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

Rhea-AI Filing Summary

Korea Electric Power Corporation (KEPCO) amended its Form 6-K/A to disclose parent guarantees totaling KRW 1,173,253,249,214 (USD 842,854,345.70) for two Saudi project companies, Remal Energy Company and Naseem Energy Company. The guarantees cover payment obligations under power purchase agreements, equity bridge loans, capital contributions and local content management.

The guaranteed amount represents about 2.8% of KEPCO's consolidated equity of KRW 41,362,833,061,743 (as of Dec 31, 2024). KEPCO reports an aggregate financial guarantees balance of KRW 2,508,354,664,718. The board approved the guarantees on November 20, 2024 with all eight outside directors present and the audit committee standing member in attendance. The filing notes some executed guarantees are smaller than previously approved amounts and uses an exchange rate of 1 USD = 1,392 KRW.

Positive

• Board approval with full outside director attendance (8 of 8) and audit committee member present, indicating formal oversight
• Guaranteed amount equals 2.8% of consolidated equity (KRW 41,362,833,061,743), limiting proportional exposure
• Some executed guarantees decreased below Board-approved amounts, which reduces the realized contingent exposure

Negative

• Contingent liability of KRW 1,173,253,249,214 (USD 842,854,345.70) for Remal and Naseem projects
• Total financial guarantees balance of KRW 2,508,354,664,718 represents ongoing contingent obligations
• Certain lenders/creditors are not yet confirmed as the filing states some creditor details are prior to execution of financial contracts

Insights

Financial Analyst

TL;DR: KEPCO assumes contingent exposure of KRW 1.17T (USD 842.85m) for two Saudi projects, modest relative to equity at 2.8%.

The filing documents explicit parent guarantees for project-level obligations including PPA payments, equity bridge loans, capital contributions and local content commitments. The headline KRW 1,173,253,249,214 equals USD 842,854,345.70 using the stated 1,392 KRW/USD rate. KEPCO's consolidated equity base (KRW 41,362,833,061,743) limits the relative exposure to 2.8%, suggesting containment of balance-sheet risk, although the guarantees create contingent liabilities through 2029 to 2032 depending on instrument type. The aggregate guarantees balance of KRW 2,508,354,664,718 provides additional context for ongoing contingent obligations.

Corporate Governance Expert

TL;DR: Board oversight was documented with full outside director attendance and audit committee participation at approval.

KEPCO records formal board approval on November 20, 2024 with 8 of 8 outside directors attending and the standing audit committee member present, indicating governance processes were followed. The company also notes executed guarantee amounts in some agreements have decreased below Board-approved levels and that it will file amendments once guarantee agreement terms are finalized, demonstrating follow-up disclosure practices. Some creditor details remain unconfirmed prior to final contract execution, which KEPCO discloses.

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 August 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 , March 21, 2025, and July 24, 2025(collectively, and as supplemented and amended, the “Original 6-K”). The information in the attachment to the Original 6-K relating to 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 1,173,253,249,214

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

c. Debt Guarantee to Total Equity Ratio: 2.8%

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

5. Total Balance of KEPCO’s Financial Guarantees: KRW 2,508,354,664,718

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 not confirmed yet as it is prior to the execution of the financial contract and 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 842,854,345.70 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 December 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 November 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 1,173,253,249,214 (USD 842,854,345.70)] 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.)

• Debtor : Remal Energy Company

- Amount of the Debt Guarantee : USD 26,550,000

- Details of the Debt Guarantee : Payment guarantee for Local Content Management

- Term of the Debt Guarantee : August 11, 2025 to August 14, 2029

- Creditor : Procurer (SPPC)

• Debtor : Naseem Energy Company

- Amount of the Debt Guarantee : USD 27,000,000

- Details of the Debt Guarantee : Payment guarantee for Local Content Management

- Term of the Debt Guarantee : August 11, 2025 to August 14, 2029

- Creditor : Procurer (SPPC)

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 March 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 585,442,213,915		USD 420,576,303.10 (1 USD to 1,392.00 KRW)
Naseem Energy Company		KRW 587,811,035,299		USD 422,278,042.60 (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: August 12, 2025

FAQ

What guarantees did KEPCO disclose in the Form 6-K/A (KEP)?

KEPCO disclosed parent guarantees totaling KRW 1,173,253,249,214 (USD 842,854,345.70) for two project companies, Remal and Naseem, covering PPA payment guarantees, equity bridge loans, capital contributions and local content management.

How large is the guarantee relative to KEPCO's equity?

The filing states the guarantees equal 2.8% of KEPCO's consolidated equity of KRW 41,362,833,061,743 based on consolidated financial statements as of December 31, 2024.

What are the key terms and durations of the guarantees?

Terms vary by instrument: PPA payment guarantees run from Nov 28, 2024 to Aug 14, 2028; equity bridge loan guarantees are from Mar 21, 2025 to Mar 20, 2032; capital contribution guarantees run Jul 23, 2025 to May 31, 2029; local content guarantees run Aug 11, 2025 to Aug 14, 2029.

Are the lenders and creditors fully confirmed?

No. The filing states that some lenders listed are not confirmed yet because the disclosure is prior to execution of the financial contract and guarantee agreement.

When did KEPCO's Board approve the guarantees?

The Board approved the guarantees on November 20, 2024, with 8 of 8 outside directors attending and the standing member of the audit committee in attendance.