Korea Electric Power Corp ADR Dossier
Qualitative Analysis
Business overview
Korea Electric Power Corporation (KEPCO) is South Korea's largest integrated electric utility company, responsible for approximately 90% to 93% of the nation's electricity generation, transmission, and distribution. Founded in 1961 and headquartered in Naju-si, South Korea, KEPCO operates as a state-controlled entity with the South Korean government holding a controlling 51% stake. The company operates across five primary segments: Electricity Sales, Nuclear Power Generation, Thermal Power Generation, Power Support, and Other. KEPCO plays a systemically vital role in South Korea's industrial economy, managing the national grid infrastructure and executing long-term energy transition policies under the regulatory oversight of the Ministry of Trade, Industry and Energy.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
KEPCO has adopted a long-term investment plan of approximately 72.8 trillion KRW through 2038 dedicated to grid and High-Voltage Direct Current (HVDC) expansion. This initiative is designed to build out the 'Energy Expressway' to support the integration of renewable energy and storage systems while ensuring grid stability.
Expected impact: Enables seamless integration of large-scale offshore wind and solar power, reduces transmission bottlenecks, and secures reliable power delivery to high-demand industrial and data center clusters.
KEPCO is focusing on maximizing its domestic nuclear capacity utilization to the mid-to-high 80% range while aggressively bidding for international nuclear and power infrastructure projects, particularly in Vietnam, Saudi Arabia, and Europe.
Expected impact: Lowers reliance on volatile imported fossil fuels domestically and establishes long-term, high-margin overseas revenue streams.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
KEPCO signed a contract with Saudi Aramco in June 2026 to construct, operate, and supply electricity and steam for the 331 MW Jafurah Phase 2 cogeneration power plant. The project is managed via a jointly established SPC and is expected to generate $1.4 billion (2.1 trillion KRW) in revenue over a 17-year period.
Terms: Estimated project revenue of $1.4 billion (2.1 trillion KRW) over 17 years; construction contract with Doosan Enerbility valued at 840 billion KRW ($556 million).
Signed in April 2026 during a state visit to Vietnam, this MOU establishes a framework to review potential cooperation on new nuclear power development and power infrastructure projects in Vietnam.
Terms: Terms not disclosed
Signed in April 2026 to strengthen cooperation across the entire power infrastructure spectrum, including HVDC and AC transmission network construction, intelligent digital power plants (IDPP), and battery energy storage systems (BESS).
Terms: Terms not disclosed