Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the Month of March 2025

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Korea Electric Power Corporation (“KEPCO”) hereby calls the annual ordinary general meeting of shareholders (“AGM”) and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Kim, Dong-Cheol, President & CEO of KEPCO

We hereby call the fiscal year 2024 AGM pursuant to Article 18 of the Articles of Incorporation of KEPCO as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Act, this notice shall be in lieu of notices to be given to the shareholders.

Date / Time: March 26, 2025 / 11:00 a.m. (Seoul Time)

Location: 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea KEPCO Headquarters

Items to be Reported

Audit Report

Management report on KEPCO’s operation

Operation report on internal accounting control system

Agendas for Shareholder Approval:

Approval of financial statements for the fiscal year 2024

Approval of the ceiling amount of remuneration for directors in 2025

Details on the proposed agenda for the AGM are attached.

KEPCO will disclose its audit report on or around March 11, 2025 on the EDGAR and its webpage (https://www.kepco.co.kr). Business report in Korean will be disclosed on March 18, 2025, through Data Analysis, Retrieval and Transfer System (“DART”) of the Financial Supervisory Service. Business report in Korean shall be changed after the AGM or revised to correct any miswriting. KEPCO will disclose the revised report on DART if there is any amendment.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


By:		/s/ Joo, Hwa-Sik
Name:		Joo, Hwa-Sik
Title:		Vice President

Date: March 11, 2025

Attachment

Agenda 1. Approval of Financial Statements for the Fiscal Year 2024

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2024, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO. Tables below are part of such financial statements and please refer to a separate Form 6-K filed on or around March 11, 2025 that contains the audit report for the fiscal year 2024 for more details.

Disclaimer: The financial statements for the fiscal year 2024 is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS) and are subject to shareholder’s approval.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

As of December 31, 2024 and 2023


In millions of won		2024		2023
Assets
Current assets
Cash and cash equivalents	W		2,382,979		4,342,887
Current financial assets, net			3,494,717		3,107,397
Trade and other receivables, net			12,216,216		11,985,735
Inventories, net			9,769,236		8,875,615
Income tax receivables			78,495		69,612
Current non-financial assets			1,267,914		1,109,321
Assets held-for-sale			45,648		45,648

Total current assets			29,255,205		29,536,215

Non-current assets
Non-current financial assets, net			4,945,990		3,546,214
Non-current trade and other receivables, net			3,157,409		2,193,587
Property, plant and equipment, net			182,982,763		179,875,535
Investment properties, net			228,984		185,527
Goodwill			99,179		99,156
Intangible assets other than goodwill, net			1,046,918		1,033,984
Investments in associates			6,704,754		6,176,889
Investments in joint ventures			4,581,340		3,485,699
Defined benefit assets, net			40,425		70,187
Deferred tax assets			13,436,624		13,161,802
Non-current non-financial assets			328,204		350,170

Total non-current assets			217,552,590		210,178,750

Total assets	W		246,807,795		239,714,965

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

As of December 31, 2024 and 2023


In millions of won		2024		2023
Liabilities
Current liabilities
Trade and other payables, net	W		9,411,315		9,089,973
Current financial liabilities, net			44,465,866		41,139,726
Income tax payables			970,496		482,934
Current non-financial liabilities			6,327,141		7,881,663
Current provisions			2,793,971		2,654,125

Total current liabilities			63,968,789		61,248,421

Non-current liabilities
Non-current trade and other payables, net			4,609,241		4,981,957
Non-current financial liabilities, net			88,352,359		92,944,338
Non-current non-financial liabilities			13,281,520		11,196,000
Employee benefits liabilities, net			1,451,547		1,035,320
Deferred tax liabilities			5,944,472		5,163,135
Non-current provisions			27,837,034		25,881,044

Total non-current liabilities			141,476,173		141,201,794

Total liabilities	W		205,444,962		202,450,215

Equity
Contributed capital
Share capital	W		3,209,820		3,209,820
Share premium			843,758		843,758

			4,053,578		4,053,578

Retained earnings
Legal reserves			1,604,910		1,604,910
Voluntary reserves			—		2,812,313
Unappropriated retained earnings			18,523,337		11,921,039

			20,128,247		16,338,262

Other components of equity
Other capital surplus			1,600,812		1,600,801
Accumulated other comprehensive income			1,424,014		557,430
Other equity			12,708,585		13,294,972

			15,733,411		15,453,203

Equity attributable to owners of the controlling company			39,915,236		35,845,043
Non-controlling interests			1,447,597		1,419,707

Total equity	W		41,362,833		37,264,750

Total liabilities and equity	W		246,807,795		239,714,965

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income (loss)

For each of the two years in the period ended December 31, 2024


In millions of won, except per share information		2024			2023
Sales
Sales of goods	W		91,018,712			85,940,137
Sales of services			710,445			750,878
Sales of construction services			849,108			785,395
Revenue related to transfer of assets from customers			820,631			743,051

			93,398,896			88,219,461

Cost of sales
Cost of sales of goods			(80,221,013	)		(88,066,120	)
Cost of sales of services			(557,261	)		(629,806	)
Cost of sales of construction services			(1,185,886	)		(1,003,601	)

			(81,964,160	)		(89,699,527	)

Gross profit (loss)			11,434,736			(1,480,066	)
Selling and administrative expenses			(3,070,026	)		(3,061,582	)

Operating profit (loss)			8,364,710			(4,541,648	)
Other income			477,354			532,851
Other expenses			(465,688	)		(258,905	)
Other gains, net			84,884			22,686
Finance income			3,448,177			1,425,031
Finance expenses			(7,535,228	)		(5,347,018	)
Profit (loss) related to associates, joint ventures and subsidiaries
Gain on valuation of investments in associates and joint ventures			937,959			804,141
Gain on disposal of investments in associates and joint ventures			186,066			18,204
Reversal of impairment loss on investments in associates and joint ventures			10,527			347
Gain on disposal of investments in subsidiaries			98			2
Loss on valuation of investments in associates and joint ventures			(182,507	)		(209,085	)
Loss on disposal of investments in associates and joint ventures			(650	)		—
Loss on impairment of investments in associates and joint ventures			(69,173	)		(19	)
Loss on disposal of investments in subsidiaries			—			(564	)

			882,320			613,026

Profit (loss) before income tax			5,256,529			(7,553,977	)
Income tax benefit (expense)			(1,634,561	)		2,837,833

Profit (loss) for the year	W		3,621,968			(4,716,144	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income (loss), Continued

For each of the two years in the period ended December 31, 2024


In millions of won, except per share information		2024			2023
Other comprehensive income (loss), net of tax
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability	W		(296,135	)		(271,724	)
Share in other comprehensive loss of associates and joint ventures			(6,346	)		(27,349	)
Net change in fair value of equity investments at fair value through other comprehensive income (loss)			100,759			(31,665	)
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting			11,870			(3,654	)
Foreign currency translation of foreign operations			164,628			(17,274	)
Share in other comprehensive income of associates and joint ventures			654,225			122,994

Other comprehensive income (loss) for the year			629,001			(228,672	)

Total comprehensive income (loss) for the year	W		4,250,969			(4,944,816	)

Profit (loss) attributable to:
Owners of the controlling company	W		3,491,698			(4,822,549	)
Non-controlling interests			130,270			106,405

	W		3,621,968			(4,716,144	)

Total comprehensive income (loss) attributable to:
Owners of the controlling company	W		4,070,175			(5,032,584	)
Non-controlling interests			180,794			87,768

	W		4,250,969			(4,944,816	)

Earnings (losses) per share (in won)
Basic and diluted earnings (losses) per share	W		5,439			(7,512	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

For each of the two years in the period ended December 31, 2024


In millions of won		Equity attributable to owners of the controlling company											Non- controlling interests
		Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2023	W		4,053,578		21,431,300			15,060,518			40,545,396			1,454,860			42,000,256
Total comprehensive income (loss) for the period
Profit (loss) for the period			—		(4,822,549	)		—			(4,822,549	)		106,405			(4,716,144	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—		(242,987	)		—			(242,987	)		(28,737	)		(271,724	)
Share of other comprehensive loss of associates and joint ventures, net of tax			—		(27,349	)		—			(27,349	)		—			(27,349	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—		—			(31,665	)		(31,665	)		—			(31,665	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—		—			(5,078	)		(5,078	)		1,424			(3,654	)
Foreign currency translation of foreign operations, net of tax			—		—			(25,950	)		(25,950	)		8,676			(17,274	)
Share of other comprehensive income of associates and joint ventures, net of tax			—		—			122,994			122,994			—			122,994
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—		—			—			—			(45,322	)		(45,322	)
Additional paid-in capital and others			—		—			(1	)		(1	)		6,024			6,023
Transactions between consolidated entities			—		—			332,280			332,280			(73,795	)		258,485
Changes in consolidation scope			—		—			(48	)		(48	)		384			336
Dividends paid for hybrid bonds			—		—			—			—			(10,212	)		(10,212	)
Others			—		(153	)		153			—			—			—

Balance as of December 31, 2023	W		4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

For each of the two years in the period ended December 31, 2024


In millions of won		Equity attributable to owners of the controlling company											Non- controlling interests
		Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2024	W		4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750
Total comprehensive income for the period
Profit for the period			—		3,491,698			—			3,491,698			130,270			3,621,968
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax			—		(281,761	)		—			(281,761	)		(14,374	)		(296,135	)
Share of other comprehensive loss of associates and joint ventures, net of tax			—		(6,346	)		—			(6,346	)		—			(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—		—			100,759			100,759			—			100,759
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—		—			11,976			11,976			(106	)		11,870
Foreign currency translation of foreign operations, net of tax			—		—			99,624			99,624			65,004			164,628
Share of other comprehensive income of associates and joint ventures, net of tax			—		—			654,225			654,225			—			654,225
Transactions with owners of the Group, recognized directly in equity
Dividends paid			—		—			—			—			(126,900	)		(126,900	)
Additional paid-in capital and others			—		—			—			—			(1,819	)		(1,819	)
Transactions between consolidated entities			—		—			18			18			(13,878	)		(13,860	)
Changes in consolidation scope			—		—			—			—			9			9
Dividends paid for hybrid bonds			—		—			—			—			(10,316	)		(10,316	)
Others
Transfer of revaluation reserve			—		586,394			(586,394	)		—			—			—

Balance as of December 31, 2024	W		4,053,578		20,128,247			15,733,411			39,915,236			1,447,597			41,362,833

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2024


In millions of won		2024			2023
Cash flows from operating activities
Profit(loss) for the year	W		3,621,968			(4,716,144	)

Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expenses (benefits)			1,634,561			(2,837,833	)
Depreciation			13,833,788			12,869,089
Amortization			163,567			163,174
Retirement benefit expenses			427,980			358,730
Bad debt expense			60,309			101,550
Interest expense			4,665,095			4,451,659
Loss on disposal of financial assets			434			1
Loss on disposal of property, plant and equipment			112,018			98,120
Loss on abandonment of property, plant and equipment			195,697			196,697
Loss on impairment of property, plant and equipment			11,240			17,031
Loss on impairment of intangible assets			902			2,865
Loss on disposal of intangible assets			111			71
Increase in provisions, net			1,762,526			1,611,082
Loss on foreign currency translation, net			2,366,830			363,659
Gain on valuation of financial assets at fair value through profit or loss			(83,408	)		(152,322	)
Loss on valuation of financial assets at fair value through profit or loss			14,247			24,015
Gain on valuation and transaction of derivative instruments, net			(2,406,368	)		(323,858	)
Gain on valuation of investments in associates and joint ventures, net			(755,452	)		(595,056	)
Gain on disposal of financial assets			(45,493	)		(13,162	)
Gain on disposal of property, plant and equipment			(85,990	)		(32,196	)
Gain on disposal of intangible assets			(41	)		(136	)
Gain on disposal of associates and joint ventures			(186,066	)		(18,204	)
Loss on disposal of associates and joint ventures			650			—
Loss on impairment investments in associates and joint ventures			69,173			19
Reversal of impairment loss on investments in associates and joint ventures			(10,527	)		(347	)
Gain on disposal of subsidiaries			(98	)		(2	)
Loss on disposal of subsidiaries			—			564
Interest income			(467,525	)		(429,620	)
Dividends income			(70,601	)		(25,941	)
Others, net			(76,125	)		6,910

			21,131,434			15,836,559

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2024


Changes in working capital:
Trade receivables		2,702		(1,484,134	)
Non-trade receivables		(191,526	)	625,993
Accrued income		(189,995	)	(258,993	)
Other receivables		101,042		56,460
Other current assets		(656,588	)	251,842
Inventories		(1,412,713	)	147,798
Other non-current assets		108,625		(101,576	)
Trade payables		109,214		(3,154,822	)
Non-trade payables		(97,540	)	(960,450	)
Accrued expenses		(508,199	)	(228,464	)
Other current liabilities		(2,261,294	)	901,692
Other non-current liabilities		2,892,947		437,809
Investments in associates and joint ventures (dividends received)		364,287		592,812
Provisions		(1,588,396	)	(1,497,699	)
Payments of employee benefit obligations		(208,248	)	(281,383	)
Plan assets		(254,763	)	(188,566	)

	W	(3,790,445	)	(5,141,681	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2024


In millions of won		2024			2023
Cash generated from operating activities	W		20,962,957			5,978,734
Dividends received			12,243			25,941
Interest paid			(4,697,442	)		(4,245,838	)
Interest received			390,671			329,740
Income taxes paid			(792,313	)		(566,415	)

Net cash flows provided by operating activities			15,876,116			1,522,162

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures			236,624			5,806
Acquisition of investments in associates and joint ventures			(451,813	)		(497,634	)
Proceeds from disposals of property, plant and equipment			402,603			309,627
Acquisition of property, plant and equipment			(14,216,037	)		(13,908,373	)
Proceeds from disposals of intangible assets			428			153
Acquisition of intangible assets			(91,851	)		(74,832	)
Proceeds from disposals of financial assets			2,615,341			4,389,228
Acquisition of financial assets			(2,536,994	)		(3,141,906	)
Increase in loans			(172,849	)		(212,994	)
Collection of loans			226,935			124,386
Increase in deposits			(154,503	)		(138,205	)
Decrease in deposits			152,803			130,221
Proceeds from disposals of assets held-for-sale			28,727			28,727
Receipt of government grants			59,503			57,207
Net cash outflow from changes in consolidation scope			(2,740	)		(25,849	)
Other cash outflow from investing activities, net			(189,284	)		(119,319	)

Net cash flows used in investing activities			(14,093,107	)		(13,073,757	)

Cash flows from financing activities
Proceeds from (Repayment of) short-term borrowings, net			(1,536,401	)		1,842,517
Proceeds from long-term borrowings			2,795,823			3,434,452
Proceeds from debt securities			20,476,245			18,402,589
Repayment of long-term borrowings			(654,581	)		(870,586	)
Repayment of debt securities			(24,687,409	)		(10,116,048	)
Payment of lease liabilities			(612,828	)		(574,239	)
Settlement of derivative instruments, net			545,483			332,263

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2024


Change in non-controlling interests		(35,986	)	218,766
Dividends paid for hybrid bond		(10,316	)	(10,212	)
Dividends paid		(126,903	)	(45,323	)
Other cash inflow (outflow) from financing activities, net		(2,428	)	47,703

Net cash flows provided by (used in) financing activities		(3,849,301	)	12,661,882

Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		(2,066,292	)	1,110,287
Effect of exchange rate fluctuations on cash held		106,384		(2,180	)

Net increase (decrease) in cash and cash equivalents		(1,959,908	)	1,108,107
Cash and cash equivalents as of January 1, 2024 and 2023		4,342,887		3,234,780

Cash and cash equivalents as of December 31, 2024 and 2023	W	2,382,979		4,342,887

Agenda 2. Approval of the ceiling amount of remuneration for directors in 2025

KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2025, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.

•

Proposed aggregate ceiling on remuneration for directors:

•

2,172,984 thousand won in fiscal year 2025 (total number of directors: 15; number of non-standing directors: 8)

•

2,011,083 thousand won in fiscal year 2024 (total number of directors: 15; number of non-standing directors: 8)

•

The actual remuneration for directors in the fiscal year 2024 was 1,285,885 thousand won.

•

We proposed to increase the maximum aggregate ceiling on remuneration for directors in 2025 by 161,901 thousand won compared to 2024 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 2.7% (26,398 thousand won), (ii) the adjusted payment ceiling for performance-based compensation (71,847 thousand won) and (iii) the increased severance payments by 63,656 thousand won due to the increase in the average incumbency of our directors ( 17 ® 25 months).

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