Korea Electric Power Corporation (KEP): Business Model Canvas [Dec-2025 Updated]

You're looking at the core engine of South Korea's power grid, and honestly, the picture for Korea Electric Power Corporation (KEP) is fascinating right now, especially as they push toward that Global Energy & Solution Leader vision by 2025. We need to look past the regulated utility service to see how they plan to manage a massive balance sheet-we're talking about debt hitting KRW 206.2 trillion as of H1 2025-while simultaneously exporting nuclear expertise and building out smart grids globally. This Business Model Canvas lays out exactly how KEP is balancing stable domestic revenue streams, like the KRW 73.7465 trillion in consolidated operating revenues for 9M 2025, against the high costs of fuel and modernization, so stick around to see the nine building blocks driving their next decade.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Key Partnerships

You're looking at the structure of Korea Electric Power Corporation (KEP)'s alliances as of late 2025, focusing strictly on the quantifiable relationships that drive their strategy.

Westinghouse and The Nuclear Company (TNC) for US Nuclear Market Entry

While KEP's direct contract value with Westinghouse Electric Company and The Nuclear Company (TNC) for US market entry isn't public, the broader US nuclear ecosystem KEP is aligning with is significant. A major strategic partnership announced in late October 2025, involving the U.S. Government, Brookfield, and Cameco, centers on constructing at least $80 billion of new reactors using Westinghouse AP1000 technology across the United States. This deployment is projected to create over 100,000 construction jobs nationally. Westinghouse technology serves as the basis for more than half the world's operating nuclear power fleet.

ABB and KEPCO KDN for Energy Digital Transformation and Overseas Expansion

KEPCO KDN, a KEP subsidiary, formalized a strategic partnership with ABB on May 14, 2025, to accelerate digital transformation. This collaboration involves optimizing ABB digitalization solutions for Korea's five major power generation companies. This builds on prior work; for instance, ABB previously secured a large order from KEPCO to build two High Voltage Direct Current (HVDC) converter stations, adding 200 megawatt (MW) of power capacity to Jeju Island. The 2025 agreement specifically targets joint expansion into overseas markets.

Manila Electric Co. (Meralco) for Smart Grid and New Energy Technology Exchange

KEP's partnership with Manila Electric Co. (Meralco) in the Philippines is extensive, covering smart grids, nuclear, and energy storage. Meralco serves over eight million customers. The collaboration, cemented by a March 2025 Memorandum of Understanding (MOU), focuses on technical cooperation and exchange programs. Meralco's nuclear energy push aligns with the Philippine government's roadmap targeting 1,200 MW of nuclear capacity by 2032, with the necessary legal and regulatory framework expected to be in place by 2025. Furthermore, Meralco's education arm will send scholars to KEPCO-operated institutions starting in early 2026.

Domestic Construction Firms (e.g., Doosan Enerbility) for Nuclear Alliance

The domestic alliance, particularly in equipment manufacturing for the zero-carbon transition, is quantified by the order books of partners like Doosan Enerbility. For 2025 Guidance, Doosan Enerbility projects Order Wins of KRW 10.7tn, up from KRW 7.1tn in 2024A results. Their mid-term revenue guidance for 2029 is set at KRW 13.5tn, driven by a business plan focused on nuclear and gas equipment. KEPCO E&C also signed an MOU in late 2022 with KEPCO KPS and KEPCO KDN to advance digital projects and joint participation in new/renewable energy R&D projects.

South Korean Government for Regulatory Support and Strategic Policy Alignment

The South Korean government provides policy alignment and financial support that underpins KEP's operations. The Ministry of Economy and Finance's 2025 Economic Policy Direction includes plans to inject 20 trillion won (approximately $15 billion USD) through additional budgets to stimulate domestic demand. For foreign investment, the ROK government's 2025 budget for cash incentives for foreign businesses is set at $134.7 million USD. The government's policy direction emphasizes enhancing industrial competitiveness in strategic areas, which includes KEP's focus on zero-carbon power sources.

Here's a quick look at the scale of some related entities and targets:

The collaboration areas with KEPCO KDN and ABB include:

• Optimizing ABB digitalization solutions for five major power generation companies.
• Joint expansion into overseas markets.
• Collaborative development of next-generation energy technologies.
• Focus on solutions with cybersecurity for grid volatility.

The Meralco partnership specifically covers exchange programs, with 71 students already joining a KEPCO immersion program since 2023.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Key Activities

Stable generation, transmission, and distribution of national electricity.

The core operational performance in 2025 showed a significant financial rebound, driven by the stable delivery of power. For the first half of 2025, consolidated operating revenues reached KRW 46,174.1 billion, marking a 5.5% increase year-over-year. KEP is leaning heavily on nuclear generation to manage costs; the expected utilization rate for nuclear generation in the full fiscal year 2025 is projected to be in the mid-to-high 80% range. This focus on cheaper sources is evident in the year-over-year comparison for Q3 2025, where the nuclear power plant utilization rate rose from 81.7% the previous year to 86.5% this year, directly reducing more expensive LNG-based power generation costs. The third quarter of 2025 saw record operational figures, with consolidated operating revenues hitting KRW 27.5724 trillion and operating profit surging to KRW 5.6519 trillion.

The financial scale of the core business activities for the first half of 2025 and Q3 2025 is detailed below:

The full fiscal year 2025 consolidated revenue is projected to be approximately KRW 73.007 trillion, with a projected consolidated operating profit of about KRW 11.5414 trillion.

Expanding nuclear power plant exports and overseas power grid projects.

Activity in this area is focused on structural readiness rather than immediate revenue realization in 2025. The government has decided to expedite the reorganization of the dual nuclear power plant export system involving KEP and Korea Hydro & Nuclear Power (KHNP), aiming to complete the process by the end of this year or early next year to finalize a government-led reform plan. This move is intended to resolve ongoing discord during separate bidding activities.

R&D in smart grid, AI, and new energy technologies for system intelligence.

While specific KEP R&D spending figures for 2025 are not public, the operational environment underscores the necessity of these investments. Globally, grid capital spending is set to reach over $470 billion for the first time in 2025, representing a 16% increase year-over-year, with grid infrastructure being the key enabler for renewable energy connections. In comparison, Chinese corporate R&D spending in the electricity sector is noted to be 10 times higher than U.S. counterparts, with grid investment increasing 22% from the first half of 2024 to the first half of 2025.

Implementing cost-cutting and fiscal soundness measures.

Despite the strong operating performance in 2025, the company is still managing significant legacy financial burdens. As of the end of the first half of 2025, consolidated borrowings stood at KRW 131.9 trillion, with the projected adjusted debt for the full year 2025 ranging between KRW 151 trillion and KRW 152 trillion. The Debt-to-Equity Ratio as of November 2025 is approximately 2.05. The cumulative losses since 2021, up to the third quarter of 2025, amount to 23.1 trillion Korean won on a consolidated basis. The Q3 2025 record profit was achieved despite the planned electricity rate hike for the fourth quarter being effectively scrapped.

Real-time power supply and demand control using technology.

The drive for system intelligence is reflected in industry advancements that KEP must integrate to maintain efficiency. For example, advanced power management architectures using data-driven design are predicted to reduce energy costs by 20% to 30% and deliver incident response speeds nearly three times faster through predictive automation. These technologies are key to managing the complex grid environment, which is seeing increased demand from AI data centers.

Key technological performance indicators observed in related advanced systems:

• Predicted energy cost reduction: 20% to 30%.
• Predicted incident response speed improvement: Nearly 3 times faster.
• Grid investment growth (Global 2025): 16% increase.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Key Resources

You're looking at the core assets that let Korea Electric Power Corporation (KEP) operate, and honestly, they are massive and deeply entrenched in the national structure. These aren't just things KEP owns; they are the essential scaffolding of South Korea's entire energy system.

Extensive national power grid and transmission infrastructure is perhaps the most critical physical resource. This network is the backbone for delivering power across the nation, and it requires constant, heavy investment to maintain and upgrade. The strategic importance of this infrastructure is underscored by KEP's capital expenditure plans; for instance, the company is driven by an $11.14 billion CapEx plan through 2025. Any disruption here is a national security issue, which is why you see government commitment to network expansion, even when the balance sheet is strained.

The resource base is heavily weighted toward advanced nuclear power technology and operational expertise. This expertise is managed primarily through its subsidiary, Korea Hydro & Nuclear Power (KHNP). The operational success is reflected in high reliability metrics, which is a direct result of deep institutional knowledge, including a 29 percent annual decline in maintenance outage times in the first half of 2025.

A defining, non-replicable resource is KEP's government-backed monopoly status as the sole electricity distributor in South Korea. While generation has seen some restructuring, KEPCO remains the sole distributor of electricity in South Korea. This means it controls the entire transmission and distribution network, making it responsible for 55%-60% of power supply in the country through its wholly owned generation subsidiaries. The government's majority control, holding over 50% of shares, ensures alignment with national policy, but also dictates pricing, which is a major operational constraint.

Financially, KEP is characterized by its sheer scale and significant leverage. The company commands substantial financial capital, but this is heavily offset by debt. As of the end of the first half of 2025, the debt load reached KRW 206 trillion, with a more precise figure of KRW 206.2323 trillion reported as of the second quarter of 2025. This massive debt requires substantial servicing costs.

Here's a look at the scale of the debt and related financial metrics as of mid-2025:

Operational expertise translates directly into high asset utilization, especially for nuclear assets. The prompt specifies a high nuclear capacity factor, reaching 86.5% in Q3 2025. This aligns with the general expectation for 2025, which was placed in the mid to high 80% range. This high factor is key because nuclear power generally has lower fuel costs than coal or LNG, making it the most economically efficient baseload power when available.

The high utilization rates across KEP's generation fleet are central to its resource strength, as seen in the revenue generation:

• Nuclear power share of total generation rose to 31.7% in 2024.
• H1 2025 nuclear generation grew 8.7% year-on-year.
• Q1 2025 consolidated operating revenue was KRW 24.2 trillion.
• H1 2025 operating profit reached KRW 5.9 trillion.

The company's ability to maintain high nuclear performance while simultaneously managing the massive debt load is the defining characteristic of its current resource profile. Finance: draft 13-week cash view by Friday.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Value Propositions

Stable and reliable electricity supply for national security and industry.

Korea Electric Power Corporation (KEP) is executing the 11th Long-Term Transmission and Substation Facility Plan, covering the period from 2024 to 2038, to support surging electricity demand. Government energy authorities project national electricity demand to be an estimated 106 gigawatts (GW) in 2025. KEPCO plans to invest 72.8 trillion won (approximately $53.5 billion) through 2038 to expand the national power grid. This upgraded investment plan includes extending total transmission line length to 61,183 circuit kilometers (C-km) by 2038, a 71.9% increase from the 35,596 C-km in 2023. The number of substations is set to grow from 906 to 1,297 over the same period, representing a 43.2% rise.

Diversified energy portfolio including nuclear, coal, gas, hydro, and renewables.

Korea Electric Power Corporation (KEP) focuses on maximizing the use of nuclear power and promoting decarbonization efforts as set forth in the seventh Basic Energy Plan and the GX2040 Vision. The company's power generation subsidiaries benefit from favorable adjustment coefficients, with the average adjustment coefficient for coal improving to 1.00 from 0.78 in 2024, and that for Korea Hydro & Nuclear Power Co. Ltd. (KHNP) improving to 0.59 from 0.43 in 2024.

The energy portfolio strategy is reflected in recent financial performance:

• Nuclear power plant utilization rate rose from 81.7% last year to 86.5% this year (Q3 2025).
• Fuel expenses for KEPCO's generation subsidiaries decreased by 1.2239 trillion Korean won in Q3 2025 compared to a year ago.
• The System Marginal Price (SMP) for wholesale electricity saw a 10.9% year-on-year decline.

Customized power services and flexible electricity rate options.

Performance in the third quarter of 2025 was significantly boosted by an average increase of 9.7% in industrial electricity rates implemented in 2024. Revenue from electricity sales increased by 1.4518 trillion Korean won in Q3 2025 compared to the same period last year.

Key financial and operational metrics for the third quarter of 2025:

Global energy solution provider expertise for international partners.

KEPCO Nuclear Fuel ("KEPCO NF" or "KNF"), South Korea's sole specialist in nuclear fuel design, manufacturing, and service, published its 2025 Sustainability Report to disclose its ESG activities.

Lower-cost power generation through increased nuclear utilization.

The improved nuclear capacity factor from 81.7% to 86.5% in Q3 2025 led to higher generation from cheaper nuclear power, reducing reliance on more expensive power sources. For comparison, a 1% decrease in the nuclear power utilization rate at Kansai Electric Power increases fuel costs by about 5.3 billion yen (FY 2024).

Financial risk profile improvement estimates for 2025:

• Estimated EBITDA for 2025: KRW 29 trillion.
• EBITDA in 2024 was KRW 23 trillion.
• Forecasted EBITDA margin for 2025-2026: 29.1%-29.3%.
• EBITDA margin in 2024 was 24.4%.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Customer Relationships

Regulated service model for essential utility provision.

Korea Electric Power Corporation (KEPCO) operates as the sole distributor of electricity in South Korea. Through its six generation subsidiaries, KEPCO is responsible for roughly 96% of the nation's electricity generation. The company reported consolidated operating revenues of KRW 73.7465 trillion for the first nine months of 2025. The operating profit for the third quarter of 2025 reached 5.65 trillion won, marking a 66.4% year-on-year increase. Net income for Q3 2025 rose by 101.6% to 3.79 trillion won. As of June 2025, the company's debt stood at 206.2 trillion won.

Dedicated account management for large industrial and commercial users.

The pricing structure for large users saw a change with a 9.7% electricity rate hike for industrial users implemented in October 2024. This adjustment contributed to a 2.45 trillion-won increase in profit from electricity sales in the first half of 2025, even with a 0.05% decrease in sales volume over the same period. In the broader B2B environment, 70% of marketers report having an active Account-Based Marketing (ABM) program in place in 2025. Furthermore, the large enterprises segment accounts for about 63.0% of the total account planning tool market in 2025.

Here's a look at the context for managing these high-value accounts:

• Account-Based Marketing (ABM) is used by 67% of brands for engaging key accounts.
• The account planning tool market size in 2025 is valued at USD 1.4 billion.
• ABM strategies have shown an impressive 97% of marketers report higher ROI compared to other strategies.

Digital engagement for customized rate options and service management.

Korea Electric Power Corporation (KEPCO) plans to enhance customized power services by expanding electricity rate options and developing a variety of electricity products to support consumers in using power more reasonably. The goal is to control power supply and demand in real time and increase system reliability by utilizing technology. Industry-wide trends suggest that by 2025, 85% of customer interactions are expected to be managed without human intervention. Also, 76% of customers are more likely to purchase from businesses that customize the Customer Experience (CX).

Digital Engagement Benchmarks (2025 Context):

Technical cooperation and knowledge-sharing with international utilities.

Korea Electric Power Corporation (KEPCO) is committed to leading the innovation of the power industry ecosystem. This involves actively promoting R&D investment and technology commercialization to develop innovative technologies in new industries. The company plans to create new growth opportunities in cooperation with startups and expand strategic investments linked to government policies by transferring KEPCO's owned technology. In alignment with broader industry goals, some utility groups proactively collaborate with business partners, national and local governments, research institutions, and other relevant parties to help customers realize zero-carbon operations.

Moving from pure utility to energy solution provider.

Korea Electric Power Corporation (KEPCO) has declared its new 2025 vision to become a Global Energy & Solution Leader, moving beyond its traditional role as a power supply company. The long-term ambition is to grow into a global energy company with sales reaching 127 trillion won by 2035. This pivot involves intelligently developing power infrastructure and modernizing the grid to handle bidirectional energy flows from distributed energy resources (DERs). The government-backed plan aims to integrate 36 gigawatts (GW) of DERs, primarily solar, into the grid by 2028.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Channels

You're looking at the channels Korea Electric Power Corporation (KEP) uses to deliver its core service-electricity-and manage its customer relationships in late 2025. The sheer scale of the operation means the channels are dominated by physical infrastructure, but digital adoption is clearly a growing focus.

National high-voltage transmission and distribution network. This is the primary, non-negotiable channel, representing the physical backbone of KEP's entire operation. While the exact length in kilometers isn't readily available in the latest reports, the scale is implied by the massive financial throughput. For the first nine months of 2025, KEP's consolidated operating revenues hit a substantial KRW 73.7465 trillion. The company is actively investing in modernizing this, including the government-backed 'energy expressway' initiative, which involves building High-Voltage Direct Current (HVDC) infrastructure nationwide. This network supports the delivery of electricity that resulted in Q3 2025 consolidated operating revenues of KRW 27.5724 trillion.

Local service centers and physical touchpoints for residential customers. KEP remains the sole electricity distributor in South Korea, meaning these centers are the essential physical interface for millions of residential and commercial users. The company serves a vast customer base, which is reflected in the Q3 2025 electricity sales volume reaching 419.9 TWh. The financial health supporting these physical touchpoints is evident in the Q3 2025 operating profit surge to KRW 5.6519 trillion. However, the number of physical centers themselves is not explicitly detailed in the latest public filings.

Digital platforms and mobile applications for billing and service requests. KEP is pushing digital adoption, though specific user counts for its apps aren't public. We know that globally, digital engagement is high, with social media users equating to more than 60 percent of the global population at the start of 2025. KEP's strategy involves promoting solutions related to energy usage, which points directly to app-based engagement for things like usage monitoring and service requests. The company's overall financial recovery in 2025, with net income for Q3 2025 reaching approximately KRW 3.79 trillion, provides the capital to enhance these digital channels.

Direct contracts and negotiations with large industrial consumers. This segment is critical, as industrial demand directly impacts sales volume and revenue stability. KEPCO noted that full-year electricity sales volume for 2025 was projected to be slightly down due to a downturn in the manufacturing sector. This highlights the direct link between the industrial channel and KEP's top line. The company's consolidated revenue for the first half of 2025 was KRW 46,174 billion. The pricing mechanism for this segment is also a key channel lever, as evidenced by the 9.7 percent electricity rate hike for industrial users in October 2024, which contributed to the Q3 2025 profit surge.

International business development teams for overseas projects. KEP is actively developing electric power projects globally, including nuclear. These teams operate through direct negotiations and project execution overseas. The scale of this channel is represented by the total output from KEPCO's investment in overseas projects, which is approximately 2,872 MW across 18 projects in operation. The total investment amount for these projects is approximately 240.0 billion yen. For reference, the International Business Profit for a recent period was reported as -KRW 1.0 (in billions or similar unit).

Here is a snapshot of the financial scale underpinning these channels as of late 2025:

The channels KEP uses are dictated by its monopoly status domestically and its project-based approach internationally. You can see the operational focus through these key figures:

• HVDC transmission capacity increases are targeted for the first phase around October 2026.
• Nuclear output utilization is expected to be in the mid-to-high-80% range in 2025.
• The company is working toward achieving a 50% CO2 emission reduction compared to 2013 targets for domestic power generation projects by 2025, two years ahead of schedule.

The reliance on the physical network is absolute, but the financial results show that rate adjustments and cost control are the immediate levers KEP is pulling to improve the health of the business that flows through these channels. Finance: draft 13-week cash view by Friday.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Customer Segments

You're looking at Korea Electric Power Corporation (KEPCO) because its customer base is essentially the entire South Korean economy, which is a unique position for any utility. KEPCO is the state-backed utility monopoly, responsible for the transmission and distribution of power to virtually every end-user in the country. Its structure involves six wholly owned generation subsidiaries that feed power into the system, which KEPCO then distributes.

The customer segments are served through a regulated structure, though regulatory changes, like the introduction of a wholesale pricing system in 2025, are beginning to shift dynamics. For the first nine months of 2025 (9M 2025), the company's consolidated operating revenues hit KRW 73.7465 trillion.

Residential Customers (millions of households)

This segment represents the foundational customer base, covering all households in South Korea. While the exact current number of millions of households served isn't explicitly stated in the latest reports, the structure implies coverage of the entire nation. Electricity sales volume in the third quarter of 2025 (Q3 2025) reached 419.9 TWh. The residential segment's demand is a key driver, though Q1 2025 sales volume saw a 0.5% decline partly due to factors outside this segment.

Commercial Customers (small and medium-sized businesses)

This group includes offices, retail, and smaller service-sector entities. KEPCO serves this segment as part of its general distribution network alongside residential users. The company's segmentation strategy explicitly includes criteria like income and lifestyle, which directly relate to commercial and residential profiles.

Industrial Customers (large manufacturers, data centers, high-demand users)

This is a critical segment, often driving the largest volume of electricity sales. Management noted that the full-year 2025 sales projection anticipates a slight decline due to the impact of a downturn in the manufacturing sector. This indicates that industrial demand is a significant, albeit currently softening, component of KEPCO's domestic revenue base. The rise of AI and data centers is a noted factor increasing overall electricity demand uncertainty.

Here's a look at the most recent reported sales revenue breakdown:

International Governments and Utility Companies (nuclear and grid exports)

KEPCO is actively pivoting to become a 'Global Energy & Solution Leader,' making this segment a key growth engine. This involves exporting nuclear technology and securing long-term power grid projects. The company is pursuing active bids in Vietnam and Saudi Arabia for nuclear projects. Furthermore, a major win was secured with a 25 trillion won contract for a nuclear power plant in the Czech Republic. KEPCO also signed an agreement with the UAE's Emirates Nuclear Energy Company covering small modular reactors (SMRs). The long-term goal is to achieve overseas and growth business sales of 20 trillion won by 2035.

Power Generation Subsidiaries (internal market)

The six wholly owned generation subsidiaries form an essential internal customer/supplier relationship. KEPCO purchases the power generated by these subsidiaries, which collectively account for roughly 96% of South Korea's electricity generation. This internal transaction forms the core of KEPCO's power purchase cost structure. For instance, KEPCO E&C revised a sales and supply contract with its subsidiary KHNP, raising the deal value to 71.59... (specific final figure incomplete).

KEPCO's customer base is defined by its monopoly status domestically, but its future growth is clearly tied to these external, high-value international contracts. Finance: review the 2035 target of KRW 20 trillion in overseas sales against current pipeline progress by next Tuesday.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Korea Electric Power Corporation (KEP) costs as of late 2025. It's a story dominated by debt servicing and the volatile cost of fuel, even with recent profitability improvements.

Fuel procurement costs remain a major variable expense, though recent stabilization has helped margins. For the third quarter of 2025, the fuel cost component was reported at KRW 14,826 billion, marking a 16% decrease year-on-year. Looking at the first half of 2025, the consolidated fuel cost was KRW 9.3252 trillion, which was a 14.6% reduction.

The high interest expense on substantial debt is a constant drag. As of the second quarter of 2025, KEP's consolidated debt reached KRW 206.2323 trillion, confirming the massive scale you mentioned. Interest expenses for the first half of 2025 alone totaled KRW 2.2112 trillion. This elevated debt load is a key factor management cites for future tariff adjustments.

Costs of purchasing electricity from private power generators, or power purchase costs, also feature prominently. In Q3 2025, this cost stood at KRW 26,606.3 billion. For the first quarter of 2025, the power purchase cost was KRW 8.75 trillion.

Regarding Capital expenditure (CapEx) for grid modernization and new power projects, specific full-year 2025 figures aren't immediately clear in the latest reports, but management stresses the need for investment in the power grid and the pursuit of overseas nuclear power projects in places like Vietnam and Saudi Arabia.

Transmission, distribution, and maintenance costs are bundled within the larger Cost of Sales and SG&A expenses. For the first half of 2025, these combined expenses totaled KRW 40,284.6 trillion (likely billion) on a consolidated basis. Management reported a 2.7% overall reduction in operating expenses for Q3 2025.

Here's a quick look at some of the key cost-related figures from the first half and third quarter of 2025:

You should also track the costs associated with renewable energy mandates, which are significant:

• RPS costs (Consolidated) for H1 2025 were KRW 1,958.9 trillion (likely billion).
• RPS costs (Consolidated) for Q3 2025 were KRW 2,876.1 billion.

The generation mix is defintely impacting these costs, with nuclear utilization forecast in the mid- to high-80% range for 2025, while coal is expected in the mid-40% range and LNG in the mid- to high-20% range. Finance: draft 13-week cash view by Friday.

Korea Electric Power Corporation (KEP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Korea Electric Power Corporation (KEP) as of late 2025, and the numbers show a utility benefiting from regulated price adjustments, even as it manages massive debt. The core of the revenue stream remains the sale of electricity to domestic customers, which is tied to government-regulated rates.

For the first nine months of 2025, the company's consolidated operating revenues reached KRW 73.7465 trillion. This top-line performance reflects the operational environment, which saw a significant boost in the third quarter.

Specifically, Q3 2025 sales hit a record high of KRW 27.5724 trillion. This quarterly record was supported by a favorable mix of volume and pricing for the power sold.

Here's a breakdown of the Q3 2025 revenue components, showing where that record sales figure came from:

The domestic electricity sales are the primary driver, and you can see the impact of the regulated rate environment. Compared to the first to third quarters of the previous year, the unit price rose by 5.5%, moving from 161.5 Korean won per kWh to 170.4 Korean won per kWh. This pricing power, combined with a marginal increase in electricity sales volume of 0.4% year-on-year in Q3, fueled the revenue growth.

The direct financial result of the electricity sales performance in the quarter was substantial: Profit from electricity sales increased by KRW 1.4518 trillion in Q3 2025 year-on-year.

Beyond the domestic grid, Korea Electric Power Corporation (KEP) secures revenue from its international activities. This is captured in the 'Other Revenue' segment, which covers:

• Revenue from overseas power generation projects.
• Project development fees.
• Consulting fees related to energy infrastructure.

For Q3 2025, this 'Other Revenue' segment, which includes overseas business income, was reported at KRW 3,114.9 billion. Still, this segment saw a slight dip, down by 0.9% year-on-year for the quarter.

You should note the expected headwinds for the full year, even with the strong Q3. Management projected that full-year electricity sales volume for 2025 would decline slightly due to weaker economic growth and a downturn in the manufacturing sector. That's a demand headwind you need to factor into any forward-looking model.