Korea Electric Power Corporation (Kepco)

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Korea Electric on its Iran Scrutinized Companies List. (https://www.ipers.org/sites/default/files/IPERS%27%20Iran%20Prohibited%20Companies%202Q21.pdf)

According to its 2018 Annual Report filed with the SEC in April 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA. We are currently in the process of closing down our representative office in Tehran, Iran, which is expected to take more than one year due to relevant legal procedures. We have announced to all relevant Iranian counterparties, all of which were either the Government of Iran or state-owned enterprises, our intention to terminate all business activities in Iran. We previously entered into agreement with counterparties in Iran including the following: (https://sec.report/Document/0001193125-19-127526/d693258d20f.htm)

In 2019 Korea Electric was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.   (https://comptroller.texas.gov/purchasing/publications/divestment.php)

Korea Electric Power Research Institute, which is operated by us, has entered into cooperation agreements with Iran’s Niroo Research Institute regarding various joint research and development efforts relating to power plants and renewable energy."

We have submitted a draft proposal to the Iran Energy Efficiency Organization under which we would provide consulting services in relation to AMI security in Iran.

In 2018 the U.S. state of Iowa listed Kepco on its Iran prohibited companies list rendering Kepco ineligible for investment and/or state contracting./ Owned by Korea Development bank (https://www.ipers.org/sites/default/files/media/2017%2009%20Iran%20Prohibited%20Companies%20List%2009-30-17.pdf)

We are in the process of negotiating a contract with Thermal Power Plant Holding Company of Iran under which we would build and operate combined cycle power plants at Zanjan and Neyzar, Iran.

According to its Annual report filed with the SEC for fiscal year 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA." (https://www.sec.gov/Archives/edgar/data/887225/000119312520125462/d853940d20f.htm)

We are in the process of conducting a feasibility study for a solar power project in Iran.     Our wholly-owned subsidiary, Korea Western Power, is currently pursuing a “build, operate and transfer” project relating to a 500 megawatts combined cycle power plant in Sirjan, Kerman in Iran, through a consortium with Daewoo E&C, a Korean construction company, and Gohar Energy, an Iranian energy company. The consortium is currently conducting a feasibility study.

"Posco Energy, in cooperation with the Korea Electric Power Corporation (Kepco), Posco E&C and PKP, recently signed an MOU for an off-gas power plant and desalination project in Iran. Posco Energy and Kepco will be in charge of operating and maintaining the plant and desalination facility, while Posco E&C will oversee their construction." (Korea JoongAng Daily, “Posco signs deals to export its tech to Iran,” 4/29/2016) (http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3018110&cloc=joongangdaily%7Chome%7Cnewslist1)

As of August 15, 2019, the state of Iowa listed Korea Electric on its Iran scrutinized companies list. (https://www.ipers.org/sites/default/files/media/2017%2009%20Iran%20Prohibited%20Companies%20List%2009-30-17.pdf)

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"An official has announced that seven new power plants will be constructed inside the country by Russian and South Korean companies. Mohsen Tarztalab, the General Manager of Iran's Thermal Power Plant Holding (TPPH), described signing of new contracts for designing and construction of new power stations in collaboration with foreign investors during the post-JCPOA era saying 'a Memorandum of Understanding (MoU) has been recently inked with Russian contractor Technoprom energy firm for building a 1400MW power plant in the southern Iranian port city of Bandar Abbas.' ... Moreover, South Korea's Hyundai Engineering Company (HEC) and Korea Electric Power Corp (KEPCO) have signed agreements with Iran over joint construction of three other power generating plants in Zanjan, Qom and Bafgh cities." (Mehr, "Foreign firms to build  power houses in Iran," 08/28/2016). (http://en.mehrnews.com/news/119297/Foreign-firms-to-build-power-houses-in-Iran)

According to its Annual Report filed with the SEC for fiscal year 2017: "A summary of our current projects in Iran follows. We have entered into a cooperation agreement with Tavanir, an Iranian state-owned electricity provider, under which we would carry out a pilot “advanced metering infrastructure (AMI)” project. AMI enables checking the electricity usage amount remotely. The project is being conducted in Pak Dasht City and Hormuz Island, Iran. This project involves installing over approximately 2,500 smart meters. The development and production of AMI equipment and materials are complete, and we have obtained permission from the Ministry of Trade, Energy and Industry of Korea to export the equipment. We currently plan to ship the AMI equipment and materials to Iran during April 2017, install them in May 2017, and complete the project by July 2017.     We are in the process of negotiating various agreements with Tavanir under which we would provide consulting services relating to (i) improvement of Iran’s electricity demand through load management, efficiency improvement and tariff system improvement, (ii) formation of a roadmap for intelligent electricity transmission system in Iran by improving transmission reliability and implementing automation, (iii) reduction of electricity loss during transmission in the electricity system of Iran, (iv) development of a clean development mechanism (CDM) for the recovery and recycling of the sulfur hexafluoride gas in Iran for purposes of carbon emission reduction, and (v) modeling the installation of energy storage systems in Iran. Funding for the last project will be provided by the Ministry of Trade, Industry and Energy of Korea under its Official Development Aid program.     We have participated in a feasibility study of the proposed adoption by Tavanir of a 765 kV electricity transmission network. Our task involved reviewing Tavanir’s feasibility report. A final report summarizing our review of the feasibility report and a technical review of the transmission network was submitted in February 2017. (https://www.sec.gov/Archives/edgar/data/887225/000119312517145220/d327343d20f.htm)