Korea Electric Power Corporation

NYSE:KEP Stock Report

Market Cap: US$15.8b

Korea Electric Power Future Growth

Future criteria checks 1/6

Korea Electric Power is forecast to grow earnings and revenue by 8% and 1.9% per annum respectively. EPS is expected to grow by 7.5% per annum. Return on equity is forecast to be 14.3% in 3 years.

Key information

8.0%

Earnings growth rate

7.48%

EPS growth rate

Electric Utilities earnings growth10.6%
Revenue growth rate1.9%
Future return on equity14.31%
Analyst coverage

Good

Last updated19 May 2026

Recent future growth updates

No updates

Recent updates

Seeking Alpha Mar 16

Korea Electric Power: The Turbine That Supplies The Global Market HBM

Summary Korea Electric Power Corporation (KEP) is rated Buy, driven by energy transition catalysts, AI-driven demand, and undervaluation. KEP benefits from South Korea's nuclear energy commitment, tiered electricity pricing reforms, and surging AI data center power needs. Despite recent 20% price correction and high liabilities, KEP’s P/E FWD of 3x and P/B of 0.6x signal deep value versus global peers. Gradual tariff adjustments, AI-driven electricity demand, and nuclear expansion underpin a long-term structural growth thesis for KEP. Read the full article on Seeking Alpha
New Narrative Mar 08

Korea Electric Power Corp (KEP): The Energy Turnaround Play — Bracing for Tuesday’s BMO Report.

Korea Electric Power (KEP) is currently trading at $16.33 as of the March 6, 2026, market close, reflecting a period of intense volatility for the South Korean utility giant. As a state-controlled monopoly, KEP acts as the primary power provider for one of the world's most industrial-heavy economies.
Seeking Alpha Apr 16

KEPCO: Tailwind From Lower Energy Prices

Summary KEPCO, South Korea's dominant power utility, is poised to benefit from lower fuel prices due to President Trump's tariffs, boosting its profitability. KEPCO's reliance on coal and LNG, combined with falling energy prices, positions it for strong earnings in 2025. Trading at a low valuation, KEPCO's stock offers significant upside potential, with the possibility of reinstating dividends. Read the full article on Seeking Alpha
Seeking Alpha Dec 30

Korea Electric Power: South Korea's Power Giant Is On Sale

Summary Korea Electric Power, the sole electricity distributor in South Korea, has faced significant challenges from 2021 to 2023, causing its stock price to plummet -71.19% from its ATH. Increased production costs, inability to pass costs to consumers, high debt, and political instability have contributed to KEP's financial struggles. KEPCO's monopoly status, cost management strategies, improved operating environment, and potential political reforms indicate it can weather the crisis and potentially thrive. At current valuations, the Company is a 'Buy,' with room for upward revision based on the outcome of Yoon's impeachment and clarity on the country's next leader. Read the full article on Seeking Alpha
Seeking Alpha Jun 27

Korea Electric Power: Catalysts Are Still Intact

Summary It is highly probable that KEP will re-initiate dividends for the current fiscal year, judging by the positive read-throughs from the company's recent management commentary. Korea Electric Power is likely to be in the black again in FY 2024, and a key earnings driver will be a higher nuclear power generation contribution. I leave my existing Buy rating for KEP unchanged, as the catalysts for an earnings turnaround and dividend re-initiation are still intact. Read the full article on Seeking Alpha
Seeking Alpha Mar 14

Korea Electric Power: Return To Profitability And Dividend Reinstatement Are Potential Catalysts

Summary Korea Electric Power is likely to generate positive earnings in the current year, with expectations that the company will optimize its power generation mix to reduce fuel-related costs. There is a high likelihood of Korea Electric Power resuming dividend distributions this year, considering its profitability outlook and the Korean regulators' focus on shareholder capital return. KEP's valuations are appealing, as it trades at a discount to book value that is greater than 50%. Read the full article on Seeking Alpha
Seeking Alpha Oct 09

Korea Electric Power: New CEO Appointment Is A Positive Development

Summary Kim Dong-cheol was recently appointed as Korea Electric Power's new CEO, and he replaces Cheong Seung-il who previously disclosed in May he wished to step down as CEO. A meaningful increase in the electricity tariff rate and a faster pace of revenue diversification are some of the key goals set by the new CEO. I have a favorable view of the new CEO appointment, and this explains why I have maintained my Buy rating for KEP. Read the full article on Seeking Alpha
Seeking Alpha Aug 03

Korea Electric Power: Still Bullish Considering Improved Outlook

Summary Korea Electric Power's Q2 2023 performance is expected to be better as compared to the first quarter, considering an electricity tariff hike and lower purchased power costs. KEP's high financial leverage isn't a major concern, taking into account Fitch's credit rating, its debt maturity profile, and asset monetization plans. I leave my Buy rating for Korea Electric Power unchanged, after assessing KEP's financial outlook and its credit risks. Read the full article on Seeking Alpha
Seeking Alpha May 23

Korea Electric Power: All Eyes On Positive Developments

Summary KEP's new corporate restructuring plan and the resignation of its CEO have increased the chances of the company successfully securing meaningful electricity tariff hikes going forward. Korea Electric Power's recent Q1 2023 results suggest that cost pressures for the company have begun to ease to some extent. I maintain my Buy rating for Korea Electric Power in consideration of the positive developments for the company. Read the full article on Seeking Alpha
Seeking Alpha Oct 11

Korea Electric Power: Positive Changes

Summary Korea Electric Power's most recent quarterly metrics were poor; Q2 2022 operating losses for the company widened on a YoY basis, and its gross financial leverage ratio rose to 179%. But there are positive changes for KEP, as seen with the recent actions taken by the government and the company. I continue to assign a Buy rating to Korea Electric Power, in view of its valuations and the presence of re-rating catalysts.
Seeking Alpha Jul 29

KEPCO At The Crossroads With Low Carbon Power - Nuclear And/Or Renewables?

KEPCO has a monopoly in power generation, transmission and distribution in South Korea, which is a country with a major fossil fuel-based power component. The South Korean commitment is to decarbonize power, but how KEPCO will manage this is unclear between renewables and nuclear power. A change of Government (and the Russian crisis) means a shift back towards nuclear power. KEPCO is safe because it has Government backing, but a shake up looms due to recent losses. KEPCO is interesting for investors wishing to understand the different factors in managing power at a time when emissions reductions are critical. KEPCO (Korea Electric Power Company) (KEP) has a long history in South Korea's power industry, going back to the emergence of electric power in the late 1880's, although it was only formally established as the Government owned power company in 1961. In the early days there was a big focus on fossil fuel-based power but in 1978 it completed its first nuclear power plant as the beginning of a major focus on nuclear power to complement its fossil fuel-sourced power provision. KEPCO was given discretion to overbuild and focus on long lived construction programs that nuclear power required. The South Korean Government maintains 51.1% ownership of KEPCO (32.9% Govt owned Korea Development Bank, 18.2% direct Govt ownership); it listed first on the Korea Stock Exchange in 1989 followed by NYSE listing in 1994. The company has a monopoly on power generation, transmission and distribution in South Korea and this has led to its interest in various forms of power generation, including hydro, nuclear, coal and more recently renewables (wind, solar and energy storage) and natural gas & LNG. KEPCO considers itself leading the path to carbon neutrality through a three pillar strategy: i) decarbonization of the power industry; ii) decentralization of electricity production and consumption; and iii) intelligentization of the ecosystem of the entire energy sector. These are big ambitious goals. In true South Korean fashion the company has a mascot, the "Energy Boy" which "represents KEPCO's customer service spirit and personifies the company in its promotion activities". Energy Boy appears in 30 different forms to deliver messages, one of which is shown below. This is no ordinary company and by overdelivering on power generation capacity, KEPCO has contributed to the development and industrialisation of the country. KEPCO Mascot "Energy Boy" (KEPCO) The company has had considerable autonomy in its technology developments and this has served the company well, although now the company is facing scrutiny as the energy sector faces big challenges. KEPCO is organised to conduct its domestic business to best serve the public good, while its overseas business activities are focused on profitability and job creation. It has global reach with its overseas business activities in the Middle East, Europe, China, Japan, South East Asia, Africa and North America. Note that electricity sales of KEPCO, which is the main operational activity of the group, were almost exclusively Korean (98.3% in the quarter to end of March 2022). Although Seeking Alpha doesn't provide up to date financial information on KEP, for those wishing to dig there is a lot of information available for Q1 2022 from a US filing in June 2022. The corporate structure of KEPCO is huge and diverse, with 6 Electric Power Generation subsidiaries, the biggest of which (12,581 employees) is Korea Hydro & Nuclear Power Co. Then there are 3 engineering companies covering power unit design, equipment maintenance, nuclear fuel, and an ICT service company. Finally there are 17 companies that KEPCO either owns or has a shareholding in. These cover emerging areas such as renewable energy (wind and solar), electric vehicle charging, IP management, LNG import and supply, heating, asset management, customer service etc. The company has been influential in the international nuclear industry and also in seeking to ensure energy security through upstream investment in nuclear fuel and coal supply. The South Korean Government has identified the need to decarbonize energy and the former Government of President Moon Jae-in was focused on exit from fossil fuel and also nuclear power. The recent election of President Yoon Suk-yeol continues the focus on decarbonization, but it is producing a change with renewed focus on nuclear power possibly at the expense of renewables. Here I address these recent developments, firstly to help investors evaluate possible investment in KEPCO and secondly to help make sense of the complexity of global decarbonization programs. It ain't simple! The South Korean power sector Power (energy) is such a core feature of life that it isn't possible to consider power suppliers without including a political lens, especially when there is a power monopoly that is Government controlled. For a lot of US investors investment in a Government controlled vehicle is anathema, but Government control of power provision is part of the scene in much of Europe and Asia. South Korea is interesting because Government influence has given KEPCO the ability to be creative about how it manages power provision. An example of this is that KEPCO's monopoly allowed it to pioneer use of big batteries for frequency regulation long before it became accepted in the rest of the world, and this innovation was a prelude to the use of big lithium batteries for helping manage intermittency of renewables, which has become big business. KEPCO is interesting to consider when thinking about the big energy transitions that are happening everywhere. And South Korea has a big challenge as it has the 4th highest carbon intensity of IEA member countries. There is a purity about having a single body making decisions about energy management, rather than the contest of the market, where vested interests (especially the fossil fuel industry) have a big say. So in the case of KEPCO the South Korean Government is the real power broker and new President Yoon Suk-yeol is clearly unhappy with KEPCO's recent performance. Recently appointed Prime Minister Han Duck-soo has gone public by saying that KEPCO's recent recovery plans are inadequate. KEPCO had a very bad start to 2022 with KEPCO reporting $6 billion losses in Q1 2022, which surpasses the losses of $4.5 billion for all of 2021. So the cries from political masters are for drastic reform. This goes beyond controversy about control of electricity prices, which are probably a key reason (along with a very high level of debt) that KEPCO has performed poorly in recent times. Components of power generation in South Korea South Korea to stabilise (boost?) nuclear power The World Nuclear Organisation indicates that South Korea generates 23 GWe of nuclear power from 25 reactors, providing 27% of Korea's electricity. While the South Korean nuclear fleet is not old by the standards of the US nuclear fleet (average age ~40 years), 15 of the 25 South Korean nuclear reactors are more than 20 years old. South Korea's interest in things nuclear has see-sawed in recent times. The previous President, Moon Jae-in, (2017-2022) was highly focused on South Korea decarbonizing its power sector, but also ceasing to back nuclear power. His plan was to cut nuclear power generation from the current 27.1% to 10.1% by 2034. One thing I note about nuclear power is that it is expensive at every step of the way, with huge decommissioning costs evident in recent reporting from KEPCO. Recently elected (May 2022) President Yoon Suk-yeol continues to be serious about a decarbonized power transition, but part of that involves a renewed interest in Korea's nuclear industry both at home and as an export industry. His plans for the local nuclear industry are for nuclear power to contribute 30% to South Korea's power generation by 2030, a small increase on the existing position which is based on optimal operation of the existing (including new builds underway) nuclear fleet. Change initiated by the new administration in the past few months is that construction on two new nuclear reactors (stalled since 2017) has re-commenced, while extension of the life of existing reactors is planned. It is too early to get an understanding as to whether the new administration plans new reactors in South Korea, although that seems to be the assumption. The key issues that need to be faced for any new builds is the long delays in getting nuclear projects off the ground and the massive cost compared with renewable energy projects that can be fast tracked. This is a big deal if the new administration is serious about decarbonization. Regarding nuclear power on the international stage, KEPCO is in talks with Westinghouse over plans for export of 10 nuclear plants by 2030. Note that no agreements have yet been signed between KEPCO and Westinghouse. Westinghouse recently signed a strategic cooperation agreement with Hyundai Engineering & Construction to work jointly on global AP1000 leads. The nuclear power business is not cheap. The construction by KEPCO of 4 APR-1400 nuclear units in the UAE has cost ~$16 billion as of 31 March 2022 (construction commencing between 2012 and 2015) and the contract between KEPCO and UAE is reported to involve $20.4 billion for 5,600 MW capacity. Two of the 4 APR-1400 units are operating and two are nearing completion. KEPCO has been interested in participating in possible nuclear resurgence in the UK, although at this stage there are just preliminary talks. The change in attitude by KEPCO concerning nuclear power is reflected around the world with Governments in many countries putting (or at least discussing) nuclear expansion in the mix. This is no doubt significantly due to efforts by the fossil fuel industry to blunt renewables developments. Nuclear is an excellent delay strategy for the fossil fuel industry because nuclear power takes so long to develop and it remains unclear if there is appetite for dramatic increases in electricity prices that nuclear power adoption entails. The contra to this position involves European plans to double down on renewables developments in response to the Russian invasion of Ukraine. Time will tell whether nuclear power gets a new life. Note that the timelines for nuclear are long and Governments might also consider what energy supply might look like in the future. For example the developments in wave/tidal power generation are beginning to look interesting. Renewable energy in South Korea Former President Moon Jae-in was a big supporter of the energy transition based on renewable energy, no doubt in part due to South Korea's participation in renewables developments. As a result there are various developments underway in South Korea to rapidly expand solar PV, wind power and energy storage. However, the language used by the new Government after meetings in June 2022 does not mention the clear targets of the previous Government, instead using the term "Considering the supply conditions, rationally re-establish the target for the supply of renewable energy, and derive an appropriate proportion by source, such as solar and wind power ( offshore )". There is mention of developments in grid stabilisation to include increased renewable energy. This looks like backing off from targets of the previous Government. No percentage of contribution by renewables is mentioned. The challenge for those wishing to slow renewables developments is that renewables (plus storage) are now substantially cheaper than both fossil fuel and nuclear sources. How this will play out is unclear as policies are being formulated now. A snapshot of some of South Korea's recent renewables plans for the power sector is as follows: Solar PV produced 6.3% of South Korea's power in 2021. By 2030 renewables (solar PV and wind, mix not clear) will be below 30% but by 2034 the goal remains 41.9% for renewables. The figures for solar now seem lower than a reported Wood Mackenzie target of 34 GW solar PV installed by 2030. And Wood Mackenzie had indicated that this goal could be exceeded. KEPCO plans major offshore wind projects with South Korea's goals for offshore wind by 2030 to be up to 12 GW. This includes a planned 8.2 GW offshore wind project. There is some ambiguity in figures for % renewables since the distinction between electricity generation and overall power consumption is sometimes unclear. For example it is reported that the Government goal is fossil fuel imports be reduced to 60% of total energy supply by 2030, down from 81.8% in 2021. If this is correct, then renewables plus nuclear contribution would be 40%. If the figures for nuclear power stand, this could mean that the goal is for some planned renewables builds might be replaced by nuclear power. Clearly the claim for renewables + nuclear to be 40% of power generation by 2030 is inconsistent with renewables contributing ~30% by 2030. KEPCO and coal, natural gas/LNG For a number of years KEPCO was an aggressive supporter of development of major new coal mines even as the South Korean Government turned against coal. It has been involved in high profile Indonesian coal investments. In 2022 KEPCO finally lost its ability to proceed with a major coal development at Bylong in NSW Australia after legal appeals to overturn refusal to allow the development to proceed. KEPCO has been a major supporter of coal power plants in a number of Asian countries, including Vietnam, but it is becoming clear that its ability to insure these plants has become a major problem. This, plus climate-related pressures, could be a significant part of KEPCO losing interest in coal developments. Due to investor and activist interest KEPCO has declared that it will exit all coal activities by 2050. Notwithstanding a flurry of activity recently due to the Russian invasion of Ukraine leading to huge short term gas and coal supply deficit, a South Korean exit from coal by 2050 seems a goal that will lag developed nations significantly.
Seeking Alpha Apr 18

Korea Electric Power: Short-Term Pain, Long-Term Gain

Korea Electric Power is expected to remain loss-making in 2022 as a result of rising energy and commodity costs. There could be positive changes in the Korean energy market going forward, which might be beneficial for Korea Electric Power in the long run. KEP stays a Buy-rated name, as its valuations are depressed and there are catalysts relating to positive changes in energy policies.
Seeking Alpha Jan 04

Korea Electric Power: Tariff Hike And Hydrogen Economy Plans Draw Attention

Korea Electric Power is raising its tariffs by +5.6% this year, which could potentially increase fiscal 2022 operating income by as much as KRW3 trillion. South Korea wants hydrogen to be the main energy source for the country by 2050, and Korea Electric Power could potentially be involved in hydrogen production in the future. Korea Electric Power remains a Buy, with its shares trading at a fifth of book value.
Seeking Alpha Oct 18

Korea Electric Power: All Eyes On Tariff Hike

It is a positive surprise that a tariff hike will be implemented in Q4 2021, notwithstanding the fact that this is only a partial pass-through of the fuel cost increase. Further tariff hikes are very likely to be implemented after the March 2022 presidential elections; while the company's pivot to renewables is a key medium-term growth driver to watch. I maintain my Buy rating for Korea Electric Power, as valuations are appealing and there are short-to-medium term catalysts.
Seeking Alpha Aug 03

Korea Electric Power: Negatives Priced In

Korea Electric Power's shares are up in the past two months or so, despite the worst case scenario happening, and this is an indication that negatives are already priced in. The stock currently trades at 0.24 times P/B, which is similar to where it was trading at during the 2008-2009 Global Financial Crisis. The two key re-rating catalysts for Korea Electric Power are an eventual increase in tariffs and a significant move into renewables.
Seeking Alpha Jun 21

Korea Electric Power plunges as government keeps electricity tariffs flat

Korea Electric Power ([[KEP]] -4.7%) shares sink to their lowest in a month after South Korea's government suppressed electricity tariffs to tame rising inflation in the economy, dimming the company's earnings outlook.The government said over the weekend it would keep tariffs unchanged for the quarter starting in July even while acknowledging the company's rising costs for fuel purchases, although it will consider raising tariffs for Q4 if fuel prices continue to rise in the coming months.Expectations for Kepco's earnings to

Earnings and Revenue Growth Forecasts

NYSE:KEP - Analysts future estimates and past financials data (KRW Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028102,956,79110,065,1797,067,40024,632,40014
12/31/2027101,505,1189,961,3656,692,92225,091,66021
12/31/202698,745,2197,020,5366,894,05022,379,18218
12/31/202597,429,3468,544,9184,947,13120,880,154N/A
9/30/202597,275,5958,236,3884,451,18020,394,915N/A
6/30/202595,806,5686,330,1073,286,88919,188,470N/A
3/31/202594,330,1375,258,4822,028,51616,396,691N/A
12/31/202493,398,8963,491,6981,568,65615,876,116N/A
9/30/202492,402,7773,708,677976,47315,028,400N/A
6/30/202490,769,3942,653,287327,05014,367,698N/A
3/31/202489,918,182685,416-3,040,25511,204,673N/A
12/31/202388,219,461-4,822,549-12,460,8901,522,162N/A
9/30/202385,179,291-13,826,758-24,245,309-10,455,041N/A
6/30/202380,482,275-20,526,091-32,316,491-18,540,046N/A
3/31/202376,387,815-23,460,500-36,642,271-23,424,993N/A
12/31/202271,257,863-24,466,853-35,904,607-23,477,500N/A
9/30/202267,291,603-20,350,464-28,253,625-15,929,028N/A
6/30/202263,980,864-15,490,319-22,568,839-10,640,762N/A
3/31/202262,046,502-11,337,076-16,469,302-3,579,345N/A
12/31/202160,673,587-5,304,522-8,308,3894,491,378N/A
9/30/202159,839,324-1,083,678-3,535,3239,657,727N/A
6/30/202159,088,4821,197,904-496,84212,750,640N/A
3/31/202158,567,3422,048,066785,03913,732,557N/A
12/31/202058,569,3141,991,347-182,32113,208,473N/A
9/30/202058,818,26492,570-3,825,72211,293,625N/A
6/30/202059,019,172-920,982-4,676,26910,392,777N/A
3/31/202059,017,613-1,534,740-4,995,6819,917,802N/A
12/31/201959,172,890-2,345,517-6,008,6558,213,428N/A
9/30/201959,406,226-1,809,215N/A6,935,171N/A
6/30/201959,903,785-1,323,422N/A6,917,590N/A
3/31/201960,169,969-1,825,095N/A5,384,765N/A
12/31/201860,627,610-1,314,567N/A6,680,132N/A
9/30/201860,529,061-1,906,302N/A9,132,022N/A
6/30/201860,306,944-1,121,848N/A9,654,401N/A
3/31/201859,895,325154,537N/A11,498,908N/A
12/31/201759,335,8891,298,720N/A11,249,894N/A
9/30/201759,546,0092,960,418N/A11,340,076N/A
6/30/201759,301,7804,380,743N/A12,531,715N/A
3/31/201759,651,6665,780,044N/A14,181,739N/A
12/31/201659,763,0877,048,581N/A16,520,552N/A
9/30/201659,128,7598,329,399N/A17,954,849N/A
6/30/201658,746,79414,645,778N/A18,326,823N/A
3/31/201659,143,19514,224,494N/A17,850,806N/A
12/31/201558,581,72713,289,127N/A16,943,105N/A
9/30/201559,171,03412,187,431N/A15,565,043N/A
6/30/201558,608,6224,505,125N/A14,024,517N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: KEP's forecast earnings growth (8% per year) is above the savings rate (3.5%).

Earnings vs Market: KEP's earnings (8% per year) are forecast to grow slower than the US market (16.8% per year).

High Growth Earnings: KEP's earnings are forecast to grow, but not significantly.

Revenue vs Market: KEP's revenue (1.9% per year) is forecast to grow slower than the US market (11.6% per year).

High Growth Revenue: KEP's revenue (1.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KEP's Return on Equity is forecast to be low in 3 years time (14.3%).


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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/20 22:52
End of Day Share Price 2026/05/20 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Korea Electric Power Corporation is covered by 31 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Taekyoung HaBofA Global Research
Pierre LauCitigroup Inc
Minho HurDaishin Securities Co. Ltd.