The following is a summary of the Korea Electric Power Corporation (KEP) Q3 2024 Earnings Call Transcript:

Financial Performance:

• KEPCO reported a consolidated operating profit of KRW 5,945.7 billion in Q3 2024, up significantly due to decreased fuel costs and power purchase costs.

• Net income for Q3 2024 was KRW 2,590 billion, showcasing robust profitability.

• Total revenue reached KRW 69,869.8 billion, a 6.4% increase year-over-year, driven by a rise in electricity sales.

• Interest expense increased to KRW 3,422.9 billion, up from the previous year due to higher average balance of borrowings.

Business Progress:

• Electricity sales rose 8% to KRW 66,727.9 billion.

• KEPCO has seen a power sales increase by 1.7% to 421 terawatt-hour due to higher semiconductor exports and increased demand for summer cooling.

• The power generation mix is evolving, with nuclear power share increasing due to new reactors and coal share decreasing.

• Predicts continued slight increase in power sales due to rising demand for heating and cooling.

Opportunities:

• The shift towards nuclear energy, with the start of commercial operation of Shinhanu Unit 2 and an increase in nuclear power plant share, presents an opportunity for more stable and cost-efficient energy production.

Risks:

• Dependency on global fuel price trends could impact operational costs.

• Regulatory impacts such as RPS and ETS related costs, though slight decreases, continue to impose financial obligations on KEPCO.

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