Korea Electric Power : Investor Presentation (October 2020)

Investor Presentation

O c t o b e r 2 0 2 0

Disclaimer

This presentation material is being presented to you solely for your information and may not be taken away by you and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

This presentation material is not an offer or sale of securities of Korea Electric Power Corporation ("KEPCO" or the "Company") in the United States or other jurisdictions, and does not constitute a prospectus or offering circular, in whole or in part. Neither this presentation material, whether in whole or in part, nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities of the Company in the context of the offering of securities, if any, should be made solely on the basis of information contained in a published prospectus or other offering circular issued by the Company in connection with such offering. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contained detailed information about the Company and management, as well as financial statements.

This presentation material has been prepared by the Company solely for information purposes and for use at this presentation, and the information or statement therein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or any opinion presented or contained herein. Neither the Company nor any of its affiliates, directors, advisors or representatives shall have any liability or responsibility whatsoever (in negligence or otherwise) for any loss or damage arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Unless otherwise stated, the information presented or contained in this presentation material should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, directors, advisers or representatives undertakes to update such information subsequent to the date hereof. This presentation material should not be construed as legal, tax, investment or other advice.

This presentation material contains contain "forward-looking statements" that reflect the Company's beliefs and expectations about the future. These forward-looking statements are based on the Company's current expectation of future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, some of which are beyond the Company's control. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements.

Certain industry and market data in this presentation material was obtained from various trade associations, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representation as to the accuracy or completeness of such data, and such data may involve risks and uncertainties and are subject to change based on various factors.

This presentation material contains certain estimated financial information, including without limitation, certain information relating to KEPCO and its six wholly-owned generation subsidiaries ("GENCOs") that are presented on a combined basis based on a simple arithmetic sum by adding the non-consolidated information of the non- consolidated information of KEPCO and GENCOs after adjusting for major intercompany transactions among these entities. Such information represents preliminary internal estimates made by the Company based on IFRS. Such information has been neither audited nor reviewed by the Company's independent accountants or any other independent public accountants, and may differ significantly from the actual results of operations of the Company on a consolidated basis and accordingly should not be relied upon for investment, including but not limited to the purchase of any securities, or for other purposes. By attending this presentation, you are agreeing to be bound by the foregoing limitations.

1

Table of contents

I. Company profile

1. Business & operation III. Financials
   IV. Overseas business Appendix

2

I. Company profile

3

KEPCO

KEPCO profile

			Company	Korea Electric Power Corporation "( KEPCO" )
			name
			Date of	January 26, 1898
			establishment
			Address	55, Jeollyeok-ro (120, Bitgaram-dong),Naju-si,Jeollanam-do, 58322, Republic of Korea
			CEO	JongKap KIM
			Areas of	Power resource development, R&D, electric power generation, transmission,
			businesses	substations, distribution and sale, overseas business, etc.

Status of	Paid-in capital of KRW 4.1 trillion (USD 3.5 billion)
listed stocks
Domestic stocks of 96%	ADR (American Depositary Receipts) of 4%

	Exchange	KRX				Exchange	NYSE
	market	(Korea Exchange)				market	(New York Stock Exchange)
	Listed	August 1989				Listed	October 27, 1994
	date	(Stock Code : 015760)				date	(Stock Code : KEP)
Shareholders	Corporations and				Government
(As of	Individuals	18%
15%
December 31,2019)
		Foreigners					641,964,077
						shares in total
		27%
							Korea Development
		The National Pension Fund					Bank
		7%						33%

As of Dec.2019

Total assets		Sales amount
(Consolidated)		(Consolidated)
KRW		KRW
197.6 trillion		59.2 trillion
($170.8 billion)		($51.0 billion)

	Number of		Power sales
	employees
		volume
(including GENCO)
49,259		520,499 GWh

4

Dominant player in Korea

Monopolistic position in the generation, transmission and distribution of electricity in Korea

Major business

Korean Government

(51%)

Transmission &

S&P

Fitch

distribution

Government

Aa2

AA

AA-

KEPCO

Aa2

AA

AA-

100% market

Total assets: KRW197.6trn (USD170.8bn)

share in Korean

Total revenues: KRW59.2trn (USD51.0bn)

power market

(100%)

(100%)

(100%)

(100%)

(100%)

(100%)

Generation1

KHNP

KOEN

KOMIPO

WP

KOSPO

EWP

66.8% market

Nuclear & hydro

Thermal &

Thermal &

Thermal &

Thermal &

Thermal &

share in Korean

renewable

renewable

renewable

renewable

renewable

power market

Assets: KRW59.6trn

Assets: KRW10.9trn

Assets: KRW12.7trn

Assets: KRW10.5trn

Assets: KRW10.9trn

Assets: KRW9.7trn

Revenues: KRW8.9trn

Revenues: KRW5.4trn

Revenues: KRW4.5trn

Revenues: KRW4.4trn

Revenues: KRW5.1trn

Revenues: KRW4.9trn

KEPCO E&C (65.8%)

KEPCO KDN

Engineering service

(100%)

Electric power IT service

Others2

KEPCO KPS (51.0%)

KEPCO NF

Maintenance & repair

(96.4%)

Nuclear fuel

KEPID

KOGAS

(29.0%)

Retail metering

(20.5%)

Import & supply of LNG

Note: As of end of 2019; Applied USD/KRW FX rate of 1,157.80; ¹ Electric power generation for 2019: 71.8% or 387,943GWh by 6 GENCOs, and 28.2% or 152,628GWh by IPPs; ² Others include major subsidiaries and affiliates of KEPCO other than 6 GENCOs

5

II. Business & operation

6

Power sales

Historical power sales & GDP growth

				10.1				Power sales growth(%)				GDP growth(%)
	5.7	4.5		6.5	4.8
														3.6
			2.4				2.5	3.0	3.3	2.6		2.8
	5.5						3.1
								2.0
		2.8			3.7							2.7			3.0
				2.3	1.8		1.3		2.2
						0.6
		0.7
																-1.1
	'07	'08	'09	'10	'11	'12	'13	'14	'15		'16	'17	'18	'19
	369	385	394	434	455	467	475	478	484		497	508	572	520
											Sales volume: 1,000 GWh

Sales volume growth forecast

2.3%

1.6%

2020~2024(F)

2025~2031(F)

• Forecast from 2021: Based on the 8th Basic Plan of Long-Term Electricity Supply & Demand by the MOTIE

Power sales growth for 2020.1H					Sales breakdown for 2020.1H
				Volume		Revenue						Others
8.0
									10%
5.2
										Industiral	Unit price
														Residential
														54%		(KRW/kWh)
														14%		Industiral
														14%		105.4
						-1.8-0.8				-1.4
							-3.6	-2.9			Commercial	128.0
						-4.9
															Residential	108.7
		Residential		Commercial	Industrial	Average	Commercial		Others	69.1
														22%
															Average	106.7

Note: Based on metering-basis

7

Tariff

Historical tariff adjustment12

Effective	Jan 07	Jan 08	Nov 08	Jun 09	Aug 10	Aug 11	Dec 11	Aug 12	Jan 13	Nov 13	Dec 16
			4.5%			4.9%	4.5%	4.9%	4.0%	5.4%
			3.9%	3.5%
	2.1%
Avg. change
	0.0%
											-1.7%
Residential	0.0%	0.0%	0.0%	0.0%	2.0%	2.0%	0.0%	2.7%	2.0%	2.7%	-11.6%
Commercial	0.0%	-3.2%	3.0%	2.3%	0.0%	4.4%	4.5%	4.4%	4.6%	5.8%	0.0%
Industrial	4.2%	1.0%	8.1%	6.5%	5.8%	6.1%	6.5%	6.0%	4.4%	6.4%	0.0%

Tariff adjustment formula
	Fair return		Required
Total			tariff increase		 Fair cost: Current year's budget
				 Fair return: Rate base x Fair rate of return
comprehensive	Fair cost		Sale of electric		 Rate base: Net plant in service + Working capital
cost
		power
				 Sale of electric power: Current year's budget

Note: 1 No major tariff adjustment has been made since 2016; 2 In 2019, tariff on residential sector was amended by increasing ceilings for the first two tiers by 100kWh and 50kWh respectively and was applied in July and August each year

8

Fuel expense

Generation mix

	47.8%	Coal	43.9%
	39.5%	Nuclear	42.0%
0.6%	10.0%	LNG	11.2%	0.1%
2.1%	2.8%
	Oil
	2019.1H	Others1	2020.1H

Unit price & FX rate

		2019.1H	2020.1H	YoY
Coal (KRW 1,000	/ ton)	141.1	133.8	-5.2%
LNG (KRW 1,000	/ ton)	796.2	632.5	-20.6%
Oil (KRW 1 / liter)		634.7	600.1	-5.5%
Avg. currency (USD/KRW)	1,156.8	1,200.7	3.8%

Note: 1 Hydro, renewable energy, etc.

Fuel cost mix

	61.4%	Coal	60.0%
4.3%	25.6%	LNG	26.8%	2.7%
6.8%
	Oil		8.7%
1.9%
	Nuclear		1.7%
	2019.1H	Others1	2020.1H

Fuel expense

(KRW bn)	2019.1H	2020.1H	YoY
Coal	5,483	4,531	-17.4%
LNG	2,285	2,024	-11.4%
Oil	388	203	-47.8%
Nuclear	606	659	8.7%
Others1	170	132	-22.2%
Total	8,932	7,549	-15.5%

9

III. Financials

10

Capital structure

Capital structure			Debt ratio & interest rate
	Equity				Interest bearing debt to equity ratio	Average interest rate
Total	Other liabilities
KRW69.0trn	KRW61.5trn	Total	114.6%
								102.5%
								98.5%
equity			liabilities
			86.5%			85.9%
					73.4%	75.0%
KRW69.0trn			KRW132.2trn	3.8%	3.7%	3.6%	3.2%	3.0%	2.8%	2.6%
(USD57.4bn)			(USD110.2bn)
	Debt1
		KRW70.7trn		2014	2015	2016	2017	2018	2019	2020.Q2

Interest bearing debt23			Debt repayment schedule
(KRW trn)			(KRW trn)				Debt				22.3
	KRW	FX	Total debt
	98.5%	1.5%	: KRW67.0trn
						8.9	8.7		8.1	7.2
										5.6
	USD		Total FX debt	3.2						2.9
	100%		: KRW1.0trn
				2020	2021	2022		2023	2024	2025	2026	2027~

Note: KEPCO + 6 GENCOs as of end of March 2020; Applied USD/KRW FX rate of 1,222.60; 1 Before-swap basis; 2 Fixed interest rate : Floating interest rate = 99 : 1; 3 After-swap basis

11

2020.1H earnings results

(KRW bn)	2019.1H	2020.1H	YoY
1.Operating revenue	28,319	28,166	-0.5%
Sale of electric power	26,822	26,600	-0.8%
Revenues from other businesses	1,497	1,566	4.6%
2.COGS/SG&A expenses	29,248	27,345	-6.5%
Fuel	8,941	7,557	-15.5%
Purchased power	9,474	8,295	-12.4%
Depreciation	4,619	4,897	6.0%
Maintenance	962	1,150	19.6%
Commissions	517	356	-31.2%
Research & development	311	299	-3.8%
Other operating expenses	4,424	4,791	8.3%
3.Operating profit (loss)	-929	820	188.4%
Other revenues	171	198	15.4%
Other expenses	51	117	128.4%
Other income (loss)	-69	152	320.5%
Finance income (loss)	-866	-897	-3.6%
Equity income (loss) of affiliates	197	207	4.9%
Income before income tax	-1,546	363	123.5%
Income tax expenses	-372	106	128.5%
4.Net income (loss)	-1,173	257	121.9%
Controlling interest	-1,235	189	115.3%
Non controlling interest	62	67	8.5%

Note: Based on K-IFRS consolidated financials

Major factors of YoY change

• Operating revenue of KRW28.2trn in 2020.1H, a 0.5% decrease from KRW28.3trn in 2019.1H
• • Power sales volume and revenues down by 2.9% and 1.4%, respectively due to effect of COVID-19
  • Revenues from other businesses increased as the revenues from subsidiaries increased
• Fuel cost and purchased power cost of KRW15.9trn in 2020.1H, a 13.6% fall from KRW18.4trn in 2019.1H
• • With the commissioning of a new nuclear power plant (Shin Kori#4), nuclear generation volume increased
  • Average fuel unit cost dropped by 12.5%
  • SMP dropped with the fall of oil price
• Operating income of KRW0.8trn in 2020.1H, a 188% increase and turnaround from operating loss of KRW0.9trn in 2019.1H
• • Operating income resulted from decreased fuel cost and power purchase cost even with the lower power sales revenue
• Net income of KRW0.3trn in 2020.1H, a 122% increase and turnaround from net loss of KRW1.2tn in 2019.1H

12

2019 earnings results

(KRW bn)	2018	2019	YoY
1.Operating revenue	60,628	59,173	-2.4%
Sale of electric power	56,842	55,939	-1.6%
Revenues from other businesses	3,786	3,234	-14.6%
2.COGS/SG&A expenses	60,836	60,449	-0.6%
Fuel	20,093	18,261	-9.1%
Purchased power	18,307	18,270	-0.2%
Depreciation	9,094	9,648	6.1%
Maintenance	2,219	2,299	3.6%
Commissions	1,189	1,012	-14.9%
Research & development	724	736	1.6%
Other operating expenses	9,209	10,224	11.0%
3.Operating profit (loss)	-208	-1,277	-513.7%
Other revenues	375	393	4.8%
Other expenses	231	242	4.6%
Other income (loss)	-621	-582	6.2%
Finance income (loss)	-1,674	-1,773	-5.9%
Equity income (loss) of affiliates	358	214	-40.2%
Income before income tax	-2,001	-3,266	-63.2%
Income tax expenses	-826	-1,002	-21.3%
4.Net income (loss)	-1,175	-2,264	-92.7%
Controlling interest	-1,315	-2,346	-78.4%
Non controlling interest	140	82	-41.5%

Note: Based on K-IFRS consolidated financials

Major factors of YoY change

• Operating revenue of KRW59.2trn in 2019, a 2.4% decrease from KRW60.6trn in 2018
• • Power sales volume and revenues down by 1.1% and 1.6%, respectively
  • Revenues from other businesses including overseas revenues from UAE NPP business decreased
• Fuel cost and purchased power cost of KRW36.5trn in 2019, a 4.9% fall from KRW38.4trn in 2018
• • Rise of utilization rate of nuclear power plants as many of the units are back on operation after the maintenance
  • With the commissioning of a new nuclear power plant, base load rose
  • SMP dropped with the decline of consumption tax rate on
    LNG
• Operating loss of KRW1.3trn in 2019, a 514% decrease from operating loss of KRW0.2trn in 2018
• • Operating loss continued mainly resulted from decreased operating revenues and increases in depreciation cost and other operating expenses
• Net loss of KRW2.3trn in 2019, a 93% decrease from net loss of KRW1.2trn in 2018

13

Investment plan

Capital expenditure projection1

(KRW bn)			Transmission & distribution	Nuclear generation	Thermal generation	Renewable energy	Others (IT/intangibles)
				15,795		16,113	16,175	16,650
	13,666			1,723		2,190	3,089	3,269
		1,197	547
			781	1,380	1,260
	2,861	385	3,516		2,927
		3,289	3,443
					3,774
	3,215			3,796		2,155	1,953
	6,008			6,213		6,441	6,262	6,725
	2018(A)			2019(A)	2020(E)	2021(E)	2022(E)

Capacity addition plan

(Unit : MW)		Current capacity					Net increase2					Future capacity3
			End of 2019	%	2020	2021	2022	2023	2024	2025-2030	Total		End of 2030	%
		Nuclear4	23,250 (24)	19%	1,400	1,400		750	450	-6,850	-2,850(-6)	20,400 (18)	19%
		Coal	34,311	27%	-2,120	500	- 1,000	-	-1,120	-1,000	-4,740	29,571	27%
KEPCO		LNG	16,485	13%	223	-	-	-1,800		1,100	-477	16,008	15%
group	Oil	2,941	2%	-	-	- 1,200	-			-1,200	1,741	2%
		Renewable	6,685	5%	143	385	451		T B D7		979	-6	-
		Sub-total	83,672	67%	-354	2,285	-1,749	-1,050	-670	-6,750	-8,288	67,720	62%
IPP		Thermal5	26,682	21%	2,085	3,130	4,130	-	920	5,090	15,355	42,037	38%
	Renewable	14,983	12%					TBD				-6	-
Total		125,337	100%	1,731	5,415	2,381	-1,050	250	-1,660	7,067	109,757	100%

Note: 1 KEPCO + 6 GENCOs; 2 Based on the 8th Basic Plan for Long-term Electricity Supply and Demand announced in Dec 2017; 3 Total national capacity in 2030 is planned to be 173GW (based on

8th Basic Plan); 4 ( ): Number of nuclear units; 5 LNG addition assumption: IPP 100%; 6 Renewable is excluded from 2030 capacity; 7 details under planning

14

Major financial ratios

Operating profit margin1 & net profit margin2

	Net profit margin		Operating profit margin
	19.2%	19.9%
10.1%			8.3%
				-0.3%		2.9%
				-2.3%
	22.8%
4.9%		11.9%	2.4%			0.9%
		-1.9%	-3.8%
2014	2015	2016	2017	2018	2019	2020.Q2

EBITDA margin4 & interest coverage ratio5

	EBITDA interest coverage	EBITDA margin
	33.4%	34.8%
23.8%			24.6%			23.2%
				16.2%	16.7%
	6.7x	8.1x	6.2x			5.0x
4.3x		4.0x	3.7x
2014	2015	2016	2017	2018	2019	2020.Q2

Return on Equity (ROE)3

22.1%

10.2%

5.2%

1.8%

-1.9%-3.4% 0.3%

2014

2015

2016

2017

2018

2019

2020.Q2

Debt/EBITDA6

6.8			6.2	6.9
4.6	3.0	2.6	3.7

2013

2014

2015

2016

2017

2018

2019

Note: Based on K-IFRS consolidated financials 1 Operating profit margin: Operating income / Sales revenue; 2 Net profit margin: Net income / Sales revenue; 3 ROE: Net income (excluding NCI) /

Average equity (excluding NCI); 4 EBITDA margin: EBITDA / Sales revenue; 5 Interest coverage ratio: EBITDA / Interest expense; 6 Debt/EBITDA is only provided on annual earnings

15

IV. Overseas business

16

Overseas business

46 projects in 25 countries

Myanmar

Consulting about transmission &

Distribution networks

Creating an energy independent town

Implementing CDM project

			Cambodia
			Consulting about distribution networks
			Establishing MG and charging points
			China				USA
		Bangladesh				California (Photovoltaic power 235MW)
Europe office		(Wind power 1,017MW, Photovoltaic power 7MW)
	Establishing GIS
		Tajikistan	Shanxi Province	Japan			USA
Jordan		(9,135MW)
	Consulting about	Chitose (Photovoltaic power 28MW)		Colorado (Photovoltaic power 30MW)
Fujeij (Wind power 89MW)	China office
electrical grid
			Japan office	USA			North America office
Al Qatrana (373MW)	Barakah (5,600MW)
	Guam (Photovoltaic power 60MW)
Amman (573MW)
	Shuweihat S3			Norte II (433MW)
	Nghi Son II
Middle East office
(1,600MW)				Dominican Rep.
(1,200MW)	Ukudu (198MW)
			Mexico		Consulting about distribution networks
	Rabigh (1,204MW)		Guam
		Solar (Photovoltaic power 294MW)		Barbados
				Consulting about ESS
						Jamaica
						Establishing K-SEMS
			Philippines		Consulting about transmission
		Pulau Indah (1,200MW)	Calatagan (Photovoltaic power 50MW)	& distribution network operation
						Ecuador
Tanzania	Southeast Asia office				Establishing MG
Establishing power demand
management systems	Java 9&10 (2,000MW)
Botswana		Ilijan (1,200MW)
	Cebu (200MW)
Consulting about	Africa office
SPC (279MW)
transmission networks
		Bylong
Thabametsi (630MW)

Power generation

New & renewable power generation

Transmission & distribution

Resource development

Note: As of end of June 2020

17

Overseas business

46 projects in 25 countries

Generation (24 projects)

Projects in operation				Total capacity (MW)	KEPCO capacity (MW)	Period
Philippines	Ilijan	BOT	Combined-cycle plant	1,200	612	Jun-02 ~ Jun-22
Philippines	Cebu	BOO	Coal-fired plant	200	120	Jun-11 ~ Jun-36
Philippines	SPC (Naga)	M&A	Coal-fired/Diesel plant	225	90	Feb-06 ~
Philippines	Calatagan	M&A/BOO	Photovoltaic power	50	19	Dec-18~
China	Wind Project	BOO	Wind power plant	1,017	407	Dec-06 ~ Jun-26
China	Shanxi	BOO	Coal-fired plant	9,571	3,253	Apr-07 ~ Apr-57
China	Liaoning	BOO	Photovoltaic power	7	3	Dec-17 ~ Dec-42
Jordan	Al Qatrana	BOO	Gas-fired plant	373	298	Jan-11 ~ Jan-36
Jordan	Amman	BOO	Diesel-fired plant	573	344	Aug-14 ~ Aug-39
Saudi Arabia	Rabigh	BOO	Oil-fired plant	1,204	482	Apr-13 ~ Apr-33
Mexico	Norte 2	BOO	Gas-fired plant	433	242	Dec-13 ~ Dec-38
USA	Colorado	M&Q/BOO	Photovoltaic power	30	15	Apr-17 ~ Mar-31
USA	California	M&Q/BOO	Photovoltaic power	235	118	Mar-18 ~ Aug-52
UAE	Shuweihat S3	BOO	Gas-fired plant	1,600	314	Jul-14 ~ Jul-39
UAE	Barakah Nuclear	EPC/O&M	Nuclear power plant	5,600	1,008	Dec-09 ~ May-77
Japan	Chitose	BOO	Photovoltaic power	28	22	Jul-17 ~ Jul-42
Jordan	Fujeij	BOO	Wind power plant	89	89	Jul-19 ~ Jul-39
Vietnam	Nghi Son	BOT	Coal-fired plant	1,200	600	Jul-22 ~ Jul-47
Mexico	Solar	BOO	Photovoltaic power	294	112	Aug-20 ~ Aug-55
USA	Guam	BOO	Photovoltaic power	60	60	Dec-21 ~ Dec-46
				23,989	8,208
South Africa	Thabametsi	BOO	Coal-fired plant	630	154
USA	Guam	BOO	Gas-fired plant	198	119
Indonesia	Java 9&10	BOT	Coal-fired plant	2,000	300	On-going
Malaysia	Pulau Indah	BOO	Gas-fired plant	1,200	300
Vietnam	Vung Ang2	BOT	Coal-fired plant	1,200	480

E&P (1 project) : Australia Bylong coal project

T&D (21 projects) : T&D and smart grid consulting in Dominica, etc.

Note: As of end of June 2020

18

UAE Nuclear Project

Project Overview

• Project Capacity : 5,600MW (APR1 1400 4 units)
• Contract Amount : USD 19.1 billion
• • Subject to change based on price escalation provision
• Contract Term : Dec. 2009 to Dec. 2020
• Scope of Major Services
• • Design and construction of 4 nuclear units
  • Supply of nuclear fuel
  • Technical support
  • Training and education

Key Contract Parties and Functions

Main Equipment

Turbine Generator

Construction

Nuclear Fuel

Operation Support

Architecture Engineering

Note:1 APR : Advanced Power Reactor

19

V. ESG

20

Responding to Climate Change

Key Improvements

• 'Leading Energy Transition' as one of mid-long term management plans

Strategic Target	Target Measurement
	 Accumulative capacity of renewable power
Leading energy transition	plants
 Expanding grid infrastructure for renewable
	generation
Developing new energy	 Capacity of renewable facilities abroad
market abroad

• Enhancing disclosure of climate related information
• submits CDP(Carbon Disclosure Project) report (since 2008)
• plans to disclose information using TCFD and SASB guideline (2020)
• Issuing Global Green Bonds (USD 5 billion in 2019 & 2020 each)
• Allocation used to invest in green projects including constructing infrastructures for new & renewable energy and EVC charging infrastructure

Plans on Coal-fired power reduction

Construction plan of coal power plants by year

(MW)	2019	2020	2021	2022	2030
Installed	34.3	32.2	32.7	31.7	29.6
Capacity
Net Increase		-2.1	-0.5	-1.0	-2.1
	+1.0

• • based on the 8th Basic Plan for Long-Term Electricity Supply and Demand
• Scrap of old coal plants : 4 plants (0.7GW) are already scrapped /

6 plants(2.6GW) are planned to be scrapped

• Construction of new coal power plant : Shin-Seochun #1 (1GW, planned in 2013)
• Conversion of coal power plants into LNG power plants
• Limiting coal power plants abroad and expanding renewable power plants

Reduction Target for Greenhouse Gas

KEPCO group companies' target to reduce greenhouse gas emissions by 47 million tons until 2030, compared to the 2030 BAU

(in million tons)	2017	2030	Target Reduction
Emission	BAU	from 2030 BAU
Nationwide	709	851	315
Electricity	252	333	58
Conversion
KEPCO Group	211	256	47

• Decommission of old coal power plants and conversion of fuel from coal to LNG
• Lowering output and temporary shutdown of coal-fired power plants
• No further construction of new coal-fired power plants other than Shin- Seochun #1

Expansion of Renewable

Construction plan of renewable power plants by year

(MW)	2019	~2022	~2026		2030
Nationwide	15.1	27.5		63.8
(+12.4)		(+36.3)
KEPCO Group	1.4	7.8	18.7	42.6
(+6.4)	(+10.9)	(+23.9)

• • based on KEPCO Group's RE3020 Roadmap
• Construction of 41.2GW of renewable power plants by 2030 is planned
• Following RPS as a measure to expand renewable energy (Target rate raised from 6% in 2019 to 7% in 2020)
• Enhancing facilities for new & renewable power plants that are currently on hold for connection to the grid
• Create environment for successful implementation of RE100 starting from

Green Premium Pricing system	21

Governance

Board Of Directors Operation

• Organizational chart of BOD

Board of Directors



 5 of Standing Directors / 8 of Non-Standing Directors

 Chairman : JwaGwan Kim (Non-Standing)



Director Nomination Committee

• • 5-15members comprised of non-standing directors and people appointed by the BOD
  • Chairperson is elected among its members who are non-standing directors by the vote of the members
  • Decision on nomination process for director candidates
  • Review and recommendation of candidates for director candidates
• Performance of the BOD Operation (2019)

BOD	Agendas	Agendas	BOD
Meetings	Decided	Reported	Attendance
Held

13 Times		36 Cases		8 Cases		92%

Audit Committee

• Two of Non-Standing directors, One Standing director
• Chairman to be Non-Standing
• Inspecting the accounting and management issues
• Evaluating the operation of
  Internal Control over Financial Reporting
• Conducting audit on work and accounting

22

Governance

Board of Directors

	Name	Birth year	Tenure	Position	Expertise	Note
	(Gender)
	JongKap KIM	'51 (M)	'18.4~'21.4	President & CEO	Energy/
	Electricity
		Vacant		Controller & Auditor General		Audit Committee
Standing	HeynBin LEE	'63 (M)	'20.9~'22.9	Executive Vice President of	Energy/
Management Support	Electricity
(Executive)
Directors		Vacant		Executive Vice President of Business
(5)				Executive Vice President &	Energy/
	HyungDuck PARK	'61 (M)	'18.7~'21.7
	Chief Strategy Officer	Electricity
	SungAm KIM	'59 (M)	'19.3~'21.3	General Manager	Energy/
	of Power Grid	Electricity
	HyunSeung LIM	'60 (M)	'18.7~'20.7	General Manager of	Energy/
	Nuclear Power Business	Electricity
	JwaGwan KIM	'60 (M)	'18.4~'21.4		Energy/Environment	BOD Chairman
	BongRyeol YANG	'52 (M)	'18.4~'21.4		Energy/Public
Non-	YeonGil JEONG	'66 (M)	'18.4~'21.4		Energy/New Materials	Audit Committee
					Audit Committee
Standing
(Non-	GeumSeon NOH	'62 (F)	'18.6~'21.6		Finance and Accounting	Chairman
Executive)						(Financial Expert)
Directors
(8)	SeungGuk CHOI	'65 (M)	'18.6~'21.6		Energy/New&Renewable
	JongBae PARK	'63 (M)	'20.1~'22.1		Energy/Electricity
	SiHeon SEONG	'60 (M)	'20.6~'22.6		Energy
	SuRan BANG	'87 (F)	'20.9~'22.9		Attorney at Law

23

Appendix

24

Monthly Electric Power Statistics*

Generation Capacity by Sources

(MW)		KEPCO Group Companies					Others		Total
Yr.Month	Nuclear	Coal		LNG	Oil	Hydro	Renewable	Coal	LNG	Oil	Hydro	Renewable/Others
2019.07	21,850	34,311		16,095	2,939	5,352	1,308	2,693	22,867	259	1,147	12,327	121,147
2019.08	23,250	34,311		16,095	2,939	5,352	1,309	2,693	22,867	259	1,147	12,751	122,973
2019.09	23,250	34,311		16,095	2,939	5,352	1,309	2,693	22,867	259	1,147	12,268	122,490
2019.10	23,250	34,311		16,095	2,939	5,352	1,325	2,693	23,730	259	1,147	12,921	124,023
2019.11	23,250	34,311		16,464	2,939	5,352	1,325	2,693	23,730	259	1,147	12,921	124,392
2019.12	23,250	34,311		16,485	2,941	5,352	1,335	2,693	23,730	259	1,156	13,827	125,338
2020.01	23,250	34,361		17,905	1,376	5,352	1,339	2,693	23,730	259	1,151	13,942	125,358
2020.02	23,250	34,361		17,905	1,376	5,352	1,361	2,693	23,730	259	1,151	14,449	125,887
2020.03	23,250	34,361		17,905	1,376	5,352	1,361	2,693	23,730	259	1,151	14,449	125,887
2020.04	23,250	34,361		17,905	1,376	5,352	1,360	2,693	23,730	259	1,151	14,825	126,262
2020.05	23,250	34,361		17,905	1,376	5,352	1,360	2,693	23,730	259	1,154	15,359	126,798
2020.06	23,250	34,361		17,905	1,376	5,352	1,385	2,693	23,730	259	1,154	15,873	127,338
2020.07	23,250	34,161		17,905	1,376	5,352	1,604	2,693	23,730	259	1,154	16,336	127,819
Generation Volume by Sources
(GWh)		KEPCO Group Companies					Others		Total
Yr.Month	Nuclear	Coal		LNG	Oil	Hydro	Renewable	Coal	LNG	Oil	Hydro	Renewable/Others
2019.07	11,678	20,745		3,308	106	412	383	1,486	9,025	7	155	2,435	49,740
2019.08	12,197	21,219		3,606	157	441	605	1,656	9,036	7	159	2,558	51,642
2019.09	10,321	19,524		2,616	60	423	594	1,401	7,359	7	143	2,015	44,462
2019.10	10,600	18,638		2,599	206	352	561	1,296	7,854	10	194	2,319	44,630
2019.11	10,228	17,620		3,399	84	337	432	1,446	9,279	34	114	2,191	45,165
2019.12	11,059	17,351		4,689	517	376	560	1,779	11,663	76	124	2,089	50,283
2019	145,910	211,786		39,049	2,421	4,477	5,428	17,636	106,079	413	1,770	28,072	563,040
2020.01	11,898	16,838		4,987	49	402	583	1,812	10,987	94	137	2,084	49,871
2020.02	12,690	14,727		4,033	33	394	602	1,640	9,769	63	134	2,352	46,439
2020.03	14,463	12,409		3,681	60	373	680	1,500	9,835	42	161	2,937	46,141
2020.04	13,689	13,383		2,663	95	359	627	1,487	6,657	32	152	3,107	42,252
2020.05	15,258	13,183		2,144	31	379	399	1,660	5,434	6	184	2,901	41,578
2020.06	14,069	15,215		2,892	36	322	283	1,277	6,571	5	190	2,965	43,825
2020.07	13,721	17,347		2,737	28	352	472	1,668	7,649	4	260	2,432	46,671

* Source : The Monthly Report on Major Electric Power Statistics by KEPCO

25

Monthly Electric Power Statistics*

Power Purchase Unit Cost by Sources

(KRW/kWh)				Purchase Unit Cost				Total
Yr.Month	Nuclear	Coal	LNG	Oil	Hydro	Renewable	Others
2019.07	55.97	85.87	119.22	305.21	106.06	100.55	78.09	89.41
2019.08	60.77	88.90	124.50	347.03	111.16	103.11	83.20	93.49
2019.09	52.31	76.91	105.75	508.99	95.19	91.63	77.79	79.49
2019.10	51.24	77.53	103.40	164.55	96.66	100.46	86.49	79.04
2019.11	64.39	79.96	99.72	241.52	94.77	95.27	99.10	83.63
2019.12	83.26	87.36	115.41	191.22	113.32	99.48	99.02	97.96
2020.01	65.25	96.17	122.12	187.68	115.91	99.11	97.85	98.19
2020.02	60.84	91.30	114.70	275.42	107.85	94.04	97.15	91.00
2020.03	56.47	87.23	103.76	202.76	97.33	92.84	84.72	83.14
2020.04	49.02	80.43	96.21	171.47	84.84	87.60	81.42	74.34
2020.05	46.52	84.72	104.48	270.95	82.43	84.40	80.08	74.10
2020.06	61.60	80.88	102.23	354.62	88.33	81.32	91.78	79.83
2020.07	76.65	90.22	126.92	934.76	94.25	86.38	98.11	95.27

Market Price & Unit Cost of Settlement

(KRW/kWh)	Market Price		Unit Cost of Settlement		Total
Yr.Month	SMP	SEP	CP	Others
2019.07	79.76	58.18	19.33	11.91	89.41
2019.08	84.83	62.96	18.79	11.74	93.49
2019.09	79.64	59.42	9.32	10.76	79.49
2019.10	88.21	61.37	4.86	12.81	79.04
2019.11	81.83	62.26	8.39	12.98	83.63
2019.12	84.18	69.46	16.91	11.59	97.96
2019	90.74	65.29	12.10	12.74	90.13
2020.01	84.54	66.69	20.48	11.02	98.19
2020.02	81.91	64.03	16.56	10.41	91.00
2020.03	83.35	64.96	8.50	9.68	83.14
2020.04	75.38	56.79	5.39	12.16	74.34
2020.05	70.91	49.84	5.93	18.34	74.10
2020.06	70.92	55.66	8.30	15.86	79.83
2020.07	71.25	59.21	21.23	14.84	95.27

* Source : The Monthly Report on Major Electric Power Statistics by KEPCO

26

Monthly Electric Power Statistics*

Power Sales Volume

(MWh)				Segments				Total
Yr.Month	Residential	Commercial	Educational	Industrial	Agricultural	Street lighting	Night power usage
2019.07	5,785,447	9,891,506	674,697	24,608,977	1,346,575	258,206	401,016	42,966,423
2019.08	7,808,977	11,631,897	670,108	25,103,228	1,684,766	271,912	387,809	47,558,698
2019.09	6,849,192	10,350,103	709,237	23,468,891	1,648,082	283,990	340,022	43,649,517
2019.10	5,582,329	8,701,539	586,637	23,729,341	1,299,522	301,941	421,747	40,623,056
2019.11	5,690,482	8,561,889	636,215	23,350,392	1,752,665	322,587	797,684	41,111,913
2019.12	6,011,095	10,003,121	912,808	24,477,720	1,632,397	330,135	1,364,837	44,732,114
2020.01	6,462,307	10,980,218	871,391	24,157,032	1,846,298	335,654	1,674,015	46,326,916
2020.02	6,469,949	10,489,576	743,563	22,987,545	1,843,177	320,887	1,644,171	44,498,867
2020.03	6,050,609	9,114,577	596,478	23,829,266	1,646,757	299,909	1,333,189	42,870,785
2020.04	6,101,122	8,361,004	489,662	22,635,639	1,529,677	292,801	1,065,385	40,475,290
2020.05	5,726,792	8,065,900	431,194	21,748,720	1,336,041	271,181	747,888	38,327,716
2020.06	5,930,765	9,070,384	532,530	22,103,411	1,381,354	259,419	475,031	39,752,893
2020.07	6,169,242	9,832,290	627,728	23,468,351	1,354,310	252,124	363,774	42,067,820
Power Sales Revenue
(Million KRW)				Segments				Total
Yr.Month	Residential	Commercial	Educational	Industrial	Agricultural	Street lighting	Night power usage
2019.07	565,039	1,460,354	81,394	2,930,590	64,970	31,762	24,862	5,158,970
2019.08	847,142	1,643,895	82,119	2,940,755	79,617	32,310	24,907	5,650,745
2019.09	727,353	1,298,365	75,277	2,243,198	78,177	32,894	21,153	4,476,417
2019.10	561,281	1,007,505	54,528	2,194,924	64,564	33,469	24,654	3,940,925
2019.11	585,342	1,134,220	68,166	2,680,550	77,423	34,802	51,586	4,632,090
2019.12	640,399	1,368,834	92,161	2,808,611	79,324	35,060	102,695	5,127,084
2020.01	726,062	1,452,733	88,495	2,745,921	88,873	35,918	125,716	5,263,718
2020.02	728,164	1,407,683	79,179	2,682,015	88,812	35,597	123,411	5,144,860
2020.03	649,887	1,145,466	61,204	2,282,060	79,967	33,855	88,994	4,341,433
2020.04	663,143	981,983	46,488	2,125,534	75,239	34,187	58,428	3,985,000
2020.05	595,473	960,563	42,513	2,045,200	65,216	32,690	41,835	3,783,490
2020.06	630,891	1,230,811	63,781	2,606,985	68,112	32,270	28,054	4,660,905
2020.07	624,465	1,457,889	72,993	2,816,189	66,778	31,086	22,394	5,091,794

* Source : The Monthly Report on Major Electric Power Statistics by KEPCO

27

Appendix

IR Contacts

Naju	Yoonhye Cho	Sihyung Park	Gayoung Moon
Senior Manager	Senior Manager	Manager
Headquarter	[phone]	[phone]	[phone]
	[e-mail]	[e-mail]	[e-mail]

	Siyung Yang
New York	Senior Manager
Office : [phone]
U.S. Office
Cell : [phone]
	[e-mail]

28