corporate bond 2025.08.12 2030.08.12 2.78 100,000
Korea Hydro & Nuclear Power Co., Ltd. Foreign Private Bonds (#1 Formosa bond) 2025.07.30 2030.07.30 SOFR+0.79 USD 500,000
Korea Western Power Co., Ltd. #70-1 Corporate bond 2025.07.16 2028.07.14 2.66 40,000
#70-2 Corporate bond 2025.07.16 2030.07.16 2.92 160,000
#71-1 Corporate bond 2025.07.25 2028.07.25 2.67 20,000
#71-2 Corporate bond 2025.07.25 2030.07.25 2.93 80,000
(2) On July 23, 2025 and August 11, 2025, the Group provided a debt guarantee of USD<br>108,026 thousand to Standard Chartered Bank and others, and a performance guarantee of USD 26,550 thousand to Saudi Power Procurement Company in connection with Remal Energy Company’s Saudi gas combined-cycle power project.<br>
--- ---
(3) On July 23, 2025 and August 11, 2025, the Group provided a debt guarantee of USD<br>109,278 thousand to Standard Chartered Bank and others, and a performance guarantee of USD 27,000 thousand to Saudi Power Procurement Company in connection with Naseem Energy Company’s Saudi gas combined-cycle power project.<br>
--- ---

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

51. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and six-month periods ended June 30, 2025 and 2024 to the operating profit or loss as presented in the Group’s consolidated interim 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 June 30, 2025 June 30, 2024
Three-monthperiod ended Six-month<br>period ended Three-month<br>period ended Six-month<br>period ended
Operating profit on the interim consolidated statements of comprehensive income(loss) ~~W~~ 2,135,872 5,889,479 1,250,262 2,549,605
Add
Other income
Reversal of other provisions 970 4,083 602 22,414
Reversal of other allowance for doubtful accounts (757 ) 5,743 — —
Gains on government grants 55 102 — —
Gains on assets contributed 1,332 1,513 3,257 4,139
Gains on liabilities exempted 427 707 6 161
Compensation and reparations revenue 25,688 45,895 34,118 54,808
Revenue from foundation fund 9 163 1 1
Rental income 52,340 105,189 50,893 107,536
Others 13,309 22,785 8,758 33,970
Other gains
Gains on disposal of property, plant and equipment 2,712 8,075 30,418 64,471
Gains on disposal of intangible assets 16 16 3 14
Reversal of impairment loss on intangible assets 40 40 — —
Gains on foreign currency translation 9,677 13,839 12,611 25,542
Gains on foreign currency transactions 31,125 75,738 13,750 30,838
Gains on insurance proceeds 1,015 1,015 807 807
Others 109,052 281,516 54,837 125,858
Deduct
Other expenses
Compensation and reparations expenses (1,309 ) (1,310 ) (52 ) (135 )
Accretion expenses of other provisions (315 ) (755 ) (238 ) (352 )
Depreciation expenses on investment properties (313 ) (508 ) (164 ) (323 )
Depreciation expenses on idle assets (903 ) (1,807 ) (926 ) (1,836 )
Other bad debt expense — (2 ) (5,457 ) (8,003 )
Donations (64,634 ) (76,745 ) (47,026 ) (138,319 )
Others (7,746 ) (13,971 ) (3,426 ) (10,837 )
Other losses
Losses on disposal of property, plant and equipment (12,982 ) (50,140 ) (28,602 ) (46,585 )
Losses on disposal of intangible assets — (13 ) — (110 )
Impairment loss on intangible assets (30 ) (30 ) — —
Losses on foreign currency translation (36,974 ) (47,056 ) (4,071 ) (12,676 )
Losses on foreign currency transactions (17,706 ) (37,394 ) (30,228 ) (73,071 )
Others (65,334 ) (126,423 ) (30,693 ) (71,192 )
Adjusted operating profit ~~W~~ 2,174,636 6,099,744 1,309,440 2,656,725

165

Report a Problem

Category
Description
Email (optional, for follow-up)