Korea Hydro & Nuclear Power Co. Ltd.'s Green Bond Framework

s pglobal.com/ ratings This product is not a credit rating Ju ly 7 , 2023 1 This S&P Global Ratings Second Party Opinion (SPO) represents our opinion on whether the documentation of a sustainable finance framework or program and whether the documentation of a sustainable f inance transaction aligns with certain third -party published sustainable finance principles, guidelines, and standards (“Principles”). For more details please refer to the Analytical Approach and Analytical Supplement, available at spglobal.com under Sustainable Financing Opinions . An SPO provides a point -in-time opinion, reflecting the information provided to us at the time the SPO was created and published, and is not surveilled. We assume no obligation to update or supplement the SPO to reflect any facts or circumstances that may come to our attention in the future. An SPO is not a cre dit rating, and does not consider credit quality or factor into our credit ratings. Second Party Opinion Korea Hydro & Nuclear Power Co. Ltd .'s Green Bond Framework July 7 , 2023 Korea Hydro & Nuclear Power Co. Ltd. (KHNP) is a wholly owned subsidiary of Korea Electric Power Corporation (KEPCO). KHNP engages in the generation and sale of electricity , primarily in South Korea . The company operates nuclear power plants, hydropower plants, and pumped storage hydropower plants across the country . It account ed for 30% of Korea’s power supply in 2022. In that year, KHNP's power generation capacity st ood at 30,030 megawatt s (MW ). In our view, KHNP ’s Green Bond Framework , published in Ju ly 2023 , is aligned with: ✔ Green Bond Principles (GBP), ICMA, 2021 (with June 2022 Appendix 1) Issuer’s Sustainability Objectives As the largest power supplier in South Korea, KHNP has established an environment, social and governance ( ESG ) strategic map that articulat es the company's vision of a sustainable future with clean energy . KHNP's strategy includes strengthening its existing hydropower and nuclear businesses, and expanding operations in solar, wind, and hydrogen power , in both dome stic and international market s. The company aim s to achieve carbon neutrality by 2033 and contribute to Korea's commitment to achieve carbon neutral ity by 2050 . KHNP has developed this G reen Bond Framework to finance projects in solar, offshore and onshore wind, hydropower , and pumped hydropower storage that fit within the company's sustainability objectives. Primary Analyst Shirley Lui Hong Kong + 852 -2912 -3063 shirley.lui @spglobal.com Secondary Analyst Vanessa Lai Hong Kong +852 -2912 -3019 v anessa.lai @spglobal.com Research contributor Mamata Gahan Pune CRISIL Global Analytical Center, an S&P affiliate, Pune