South Korea’s state power utility announced an average electricity price increase of 9.7% for industrial users starting Wednesday, while freezing rates for residential users and commercial facilities such as restaurants. Large-volume industrial users will see a 10.2% increase, while SMEs mostly face a more modest hike of 5.2%. While primarily targeting the few large industrial users that account for more than half of total power consumption, government officials on Wednesday defended the hike by noting that Korea’s electricity rates in general rank low among OECD nations.

The move comes as the Korea Electric Power Corporation (KEPCO) grappleswith around $147