KEPCO Advances KRW 76.6 Billion to U-Energy University This Year

by Lee Jieun

Published 26 Feb.2024 20:32(KST)

Korea Electric Power Corporation (KEPCO), designated as the main responsible institution for Korea University of Energy and Technology, has decided to advance a payment of 76.6 billion KRW to the university this year.

Korea Energy Technology University (KENTECH) held its 2022 entrance ceremony and declared its vision. [Image source=Asia Economy DB]

On the 26th, KEPCO announced, "A total of up to 76.6 billion KRW will be paid in installments monthly by June as part of the 2024 school operating funds and campus construction costs."

This contribution represents a portion of the funds needed for school operations and construction costs, and the total contribution amount from KEPCO and its 10 affiliates is expected to be finalized after June.

KEPCO explained that the announced 76.6 billion KRW is an advance payment of the minimum amount required monthly for university academic operations and campus construction before the final contribution decision, and that discussions regarding participation in contributions by power group companies will be held in the future.

Previously, in the last year, KEPCO decided on a contribution amount of 70.8 billion KRW for the University of Energy and Technology, which was about 30% less than the initially planned 101.6 billion KRW.

Also known as 'HanJeonGongDae,' the University of Energy and Technology was strongly promoted by the Moon Jae-in administration as the "world's only energy-specialized research-focused university" and opened in March 2022 in Naju, Jeollanam-do, before the inauguration of the Yoon Suk-yeol government.