Florida industrial electricity rates

Analyst note

The Florida industrial price sat above the U.S. average in 10 of 10 years; the gap was +1.31 ¢ in 2015 and +0.37 ¢ in 2024. In the 2024 ranking Florida sits between Wisconsin (8.54 ¢) one place above and Delaware (8.49 ¢) one place below; the top of the list is 25.63 ¢ away and the bottom 3.07 ¢. Florida was 14th in 2015 with 8.22 ¢ and is 20th now; a fall in the table. Florida industrial prices rose in 4 of 9 years. The largest rise was +19.7% in 2022, and the largest fall -9.5% in 2024. The Florida price peaked at 9.39 ¢ in 2023 and bottomed at 7.15 ¢ in 2020; 2024 is 9.5% below the peak and +18.9% from the low. Compounded, that is +0.37% a year in Florida, -1.45 points against the U.S. Florida buys 1.69% of all U.S. industrial electricity with 2.38% of the accounts, so the average Florida account uses 0.71 times the national average.

A middle price: 8.50 ¢/kWh for Florida industrial accounts, rank 20 of 51, +4.6% against the U.S. Florida: +3.4% over nine years, or +0.4% a year, trailing the national +17.7% by 14.2 points; 2022 was the biggest single move (+19.7%) and 2023 the high.

Last year's change in Florida was -9.5% and falling. Against the residential price of 14.14 ¢ the gap is 5.64 ¢. Industrial sales are 6.8% of Florida electricity sold, and an average Florida account used 54,670 kWh a month, an implied bill near $4,647.

Counting revenue instead of kWh, Florida industrial accounts bring in 4.6% of Florida sector revenue on 6.8% of the kWh, a discount of 2.2 points that comes from the price level: 8.50 ¢ here against 14.14 ¢ for residential and 10.99 ¢ for commercial accounts. The average Florida industrial account uses 54,670 kWh a month, 38 of 51 among states on that measure; a residential account uses 0.02 times as much and a commercial account 0.12 times. Industrial accounts are 0.23% of the 11,779,010 accounts in Florida.