[6-K/A] Korea Electric Power Corp Amended Current Report (Foreign Issuer)

Rhea-AI Filing Summary

KEPCO filed an amended Form 6-K updating parent-company guarantees for two Saudi project companies, Remal Energy and Naseem Energy.

The revised aggregate exposure is KRW 1.196 trn (USD 859 m), representing 2.9 % of consolidated equity (KRW 41.36 trn). The package covers: (1) USD 16 m payment guarantees tied to power-purchase agreements, (2) USD 120 m guarantees for each equity-bridge loan, and (3) USD 108-109 m guarantees for capital contributions. Maturities span Aug 2028 to Mar 2032. Total group guarantees now reach KRW 2.531 trn. All commitments were approved by the board on 20 Nov 2024 with full outside-director and audit-committee attendance.

The guarantees support the Rumah and Nairyah gas-fired combined-cycle power-plant projects for offtaker Saudi Power Procurement Company and lenders including DBS and Standard Chartered. Currency conversions are based on KRW 1,392 per USD.

Positive

• Moderate guarantee size: New guarantees represent only 2.9 % of consolidated equity, limiting immediate balance-sheet strain.
• Full governance oversight: Board and audit committee unanimously approved the guarantees, signalling procedural compliance.

Negative

• Contingent liability growth: Total guarantees rise to KRW 2.531 trn, increasing off-balance-sheet risk.
• Long-dated, USD-denominated exposure introduces currency and project execution risk through 2032.

Insights

Financial Analyst

TL;DR: New guarantees equal 2.9 % of equity; leverage unaffected, credit impact modest.

The KRW 1.196 trn guarantee adds contingent liabilities but still keeps total guarantees below 3 % of equity, a level most rating agencies view as manageable for an electric utility with KRW 41 trn equity. Board approval and full audit-committee attendance reduce governance concerns. The guarantees enable KEPCO to participate in Saudi green-field generation projects that may yield future returns; however, no cash inflow is yet booked, so near-term financials remain unchanged.

Risk Analyst

TL;DR: Cross-border guarantees heighten sovereign, FX and execution risk; exposure concentrated in single project pair.

Although the 2.9 % equity ratio appears low, the guarantees are long-dated (up to 2032) and denominated in USD, exposing KEPCO to currency and Saudi project-specific risks. Aggregate guarantees now exceed KRW 2.5 trn, approaching levels that could pressure credit metrics if projects underperform or if KRW weakens. Investors should monitor further guarantee issuances and any changes in project timetable or costs.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the Month of July 2025

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Amendment Regarding Decision to Guarantee the Payment Obligation of a Third Party

This Form 6-K/A is an amendment to the Form 6-K of Korea Electric Power Corporation (“KEPCO”) dated November 20, 2024, as supplemented and amended by the Form 6-K/A amendments dated November 21, 2024, November 29, 2024 and March 21, 2025 (collectively, and as supplemented and amended, the “Original 6-K”). The information in the attachment to the Original 6-K relating to 2. Creditor, 4. Details of the Debt Guarantee, 5. Total Balance of KEPCO’s Financial Guarantees and 7. Remarks shall be amended and replaced with the following.

1. Debtor: Remal Energy Company

Naseem Energy Company

a. Relationship to Korea Electric Power Company (“KEPCO”): Affiliates

2. Creditor:

a. Procurer: Saudi Power Procurement Company(“SPPC”)

b. Lenders: The Development Bank of Singapore, Standard Chartered Bank, etc.

3. Debt Amount: -

4. Details of the Debt Guarantee

a. Amount of the Debt Guarantee: KRW 1,196,151,649,214

b. Total Equity of KEPCO: KRW 41,362,833,061,743

c. Debt Guarantee to Total Equity Ratio: 2.9%

d. Term of the Debt Guarantee: November 28, 2024 to Mar 20, 2032

5. Total Balance of KEPCO’s Financial Guarantees: KRW 2,531,253,064,718

6. Resolution of Board of Directors

a. Date: November 20, 2024

b. Attendance of Outside Directors: 8 out of 8 outside directors

c. Attendance of the Standing Member of the Audit Committee: Attended

7. Remarks

a. The guarantee of the payment obligation will be by the parent company for the implementation of Saudi Rumah and Nairyah Gas Combined Cycle Power Plant Projects and for procuring borrowings and capital.

b. The lenders in above 2. Creditor are subject to change in connection with the guarantee agreement.

c. The KRW amounts set forth above in 3. Debt Amount are effective as of November 20, 2024.

d. The KRW amounts set forth above in 4. Details of the Debt Guarantee are the total of the debt guarantee amounts for the two project corporations (Remal Energy Company and Naseem Energy Company).

e. The KRW amounts set forth above in 4. Details of the Debt Guarantee have been translated from USD 859,304,345.70 at the first basic exchange rate announced by Hana bank as of November 20, 2024 (1 USD to 1,392.00 KRW)

f. The above 4. b. Total Equity of KEPCO and 4. c. Debt Guarantee to Total Equity Ratio is based on the consolidated financial statements as of Dec 31, 2024.

g. The above 4. d. Term of the Debt Guarantee begins on the date of the power purchase agreement execution and ends upon the conclusion of the project companies’ power plant operation period. The terms of the debt guarantee vary depending on each guarantee and we will file the amended Form 6-K once the terms of the debt guarantee is confirmed as the debt guarantee agreement is concluded.

∎ KEPCO has executed the debt guarantee agreements as approved by the Board of Directors on Nov 20, 2024. In some agreements, the debt guarantee amount has decreased below the level previously approved by the Board. As of now, total debt guarantee amount stands at [KRW 1,196,151,649,214 (USD 859,304,345.70)] for each debtor (Remal Energy Company and Naseem Energy Company) as outlined below.

● Debtor : Remal Energy Company

- Amount of the Debt Guarantee : USD 16,000,000

- Details of the Debt Guarantee : Payment guarantee for implementation of the power purchase agreement

- Term of the Debt Guarantee : November 28, 2024 to August 14, 2028

- Creditor : Procurer (SPPC)

● Debtor : Naseem Energy Company

- Amount of the Debt Guarantee : USD 16,000,000

- Details of the Debt Guarantee : Payment guarantee for implementation of the power purchase agreement

- Term of the Debt Guarantee : November 28, 2024 to August 14, 2028

- Creditor : Procurer (SPPC)

● Debtor : Remal Energy Company

- Amount of the Debt Guarantee : USD 120,000,000

- Details of the Debt Guarantee : Payment guarantee for the principal and interest of the Equity Bridge Loan

- Term of the Debt Guarantee : March 21, 2025 to March 20, 2032 (the Loan guarantee is stipulated to be in effect for seven years from the initial drawdown of the Loan, the end of date of the Loan Guarantee may be adjusted depending on the date of the initial drawdown of the loan and the date of full repayment of the Loan)

- Creditor : Lender(The Development Bank of Singapore)

● Debtor : Naseem Energy Company

- Amount of the Debt Guarantee : USD 120,000,000

- Details of the Debt Guarantee : Payment guarantee for the principal and interest of the Equity Bridge Loan

- Term of the Debt Guarantee : March 21, 2025 to March 20, 2032 (the Loan guarantee is stipulated to be in effect for seven years from the initial drawdown of the Loan, the end of date of the Loan Guarantee may be adjusted depending on the date of the initial drawdown of the loan and the date of full repayment of the Loan)

- Creditor : Lender(The Development Bank of Singapore)

● Debtor : Remal Energy Company

- Amount of the Debt Guarantee : USD 108,026,303.10

- Details of the Debt Guarantee : Payment guarantee for the capital contribution

- Term of the Debt Guarantee : July 23, 2025 to May 31, 2029

- Creditor : Lender(Standard Chartered Bank, etc.)

● Debtor : Naseem Energy Company

- Amount of the Debt Guarantee : USD 109,278,042.60

- Details of the Debt Guarantee : Payment guarantee for the capital contribution

- Term of the Debt Guarantee : July 23, 2025 to May 31, 2029

- Creditor : Lender(Standard Chartered Bank, etc.)

h. The KRW amounts set forth above in 5. Total Balance of KEPCO’s Financial Guarantees include 4. a. Amount of the Debt Guarantee as of Mar 31, 2025 and the amount for performance guarantees issued through the Letters of Credit (L/C) based on the first basic exchange rate announced by Hana bank as of November 20, 2024 (1 USD to 1,392.00 KRW).

Outstanding Balance of KEPCO’s Financial Guarantees by Debtors

Debtor		Balance of debt guarantee				Note
Remal Energy Company			KRW 597,204,613,915				USD 429,026,303.10 (1 USD to 1,392.00 KRW	)
Naseem Energy Company			KRW 598,947,035,299				USD 430,278,042.60 (1 USD to 1,392.00 KRW	)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:		/s/ Joo, Hwa-Sik
Name: Joo, Hwa-Sik
Title: Vice President

Date: July 24, 2025

FAQ

What is the total amount of KEPCO's new guarantees disclosed in the July 2025 6-K/A?

The filing reports KRW 1,196,151,649,214 (USD 859 m) of additional guarantees for Remal and Naseem Energy.

How significant are the guarantees relative to KEPCO's equity?

They equal 2.9 % of consolidated equity (KRW 41.36 trn as of 31 Dec 2024).

What projects are supported by these guarantees?

The guarantees back the Saudi Rumah and Nairyah gas-combined-cycle power-plant projects.

When do the guarantee obligations expire?

Maturities range from August 14 2028 for PPA guarantees to March 20 2032 for equity-bridge loan guarantees.

What is KEPCO's total outstanding balance of financial guarantees after this amendment?

Total guarantees now stand at KRW 2,531,253,064,718.