State Benchmarks for Commercial Buyers
| Market | Commercial Mar 2026 | Commercial Mar 2025 | Industrial Mar 2026 | Procurement Signal |
|---|---|---|---|---|
| U.S. total | 13.92¢ | 13.16¢ | 8.58¢ | +5.8% commercial YoY; -3.1% from February |
| California | 28.18¢ | 23.84¢ | 20.06¢ | Highest large-state commercial benchmark |
| New York | 22.21¢ | 20.32¢ | 8.73¢ | High-cost state; lower than February commercial benchmark |
| Florida | 11.74¢ | 11.79¢ | 9.16¢ | Below U.S. average, demand-charge sensitive |
| Texas | 8.69¢ | 8.72¢ | 6.26¢ | Energy cheap, volatility and 4CP risk high |
| North Dakota | 7.46¢ | 7.06¢ | 8.07¢ | Lowest priority-market commercial benchmark |
| Montana | 12.42¢ | 11.27¢ | 5.99¢ | Industrial tariff advantage remains intact |
| New Mexico | 9.76¢ | 11.13¢ | 5.84¢ | Lowest industrial benchmark in this tracker |
What Changed in the May EIA Release
The May 21 EIA update is important because it replaced February benchmarks with March 2026 state data. The national commercial average moved to 13.92 cents/kWh, compared with 13.16 cents/kWh in March 2025. EIA notes that it calculates average retail revenue per kWh from sales revenues and volumes, so these figures are best read as bill-level benchmarks rather than tariff quotes.
The most useful signal is dispersion. California is more than double the U.S. commercial average, while Texas, North Dakota, and New Mexico sit far below it. That spread shapes site selection, renewal timing, and whether a buyer should prioritize supply procurement, tariff review, or demand-charge control.
Why Your Bill Can Differ From the EIA Average
Rate class and demand
EIA averages blend many customers; demand charges and tariff class can move an individual bill far above or below the state benchmark.
Delivery and riders
Transmission, distribution, capacity, public-policy riders, and utility surcharges can matter as much as the supply rate.
Usage timing
Load factor, seasonal peaks, time-of-use exposure, and coincident-peak behavior change the delivered cost per kWh.
Contract terms
Supplier pass-through clauses, renewal timing, index products, and fixed-price adders determine how market movement reaches the invoice.
Buyer Playbook by Market Type
- High-rate coastal markets: In California and New York, supply shopping alone will not solve the bill. Review delivery riders, time-of-use exposure, demand charges, and building electrification penalties before locking a fixed commodity product.
- Volatile low-rate markets: Texas has a low average revenue benchmark, but index exposure, ancillary services, and 4CP transmission allocation can move the actual invoice quickly. Fixed-price energy plus peak-management rules remains the cleaner 2026 posture.
- Industrial site-selection markets: North Dakota, Montana, and New Mexico still offer strong industrial benchmarks, but interconnection timelines and transmission upgrade deposits matter as much as the nominal cents/kWh rate.
Sources: U.S. Energy Information Administration, Electric Power Monthly Table 5.6.A, March 2026 data released May 21, 2026; EIA Electricity Monthly Update.