$KEP · KOREA ELECTRIC POWER CORP
Korea Electric Power Corporation filed its 6-K quarterly business report for the six months ended June 30, 2026. Consolidated revenue was essentially flat at ₩46,317B (vs. ₩46,174B in H1 2025), but operating profit dropped 16.6% to ₩4,913B. The thermal generation segment swung from a ₩565B profit to a ₩246B loss, while nuclear generation profit rose to ₩3,089B. Net income fell 20.9% to ₩2,797B.
- Consolidated operating profit fell 16.6% YoY to ₩4,913B in H1 2026 from ₩5,889B in H1 2025.
- Thermal generation segment swung to a ₩246B operating loss from a ₩565B profit a year earlier.
- Nuclear generation operating profit rose 28.9% YoY to ₩3,089B, partially offsetting thermal weakness.
- Consolidated net income declined 20.9% YoY to ₩2,797B from ₩3,538B.
- Total liabilities increased ₩5,111B to ₩210,716B as of June 30, 2026, while total equity rose ₩2,522B to ₩51,845B.
Markets closed — no regular-session reaction yet. Extended-hours last trade at $11.54, down 0.17% from the regular close, suggesting mild negative sentiment on the profit decline.
KEPCO's thermal generation segment swung from profit to loss in one year, a structural deterioration that nuclear gains cannot fully offset.
KEPCO's thermal generation losses mirror global utility margin compression from elevated fuel costs, while its nuclear segment's 28.9% profit growth reflects the premium on carbon-free baseload generation in tightening energy markets.
Thermal generation swung to a ₩246B operating loss as unit selling prices fell sharply across all five thermal subsidiaries (e.g., KOSPO from ₩175.84/kWh to ₩149.65/kWh), signaling sustained margin pressure from fuel costs or pricing regulation.
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