New Mexico industrial electricity rates

Analyst note

The New Mexico industrial price sat above the U.S. average in 0 of 10 years; the gap was -0.58 ¢ in 2015 and -2.70 ¢ in 2024. In the 2024 ranking New Mexico sits between Louisiana (5.61 ¢) one place above; the top of the list is 28.70 ¢ away and the bottom 0.00 ¢. New Mexico was 34th in 2015 with 6.33 ¢ and is 51st now; a fall in the table. New Mexico industrial prices rose in 4 of 9 years. The largest rise was +10.4% in 2021, and the largest fall -12.3% in 2023. The New Mexico price peaked at 6.56 ¢ in 2022 and bottomed at 5.43 ¢ in 2024; 2024 is 17.2% below the peak and +0.0% from the low. Compounded, that is -1.69% a year in New Mexico, -3.51 points against the U.S. New Mexico buys 1.29% of all U.S. industrial electricity with 0.83% of the accounts, so the average New Mexico account uses 1.56 times the national average.

New Mexico industrial customers paid 5.43 ¢ in 2024, which puts the state 51st of 51, a bottom-ten position, 2.70 ¢ under the U.S. Nine years moved the New Mexico industrial price -14.2% (-1.7% a year), behind the U.S. by 31.9 points. The sharpest year was 2023 at -12.3%; the peak came in 2022.

The latest New Mexico year moved -5.6%, so prices have cooled. The New Mexico residential price of 14.20 ¢ sits 8.77 ¢ above. A New Mexico industrial account uses 120,246 kWh a month; priced at 5.43 ¢ that is about $6,529, and the sector buys 44.1% of New Mexico's power.

Counting revenue instead of kWh, New Mexico industrial accounts bring in 26.1% of New Mexico sector revenue on 44.1% of the kWh, a discount of 18.0 points that comes from the price level: 5.43 ¢ here against 14.20 ¢ for residential and 10.54 ¢ for commercial accounts. The average New Mexico industrial account uses 120,246 kWh a month, 22 of 51 among states on that measure; a residential account uses 0.01 times as much and a commercial account 0.04 times. Industrial accounts are 0.85% of the 1,093,458 accounts in New Mexico.