2026 Commercial Electricity Rates: State-by-State Comparison
The following priority-market table preserves the original January 2026 EIA values used when this article was published and adds a current-status column from the EIA Electric Power Monthly February 2026 data released April 23, 2026. For the current national benchmark path, see the February 2026 commercial rate hub.
| State | At Publication Jan 2026 | Current EIA Feb 2026 | ISO/RTO | Details |
|---|---|---|---|---|
| Massachusetts (MA) | 25.64¢ | 25.27¢ | ISO-NE | View → |
| Rhode Island (RI) | 24.84¢ | 24.06¢ | ISO-NE | — |
| Connecticut (CT) | 23.16¢ | 24.59¢ | ISO-NE | View → |
| New York (NY) | 22.28¢ | 23.49¢ | NYISO | View → |
| New Hampshire (NH) | 22.19¢ | 22.92¢ | ISO-NE | — |
| Maine (ME) | 22.46¢ | 23.97¢ | ISO-NE | View → |
| Vermont (VT) | 20.64¢ | 20.76¢ | ISO-NE | — |
| New Jersey (NJ) | 17.41¢ | 17.29¢ | PJM | View → |
| Michigan (MI) | 14.42¢ | 15.15¢ | MISO | View → |
| Pennsylvania (PA) | 14.21¢ | 14.86¢ | PJM | View → |
| Indiana (IN) | 13.85¢ | 14.39¢ | MISO | View → |
| Ohio (OH) | 13.12¢ | 14.30¢ | PJM | View → |
| Wisconsin (WI) | 13.10¢ | 13.98¢ | MISO | — |
| Illinois (IL) | 12.28¢ | 13.33¢ | PJM/MISO | View → |
| Iowa (IA) | 10.52¢ | 10.74¢ | MISO | — |
Source: EIA Electric Power Monthly, Table 5.6.A. Original column uses January 2026 data available at publication; current column uses February 2026 data released April 23, 2026. Rates are average revenue per kWh, commercial sector.
Why Commercial Rates Are Rising in 2026
Three structural forces are pushing commercial electricity costs higher across all major ISOs:
- Capacity Market Repricing: PJM’s 2026/2027 Base Residual Auction cleared at a record $329.17/MW-day across the entire RTO — a 22% increase over the previous year’s $269.92/MW-day. This directly flows into capacity charges on commercial bills in PA, OH, NJ, IL (ComEd), MD, VA, and DC starting June 2026.
- Natural Gas Basis Volatility: Henry Hub sits at $2.90/MMBtu (EIA projects $3.80 annual average for 2026), but regional basis premiums tell a different story. Transco Zone 6 (NYC) surged 120% year-over-year in 2025, and Algonquin (ISO-NE) remains structurally constrained, driving New England’s 24–26¢ rates.
- Grid Modernization Cost Pass-Through: Con Edison’s approved 3.5% delivery rate increase (2026), along with similar filings from National Grid, ComEd, and PSEG, reflect billions in infrastructure upgrades being socialized across ratepayers.
What This Means for Commercial Buyers
The data reveals a clear geographic arbitrage opportunity. Businesses in deregulated states can act on the spread between their current utility default rate and competitive supplier offers:
- PJM states (PA, OH, NJ, IL, MD): Lock fixed-rate supply contracts before the $329.17/MW-day capacity charges flow through starting June 1, 2026.
- ISO-NE states (MA, CT, NH, ME): Consider blended index+fixed structures. Winter basis volatility makes full-index exposure risky, but locking 100% fixed leaves money on the table during mild shoulder months.
- MISO states (IL downstate, IN, MI, WI): Watch the April 28 MISO PRA results. A higher-than-expected clearing price could shift Midwest commercial rates upward by Q3 2026.
Connected Analysis
For MISO capacity outlook, read our MISO PRA 2026/27 preview. For natural gas procurement timing, see our April 2026 injection season outlook.
Source: U.S. Energy Information Administration, Electric Power Monthly (January 2026 data, published March 24, 2026); PJM Interconnection BRA Results (July 2025); EIA Short-Term Energy Outlook (March 2026).