KEP 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

the Securities Exchange Act of 1934

For the Month of June 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 ☐

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: June 17, 2025

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

March 31, 2025

with the independent auditors’ review report

TABLE OF CONTENTS

	Page
Independent auditors’ review report
Consolidated interim statements of financial position		1
Consolidated interim statements of comprehensive income		3
Consolidated interim statements of changes in equity		5
Consolidated interim statements of cash flows		7
Notes to the consolidated interim financial statements		9

LOGO

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 March 31, 2025, the condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the three-month period ended March 31, 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 condensed consolidated interim statements of comprehensive loss, change in equity and cash flows for the three-month period ended March 31, 2024, presented for comparative purposes, were reviewed by another auditor. The review report dated May 16, 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.

LOGO

Seoul, Korea

May 15, 2025

This report is effective as of May 15, 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.

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated interim financial statements

For each of the three-month periods ended March 31, 2025 and 2024

“The accompanying 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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of financial position

As of March 31, 2025 and December 31, 2024 (Unaudited)

In millions of won		March 31, 2025
Assets
Current assets
Cash and cash equivalents	5,6,7,44	~~W~~	2,442,980	2,382,979
Current financial assets, net	5,6,9,11,12,13,44,45,46		5,104,546	3,494,717
Trade and other receivables, net	5,8,20,24,44,45,46		11,279,269	12,216,216
Inventories, net	14		9,791,697	9,769,236
Current income tax assets			95,617	78,495
Current non-financial assets	15		1,286,914	1,267,914
Assets held-for-sale	41		28,868	45,648
Total current assets			30,029,891	29,255,205
Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,44,46		4,714,821	4,945,990
Non-current trade and other receivables, net	5,8,20,44,45,46		3,089,051	3,157,409
Property, plant and equipment, net	18,24,27,48		183,845,454	182,982,763
Investment properties, net	19,27		216,988	228,984
Goodwill	16		99,247	99,179
Intangible assets other than goodwill, net	21,27		1,056,423	1,046,918
Investments in associates	4,17		6,840,066	6,704,754
Investments in joint ventures	4,17		6,345,101	4,581,340
Defined benefit assets, net	25		21,606	40,425
Deferred tax assets			13,301,165	13,436,624
Non-current non-financial assets	15		353,284	328,204
Total non-current assets			219,883,206	217,552,590
Total assets	4	~~W~~	249,913,097	246,807,795

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of financial position, Continued

As of March 31, 2025 and December 31, 2024 (Unaudited)

In millions of won		March 31, 2025
Liabilities
Current liabilities
Trade and other payables	5,22,24,44,46	~~W~~	8,526,811	9,411,315
Current financial liabilities	5,12,23,44,46		43,521,189	44,465,866
Current income tax liabilities			1,210,192	970,496
Current non-financial liabilities	20,28,29		7,027,883	6,327,141
Current provisions	26,44		3,138,495	2,793,971
Total current liabilities			63,424,570	63,968,789
Non-current liabilities
Non-current trade and other payables	5,22,24,44,46		4,500,784	4,609,241
Non-current financial liabilities	5,12,23,44,46		89,994,826	88,352,359
Non-current non-financial liabilities	28,29		13,471,514	13,281,520
Employee benefits liabilities, net	25,44		1,600,749	1,451,547
Deferred tax liabilities			5,849,674	5,944,472
Non-current provisions	26,44		27,959,858	27,837,034
Total non-current liabilities			143,377,405	141,476,173
Total liabilities	4	~~W~~	206,801,975	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			20,052,687	18,523,337
			22,225,066	20,128,247
Other components of equity	33
Other capital surplus			1,601,138	1,600,812
Accumulated other comprehensive income			1,368,224	1,424,014
Other equity			12,708,585	12,708,585
			15,677,947	15,733,411
Equity attributable to owners of the controlling company			41,956,591	39,915,236
Non-controlling interests	16,32		1,154,531	1,447,597
Total equity		~~W~~	43,111,122	41,362,833
Total liabilities and equity		~~W~~	249,913,097	246,807,795

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of comprehensive income

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won, except per share information		March 31, 2025
Sales	4,34,44,46
Sales of goods	2	~~W~~	23,809,449		22,850,748
Sales of services			146,692		167,700
Sales of construction services	20		56,197		85,506
Revenue related to transfer of assets from customers	28		211,646		188,789
			24,223,984		23,292,743
Cost of sales	14,25,42,46
Cost of sales of goods			(19,195,043	)	(21,045,353	)
Cost of sales of services			(141,105	)	(127,530	)
Cost of sales of construction services			(420,796	)	(130,304	)
			(19,756,944	)	(21,303,187	)
Gross profit			4,467,040		1,989,556
Selling and administrative expenses	25,35,42,46		(713,433	)	(690,213	)
Operating profit	4		3,753,607		1,299,343
Other income	36		92,807		125,394
Other expenses	36		(19,878	)	(102,516	)
Other gains, net	37		98,572		25,064
Finance income	5,12,38		413,301		987,226
Finance expenses	5,12,39		(1,231,655	)	(2,001,253	)
Profit (loss) related to associates, joint ventures and subsidiaries	4,16,17
Gain on valuation of investments in associates and joint ventures			318,456		298,870
Gain on disposal of investments in associates and joint ventures			41		185,339
Loss on valuation of investments in associates and joint ventures			(193,377	)	(79,682	)
			125,120		404,527
Profit before income tax			3,231,874		737,785
Income tax expense	40		(870,166	)	(141,850	)
Profit for the period		~~W~~	2,361,708		595,935

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of comprehensive income, Continued

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won, except per share information		March 31, 2025
Other comprehensive income (loss), net of tax	5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans	25,31	~~W~~	(100,137	)	(33,665	)
Share in other comprehensive income (loss) of associates and joint ventures	31		(248	)	635
Net change in fair value of equity investments at fair value through other comprehensive income<br>(loss)	33		(39,754	)	66,174
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting	5,12,33		10,463		1,501
Foreign currency translation of foreign operations	33		24,557		35,109
Share in other comprehensive income (loss) of associates and joint ventures	33		(52,419	)	249,513
Other comprehensive income (loss) for the period			(157,538	)	319,267
Total comprehensive income for the period		~~W~~	2,204,170		915,202
Profit attributable to:
Owners of the controlling company	43	~~W~~	2,328,246		561,462
Non-controlling interests			33,462		34,473
		~~W~~	2,361,708		595,935
Total comprehensive income attributable to:
Owners of the controlling company		~~W~~	2,177,767		857,341
Non-controlling interests			26,403		57,861
		~~W~~	2,204,170		915,202
Earnings per share (in won)	43
Basic and diluted earnings per share		~~W~~	3,627		875

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of changes in equity

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won	Equity attributable to owners of the controlling company
	Contributedcapital		Retained<br>earnings			Other<br>components<br>of equity			Subtotal					Total<br>equity
Balance as of January 1, 2024	~~W~~	4,053,578		16,338,262			15,453,203			35,845,043		1,419,707			37,264,750
Total comprehensive income (loss) for the period
Profit for the period		—		561,462			—			561,462		34,473			595,935
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(35,182	)		—			(35,182	)	1,517			(33,665	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		635			—			635		—			635
Net change in fair value of financial assets at fair value through other comprehensive income, net<br>of tax		—		—			66,173			66,173		1			66,174
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		—		—			1,089			1,089		412			1,501
Foreign currency translation of foreign operations, net of tax		—		—			13,651			13,651		21,458			35,109
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			249,513			249,513		—			249,513
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—		(57,926	)		(57,926	)
Additional paid-in capital and others		—		—			—			—		(5,296	)		(5,296	)
Transactions between consolidated entities		—		—			29			29		—			29
Dividends paid for hybrid bonds		—		—			—			—		(2,553	)		(2,553	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—		—			—
Balance as of March 31, 2024	~~W~~	4,053,578		17,451,571			15,197,264			36,702,413		1,411,793			38,114,206

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of changes in equity, Continued

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won	Equity attributable to owners of the controlling company
	Contributedcapital		Retained<br>earnings			Other<br>components<br>of equity			Subtotal					Total<br>equity
Balance as of January 1, 2025	~~W~~	4,053,578		20,128,247			15,733,411			39,915,236		1,447,597			41,362,833
Total comprehensive income (loss) for the period
Profit for the period		—		2,328,246			—			2,328,246		33,462			2,361,708
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(94,441	)		—			(94,441	)	(5,696	)		(100,137	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(248	)		—			(248	)	—			(248	)
Net change in fair value of financial assets at fair value through other comprehensive loss, net<br>of tax		—		—			(39,752	)		(39,752	)	(2	)		(39,754	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—		—			11,230			11,230		(767	)		10,463
Foreign currency translation of foreign operations, net of tax		—		—			25,151			25,151		(594	)		24,557
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			(52,419	)		(52,419	)	—			(52,419	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,738	)		—			(136,738	)	(74,241	)		(210,979	)
Additional paid-in capital and others		—		—			245			245		(5,960	)		(5,715	)
Transactions between consolidated entities		—		—			81			81		(7,140	)		(7,059	)
Dividends paid for hybrid bonds		—		—			—			—		(2,128	)		(2,128	)
Repayment of hybrid bond		—		—			—			—		(230,000	)		(230,000	)
Balance as of March 31, 2025	~~W~~	4,053,578		22,225,066			15,677,947			41,956,591		1,154,531			43,111,122

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of cash flows

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won	March 31, 2025
Cash flows from operating activities
Profit for the period	~~W~~	2,361,708		595,935
Adjustments to reconcile profit for the period to net cash provided by operating<br>activities:
Income tax expense		870,166		141,850
Depreciation		3,493,162		3,512,295
Amortization		40,299		40,504
Retirement benefit expenses		112,443		101,376
Bad debt expense		10,875		12,721
Interest expense		1,117,124		1,151,729
Loss on disposal of financial assets		735		27
Loss on disposal of property, plant and equipment		37,158		17,983
Loss on abandonment of property, plant and equipment		34,971		37,646
Loss on disposal of intangible assets		13		110
Increase in provisions, net		762,929		484,318
Loss (gain) on foreign currency translation, net		(26,487	)	733,108
Gain on valuation of financial assets at fair value through profit or loss		(14,609	)	(36,671	)
Loss on valuation of financial assets at fair value through profit or loss		215		238
Gain on valuation and transaction of derivative instruments, net		(81,689	)	(710,682	)
Gain on valuation of investments in associates and joint ventures, net		(125,079	)	(219,188	)
Gain on disposal of financial assets		(10,564	)	(8,108	)
Gain on disposal of property, plant and equipment		(5,363	)	(34,053	)
Gain on disposal of intangible assets		—		(11	)
Gain on disposal of associates and joint ventures		(41	)	(185,339	)
Interest income		(111,988	)	(118,441	)
Dividends income		(13,551	)	(78	)
Others, net		(104,736	)	8,642
		5,985,983		4,929,976
Changes in:
Trade receivables		1,069,490		1,375,173
Non-trade receivables		(134,013	)	(176,741	)
Accrued income		69,228		(82,997	)
Other receivables		30,026		25,851
Other current assets		(382,332	)	(211,654	)
Inventories		(456,199	)	(206,012	)
Other non-current assets		(98,859	)	(14,620	)
Trade payables		(675,647	)	213,202
Non-trade payables		47,840		508,405
Accrued expenses		(99,797	)	(281,804	)
Other current liabilities		799,853		709,886
Other non-current liabilities		260,656		124,094
Investments in associates and joint ventures (dividends received)		38,623		72,620
Provisions		(325,163	)	(218,046	)
Payments of employee benefit obligations		(103,229	)	(28,549	)
Plan assets		(5	)	(180	)
	~~W~~	40,472		1,808,628

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated interim statements of cash flows, Continued

For the three-month periods ended March 31, 2025 and 2024 (Unaudited)

In millions of won	March 31, 2025
Cash generated from operating activities	~~W~~	8,388,163		7,334,539
Dividends received		13,508		78
Interest paid		(1,184,055	)	(1,130,112	)
Interest received		81,476		85,509
Income taxes paid		(545,998	)	(57,495	)
Net cash flows provided by operating activities		6,753,094		6,232,519
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		12,086		199,718
Acquisition of investments in associates and joint ventures		(1,934,522	)	(130,524	)
Proceeds from disposals of property, plant and equipment		58,494		120,728
Acquisition of property, plant and equipment		(3,772,784	)	(3,709,684	)
Proceeds from disposals of intangible assets		498		341
Acquisition of intangible assets		(19,232	)	(21,460	)
Proceeds from disposals of financial assets		2,676,313		1,690,588
Acquisition of financial assets		(4,134,278	)	(1,733,010	)
Increase in loans		(46,357	)	(37,155	)
Collection of loans		139,380		70,040
Increase in deposits		(41,850	)	(56,981	)
Decrease in deposits		39,198		49,169
Proceeds from disposals of assets held-for-sale		14,363		—
Receipt of government grants		4,954		11,564
Other cash outflow from investing activities, net		(52,128	)	(79,289	)
Net cash flows used in investing activities		(7,055,865	)	(3,625,955	)
Cash flows from financing activities
Repayment of short-term borrowings, net		(203,040	)	(4,157,627	)
Proceeds from long-term borrowings		461,841		480,151
Proceeds from debt securities		8,481,212		2,748,184
Repayment of long-term borrowings		(51,929	)	(61,909	)
Repayment of debt securities		(7,942,524	)	(2,959,450	)
Payment of lease liabilities		(188,632	)	(184,957	)
Settlement of derivative instruments, net		46,860		106,862
Change in non-controlling interests		(11,133	)	(331	)
Repayment of hybrid bond		(230,000	)	—
Dividends paid for hybrid bond		(2,128	)	(2,553	)
Net cash flows provided by (used in) financing activities		360,527		(4,031,630	)
Net increase (decrease) in cash and cash equivalents before effect of exchange ratefluctuations		57,756		(1,425,066	)
Effect of exchange rate fluctuations on cash held		2,245		32,519
Net increase (decrease) in cash and cash equivalents		60,001		(1,392,547	)
Cash and cash equivalents as of January 1, 2025 and 2024		2,382,979		4,342,887
Cash and cash equivalents as of March 31, 2025 and 2024	~~W~~	2,442,980		2,950,340

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements

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

	Number of shares<br>(in shares)
The Government of the Republic of Korea		116,841,794	18.20	%
Korea Development Bank		211,235,264	32.90	%
Other (*)		313,887,019	48.90	%
		641,964,077	100.00	%
(*)	The number of shares held by foreign shareholders is 97,414,248 shares (15.17%) as of December 31,<br>2024, the most recent closing date of the shareholder list.
---	---

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

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

These 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. The accompanying consolidated interim financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditors’ review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2)	Basis of measurement

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

•	financial instruments at fair value through profit or loss;
•	financial instruments at fair value through other comprehensive income or loss;
---	---
•	derivative financial instruments are measured at fair value; and
---	---
•	liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit<br>obligations less the fair value of plan assets.
---	---
(3)	Functional and presentation currency
---	---

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

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

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

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

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

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

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

(ii)	Deferred tax

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

(iii)	Valuations of financial instruments at fair values

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and 2024 are ~~W~~2,004,454 million and ~~W~~2,054,355 million, respectively.

(vi)	Construction contracts

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 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 - Assessment of exchangeability and determination of spot exchange rate when exchangeability is lacking

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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

3.	Material Accounting Policies

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 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 makers of the Group including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments 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 consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(2)	The financial information of the segments for each of the three-month periods ended March 31, 2025 and2024, respectively, is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2025
Segment	Total<br>segment<br>revenue			Intersegment<br>revenue			Revenue<br>from<br>external<br>customers		Operating<br>profit (loss)			Depreciation<br>and<br>amortization			Interest<br>income			Interest<br>expense			Profit (loss) relatedto associates, jointventures andsubsidiaries
Transmission and distribution	~~W~~	23,861,484			573,045			23,288,439		1,900,916			1,110,839			31,207			685,537			44,440
Electric power generation (Nuclear)		4,274,879			4,264,934			9,945		1,285,494			1,332,043			13,149			207,947			(14,182	)
Electric power generation (Non-nuclear)		7,029,030			6,371,859			657,171		576,602			1,034,045			10,352			165,349			94,646
Plant maintenance & engineering service		669,609			558,920			110,689		30,759			42,369			8,755			2,021			216
Others		563,004			405,264			157,740		22,962			62,442			63,113			78,154			—
Consolidation adjustments		(12,174,022	)		(12,174,022	)		—		(63,126	)		(48,277	)		(14,588	)		(21,884	)		—
	~~W~~	24,223,984			—			24,223,984		3,753,607			3,533,461			111,988			1,117,124			125,120
In millions of won
For the three-month period endedMarch 31, 2024
Segment	Total<br>segment<br>revenue			Intersegment<br>revenue			Revenue<br>from<br>external<br>customers		Operating<br>profit (loss)			Depreciation<br>and<br>amortization			Interest<br>income			Interest<br>expense			Profit (loss) relatedto associates, jointventures andsubsidiaries
Transmission and distribution	~~W~~	22,782,168			500,086			22,282,082		1,261,893			1,081,830			28,101			741,673			178,758
Electric power generation (Nuclear)		2,697,185			2,647,385			49,800		(277,567	)		1,352,647			18,791			179,407			(5,618	)
Electric power generation (Non-nuclear)		7,849,482			7,133,959			715,523		306,773			1,066,695			20,201			186,822			46,164
Plant maintenance & engineering service		782,106			679,651			102,455		99,109			38,350			5,756			1,947			185,223
Others		527,088			384,205			142,883		12,238			61,180			59,009			61,269			—
Consolidation adjustments		(11,345,286	)		(11,345,286	)		—		(103,103	)		(47,903	)		(13,417	)		(19,389	)		—
	~~W~~	23,292,743			—			23,292,743		1,299,343			3,552,799			118,441			1,151,729			404,527

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued
(3)	The information related to segment assets and segment liabilities as of March 31, 2025 andDecember 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2025
Segment	Segment<br>assets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-currentassets			Segmentliabilities
Transmission and distribution	~~W~~	141,807,325			8,600,177		1,603,407			119,779,204
Electric power generation (Nuclear)		74,735,587			157,745		854,613			48,843,613
Electric power generation (Non-nuclear)		66,289,605			4,425,323		1,053,174			37,228,313
Plant maintenance & engineering service		4,463,592			1,922		35,756			1,686,980
Others		17,032,222			—		39,140			7,052,247
Consolidation adjustments		(54,415,234	)		—		87,399			(7,788,382	)
	~~W~~	249,913,097			13,185,167		3,673,489			206,801,975
In millions of won
As of December 31, 2024
Segment	Segment<br>assets			Investments inassociates and<br>joint ventures		Acquisition of<br>non-currentassets			Segmentliabilities
Transmission and distribution	~~W~~	139,472,103			6,839,513		8,417,992			120,083,068
Electric power generation (Nuclear)		72,508,359			171,956		2,629,626			47,082,862
Electric power generation (Non-nuclear)		66,834,569			4,272,928		3,862,287			36,363,754
Plant maintenance & engineering service		4,522,610			1,697		160,978			1,508,112
Others		14,977,126			—		195,451			7,073,716
Consolidation adjustments		(51,506,972	)		—		(185,981	)		(6,666,550	)
	~~W~~	246,807,795			11,286,094		15,080,353			205,444,962

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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)**
Geographical unit	For the three-monthperiod endedMarch 31, 2025		For the three-monthperiod endedMarch 31, 2024		As of March 31, 2025		As of December 31, 2024
Domestic	~~W~~	24,007,197		23,088,796		192,186,729		191,214,679
Overseas (*1)		216,787		203,947		6,569,834		4,757,463
	~~W~~	24,223,984		23,292,743		198,756,563		195,972,142
(*1)	Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since<br>the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.
---	---
(*2)	The amounts exclude financial assets, deferred tax assets and defined benefit assets.
---	---
(5)	Information on significant customers
---	---

There is no single customer who accounts for 10% or more of the Group’s revenue for each of the three-month periods ended March 31, 2025 and 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments
(1)	The classification of financial assets as of March 31, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Financial assetsat fair valuethrough profitor loss		Financial assetsat fair valuethrough othercomprehensiveincome		Financial assetsat amortized cost		Derivative assets(applying hedgeaccounting)		Total
Current assets
Cash and cash equivalents	~~W~~	—		—		2,442,980		—		2,442,980
Current financial assets
Current financial assets at fair value through profit or loss		2,333,715		—		—		—		2,333,715
Current financial assets at amortized costs		—		—		50,283		—		50,283
Current derivative assets		396,229		—		—		519,428		915,657
Other financial assets		—		—		1,804,891		—		1,804,891
Trade and other receivables		—		—		11,279,269		—		11,279,269
		2,729,944		—		15,577,423		519,428		18,826,795
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		703,579		—		—		—		703,579
Non-current financial assets at fair value through other comprehensive income		—		621,935		—		—		621,935
Non-current financial assets at amortized costs		—		—		10,090		—		10,090
Non-current derivative assets		1,483,951		—		—		252,216		1,736,167
Other financial assets		—		—		1,643,050		—		1,643,050
Trade and other receivables		—		—		3,089,051		—		3,089,051
		2,187,530		621,935		4,742,191		252,216		7,803,872
	~~W~~	4,917,474		621,935		20,319,614		771,644		26,630,667

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued
(1)	The classification of financial assets as of March 31, 2025 and December 31, 2024 is as follows,continued:
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Financial assetsat fair valuethrough profitor loss		Financial assetsat fair valuethrough othercomprehensiveincome		Financial assetsat amortized cost		Derivative assets(applying hedgeaccounting)		Total
Current assets
Cash and cash equivalents	~~W~~	—		—		2,382,979		—		2,382,979
Current financial assets
Current financial assets at fair value through profit or loss		1,456,895		—		—		—		1,456,895
Current financial assets at amortized 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 or loss		719,277		—		—		—		719,277
Non-current financial assets at fair value through other 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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued
(2)	The classification of financial liabilities as of March 31, 2025 and December 31, 2024 is asfollows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---
	Financial liabilities atfair value throughprofit or loss		Financial liabilitiesrecognized at amortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		17,594,541		—		17,594,541
Debt securities		—		25,911,307		—		25,911,307
Derivative liabilities		15,341		—		—		15,341
Trade and other payables		—		8,526,811		—		8,526,811
		15,341		52,032,659		—		52,048,000
Non-current liabilities
Borrowings		—		3,242,051		—		3,242,051
Debt securities		—		86,487,050		—		86,487,050
Derivative liabilities		265,488		—		237		265,725
Trade and other payables		—		4,500,784		—		4,500,784
		265,488		94,229,885		237		94,495,610
	~~W~~	280,829		146,262,544		237		146,543,610
In millions of won	As of December 31, 2024
	Financial liabilities atfair value throughprofit or loss		Financial liabilitiesrecognized at amortized cost		Derivative liabilities(applying hedgeaccounting)		Total
Current liabilities
Borrowings	~~W~~	—		17,540,585		—		17,540,585
Debt securities		—		26,901,367		—		26,901,367
Derivative liabilities		23,914		—		—		23,914
Trade and other payables		—		9,411,315		—		9,411,315
		23,914		53,853,267		—		53,877,181
Non-current liabilities
Borrowings		—		3,118,796		—		3,118,796
Debt securities		—		84,972,652		—		84,972,652
Derivative liabilities		256,018		—		4,893		260,911
Trade and other payables		—		4,609,241		—		4,609,241
		256,018		92,700,689		4,893		92,961,600
	~~W~~	279,932		146,553,956		4,893		146,838,781

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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-monthperiods ended March 31, 2025 and 2024 is as follows:
---	---
In millions of won		For thethree-monthperiod endedMarch 31, 2025			For thethree-monthperiod endedMarch 31, 2024
---	---	---	---	---	---	---	---
Cash and cash equivalents	Interest income	~~W~~	28,930			33,545
	Gain (loss) on foreign currency transactions and translations		(6,689	)		6,367
Financial assets at fair value through profit or loss	Interest income		7,639			17,096
	Dividends income		62			78
	Gain on valuation of financial assets		14,394			36,433
	Gain on disposal of financial assets		9,829			8,081
Financial assets at fair value through other comprehensive income	Dividends income		13,489			—
	Gain or loss on valuation of financial assets at fair value through other comprehensive income (equity, before tax)		(53,081	)		63,649
Financial assets at amortized cost	Interest income		255			266
	Loss on disposal of financial assets		(1	)		—
	Gain (loss) on foreign currency transactions and translations		(166	)		1,858
Loans	Interest income		9,693			9,879
	Gain (loss) on foreign currency transactions and translations		(56	)		1,871
Trade and other receivables	Interest income		48,146			45,920
	Gain on foreign currency transactions and translations		6,214			32,146
Short-term financial instruments	Interest income		10,450			4,266
Long-term financial instruments	Interest income		6,826			7,385
	Gain on foreign currency transactions and translations		—			1
Other financial assets	Interest income		49			84
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		904,184			943,406
	Interest expense of trade and other payables		43,529			35,662
	Interest expense of others		169,411			172,661
	Other finance income		831			712
	Other finance expenses		442			560
	Gain (loss) on foreign currency transactions and translations		89,517			(795,332	)
Derivative assets (trading)	Gain on valuation of derivatives		39,687			470,717
	Gain on transaction of derivatives		47,111			34,202
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		(2,679	)		205,663
	Gain on valuation of derivatives (equity, before tax)		19,901			1,148
	Gain (loss) on transaction of derivatives		(2,430	)		100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

6.	Restricted Deposits

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

In millions of won		As ofMarch 31, 2025
Cash and cash equivalents	Escrow accounts	~~W~~	3,190	3,280
	Deposits for government project and others		42,108	30,812
	Collateral provided for borrowings		217,488	211,522
	Collateral provided for lawsuit		132	54
	Deposits for transmission regional support program		6,921	8,959
	Deposits for other business purposes		7,706	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		343,520	83,520
	Collateral provided for borrowings		79,069	85,569
Other current financial assets	Deposits for Other Business Purposes and others		2,855	—
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		291,905	296,496
Long-term financial instruments	Guarantee deposits for banking accounts<br> <br>at<br>oversea branches		2	22
	Collateral provided for borrowings		—	6,500
	Decommissioning costs of nuclear power plants		670,000	660,000
	Small and Medium Enterprise Development Fund		4,000	—
Other non-current assets	Deposits for other business purposes		6,200	9,150
		~~W~~	1,675,096	1,400,071
7.	Cash and Cash Equivalents
---	---

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

In millions of won	As ofMarch 31, 2025
Cash	~~W~~	15,989	17,941
Other demand deposits		1,723,195	1,712,130
Short-term deposits classified as cash equivalents		605,482	548,611
Short-term investments classified as cash equivalents		98,314	104,297
	~~W~~	2,442,980	2,382,979

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables
(1)	Trade and other receivables as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present value<br>discount			Book value
Current assets
Trade receivables	~~W~~	10,219,451		(179,158	)		—			10,040,293
Other receivables		1,281,270		(37,528	)		(4,766	)		1,238,976
		11,500,721		(216,686	)		(4,766	)		11,279,269
Non-current assets
Trade receivables		1,063,063		(93,858	)		—			969,205
Other receivables		2,233,885		(104,173	)		(9,866	)		2,119,846
		3,296,948		(198,031	)		(9,866	)		3,089,051
	~~W~~	14,797,669		(414,717	)		(14,632	)		14,368,320
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present value<br>discount			Book 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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued
(2)	Other receivables as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present valuediscount			Book value
Current assets
Non-trade receivables	~~W~~	626,037		(31,800	)		(21	)		594,216
Accrued income		111,305		—			—			111,305
Deposits		306,836		(4	)		(4,745	)		302,087
Finance lease receivables (*1)		94,915		(4,431	)		—			90,484
Others		142,177		(1,293	)		—			140,884
		1,281,270		(37,528	)		(4,766	)		1,238,976
Non-current assets
Non-trade receivables		242,079		(58,795	)		(41	)		183,243
Accrued income		29,241		(6,320	)		—			22,921
Deposits		462,679		(414	)		(9,825	)		452,440
Finance lease receivables (*2)		1,239,329		(2,673	)		—			1,236,656
Others		260,557		(35,971	)		—			224,586
		2,233,885		(104,173	)		(9,866	)		2,119,846
	~~W~~	3,515,155		(141,701	)		(14,632	)		3,358,822
(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~119,410 million.
---	---
(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income<br>of ~~W~~912,588 million.
---	---
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Gross amount		Allowance for<br>doubtful accounts			Present valuediscount			Book 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>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued
(4)	The aging analysis of trade receivables as of March 31, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of March 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Trade receivables not overdue	~~W~~	10,924,143			12,010,590
Trade receivables overdue and impairment-reviewed:		358,371			345,399
Less than 60 days		20,449			12,289
60 ~ 90 days		56,775			59,427
90 ~ 120 days		14,593			21,642
120 days ~ 1 year		59,663			56,107
More than 1 year		206,891			195,934
		11,282,514			12,355,989
Less: allowance for doubtful accounts		(273,016	)		(260,774	)
	~~W~~	11,009,498			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 three-month period ended March 31, 2025 and forthe year ended December 31, 2024 are as follows:
In millions of won	For the three-month period endedMarch 31, 2025						For the year endedDecember 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Tradereceivables			Otherreceivables			Tradereceivables			Otherreceivables
Beginning balance	~~W~~	260,774			140,168			232,645			133,953
Bad debts expense		17,635			2			48,160			21,937
Write-off		(2,008	)		(689	)		(17,157	)		(23,177	)
Reversal		(262	)		(7,096	)		(12,928	)		(587	)
Others		(3,123	)		9,316			10,054			8,042
Ending balance	~~W~~	273,016			141,701			260,774			140,168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

In millions of won	As of March 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	~~W~~	315		135,217		313		152,054
Cooperative		—		6,397		—		6,872
Others (*)		2,333,400		399,360		1,456,582		405,309
		2,333,715		540,974		1,456,895		564,235
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		162,605		—		155,042
	~~W~~	2,333,715		703,579		1,456,895		719,277

(*) Others include MMT, MMF etc.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periodended March 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisition		Disposal		Valuation			Others		Ending<br>balance
Equity securities
Listed	~~W~~	360,096		—		—		(53,037	)		—		307,059
Unlisted		309,709		—		—		(44	)		166		309,831
		669,805		—		—		(53,081	)		166		616,890
Debt securities
Corporate bond		5,045		—		—		—			—		5,045
	~~W~~	674,850		—		—		(53,081	)		166		621,935
Current financial assets at fair value through other comprehensive income	~~W~~	—		—		—		—			—		—
Non-current financial assets at fair value through other comprehensive income		674,850		—		—		(53,081	)		166		621,935
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 comprehensive income		502,443		4,000		(170	)		162,565		6,012		674,850

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	~~W~~	173,201		112,185		112,185
KG Mobility Co., Ltd.		12,205		0.01	%		428		45		45
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		40		40
PAN Ocean Co., Ltd.		1,492		0.00	%		14		5		5
HD Hyundai Marine Engine Co., Ltd.		61,455		0.22	%		430		1,629		1,629
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		78,464		78,464
Denison Mines Corp.		58,284,000		7.46	%		84,134		112,250		112,250
Paladin Energy		100,000		0.01	%		41		51		51
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		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,029		1,029
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,353		1,353
							326,430		307,059		307,059
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
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
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		10,916		0.14	%		1,092		97		97
SAMBO AUTO. Co., Ltd.		504		0.00	%		14		38		38
Mobo Co., Ltd. and others (*6)		—		—			452,914		10,358		10,358
							771,955		309,831		309,831

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of March 31, 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~~	1,102,956		621,935		621,935
(*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 three-month period ended March 31, 2025.
---	---
(*3)	During the year ended December 31, 2024, the Group additionally acquired shares in the entity through<br>conversion of investments performed in accordance with corporate rehabilitation procedures, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant<br>influence over the entity until the corporate rehabilitation procedures are completed.
---	---
(*4)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application<br>for temporary injunction requiring the suspension of delisting decision and others.
---	---
(*5)	The entity is undergoing corporate rehabilitation procedures for the three-month period ended March 31,<br>2025 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive<br>income.
---	---
(*6)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 477<br>companies including Mobo Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 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
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
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		10,916		0.14	%		1,092		97		97
SAMBO AUTO. Co., Ltd.		15,066		0.02	%		38		38		38
Mobo Co., Ltd.(*6)		—		—			33,126		10,236		10,236
							352,191		309,709		309,709

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 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<br>for 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<br>Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.<br>
---	---
(*6)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 464<br>companies including Mobo Co., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

11.	Financial Assets at Amortized Cost

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

In millions of won	As of March 31, 2025
	Financial assetsat amortized cost		Book<br>value
Government bonds	~~W~~	1,382		1,382
Others		58,991		58,991
	~~W~~	60,373		60,373
Current	~~W~~	50,283		50,283
Non-current		10,090		10,090
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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives
(1)	Derivatives as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	~~W~~	3,478		—		12,153		—
Currency swap		898,225		1,445,175		733,374		1,630,570
Interest rate swap		4,659		166,740		9,571		176,138
Others (*2,3)		9,295		124,252		5,456		123,902
	~~W~~	915,657		1,736,167		760,554		1,930,610
Derivative liabilities
Currency forward	~~W~~	97		—		132		—
Currency swap		4,751		26,936		1,640		36,328
Interest rate swap		1,765		90,665		127		76,356
Others (*1,2,4)		8,728		148,124		22,015		148,227
	~~W~~	15,341		265,725		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 March 31, 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 other<br>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 assessment of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other<br>derivative 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. As of March 31, 2025, the Group recognized other derivative liabilities of ~~W~~8,725 million related to the settlement contract,<br>and a loss on valuation of derivative instruments of ~~W~~8,354 million for the three-month period ended March 31, 2025.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(2)	Currency forward contracts which are not designated as hedging instruments as of March 31, 2025 are asfollows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---
Counterparty	Contract date		Maturity<br>date		Contract amounts
				Pay			Receive
Nonghyup Bank		2025.03.17		2025.04.08	~~W~~	17,374		12,000	1,447.80
Nonghyup Bank		2025.03.21		2025.04.10		10,261		7,000	1,465.85
Busan Bank		2025.03.25		2025.04.15		12,478		8,500	1,468.02
Woori Bank		2025.03.13		2025.04.01		10,154		7,000	1,450.50
Shinhan Bank		2025.03.13		2025.04.04		17,404		12,000	1,450.30
Hana Bank		2025.03.27		2025.04.17		7,347		5,000	1,469.31
Suhyup Bank		2025.02.13		2025.04.07		11,579		8,000	1,447.40
Deutsche Bank		2025.02.17		2025.04.07		5,752		4,000	1,438.00
MUFG		2025.02.18		2025.04.14		14,402		10,000	1,440.22
Mizuho Bank		2025.02.20		2025.04.14		14,360		10,000	1,436.04
Shinhan Bank		2025.02.20		2025.04.23		8,611		6,000	1,435.10
JP Morgan		2025.02.26		2025.04.23		5,711		4,000	1,427.75
SMBC		2025.02.28		2025.04.25		11,639		8,000	1,454.89
Deutsche Bank		2025.03.14		2025.04.07		17,442		12,000	1,453.48
Deutsche Bank		2025.03.14		2025.04.07		13,081		9,000	1,453.48
MUFG		2025.03.26		2025.04.02		5,860		4,000	1,465.05
JP Morgan		2025.03.12		2025.04.14		5,790		4,000	1,447.60
JP Morgan		2025.03.17		2025.04.21		3,843		2,663	1,443.40
MUFG		2025.03.24		2025.04.28		7,323		5,000	1,464.55
JP Morgan		2025.03.24		2025.04.28		7,323		5,000	1,464.55
JP Morgan		2025.03.21		2025.04.29		7,322		5,000	1,464.40
Nonghyup Bank		2025.03.21		2025.04.30		7,321		5,000	1,464.25
MUFG		2025.03.05		2025.04.14		10,173		7,000	1,453.22
Kookmin Bank		2025.03.05		2025.04.14		11,632		8,000	1,454.02
Shinhan Bank		2025.03.11		2025.04.14		6,921		4,755	1,455.32
Busan Bank		2025.03.11		2025.04.14		4,362		3,000	1,454.02
Hana Bank		2025.03.27		2025.04.07		4,406		3,000	1,468.75
SMBC		2025.03.27		2025.04.07		7,342		5,000	1,468.31
Hana Bank		2025.03.26		2025.04.24		222		141	1,582.30
Shinhan Bank		2025.03.05		2025.05.08		6		4	1,450.55
Bank of America		2025.03.05		2025.05.08		739		510	1,450.00
HSBC		2025.03.05		2025.05.08		7,243		5,000	1,448.55
Woori Bank		2025.03.05		2025.05.08		4,349		3,000	1,449.60
MUFG		2025.03.05		2025.05.08		7,231		5,000	1,446.20
Standard Chartered		2025.03.05		2025.05.08		7,232		5,000	1,446.40
Shinhan Bank		2025.03.11		2025.05.15		5,793		4,000	1,448.36
Bank of America		2025.03.11		2025.05.15		5,794		4,000	1,448.40
Hana Bank		2025.03.17		2025.05.22		8,645		6,000	1,440.77
HSBC		2025.03.17		2025.05.22		5,765		4,000	1,441.30
Shinhan Bank		2025.03.17		2025.05.29		8,752		6,000	1,458.70
Hana Bank		2025.03.17		2025.05.29		8,770		6,000	1,461.63

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of March 31, 2025 are asfollows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate			Contractexchange rate(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
Woori Bank		2020~2025			241,320		200,000	0.54%		1.13%		1,206.60
Korea Development Bank		2020~2025			241,320		200,000	0.54%		1.13%		1,206.60
Kookmin Bank		2020~2025			120,660		100,000	0.54%		1.13%		1,206.60
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
Hana Bank		2022~2025			385,800		300,000	3.11%		3.63%		1,286.00
Woori Bank		2022~2025			257,200		200,000	3.12%		3.63%		1,286.00
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
Nomura		2015~2025			111,190		100,000	2.60%		3.25%		1,111.90
Korea Development Bank		2015~2025			111,190		100,000	2.62%		3.25%		1,111.90
Woori Bank		2015~2025			55,595		50,000	2.62%		3.25%		1,111.90
Hana Bank		2015~2025			55,595		50,000	2.62%		3.25%		1,111.90
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

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(3)	Currency swap contracts which are not designated as hedging instruments as of March 31, 2025 are asfollows, continued:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate			Contractexchange rate(in won)
			Pay			Receive			Receive
Hana Bank		2022~2027		~~W~~	131,000		100,000	3.61%		4.25%	~~W~~	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
Hana Bank		2024~2029			138,540		100,000	3.15%		4.63%		1,385.40
Shinhan Bank		2024~2029			138,540		100,000	3.15%		4.63%		1,385.40
Kookmin Bank		2024~2029			138,540		100,000	3.16%		4.63%		1,385.40
Woori Bank		2024~2029			138,540		100,000	3.17%		4.63%		1,385.40
Korea Development Bank		2024~2029			138,540		100,000	3.19%		4.63%		1,385.40
Credit Agricole		2025~2028			218,963		HKD 1,166,000	2.85%		4.10%		187.79

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(4)	Currency swap contracts which are designated as hedging instruments as of March 31, 2025 are asfollows:
---	---
In millions of won and thousands of foreign currencies except contract exchange rate information
---	---	---	---	---	---	---	---	---	---	---	---	---
Counterparty	Contract year			Contract amount				Contract interest rate			Contractexchange rate(in won)
			Pay			Receive			Receive
Korea Development Bank		2020~2026		~~W~~	118,910		100,000	0.61%		1.00%	~~W~~	1,189.10
Hana Bank		2020~2026			118,910		100,000	0.61%		1.00%		1,189.10
Woori Bank		2020~2026			118,910		100,000	0.62%		1.00%		1,189.10
Nomura		2017~2037			52,457		40,000	2.60%		1.70%		1,311.42
Nomura		2017~2037			59,423		SEK 450,000	2.62%		2.36%		132.05
Kookmin Bank		2021~2026			114,230		100,000	1.27%		1.25%		1,142.30
Korea Development Bank		2021~2026			114,230		100,000	1.27%		1.25%		1,142.30
Hana Bank		2021~2026			114,230		100,000	1.27%		1.25%		1,142.30
Korea Development Bank		2022~2027			123,710		100,000	3.41%		3.63%		1,237.10
Woori Bank		2022~2027			123,710		100,000	3.41%		3.63%		1,237.10
JP Morgan		2022~2027			123,710		100,000	3.41%		3.63%		1,237.10
Korea Development Bank		2022~2025			128,560		100,000	3.37%		4.13%		1,285.60
Woori Bank		2022~2025			128,560		100,000	3.37%		4.13%		1,285.60
Kookmin Bank		2022~2025			128,560		100,000	3.37%		4.13%		1,285.60
Woori Bank		2021~2026			220,600		200,000	0.47%		0.75%		1,103.00
Shinhan Bank		2021~2026			220,600		200,000	0.47%		0.75%		1,103.00
Hana Bank		2021~2026			55,150		50,000	0.48%		0.75%		1,103.00
Shinhan Bank		2023~2026			132,930		100,000	4.07%		5.38%		1,329.30
Nonghyup Bank		2023~2026			132,930		100,000	4.05%		5.38%		1,329.30
Kookmin Bank		2023~2026			132,930		100,000	4.07%		5.38%		1,329.30
Woori Bank		2020~2025			245,560		200,000	0.93%		1.75%		1,227.80
Hana Bank		2020~2025			245,560		200,000	0.93%		1.75%		1,227.80
Korea Development Bank		2020~2025			122,780		100,000	0.93%		1.75%		1,227.80
JP Morgan		2022~2025			126,180		100,000	2.80%		3.60%		1,261.80
Hana Bank		2022~2025			126,180		100,000	2.80%		3.60%		1,261.80
Korea Development Bank		2022~2025			252,360		200,000	2.83%		3.60%		1,261.80
Woori Bank		2022~2025			126,180		100,000	2.85%		3.60%		1,261.80
Woori Bank		2023~2028			259,000		200,000	3.83%		4.88%		1,295.00
Korea Development Bank		2023~2028			129,500		100,000	3.85%		4.88%		1,295.00
Bank of America		2023~2028			64,750		50,000	3.85%		4.88%		1,295.00

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(5)	Interest rate swap contracts which are not designated as hedging instruments as of March 31, 2025 areas follows:
---	---
In millions of won and thousands of foreign currencies					Contract interest rate per annum
---	---	---	---	---	---	---
Counterparty	Contract year		Contract<br>amount		Pay	Receive
Nomura (*1)		2018~2038	~~W~~	30,000	3M CD + 0.10%	3.75%
Shinhan Bank		2021~2025		100,000	2.32%	3M CD + 0.43%
Hana Bank		2022~2027		200,000	3.02%	3M CD + 0.61%
Hana Bank		2022~2027		200,000	3.04%	3M CD + 0.58%
Hana Bank		2022~2027		250,000	3.38%	3M CD + 0.59%
Nomura		2022~2027		200,000	3.55%	3M CD + 0.60%
Shinhan Bank		2022~2027		150,000	3.53%	3M CD + 0.55%
Hana Bank		2022~2027		200,000	3.70%	3M CD + 0.59%
Nomura		2022~2027		300,000	3.89%	3M CD + 0.67%
Hana Bank		2022~2027		200,000	3.93%	3M CD + 0.67%
Nomura		2022~2027		200,000	3.80%	3M CD + 0.68%
Nomura		2022~2027		300,000	4.04%	3M CD + 0.60%
Hana Bank		2022~2027		100,000	4.68%	3M CD + 1.04%
Hana Bank		2022~2027		100,000	5.45%	3M CD + 1.20%
Shinhan Bank		2023~2028		200,000	4.27%	3M CD + 0.76%
Shinhan Bank		2023~2028		50,000	4.27%	3M CD + 0.76%
Nomura		2023~2028		250,000	4.13%	3M CD + 0.73%
Hana Bank		2023~2028		200,000	3.74%	3M CD + 0.51%
Hana Bank		2023~2028		100,000	4.19%	3M CD + 0.50%
Shinhan Bank		2023~2028		300,000	3.81%	3M CD + 0.70%
Hana Bank		2023~2028		200,000	3.95%	3M CD + 0.50%
Shinhan Bank		2024~2029		200,000	3.84%	3M CD + 0.50%
Hana Bank		2024~2027		250,000	3.72%	3M CD + 0.34%
Hana Bank		2024~2027		250,000	3.77%	3M CD + 0.31%
Hana Bank		2024~2027		250,000	3.31%	3M CD + 0.31%
Hana Bank		2024~2027		200,000	3.46%	3M CD + 0.53%
Shinhan Bank		2024~2025		200,000	3.53%	3M CD + 0.35%
Nomura		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%
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%
Rabobank		2022~2036		USD 37,130	1.83%	6M SOFR
Mizuho Capital Markets LLC		2024~2045		USD 80,116	3M USD Synthetic Libor	1.14%
(*1)	Depending on the counterparty exercising the right, the contract may be early settled on the same date every<br>year from June 15, 2023.
---	---
(*2)	1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M<br>CMT+0.35% is applied thereafter.
---	---
(*3)	1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M<br>CMT+0.35% is applied thereafter.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

12.	Derivatives, Continued
(6)	Interest rate swap contracts which are designated as hedging instruments as of March 31, 2025 are asfollows:
---	---
In thousands of foreign currencies					Contract interest rate per annum
---	---	---	---	---	---	---	---
Counterparty	Contract year		Contract<br>amount		Pay	Receive
Export-Import Bank of Korea		2015~2031		USD 15,893	2.67%		6M Synthetic Libor
ING Bank		2015~2031		USD 7,861	2.67%		6M Synthetic Libor
BNP Paribas		2015~2031		USD 7,861	2.67%		6M Synthetic Libor
BNP Paribas		2009~2027		USD 29,143	4.16%		6M Synthetic Libor
KFW		2009~2027		USD 29,143	4.16%		6M Synthetic Libor
Export-Import Bank of Korea		2016~2036		USD 56,175	3.00%		6M Synthetic Libor
SMTB		2025~2036		JPY 3,900,000	6M TIBOR + 0.55%		1.82

All values are in US Dollars.

(7)	Gains and losses on valuation and transaction of derivatives for the three-month periods endedMarch 31, 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 of valuation gain (loss)					Net income effects of transaction gain (loss)					Accumulated other<br>comprehensive<br>*income (loss) ()**
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	For the three-month periodended March 31,2025			For the three-month periodended March 31,2024		For the three-month periodended March 31,2025			For the three-month periodended March 31,2024		For the three-month periodended March 31,2025			For the three-month periodended March 31,2024
Currency forward	~~W~~	3,334			15,149		(9,669	)		19,751		—			—
Currency swap		47,822			618,110		45,653			4,168		22,574			(2,478	)
Interest rate swap		(22,503	)		29,682		(792	)		6,927		(2,673	)		3,626
Other derivatives		8,355			13,439		9,489			3,456		—			—
	~~W~~	37,008			676,380		44,681			34,302		19,901			1,148
(*)	For the three-month periods ended March 31, 2025 and 2024, the net gain(loss) on valuation of derivatives<br>applying cash flow hedge accounting of ~~W~~10,463 million and ~~W~~1,501 million, net of tax, are included in other comprehensive income, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

13.	Other Financial Assets
(1)	Other financial assets as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025						As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	Current			Non-current			Current			Non-current
Loans	~~W~~	104,535			927,177			115,161			901,953
Less: allowance for doubtful accounts		(5,413	)		(67,175	)		(5,156	)		(66,838	)
Less: present value discount		(1,102	)		(36,584	)		(1,084	)		(35,888	)
		98,020			823,418			108,921			799,227
Long-term / short-term financial instruments		1,706,871			819,632			1,147,929			812,211
	~~W~~	1,804,891			1,643,050			1,256,850			1,611,438
(2)	Loans as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carrying value
Short-term loans
Loans for tuition	~~W~~	34,682		(5,156	)		(1,102	)		28,424
Loans for housing		39,976		—			—			39,976
Other loans		29,877		(257	)		—			29,620
		104,535		(5,413	)		(1,102	)		98,020
Long-term loans
Loans for tuition		371,797		(3,766	)		(36,584	)		331,447
Loans for housing		262,017		—			—			262,017
Loans for related parties		282,468		(63,409	)		—			219,059
Other loans		10,895		—			—			10,895
		927,177		(67,175	)		(36,584	)		823,418
	~~W~~	1,031,712		(72,588	)		(37,686	)		921,438
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Face value		Allowance fordoubtful accounts			Present valuediscount			Carrying value
Short-term loans
Loans for tuition	~~W~~	34,484		(5,156	)		(1,084	)		28,244
Loans for housing		43,171		—			—			43,171
Other loans		37,506		—			—			37,506
		115,161		(5,156	)		(1,084	)		108,921
Long-term loans
Loans for tuition		364,685		(4,888	)		(35,888	)		323,909
Loans for housing		266,208		—			—			266,208
Loans for related parties		260,227		(61,950	)		—			198,277
Other loans		10,833		—			—			10,833
		901,953		(66,838	)		(35,888	)		799,227
	~~W~~	1,017,114		(71,994	)		(36,972	)		908,148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

13.	Other Financial Assets, Continued
(3)	Changes in the allowance for doubtful accounts of loans for the three-month period ended March 31, 2025and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-monthperiod endedMarch 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	71,994			80,793
Bad debts expense (reversal)		596			3,727
Write-off		(2	)		(12,526	)
Ending balance	~~W~~	72,588			71,994
(4)	Long-term and short-term financial instruments as of March 31, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Time deposits	~~W~~	1,410,604		141,649		823,806		135,995
CD		10,000		—		40,000		—
Others		286,267		677,983		284,123		676,216
	~~W~~	1,706,871		819,632		1,147,929		812,211

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

14.	Inventories

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

In millions of won	As of March 31, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	~~W~~	4,991,370		(1,569	)		4,989,801
Merchandises		963		—			963
Work-in-progress		217,204		—			217,204
Finished goods		63,887		(1,900	)		61,987
Supplies		3,455,040		—			3,455,040
Inventories-in-transit		1,049,225		—			1,049,225
Other inventories		17,477		—			17,477
	~~W~~	9,795,166		(3,469	)		9,791,697
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 loss from inventory valuation (reversal of the allowance for loss on inventory valuation) included in cost of sales for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 amounts to ~~W~~572 million and ~~W~~(9,182) million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 were ~~W~~694 million and ~~W~~9,941 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

15.	Non-Financial Assets

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

In millions of won	As of March 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advanced payments	~~W~~	512,050		67,125		467,156		66,174
Prepaid expenses		421,843		260,165		431,087		221,922
Others (*)		353,021		25,994		369,671		40,108
	~~W~~	1,286,914		353,284		1,267,914		328,204
(*)	Details of others as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	~~W~~	155,307		—		211,969		—
Other quick assets		197,714		25,994		157,702		40,108
	~~W~~	353,021		25,994		369,671		40,108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries
(1)	Consolidated subsidiaries as of March 31, 2025 and December 31, 2024 are as follows:
---	---
Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
			As of March 31,<br>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		85.03	%		85.03	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of March 31, 2025 and December 31, 2024 are as follows, continued:
---	---
			Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
Subsidiaries	Key operation activities	Location	As of March 31,<br>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.	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.	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	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of March 31, 2025 and December 31, 2024 are as follows, continued:
---	---
			Percentage of ownership (%)
---	---	---	---	---	---	---	---	---
Subsidiaries	Key operation activities	Location	As of March 31,<br>2025			As of December 31,2024
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.99	%		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	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(1)	Consolidated subsidiaries as of March 31, 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<br>consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
---	---
(*3)	As of March 31, 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 guarantees a certain return on investments in Commerce and Industry Energy Co., Ltd. for the<br>financial investors holding such investments. The financial investors have a right to claim the Group to sell its shares in the entity, which can be exercised 36 months after the date of acquisition.
---	---
(*5)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the<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 March 31, 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.
---	---
(2)	There were no subsidiaries newly included in or excluded from the scope of consolidation during thethree-month period ended March 31, 2025.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Korea Hydro & Nuclear Power Co., Ltd.	~~W~~	74,735,587		48,843,613		4,274,879		840,651
Korea South-East Power Co., Ltd.		12,967,567		6,683,111		1,644,084		109,241
Korea Midland Power Co., Ltd.		14,638,828		9,480,584		1,509,128		43,121
Korea Western Power Co., Ltd.		13,092,565		7,779,804		1,232,067		19,854
Korea Southern Power Co., Ltd.		12,896,569		7,011,834		1,397,492		80,646
Korea East-West Power Co., Ltd.		12,694,076		6,272,980		1,246,259		95,604
KEPCO Engineering & Construction Company, Inc.		896,437		295,871		96,419		65,903
KEPCO Plant Service & Engineering Co., Ltd.		1,661,846		450,044		280,689		9,923
KEPCO Nuclear Fuel Co., Ltd.		1,085,587		608,838		136,648		12,499
KEPCO KDN Co., Ltd.		819,722		332,228		155,853		8,276
KEPCO International HongKong Ltd.		149,220		—		—		1,413
KEPCO International Philippines Inc.		13,693		82		—		1
KEPCO Gansu International Ltd.		8,213		692		—		—
KEPCO Philippines Holdings Inc.		204,127		207		—		85
KEPCO Philippines Corporation		3,034		—		—		30
KEPCO Ilijan Corporation		59,212		601		—		(53	)
KEPCO Neimenggu International Ltd.		322,656		4,827		—		(92	)
KEPCO Shanxi International Ltd.		810,037		371,497		—		(5,937	)
KOMIPO Global Pte Ltd.		457,218		2,449		—		6,195
KEPCO Netherlands B.V.		155,188		88		—		(51	)
KEPCO Australia Pty., Ltd.		218		—		—		(10	)
KOSEP Australia Pty., Ltd.		56,480		8,636		6,891		1,493
KOMIPO Australia Pty., Ltd.		98,626		3,771		6,891		2,584
KOWEPO Australia Pty., Ltd.		98,224		3,235		6,891		3,638
KOSPO Australia Pty., Ltd.		40,107		3,754		6,891		1,318
KEPCO Middle East Holding Company		137,218		132,372		—		(2,135	)
Qatrana Electric Power Company		563,790		211,808		7,524		5,936
KHNP Canada Energy Ltd.		136,843		14,556		—		111
KEPCO Bylong Australia Pty., Ltd.		45,511		557,060		—		(223	)
Korea Waterbury Uranium Limited Partnership		20,773		69		—		(25	)
KEPCO Holdings de Mexico		1,763		3,100		—		(134	)
KST Electric Power Company, S.A.P.I. de C.V.		657,428		529,763		24,764		6,304
KEPCO Energy Service Company		2,871		1,014		3,156		677
KEPCO Netherlands S3 B.V.		77,900		19,044		—		(7	)
PT. KOMIPO Pembangkitan Jawa Bali		19,987		3,856		5,562		2,202
PT. Cirebon Power Service		3,467		1,220		2,561		70
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,793		21,433		3,512		1,032
EWP America Inc. (*1)		53,070		4,399		5,909		2,497
KNF Canada Energy Limited		2,339		34		—		(15	)
EWP Barbados 1 SRL		479,830		1,096		—		7,708
Gyeonggi Green Energy Co., Ltd.		153,498		225,875		11,941		(5,787	)
PT. Tanggamus Electric Power		226,992		145,673		2,034		5,240
Gyeongju Wind Power Co., Ltd.		89,267		40,020		6,230		2,784
KOMIPO America Inc. (*2)		622,520		318,199		4,780		59
PT. EWP Indonesia		100,313		71		—		1,307
KEPCO Netherlands J3 B.V.		177,592		19,893		—		(306	)
Korea Offshore Wind Power Co., Ltd.		340,902		131,591		13,308		4,087
Global One Pioneer B.V.		1,794,197		182		—		(111	)
Global Energy Pioneer B.V.		362		145		—		(72	)
Mira Power Limited		414,307		307,590		369		(3,142	)
KOSEP Material Co., Ltd.		6,427		551		1,252		304
Commerce and Industry Energy Co., Ltd.		65,062		26,656		7,062		(1,707	)
KEPCO KPS Philippines Corp.		7,590		892		2,396		838
KOSPO Chile SpA		189,672		87,251		—		169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31,2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
Hee Mang Sunlight Power Co., Ltd.	~~W~~	5,900		2,366		142		13
Fujeij Wind Power Company		250,945		172,780		—		4,083
KOSPO Youngnam Power Co., Ltd.		375,129		265,057		102,675		2,793
Chitose Solar Power Plant LLC		93,815		90,102		3,369		(247	)
KEPCO ES Co., Ltd.		318,979		12,629		2,105		(255	)
KEPCO Solar Co., Ltd.		241,514		32,145		5,882		2,091
KOSPO Power Services Ltda.		8,268		6,619		4,116		548
Energy New Industry Specialized Investment Private Investment Trust (*3)		477,832		2,104		—		1,381
KOEN Bylong Pty., Ltd.		15		173		—		—
KOMIPO Bylong Pty., Ltd.		16		180		—		(7	)
KOWEPO Bylong Pty., Ltd.		15		175		—		(6	)
KOSPO Bylong Pty., Ltd.		190		421		—		—
EWP Bylong Pty., Ltd.		15		14		—		—
KOWEPO Lao International		17,438		677		3,042		1,540
KEPCO Mangilao Holdings LLC		99,393		52,560		216		7
Mangilao Investment LLC		222,507		18		—		—
KEPCO Mangilao Solar, LLC		225,562		233		4,793		1,198
Jeju Hanlim Offshore Wind Co., Ltd.		610,034		551,878		8,683		(7,817	)
PT. Siborpa Eco Power		13,832		4		—		(13	)
PT. Korea Energy Indonesia		8,261		5,458		421		(720	)
KOLAT SpA		50,980		701		240		(329	)
KEPCO California, LLC		52,545		7,446		343		44
KEPCO Mojave Holdings, LLC		101,866		91,763		—		(1,126	)
Incheon Fuel Cell Co., Ltd.		246,907		233,382		20,390		(2,448	)
KOEN Service Co., Ltd.		7,905		5,024		10,064		(45	)
KOMIPO Service Co., Ltd.		8,867		5,025		10,240		353
KOWEPO Service Co., Ltd.		9,064		5,341		10,529		256
KOSPO Service Co., Ltd.		7,087		4,142		8,578		338
EWP Service Co., Ltd.		5,462		3,858		6,959		132
PT. KOMIPO Energy Indonesia		4,216		368		1,085		51
KNF partners Co., Ltd.		2,389		850		1,187		(154	)
KOSPO USA Inc.		874,251		175		—		519
KOSPO Niles LLC (formerly, Nambu USA LLC)		325,811		498		—		(505	)
Tamra Offshore Wind Power Co., Ltd.		109,339		71,732		3,503		(330	)
KEPCO MCS Co., Ltd.		86,251		64,197		67,980		(4,370	)
KEPCO FMS Co., Ltd.		22,589		20,644		32,086		4,314
Firstkeepers Co., Ltd.		27,617		16,295		25,025		2,272
Secutec Co., Ltd.		16,071		10,918		20,152		(10	)
SE Green Energy Co., Ltd.		120,312		92,339		9,550		(527	)
Mangilao Intermediate Holdings LLC		225,784		126,521		—		(3,701	)
KEPCO CSC Co., Ltd.		16,144		9,772		11,386		458
KOAK Power Limited		16,702		203		—		16
KOMIPO Europe B.V.		89,363		155		292		(155	)
Haenanum Energy Fund		7,414		12		—		(9	)
Paju Ecoenergy Co., Ltd.		58,628		2,430		3,574		(309	)
Guam Ukudu Power LLC		907,515		922,583		3,863		3,586
K-SOLAR SHINAN Co., Ltd.		275,827		261,064		6,929		(1,082	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2025
Subsidiaries	Total<br>assets		Total<br>liabilities		Sales		Profit (loss)<br>for the period
KPS Partners Co., Ltd.	~~W~~	4,513		2,384		3,965		274
KEPCO E&C Service Co., Ltd.		9,037		1,868		4,558		471
Moha solar Co., Ltd.		25,941		28,464		—		(77	)
Ogiri Solar Power Co., Ltd.		1,073		24		—		(6	)
KHNP USA LLC		2,423		578		314		79
KOMIPO Vanphong Power Service LLC		40,260		1,672		7,932		3,267
Energy Innovation Fund I		40,255		1,120		—		(239	)
KHNP Chile SpA		6,027		4,786		—		(22	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,421		1,304		44		19
Yeong Yang Corporation Co., Ltd.		1,400		1,293		42		18
SolarVader Co., Ltd.		1,411		1,297		43		18
Yeong Yang Innovation Co., Ltd.		1,399		1,293		38		13
Yeong Yang Horus Photovoltaic Co., Ltd.		1,386		1,294		36		12
Yeong Yang Solar Management Co., Ltd.		1,415		1,297		46		21
LSG Hydro Power Limited		547		8		—		(72	)
KOEN Bio Co., Ltd.		1,333		801		510		35
KOMIPO Iberian Solar Group, S.L.U.		80,662		72,866		—		357
Jeongam Wind Power Co., Ltd.		70,466		60,351		2,352		(487	)
KOWEPO Europe B.V.		36		3,685		—		(37	)
Yeongdeok Sunrise Wind Power Co., Ltd.		115,584		87,842		4,704		1,597
KA Power Limited		6,501		3,344		—		(57	)
Western Power Changgi Solar Co., Ltd.		43,000		36,763		1,551		(218	)
EWP Australia Pty., Ltd.		66,269		453		—		(2,070	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		340,873		222,348		3,330		(1,723	)
Digital Innovation Growth Fund		11,011		58		—		1,248
J Wind First, LLC		53,704		53,704		675		—
KEPCO Holding Company		3,722		—		—		—
KEPCO for Maintenance Company		13,369		9,982		1,987		1,171
KOSPO Trumbull LLC		368,608		—		—		(10,263	)
Changjuk Wind Power Co., Ltd.		25,035		2,973		2,671		81
Chile Solar JV SpA		97,183		77,598		2,356		4,252
KEPCO KPS South Africa Pty., Ltd.		12,997		5,726		6,525		1,051
KOWEPO Holding Limited		9,036		898		—		(62	)
KOSPO Rutile, LLC		3,226		—		—		—
Sprott Chile Solar I SpA		8,661		25		—		2
(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation,<br>California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.
---	---
(*2)	Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity<br>Holdings, LLC and CVS Equity Holdings, LLC.
---	---
(*3)	Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6<br>other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.
---	---
(*4)	Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries<br>including Columboola Solar Farm Nominees Pty., Ltd.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 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	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(3)	The summarized financial information of consolidated subsidiaries as of and for the three-month period endedMarch 31, 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.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Group’s abilities to its subsidiaries as of March 31, 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 unanimous<br>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 unanimous<br>consent of all directors of the entity.
Gyeongju Wind Power Co., Ltd.	Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.	Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial<br>institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.
Jeju Hanlim Offshore Wind Co., Ltd.	Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC	Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not<br>be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.
Mira Power Limited	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
Chile Solar JV SpA	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
K-SOLAR SHINAN Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five<br>years have elapsed after the commencement of the operation.
Western Power Changgi Solar Co., Ltd.	Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the<br>Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(4)	Significant restrictions on the Gorup’s abilities to its subsidiaries as of March 31, 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 paid-in capital cannot either<br>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 or the EPC contract without the lender’s prior written consent is restricted. Also, commercial operation before acquiring wind<br>turbine is restricted without prior consent from the EPC contractor. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.
Qatrana Electric Power Company	Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.
KST Electric Power Company, S.A.P.I. de C.V.	Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are<br>restricted.
(5)	As of March 31, 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

16.	Consolidated Subsidiaries, Continued
(6)	Details of non-controlling interests prior to intra-company eliminations as of and for the three-monthperiod ended March 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2025
Description	KEPCO IlijanCorporation			KEPCO PlantService &Engineering Co.,Ltd.			KEPCOEngineering &<br>ConstructionCompany, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	~~W~~	58,162			1,017,593			536,884			1,314,356			2,926,995
Non-current assets		1,050			644,253			359,553			4,662,464			5,667,320
Current liabilities		(347	)		(414,086	)		(287,355	)		(1,172,613	)		(1,874,401	)
Non-current liabilities		(254	)		(35,958	)		(8,516	)		(2,638,701	)		(2,683,429	)
Net assets		58,611			1,211,802			600,566			2,165,506			4,036,485
Book value of non-controlling interests		28,720			593,783			292,836			239,192			1,154,531
Sales		—			280,689			96,419			297,920			675,028
Profit for the period		(53	)		9,923			65,903			15,094			90,867
Profit for the period attributable to non-controlling interests		(26	)		4,862			32,134			(3,508	)		33,462
Cash flows from operating activities		275			14,144			7,803			28,693			50,915
Cash flows from investing activities		—			25,868			(6,198	)		(50,555	)		(30,885	)
Cash flows from financing activities before dividends to non-controlling interests		(80	)		(7,794	)		(231	)		31,300			23,195
Dividends to non-controlling interests		—			—			—			(2,128	)		(2,128	)
Effect of exchange rate fluctuation		(135	)		175			195			(669	)		(434	)
Net increase in cash and cash equivalents		60			32,393			1,569			6,641			40,663
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of and for the year ended2024
Description	KEPCO IlijanCorporation			KEPCO PlantService &Engineering Co.,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 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 non-controlling interests		(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests		(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation		12,321			1,362			447			28,762			42,892
Net increase (decrease) in cash and cash equivalents		(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

In millions of won	As of March 31, 2025
Acquisition cost	~~W~~	101,829		101,761
Less: accumulated impairment		(2,582	)	(2,582	)
Carrying book value	~~W~~	99,247		99,179

(ii) Changes in goodwill for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won	For the three-month period ended March 31, 2025
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	~~W~~	101,761			—		—		—		68		101,829
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)
Carrying book value	~~W~~	99,179			—		—		—		68		99,247
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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures
(1)	Investments in associates and joint ventures as of March 31, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
March 31, 2025
Investees	Key operation activities	Location		Percentage ofownership		Acquisitioncost		Book<br>value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47%	~~W~~	94,500		2,339,018
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00%		4,727		31,510
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00%		88,885		84,367
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00%		127,839		272,309
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85%		46,373		32,875
SPC Power Corporation (*4)	Power generation		Philippines		38.00%		20,635		108,992
Gemeng International Energy Co., Ltd.	Power generation		China		42.00%		516,007		748,277
PT. Cirebon Electric Power	Power generation		Indonesia		27.50%		40,365		159,682
PT Wampu Electric Power	Power generation		Indonesia		46.00%		21,292		38,093
PT. Bayan Resources TBK	Resources development		Indonesia		20.00%		615,860		764,687
S-Power Co., Ltd.	Power generation		Korea		49.00%		132,300		188,613
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00%		87,426		73,870
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00%		262,740		288,386
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00%		261,000		237,846
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00%		72,000		144,103
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61%		148,105		92,100
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00%		204,000		272,350
Nepal Water & Energy Development Company Private Limited (*6, 15)	Construction and operation of utility plant		Nepal		66.10%		110,332		180,274
Indeck Niles Development, LLC	Holding company		USA		50.00%		249,274		367,461
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14%		21,037		37,220
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00%		26,710		98,867
Others (Taebaek Guinemi Wind Power Co., Ltd. and 80 others)							247,675		279,166
							3,399,082		6,840,066
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00%		44,405		83,801
KEPCO SPC Power Corporation (*4,9)	Construction and operation of utility plant		Philippines		60.00%		94,579		157,375
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00%		121,928		208,660
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00%		39,872		49,085
Rabigh Electricity Company (*10)	Power generation		Saudi Arabia		40.00%		109,743		277,467
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00%		301,910		413,030
Amman Asia Electric Power Company (*9)	Power generation		Jordan		60.00%		111,476		270,219
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90%		52,700		37,216
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00%		175,261		552,622
Kelar S.A. (*9)	Power generation		Chile		65.00%		78,060		152,277
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00%		57,039		100,017
Barakah One Company (*11)	Power generation		UAE		18.00%		1,794,166		1,650,135
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00%		46,225		32,005
South Jamaica Power Company Limited	Power generation		Jamaica		20.00%		20,430		49,791
RE Holiday Holdings LLC	Power generation		USA		50.00%		42,948		87,902
RE Pioneer Holdings LLC	Power generation		USA		50.00%		27,891		55,174
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00%		28,021		58,220
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00%		47,903		59,150
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00%		39,052		50,975
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61%		59,574		216,558
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10%		49,344		63,828

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2025 and December 31, 2024 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---
March 31, 2025
Investees	Key operation activities	Location	Percentage of<br>ownership	Acquisitioncost		Book<br>value
<Joint ventures>
Naepo Green Energy Co., Ltd.	Power generation	Korea	29.20%	~~W~~	29,200		43,954
OneEnergy Asia Limited	Power generation	Vietnam	40.00%		277,887		475,705
Prime Swedish Holding AB	Holding company	Sweden	45.00%		35,410		38,965
Namyangju Combined Heat and Power Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water	Korea	70.10%		124,077		120,712
Trumbull Development Partners, LLC (*14)	Holding company	USA	56.23%		337,898		381,829
Others (Dangjin Eco Power Co., Ltd. and 91 others)					654,147		658,429
					4,801,146		6,345,101
				~~W~~	8,200,228		13,185,167
(*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<br>by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*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 March 31, 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 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<br>agreed by all ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*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 material financial and operational 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 significant financial and operating policies.
---	---
(*15)	The Group’s ownership interest was changed during the three-month period ended March 31, 2025, as a<br>result of a disproportionate capital contribution by a financial investor.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2025 and December 31, 2024 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
December 31, 2024
Investees	Key operation activities	Location		Percentage ofownership		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 market and 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 Private Limited (*6)	Construction and operation of utility 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 vapor and hot/cold water		Korea		50.10%		49,344		46,158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(1)	Investments in associates and joint ventures as of March 31, 2025 and December 31, 2024 are asfollows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---
December 31, 2024
Investees	Key operation activities	Location	Percentage ofownership	Acquisitioncost		Book<br>value
<Joint ventures>
Naepo Green Energy Co., Ltd.	Power generation	Korea	29.20%	~~W~~	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 vapor and 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
(*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<br>by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.
---	---
(*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<br>agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
---	---
(*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 joint ventures.
---	---
(*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 material financial and operational decisions require unanimous agreement of members in the board of directors.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(2)	The fair values of investments in associates which are actively traded in an open market as ofMarch 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---
Investees	As of March 31, 2025		As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	~~W~~	90,286		88,489
Korea Gas Corporation		673,785		655,830
SPC Power Corporation		123,570		130,063
PT. Bayan Resources TBK		11,828,101		12,298,501

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2025and for the year ended December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2025
Investees	Beginningbalance		Acquisition		Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehensiveincome (loss)			Others			Endingbalance
<Associates>
Korea Gas Corporation	~~W~~	2,289,304		—		—			(27,500	)		79,597			(2,076	)		(307	)		2,339,018
Korea Electric Power Industrial Development Co., Ltd.		30,177		—		—			(3,470	)		4,761			—			42			31,510
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		529			—			—			84,367
Korea Power Exchange		273,962		—		—			—			(1,653	)		—			—			272,309
Daeryun Power Co., Ltd.		31,093		—		—			—			1,783			—			(1	)		32,875
SPC Power Corporation		107,574		—		—			—			753			665			—			108,992
Gemeng International Energy Co., Ltd.		728,338		—		—			—			14,900			5,039			—			748,277
PT. Cirebon Electric Power		157,530		—		—			—			2,503			—			(351	)		159,682
PT Wampu Electric Power		39,268		—		—			(2,005	)		933			—			(103	)		38,093
PT. Bayan Resources TBK		717,376		—		—			—			48,302			(939	)		(52	)		764,687
S-Power Co., Ltd.		180,372		—		—			—			8,241			—			—			188,613
Xe-Pian Xe-Namnoy Power Co., Ltd.		73,065		—		—			—			998			(193	)		—			73,870
Goseong Green Power Co., Ltd.		284,542		—		—			—			3,861			—			(17	)		288,386
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(3,968	)		—			—			237,846
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			5,044			—			—			144,103
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			749			—			—			92,100
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		4,947			—			—			272,350
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			8,755			564			—			180,274
Indeck Niles Development, LLC		370,970		—		—			—			(1,802	)		(799	)		(908	)		367,461
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			110			—			—			37,220
PT. Cirebon Energi Prasarana		96,846		—		—			—			3,960			(1,730	)		(209	)		98,867
Others (Taebaek Guinemi Wind Power Co., Ltd. and 80 others)		277,223		5,979		(1,740	)		(9,598	)		7,326			(64	)		40			279,166
		6,704,754		5,979		(1,740	)		(58,157	)		190,629			467			(1,866	)		6,840,066
<Joint ventures>
Shuweihat Asia Power Investment B.V.		86,450		—		—			(290	)		262			(2,621	)		—			83,801
KEPCO SPC Power Corporation		159,139		—		—			—			(2,654	)		890			—			157,375
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			3,506			638			—			208,660
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			609			151			—			49,085
Rabigh Electricity Company		269,893		—		—			—			11,755			(4,181	)		—			277,467
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		6,864			3,250			—			413,030
Amman Asia Electric Power Company		268,864		—		—			—			4,948			(3,593	)		—			270,219
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			617			—			—			37,216
Nghi Son 2 Power LLC		563,079		—		—			—			6,725			(17,182	)		—			552,622
Kelar S.A.		152,367		—		—			—			(236	)		506			(360	)		152,277
PT. Tanjung Power Indonesia		100,580		—		—			—			1,431			(1,111	)		(883	)		100,017
Barakah One Company		—		1,794,047		—			—			(145,546	)		1,634			—			1,650,135
Daegu Green Power Co., Ltd.		30,513		—		—			—			1,492			—			—			32,005
South Jamaica Power Company Limited		48,760		—		—			—			1,135			(104	)		—			49,791
RE Holiday Holdings LLC		89,780		—		—			—			(2,558	)		680			—			87,902
RE Pioneer Holdings LLC		55,622		—		—			—			(1,630	)		1,182			—			55,174
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,708	)		(918	)		1,040			—			58,220
Solar Philippines Calatagan Corporation		63,695		—		—			—			1,610			(6,155	)		—			59,150
Pulau Indah Power Plant Sdn. Bhd.		50,721		—		—			—			67			187			—			50,975
PT Barito Wahana Tenaga		207,565		—		—			—			15,516			(6,523	)		—			216,558
Cheongna Energy Co., Ltd.		46,158		—		—			—			17,670			—			—			63,828

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 2025and for the year ended December 31, 2024 are as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
For the three-month period endedMarch 31, 2025
Investees	Beginningbalance		Acquisition		Disposals			Dividendsreceived			Share ofincome(loss)			Othercomprehensiveincome (loss)			Others			Endingbalance
<Joint ventures>
Naepo Green Power Co., Ltd.	~~W~~	48,031		—		—			(13,432	)		9,355			—			—			43,954
OneEnergy Asia Limited		465,349		19,876		—			—			4,655			(14,175	)		—			475,705
Prime Swedish Holding AB		37,559		—		—			—			—			—			1,406			38,965
Namyangju Combined Heat and Power Co., Ltd.		51,768		70,100		—			—			(142	)		(1,014	)		—			120,712
Trumbull Development Partners, LLC		355,379		33,062		—			—			(179	)		(5,454	)		(979	)		381,829
Others (Dangjin Eco Power Co., Ltd. and 92 others)		668,206		11,459		(10,345	)		(10,099	)		96			(7,289	)		6,401			658,429
		4,581,340		1,928,544		(10,345	)		(35,229	)		(65,550	)		(59,244	)		5,585			6,345,101
	~~W~~	11,286,094		1,934,523		(12,085	)		(93,386	)		125,079			(58,777	)		3,719			13,185,167

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 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)			Othercomprehensiveincome (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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(3)	Changes in investments in associates and joint ventures for the three-month period ended March 31, 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)			Othercomprehensiveincome (loss)			Others		Endingbalance
<Joint ventures>
Naepo Green Power Co., Ltd.	~~W~~	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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periodended March 31, 2025 and for the year ended December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the three-month period endedMarch 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for<br>the period
<Associates>
Korea Gas Corporation	~~W~~	55,481,504		44,425,962		12,732,709		367,175
Korea Electric Power Industrial Development Co., Ltd.		201,892		93,235		90,575		7,158
Hyundai Green Power Co., Ltd.		689,937		296,814		26,451		2,375
Korea Power Exchange		371,916		99,607		30,413		6,337
Daeryun Power Co., Ltd.		1,161,853		669,948		149,318		25,056
SPC Power Corporation		297,371		10,549		19,027		2,391
Gemeng International Energy Co., Ltd.		8,337,170		5,763,450		821,662		40,695
PT. Cirebon Electric Power		733,331		152,667		79,416		9,103
PT Wampu Electric Power		199,011		116,201		5,126		2,027
PT. Bayan Resources TBK		4,761,594		1,209,941		1,293,085		323,911
S-Power Co., Ltd.		685,657		298,591		202,670		16,799
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,390,918		951,926		51,058		3,953
Goseong Green Power Co., Ltd.		5,050,536		4,029,961		275,367		16,049
Gangneung Eco Power Co., Ltd.		5,309,515		4,625,283		166,618		(4,524	)
Shin Pyeongtaek Power Co., Ltd.		1,112,075		725,972		219,582		12,195
Dongducheon Dream Power Co., Ltd.		1,370,207		1,062,286		348,458		2,181
GS Donghae Electric Power Co., Ltd.		1,901,079		1,100,049		124,384		14,549
Nepal Water & Energy Development Company Private Limited		662,897		391,515		6,582		(2,497	)
Indeck Niles Development, LLC		1,218,635		694,539		104,854		(2,875	)
Saemangeum Sebit Power Plant Co., Ltd.		158,865		91,527		4,713		199
PT. Cirebon Energi Prasarana		3,894,178		2,905,505		172,839		39,596
<Joint ventures>
Shuweihat Asia Power Investment B.V.		171,166		143		11,870		25
KEPCO SPC Power Corporation		288,430		26,139		34,670		(4,209	)
Datang Chifeng Renewable Power Co., Ltd.		904,769		383,118		36,969		12,236
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		183,063		60,351		7,922		1,686
Rabigh Electricity Company		2,625,523		1,831,050		90,417		26,298
Jamaica Public Service Company Limited		2,644,893		1,650,814		386,309		18,575
Amman Asia Electric Power Company		761,199		310,834		6,042		8,303
Chun-cheon Energy Co., Ltd.		538,823		413,539		105,917		2,038
Nghi Son 2 Power LLC		4,280,521		3,175,277		200,389		13,015
Kelar S.A.		696,377		467,305		29,090		2,729
PT. Tanjung Power Indonesia		760,360		474,599		26,355		4,027
Barakah One Company		54,476,955		46,192,285		4,263,534		76,087
Daegu Green Power Co., Ltd.		491,874		395,447		86,100		2,984
South Jamaica Power Company Limited		536,388		287,416		71,998		5,677
RE Holiday Holdings LLC		353,365		177,561		24,294		(6,620	)
RE Pioneer Holdings LLC		268,303		157,956		16,747		(6,634	)
RE Barren Ridge 1 Holdings LLC		218,216		101,776		16,734		(3,224	)
Solar Philippines Calatagan Corporation		169,554		38,666		5,152		2,112
Pulau Indah Power Plant Sdn. Bhd.		1,059,345		878,019		55,410		324
PT Barito Wahana Tenaga		707,422		—		—		27,778
Cheongna Energy Co., Ltd.		491,699		368,201		69,735		35,267
Naepo Green Energy Co., Ltd.		740,330		601,588		116,624		27,853
OneEnergy Asia Limited		3,413,728		2,288,247		37,431		7,748
Prime Swedish Holding AB		148,855		64,984		9,239		1
Namyangju Combined Heat and Power Co., Ltd.		173,091		1,166		—		(203	)
Trumbull Development Partners, LLC		1,649,686		1,063,056		—		(223	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periodended March 31, 2025 and for the year ended December 31, 2024 is as follows, continued:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---
As of and for the year ended December 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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 inconsolidated financial statements as of March 31, 2025 and December 31, 2024 is as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
As of March 31, 2025
Investees	Net assets		*Percentage ofownership ()**			Share in<br>net assets		Investment<br>differential		Intercompany<br>transaction			Others			Book<br>value
<Associates>
Korea Gas Corporation	~~W~~	11,055,542		21.66	%		2,394,630		—		—			(55,612	)		2,339,018
Korea Electric Power Industrial Development Co., Ltd.		108,657		29.00	%		31,510		—		—			—			31,510
Hyundai Green Power Co., Ltd.		393,123		29.00	%		114,007		—		—			(29,640	)		84,367
Korea Power Exchange		272,309		100.00	%		272,309		—		—			—			272,309
Daeryun Power Co., Ltd.		491,905		6.85	%		33,695		—		—			(820	)		32,875
SPC Power Corporation		286,822		38.00	%		108,992		—		—			—			108,992
Gemeng International Energy Co., Ltd.		2,573,720		42.00	%		1,080,962		—		—			(332,685	)		748,277
PT. Cirebon Electric Power		580,664		27.50	%		159,682		—		—			—			159,682
PT Wampu Electric Power		82,810		46.00	%		38,093		—		—			—			38,093
PT. Bayan Resources TBK		3,551,653		20.00	%		710,331		130,736		—			(76,380	)		764,687
S-Power Co., Ltd.		387,066		49.00	%		189,662		—		(1,049	)		—			188,613
Xe-Pian Xe-Namnoy Power Co., Ltd.		438,992		25.00	%		109,748		305		(936	)		(35,247	)		73,870
Goseong Green Power Co., Ltd.		1,020,575		29.00	%		295,966		—		(7,580	)		—			288,386
Gangneung Eco Power Co., Ltd.		684,232		29.00	%		198,427		46,457		(7,038	)		—			237,846
Shin Pyeongtaek Power Co., Ltd.		386,103		40.00	%		154,442		3,559		(13,898	)		—			144,103
Dongducheon Dream Power Co., Ltd.		307,921		34.01	%		104,724		1,757		(1,799	)		(12,582	)		92,100
GS Donghae Electric Power Co., Ltd.		801,030		34.00	%		272,350		—		—			—			272,350
Nepal Water & Energy Development Company Private Limited		271,382		66.12	%		179,437		837		—			—			180,274
Indeck Niles Development, LLC		524,096		50.00	%		262,047		100,788		—			4,626			367,461
Saemangeum Sebit Power Plant Co., Ltd.		67,338		55.00	%		37,038		182		—			—			37,220
PT. Cirebon Energi Prasarana		988,673		10.00	%		98,867		—		—			—			98,867
<Joint ventures>
Shuweihat Asia Power Investment B.V.		171,023		49.00	%		83,801		—		—			—			83,801
KEPCO SPC Power Corporation		262,291		60.00	%		157,375		—		—			—			157,375
Datang Chifeng Renewable Power Co., Ltd.		521,651		40.00	%		208,660		—		—			—			208,660
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		122,712		40.00	%		49,085		—		—			—			49,085
Rabigh Electricity Company		794,473		40.00	%		317,789		—		(39,517	)		(805	)		277,467
Jamaica Public Service Company Limited		994,079		40.00	%		397,632		29,357		—			(13,959	)		413,030
Amman Asia Electric Power Company		450,365		60.00	%		270,219		—		—			—			270,219
Chun-cheon Energy Co., Ltd.		125,284		29.90	%		37,461		3		—			(248	)		37,216
Nghi Son 2 Power LLC		1,105,244		50.00	%		552,622		—		—			—			552,622
Kelar S.A.		229,072		65.00	%		148,896		3,381		—			—			152,277
PT. Tanjung Power Indonesia		285,761		35.00	%		100,017		—		—			—			100,017
Barakah One Company		8,284,670		18.00	%		1,491,240		—		158,895			—			1,650,135
Daegu Green Power Co., Ltd.		96,427		54.24	%		52,302		84		—			(20,381	)		32,005
South Jamaica Power Company Limited		248,972		20.00	%		49,794		—		—			(3	)		49,791
RE Holiday Holdings LLC		175,804		50.00	%		87,902		—		—			—			87,902
RE Pioneer Holdings LLC		110,347		50.00	%		55,174		—		—			—			55,174
RE Barren Ridge 1 Holdings LLC		116,440		50.00	%		58,220		—		—			—			58,220
Solar Philippines Calatagan Corporation		130,888		38.00	%		49,737		—		—			9,413			59,150
Pulau Indah Power Plant Sdn. Bhd.		181,326		25.00	%		45,332		5,643		—			—			50,975
PT Barito Wahana Tenaga		707,422		30.61	%		216,558		—		—			—			216,558
Cheongna Energy Co., Ltd.		123,498		50.10	%		61,872		3,137		(1,181	)		—			63,828
Naepo Green Energy Co., Ltd.		138,742		29.20	%		40,512		—		—			3,442			43,954
OneEnergy Asia Limited		1,125,481		40.00	%		450,193		25,512		—			—			475,705
Prime Swedish Holding AB		83,871		45.00	%		37,742		1,223		—			—			38,965
Namyangju Combined Heat and Power Co., Ltd.		171,925		70.10	%		120,519		193		—			—			120,712
Trumbull Development Partners, LLC		586,630		56.23	%		329,862		51,967		—			—			381,829

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 inconsolidated financial statements as of March 31, 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<br>value
<Associates>
Korea Gas Corporation	~~W~~	10,826,356			21.66	%		2,344,989			—		—			(55,685	)		2,289,304
Korea Electric Power Industrial Development Co., Ltd.		104,056			29.00	%		30,177			—		—			—			30,177
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.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(6)	As of March 31, 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 March 31, 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~~	(767	)		27,956		769			28,723
Samcheok Eco Materials Co., Ltd.		284			5,610		895			5,326
Barakah One Company		(174,713	)		—		33,994			174,713
KAPES, Inc.		5,388			9,319		916			3,931
ITR Co., Ltd.		(15	)		—		14			15
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(325	)		3,510		(1,377	)		3,835
PlatformN. Co., Ltd.		2			20		(44	)		18
KEPCO KPS CARABAO Corp.		21			265		207			244
Bitsolar Energy Co., Ltd.		(129	)		1,135		1,264			1,264
Green Energy Electricity Generation Co., Ltd.		(396	)		—		396			396
O2&B Global Co., Ltd.		5			11		6			6
Pulau Indah O&M Sdn. Bhd.		29			30		1			1
Foresight Iberian Solar Group Holding, S.L.		327			4,722		4,395			4,395
Green Radiation Co., Ltd.,		(11	)		—		11			11
Hoenggye Renewable Energy Co., Ltd.,		(266	)		—		266			266
CapMan Lynx SCA, SICAR		2,546			33,636		31,090			31,090
SureDataLab Co., Ltd.		3			3		—			—
KAS INVESTMENT I LLC		5			5		—			—
KAS INVESTMENT II LLC		5			5		—			—
Wadi Noor Solar Power Company SAOC		1,521			1,521		—			—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

17.	Investments in Associates and Joint Ventures, Continued
(7)	As of March 31, 2025, shareholders’ agreements on investments in associates and joint venturesthat may cause future economic resource or cash outflows are as follows:
---	---
(i)	Taebaek Wind Power Co., Ltd.
---	---

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

(ii)	Pyeongchang Wind Power Co., Ltd.

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

(iii)	Daeryun Power Co., Ltd.

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

(iv)	Daegu Green Power Co., Ltd.

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

(v)	Yeonggwang Wind Power Co., Ltd.

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

(vi)	Hyundai Green Power Co., Ltd.

The Group has an obligation to purchase certain shares in Hyundai Green Power Co., Ltd. from financial investors holding certain shares in Hyundai Green Power Co., Ltd. (i.e., IBK and others) when any of the financial investors claim to sell the Group’s shares at a certain point of time in the future. The Group also has the right to claim Hyundai Steel Company, another operating investor of Hyundai Green Power Co., Ltd., to sell its shares at a certain point of time in the future, and is obliged to sell the Group’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Group to sell its shares.

(vii)	Omisan Wind Power Co., Ltd.

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

(viii)	Geumsungsan Wind Power Co., Ltd.

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

(ix)	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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

(xi)	HORANG ENERGY Inc.

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

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

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

(xiii)	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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31,2025 are as follows:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Daegu Green Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of<br>financial institutions.
Pyeongchang Wind Power Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or<br>partially transferred without prior written consent of the financial institutions.
Daeryun Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial<br>institutions.
KNH Solar Co., Ltd.	Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Korea Power Engineering Service Co., Ltd.	Shares cannot be wholly or partially transferred without the consent of the board of directors.
Daehan Wind Power PSC	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Daejung Offshore Wind Power Co., Ltd.	Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Naepo Green Energy Co., Ltd.	Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior<br>consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary<br>due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.
Solaseado Solar Power Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other<br>stakeholders including shareholders and financial institutions.
Samcheok Eco Materials Co., Ltd.	Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.
Taebaek Guinemi Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the<br>financial institutions.
Indeck Niles Asset Management, LLC	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Development, LLC	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar IV SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar V SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Diego de Almagro Solar SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Laurel SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar I SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Kelar S.A.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
GS Donghae Electric Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Honam Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
Seokmun Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written<br>consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are<br>satisfied.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31,2025 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 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31,2025 are as follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.
Shin Pyeongtaek Power Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Seoroseoro Sunny Power Plant Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Anjwa Smart Farm & Solar City Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<br>wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
YuDang Solar Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either<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 is obtained.
Cheongna Energy Co., Ltd.	Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the<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 is obtained. Shares cannot be wholly or<br>partially transferred without prior written consent of the financial institutions is obtained. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong Eco Park Co., Ltd.	Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or<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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31,2025 are as follows, continued:
---	---
Company	Nature and extent of any significantrestrictions
---	---
Haman Green Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained or prior written consent of financial institutions is obtained. In addition, the Group<br>cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares<br>cannot be wholly or partially transferred without prior 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<br> <br>Company<br>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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment
(1)	Property, plant and equipment as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisition cost		Government<br>grants			Accumulated<br>depreciation			Accumulatedimpairment<br>losses			Book<br>value
Land	~~W~~	14,602,105		(27,402	)		—			(29,464	)		14,545,239
Buildings		26,354,304		(40,696	)		(13,062,462	)		(7,103	)		13,244,043
Structures		90,272,541		(147,251	)		(38,448,278	)		(18,678	)		51,658,334
Machinery		123,383,900		(103,443	)		(66,665,350	)		(533,354	)		56,081,753
Ships		17,870		—			(7,803	)		—			10,067
Vehicles		448,419		(2,758	)		(374,572	)		(116	)		70,973
Equipment		2,551,873		(3,386	)		(2,117,974	)		(376	)		430,137
Tools		1,441,821		(1,313	)		(1,272,136	)		(1	)		168,371
Construction-in-progress		33,354,799		(226,111	)		—			(22,795	)		33,105,893
Right-of-use assets		6,029,082		—			(3,071,208	)		—			2,957,874
Asset retirement costs		18,248,313		—			(8,679,190	)		(146,423	)		9,422,700
Others		17,556,631		—			(15,406,561	)		—			2,150,070
	~~W~~	334,261,658		(552,360	)		(149,105,534	)		(758,310	)		183,845,454
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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the three-month period ended March 31, 2025 and for theyear ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Depreciation			Impairment		Others			Ending<br>balance
Land	~~W~~	14,548,055			273		(496	)		—			—		24,809			14,572,641
(Government grants)		(27,403	)		—		1			—			—		—			(27,402	)
Buildings		13,397,461			92		(1,080	)		(241,531	)		—		129,797			13,284,739
(Government grants)		(41,718	)		—		—			1,021			—		1			(40,696	)
Structures		51,792,939			16,010		(55,415	)		(744,819	)		—		796,870			51,805,585
(Government grants)		(149,737	)		—		122			2,370			—		(6	)		(147,251	)
Machinery		56,955,731			67,514		(52,251	)		(1,645,608	)		—		859,810			56,185,196
(Government grants)		(105,546	)		—		24			3,830			—		(1,751	)		(103,443	)
Ships		10,534			—		—			(467	)		—		—			10,067
Vehicles		81,451			718		(35	)		(9,389	)		—		986			73,731
(Government grants)		(2,745	)		—		6			359			—		(378	)		(2,758	)
Equipment		438,096			31,537		(53	)		(51,643	)		—		15,586			433,523
(Government grants)		(3,915	)		—		—			529			—		—			(3,386	)
Tools		173,736			4,182		(4	)		(19,223	)		—		10,993			169,684
(Government grants)		(1,306	)		—		—			106			—		(113	)		(1,313	)
Construction-in-progress		31,284,358			3,500,634		—			—			—		(1,452,988	)		33,332,004
(Government grants)		(223,566	)		1,643		—			—			—		(4,188	)		(226,111	)
Right-of-use assets		3,046,396			30,693		(727	)		(127,011	)		—		8,523			2,957,874
Asset retirement costs		9,748,444			—		—			(392,057	)		—		66,313			9,422,700
Others		2,061,498			1,690		—			(269,434	)		—		356,316			2,150,070
	~~W~~	182,982,763			3,654,986		(109,908	)		(3,492,967	)		—		810,580			183,845,454

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

18.	Property, Plant and Equipment, Continued
(2)	Changes in property, plant and equipment for the three-month period ended March 31, 2025 and for theyear ended 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 three-month period ended March 31, 2025, the Group’s subsidiaries including Korea<br>Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, ~~W~~331 million (2024: ~~W~~57,457 million) was recognized as revenue<br>and ~~W~~669 million (2024: ~~W~~35,943 million) was recognized as cost of sales in profit or loss, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

19.	Investment Properties
(1)	Investment properties as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulateddepreciation			Book<br>value
Land	~~W~~	198,072		—			—			198,072
Buildings		34,127		(23	)		(15,188	)		18,916
	~~W~~	232,199		(23	)		(15,188	)		216,988
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulateddepreciation			Book<br>value
Land	~~W~~	210,509		—			—			210,509
Buildings		32,517		(22	)		(14,020	)		18,475
	~~W~~	243,026		(22	)		(14,020	)		228,984
(2)	Changes in investment properties for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Disposal		Depreciation			Others			Endingbalance
Land	~~W~~	210,509			—		—			(12,437	)		198,072
Buildings		18,497			—		(195	)		637			18,939
(Government grants)		(22	)		—		—			(1	)		(23	)
	~~W~~	228,984			—		(195	)		(11,801	)		216,988
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Disposal		Depreciation			Others			Endingbalance
Land	~~W~~	172,594			—		—			37,915			210,509
Buildings		12,955			—		(683	)		6,225			18,497
(Government grants)		(22	)		—		1			(1	)		(22	)
	~~W~~	185,527			—		(682	)		44,139			228,984

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

19.	Investment Properties, Continued
(3)	Income and expenses related to investment properties for the three-month periods ended March 31, 2025and 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 2025			For the three-month periodended March 31, 2024
---	---	---	---	---	---	---
Rental income	~~W~~	2,784			2,907
Operating and maintenance expenses related to rental income		(201	)		(164	)
	~~W~~	2,583			2,743
(4)	Fair values of investment properties as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Book value		Fair value		Book value		Fair value
Land	~~W~~	198,072		318,964		210,509		337,379
Buildings		18,916		19,425		18,475		19,094
	~~W~~	216,988		338,389		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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

20.	Construction Contracts
(1)	Changes in the total contract amount in which revenue is not yet recognized for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognizedas<br>revenue			Ending balance
Nuclear power plant construction in overseas and others	~~W~~	6,136,773		1,379,977		(56,197	)		7,460,553
(*)	For the three-month period ended March 31, 2025, the increased balance of contracts from new orders is<br>~~W~~1,384,075 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~ 4,098 million.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---
	Beginningbalance		*Increase(decrease) ()**		Recognizedas<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<br>~~W~~1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ~~W~~109,000 million.
---	---
(2)	Accumulated earned revenue, expense and others related to the Group’s construction contracts inprogress as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>Profit (loss)			Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	24,236,070		24,363,236		(127,166	)		84,780
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Accumulatedearned revenue		Accumulated<br>expense		Accumulated<br>profit		Unearned<br>advance receipts
Nuclear power plant construction in overseas and others	~~W~~	24,255,432		24,008,579		246,853		80,069

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	*Contractassets (1)**		*Contractliabilities (2)**		*Contractassets (1)**		*Contractliabilities (2)**
Nuclear power plant construction in overseas and others	~~W~~	1,164,575		307,362		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 on March 31, 2025 from the amounts included in contract liabilities at the end of the prior year is ~~W~~10,849 million.
---	---
(4)	The contracts with purchasers 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 purchasers. The purchasers 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 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 March 31, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.
---	---
(6)	The operating segment information related to the contracts for which the Group recognizes revenue based onthe percentage-of-completion on a cost-based input method for the three-month period ended March 31, 2025 is as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Effect from changes in accounting estimates															Contract assets from<br>construction contracts				Trade receivables from<br>construction contracts
	Expectedloss onconstructioncontracts		Changes inestimates<br>of contractrevenue<br>and costs			Amountsrecognizedin current<br>profit orloss			Amountsrecognizedin futureprofit orloss			Changes inestimated totalcontract costs		Revenue<br>recognized fromperformance<br>obligations satisfiedin previous periods		Gross		Allowance<br>fordoubtful<br>accounts		Gross		Allowance<br>fordoubtful<br>accounts
Transmission and distribution	~~W~~	—		(44,213	)		(41,664	)		(2,549	)		68,347		—		311,524		15,427		—		—
Electric power generation (Nuclear)		258,525		(1,102,508	)		(311,901	)		(790,607	)		1,090,714		—		1,971		—		62,945		—
Plant maintenance & engineering Service and others		1,525		3,829			4,188			(359	)		4,465		10,451		851,080		2		33,911		5,667
	~~W~~	260,050		(1,142,892	)		(349,377	)		(793,515	)		1,163,526		10,451		1,164,575		15,429		96,856		5,667

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

21.	Intangible Assets other than Goodwill
(1)	Intangible assets as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Acquisitioncost		Governmentgrants			Accumulatedamortization			Accumulatedimpairmentlosses			Book<br>value
Software	~~W~~	1,171,398		(770	)		(997,487	)		(19	)		173,122
Copyrights, patents rights and other industrial rights		107,328		—			(72,783	)		(9,178	)		25,367
Mining rights		672,930		—			(61,658	)		(577,845	)		33,427
Development expenditures		1,015,923		(697	)		(944,558	)		—			70,668
Intangible assets under development		94,537		(3,840	)		—			—			90,697
Usage rights of donated assets and others		592,666		—			(461,948	)		(136	)		130,582
Leasehold rights		28,185		—			(25,402	)		(538	)		2,245
Greenhouse gas emissions rights		149,875		—			—			—			149,875
Others		623,797		(206	)		(230,899	)		(12,252	)		380,440
	~~W~~	4,456,639		(5,513	)		(2,794,735	)		(599,968	)		1,056,423
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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

21.	Intangible Assets other than Goodwill, Continued
(2)	Changes in intangible assets for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	179,989			2,717		—			(21,988	)		—			13,174			173,892
(Government grants)		(844	)		—		—			74			—			—			(770	)
Copyrights, patents rights and other industrial rights		26,631			111		(13	)		(1,220	)		—			(142	)		25,367
Mining rights		29,422			—		(467	)		(1,083	)		—			5,555			33,427
Development expenditures		73,673			—		—			(6,453	)		—			4,145			71,365
(Government grants)		(939	)		—		—			242			—			—			(697	)
Intangible assets under development		87,641			14,992		—			—			—			(8,096	)		94,537
(Government grants)		(3,473	)		—		—			—			—			(367	)		(3,840	)
Usage rights of donated assets and others		133,379			—		—			(2,797	)		—			—			130,582
Leasehold rights		2,431			—		—			(186	)		—			—			2,245
Greenhouse gas emissions rights		135,534			256		—			—			—			14,085			149,875
Others		383,703			427		(31	)		(6,911	)		—			3,458			380,646
(Government grants)		(229	)		—		—			23			—			—			(206	)
	~~W~~	1,046,918			18,503		(511	)		(40,299	)		—			31,812			1,056,423
In millions of won	For the year ended December 31, 2024
	Beginningbalance			Acquisition		Disposal			Amortization			Impairment			Others			Endingbalance
Software	~~W~~	197,841			18,249		(4	)		(88,985	)		—			52,888			179,989
(Government grants)		(413	)		—		—			229			—			(660	)		(844	)
Copyrights, patents rights and other industrial rights		23,491			576		(44	)		(4,846	)		—			7,454			26,631
Mining rights		32,165			—		(100	)		(5,798	)		—			3,155			29,422
Development expenditures		55,434			—		—			(25,830	)		—			44,069			73,673
(Government grants)		(2,121	)		—		—			1,364			—			(182	)		(939	)
Intangible assets under development		86,013			69,878		—			(14	)		—			(68,236	)		87,641
(Government grants)		(2,458	)		—		—			—			—			(1,015	)		(3,473	)
Usage rights of donated assets and others		145,251			36		—			(11,903	)		—			(5	)		133,379
Leasehold rights		3,929			—		—			(960	)		(538	)		—			2,431
Greenhouse gas emissions rights		107,086			123		—			(416	)		—			28,741			135,534
Others		388,088			3,997		(394	)		(26,501	)		(364	)		18,877			383,703
(Government grants)		(322	)		—		—			93			—			—			(229	)
	~~W~~	1,033,984			92,859		(542	)		(163,567	)		(902	)		85,086			1,046,918

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

In millions of won and thousands of Australian dollars

As of March 31, 2025
Type	Description	Currency		Amount		Remaining useful lives
Software	S/4HANA ERP license		KRW		3,910	2 years and 8 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC		KRW		11,479	2 years and 9 months
Mining rights	Mining rights of Bylong mine		AUD		-	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		7,563	1 year and 8 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		5,535	5 years and 3 months
Others	Occupancy and use of public waters		KRW		64,036	11 years and 10 months
	Greenhouse gas emissions rights		KRW		149,875	—
	Business rights		KRW		141,779	24 years and 8 months
(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had<br>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	Sejong Haengbogdosi sharing charge		KRW		8,697	1 year and 11 months
assets and others	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.,<br>Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.
---
(4)	For the three-month periods ended March 31, 2025 and 2024, the Group recognized research and<br>development expenses of ~~W~~175,955 million and ~~W~~166,308 million, respectively.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

22.	Trade and Other Payables

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

In millions of won	As of March 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Trade payables	~~W~~	3,813,274		—		4,494,504		—
Non-trade payables		1,998,135		1,440,388		2,224,036		1,432,421
Accrued expenses		1,840,456		22,443		1,983,697		22,259
Leasehold deposits received		4,324		2,211		3,211		3,237
Other deposits received		69,025		47,027		97,276		45,012
Lease liabilities		585,461		2,966,933		603,492		3,095,964
Dividends payable		216,110		—		5,063		—
Others (*)		26		21,782		36		10,348
	~~W~~	8,526,811		4,500,784		9,411,315		4,609,241
(*)	Details of others as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Current		Non-current		Current		Non-current
Advance received from local governments	~~W~~	—		2,689		—		2,689
Others		26		19,093		36		7,659
	~~W~~	26		21,782		36		10,348

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities
(1)	Borrowings and debt securities as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As ofMarch 31, 2025			As ofDecember 31, 2024
---	---	---	---	---	---	---
Current liabilities
Short-term borrowings	~~W~~	8,915,606			9,122,792
Current portion of long-term borrowings		8,691,334			8,434,330
Current portion of debt securities		25,918,186			26,908,467
Less: current portion of discount on long-term borrowings		(12,399	)		(16,537	)
Less: current portion of discount on debt securities		(6,879	)		(7,100	)
		43,505,848			44,441,952
Non-current liabilities
Long-term borrowings		3,307,115			3,153,867
Debt securities		86,661,448			85,149,391
Less: discount on long-term borrowings		(65,064	)		(35,071	)
Less: discount on debt securities		(174,398	)		(176,739	)
		89,729,101			88,091,448
	~~W~~	133,234,949			132,533,400
(2)	Repayment schedules of borrowings and debt securities as of March 31, 2025 and December 31, 2024are as follows:
---	---
In millions of won
---	---	---	---	---
As of March 31, 2025
Type	Borrowings		Debt Securities
Less than 1 year	~~W~~	17,606,940		25,918,186
1~ 5 years		1,243,672		65,404,357
More than 5 years		2,063,443		21,257,091
	~~W~~	20,914,055		112,579,634
In millions of won
---	---	---	---	---
As of December 31, 2024
Type	Borrowings		DebtSecurities
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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(3)	Short-term borrowings as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won and thousands of
---	---	---	---	---	---	---
As of March 31, 2025
Type	Interest rate (%)		Maturity	Foreign<br>currency
Local short-term borrowings		2.79 ~ 4.60	2025.04.07~2025.12.31		—	4,784,624
Local short-term borrowings		3M CD + 0.23 ~ 0.65 Base<br>Interest Rate for Short-term<br>Credit Line Loans + 1.03	2025.05.27~2026.02.24		—	3,930,000
Foreign short-term borrowings		SOFR(1M) + 0.90	2025.08.12		39,879	58,483
Local bank overdraft		3.5	2025.04.24		—	100,000
Local bank overdraft		3.47	2025.04.07			9,500
Local bank overdraft		Standard overdraft rate+1.44	2026.02.20		—	32,999
						8,915,606

All values are in US Dollars.

In millions of won and thousands of
As of December 31, 2024
Type	Interest rate (%)		Maturity		Foreign<br>currency
Local short-term borrowings		3.27~4.60		2025.01.07~2025.12.31		—	4,953,348
Local short-term borrowings		3M CD+0.23~0.65 4.17		2025.01.02~2025.11.20		—	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>4.20		2025.02.21~2025.03.28		—	76,044
							9,122,792

All values are in US Dollars.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---
As of March 31, 2025
Type		Interest rate (%)	Maturity	Foreign<br>currency		Localcurrency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	~~W~~	1,342
	Facility	2.60~4.94	2025~2042		—		50,604
	Facility	CB rate+0.90	2029		—		8,946
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20	2025~2029		—		7,950,000
	Facility	4.60	2028		—		4,550
	Facility	3yr KTB rate-1.25	2025~2028		—		2,330
Export-Import Bank of Korea	Project loans	1.00	2026		—		4,419
	Facility	1.32	2025~2028		—		60,000
	Operating funds	3M bank debenture<br>rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power<br> <br>resources	3yr KTB rate-2.25<br> <br>1.75	2025~2028		—		7,124
	Project loans	-	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		13,087
	Operating funds	6M bank debenture<br>rate+0.93~1.03	2025~2027		—		50,000
	Others	3.95	2034		—		66,275
	Others	Standard overdraft<br>rate+1.00	2034		—		66,275
Kookmin Bank	Facility	3M CD+1.79<br> <br>5.44~5.63	2030~2037		—		168,776
	Operating funds	1yr bank debenture<br>rate+0.78	2025		—		20,000
Woori Bank	Facility	3M CD+1.90<br>5.12~5.44	2034~2042		—		99,030
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		—		809,722
	Facility	CB rate+1.10<br> <br>2.25~5.63	2028~2041		—		23,889
	PF Refinancing	CB rate+1.25	2030		—		5,487
	PF Refinancing	4.10	2030		—		15,242
	Securitized debts (*)	3M CD+1.80	2025		—		53,472
	Others	4.40~7.90	2025~2039		—		113,253
	Others	2.00~6.15	2031~2034		—		49,825
						~~W~~	9,764,628

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 2025 and December 31, 2024 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---
As of March 31, 2025
Type		Interest rate (%)		Foreign<br>currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026		8,744	12,823
Export-Import Bank of Korea and others	Direct Loan and others	TERM SOFR(6M)+1.80~3.20	2036		72,148	105,805
	Direct Loan and others	6M Synthetic Libor +2.25~3.70	2027		JOD44,126	91,271
	Facility	SOFR+0.43SOFR(1M)+1.83	2029~2031		108,932	159,749
POSCO E&C and others	Shareholder’s loan	5.60~8.00	2025~2026		9,530	13,976
	Shareholder’s loan	8.00	2031		JOD4,853	10,038
NH-Amundi	Syndicated Loan	8.00	2032		526,476	5,169
SMTB	Syndicated Loan	6M Tibor+0.55	2025		6,500,000	63,814
Solar Construction Lending, LLC	Facility	5.00	2025		28,303	41,506
Kiwoom Solar Power<br><br><br>Professional Investor<br><br><br>Private Placement<br><br><br>Investment Trust V	Senior borrowing	3.90	2029		36,887	58,570
IFC and others	Facility	SOFR(3M)+1.60~1.99SOFR(6M)+5.005.70~6.18	2026~2032		932,013	1,366,798
Hanwha US Solar Private<br><br><br>Fund 1 and others	Facility	6.00	2038		60,950	89,383
DBS Bank and others	Facility	1M BBSY+1.40~2.25	2025		AUD176,670	162,655
Nonghyup Bank and others	Facility	10.40	2039		35,638	52,264
						2,233,821
						11,998,449
Less: discount on long-term borrowings						(77,463	)
Less: current portion of long-term borrowings						(8,691,334	)
Add: current portion of discount on long-term borrowings						12,399
						3,242,051

All values are in Japanese Yen.

(*)	The main reasons for early repayment of securitized debts as of March 31, 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 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		Localcurrency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	~~W~~	1,424
	Facility	2.60~4.94	2025~2042		—		51,960
	Facility	CB rate+0.90	2029		—		9,486
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20	2025~2029		—		7,550,000
	Facility	4.60	2028		—		4,904
	Facility	3yr KTB rate-1.25	2028		—		2,492
Export-Import Bank of Korea	Project loans	1.00	2026		—		4,419
	Facility	1.32	2025~2028		—		64,000
	Operating funds	3M bank debenture<br>rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power 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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(4)	Long-term borrowings as of March 31, 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 Synthetic Libor+1.80~3.20	2036		72,163	106,080
	Direct Loan and others	6M Synthetic Libor+2.25~3.70	2027		JOD 44,126	91,437
	Facility	SOFR+0.43<br>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<br><br><br>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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(5)	Local debt securities as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---
	Issue date		Maturity		Interest rate (%)		As of March 31, 2025			As ofDecember 31, 2024
Electricity Bonds		2012.03.27~2025.03.27		2025.04.04~2052.04.21		1.43~5.99	~~W~~	63,190,000			63,960,000
Corporate Bonds (*)		2009.10.16~2025.03.31		2025.04.22~2054.06.28		1.28~10.00		29,687,353			28,727,353
Corporate Bonds		2021.05.26~2023.12.28		2041.05.25~2043.09.15		1.71~3.78		41,578			41,578
								92,918,931			92,728,931
Less: discount on local debt securities								(54,199	)		(51,149	)
Less: current portion of local debt securities								(20,981,584	)		(22,621,584	)
Add: current portion of discount on local debt securities								2,023			2,124
							~~W~~	71,885,171			70,058,322
(*)	Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds,<br>amounting to ~~W~~1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.<br>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---	---	---	---
March 31, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign<br>currency		Local<br>currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95	USD	278,701	~~W~~	408,715
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		461,532
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		420,768
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		146,650
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		439,950
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		439,950
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		63,514
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		65,898
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		311,075
FY-19	2019.07.19	2027.07.19	0.05	CHF	100,000		166,581
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	326,929		479,442
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		733,250
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		733,250
FY-20	2020.08.03	2026.02.03	1.00	USD	300,000		439,950
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		659,925
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		733,250
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		439,950
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		439,950
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		439,950
FY-22	2022.05.06	2025.05.06	3.60	USD	500,000		733,250
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD	800,000		1,173,200
FY-22	2022.06.28	2025.06.28	4.13	USD	300,000		439,950
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		1,026,550
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,173,200
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		443,046
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		195,506
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		513,275
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		733,250
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,466,500
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		439,950
FY-24	2024.01.31	2027.01.31	4.88	USD	1,200,000		1,759,800
FY-24	2024.07.29	2029.07.29	4.63	USD	500,000		733,250
FY-25	2025.02.13	2028.02.13	4.75	USD	400,000		586,600
FY-25	2025.03.05	2028.03.05	4.10	HKD	1,166,000		219,826
							19,660,703
Less: discount on foreign debt securities							(127,078	)
Less: current portion of foreign debt securities							(4,936,602	)
Add: current portion of discount on foreign debt securities							4,856
						~~W~~	14,601,879

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

23.	Borrowings and Debt Securities, Continued
(6)	Foreign debt securities as of March 31, 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		Local<br>currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95	USD	278,701	~~W~~	409,690
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		462,634
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		421,772
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		147,000
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		441,000
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		441,000
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		61,149
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		59,954
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		312,345
FY-19	2019.07.19	2027.07.19	0.05	CHF	100,000		162,638
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	326,929		480,586
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		441,000
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		735,000
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		735,000
FY-20	2020.08.03	2026.02.03	1.00	USD	300,000		441,000
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		661,500
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		735,000
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		441,000
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		441,000
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		441,000
FY-22	2022.05.06	2025.05.06	3.60	USD	500,000		735,000
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD	800,000		1,176,000
FY-22	2022.06.28	2025.06.28	4.13	USD	300,000		441,000
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		1,029,000
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,176,000
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		444,855
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		196,304
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		514,500
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		735,000
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,470,000
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		441,000
FY-24	2024.01.31	2027.01.31	4.88	USD	1,200,000		1,764,000
FY-24	2024.07.29	2029.07.29	4.63	USD	500,000		735,000
							19,328,927
Less: discount on foreign debt securities							(132,690	)
Less: current portion of foreign debt securities							(4,286,883	)
Add: current portion of discount on foreign debt securities							4,976
						~~W~~	14,914,330
(7)	Changes in borrowings and debt securities for the three-month periods ended March 31, 2025 and 2024 areas follows:
---	---
In millions of won	For the three-month period ended March 31, 2025									For the three-month period ended March 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Borrowings			Debt<br>Securities			Total			Borrowings			Debt<br>Securities			Total
Beginning balance	~~W~~	20,659,381			111,874,019			132,533,400			19,839,652			113,792,178			133,631,830
Cash flow		206,872			538,688			745,560			(3,739,385	)		(211,266	)		(3,950,651	)
Effect of exchange rate fluctuations		(3,806	)		(16,914	)		(20,720	)		69,556			687,938			757,494
Others		(25,855	)		2,564			(23,291	)		74			(5,863	)		(5,789	)
	~~W~~	20,836,592			112,398,357			133,234,949			16,169,897			114,262,987			130,432,884

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized ~~W~~21,003 million and ~~W~~39,039 million respectively, as expense for the three-month periods ended March 31, 2025 and 2024. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than ~~W~~5 million), and recognized ~~W~~836 million and ~~W~~823 million respectively, as expense for the three-month periods ended March 31, 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 March 31, 2025 and December 31, 2024 are as follows:
In millions of won	As of March 31, 2025
---	---	---	---	---	---	---	---
	AcquisitionCost		Accumulated<br>depreciation			Book<br>value
Land	~~W~~	1,019,657		(356,018	)		663,639
Buildings		217,716		(113,217	)		104,499
Structures		54,828		(13,041	)		41,787
Machinery		55,284		(29,232	)		26,052
Ships		3,924,127		(2,069,751	)		1,854,376
Vehicles		65,540		(39,843	)		25,697
Others (*)		691,930		(450,106	)		241,824
	~~W~~	6,029,082		(3,071,208	)		2,957,874
(*)	Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.<br>
---	---
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>
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

24.	Lease, Continued
(3)	Changes in right-of-use assets for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Depreciation			Decrease			Others		Endingbalance
Land	~~W~~	677,602		1,401		(15,967	)		—			603		663,639
Buildings		105,841		7,860		(10,432	)		(628	)		1,858		104,499
Structures		40,859		1,889		(2,560	)		—			1,599		41,787
Machinery		27,060		106		(1,646	)		(19	)		551		26,052
Ships		1,931,093		9,688		(86,405	)		—			—		1,854,376
Vehicles		20,920		7,772		(3,522	)		(80	)		607		25,697
Others		243,021		1,977		(6,479	)		—			3,305		241,824
	~~W~~	3,046,396		30,693		(127,011	)		(727	)		8,523		2,957,874
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Depreciation			Decrease			Others			Ending<br>balance
Land	~~W~~	655,860		12,369		(65,245	)		(117	)		74,735			677,602
Buildings		90,573		61,397		(48,371	)		(399	)		2,641			105,841
Structures		37,356		4,115		(4,595	)		—			3,983			40,859
Machinery		5,943		26,200		(7,083	)		—			2,000			27,060
Ships		2,313,305		—		(363,032	)		(1,656	)		(17,524	)		1,931,093
Vehicles		25,491		11,042		(14,167	)		(77	)		(1,369	)		20,920
Others		235,215		17,372		(36,502	)		(3	)		26,939			243,021
	~~W~~	3,363,743		132,495		(538,995	)		(2,252	)		91,405			3,046,396

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

24.	Lease, Continued
(4)	Lease liabilities as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	620,649			632,878
1 ~ 5 years		1,757,872			1,817,340
More than 5 years		1,587,320			1,670,416
		3,965,841			4,120,634
Less: present value discounts and others		(413,447	)		(421,178	)
Present value of lease payment	~~W~~	3,552,394			3,699,456
(5)	Details of the liquidity classification of lease liabilities as of March 31, 2025 and December 31,2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Current lease liabilities	~~W~~	585,461		603,492
Non-current lease liabilities		2,966,933		3,095,964
	~~W~~	3,552,394		3,699,456
(6)	Changes in lease liabilities for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginning<br>balance		Increase		Decrease			Interest<br>expenses		*Others ()**		Ending<br>balance
Lease liabilities	~~W~~	3,699,456		26,324		(209,453	)		20,821		15,246		3,552,394
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase		Decrease			Interestexpenses		*Others ()**		Endingbalance
Lease liabilities	~~W~~	3,807,880		119,161		(695,466	)		82,638		385,243		3,699,456
(*)	Others include the translation effect of foreign currency lease liabilities and others.
---	---

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

24.	Lease, Continued
(7)	Details of expense relating to lease contracts as lessee for the three-month periods ended March 31,2025 and 2024 are as follows:
---	---
In millions of won	For thethree-monthperiod endedMarch 31, 2025		For thethree-monthperiod endedMarch 31, 2024
---	---	---	---	---	---
Depreciation of right-of-use assets	~~W~~	127,011		138,160
Interest expenses of lease liabilities		20,821		20,925
Lease expenses for short-term leases		21,003		39,039
Lease expenses for leases of low-value assets		836		823
Variable lease payments		3,710		(3,700	)
	~~W~~	173,381		195,247
(8)	The total cash outflow related to the lease contracts, including cash outflows due to short-term leases<br>and leases of low-value asset, amounts to ~~W~~235,002 million and ~~W~~242,044 million, for the three-month periods ended March 31, 2025 and 2024, respectively.
---	---

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 19 energy storage system installation projects and 163 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-month periods ended March 31, 2025 and 2024are as follows:
In millions of won	For the three-monthperiod endedMarch 31, 2025		For the three-monthperiod ended<br>March 31, 2024
---	---	---	---	---
Finance income on the net investment in the lease	~~W~~	29,829		28,862
(3)	The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease paymentsto the net investment in the lease as of March 31, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As ofMarch 31, 2025			As ofDecember 31, 2024
---	---	---	---	---	---	---
Less than 1 year	~~W~~	214,325			213,300
1 ~ 2 years		204,891			217,747
2 ~ 3 years		200,655			204,867
3 ~ 4 years		190,563			193,379
4 ~ 5 years		181,708			184,436
More than 5 years		1,374,099			1,420,807
		2,366,241			2,434,536
Less: unearned finance income		(1,031,998	)		(1,078,138	)
Net investment in the lease (*)	~~W~~	1,334,243			1,356,398
(*)	Including the present value of unguaranteed residual value amounting to ~~W~~32,510 million and<br>~~W~~31,857 million, as of March 31, 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 17.10% per year as of March 31, 2025 (0.00%~17.15% as of December 31, 2024).

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

24.	Lease, Continued
(4)	Changes in the allowance for doubtful accounts of finance lease receivables for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-monthperiod endedMarch 31, 2025			For the year endedDecember 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	5,255			5,256
Bad debt expense		2,079			—
Write-off		(230	)		—
Reversal		—			(1	)
Ending balance	~~W~~	7,104			5,255

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

25.	Employment Benefits
(1)	Employment benefit obligations as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Net defined benefit asset	~~W~~	21,606		40,425
Net defined benefit obligations		1,599,122		1,449,837
Other long-term employee benefit obligations		1,627		1,710
(2)	Principal assumptions used for actuarial valuation as of March 31, 2025 and December 31, 2024 areas follows:
---	---
	As of March 31, 2025	As of December 31, 2024
---	---	---
Discount rate	3.15% ~ 5.06%	3.38%~5.06%
Future salary and benefit levels	4.83%	4.83%
Weighted average duration	9.93 years	9.89 years
(3)	Details of expense relating to defined benefit plans for the three-month periods ended March 31, 2025and 2024 are as follows:
---	---
In millions of won	For the three-monthperiod endedMarch 31, 2025			For the three-monthperiod endedMarch 31, 2024
---	---	---	---	---	---	---
Current service cost	~~W~~	112,868			102,763
Interest cost		40,947			43,171
Expected return on plan assets		(29,331	)		(33,548	)
	~~W~~	124,484			112,386

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

In millions of won	For the three-monthperiod endedMarch 31, 2025
Cost of sales	~~W~~	88,496	79,858
Selling and administrative expenses		23,947	21,518
Others including construction-in-progress		12,041	11,010
	~~W~~	124,484	112,386

In addition, for the three-month periods ended March 31, 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~~22,696 million and ~~W~~20,865 million as cost of sales; ~~W~~4,160 million and ~~W~~3,850 million as selling and administrative expenses; and ~~W~~4,131 million and ~~W~~3,528 million as construction-in-progress and others.

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

25.	Employment Benefits, Continued
(4)	Details of defined benefit obligations as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Present value of defined benefit obligation from funded plans	~~W~~	5,094,689			4,960,645
Fair value of plan assets		(3,517,173	)		(3,551,233	)
Net liabilities incurred from defined benefit plans	~~W~~	1,577,516			1,409,412
(5)	Changes in the present value of defined benefit obligations for the three-month period ended March 31,2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-monthperiodendedMarch 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	4,960,645			4,312,702
Current service cost		112,868			430,308
Interest cost		40,947			184,169
Remeasurement component		146,425			425,671
Actual payments		(166,167	)		(392,336	)
Others		(29	)		131
Ending balance	~~W~~	5,094,689			4,960,645
(6)	Changes in the fair value of plan assets for the three-month period ended March 31, 2025 and for theyear ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-monthperiod endedMarch 31, 2025			For the year ended<br>December 31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	3,551,233			3,349,480
Expected return		29,331			141,108
Remeasurement component		(458	)		(10,030	)
Contributions by the employers		5			254,763
Actual payments		(62,938	)		(184,088	)
Ending balance	~~W~~	3,517,173			3,551,233

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

25.	Employment Benefits, Continued
(7)	Details of the fair value of plan assets as of March 31, 2025 and December 31, 2024 are asfollows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Equity instruments	~~W~~	1,727		2,308
Debt instruments		347,465		413,522
Bank deposits		433,775		452,158
Others (*)		2,734,206		2,683,245
	~~W~~	3,517,173		3,551,233
(*)	Others consist of various financial instruments managed by external asset management companies.<br>
---	---

For the three-month period ended March 31, 2025 and for the year ended December 31, 2024, actual returns on plan assets amounted to ~~W~~28,873 million and ~~W~~131,078 million, respectively.

(8)	Remeasurement components recognized in other comprehensive income (loss) for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 are as follows:
In millions of won	For the three-monthperiod endedMarch 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Actuarial loss from changes in financial assumptions	~~W~~	91,084		320,582
Actuarial loss (gain) from experience adjustments, etc.		55,341		105,089
Expected loss (return)		458		10,030
	~~W~~	146,883		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~~33,285 million and loss on accumulated remeasurement component amounting to ~~W~~95,694 million have been recognized as other comprehensive income or loss as of March 31, 2025 and December 31, 2024, respectively.

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

26.	Provisions
(1)	Provisions as of March 31, 2025 and December 31, 2024 are as follows:
---	---
	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
In millions of won	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	~~W~~	1,164,207		—		1,093,625		—
Litigation
Litigation provisions		9,350		487,189		9,350		479,071
Decommissioning cost
Nuclear plants		79,501		23,328,614		79,501		23,192,872
Spent fuel		824,584		2,099,161		799,384		2,124,361
Radioactive waste		94,748		1,687,418		84,485		1,677,306
PCBs		—		36,965		—		39,389
Other recovery provisions		—		39,406		—		50,407
Others
Power plant regional support program		178,811		—		130,256		—
Transmission regional support program		272,787		—		302,631		—
Provisions for financial guarantee		26,293		12,133		26,440		4,484
Provisions for RPS		53,218		—		—		—
Provisions for greenhouse gas emissions obligations		95,505		—		156,463		—
Others		339,491		268,972		111,836		269,144
	~~W~~	3,138,495		27,959,858		2,793,971		27,837,034
(2)	Changes in provisions for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In millions of won	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	1,093,625		346,347		(275,758	)		(7	)		—			1,164,207
Litigation
Litigation provisions		488,421		12,366		(1,105	)		(3,143	)		—			496,539
Decommissioning cost
Nuclear plants		23,272,373		135,755		—			—			(13	)		23,408,115
Spent fuel		2,923,745		—		—			—			—			2,923,745
Radioactive waste		1,761,791		20,375		—			—			—			1,782,166
PCBs		39,389		286		(2,710	)		—			—			36,965
Other recovery provisions		50,407		363		(84	)		—			(11,280	)		39,406
Others
Power plant regional support program		130,256		59,576		(11,021	)		—			—			178,811
Transmission regional support program		302,631		1,870		(31,714	)		—			—			272,787
Provisions for financial guarantee		30,924		13,573		(4,169	)		(1,873	)		(29	)		38,426
Provisions for RPS		—		274,097		(220,879	)		—			—			53,218
Provisions for greenhouse gas emissions obligations		156,463		45		(60,960	)		(43	)		—			95,505
Others		380,980		261,436		(33,296	)		(584	)		(73	)		608,463
	~~W~~	30,631,005		1,126,089		(641,696	)		(5,650	)		(11,395	)		31,098,353

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

26.	Provisions, Continued
(2)	Changes in provisions for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows, continued:
---	---
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Increase inprovision		Payment			Reversal			Others			Ending<br>balance
Employment benefits
Provisions for employment benefits	~~W~~	999,691		1,226,957		(1,127,746	)		(5,379	)		102			1,093,625
Litigation
Litigation provisions		177,018		373,328		(26,040	)		(35,885	)		—			488,421
Decommissioning cost
Nuclear plants		21,646,887		1,692,508		(66,971	)		—			(51	)		23,272,373
Spent fuel		2,925,734		842,753		(463,388	)		(381,354	)		—			2,923,745
Radioactive waste		1,908,085		113,342		(56,907	)		(202,729	)		—			1,761,791
PCBs		57,944		7,049		(25,604	)		—			—			39,389
Other recovery provisions		36,082		4,479		(879	)		—			10,725			50,407
Others
Power plant regional support program		130,034		55,761		(55,539	)		—			—			130,256
Transmission regional support program		256,006		202,882		(156,257	)		—			—			302,631
Provisions for financial guarantee		49,992		11,347		(25,723	)		(5,086	)		394			30,924
Provisions for RPS		36,074		891,143		(862,039	)		(65,178	)		—			—
Provisions for greenhouse gas emissions obligations		18,672		164,438		(17,659	)		(5,611	)		(3,377	)		156,463
Others		292,950		294,954		(126,693	)		(2,441	)		(77,790	)		380,980
	~~W~~	28,535,169		5,880,941		(3,011,445	)		(703,663	)		(69,997	)		30,631,005

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

27.	Government Grants
(1)	Government grants as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Land	~~W~~	27,402		27,403
Buildings		40,696		41,718
Structures		147,251		149,737
Machinery		103,443		105,546
Vehicles		2,758		2,745
Equipment		3,386		3,915
Tools		1,313		1,306
Construction-in-progress		226,111		223,566
Investment properties		23		22
Software		770		844
Development expenditures		697		939
Intangible assets under development		3,840		3,473
Other intangible assets		206		229
	~~W~~	557,896		561,443

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

27.	Government Grants, Continued
(2)	Changes in government grants for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems of depreciation<br>expense andothers			Disposal			Revenue		Others			Endingbalance
Cash	~~W~~	—		4,954		—			—			—			47		(5,001	)		—
Land		27,403		—		—			—			(1	)		—		—			27,402
Buildings		41,718		—		—			(1,021	)		—			—		(1	)		40,696
Structures		149,737		—		—			(2,370	)		(122	)		—		6			147,251
Machinery		105,546		—		—			(3,830	)		(24	)		—		1,751			103,443
Vehicles		2,745		—		—			(359	)		(6	)		—		378			2,758
Equipment		3,915		—		—			(529	)		—			—		—			3,386
Tools		1,306		—		—			(106	)		—			—		113			1,313
Construction-in-progress		223,566		—		(1,643	)		—			—			—		4,188			226,111
Investment properties		22		—		—			—			—			—		1			23
Software		844		—		—			(74	)		—			—		—			770
Development expenditures		939		—		—			(242	)		—			—		—			697
Intangible assets under development		3,473		—		—			—			—			—		367			3,840
Other intangible assets		229		—		—			(23	)		—			—		—			206
	~~W~~	561,443		4,954		(1,643	)		(8,554	)		(153	)		47		1,802			557,896
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Receipt		Acquisition			Offset theitems ofdepreciationexpense andothers			Disposal			Revenue		Others			Endingbalance
Cash	~~W~~	—		59,503		—			—			—			4,789		(64,292	)		—
Land		27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(4,508	)		—			—		(1	)		41,718
Structures		157,881		—		—			(9,458	)		(1,330	)		—		2,644			149,737
Machinery		119,824		—		—			(16,076	)		(522	)		—		2,320			105,546
Vehicles		2,837		—		—			(1,233	)		(8	)		—		1,149			2,745
Equipment		5,932		—		—			(2,118	)		—			—		101			3,915
Tools		62		—		—			(341	)		—			—		1,585			1,306
Construction-in-progress		173,474		—		(6,806	)		—			(75	)		—		56,973			223,566
Investment properties		22		—		—			(1	)		—			—		1			22
Software		413		—		—			(229	)		—			—		660			844
Development expenditures		2,121		—		—			(1,364	)		—			—		182			939
Intangible assets under development		2,458		—		—			—			—			—		1,015			3,473
Other intangible assets		322		—		—			(93	)		—			—		—			229
	~~W~~	538,977		59,503		(6,806	)		(35,421	)		(1,936	)		4,789		2,337			561,443

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

28.	Deferred Revenue

Changes in deferred revenues for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 are asfollows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won	For the three-month period endedMarch 31, 2025
Beginning balance	~~W~~	13,652,565		11,548,855
Increase		344,004		2,924,341
Recognized as revenue		(211,646	)	(820,631	)
Ending balance	~~W~~	13,784,923		13,652,565
29.	Non-financial Liabilities
---	---

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

In millions of won	As of March 31, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advance received	~~W~~	3,773,244		421,712		3,531,207		354,218
Unearned revenue		43,763		14,157		37,062		14,910
Deferred revenue		786,292		12,998,631		776,988		12,875,577
Withholdings		438,442		2,296		271,425		2,296
Others		1,986,142		34,718		1,710,459		34,519
	~~W~~	7,027,883		13,471,514		6,327,141		13,281,520

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

30.	Contributed Capital
(1)	Details of share capital as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won except share information
---	---	---	---	---	---	---	---	---	---	---	---	---
	As of March 31, 2025
	Shares<br>authorized<br>(in shares)		Shares issued<br>(in shares)		Parvalue<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 three-month period ended March 31, 2025 and forthe year ended December 31, 2024 are as follows:
---	---
Number of shares	For the three-month periodended March 31, 2025		For the year endedDecember 31, 2024
---	---	---	---	---
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077
(3)	Details of share premium as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Share premium	~~W~~	843,758		843,758

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

31.	Retained Earnings and Dividends Paid
(1)	Details of retained earnings as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Legal reserve (*)	~~W~~	1,604,910		1,604,910
Voluntary reserves		567,469		—
Retained earnings before appropriations		20,052,687		18,523,337
Retained earnings	~~W~~	22,225,066		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 deficit<br>by the resolution of the shareholders.
---	---
(2)	Details of voluntary reserves as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Reserve for business expansion	~~W~~	567,469		—
	~~W~~	567,469		—
(3)	Changes in retained earnings for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 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<br><br><br>the controlling company		2,328,246			3,491,698
Changes in equity method retained earnings		(248	)		(6,346	)
Remeasurements of defined benefit liability, net of tax		(94,441	)		(281,761	)
Transfer of revaluation reserve		—			586,394
Dividend paid		(136,738	)		—
Ending balance	~~W~~	22,225,066			20,128,247

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

31.	Retained Earnings and Dividends Paid, Continued
(4)	Dividends paid for the three-month period ended March 31, 2025 and for the year ended December 31,2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Number of<br>shares issued<br>(in shares)		Number of<br>treasury stocks<br>(in shares)		Number of<br>shares eligible for<br>dividends (inshares)		Dividends paidper share (inwon)		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><br><br>shares issued<br> <br>(inshares)	Number of<br><br><br>treasury stocks<br> <br>(inshares)	Number of<br>shares eligible for<br>dividends (in shares)		Dividends paid<br>per share<br>(in won)		Dividends<br>paid
Common shares	641,964,077	—		641,964,077		~~W~~—		—
(5)	Changes in retained earnings of investments in associates and joint ventures for the three-month periodended March 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 2025			For the year ended December<br>31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(17,420	)		(11,074	)
Changes		(248	)		(6,346	)
Ending balance	~~W~~	(17,668	)		(17,420	)
(6)	Changes in remeasurement components related to defined benefit liability for the three-month period endedMarch 31, 2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 2025			For the year ended December<br>31, 2024
---	---	---	---	---	---	---
Beginning balance	~~W~~	(95,694	)		29,229
Changes		(141,188	)		(421,327	)
Income tax effect		46,747			139,566
Transfer to reserve for business expansion		156,850			156,838
Ending balance	~~W~~	(33,285	)		(95,694	)

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

32.	Hybrid Bonds

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

In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		As of March 31,2025		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 become 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 three-month period ended March 31, 2025.
---	---

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

33.	Other Components of Equity
(1)	Other components of equity as of March 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025		As of December 31, 2024
---	---	---	---	---
Other capital surplus	~~W~~	1,601,138		1,600,812
Accumulated other comprehensive income		1,368,224		1,424,014
Other equity		12,708,585		12,708,585
	~~W~~	15,677,947		15,733,411
(2)	Changes in other capital surplus for the three-month period ended March 31, 2025 and for the year endedDecember 31, 2024 are as follows:
---	---
	For the three-month period ended March 31, 2025						For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
In millions of won	Gains ondisposal oftreasurystocks		Others		Subtotal		Gains on<br>disposal of<br>treasury<br>stocks		Others			Subtotal
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		—		245		245		—		(7	)		(7	)
Transactions between consolidated entities		—		81		81		—		18			18
Ending balance	~~W~~	387,524		1,213,614		1,601,138		387,524		1,213,288			1,600,812

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

33.	Other Components of Equity, Continued
(3)	Changes in accumulated other comprehensive income (loss) for the three-month period ended March 31,2025 and for the year ended December 31, 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Financial assets at<br>fair value throughother<br>comprehensive<br>income<br>valuation reserve			Shares of othercomprehensive<br>income of<br>investments in<br>associates andjoint ventures			Reserve<br>for overseasoperations<br>translationcredit			Reserve for<br>gain (loss) onvaluation of<br>derivatives			Total
Beginning balance	~~W~~	80,757			1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		(39,752	)		—			—			—			(39,752	)
Shares of other comprehensive loss of associates and joint ventures, net of tax		—			(52,419	)		—			—			(52,419	)
Foreign currency translation of foreign operations, net of tax		—			—			25,151			—			25,151
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of<br>tax		—			—			—			11,230			11,230
Ending balance	~~W~~	41,005			1,545,539			(206,795	)		(11,525	)		1,368,224
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Financial assets at<br>fair value through<br>other<br>comprehensive<br>income<br>valuation reserve			Shares ofothercomprehensive<br>income of<br>investments in<br>associates andjoint ventures		Reservefor overseasoperations<br>translation<br>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 March 31, 2025 and December 31, 2024 is as follows:
---	---
In millions of won	As of March 31, 2025			As of December 31, 2024
---	---	---	---	---	---	---
Statutory revaluation reserve	~~W~~	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)
	~~W~~	12,708,585			12,708,585

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

34.	Sales

Details of sales for the three-month periods ended March 31, 2025 and 2024 are as follows:

In millions of won	For the three-month period ended March 31, 2025						For the three-month period ended March 31, 2024
	Domestic		Overseas		Total		Domestic		Overseas		Total
[Type of goods and services]
Sales of goods	~~W~~	23,699,567		109,882		23,809,449		22,775,171		75,577		22,850,748
Electricity		23,211,200		—		23,211,200		22,164,993		—		22,164,993
Heat supply		186,688		—		186,688		193,258		—		193,258
Others		301,679		109,882		411,561		416,920		75,577		492,497
Sales related to rendering of services		86,590		60,102		146,692		100,149		67,551		167,700
Sales related to construction services		19,256		36,941		56,197		24,687		60,819		85,506
Revenue related to transfer of assets from customers		211,646		—		211,646		188,789		—		188,789
	~~W~~	24,017,059		206,925		24,223,984		23,088,796		203,947		23,292,743
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	~~W~~	23,699,567		109,882		23,809,449		22,775,171		75,577		22,850,748
Performance obligations satisfied over time		317,492		97,043		414,535		313,625		128,370		441,995
	~~W~~	24,017,059		206,925		24,223,984		23,088,796		203,947		23,292,743

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

35.	Selling and Administrative Expenses

Selling and administrative expenses for the three-month periods ended March 31, 2025 and 2024 are as follows:

In millions of won	For the three-month periodended March 31, 2025
Salaries	~~W~~	285,729	281,032
Retirement benefit expense		28,107	25,368
Welfare and benefit expense		32,824	31,546
Insurance expense		7,716	7,345
Depreciation		57,511	57,322
Amortization of intangible assets		22,318	21,875
Bad debt expense		17,373	10,175
Commission		106,007	105,200
Advertising expense		10,484	10,564
Training expense		1,986	2,073
Vehicle maintenance expense		2,038	1,973
Publishing expense		711	726
Business development expense		708	681
Rent expense		11,772	11,313
Telecommunication expense		2,838	2,567
Transportation expense		245	236
Taxes and dues		10,151	9,434
Expendable supplies expense		1,852	1,685
Water, light and heating expense		4,625	4,162
Repairs and maintenance expense		29,061	37,481
Ordinary development expense		43,600	38,140
Travel expense		4,907	4,486
Clothing expense		546	348
Survey and analysis expense		186	198
Membership fee		633	655
Others		29,505	23,628
	~~W~~	713,433	690,213

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

36.	Other Income and Expenses
(1)	Other income for the three-month periods ended March 31, 2025 and 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 2025		For the three-month periodended March 31, 2024
---	---	---	---	---
Reversal of other provisions	~~W~~	3,113		21,812
Reversal of other allowance for bad debt		6,500		—
Gains on government grants		47		—
Gains on assets contributed		181		882
Gains on liabilities exempted		280		155
Compensation and reparations revenue		20,207		20,690
Revenue from foundation fund		154		—
Rental income		52,849		56,643
Others		9,476		25,212
	~~W~~	92,807		125,394
(2)	Other expenses for the three-month periods ended March 31, 2025 and 2024 are as follows:
---	---
In millions of won	For the three-month periodended March 31, 2025		For the three-month periodended March 31, 2024
---	---	---	---	---
Compensation and indemnification expense	~~W~~	1		83
Accretion expenses of other provisions		440		114
Depreciation expenses on investment properties		195		159
Depreciation expenses on idle assets		904		910
Other bad debt expense		2		2,546
Donations		12,111		91,293
Others		6,225		7,411
	~~W~~	19,878		102,516

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

37.	Other Gains (Losses)

Composition of other gains (losses) for the three-month periods ended March 31, 2025 and 2024 is as follows:

In millions of won	For the three-month periodended March 31, 2025
Other gains
Gains on disposal of property, plant and equipment	~~W~~	5,363		34,053
Gains on disposal of intangible assets		—		11
Gains on foreign currency translation		4,162		12,931
Gains on foreign currency transactions		44,613		17,088
Others		172,464		71,021
Other losses
Losses on disposal of property, plant and equipment		(37,158	)	(17,983	)
Losses on disposal of intangible assets		(13	)	(110	)
Losses on foreign currency translation		(10,082	)	(8,605	)
Losses on foreign currency transactions		(19,688	)	(42,843	)
Others		(61,089	)	(40,499	)
	~~W~~	98,572		25,064

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

38.	Finance Income

Finance income for the three-month periods ended March 31, 2025 and 2024 is as follows:

In millions of won	For the three-monthperiod ended March31, 2025
Interest income	~~W~~	111,988	118,441
Dividends income		13,551	78
Gains on disposal of financial assets		10,564	8,108
Gains on valuation of financial assets at fair value through profit or loss		14,609	36,671
Gains on valuation of derivatives		80,809	705,362
Gains on transaction of derivatives		79,130	47,902
Gains on foreign currency translation		61,897	61,601
Gains on foreign currency transactions		39,923	8,352
Others		830	711
	~~W~~	413,301	987,226

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

39.	Finance Expenses

Finance expenses for the three-month periods ended March 31, 2025 and 2024 are as follows:

In millions of won	For the three-month periodended March 31, 2025
Interest expense	~~W~~	1,117,124	1,151,729
Losses on sale of financial assets		735	27
Losses on valuation of financial assets at fair value through profit or loss		215	238
Losses on valuation of derivatives		43,801	28,982
Losses on transaction of derivatives		34,449	13,600
Losses on foreign currency translation		29,490	799,035
Losses on foreign currency transactions		2,515	2,577
Others		3,326	5,065
	~~W~~	1,231,655	2,001,253

Capitalization rates for each of the three-month periods ended March 31, 2025 and 2024 are 2.33%~3.26% and 2.44%~4.58%, respectively.

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periods ended March 31, 2025 and 2024 is 26.92% and 19.23%,<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 three-month period ended March 31, 2025 in relation with the additional Pillar Two income taxes amounts to approximately ~~W~~733 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

41.	Assets Held-for-Sale

Assets held-for-sale as of March 31, 2025 and December 31, 2024 are as follows:

In millions of won	As of March 31, 2025
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 transaction during the year ended December 31, 2022. Although it is expected to take<br>more than a year to complete the sale transaction, the Group decided that the definitive purchase contract is still valid as a result of discussions with the counterparty.
---	---

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

42.	Expenses Classified by Nature

Expenses classified by nature for the three-month periods ended March 31, 2025 and2024 are as follows:

In millions of won	For the three-month period ended March 31, 2025
	Selling andadministrative expenses		Cost of sales		Total
Raw materials used	~~W~~	—		4,702,200		4,702,200
Power purchase		—		8,756,833		8,756,833
Salaries		285,729		1,118,182		1,403,911
Retirement benefit expense		28,107		111,192		139,299
Welfare and benefit expense		32,824		127,975		160,799
Insurance expense		7,716		33,654		41,370
Depreciation		57,511		3,434,552		3,492,063
Amortization of intangible assets		22,318		17,981		40,299
Bad debt expense		17,373		—		17,373
Commission		106,007		69,294		175,301
Advertising expense		10,484		1,544		12,028
Training expense		1,986		3,263		5,249
Vehicle maintenance expense		2,038		2,059		4,097
Publishing expense		711		573		1,284
Business promotion expense		708		621		1,329
Rent expense		11,772		28,338		40,110
Telecommunication expense		2,838		2,477		5,315
Transportation expense		245		20,350		20,595
Taxes and dues		10,151		111,387		121,538
Expendable supplies expense		1,852		9,359		11,211
Water, light and heating expense		4,625		8,624		13,249
Repairs and maintenance expense		29,061		527,881		556,942
Ordinary development expense		43,600		132,355		175,955
Travel expense		4,907		17,423		22,330
Clothing expense		546		541		1,087
Survey and analysis expense		186		877		1,063
Membership fee		633		5,736		6,369
Others		29,505		511,673		541,178
	~~W~~	713,433		19,756,944		20,470,377

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

42.	Expenses Classified by Nature, Continued

Expenses classified by nature for the three-month periods ended March 31, 2025 and2024 are as follows, continued:

In millions of won	For the three-month period ended March 31, 2024
	Selling andadministrative expenses		Cost of sales		Total
Raw materials used	~~W~~	—		5,781,061		5,781,061
Power purchase		—		9,202,880		9,202,880
Salaries		281,032		1,121,775		1,402,807
Retirement benefit expense		25,368		100,723		126,091
Welfare and benefit expense		31,546		127,841		159,387
Insurance expense		7,345		36,508		43,853
Depreciation		57,322		3,453,904		3,511,226
Amortization of intangible assets		21,875		18,629		40,504
Bad debt expense		10,175		—		10,175
Commission		105,200		101,207		206,407
Advertising expense		10,564		1,424		11,988
Training expense		2,073		2,769		4,842
Vehicle maintenance expense		1,973		2,092		4,065
Publishing expense		726		656		1,382
Business promotion expense		681		640		1,321
Rent expense		11,313		30,907		42,220
Telecommunication expense		2,567		2,288		4,855
Transportation expense		236		15,993		16,229
Taxes and dues		9,434		109,067		118,501
Expendable supplies expense		1,685		10,405		12,090
Water, light and heating expense		4,162		9,577		13,739
Repairs and maintenance expense		37,481		696,284		733,765
Ordinary development expense		38,140		128,168		166,308
Travel expense		4,486		19,535		24,021
Clothing expense		348		683		1,031
Survey and analysis expense		198		879		1,077
Membership fee		655		4,802		5,457
Others		23,628		322,490		346,118
	~~W~~	690,213		21,303,187		21,993,400

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

43.	Earnings Per Share
(1)	Basic earnings per share for the three-month periods ended March 31, 2025 and 2024 are as follows:
---	---
In won	For the three-month periodended March 31, 2025		For the three-month periodended March 31, 2024
---	---	---	---	---
Type
Basic earnings per share	~~W~~	3,627		875
(2)	Profits for the periods and the weighted average number of common shares used in the calculation of basicearnings per share for the three-month periods ended March 31, 2025 and 2024 are as follows:
---	---
In millions of won except number of shares	For the three-monthperiod ended March31, 2025		For the three-monthperiod ended March31, 2024
---	---	---	---	---
Type
Profit attributable to controlling interest	~~W~~	2,328,246		561,462
Profit used in the calculation of total basic earnings per share		2,328,246		561,462
Weighted average number of common shares (in shares)		641,964,077		641,964,077
(3)	The weighted average number of common shares used in the calculation of basic earnings per share for thethree-month periods ended March 31, 2025 and 2024 is as follows:
---	---
In number of shares<br><br><br>Type	For the three-monthperiod ended March31, 2025		For the three-monthperiod ended March31, 2024
---	---	---	---	---
The number of common shares issued at beginning of the year		641,964,077		641,964,077
Weighted average number of common shares (in shares)		641,964,077		641,964,077
(4)	There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings pershare for the three-month periods ended March 31, 2025 and 2024.
---	---

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

In millions of won	As of March 31, 2025
Total borrowings and debt securities	~~W~~	133,234,949		132,533,400
Cash and cash equivalents		2,442,980		2,382,979
Net borrowings and debt securities		130,791,969		130,150,421
Total equity		43,111,122		41,362,833
Debt to equity ratio		303.38	%	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.

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

In millions of won	As of March 31,2025
Cash and cash equivalents	~~W~~	2,442,980	2,382,979
Financial assets at fair value through profit or loss (*1)		2,872,890	2,013,948
Derivative assets (trading)		1,880,180	1,846,527
Financial assets at fair value through other comprehensive income (debt securities)		5,045	5,045
Financial assets at amortized cost		60,373	30,233
Loans		921,438	908,148
Long-term/short-term financial instruments		2,526,503	1,960,140
Derivative assets (applying hedge accounting)		771,644	844,637
Trade and other receivables		14,368,320	15,373,625
Financial guarantee contracts (*2)		3,960,295	5,151,554
	~~W~~	29,809,668	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 three-month period ended March 31, 2025, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii)	Market risk

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

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 is as follows:

		As of March 31, 2025						As of December 31, 2024
In millions of won<br><br><br>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~~	499,520			(436,014	)		473,627			(413,799	)
Discount rate	Increase (decrease) in defined benefit obligation		(442,553	)		521,329			(429,517	)		506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the three-month periods ended March 31, 2025 and 2024 are ~~W~~8,283 million and ~~W~~7,874 million, respectively.

②	Provisions

Changes in provisions due to underlying assumptions as of March 31, 2025 and December 31, 2024 are as follows:

Type	Accounts
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 March 31, 2025 and December 31, 2024 is as follows:

		As of March 31, 2025						As of December 31, 2024
In millions of won<br><br><br>Type	Accounts	0.1%pIncrease			0.1%p<br>Decrease			0.1%p<br>Increase			0.1%p<br>Decrease
Discount rate	PCBs	~~W~~	(48	)		48			(58	)		58
	Nuclear plants		(462,708	)		479,762			(464,727	)		481,899
	Spent fuel		(129,983	)		130,679			(129,983	)		130,679
	Radioactive waste		(11,156	)		11,267			(11,363	)		11,478
Inflation rate	PCBs		48			(48	)		58			(58	)
	Nuclear plants		511,300			(493,753	)		507,814			(490,386	)
	Spent fuel		133,847			(128,527	)		133,847			(128,527	)
	Radioactive waste		11,358			(11,264	)		11,167			(11,075	)

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

In thousands of foreign currencies				Liabilities
Type		As of December 31, 2024		As of March 31, 2025		As of December 31, 2024
AED	37,715		33,465		4,452		8,795
AUD	29		26		—		64
BDT	2,252		2,252		—		—
BWP	768		768		—		—
CAD	2		2		1,300		61
CHF	—		—		100,231		100,686
DOP	3,196		7,772		—		—
EGP	150,966		203,044		—		—
	4,921		20,433		42,853		47,829
	85		139		—		4
HKD	—		—		6,292,898		5,093,862
IDR	40,955,546		37,830,902		2,030,640		4,027,099
	997,802		1,037,437		169,345		225,042
JOD	1,243		902		121		49,128
	186,955		23,798		522,880		7,483,199
KZT	1,510		1,510		14		—
MGA	7,378,732		5,452,745		427,164		248,175
MMK	188,021		188,021		6,022,352		—
MYR	2,805		2,805		—		—
PHP	22,917		19,401		—		—
PKR	60,216,827		68,734,242		10,418		10,418
SAR	1,122		1,087		—		—
SEK	—		—		449,794		449,302
SGD	598		291		—		110
	1,178,257		1,651,765		8,526,793		15,364,685
UYU	127,632		99,189		1,599		1,141
VND	652,427		733,338		—		587,003
ZAR	80,982		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 March 31, 2025 and December 31, 2024 is as follows:

In millions of won	As of March 31, 2025					As of December 31, 2024
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	~~W~~	(1,189,643	)		1,189,643		(2,114,808	)		2,114,808
Increase (decrease) of shareholder’s equity (*)		(1,189,643	)		1,189,643		(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 March 31, 2025 and December 31, 2024.

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

②	Interest rate risk

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

The Group’s borrowings and debt securities with floating interest rates as of March 31, 2025 and December 31, 2024 are as follows:

In millions of won
Type	As of March 31, 2025		As of December 31, 2024
Short-term borrowings	~~W~~	4,021,481		4,069,444
Long-term borrowings		10,557,426		10,112,707
Debt securities		41,578		41,578
	~~W~~	14,620,485		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 three-month period ended March 31, 2025 and for the year ended December 31, 2024 is as follows:

In millions of won	For the three-month period ended<br>March 31, 2025					For the year ended<br>December 31, 2024
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	~~W~~	(36,551	)		36,551		(142,237	)		142,237
Increase (decrease) of shareholder’s equity (*)		(36,551	)		36,551		(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.

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periods ended March 31, 2025 and 2024 is as follows:

In millions of won	For the three-month period endedMarch 31, 2025					For the three-month period endedMarch 31, 2024
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	~~W~~	232,112		(232,112	)		221,650		(221,650	)
Increase (decrease) of shareholder’s equity (*)		232,112		(232,112	)		221,650		(221,650	)
(*)	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 March 31, 2025 and December 31, 2024 in detail are as follows:

	As of March 31, 2025
In millions of won<br><br><br>Type	Less than<br>1 year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	18,953,486		1,152,929		1,365,933		1,131,895		22,604,243
Debt securities		27,900,360		29,295,605		35,768,132		32,604,308		125,568,405
Lease liabilities		620,649		569,329		1,188,543		1,587,320		3,965,841
Trade and other payables (*1)		7,941,350		357,218		652,073		524,560		9,475,201
Financial guarantee contracts (*2)		3,046,800		526,559		252,017		134,919		3,960,295
	~~W~~	58,462,645		31,901,640		39,226,698		35,983,002		165,573,985
	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
In millions of won<br><br><br>Type	Less than<br>1 year		1~2 Years		2~5 Years		More than<br>5 years		Total
Borrowings	~~W~~	18,887,527		430,883		1,300,087		2,032,303		22,650,800
Debt securities		28,967,125		29,601,867		39,451,207		28,885,833		126,906,032
Lease liabilities		632,878		553,030		1,264,310		1,670,416		4,120,634
Trade and other payables (*1)		8,807,823		354,778		631,653		526,846		10,321,100
Financial guarantee contracts (*2)		3,156,187		1,712,801		270,806		11,760		5,151,554
	~~W~~	60,451,540		32,653,359		42,918,063		33,127,158		169,150,120
(*1)	Excludes lease liabilities.
---	---
(*2)	This represents the total guarantee amounts associated with the financial guarantee contracts. Financial<br>guarantee liabilities which are recognized as of March 31, 2025 and December 31, 2024 are ~~W~~38,426 million and ~~W~~30,924 million, respectively.
---	---

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

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

In millions of won	As of March 31, 2025
Type	Less than<br>1 year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,442,980		—		—		—		2,442,980
Financial assets at fair value through other comprehensive income		—		—		—		621,935		621,935
Financial assets at amortized cost		50,283		10,090		—		—		60,373
Loans and receivables		99,122		378,907		342,916		138,179		959,124
Long-term/short-term financial Instruments		1,706,871		4,797		—		814,835		2,526,503
Financial assets at fair value through profit or loss		2,344,231		330,098		744,737		491,081		3,910,147
Trade and other receivables		11,365,765		1,642,103		4,298,952		—		17,306,820
	~~W~~	18,009,252		2,365,995		5,386,605		2,066,030		27,827,882
In millions of won	As of December 31, 2024
---	---	---	---	---	---	---	---	---	---	---
Type	Less than<br>1 year		1~5 Years		More than<br>5 years		*Other ()**		Total
Cash and cash equivalents	~~W~~	2,382,979		—		—		—		2,382,979
Financial assets at fair value through<br><br><br>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<br><br><br>Instruments		1,147,929		583		—		811,628		1,960,140
Financial assets at fair value through<br><br><br>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.
---	---

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

	As of March 31, 2025
In millions of won<br><br><br>Type	Less than<br>1 year			1~2 Years			2~5 Years			More than<br>5 years			Total
Net settlement
- Trading	~~W~~	—			—			—			—			—
Gross settlement
- Trading and others		(47,493	)		(73,651	)		(98,948	)		(64,124	)		(284,216	)
- Hedging		—			—			—			(237	)		(237	)
	~~W~~	(47,493	)		(73,651	)		(98,948	)		(64,361	)		(284,453	)
	As of December 31, 2024
In millions of won<br><br><br>Type	Less than 1year			1~2 Years			2~5 Years			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	)

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31,<br>2024 are as follows:
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through<br><br><br>other comprehensive income	~~W~~	621,935		621,935		674,850		674,850
Derivative assets (trading)		1,880,180		1,880,180		1,846,527		1,846,527
Derivative assets (applying hedge accounting)		771,644		771,644		844,637		844,637
Financial assets at fair value through<br><br><br>profit or loss		3,037,294		3,037,294		2,176,172		2,176,172
	~~W~~	6,311,053		6,311,053		5,542,186		5,542,186
Assets carried at amortized cost
Financial assets at amortized cost	~~W~~	60,373		60,373		30,233		30,233
Loans and receivables		921,438		921,438		908,148		908,148
Trade and other receivables		14,368,320		14,368,320		15,373,625		15,373,625
Long-term financial instruments		819,632		819,632		812,211		812,211
Short-term financial instruments		1,706,871		1,706,871		1,147,929		1,147,929
Cash and cash equivalents		2,442,980		2,442,980		2,382,979		2,382,979
	~~W~~	20,319,614		20,319,614		20,655,125		20,655,125
Liabilities recognized at fair value
Derivative liabilities (trading)	~~W~~	280,829		280,829		279,932		279,932
Derivative liabilities (applying hedge accounting)		237		237		4,893		4,893
	~~W~~	281,066		281,066		284,825		284,825
Liabilities carried at amortized cost
Secured borrowings	~~W~~	1,430,853		1,430,853		1,443,125		1,443,125
Unsecured bond		112,398,357		112,828,822		111,874,019		110,798,858
Lease liabilities		3,552,394		3,552,394		3,699,456		3,699,456
Unsecured borrowings		19,363,240		19,320,007		19,040,213		18,994,676
Trade and other payables (*)		9,475,201		9,475,201		10,321,100		10,321,100
Overdraft		42,499		42,499		176,043		176,043
	~~W~~	146,262,544		146,649,776		146,553,956		145,433,258
(*)	Excludes lease liabilities.
---	---

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Notes to the consolidated interim financial statements, Continued

March 31, 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 March 31, 2025 and December 31, 2024 are as follows:

Type	As of March 31, 2025
Derivatives		0.03%~4.88%	0.03%~4.88%
Borrowings and debt securities		0.66%~5.84%	0.96%~5.84%
Leases		0.00%~17.15%	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 March 31, 2025 and December 31, 2024 are as follows:

In millions of won	As of March 31, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other<br><br><br>comprehensive income	~~W~~	307,059		—		314,876		621,935
Derivative assets		—		2,651,824		—		2,651,824
Financial assets at fair value through<br><br><br>profit or loss		—		3,030,897		6,397		3,037,294
	~~W~~	307,059		5,682,721		321,273		6,311,053
Financial liabilities at fair value
Derivative liabilities	~~W~~	—		281,066		—		281,066
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<br><br><br>comprehensive income	~~W~~	360,096		—		314,754		674,850
Derivative assets		—		2,691,164		—		2,691,164
Financial assets at fair value through<br><br><br>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.

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

Changes in non-derivative financial assets and liabilities which are classified as level 3 for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won	For the three-month period ended March 31, 2025
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation			Disposal		Foreigncurrencytranslationand others		Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,872		—		—		(475	)		—		—		6,397
Financial assets at fair value through other comprehensive income
Unlisted securities		309,709		—		—		(44	)		—		166		309,831
Debt securities		5,045		—		—		—			—		—		5,045
In millions of won	For the year ended December 31, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Beginningbalance		Acquisitions		Reclassifiedcategory		Valuation		Disposal		Foreigncurrencytranslationand others		Endingbalance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	~~W~~	6,735		—		22		115		—		—		6,872
Financial assets at fair value through other comprehensive income
Unlisted securities		212,762		4,000		—		88,256		—		4,691		309,709
Debt securities		4,627		—		—		418		—		—		5,045

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

(ii)	Rights and classification of the arrangement

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

(iii)	Classification method

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

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2025 are<br>as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	36,730
1 ~ 2 years		36,775
2 ~ 3 years		36,949
Over 3 years		549,028
	~~W~~	659,482

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 contract period.

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2025 are<br>as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	81,819
1 ~ 2 years		81,819
2 ~ 3 years		81,819
Over 3 years		908,374
	~~W~~	1,153,831

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 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 Guam Power Authority to acquire ownership of the plant after the end of the contract period.

(iv)	The Group’s expected future collections of service concession arrangements as of March 31, 2025 are<br>as follows:
In millions of won
---	---	---
Type	Amounts
Less than 1 year	~~W~~	58,379
1 ~ 2 years		117,522
2 ~ 3 years		118,588
Over 3 years		2,908,205
	~~W~~	3,202,694

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties
(1)	The Group’s related parties as of March 31, 2025 are as follows:
---	---
Type	Related party
---	---
Parent	Republic of Korea government
Subsidiaries<br> <br>(167 subsidiaries)	Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering &<br>Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International<br>HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO<br>Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power<br>Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO<br>Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia,<br>KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC,<br>EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd.,<br>KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC,<br>KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave<br>Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles<br>LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power<br>Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service<br>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<br>Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara<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, LLC, CVS<br>Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund,<br>KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC,<br>Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New<br>Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(1)	The Group’s related parties as of March 31, 2025 are as follows, continued:
---	---
Type	Related party
---	---
Associates<br> <br>(102 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., Ltd., PT Wampu Electric Power, PT. Bayan<br>Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd.,<br>Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd.,<br>Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity<br>Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co.,<br>Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro<br>Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd.,<br>Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd.,<br>Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd.,<br>Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green<br>Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy<br>Co., Ltd., Namjeju Bitdream Energy Co., Ltd.
Joint ventures<br> <br>(118 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 & Maintenance<br>Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind<br>Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday<br>Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar<br>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 Co., Ltd., Yangyang Wind Power Co., Ltd., Horus<br>Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn.<br>Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd.,<br>OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd.,<br>Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X<br>Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco<br>Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind<br>Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd., Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd.,<br>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 KOWEPO<br>AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd.
Others<br> <br>(1 entity)	Korea Development Bank
(*1)	Subsidiaries of associates and joint ventures are included.
---	---

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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 three-month periods ended March 31, 2025 and 2024 are asfollows:
---	---

<Sales and Others>

In millions of won		Sales and others
Company name	Transaction type	March 31, 2025		March 31, 2024
<Associates>
Korea Gas Corporation	Electricity sales	~~W~~	77,808		42,592
Goseong Green Power Co., Ltd.	Electricity Sales		130,326		176,040
Dongducheon Dream Power Co., Ltd.	Electricity sales		3,000		2,960
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		6,152		28,993
S-Power Co., Ltd.	Service		597		613
Gangneung Eco Power Co., Ltd.	Fuel sales		137,167		176,824
GS Donghae Electric Power Co., Ltd.	Electricity sales		14,680		2,133
Korea Power Exchange	Service		7,557		3,054
Daeryun Power Co., Ltd.	Electricity sales		1,112		1,030
Korea Electric Power Industrial Development Co., Ltd.	Service		5,101		3,551
Chuncheon Green Energy Co., Ltd.	Electricity sales		5,531		9
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		3,492		3
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		3,175		1,949
KPE Green Energy Co., Ltd.	Electricity Sales		3		4
Gangwon Wind Power Co., Ltd.	Electricity sales		1,448		1,486
Bitgoel Eco Energy Co., Ltd.	Service		1,210		2,179
Busan Green Energy Co., Ltd.	Electricity sales		2,019		2,137
Noeul Green Energy Co., Ltd.	Electricity sales		2,097		2,618
Muan Solar Park Co., Ltd.	Electricity sales		1,476		1,515
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		400		345
Go deok Clean Energy Co., Ltd.	Electricity sales		683		6,699
Others (Anjwa Smart Farm & Solar City Co., Ltd. and 44 others)	Electricity sales		15,082		18,222
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales		241		832
Daegu Green Power Co., Ltd.	Electricity sales		511		388
Daesan Green Energy Co., Ltd.	Electricity sales		40		40
KAPES, Inc.	Others		1,992		1,207
Cheongna Energy Co., Ltd.	Others		19,455		15,037
Seokmun Energy Co., Ltd.	Service		627		586
Naepo Green Energy Co., Ltd.	Electricity sales		14,266		670
Jamaica Public Service Company Limited	Others		9,700		—
Cheongju Eco Park Co., Ltd.	Electricity sales		5		91
KW Nuclear Components Co., Ltd.	Service		851		1,088
Solaseado Solar Power Co., Ltd.	Electricity sales		455		453
Yeonggwang Wind Power Co., Ltd.	Electricity sales		314		284
Yeongam Solar Power Co., Ltd.	Electricity sales		134		150
Amman Asia Electric Power Company	Others		6,212		4,772
Eumseong Eco Park Co., Ltd.	Electricity sales		5		5
Kelar S.A.	Electricity sales		5,567		5,905
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		508		493
Gunsan Land Solar Co., Ltd.	Electricity sales		3,218		240
Bitsolar Energy Co., Ltd.	Electricity sales		109		91
Others (Samsu Wind Power Co., Ltd. and 55 others)	Electricity sales		75,658		63,483
<Others>
Korea Development Bank	Electricity sales		1,716		1,320
	Interest income		1,400		6,225
		~~W~~	563,100		578,316

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(3)	The related party transactions for each of the three-month periods ended March 31, 2025 and 2024 are asfollows, continued:
---	---

<Purchase and Others>

In millions of won		Purchase and others
Company name	Transaction type	March 31, 2025		March 31, 2024
<Associates>
Korea Gas Corporation	Electricity sales	~~W~~	1,489,030		1,852,694
Goseong Green Power Co., Ltd.	Electricity Sales		273,261		300,442
Dongducheon Dream Power Co., Ltd.	Electricity sales		348,507		406,861
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		219,586		261,380
S-Power Co., Ltd.	Service		177,565		216,476
Gangneung Eco Power Co., Ltd.	Fuel sales		4,372		672
GS Donghae Electric Power Co., Ltd.	Electricity sales		121,939		165,761
Korea Power Exchange	Service		128,198		22,927
Daeryun Power Co., Ltd.	Electricity sales		93,872		89,809
Korea Electric Power Industrial Development Co., Ltd.	Service		73,771		73,918
PT. Bayan Resources TBK	Others		29,584		19,728
Chuncheon Green Energy Co., Ltd.	Electricity sales		13,855		10,723
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		12,466		4,308
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		9,094		7,110
KPE Green Energy Co., Ltd.	Electricity Sales		10,374		11,233
Gangwon Wind Power Co., Ltd.	Electricity sales		8,429		6,473
Bitgoel Eco Energy Co., Ltd.	Service		6,737		9,073
Busan Green Energy Co., Ltd.	Electricity sales		5,455		5,623
Noeul Green Energy Co., Ltd.	Electricity sales		5,281		4,530
Yeongyang Wind Power Corporation II	Service		7,370		1,973
Muan Solar Park Co., Ltd.	Electricity sales		4,435		3,462
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		4,607		3,131
Go deok Clean Energy Co., Ltd.	Electricity sales		4,224		13,899
Others (Anjwa Smart Farm & Solar City Co., Ltd. and 44 others)	Electricity sales		42,404		26,164
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales		105,924		110,336
Daegu Green Power Co., Ltd.	Electricity sales		82,295		106,402
Daesan Green Energy Co., Ltd.	Electricity sales		44,138		43,457
KAPES, Inc.	Others		27,032		1,830
Cheongna Energy Co., Ltd.	Others		63		62
Seokmun Energy Co., Ltd.	Service		14,210		11,450
Jamaica Public Service Company Limited	Others		52		57
Cheongju Eco Park Co., Ltd.	Electricity sales		9,698		5,241
KW Nuclear Components Co., Ltd.	Service		8,023		—
Solaseado Solar Power Co., Ltd.	Electricity sales		8,034		6,787
Yeonggwang Wind Power Co., Ltd.	Electricity sales		7,894		20,280
Yeongam Solar Power Co., Ltd.	Electricity sales		7,488		4,051
Seokmun Green Energy	Electricity sales		7,355		7,209
Eumseong Eco Park Co., Ltd.	Electricity sales		5,960		6,889
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		3,723		3,379
Gunsan Land Solar Co., Ltd.	Electricity sales		914		459
Bitsolar Energy Co., Ltd.	Electricity sales		3,580		3,103
Others (Samsu Wind Power Co., Ltd. and 54 others)	Electricity sales		35,224		22,691
<Others>
Korea Development Bank	Interest expense		2,663		1,027
		~~W~~	3,468,686		3,873,080

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of March 31, 2025 and<br>December 31, 2024 are as follows:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
<Associates>
Korea Gas Corporation	Trade receivables	~~W~~	53,627		15,766		—		—
	Non-trade receivables and others		56,427		404		—		—
	Trade payables		—		—		490,185		482,008
	Non-trade payables and others		—		—		394		1,486
Goseong Green Power Co., Ltd.	Trade receivables		8,200		30,732		—		—
	Non-trade receivables and others		1,079		1,438		—		—
	Trade payables		—		—		59,386		162,719
	Non-trade payables and others		—		—		44,635		45,174
Dongducheon Dream Power Co., Ltd.	Trade receivables		411		6,350		—		—
	Non-trade receivables and others		446		637		—		—
	Trade payables		—		—		120,885		114,962
	Non-trade payables and others		—		—		1		29
GS Donghae Electric Power Co., Ltd.	Trade receivables		22		22		—		—
	Non-trade receivables and others		109		109		—		—
	Trade payables		—		—		112,589		90,468
	Non-trade payables and others		—		—		52		—
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,539		1,720		—		—
	Non-trade receivables and others		2,569		5,812		—		—
	Trade payables		—		—		67,038		77,222
	Non-trade payables and others		—		—		329		2,450
S-Power Co., Ltd.	Trade receivables		150		264		—		—
	Non-trade receivables and others		60		54		—		—
	Trade payables		—		—		71,150		73,377
	Non-trade payables and others		—		—		—		19
Busan Green Energy Co., Ltd.	Trade receivables		2		1		—		—
	Non-trade receivables and others		46,057		43,790		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		3,478		4,799
Noeul Green Energy Co., Ltd.	Trade receivables		5		5		—		—
	Non-trade receivables and others		29,325		27,043		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		3,340		3,699
Chuncheon Green Energy Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		16,401		10,870		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		9,185		8,881
Others (Daeryun Power Co., Ltd. and 42 others)	Trade receivables		17,583		21,449		—		—
	Non-trade receivables and others		56,719		76,369		—		—
	Trade payables		—		—		58,319		77,583
	Non-trade payables and others		—		—		17,727		20,254

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(4)	Receivables and payables arising from the related party transactions as of March 31, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won		Receivables				Payables
---	---	---	---	---	---	---	---	---	---
Company name	Type	March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024
<Joint ventures>
Kapes Inc.	Trade receivables	~~W~~	3		4		—		—
	Non-trade receivables and others		85,924		90,088		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		14		3,041
Nghi Son 2 Power LLC	Trade receivables		—		—		—		—
	Non-trade receivables and others		40,065		4,120		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		—		—
Kelar S.A.	Trade receivables		2,522		3,244		—		—
	Non-trade receivables and others		37,378		36,010		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		—		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		94		47		—		—
	Non-trade receivables and others		22,486		3,208		—		—
	Trade payables		—		—		174		445
	Non-trade payables and others		—		—		13,609		13,824
Chun-cheon Energy Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		165		—		—		—
	Trade payables		—		—		32,991		35,325
	Non-trade payables and others		—		—		—		—
Others (Amman Asia Electric Power<br><br><br>Company and 57 others)	Trade receivables		358,124		275,692		—		—
	Non-trade receivables and others		44,984		44,733		—		—
	Trade payables		—		—		56,831		62,730
	Non-trade payables and others		—		—		25,050		38,224
<Others>
Korea Development Bank	Accrued Interest Receivable	~~W~~	1,995		—		—		—
	Non-trade receivables and others		29,404		34,138		—		—
	Non-trade payables and others		—		—		46,665		231
	Derivatives and others		277,169		273,627		—		2,421
		~~W~~	1,191,044		1,007,746		1,234,027		1,321,371

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(5)	Loans and others arising from the related party transactions as of March 31, 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>KNOC<br>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			—		—			(63	)		26,543
Associates	PT. Cirebon Energi Prasarana		38,865			—		—			468			39,333
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—		—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		26,625			—		(1,065	)		—			25,560
Associates	Saemangeum Sebit Power Plant Co., Ltd.		27,550			—		(364	)		—			27,186
Joint ventures	Solaseado Solar Power Co., Ltd.		34,929			—		(250	)		—			34,679
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		14,313			—		—			(34	)		14,279
Joint ventures	Horus Solar, S.A. de C.V.		13,677			—		—			(33	)		13,644
Joint ventures	Sunmex Renovables, S.A. de C.V.		21,793			1,292		—			(21	)		23,064
Joint ventures	Kelar S.A.		19,291			—		(10	)		(78	)		19,203
Joint ventures	DE Energia SpA		8,420			—		(8,420	)		—			—
Joint ventures	Daehan Wind Power PSC		16,956			—		(595	)		(50	)		16,311
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	)		(532	)		158,310
Joint ventures	Guadalupe Solar SpA		3,352			—		(87	)		(9	)		3,256
Joint ventures	Foresight Iberian Solar Group Holding,<br><br><br>S.L.		71,137			1,102		—			2,751			74,990
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			—		—			(1	)		293
Joint ventures	Omisan Wind Power Co., Ltd.		8,894			—		—			—			8,894
		~~W~~	511,216			2,394		(20,550	)		2,398			495,458
(6)	Borrowings arising from the related party transactions as of March 31, 2025 and December 31, 2024are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Related parties	Type	Beginningbalance		Borrowings		Repayment			Others			Ending<br>balance
Korea Development	Facility	~~W~~	84,653		—		(4,050	)		7,274			87,877
Bank	Others		1,424		—		(82	)		—			1,342
	Operating funds		100,000		130,000		(100,000	)		—			130,000
	EBL and others		149,862		2,051		(10,198	)		(217	)		141,498
		~~W~~	335,939		132,051		(114,330	)		7,057			360,717

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2025 are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	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 3,989,842	FAB 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 15,600	ING 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><br>and others
Korea Electric Power Corporation	International Offshore Power	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 63,828	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 73,870	Krung Thai Bank
		Impounding bonus guarantees (*11)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 51,325	Kookmin Bank and others
		Debt guarantees		KRW 20,300	HY western 1^st^ co., Ltd
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested		KRW 4,049	Woori Bank
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 250	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 144,102	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 3,246	Nonghyup Bank
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 6,550	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 8,397	Hana Bank and others
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 1,041	Hana Bank and others

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co.,<br><br><br>Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 566	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co.,<br><br><br>Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 10,967	Nonghyup Bank and others
Korea Western Power Co.,<br><br><br>Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 1,313	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co.,<br><br><br>Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 401	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co.,<br><br><br>Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 22,348	Hana Bank and others
Korea Western Power Co.,<br><br><br>Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,422	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co.,<br><br><br>Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 11,342	Kyobo Life Insurance Co., Ltd.<br><br><br>and others
Korea Western Power Co.,<br><br><br>Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,651	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co.,<br><br><br>Ltd.	Wadi Noor Solar Power Company SAOC	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co.,<br><br><br>Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee		USD 57,090	FAB
Korea Western Power Co.,<br><br><br>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 14,920	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 37,215	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 4,648	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 272,350	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,817	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 27,228	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 25,557	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 21,233	Hana Bank 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 100,017	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 49,791	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		—	Mirae Asset Life Insurance Co. Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,608	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,148	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 14,216	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 8,494	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 4,996	Woori Bank and others
Korea East-West Power Co., Ltd.	Seokmun Green Energy	Collateralized money invested		KRW 13,497	Hana Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 818	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)		—

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 5,461	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for<br><br><br>Energy LLC	Loan payment guarantee (*7)		USD 38,054	FAB
		Collateralized money invested		KRW 18
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 32,876	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 32,005	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		USD 1,800	Shinhan Bank
		Payment guarantees (*6)		USD 2,000	Hana Bank
		Collateralized money invested		KRW 23,618	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,659	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co.,<br><br><br>Ltd.	Collateralized money invested		KRW 13,559	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees (*2)		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 17,603	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 43,954	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 11,538	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 8,704	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 3,685	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 2,475	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 6,673	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 9,138	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 1,544	Woori Bank
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested		KRW 5,325	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested		KRW 652	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 385	Kyobo Life Insurance Co.,Ltd.
		Guarantees for supplemental funding (*1)		—	Heungkuk Asset Management
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees		USD 1,348	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 78,060	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 1,316	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 2,776	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 634	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 2,902	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 2,156	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 100	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 84,365	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 9,290	Mizuho Bank
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 793	IBK
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 171	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,180	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,234	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,676	IBK

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co.,<br><br><br>Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,569	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co.,<br><br><br>Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,249	Nonghyup Bank
Korea Midland Power Co.,<br><br><br>Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 676	Nonghyup Bank
Korea Midland Power Co.,<br><br><br>Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 520	Shinhan Bank
Korea Midland Power Co.,<br><br><br>Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 590	Shinhan Bank
Korea Midland Power Co.,<br><br><br>Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 12,236	Korea Development Bank<br><br><br>and others
Korea Midland Power Co.,<br><br><br>Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 3,084	Templeton Hana Asset
		Guarantees for supplemental funding (*1)		—	Management Co., Ltd.
Korea Midland Power Co.,<br><br><br>Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 27,784	IBK and others
Korea Midland Power Co.,<br><br><br>Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 488	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea South-East Power<br><br><br>Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3)		—	IBK
		Guarantees for supplemental funding and others (*1,4)		KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power<br><br><br>Co., Ltd.	RES Technology AD	Collateralized money invested		KRW 15,718	UniCredit Bulbank and<br><br><br>others
Korea South-East Power<br><br><br>Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested		KRW 17,949	UniCredit Bulbank and<br><br><br>others
Korea South-East Power<br><br><br>Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested		KRW 288,387	Kyobo Life Insurance Co.,<br><br><br>Ltd. and others
Korea South-East Power<br><br><br>Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested		KRW 237,846	Kyobo Life Insurance Co.,<br><br><br>Ltd. and others
Korea South-East Power<br><br><br>Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested		KRW 1,731	IBK
Korea South-East Power<br><br><br>Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested		KRW 8,038	Samsung Life Insurance and others
Korea South-East Power<br><br><br>Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested		KRW 756	IBK
Korea South-East Power<br><br><br>Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested		KRW 2,486	Kyobo Life Insurance Co.,<br><br><br>Ltd. and others
Korea South-East Power<br><br><br>Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested		KRW 11,318	Kookmin Bank and others
Korea South-East Power<br><br><br>Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,064	Shinhan Bank and others
Korea South-East Power<br><br><br>Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested		KRW 16,538	Woori Bank and others
Korea South-East Power<br><br><br>Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested		USD 97,105	International Finance
		Business reserve payment guarantee		USD 33,333	Corporation and others
Korea South-East Power<br><br><br>Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear<br><br><br>Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others
Korea Hydro & Nuclear<br><br><br>Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 2,138	Shinhan Bank and others
Korea Hydro & Nuclear<br><br><br>Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested		KRW 6,254	Kookmin Bank and others
Korea Hydro & Nuclear<br><br><br>Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,963	Woori Bank and others
Korea Hydro & Nuclear<br><br><br>Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 24,150	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,252	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 16,207	Hana Bank and others
		Guarantees for supplemental funding (*1)		—

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(7)	Guarantees provided to the related parties as of March 31, 2025 are as follows, continued:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,723	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 6,907	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 7,257	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 7,509	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 6,332	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., an associate of the Group has issued the hybrid bonds. If the bonds are not<br>repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of March 31, 2025, derivative liabilities of ~~W~~26,422 million were recognized in<br>relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.<br>
---	---
(*3)	The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power<br>Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ~~W~~47,067 million.
---	---
(*4)	Pursuant to the guarantee agreement, the Group recognized other provisions of ~~W~~11,379 million<br>as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.
---	---
(*5)	The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.<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., Ltd., an associate of the Group, has entered a contract to pay an incentive type<br>of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.<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 related to the gas combined cycle power project of South Jamaica Power Company Limited, a<br>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 guarantee for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture of<br>the Group, has not yet been executed.
---	---

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

46.	Related Parties, Continued
(8)	Guarantees received from the related parties as of March 31, 2025 are as follows:
---	---
In millions of won
---	---	---	---
Primary Guarantor	Type of guarantees	Credit limit
KAPES, Inc.	Defect guarantees	~~W~~	16,160
	Performance guarantees		38,231
	Advance payment guarantee		248,042
	Certification of bidding		79,818
(9)	Derivatives transactions with the related parties as of March 31, 2025 are as follows:
---	---

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract year			Contract amounts				Contract interest rate<br>per annum						Contractexchangerate (in won)
			Pay			Receive					Receive
Korea Development Bank		2020~2025		~~W~~	241,320		200,000		0.54	%		1.13	%	~~W~~	1,206.60
		2021~2026			118,170		100,000		1.11	%		1.13	%		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
		2015~2025			111,190		100,000		2.62	%		3.25	%		1,111.90
		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
		2022~2025			128,560		100,000		3.37	%		4.13	%		1,285.60
		2020~2025			122,780		100,000		0.93	%		1.75	%		1,227.80
		2022~2025			252,360		200,000		2.83	%		3.60	%		1,261.80
		2023~2028			129,500		100,000		3.85	%		4.88	%		1,295.00

All values are in US Dollars.

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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<br><br><br>Type	For the three-month periodEnded March 31, 2025		For the three-month period<br>Ended March 31, 2024
---	---	---	---	---
Salaries	~~W~~	233		221
Retirement benefits		17		2
	~~W~~	250		223

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

47.	Statement of Cash Flows
(1)	Significant non-cash transactions for the three-month periods ended March 31, 2025 and 2024 are asfollows:
---	---
In millions of won<br><br><br>Transactions	For the three-monthperiod ended March31, 2025		For the three-monthperiod ended March 31,2024
---	---	---	---	---
Transfer from construction-in-progress to other assets	~~W~~	1,452,988		1,553,498
Recognition of asset retirement cost and related provision for decommissioning costs		66,315		198,945
Transfer from provision for disposal of used nuclear fuel to accrued expenses		75,812		243,424
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings<br>and debt securities		7,292,155		8,009,938
Transfer from inventory to stored nuclear fuel		358,876		391,967
Recognition of right-of-use assets and others		30,693		31,841
(2)	Changes in liabilities incurred from financing activities for the three-month periods ended March 31,2025 and 2024 are as follows:
---	---
In millions of won	For the three-month period ended March 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect ofexchange rate<br>fluctuationsand others			Endingbalance
Borrowings	~~W~~	20,659,381			206,872			—		(29,661	)		20,836,592
Debt securities		111,874,019			538,688			—		(14,350	)		112,398,357
Lease liabilities		3,699,456			(188,632	)		26,324		15,246			3,552,394
Dividends Payable		5,063			—			—		211,047			216,110
Derivative liabilities (assets), net		(2,406,338	)		46,860			—		(11,278	)		(2,370,756	)
	~~W~~	133,831,581			603,788			26,324		171,004			134,632,697
In millions of won	For the three-month period ended March 31, 2024
							Non-cash changes
	Beginningbalance			Cash flows			Increase		Effect ofexchange rate<br>fluctuationsand others			Endingbalance
Borrowings	~~W~~	19,839,652			(3,739,385	)		—		69,631			16,169,898
Debt securities		113,792,178			(211,266	)		—		682,076			114,262,988
Lease liabilities		3,807,880			(184,957	)		41,443		111,645			3,776,011
Dividends Payable		4,574			—			—		57,937			62,511
Derivative liabilities (assets), net		(554,147	)		106,862			—		(707,476	)		(1,154,761	)
	~~W~~	136,890,137			(4,028,746	)		41,443		213,813			133,116,647

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

48.	Commitments for Expenditure
(1)	The commitments for acquisition of property, plant and equipment as of March 31, 2025 andDecember 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Contracts	Commitmentamounts		Remaining<br>liability balances		Commitmentamounts		Remaining liabilitybalances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	~~W~~	57,226		417		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		11,751		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		39,091		22,801		59,473		36,464
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		31,925		—		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 Price		43,054		19,805		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
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)		37,416		37,416		—		—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		32,659		31,912		—		—
Construction of Saeul Units (#3,4)		11,718,217		1,432,970		11,718,217		1,748,342

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

48.	Commitments for Expenditure, Continued
(1)	The commitments for acquisition of property, plant and equipment as of March 31, 2025 andDecember 31, 2024 are as follows, continued:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
Contracts	Commitmentamounts		Remaining<br>liability balances		Commitmentamounts		Remaining liabilitybalances
Construction of Shin-Hanul Units (#3,4)	~~W~~	12,343,245		10,661,592		12,343,245		10,964,638
Other 43 contracts		2,437,963		1,918,453		2,033,913		1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		360,093		202,807		357,479		241,751
Purchase of main machine for Boryeong New Complex Unit 1		286,299		171,518		286,299		177,988
Boryeong New Complex Unit 1 Construction Project		208,457		122,220		202,552		161,753
Haman Combined Power Block Conditional Purchase Agreement		581,790		543,509		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		247,053		62,268		246,110		96,708
Installation of natural gas supply facility at Gumi natural gas power plant		83,801		19,469		83,801		45,019
Construction of Gongju natural gas power plant		203,849		172,618		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)		360,325		5,679		326,395		5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		2,595		234,392		2,670
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		87,668		128,820		90,876
Construction of Andong Combined Unit 2 Power Plant		181,593		173,565		181,593		175,029
Purchase of main equipment for Andong Combined Unit 2		279,773		230,538		279,773		230,694
Service of designing Hadong Combined Unit 1		31,593		26,351		31,593		26,351

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

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

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

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments
(1)	Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as ofMarch 31, 2025 and December 31, 2024 are as follows:
---	---
In millions of won	As of March 31, 2025				As of December 31, 2024
---	---	---	---	---	---	---	---	---
	Number of cases		Amount		Number of cases		Amount
As the defendant		735	~~W~~	992,665		722	~~W~~	884,402
As the plaintiff		260		947,126		264		769,772

As of March 31, 2025, there are 3 ongoing litigations and 1 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~~340,637 million as litigation provisions in relation to the litigation as of March 31, 2025.

2)	There are 15 arbitration cases pertaining to the Group as of March 31, 2025 and the significant<br>arbitration cases are as follows:
i)	During the three-month period ended March 31, 2025, UniTest Co., Ltd. filed an arbitration claim against<br>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 be reasonably estimated.<br>
---	---
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 March 31, 2025
---	---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(2)	Guarantees of payments and commitments provided to other companies as of March 31, 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 March 31, 2025.
---	---
2)	The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as<br>International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this<br>financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.
---	---
3)	The Group has provided USD 6,119 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 HoldCo-1, LLC a performance guarantee<br>regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.
---	---
6)	The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank,<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 9,290 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 HoldCo-1, LLC a guarantee for up to USD<br>62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.
---	---
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 by<br>Haetbyeotgil Sunlight Co., Ltd.
---	---

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(3)	Credit lines provided by financial institutions and others as of March 31, 2025 are as follows:<br>
---	---
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	7,950,000
General Loan, etc.	Kookmin Bank and others	KRW	3,900,000
Limit amount available for card	Nonghyup Card and others	KRW	48,158
Loan limit	Korea Development Bank and others	KRW	3,506,280
	DBS Bank and others		1,086,000
Certification of payment on payables from foreign country	Nonghyup Bank		8,700
Certification of payment on L/C	Shinhan Bank and others		1,186,844
	Kookmin Bank and others		39,066
	Shinhan Bank		715,837
Certification of Performance guarantee on contract	Hana Bank and others	KRW	124,732
	First Abu Dhabi Bank and others		1,005,259
	SMTB		6,500,000
	Hana Bank and others		63,642
	Hana Bank		27,117
	Hana Bank	OMR	6,250
	First Abu Dhabi Bank and others	AED	53,489
	Saudi National Bank and others	SAR	124,151
Certification of bidding	Korea Software Financial Cooperative	KRW	42,874
	Hana Bank and others		10,200
	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		707,339
	Saudi National Bank	SAR	32,500
	Hana Bank and others	MXN	21,290
Others (*)	Nonghyup Bank and others	KRW	395,558
	Nonghyup Bank and others		411,971
	Standard Chartered	AED	50
Secured loan of credit sales<br><br><br>Inclusive credit	Nonghyup Bank and others	KRW	234,500
	Hana Bank	KRW	8,000
	Hana Bank and others		35,000
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others		834,772
Trade finance	DBS Bank and others		600,000

All values are in US Dollars.

(*)	As of March 31, 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.

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(4)	As of March 31, 2025, promissory notes and assets provided as collaterals or pledges to financialinstitutions by the Group are as follows:
---	---
In millions of won and thousands of foreign currencies
---	---	---	---	---	---
Obligor	Creditor	*Assets provided as security (2)**	Currency		Description
Mira Power Limited	International Finance Corporation and others	Property, plant and Equipment and others		264,800	Collateral for borrowings<br><br><br>(*1)
Tamra Offshore Wind Power Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW	132,000	Collateral for borrowings<br><br><br>(*1)
Gyeonggi Green Energy Co., Ltd.	Korea Development Bank and others	Cash and cash equivalents and others	KRW	251,600	Collateral for borrowings<br><br><br>(*1)
Commerce and Industry Energy Co., Ltd.	IBK and others	Property, plant and equipment and others	KRW	94,254	Collateral for borrowings
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW	231,250	Collateral for borrowings
Gyeongju Wind Power Co., Ltd.	Shinhan Bank and others	Property, plant and equipment and others	KRW	68,400	Collateral for borrowings
Korea Offshore Wind Power Co., Ltd.	Woori Bank and others	Property, plant and equipment and others	KRW	244,500	Collateral for borrowings<br><br><br>(*1)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others	JOD	62,325	Collateral for borrowings<br><br><br>(*1)
KST Electric Power Company, S.A.P.I. de C.V.	Export–Import Bank of Korea and others	Finance lease receivable and property, plant and equipment and others		326,929	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW	230,800	Collateral for borrowings<br><br><br>(*1)
K-SOLAR SHINAN Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW	274,780	Collateral for borrowings<br><br><br>(*1)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW	744,120	Collateral for borrowings
Jeju Hanlim Offshore Wind Co., Ltd.	Kookmin Bank and others	Property, plant and equipment and others	KRW	11,932	Collateral for borrowings
Western Power Changgi Solar Co., Ltd.	Samsung Life Insurance and others	Property, plant and equipment and others	KRW	45,000	Collateral for borrowings<br><br><br>(*1)
Yeongdeok Sunrise Wind Power Co., Ltd.	Korea Development Bank and others	Property, plant and equipment and others	KRW	96,240	Collateral for borrowings
J Wind First, LLC	Woori Bank	Trade receivable and others	KRW	65,083	Collateral for borrowings
Chitose Solar Power Plant LLC	SMTB	Property, plant and equipment and others		126,861	Collateral for borrowings<br><br><br>(*1)
Mangilao Intermediate Holdings LLC	Mizuho Bank	Trade receivable and others		93,392	Collateral for borrowings<br><br><br>(*1)

All values are in US Dollars.

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

49.	Contingencies and Commitments, Continued
(4)	As of March 31, 2025, promissory notes and assets provided as collaterals or pledges to financialinstitutions by the Group are as follows, continued:
---	---
(*1)	This is based on the amount of loan commitment limit.
---	---
(*2)	As of March 31, 2025, the Group has established guarantees for pledge for transfer of rights of long-term<br>borrowings, pledge for insurance claims, pledge for shares, etc.
---	---

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

(5)	The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a<br>carrying amount of ~~W~~58,409 million as of March 31, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ~~W~~196 million and depreciation on<br>the idle assets of ~~W~~904 million are recorded in other expenses for the three-month period ended March 31, 2025. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be<br>reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of March 31, 2025.
(6)	As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial<br>District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of March 31, 2025. Accordingly, the book value of the facility, amounting to ~~W~~11,778<br>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 March 31, 2025, the Group cannot make reasonable estimation on whether assets<br>will be recovered or utilized in regular way related thereto.
---	---
(7)	As of March 31, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing<br>City as PP&E with limited ownership, and its book value is ~~W~~64,371 million.
---	---
(8)	The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the<br>“Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board<br>resolution after consulting with relevant organizations considering its financial situation by year.
---	---
(9)	The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by<br>the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The<br>Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
---	---

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Notes to the consolidated interim financial statements, Continued

March 31, 2025 and 2024 (unaudited)

50.	Subsequent Events
(1)	Subsequent to March 31, 2025, KEPCO borrowed long-term borrowings for the purposes of operation<br>funding and details related thereto are as follows:
---	---
In millions of won<br><br><br>Company	Type	Issue date	Maturity	Interest rate<br>(%)		Amount
---	---	---	---	---	---	---	---
Korea Electric Power Corporation	Local long-term borrowings (Mid- to long-term CP (*))	2025.04.24	2030.04.24		3M CD+0.50	~~W~~	200,000
(*)	The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.<br>
---	---
(2)	Subsequent to March 31, 2025, KEPCO and its subsidiaries, Korea Western Power Co., Ltd., Korea<br>Southern Power Co., Ltd. and Korea East-West Power Co., Ltd. issued bonds denominated in Korean won for the purposes of operation and facility funding and details related thereto are as follows:
---	---
In millions of won
---	---	---	---	---	---	---	---	---	---	---
Company	Type		Issue date		Maturity		Interest rate<br>(%)		Amount
Korea Electric Power Corporation		#1483 Corporate bond		2025.04.03		2027.04.02		2.79	~~W~~	300,000
		#1484 Corporate bond		2025.04.03		2028.04.03		2.82		200,000
		#1485 Corporate bond		2025.04.03		2030.04.03		2.89		100,000
		#1486 Corporate bond		2025.04.11		2027.04.09		2.68		200,000
		#1487 Corporate bond		2025.04.11		2028.04.11		2.72		200,000
		#1488 Corporate bond		2025.04.11		2030.04.11		2.80		100,000
		#1489 Corporate bond		2025.04.16		2027.04.16		2.63		190,000
		#1490 Corporate bond		2025.04.16		2028.04.14		2.67		200,000
		#1491 Corporate bond		2025.04.16		2030.04.16		2.76		110,000
		#1492 Corporate bond		2025.05.08		2027.05.08		2.52		100,000
		#1493 Corporate bond		2025.05.08		2028.05.08		2.54		200,000
		#1494 Corporate bond		2025.05.08		2030.05.08		2.63		200,000
		#1495 Corporate bond		2025.05.13		2027.05.08		2.60		100,000
		#1496 Corporate bond		2025.05.13		2028.05.08		2.64		210,000
		#1497 Corporate bond		2025.05.13		2030.05.08		2.76		190,000
Korea Western Power Co., Ltd.		#66-1 Corporate bond		2025.04.15		2027.04.15		2.65		110,000
		#66-2 Corporate bond		2025.04.15		2028.04.14		2.76		70,000
		#66-3 Corporate bond		2025.04.15		2030.04.15		2.84		30,000
		#67-1 Corporate bond		2025.04.29		2028.04.28		2.71		150,000
		#67-2 Corporate bond		2025.04.29		2030.04.29		2.79		10,000
Korea Southern Power Co., Ltd.		#78-1 Corporate bond		2025.04.22		2027.04.22		2.56		140,000
		#78-2 Corporate bond		2025.04.22		2028.04.21		2.68		70,000
		#78-3 Corporate bond		2025.04.22		2030.04.22		2.74		10,000
Korea East-West Power Co., Ltd.		Corporate bond		2025.04.17		2026.04.17		2.52		180,000
		Corporate bond		2025.04.17		2028.04.17		2.70		100,000
		Corporate bond		2025.04.17		2030.04.17		2.79		70,000
		Corporate bond		2025.04.28		2027.04.28		2.61		160,000
		Corporate bond		2025.04.28		2028.04.28		2.69		100,000

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated interim financial statements, Continued

March 31, 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-month periods ended March 31, 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	March 31, 2025
Operating profit on the consolidated interim statements of comprehensive income(loss)	~~W~~	3,753,607		1,299,343
Add
Other income
Reversal of other provisions		3,113		21,812
Reversal of other bad debt allowance		6,500		—
Gains on government grants		47		—
Gains on assets contributed		181		882
Gains on liabilities exempted		280		155
Compensation and reparations revenue		20,207		20,690
Foundation fund revenue		154		—
Rental income		52,849		56,643
Others		9,476		25,212
Other gains
Gains on disposal of property, plant and equipment		5,363		34,053
Gains on disposal of intangible assets		—		11
Gains on foreign currency translation		4,162		12,931
Gains on foreign currency transactions		44,613		17,088
Others		172,464		71,021
Deduct
Other expense
Compensation and reparations expenses		(1	)	(83	)
Accretion expenses of other provisions		(440	)	(114	)
Depreciation expenses on investment properties		(195	)	(159	)
Depreciation expenses on idle assets		(904	)	(910	)
Other bad debts expense		(2	)	(2,546	)
Donations		(12,111	)	(91,293	)
Others		(6,225	)	(7,411	)
Other losses
Losses on disposal of property, plant and equipment		(37,158	)	(17,983	)
Losses on disposal of intangible assets		(13	)	(110	)
Losses on foreign currency translation		(10,082	)	(8,605	)
Losses on foreign currency transactions		(19,688	)	(42,843	)
Others		(61,089	)	(40,499	)
Adjusted operating profit	~~W~~	3,925,108		1,347,285

166

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