Korea Electric Power Corporation (KEPCO) is South Korea's integrated electric utility, holding a statutory monopoly over electricity transmission and distribution across the country. KEPCO buys electricity from its six wholly-owned generation subsidiaries and independent power producers (IPPs), then delivers that electricity to end users via its national grid. In 2025, KEPCO sold 549,417 GWh of electricity, with industrial customers accounting for roughly half of volume, followed by commercial and residential users. KEPCO's six generation subsidiaries include KHNP, which operates all 26 of KEPCO's nuclear units and is the lowest-cost generation source, plus five thermal subsidiaries operating coal and LNG plants. Together, KEPCO's subsidiaries control roughly 53% of Korea's total generation capacity. KEPCO's economics are driven by a single spread: the government-regulated tariff it charges customers versus the cost of purchasing and delivering electricity. Tariffs are set by Korea's Ministry of Climate, Energy and Environment and include a fixed base charge, a per-kWh usage charge, and quarterly fuel cost pass-through adjustments subject to caps. The key profitability risk is the mismatch between volatile fuel costs and regulated tariffs — KEPCO accumulated large losses in prior years when energy prices spiked faster than tariffs adjusted. KEPCO is capital-intensive, with Won 18.7 trillion in capex in 2025 and Won 78.1 trillion budgeted for 2026-2028, focused on nuclear, thermal, and transmission and distribution infrastructure. Overseas, KEPCO is involved in 30 power projects across 12 countries, with notable nuclear projects including the UAE Barakah plant and a recently signed contract to build two units at the Czech Republic's Dukovany plant.