Energy vice minister Park Il-jun said that raising the electricity rate is inevitable for businesses that consume a large amount of power.

The minister hosted a meeting on Friday to discuss the energy crisis with industry officials and associations representing a host of manufacturing sectors such as semiconductors, displays, steel, cement, machinery, autos and petrochemicals.

While stressing that rate increases can no longer be delayed for voracious energy consumers, Park added that public sector energy firms will exert efforts themselves to keep rate hikes at a minimum and related ministries review various measures to that end as well.

In an earlier press conference this week, the vice minister said the government was considering applying tiered electricity rates so that high-consumption establishments would pay more.

As the state-run Korea Electric Power Corporation struggles with massive debt, the ministry is seeking to better manage power supply, launch an energy-saving campaign and support investments and the development of technologies aimed at improving energy efficiency.