Each KEPCO ADR represents half a common share, so the 1,542 won declared for 2025 arrives as 771 won per ADR, once a year rather than quarterly.
KEPCO earned about 21.9tn won of operating profit across 2024 and 2025, and its total liabilities ended 2025 higher than they ended 2023.
KEPCO's first-half revenue was 46.32tn won, up 0.3%, while operating profit fell 16.6% to 4.91tn and net income fell 21.0% to 2.80tn.
NAVER Corporation's (035420) cloud unit won a government cybersecurity artificial intelligence project, Korea Economic Daily reported Thursday.
DOOSAN ENERBILITY CO., LTD. (034020) expanded its search for missing workers in Nepal, Yonhap reported Friday.
A Thursday filing raised KUMHO Engineering & Construction Co., Ltd.'s (002990) Gumi gas plant contract to ₩372,266,838,673.
Korea Electric Power Corporation (015760) subsidiary KEPCO Knowledge Data Network won selection for a $5 million rural energy project in Senegal.
Korea Electric Power Corporation (015760) will apply a power-charge discount to government-operated public fast chargers, Dailian reported Thursday.
| Period | 015760 | KOSPI | Difference |
|---|---|---|---|
| 1 week | -1.2% | -1.5% | +0.3% |
| 1 month | -8.5% | +5.2% | -13.7% |
| 3 months | -16.9% | -22.6% | +5.7% |
| 6 months | -29.4% | +31.3% | -60.7% |
| Year to date | -31.9% | +58.7% | -90.6% |
| 1 year | -14.3% | +108.9% | -123.2% |
Closed at 4% of the way from its 52-week low (₩30,850) to its 52-week high (₩67,900).
| Grade | Now | 3M | 6M |
|---|---|---|---|
| Valuation 0.44x parent equity of 50.68tn won; ~4.0x annualised H1 earnings; 4.43% gross yield on the 1,542 won FY2025 dividend | B | — | — |
| Profitability H1 operating margin 10.6%, down from 12.8%; FY2025 was 13.8% after a 5.1% operating loss margin in FY2023 | C+ | — | — |
| Financial Health Liabilities 210.72tn won on 50.68tn parent equity; net financial debt ~121tn is 5.4x market cap; 50.71tn due within a year against 2.62tn cash | D | — | — |
| Growth H1 revenue +0.3% to 46.32tn won; FY2025 +4.3%; but operating profit -16.6% as fuel costs rose and the tariff did not | C | — | — |
| Capital Return FY2025 dividend 989.9bn won, an 11.4% payout; 6.24tn appropriated to voluntary reserves; H1 free cash flow negative 1.03tn | C | — | — |
KEPCO set 11 September as the record date for determining who may vote at an extraordinary general meeting, with the shareholder register closed from 12 to 22 September. The filing does not state the agenda; that appears in the convocation notice, which had not been filed when this was published. This is the third extraordinary meeting KEPCO has called in 2026, after ones held on 20 May and 17 June, both of which elected directors. State-owned Korean corporations run director appointments through a public nomination process and convene meetings as vacancies arise rather than batching them into the annual meeting, so the frequency is less unusual than it looks from a US perspective. Three in one calendar year is still a lot, and the company has separately filed three notices of independent-director appointment, dismissal or mid-term departure between 6 May and 6 July. For a holder of the New York ADR the practical point is narrow: the meeting runs on a Korean timetable, the materials are in Korean, and the government and the Korea Development Bank between them hold a controlling majority of the votes.
At an extraordinary meeting on 17 June, shareholders elected two standing executive directors — Baek Woo-ki and Jeon Chan-hyuk, both long-serving KEPCO managers, on two-year terms — and two outside directors as non-standing audit committee members: Jung Do-jin, a Chung-Ang University business professor who previously chaired the audit committees of NAVER and Hanwha Aerospace, and Hwang Jung-hwa, a lawyer already serving as a KEPCO non-standing director. The voting figures show a Korean rule with no US equivalent. For the executive directors, 66.4% of voting shares participated and 97.4% of those approved. For the audit committee seats the participating base drops to about 37%. That is the 3% rule: when a Korean company elects audit committee members, each shareholder's voting power is capped at 3% of shares however much they own. It exists to stop a controlling holder appointing its own auditors, and at a company where the government and the Korea Development Bank hold a majority, it is the one mechanism giving minority shareholders real weight on a board committee.
KEPCO owns and operates essentially all of South Korea's electricity transmission and distribution network, and generates most of the country's power through six wholly owned subsidiaries — Korea Hydro & Nuclear Power, which runs the reactors, and five thermal generators burning coal and gas. It is the sole retail supplier of electricity to Korean households and businesses. The one thing a US investor must understand before anything else: KEPCO does not set its own prices. Retail electricity tariffs in Korea are approved by the government, and for years they were held below the cost of generating the power. Fuel is bought at world prices in dollars; electricity is sold at a price set in Seoul for political reasons. When those two diverged after 2021, KEPCO lost tens of trillions of won and borrowed to cover the gap. That makes KEPCO closer to a regulated pipe with a policy overlay than to a US utility. American utilities operate under rate-of-return regulation that is designed, however imperfectly, to let them earn their cost of capital. KEPCO has no such guarantee. Its earnings are a function of two decisions it does not make — the tariff and the fuel price — and reading its results as a verdict on management is a category error. It trades in New York as an ADR under the ticker KEP.
| Sector | Utilities | Employees | |
| Market | KOSPI | Founded | 1961 |
| Korean name | 한국전력공사 | Head office | Naju, South Jeolla, South Korea |
| Symbol | Last Price |
|---|---|
| 036460Korea Gas Corporation | ₩35,100 -6.9% |
| 071320Korea District Heating | ₩75,600 -1.2% |
| 005090SGC Energy | ₩56,100 +5.1% |
| 004690Samchully Co., Ltd. | ₩136,700 +0.1% |