Korea Electric Power Corporation was established on December 31, 1981 as a successor company of Korea Electric Group in the form of a statutory judicial group under the supervision of the government. Korea Electric operates under the macro supervision of the Ministry of Trade and the Ministry of Industry and Energy. The Ministry of Trade and the Ministry of Industry and Energy are responsible for approving the company's affairs after consultation with the Ministry of Planning and Finance of Korea, and the company is also subject to the review of the Korea Electric Power Commission, which evaluates it and controls its price. Korea Electric is an integrated utility company dedicated to the transmission and distribution of electricity throughout Korea. Through control of its six wholly-owned subsidiaries, Korea Electric essentially owns the entire electricity production in Korea.