Good afternoon, this is Nam Young Jang, Head of Finance and IR Team. On behalf of KEPCO, I would like to thank all of you for attending today's conference call to announce earnings results for the third quarter of 2023. Today's call will be proceeded in both Korean and English, and we will begin with a brief presentation on the earnings results, followed by a Q&A session. Please note that the financial information to be disclosed today is on a preliminary, unaudited, and consolidated basis in accordance with K-IFRS. Any comparison will be on a year-on-year basis between last year and this year. Business strategies, plans, financial estimates, and other forward-looking statements included in today's call are based on our current expectations and plans, which may involve certain risks and uncertainties. We will now provide an overview of earnings results on the third quarter of 2023 in Korean and English. Annyunghasimnikka, IR damdang bujang Jeong Choi jimmniida. Munjo yeongap soni buto sallkyeobugessseumnida. 2023 3Q bungiki jjun yeongap iigeun KRW 1.96 trillionul gikukayo. 3Q nuge yeongap sonsi yugjo chason obok KRW 350 billionul gikukayasseumnida. Guchojigin naeogul salpkyeobomyeon, naechuraegun 20% jinggan 60 jo 8,800 baek juipsip owonul gikukayasseumnida. Ijung jeongip hanmaesuigun 28.9% jinggan 61 jo 7,800 sipowon, hoesaop suigdung gipa suigun ipjeom 4% jinggan 3 jo 9,010 jogonul gikukayasseumnida. Naechuron gwa pangam bineun 2% gamsoayo, 70 jo 1,300 juipsip owonimnida. Ijung yonlobinun energy gagyeog halagoro 19% gamsoayo, 21 jo 7,360 owon, jeonlyog puibbinun yeongjeong 9% jinggan 30 jo 3,410 owonul gikukayasseumnida. Gangga sangap bineun singyu baljeonso junggong dungae ttaneun sanggak jasang jinggan 5.2% jinggan 8 jo 5,880 owonul gikukayasseumnida. Daumun yeongapoe sonig juyo jinggan naeogimnida. Guming sonigun ijo guchon 6,370 won sonsillo, jeonnyeon dungki naebi sonsip pogi yuchon 9,200 ipjip iowon jinggan han geosoro natanasseumyo, juyo wonineun chalgyeong giumo jinggan mi ijael sangsang yeonghyangimnida. Jingkkaji eonggeup han naeongul juyo woninuro, 2023 sam bungi nuge yeonggyeol sunsonigun ojo guchon 8,130 won, dangi sunsonstileun palchon, sunigi 8,330 wonul gikukayasseumnida. Iyeoso yeongeo soni silchoro seulmeongdeurigesseumnida. In the third quarter of 2023, KEPCO recorded an operating loss of KRW 6.5 trillion. Third quarter only recorded an operating profit of KRW 2.0 trillion. To take a closer look, operating revenues increased by 26.9% to KRW 65.7 trillion, year-over-year. Power sales revenue rose by 28.8% to KRW 61.8 trillion, while revenues from overseas and other businesses increased by 2.4% to KRW 3.9 trillion. Cost of Goods sold and SG&A expenses decreased by 2% to KRW 72.1 trillion. Fuel costs went down by 10.9% to KRW 21.7 trillion, due to stabilized global LNG and coal price. Purchased power costs slightly increased by 0.9% to KRW 30.3 trillion. Depreciation costs increased by 5.2% to KRW 8.5 trillion, mainly due to newly introduced facilities and power plant. Now, let me explain KEPCO's non-operating segment. The net financial loss was KRW 3.0 trillion year-on-year, and loss was increased by KRW 0.7 trillion, mainly due to increased debt and interest rate. As a result of the foregoing, we recorded an accumulated and consolidated net loss of KRW 6 trillion. Third quarter, we only recorded a consolidated net income of KRW 800 billion. This is end of overview of KEPCO's earnings result for the first half of 2023. Annyunghasimnikka, IR damdang Won Gi Cho imnida. Munjo palmae jeongmangae dae maesuldeurigesseumnida. Global gyeonggi dunha janggiwa mig sucsul bujin yeonghyanguro, 3 bungi nujeg jeonlyog palmaeyang은 sabak 15 terawatt hourro, jeonnyeon dungki naebi yeongjeom 3% gamsohayasseumnida. Yeongan gijjunoroneun hanguk gyeongje sungjangi dunhaedoel geosoro jeonmangdwaeyo, jeonnyeon naebi sopok jingga ttoneun yusahal geosoro jeonmanghago isseumnida. Daumuro, yonlo eonbeol yonlobi danggae dae maesuldeurigesseumnida. 3 bungi nuge jjun yonlobi dangganun gukje yonlo gagyeogi anjeonghwaoro, seoktanun ton dang yak KRW 240,000, LNGnan ton dang yak KRW 1,100,000ul gikukayasseumnida. Yeongan yonlobi dangganun seoktanun hayok jeban biyongul jaehoeago ton dang KRW 200,000 dae choban, LNGnan ton dang KRW 1,100,000 huban, yonryunon lito dang KRW 1,000 hubaneul jeonmanghago isseumnida. Jeonlyog geuleobsa baljeon migseureul salpkyeobomyeon, 3 bungi baljeon bijungun jeonnyeon dungki naebi wonjeoni jinggan han pyeon, seoktan LNGnan gamsohayasseumnida. one, power generation increased. For coal, the utilization rate decreased due to scheduled maintenance and a reduction in reserve units, and power generation decreased due to lower LNG and other energy prices and reduced electricity demand. In the third quarter, the utilization rate was 89% for nuclear power, 69% for coal, and 33% for LNG. For the full year, the utilization rate is expected to be around 80% for nuclear power, mid-50% for coal, and mid-20% for LNG. ...민간 구입 전력비의 경우는 자회사 발전량 감소로 민간 구입량이 6.3% 증가하였고, 민간 석탄발전소 진입으로 구입 단가는 소폭 하락하였습니다. 이어서 RPS와 ETS 관련 비용에 대해 말씀드리겠습니다. 3분기 RPS 비용은 연결 기준 7,492억원, 별도 기준 7,629억원을 기록하였습니다. ETS 비용은 연결 기준 -312억원, 별도 기준 0원을 기록하였습니다. 이것으로 주요 경영 여건에 대한 간략한 설명을 마치겠습니다. Good afternoon. This is Wonkee Cho, Senior Manager of the IR team. First, on sales outlook. Due to the prolonged global economic slowdown and sluggish export, electricity sales in Q3 decreased by 0.3% year-on-year to 415 TWh. On an annual basis, the growth of the Korean economy is expected to slow down with a slight increase or similar to the previous year level. Next is on unit cost of fuel by fuel source. In the third quarter of 2023, the cumulative unit price of fuel recorded around KRW 240,000 per ton for coal and KRW 1.4 million per ton for LNG, from stabilization of international fuel prices. The annual unit price of fuel is expected to be in the early range of KRW 200,000 per ton for coal, excluding unloading cost, and in late KRW 1.3 million per ton for LNG and late, one thousand two hundred won per liter for oil. Looking at the power generation mix of Gencos, in the third quarter, the share of nuclear power generation increased year-on-year, while coal and LNG decreased. In the case of nuclear power plant, there was a decrease in the utilization rate of nuclear power plants due to the increase in the number of preventive maintenance days, but the power generation volume increased due to the start of commercial operation of Shin- Hanul Number One. In the case of coal, the utilization rate decreased due to the increase in the number of maintenance days. In the case of LNG, the power generation decreased due to high energy prices and decreased electricity demand. In Q3, the utilization rate for nuclear power plant was 84.5%, coal 60.1%, and LNG 33%. The annual power generation utilization outlook for nuclear power plant is in, is in the early 80% range, and coal is in the middle of 50%, and LNG is in the mid- to late-20%. In the case of IPP purchased electricity costs, the cumulative purchase increased by 6.3% in the third quarter as new coal power plants were introduced. Next is on, on the RPS and ETS related costs. In the third quarter, RPS expenses were KRW 749.2 billion on a consolidated basis and KRW 762.9 billion on a separate or standalone basis. ETS expenses were KRW -31.2 billion on a consolidated basis and zero on a standalone basis. This concludes a brief explanation of the main business update. 이어서 질의 응답 시간을 갖도록 하겠습니다. 지금 이 자리에는 회사 주요 분야 담당 IR 실무위원들께서 함께 참석하고 계시니, 궁금하신 사항을 자유롭게 질문하여 주시기 바랍니다. 국, 영문 순차 통역으로 진행이 되므로 질문과 답변을 간단하고 분명하게 해주시면 감사하겠습니다. 그럼 이제 질문을 시작해 주시기 바랍니다. We will now have our Q&A session. I'm now joined by our IR committee members in charge of major business throughout KEPCO. We are now ready to accommodate any questions, and since we will be accommodating questions in both Korean and English, please kindly make your questions and answers brief and clear. 그럼 지금부터 질의응답을 시작하겠습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 일번을 눌러주십시오. 신청하신 질문을 취소하시려면 별표와 일번을 눌러주시면 됩니다. Now Q&A session will begin. Please press asterisk one if you have any questions. For cancellation, please press asterisk two on your phone. 다시 한번 말씀드리겠습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 일번을 눌러주십시오. Once again, if you have a question, please press asterisk and one. Mr. Moon Kyung-won from Meritz Securities. Please ask your question. The first question will be given by Moon Kyung-won from Meritz Securities. Please go ahead. 안녕하세요. 메리츠 증권의 문경원 연구원입니다. 일단 두 가지 질문이 있는데요. 첫 번째로, 삼분기에 기타 비용이 연결 기준으로 봤을 때, 전년 동기 대비해서 조금 줄어든 것 같은데 원인이 궁금하고요. 그다음에 두 번째로는, 사분기를 봤을 때 저희 수선비 관련해가지고 뭔가 추가적으로 이제 쌓여야 되는 비용들이 있을지 궁금하고, 그리고 인건비 측면에서도 최근에 발표한 어떤 자구책 관련해가지고 뭔가 추가적인 비용이 발생할 만한 게 있을지 궁금합니다. This is Kyong Won Moon from Meritz Securities. I have two questions. First is on your other cost on a consolidated basis, your other miscellaneous cost is down year-on-year basis, and what is the reason behind this? Second question, looking out to the fourth quarter, on the repair cost, do you have any additional or repair costs that we have to be mindful of? And also in terms of wages and labor costs, in terms of implementing your turnaround plan, do you foresee any additional incremental wage or labor costs that is associated with the plan? Foreign language. Regarding the other cost, we have seen the decrease in the fuel price for regarding Mexico's Norte project, hence, the materials cost also went down accordingly. Also, in terms of KDN's ADN deployment plan, we have also seen decrease in costs associated with the deployment plan. To answer your question on Q4 repair cost and wage and labor cost is something that we can only foresee after some time. But in accordance with our press report on November 8th, we released a turnaround plan that includes the overall turnaround of the organization, which includes reduction of manpower within our headquarters, as well as reduction of our operation and administrative resources, and also accommodating and getting an early retirement plan in place. So, please do refer to our press reporting. For us to gauge an impact on our P&L, it's something that we have to wait to see how it will be further reflected on our P&L. Foreign language. Foreign language. Currently, there are no participants with question. Please press asterisk one to give your question. Foreign language. Once again, if you have a question, please press asterisk and one. Foreign language. The following question is by Kang Dong-jin from Hyundai Motor Securities. Please go ahead. 안녕하세요, 현대차증권 강동진입니다. 질문 기회 주셔서 감사하고요. 저희 두 가지 정도 질문을 드리겠는데, 지금 저희 올해 연결 기준으로 CapEx, 그다음에 내년에 CapEx를 간단히 좀 말씀해 주시면 좋을 것 같고, 그다음에 저희 이제 금융 비용 관련돼서 연결하고, 이제 별도 이렇게 해서 올해하고 내년 정도에 어느 정도 예상되는지, 아니면 뭐 잔액 기준으로 해서 평균 이제 금융 비용, 뭐, 코스트, 뭐, 이렇게 이자 비용이 어느 정도 수준인지 같이 좀 간략하게 말씀해 주시면 감사할 것 같습니다. 이상입니다. Thank you for the opportunity to ask question. I have about two questions. First is on your CapEx guidance. What is your consolidated based CapEx level for this year and next year? And also regarding the financial cost, what are your expected financial costs for next year, as well as if you can mention this year on a consolidated and a standalone basis? And if you can also mention some interest costs associated with it, would be great. To answer your question on CapEx, for 2023, our CapEx guidance is KRW 17 trillion and KRW 18.4 trillion for 2024, for our KEPCO and also our Gencos put together for directly investing into the Korean market. We have a cumulative of KRW 10.7 trillion of CapEx executed as of Q3 of 2023, which is the execution level of 87% versus plan. ...향후에도 안정적 전력 공급을 위한 필수적 투자비는 집행하면서, 또 저희 자구책에 나와 있는 대로 필수적이지 않은 투자비는 이연하는 방법도 같이 검토해서 추진하겠습니다. Going forward, we're going to execute CapEx related to our essential supply of electricity. Also, we're going to deprioritize those non-essential items and consider delaying those CapEx execution as we move on with our turnaround plan. 예, 먼저 연결 기준의 금융 비용은 이번 3분기 동안 1조 2천억 원 가량이 발생하였는데요. 향후 전망은 차입금 증가나 금리 상승분을 좀 더 봐야 알 수 있을 것 같습니다. The financial cost on a consolidated basis for Q3 has been KRW 1 trillion. But the level of the debt going forward, financial costs going forward will depend on the size of borrowing as well as interest rate going forward. September 2022, was at the level of KRW 1.9 trillion. Then, from January to September 2023, was KRW 3.3 trillion. This is the number on a consolidated basis. Then, now, regarding interest income and interest expense on a separate basis, let me explain. From January to September 2022, interest expense was KRW 894.9 billion, and then, for 2023 from January to September, recorded KRW 1.73 trillion. To elaborate further, to talk about interest cost. When you look at the accumulated interest cost during January to September 2022, it was KRW 1 trillion. For 2023, January to September, it was KRW 1 trillion. On a standalone basis, interest cost during 2022 from January to September has been KRW 894.9 billion, whereas for January to September 2023, it has been KRW 2.073 trillion. 다음 질문 받겠습니다. 현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 일번을 눌러주십시오. Currently, there are no participants with questions. Please press asterisk one to give your question. 다시 한번 말씀드리겠습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 일번을 눌러주십시오. Once again, if you have a question, please press asterisk and one. 현재 질문을 요청하고 계신 분은 없습니다. 질문이 있으신 분들은 전화기 버튼의 별표와 일번을 눌러주십시오. Currently, there are no participants with question. Please press asterisk one to give your question. 질문이 더 이상 없으신 관계로 이상으로 질의응답을 마치겠습니다. 추가로 궁금하신 점은 IR팀으로 문의 부탁드립니다. As there are no further questions, we'll now end the Q&A session. For any additional inquiries, please contact our IR department. 바쁘신 중에도 참석해 주신 분들께 감사드리며, 한국전력공사의 2023년 3분기 실적 발표는 이것으로 마치겠습니다. 고맙습니다. This concludes the fiscal year 2023 third quarter earnings results by KEPCO. Thank you for your participation!