New Mexico commercial electricity rates

Analyst note

The New Mexico commercial price sat above the U.S. average in 0 of 10 years; the gap was -0.34 ¢ in 2015 and -2.21 ¢ in 2024. In the 2024 ranking New Mexico sits between South Dakota (10.55 ¢) one place above and Louisiana (10.46 ¢) one place below; the top of the list is 27.64 ¢ away and the bottom 3.35 ¢. New Mexico was 19th in 2015 with 10.30 ¢ and is 36th now; a fall in the table. New Mexico commercial prices rose in 4 of 9 years. The largest rise was +5.1% in 2021, and the largest fall -5.3% in 2016. The New Mexico price peaked at 11.07 ¢ in 2022 and bottomed at 9.75 ¢ in 2016; 2024 is 4.8% below the peak and +8.1% from the low. Compounded, that is +0.26% a year in New Mexico, -1.77 points against the U.S. New Mexico buys 0.66% of all U.S. commercial electricity with 0.76% of the accounts, so the average New Mexico account uses 0.87 times the national average.

New Mexico commercial customers paid 10.54 ¢ in 2024, which puts the state 36th of 51, a middle position, 2.21 ¢ under the U.S. Nine years moved the New Mexico commercial price +2.3% (+0.3% a year), behind the U.S. by 17.5 points. The sharpest year was 2016 at -5.3%; the peak came in 2022.

The latest New Mexico year moved -1.3%, so prices have cooled. The New Mexico residential price of 14.20 ¢ sits 3.66 ¢ above. A New Mexico commercial account uses 5,398 kWh a month; priced at 10.54 ¢ that is about $569, and the sector buys 31.7% of New Mexico's power.

Counting revenue instead of kWh, New Mexico commercial accounts bring in 36.4% of New Mexico sector revenue on 31.7% of the kWh, a premium of 4.7 points that comes from the price level: 10.54 ¢ here against 14.20 ¢ for residential and 5.43 ¢ for industrial accounts. The average New Mexico commercial account uses 5,398 kWh a month, 29 of 51 among states on that measure; a residential account uses 0.12 times as much and an industrial account 22.28 times. Commercial accounts are 13.54% of the 1,093,458 accounts in New Mexico.