Investor Presentation

February 2023
Disclaimer

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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,
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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
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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
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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
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bound by the foregoing limitations.

1
Table of Contents

I. Vision & Strategy

II. Business & Operation

IV. Financials

V. Overseas Business

Appendix

2
I. Vision & Strategy

3
4
ESG Management Strategy

KEPCO Group’s Vision for Carbon Neutrality – ZERO For Green

Disclosing information on climate change & Carbon Management Energy & Utility Issuance of Green Bonds(2019-2022)
sustainable management with second-party opinion & certification
Sector Honors (2016-2021)

5
Responding to Climate Change

Nuclear
Nuclear
Nuclear Coal 32.4%
Nuclear Coal
14.6% Renewable Nuclear
29.6%
33.1% Coal 19.5% 30.1% Renewable 45.3% 13.2%
36.7% Coal
19.7% 16.0% Coal
11.3%
Renewable
Renewable Others Renewable
Others 20.7% Others
3.4% 5.3% LNG
8.3% 1.4% 21.6% LNG LNG LNG
LNG 24.0% 29.6% 27.0%
27.6% 22.9%

Coal Renewable

6
 Birth Year
Name Tenure Position Expertise Note
(Gender)
Chair of the Board
Jong-Bae Park '63 (M) '20.1~'23.1 Energy/Electricity
and ESG Committee
Su-Ran Bang '87 (F) '20.9~'22.8 ESG Committee Law
Non- Hyo-Sung Park '58 (M) '21.4~'23.4 Audit Committee Public/Policy
Standing Kee-Man Lee '60 (M) '21.4~'23.4 Energy/Technology
Directors
Chair of Audit Committee
Jae-Shin Kim '66 (F) '21.7~'23.7 Accounting/Finance
(Financial expert)
Kye-Sung Lee '57 (M) '21.7~'23.7 ESG Committee Energy
Jong-Woon Kim ’65 (M) ’22.8~’24.8 Energy

1 Non-Standing director appointment in process

Seung-Il Cheong '65 (M) '21.6~'24.5 President & CEO Energy/Electricity

Comptroller & Auditor

Young-Sang Jun '64 (M) ‘23.2~’25.2 Audit
General
Chief Business Management
Jung-Bok Lee '63 (M) ‘23.2~’25.2 Energy/Electricity
Officer
Standing Chief Safety & Business
Jun-Ho Lee ‘63 (M) ‘23.2~’25.2 Energy/Electricity
Directors Operations Officer
Chief Financial & Strategic
Heon-Gyu Park '62 (M) '21.5~'23.5 Energy/Electricity
Planning Officer
TaeOk Kim '62 (M) '21.3~'23.3 Chief Power Grid Officer Energy/Electricity
Chief Global & Nuclear
HeungJoo Lee '62 (M) '21.10~'23.10 Energy/Electricity
Business Officer

7
8
KEPCO Group Companies

Major Business Korean Government

Credit Ratings
Moody’s S&P Fitch
(51%)
Sovereign Aa2 AA AA-
KEPCO Aa2 AA AA-
Transmission &
Distribution
(100% Total Assets : KRW234.9tn (USD185.3bn)
market share) Revenues : KRW71.3tn (USD56.2bn)

(100%) (100%) (100%) (100%) (100%) (100%)

Generation 1 KHNP KOEN KOMIPO KOWEPO KOSPO EWP

(67.8%
market share) Nuclear · Hydro Thermal · Renewable Thermal · Renewable Thermal · Renewable Thermal · Renewable Thermal · Renewable

KEPCO E&C (65.8%) Generation Engineering

KEPCO MCS (100%) Meter Reading & Billing

KEPCO KPS (51.0%) Generation Facility Maintenance

Others 2 KEPCO CSC (100%) Customer Service
KEPCO NF (96.4%) Nuclear Fuel Manufacturing & Designing

KEPCO FMS (100%) Facility Maintenance Service

KEPCO KDN (100%) Electric Power IT Service

Note : As of end of 2022; Applied FX rate of KRW1,267.3/USD

¹ Electric power purchased from Gencos 67.8% (387,751GWh), from IPP&PPA 32.2% (183,734GWh); ² Major subsidiaries and affiliates other than Gencos

9
Power Sales

Historical Power Sales Growth

Power sales volume(TWh) Power sales growth(%) GDP growth(%)

533 548
508 526 520 509
434 455 478 484 497
467 475
394
10.1

4.8 4.7
2.4 6.5 2.5 3.3 3.6 2.7
3.0 2.6 2.7 3.1 2.0
4.0
3.7 2.8 2.2 3.0
2.3 1.8 1.3 -1.0 2.6
0.7 0.6
-1.1
-2.2

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22

Power Sales Growth Rate for 2022. 4Q (Cum) Sales Breakdown for 2022. 4Q (Cum)
Volume Revenue Others
15.2
14.3 14.5 5%
12.7 Residential Industrial Unit price
15% 53% (KRW/kWh)
Industrial 118.7
6.4 14% Commercial 139.1
Residential 121.3
2.7
1.4 1.6 Commercial Others 77.4
27%
Average 120.5
Residential Commercial Industrial Average

* Based on the Monthly Report on Major Electric Power Statistics

10
Tariff

Tariff Adjustment Formula

Total Tariff Decrease

comprehensive cost Required

Tariff Increase
Required
Power
Total Sales
Revenue
Fair cost + Fair return
Power
Comprehensive
Sales Cost
Revenue

Historical Tariff Adjustment1

Effective Nov 08 Jun 09 Aug 10 Aug 11 Dec 11 Aug 12 Jan 13 Nov 13 Dec 16

4.9% 4.9% 5.4%

4.5% 3.9% 4.5% 4.0%
3.5%

Avg. change 0.0%

-1.7%

Residential 0.0% 0.0% 2.0% 2.0% 0.0% 2.7% 2.0% 2.7% -11.6%

Commercial 3.0% 2.3% 0.0% 4.4% 4.5% 4.4% 4.6% 5.8% 0.0%

Industrial 8.1% 6.5% 5.8% 6.1% 6.5% 6.0% 4.4% 6.4% 0.0%

1 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;

11
12
13
Generation Mix

33% 28% 28%

43% 40% 35% 39% 39%

17% 18%
27% 30%
28% 30%
39% 43% 31% 30%
29% 28% 22% 22%
14% 13% 24% 24%
4% 4% 9% 10% 11% 9%

Unit Fuel Price Fuel Cost

2021 2022 YoY Contribution

Coal (KRW 1,000 / ton) 157.8 278.6 76.6% 53.7%

LNG (KRW 1,000 / ton) 724.7 1,543.7 110.2% 37.6%

Oil (KRW 1 / liter) 799.2 1,267.9 46.5% 2.9%

Nuclear & Others - - 5.8%

14
IV. Financials

15
Earnings Results for the year 2022

(KRW bn) 2021 2022 YoY Major Factors of YoY Change

1.Operating revenue 60,674 71,272 17.5%
Sale of electric power 57,309 66,199 15.5%  Operating loss of KRW 32.6trn in 2022, a 457.7% decrease
from loss of KRW 5.8trn in 2021
Revenues from other businesses 3,365 5,073 50.8%
• Power sales volume and revenues increased by 2.7% and
2.COGS/SG&A expenses 66,520 103,875 56.2%
15.5% respectively, due to effect of the economic recovery.
Fuel 19,493 34,669 77.9%
Purchased power 21,619 41,917 93.9%  Fuel cost and purchased power cost of KRW 76.6trn in
2022, a 86.3% increase from KRW 41.1trn in 2021
Depreciation 10,388 10,785 3.8%
• Rise of power demand lead to increased amount of
Maintenance 2,618 2,739 4.6%
generation and power purchase
Commissions 718 769 7.2%
• Increased fuel price and SMP
Research & development 689 728 5.6%
Other operating expenses 10,995 12,267 11.6%  Operating loss of KRW 32.6trn in 2022, from operating loss
of KRW 5.8trn in 2021.
3.Operating profit (loss) -5,847 -32,603 -457.7%
Non-operating income and expenses -1,225 -1,236 -0.9%  Net loss of KRW 24.4rn in 2022 from net loss of KRW 5.2trn
Income before income tax -7,072 -33,840 -378.5% in 2021.

Income tax expenses -1,856 -9,420 -407.5%

4.Net income (loss) -5,216 -24,420 -368.2%
Controlling interest -5,305 -24,471 -361.3%
Non controlling interest 89 51 -42.9%

Note: Based on K-IFRS consolidated financials

16
Earnings Results for the year 2021

(KRW bn) 2020 2021 YoY Major Factors of YoY Change

1.Operating revenue 58,569 60,674 3.6%
Sale of electric power 55,731 57,309 2.8%  Operating revenue of KRW60.7trn in 2021, a 3.6% increase
from KRW58.6trn in 2020
Revenues from other businesses 2,838 3,365 18.6%
• Power sales volume increased by 4.7% yoy due to base
2.COGS/SG&A expenses 54,483 66,520 22.1%
effect from the last year and with economic recovery.
Fuel 14,794 19,493 31.8%
Purchased power 15,725 21,619 37.5%  Fuel cost and purchased power cost of KRW41.0trn in
2021, a 34.4% increase from KRW30.5trn in 2020
Depreciation 9,939 10,388 4.5%
• Increased fuel price and SMP.
Maintenance 2,545 2,618 2.9%
• Power generation from coal power plants decreased due to
Commissions 744 718 -3.5%
output limitation for decreasing micro-particulates and
Research & development 701 689 -1.7% emission of greenhouse gas.
Other operating expenses 10,035 10,995 9.6%
• Power demand increase lead to growth in LNG generation.
3.Operating profit (loss) 4,086 -5,847 -243.1%
 Operating loss of KRW5.9trn in 2021, a 243.1% decrease
Non-operating income and expenses -1,094 -1,225 -12.0%
from operating profit of KRW4.1trn in 2020.
Income before income tax 2,992 -7,072 -336.4%
• Increase in operating cost, including fuel cost and purchased
Income tax expenses 899 -1,856 -306.5% power cost, lead to operating loss in 2021.
4.Net income (loss) 2,093 -5,216 -349.2%
 Net loss of KRW5.2trn in 2021, a 349.2% decrease from net
Controlling interest 1,991 -5,305 -366.4%
income of KRW2.1trn in 2020.
Non controlling interest 101 89 -11.9%

Note: Based on K-IFRS consolidated financials

17
Capital Structure

Capital Structure (as of Q4 2022) Debt Ratio & Interest Rate

Interest bearing debt to equity ratio Average interest rate
Equity
KRW42.1trn Other liabilities
KRW72.2trn
286.5%
Total Total
shareholders’ liabilities
equity
KRW192.8trn 123.3%
KRW42.1trn (USD152.1bn) 3.6% 3.2% 3.0% 98.5% 98.6%
(USD33.2bn)
Debt1 73.4% 85.9% 2.8% 2.6% 3.1%
KRW120.6trn 75.0% 2.4%

2016 2017 2018 2019 2020 2021 2022

1 Before-swap basis

Debt Composition 2 Debt Repayment Schedule 2

(KRW trn) 23.8 23.4
20.4
KRW Foreign 18.7
99.1% 0.9%
13.3
10.3
USD 100%
5.8

Fixed Floating
96.9% 3.1%
2023 2024 2025 2026 2027 2028 2029~

2 KEPCO and 6 Gencos; after-swap basis,

Note : As of end of September 2022; Applied FX rate of KRW1,434.80/USD
18
Financial Ratios

Operating Profit Margin1 & Net Profit Margin2 Return on Equity (ROE)3

Net profit margin Operating profit margin

19.9%
10.2%
8.3% 7.0% 2.9%
1.8%
-0.3% -2.3% -1.9% -3.4%
-9.7% -8.0%

-45.7%
11.9% 3.6%
2.4% -1.9% -3.8% -8.7% -43.5%
-34.3%
2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

EBITDA Margin4 & Interest Coverage Ratio5 Debt/EBITDA6

EBITDA Interest coverage EBITDA Margin
13.2
34.8% 24.6% 26.7%
16.2% 16.7%
10.0% 6.9
8.1x 6.2
6.2x 6.1x 5.1
3.7
4.0x 3.7x 2.6
2.4x
-32.5%
-4.7
-6.6x

2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

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
19
Investment Plan
Capital Expenditure Projection1
(KRW bn) Transmission & distribution Nuclear generation Thermal generation Renewable energy Others (IT/intangibles)
15,796 15,428 14,140 16,947
13,883 1,295
1,723 2,098 1,677 1,148 1,043
547 754 561 3,379
3,517 2,715 566
2,368 2,890
3,796 4,280
3,673 3,139 3,271

6,213 6,188 6,391 6,013 6,950

2019(A) 2020(A) 2021(A) 2022(A) 2023(E)

Capacity Addition Plan

(Unit : MW) Current Capacity Net Increase 2 Future Capacity
End of 2022 % 2023 2024 2025 2026 2027-2036 Total End of 2036 %
Nuclear
Coal
KEPCO LNG
Group Renewables To be determined (α) 3 1,964+(α) (1+α)%
Oil/Others
Sub-total
Coal
LNG
IPP and
Renewables To be determined (α) 3 24,185+(α) (11+α)%
Others
Others
Sub-total
Total 138,017

2 Based on the 10th Basic Plan for Long-term Electricity Supply and Demand as amended, subject to change; 3 (α) : Detailed construction plan and investment type is to be determined

20
21
 Overseas Business

Myanmar
Distribution line construction consulting Cambodia
Establishing Micro Grids
Bangladesh
Establishing GIS China United States
Europe Office Wind 1,017MW, Photovoltaic 7MW California Photovoltaic 235MW
Tajikistan Shanxi 9,292MW
Jordan Grid establishment consulting
China Office Japan
Fujeij Wind 89MW
UAE Chitose Photovltaic 28MW North America Office
Al Qztrana 373MW Japan Office
Barakah Nuclear5,600MW Jamaica
Amman 573MW
Shuweihat S3 1,600MW T&D operation consulting
Vietnam United States
Middle East Office Mexico
Nghi Son II 1,200MW Dominican Rep.
Saudi Arabia Guam Photovoltaic 60MW Norte II 433MW
Vung Ang II 1,200MW Distribution line construction
Rabigh 1,204MW Ukudu 198MW Photovoltaic
Jafurah 317MW ESS Consulting 294MW Barbados
Ethiopia Philippines Honduras
Malaysia Establishing K-SEMS
Establishing FR-ESS
Pulau Indah 1,200MW Calatagan Photovoltaic 50MW Establishing Micro Grids
Tanzania Cebu 200MW
Establishing power demand Southeast Asia Office SPC 279MW
Management systems Indonesia
Jawa 9&10 2,000MW
Botswana
Transmission line construction
consulting Austrailia
Africa Office Bylong

45 projects in 24 countries Nuclear generation : 1 project in UAE / 5,600MW

Thermal Generation : 14 projects in 10 countries / 18,977MW
Renewable Generation : 7 projects in 7 countries / 3,601MW
Grid, Consulting, E&P : 23 projects in 17 countries

* As of end of December 2022

22
Overseas Business
45 projects in 24 countries
Generation (22 projects)
KEPCO capacity
Projects in operation Total capacity (MW) Period
(MW)
UAE Barakah Nuclear EPC/O&M Nuclear power plant Dec-09 ~ May-77
Cebu BOO Coal-fired plant Jun-11 ~ Jun-36
Philippines SPC (Naga) M&A Coal-fired/Diesel plant Feb-06 ~
Calatagan M&A/BOO Photovoltaic power Dec-18~
BOO Coal-fired plant Apr-07 ~ Apr-57
Shanxi BOO Renewable Dec-09 ~ Dec-59
China BOO Renewable Feb-21 ~ Feb-46
Liaoning / BOO Photovoltaic power Dec-17 ~ Dec-42
Wind Project BOO Wind power plant Dec-06 ~ Jun-26
Al Qatrana BOO Gas-fired plant Jan-11 ~ Jan-36
Jordan Amman BOO Diesel-fired plant Aug-14 ~ Aug-39
Fujeij BOO Wind power plant Jul-19 ~ Jul-39
Saudi Arabia Rabigh BOO Oil-fired plant Apr-13 ~ Apr-33
Norte 2 BOO Gas-fired plant Dec-13 ~ Dec-38
Mexico
Solar BOO Photovoltaic power Mar-22 ~ Aug-55
California M&Q/BOO Photovoltaic power Mar-18 ~ Aug-52
USA
Guam BOO Photovoltaic power Dec-21 ~ Dec-46
UAE Shuweihat S3 BOO Gas-fired plant Jul-14 ~ Jul-39
Japan Chitose BOO Photovoltaic power Jul-17 ~ Jul-42
Nghi Son BOT Coal-fired plant Jul-22 ~ Jul-47
Vietnam
Vung Ang2 BOT Coal-fired plant Nov-25 ~ Nov-50
Indonesia Java 9&10 BOT Coal-fired plant Nov-24 ~ Nov-48
Malaysia Pulau Indah BOO Gas-fired plant Jan-24 ~ Jan-45

USA Guam BOO Gas-fired plant On-going(

Saudi Arabia Jafurah BOOT Combined Heat & Power On-going(

Grid, Consulting, E&P (23 projects) : T&D, Smart Grid Consulting, UAE HDVC etc.
Note: As of end of December 2022
23
Appendix

2 As of end of 2022

1 Underlying shares : ADR = 1 : 2

IR Website https://home.kepco.co.kr/kepco/EN/ntcob/list.do?boardCd=BRD_000242&menuCd=EN030405
Sustainability Report https://home.kepco.co.kr/kepco/EN/D/C/KEDCPP004.do?boardCd=BRD_000014&menuCd=EN04010601

24