KOSPI · Power utility · National grid monopoly
Korea Electric Power
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.
015760.KS Updated Jul 12, 2026 2 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · ₩97.4T (FY2025 consolidated)
- Segments · Electricity sales [KEPCO] · Nuclear generation [KHNP] · Thermal generation [5 gencos] · Other [engineering, O&M, fuel, ICT]
Revenue from
- 주택용·일반용 전력 소비자 High confidence
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.Mentions KO CEO Score Daily Published Apr 22, 2026: Daewoo E&C nears Czech Dukovany nuclear contract (Team Korea KRW 26tn) - 국내 산업용 전력 소비자 High confidence
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. - 데이터센터·반도체 클러스터 (용인) High confidence
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.Confirms EN Seoul Economic Daily Published Apr 29, 2026: Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push
Pays to
- 발전 자회사 6사 (전력거래소 매입) High confidence
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.Mentions KO CEO Score Daily Published Apr 22, 2026: Daewoo E&C nears Czech Dukovany nuclear contract (Team Korea KRW 26tn) - Korea Gas High confidence
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.Mentions EN Seoul Economic Daily Published Apr 29, 2026: Data Center Power Demand to Surge Sixfold by 2040, Fueling LNG PPA Push - Glencore·Moolarben·Bayan (유연탄) High confidence
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. - Doosan Enerbility (Saudi Jafurah gas turbines) High confidence
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.Confirms KO FSS DART Published Jun 1, 2026: Doosan Enerbility single supply contract (Saudi Jafurah, KEPCO) - LS ELECTRIC Medium confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Korea Electric Power | node | -9.8 | -3.7 | -0.4 | +7.6 | +186.1 | -37.9 |
| LS ELECTRIC | benef1 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Doosan Enerbility | benef1 | +57 | -5.6 | -7.5 | +54.8 | +279.1 | -13.8 |
| Korea Gas | benef1 | +21.4 | -4.9 | -20.7 | +34.9 | +20.8 | -17.7 |
| Doosan Bobcat | benef2 | +25.7 | -2.3 | +48.5 | -1 | +25.1 | +8.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10