[Exclusive] Korea Electric Power University to Begin Construction of 9 Campus Buildings Next Month with an Investment of 366.4 Billion KRW

Groundbreaking for 9 Campus Buildings Next Month... Total Construction Cost 366.4 Billion KRW
Library to Complete in October 2025... Phase 1 Usable for 3-4 Months
'Funding Source' KEPCO Faces Large Deficit... 30.7 Billion KRW Investment This Year Only

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] The nine campus buildings of Korea Energy Engineering University (KEEU), established as a national project under the Moon Jae-in administration, will break ground next month. The total construction cost is 366.4 billion KRW, which accounts for about 90% of the KEEU campus construction budget. KEEU students are expected to be able to use the library and student union building starting from the end of 2025, three years from now.

According to a compilation of reports on the 17th, KEEU will begin construction next month on nine buildings including the student union and Research Buildings 1 and 2 on the school site in Naju, Jeollanam-do. The total gross floor area of the nine buildings is 109,489.17㎡ (approximately 33,120 pyeong). KEEU plans to sequentially complete the nine buildings by October 2025 with an investment of 366.4 billion KRW. The last buildings to be completed are the library, student union building, and Research Building 2, scheduled for completion in October 2025.

KEEU was established as a national project under the Moon Jae-in administration with funding from Korea Electric Power Corporation (KEPCO). KEPCO, along with power group companies such as Korea Hydro & Nuclear Power, finances the establishment and operation costs of KEEU, including student tuition fees. The burden ratio is KEPCO (64%), six power generation public enterprises (5%), KEPCO KPS and KEPCO KDN (2%), and KEPCO Engineering & Construction and KEPCO Nuclear Fuel (1%) respectively. The construction cost of the nine campus buildings to be started next month (366.4 billion KRW) accounts for 90.2% of the originally allocated campus construction budget (406 billion KRW).

A bird's-eye view of the Korea Energy Engineering University (KEEU) campus located in Naju, Jeollanam-do.
[Photo by Korea Energy Engineering University]

With the start of construction on the KEEU campus, the controversy over the "hasty opening" that arose when the school opened in March with only one building is expected to subside somewhat. However, the first batch of students graduating in February 2026 will only be able to use the library and student union building for 3 to 4 months after their completion in October 2025.

KEPCO, the financial lifeline of KEEU, continuing to incur large-scale deficits, could also be a variable affecting the campus construction. KEPCO recorded a deficit of 21.8432 trillion KRW through the third quarter of this year. Despite this deficit, KEPCO held a board meeting last month and decided to contribute 30.656 billion KRW to KEEU. The additional amount KEPCO plans to contribute over the next three years from 2023 to 2025 is 262.5 billion KRW.