KEPCO to Spend 130 Million KRW on Korea Electric Power University Entrance Ceremony Next Month

KAIST Korea Electric Power University 2nd Admission Ceremony... Held on the 24th of Next Month
Budget of 130 Million Won Invested... 380 Participants Including Current Students
Tuition and Dormitory Fees Waived... KEPCO Provides Operating Expenses

On the morning of March 2 last year, fireworks exploded at the entrance ceremony and vision proclamation ceremony held at Korea Energy Polytechnic University in Naju, Jeollanam-do.
[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] Korea Energy Engineering University (KEEU) will hold its 2nd entrance ceremony next month. KEEU was established with funding from Korea Electric Power Corporation (KEPCO) as a national project under the Moon Jae-in administration. Since major facilities such as lecture halls and libraries are not yet completed, the 2nd entrance ceremony is expected to be held in the middle of a construction site, just like last year.

According to related ministries on the 31st, KEEU will hold the 2nd entrance ceremony on the 24th of next month at the KEEU campus located in Naju, Jeollanam-do. About 380 people will attend the ceremony, including current students, new students, parents, and local government officials. Approximately 110 undergraduate students will newly enroll at KEEU this year. The budget allocated for this entrance ceremony is about 130 million KRW.

The ceremony will be held using the auditorium inside the main building and the nearby parking lot. This is because only one building, the four-story main building, has been completed on the 400,000㎡ site, which is equivalent to 48 soccer fields. When KEEU held the 1st entrance ceremony in March last year at the 'construction site campus,' there was controversy over the 'hasty opening.' The nine major buildings, including the student union and Research Buildings 1 and 2, only broke ground last month. KEEU plans to complete these nine buildings sequentially by October 2025.

Regular Admission Competition Ratio 60.3 to 1

Despite these conditions, the competition was fierce. This year, KEEU's regular admission competition ratio was 60.3 to 1. Although this is lower than the 95.3 to 1 ratio during the first admission in 2022, it remains high. The early admission competition ratio this year (12.63 to 1) also decreased compared to last year (24.1 to 1), but it is still not low compared to science and technology institutes or specialized science and engineering universities.

The reason for the high competition ratio is simple. It is due to the extraordinary benefits offered, such as full tuition exemption and free dormitory fees for all students. KEEU’s ambitious plan to become one of the top 10 energy universities by 2050, aiming to be the 'MIT of Korea,' has also raised expectations. KEEU has recruited faculty by offering high salaries. The average annual salary of 15 full professors at KEEU is 200 million KRW.

KEPCO Provides Operating Funds

The problem is that the institution supporting KEEU is KEPCO, which is currently in a 'deficit swamp.' The establishment and operating costs of KEEU are borne by KEPCO and other power group companies such as Korea Hydro & Nuclear Power. According to the 'Basic Agreement on the Establishment of KEEU' signed by the power group companies in 2019, the burden ratio is KEPCO (64%), six power generation public enterprises (5% each), KEPCO KPS and KEPCO KDN (2% each), KEPCO Engineering & Construction and KEPCO Nuclear Fuel (1% each). This year alone, the power group companies plan to contribute 158.8 billion KRW to KEEU, more than double last year's contribution of 71.1 billion KRW.

As KEPCO’s deficit continues to balloon, voices calling for adjustment of the contribution plan are emerging. A professor from an energy-related department, who requested anonymity, said, “Maintaining the contribution plan for KEEU as is while KEPCO is in a serious deficit situation is not desirable,” adding, “KEEU’s functions overlap considerably with those of Gwangju Institute of Science and Technology (GIST).”