Business associations have expressed concerns about a recent decision by the state-owned power company to increase electricity rates for industrial use.

The Korea Chamber of Commerce and Industry(KCCI) released a statement on Wednesday saying the higher rates could have an adverse impact on corporate competitiveness.

While it acknowledged that an increase in electricity rates is inevitable, the KCCI suggested that all electricity consumers in the country should share the higher costs and actively participate in energy conservation efforts.

It also called for future electricity rate adjustments to be presented clearly and urged the passage of legislation such as the Special Act on the Expansion of the National Power Grid, a law on offshore wind power, and another on radioactive waste disposal sites.

Starting Thursday, the Korea Electric Power Corporation will increase electricity rates by 10-point-two percent for large businesses and five-point-two percent for small and medium-sized businesses.