State Benchmarks for Commercial Buyers
| Market | Commercial Feb 2026 | Commercial Feb 2025 | Industrial Feb 2026 | Procurement Signal |
|---|---|---|---|---|
| U.S. total | 14.37¢ | 12.98¢ | 8.95¢ | +10.7% commercial YoY |
| California | 24.73¢ | 24.20¢ | 18.91¢ | Highest large-state commercial benchmark |
| New York | 23.49¢ | 20.88¢ | 10.92¢ | Downstate delivery risk remains the swing factor |
| Florida | 12.84¢ | 11.51¢ | 9.51¢ | Below U.S. average, demand-charge sensitive |
| Texas | 8.90¢ | 8.36¢ | 7.20¢ | Energy cheap, volatility and 4CP risk high |
| North Dakota | 8.08¢ | 7.57¢ | 8.27¢ | Site-selection advantage for energy-intensive load |
| Montana | 12.52¢ | 10.84¢ | 6.90¢ | Industrial tariff advantage remains intact |
| New Mexico | 10.46¢ | 10.55¢ | 5.65¢ | Lowest industrial benchmark in this tracker |
What Changed in the April EIA Release
The April 23 EIA update is important because it replaced January-only benchmarks with February 2026 state data. The national commercial average moved to 14.37 cents/kWh, compared with 12.98 cents/kWh in February 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 and New York are now more than 70% above the U.S. commercial average, while Texas and North Dakota 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.
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, February 2026 data released April 23, 2026; EIA Electricity Monthly Update.