{"slug":"korea-electric-power","name":"한국전력","name_en":"Korea Electric Power","ticker":"015760.KS","updated_at":"2026-07-12T03:47:49.078+00:00","canonical":"https://valuechain.wiki/korea-electric-power","citable":"밸류체인 그래프 기준 한국전력의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Korea Electric Power is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 전력 유틸리티 · 국가 전력망 독점","kicker_en":"KOSPI · Power utility · National grid monopoly","lead":"한전은 발전 자회사 6곳이 만든 전기를 전력거래소를 통해 사실상 전량 사들여, 전국 2,543만 고객에게 송배전하고 판매하는 국내 독점 전력 공기업이다. 2025년 연결 매출은 97조 4,294억원, 영업이익은 13조 4,906억원으로 국제 연료가 하락과 요금 인상에 힘입어 흑자폭이 61.3% 늘었다. 전력 판매량의 절반이 산업용이고, 용인 반도체 클러스터 같은 데이터센터·첨단산업 전력 수요가 새 성장축으로 떠오르고 있다.","lead_en":"KEPCO is Korea's monopoly state utility. It buys nearly all the power its six generation subsidiaries produce through the Korea Power Exchange, then transmits and sells it to 25.4 million customers nationwide. FY2025 consolidated revenue was 97.4 trillion won and operating profit 13.5 trillion won, up 61.3% as fuel prices fell and tariffs rose. Industrial users take about half of all power sold, and data centers and advanced-industry demand such as the Yongin chip cluster are becoming a new growth axis.","segments":{"parts":[{"desc":"전국 2,543만 고객에 송배전·판매. 판매량의 51%가 산업용, 요금은 정부 인가.","name":"전기판매 [한국전력공사]"},{"desc":"한국수력원자력 — 원전. 2025년 전력판매수익 14조9,588억원.","name":"원자력발전 [한국수력원자력]"},{"desc":"화력 5사(남동·중부·서부·남부·동서). 유연탄·LNG 연료비가 원가 핵심.","name":"화력발전 [남동·중부·서부·남부·동서발전]"},{"desc":"설계·정비·연료·ICT 등 그룹 지원 부문.","name":"기타 [설계·정비·연료·ICT]"}],"total":"97조 4,294억원 (2025 연결)"},"segments_en":{"parts":[{"desc":"Transmission/distribution and sales to 25.4M customers; industrial users take 51% of volume, tariffs government-approved.","name":"Electricity sales [KEPCO]"},{"desc":"KHNP — nuclear generation; 2025 power-sales revenue KRW 14,958.8bn.","name":"Nuclear generation [KHNP]"},{"desc":"Five thermal gencos (Namdong, Jungbu, Seobu, Nambu, Dongseo); coal/LNG fuel costs are the core cost driver.","name":"Thermal generation [5 gencos]"},{"desc":"Engineering, O&M, fuel and ICT group-support units.","name":"Other [engineering, O&M, fuel, ICT]"}],"total":"₩97.4T (FY2025 consolidated)"},"returns_yearly":{"2021":-9.8,"2022":-3.7,"2023":-0.4,"2024":7.6,"2025":186.1,"2026":-37.9},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"ls-electric","name":"LS일렉트릭","name_en":"LS ELECTRIC","tier":1,"returns_yearly":{"2021":-19.2,"2022":11.4,"2023":37.4,"2024":234.2,"2025":145,"2026":79.6}},{"slug":"doosan-enerbility","name":"두산에너빌리티","name_en":"Doosan Enerbility","tier":1,"returns_yearly":{"2021":57,"2022":-5.6,"2023":-7.5,"2024":54.8,"2025":279.1,"2026":-13.8}},{"slug":"korea-gas","name":"한국가스공사","name_en":"Korea Gas","tier":1,"returns_yearly":{"2021":21.4,"2022":-4.9,"2023":-20.7,"2024":34.9,"2025":20.8,"2026":-17.7}},{"slug":"doosan-bobcat","name":"두산밥캣","name_en":"Doosan Bobcat","tier":2,"returns_yearly":{"2021":25.7,"2022":-2.3,"2023":48.5,"2024":-1,"2025":25.1,"2026":8.5}}],"analysis":"투자 논점은 요금과 연료비의 스프레드로 실적이 결정되는 규제 독점 유틸리티라는 구조다. 발전 자회사 6사가 만든 전기를 전력거래소에서 사실상 전량 사들여(2025년 평균 구입단가 133.40원/kWh) 전국 2,543만 고객에 되파는 사업이라, 이익은 판매요금 인상과 국제 연료가 하락이 동시에 맞물릴 때 폭발한다 — 2025년 영업이익 13.5조원(+61.3%)이 그 결과다. 판매량의 51%가 산업용이고 2022년 이후 산업용 요금이 약 70% 올라 마진이 회복됐으나, 요금이 정부 인가 사항이라 정치·물가 국면에서 동결 압력에 노출된다. 유연탄(약 65%, Glencore·자가지분 광산)·LNG(약 30%, 가스공사) 연료비가 원가의 핵심 변수이며, 용인 반도체 클러스터 1,050MW 집단에너지처럼 데이터센터·첨단산업 전력 수요가 새 성장·투자 축으로 떠오른다.","analysis_en":"The thesis is a regulated monopoly utility whose results are set by the spread between tariffs and fuel costs. It buys virtually all power its six generation subsidiaries make through the Power Exchange (2025 average purchase price 133.40 won/kWh) and resells to 25.4M customers nationwide, so profit explodes when tariff hikes and falling international fuel prices coincide — 2025 operating profit of KRW 13.5tn (+61.3%) is the result. Industrial users take 51% of volume and industrial tariffs have risen about 70% since 2022 to restore margin, but because tariffs require government approval, they are exposed to freeze pressure in political/inflation cycles. Bituminous coal (~65%, from Glencore and self-owned mines) and LNG (~30%, from KOGAS) fuel costs are the key cost variable, and data-center and advanced-industry demand — like the 1,050MW Yongin chip-cluster district-energy project — is emerging as a new growth and investment axis.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"주택용·일반용 전력 소비자","counterparty_slug":null,"confidence":"high","metric":{"customers":"25,434천호","sales_volume":"549,417GWh (2025, ex-pumped)","general_share":"25.2%","residential_share":"16.1%"},"note":"전국 2,543만 고객에 송배전·판매. 2025년 전력판매량 549,417GWh 중 일반용 25.2%·주택용 16.1%. 요금은 기후에너지환경부 인가.","note_en":"Transmits and sells to 25.4M customers nationwide. Of 549,417GWh sold in 2025, general use 25.2% and residential 16.1%. Tariffs approved by the ministry.","sources":[{"stance":"mentions","publisher":"CEO스코어데일리","publisher_en":"CEO Score Daily","kind":"news","lang":"ko","published_at":"2026-04-22","url":"https://m.ceoscoredaily.com/page/view/2026042216425737280","title":"대우건설, 체코 두코바니 원전 본계약 앞둬(팀코리아 26조)","title_en":"Daewoo E&C nears Czech Dukovany nuclear contract (Team Korea KRW 26tn)","excerpt":"한국전력 계열(한전기술·한수원)이 팀코리아로 체코 원전 참여.","excerpt_en":"KEPCO affiliates (KEPCO E&C, KHNP) are part of Team Korea for the Czech nuclear project."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"2025년 연간 전력판매량(양수동력 제외)은 549,417GWh로 계약종별 구성비를 보면 산업용이 51.0%, 일반용이 25.2%, 주택용이 16.1%, 기타부문이 7.7%를 점유하였습니다. 우리나라 전역 25,434천호의 고객에게 안정적으로 전력을 공급","excerpt_en":"In 2025 KEPCO sold 549,417GWh (ex-pumped storage): industrial 51.0%, general 25.2%, residential 16.1%, other 7.7%, supplying 25.43M customers nationwide."},{"stance":"mentions","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.koreaherald.com/article/10641043","title":"KEPCO keeps electricity rate frozen for Q1","title_en":"KEPCO keeps electricity rate frozen for Q1","excerpt":"한전은 재무난 속에 1분기 전기요금을 동결했고 연료비 조정단가를 최대치인 5.0원/kWh로 유지","excerpt_en":"KEPCO froze the Q1 electricity rate amid financial troubles, keeping the adjusted fuel cost at the 5 won/kWh maximum."}]},{"direction":"revenue","counterparty":"국내 산업용 전력 소비자","counterparty_slug":null,"confidence":"high","metric":{"share":"51.0%","tariff":"약 172.99원/kWh (산업용)"},"note":"산업용이 2025년 전력판매량 549,417GWh의 51.0%로 최대 계약종. 산업용 요금은 2022년 이후 약 70% 인상돼 kWh당 172.99원 수준.","note_en":"Industrial users take 51.0% of the 549,417GWh sold in 2025, the largest tariff class. Industrial rates rose about 70% since 2022 to roughly 172.99 won/kWh.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"전력판매량(양수동력 제외)은 549,417GWh로... 산업용이 51.0%... 를 점유하였습니다","excerpt_en":"Of 549,417GWh sold in 2025, industrial users took 51.0%."},{"stance":"mentions","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.koreaherald.com/article/10641043","title":"KEPCO keeps electricity rate frozen for Q1","title_en":"KEPCO keeps electricity rate frozen for Q1","excerpt":"2022년 이후 산업용 요금은 7차례에 걸쳐 약 70% 올랐다; 산업용 전기는 kWh당 172.99원","excerpt_en":"Industrial rates rose about 70% over seven hikes since 2022; industrial power costs 172.99 won/kWh."}]},{"direction":"revenue","counterparty":"데이터센터·반도체 클러스터 (용인)","counterparty_slug":null,"confidence":"high","metric":{"partner":"SK이노베이션 E&S","capacity":"1,050MW (용인 집단에너지)","timeline":"착공 2026 / 준공 2029"},"note":"용인 SK하이닉스 반도체 클러스터에 SK이노베이션 E&S와 공동으로 전력·공정열을 공급하는 용인집단에너지사업(1,050MW)을 2026년 착공·2029년 준공 목표로 추진. AI 데이터센터 전력 수요가 새 성장축.","note_en":"KEPCO is building the 1,050MW Yongin district-energy project with SK Innovation E&S to supply power and process heat to the SK hynix Yongin chip cluster, targeting 2026 start and 2029 completion. AI data center demand is a new growth axis.","sources":[{"stance":"confirms","publisher":"서울경제(영문)","publisher_en":"Seoul Economic Daily","kind":"news","lang":"en","published_at":"2026-04-29","url":"https://en.sedaily.com/news/2026/04/29/data-center-power-demand-to-surge-sixfold-by-2040-fueling","title":"Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push","title_en":"Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push","excerpt":"국내 데이터센터 전력 수요가 2040년까지 6배로 급증할 전망이며 이는 LNG 발전 PPA 확대를 촉발하고 있다","excerpt_en":"Domestic data center power demand is projected to surge sixfold by 2040, fueling an LNG generation PPA push."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"보령복합의 대체건설을 위해 SK이노베이션 E&S와 공동으로 용인 SK하이닉스 반도체 클러스터에 전력 및 공정열 공급을 목적으로 하는 용인집단에너지사업(1,050MW)을 추진하고 있으며 2026년에 착공하여 2029년 준공을 목표","excerpt_en":"KEPCO is developing the 1,050MW Yongin district-energy project with SK Innovation E&S to supply power and process heat to the SK hynix Yongin chip cluster, targeting 2026 start and 2029 completion."}]},{"direction":"cost","counterparty":"발전 자회사 6사 (전력거래소 매입)","counterparty_slug":null,"confidence":"high","metric":{"wholesale":"124.99원/kWh","khnp_sales":"14조 9,588억원","avg_price_2025":"133.40원/kWh"},"note":"한수원(원자력)과 화력 5사(남동·중부·서부·남부·동서발전)가 생산한 전기를 전력거래소 경제급전으로 사실상 전량 매입. 2025년 총 평균 구입단가 133.40원/kWh(2024 136.42), 도매시장 124.99원/kWh. 한수원 전력판매수익만 14조 9,588억원.","note_en":"Buys virtually all power generated by KHNP (nuclear) and five thermal gencos (Namdong, Jungbu, Seobu, Nambu, Dongseo) via the Power Exchange under economic dispatch. 2025 average purchase price 133.40 won/kWh (136.42 in 2024), wholesale 124.99 won/kWh. KHNP's power-sales revenue alone was 14.96 trillion won.","sources":[{"stance":"mentions","publisher":"Investing.com","publisher_en":"Investing.com","kind":"research","lang":"en","published_at":"2026-06-30","url":"https://www.investing.com/equities/kepco-consensus-estimates","title":"Kepco (015760) Stock Forecast & Price Target","title_en":"Kepco (015760) Stock Forecast & Price Target","excerpt":"국제 유가 하락으로 발전 원가가 낮아지며 2025년 영업이익이 급증; 애널리스트 21명 평균 목표가 54,019원","excerpt_en":"Falling oil prices cut generation costs, lifting 2025 operating profit sharply; 21 analysts' average target 54,019 won."},{"stance":"mentions","publisher":"CEO스코어데일리","publisher_en":"CEO Score Daily","kind":"news","lang":"ko","published_at":"2026-04-22","url":"https://m.ceoscoredaily.com/page/view/2026042216425737280","title":"대우건설, 체코 두코바니 원전 본계약 앞둬(팀코리아 26조)","title_en":"Daewoo E&C nears Czech Dukovany nuclear contract (Team Korea KRW 26tn)","excerpt":"한전 계열 발전·송배전 구조.","excerpt_en":"KEPCO's generation and grid structure."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"발전사에서 생산한 전기는... 전력거래소의 전력거래를 통하여 전량 한국전력공사에 판매하고 있습니다. 2025년도 회사가 구입한 전력의 총 평균단가는 133.40원/kWh입니다. (한수원) 2025년 기준 14조 9,588억 원의 전력판매수익을 기록","excerpt_en":"Power from the gencos is sold entirely to KEPCO through the Power Exchange. KEPCO's 2025 average purchase price was 133.40 won/kWh; KHNP alone booked 14.96 trillion won of power-sales revenue."}]},{"direction":"cost","counterparty":"한국가스공사","counterparty_slug":"korea-gas","confidence":"high","metric":{"fuel_share":"약 30% (LNG)","lng_price_2025":"998,230원/톤"},"note":"발전 자회사 화력발전의 LNG 주 매입처. 한국가스공사는 한전의 기타특수관계자. 발전연료 중 LNG 비중은 약 30%로 유연탄 다음. 2025년 LNG 매입단가 998,230원/톤(2024 1,166,004에서 하락).","note_en":"Main LNG supplier to KEPCO's thermal generation subsidiaries. KOGAS is an other related party of KEPCO. LNG is about 30% of generation fuel, second to coal. 2025 LNG purchase price 998,230 won/ton, down from 1,166,004 in 2024.","sources":[{"stance":"mentions","publisher":"서울경제(영문)","publisher_en":"Seoul Economic Daily","kind":"news","lang":"en","published_at":"2026-04-29","url":"https://en.sedaily.com/news/2026/04/29/data-center-power-demand-to-surge-sixfold-by-2040-fueling","title":"Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push","title_en":"Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push","excerpt":"데이터센터 전력 수요 급증으로 LNG 발전 PPA 확대가 추진되고 있다","excerpt_en":"Surging data center demand is driving an expansion of LNG generation PPAs."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"당사의 LNG 주요 매입처 중 한국가스공사는 당사의 기타특수관계자입니다. LNG(원/톤) 발전용 998,230","excerpt_en":"Among KEPCO's main LNG suppliers, KOGAS is an other related party. LNG for generation cost 998,230 won/ton in 2025."}]},{"direction":"cost","counterparty":"Glencore·Moolarben·Bayan (유연탄)","counterparty_slug":null,"confidence":"high","metric":{"fuel_share":"약 65% (유연탄)","coal_price_2025":"165,461원/톤"},"note":"발전연료 최대 비중(약 65%)인 유연탄 주요 매입처. Glencore 등에서 조달하며 Moolarben·Bayan 광산은 한전이 지분 보유. 2025년 유연탄 매입단가 약 165,461원/톤(2024 178,677에서 하락)으로 연료비 절감의 핵심.","note_en":"Suppliers of bituminous coal, KEPCO's largest generation fuel (about 65%). Sourced from Glencore and others; KEPCO holds stakes in the Moolarben and Bayan mines. 2025 coal price about 165,461 won/ton, down from 178,677, a key driver of lower fuel costs.","sources":[{"stance":"mentions","publisher":"Investing.com","publisher_en":"Investing.com","kind":"research","lang":"en","published_at":"2026-06-30","url":"https://www.investing.com/equities/kepco-consensus-estimates","title":"Kepco (015760) Stock Forecast & Price Target","title_en":"Kepco (015760) Stock Forecast & Price Target","excerpt":"국제 연료가격 하락이 2025년 발전 원가와 영업이익 개선을 이끌었다","excerpt_en":"Lower international fuel prices drove 2025 generation-cost and operating-profit improvement."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260317000686","title":"한국전력공사 2025 사업보고서 (제65기)","title_en":"Korea Electric Power FY2025 Business Report (65th)","excerpt":"한국가스공사(LNG), Glencore(유연탄)등... 당사는 유연탄 주요 매입처 중 Moolarben 및 Bayan의 지분을 보유하고 있습니다. 유연탄(원/톤) 발전용 165,461","excerpt_en":"Coal suppliers include Glencore; KEPCO holds stakes in the Moolarben and Bayan mines. 2025 coal for generation cost 165,461 won/ton."}]},{"direction":"cost","counterparty":"두산에너빌리티 (사우디 자푸라 가스터빈)","counterparty_slug":"doosan-enerbility","confidence":"high","metric":{"contract_usd_m":556.8},"note":"KEPCO가 사우디 자푸라 발전 프로젝트의 가스터빈 주기기를 두산에너빌리티로부터 약 5.57억 달러에 조달(2026.6~2029.6). 국산 대형 가스터빈의 첫 대형 수출 레퍼런스.","note_en":"KEPCO procures gas-turbine main equipment for its Saudi Jafurah power project from Doosan Enerbility for ~$557M (Jun 2026-Jun 2029) — the first major export reference for Korean large gas turbines.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-01","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260601801277","title":"두산에너빌리티 단일판매·공급계약(사우디 자푸라, KEPCO)","title_en":"Doosan Enerbility single supply contract (Saudi Jafurah, KEPCO)","excerpt":"KEPCO-두산 사우디 자푸라 가스터빈 계약 USD 556.84M.","excerpt_en":"KEPCO-Doosan Saudi Jafurah gas-turbine contract USD 556.84M."}]},{"direction":"cost","counterparty":"LS일렉트릭","counterparty_slug":"ls-electric","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"전력기기와 초고압 변전설비를 LS일렉트릭에서 공급받는다. LS일렉트릭 전력인프라 부문 매출의 5.1%가 한국전력향이다.","note_en":"Korea Electric Power sources power equipment and EHV substation gear from LS Electric; 5.1% of LS Electric's power-infrastructure revenue is to KEPCO.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001243","title":"LS일렉트릭 사업보고서 (2025.12)","title_en":"LS Electric Annual Business Report (FY2025)","excerpt":"전력인프라 주요매출처: 한국전력공사 5.1%.","excerpt_en":"Power-infrastructure top customer: Korea Electric Power 5.1%."}]}]}