KOREA ELECTRIC POWER Business Summary

Korea Electric Power Corp (KEPCO) operates as a state-controlled utility monopoly, generating the vast majority of its revenue through the transmission, distribution, and sale of electricity to residential, commercial, and industrial end-users under government-regulated tariffs. The company’s high-density business model is vertically integrated across five primary segments: Transmission and Distribution (the core revenue driver), Nuclear Power Generation (via subsidiary KHNP), Non-Nuclear Generation (including coal, LNG, and renewables), Plant Maintenance & Engineering, and an International segment focused on overseas power projects and technology exports. Within the global utility landscape, KEPCO maintains a dominant domestic market share of approximately 96% and competes internationally against major regional and global peers such as Tokyo Electric Power Company (TEPCO), Chubu Electric Power, and Enel Chile, positioning itself as a strategic national asset with a growing focus on nuclear technology exports and grid innovation. Originally founded in 1898 as Seoul Electric Company and reorganized in its modern form in 1961, KEPCO is currently led by President and CEO Kim Dong-cheol, a former four-term lawmaker who became the first politician-turned-CEO in the company’s history in late 2023 to spearhead financial restructuring. The executive leadership team includes Oh Heung-bok (Corporate Senior VP and CFO), who manages the firm’s strategic planning and debt-heavy balance sheet, and Seo Chul-soo (Chief Power System Officer), who oversees the technical integrity of the national grid. The company is primarily owned by the South Korean government and the Korea Development Bank, which together hold a controlling stake of approximately 51.1%, ensuring stable sovereign backing. The board is currently chaired by Jin-Hyun Han and includes a mix of government appointees and independent directors focused on transitioning the utility toward a sustainable, nuclear-centric energy mix.