Financial Data and Key Metrics Changes - The consolidated operating income for 2025 was KRW 13,524.8 billion, with revenue increasing by 4.3% to KRW 97,434.5 billion [4] - Power sales rose by 4.6% to KRW 93,004.6 billion, while overseas business and other revenue decreased by 1.8% to KRW 4,429.9 billion [4] - Cost of goods sold and SG&A decreased by 1.3% to KRW 83,909.7 billion, and fuel costs decreased by 13.8% to KRW 19,436.4 billion [4] - Net income for 2025 was KRW 8,737.2 billion [5] Business Line Data and Key Metrics Changes - The annual power sales volume was 549.4 terawatt-hours, reflecting a 0.1% decrease year-over-year due to economic downturn and decreased industrial demand [9] - The capacity factor for nuclear power increased, contributing more to the generation mix, while the contribution from LNG decreased due to reduced installed capacity [13] Market Data and Key Metrics Changes - Fuel prices for bituminous coal were around $105.7 per ton, and LNG prices were KRW 980,000 per ton, with SMP at KRW 112.7 per kilowatt hour [11] - The expected capacity factors for 2026 are projected to be mid to high 80% for nuclear power, mid 40% for coal, and early to mid 20% for LNG [13] Company Strategy and Development Direction - The company is focusing on enhancing its nuclear power generation capacity and is working closely with the government to develop a robust nuclear power plant export strategy [56] - There is an ongoing effort to streamline pricing schemes for industrial power, including seasonal and regional pricing adjustments [64] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in costs related to greenhouse gas emissions and nuclear site recovery impacted operating income, particularly in Q4 2025 [27] - The company anticipates a slight increase in total sales volume in 2026 due to expected economic growth and increased operating days [9] Other Important Information - The annual RPS expense on a consolidated basis was KRW 3,989.7 billion, and total borrowings as of Q4 2025 were KRW 129.8 trillion [15] - The dividend payout ratio decreased from 16.5% to 13.65%, but the absolute amount of dividends paid out increased due to higher standalone net income [42] Q&A Session Summary Question: Contribution of nuclear power generation and other costs - The increase in other costs was attributed to provisions for greenhouse gas emissions and nuclear site recovery, with a significant portion booked in Q4 2025 [27] - The capacity factor for nuclear power is expected to be mid-high 80% annually, with maintenance and new plants contributing to this increase [28] Question: Standalone vs. consolidated operating income - Standalone profits appeared stronger due to costs associated with subsidiaries not reflected in standalone numbers [34] - The adjustment coefficient for 2026 is expected to be slightly higher than in 2025 [38] Question: Provisional liabilities related to used nuclear fuel - Provisional liabilities for nuclear site recovery increased to KRW 24,076.9 billion, while used nuclear fuel liabilities decreased to KRW 2,745.3 billion [46] Question: Nuclear power generation export strategy - The company is collaborating with the government to develop a nuclear power plant export strategy, awaiting results from a research project [56] - Ongoing negotiations regarding additional construction costs incurred during the BNPP project are in progress, but specific numbers cannot be disclosed [59] Question: Tariff pricing schemes - The company is developing new pricing schemes for industrial power to reflect changes in load patterns and regional demand, but the impact on unit prices and timeline is still uncertain [64]