Welcome to ECN, Gregory, although I come
from New Zealand, I may be able to help
you, if I can at all.
The Industrial Rate is for factories that use a large amount of electricity.
They normally have their own supply transformer provided by the Utility Co, because of the load.
Because of the large load, the metering is normally done via C.T's (current transformers).
The way that it is worked out over here, is based upon a certain amount of kW-hours per year, with a penalty for having a poor power factor (less than 0.6 lagging).
It really depends upon the situation, a
utility will set what it thinks is the correct rate and metering for a given site, your best bet would be to talk to the utility in question, after all they know what they are doing, I can only guess at
what they require.
Hope that I have at least been some help.