In March 1887, as the first electric light was turned on at Geoncheong-gung, Gyeongbok-gung, the history of Korea’s power industry began. In July 1961, KEPCO was established by the integration of Gyeongseong Electricity, Joseon Electricity, and Namseon Electricity. Over 40 years later, Korea's power industry went through a major change.

The Korea power industry was restructured by the Korean government in 2001. Korea East West Power Co., Ltd. (EWP) was spun off from the vertically-intergrated Korea Electric Power Corporation (KEPCO), along with four thermal and one nuclear generation companies (GENCOs)