Electricity rates for industrial use will rise by nine-point-seven percent starting Thursday, while the rates will be frozen for households and small businesses. 

The state-run Korea Electric Power Corporation(KEPCO) announced the hike Wednesday, saying it has adjusted electricity rates to reflect some of the accumulated factors for rate increases and to encourage efficient energy consumption.

KEPCO added that the rate adjustments also considered inflation and the cost burden for consumers. 

The rate hike for industrial use will affect one-point-seven percent of KEPCO’s customers, which account for 53-point-two percent of all electricity use.

The rate for large companies will rise ten-point-two percent, while that for small and medium-sized companies will increase five-point-two percent.