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 February 2026 status-check column from the EIA Electric Power Monthly data released April 23, 2026. That February column is no longer the current benchmark. For the current April 2026 national and state benchmark path, see the commercial rate hub.
| State | At Publication Jan 2026 | Prior Check 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; prior-check column uses February 2026 data released April 23, 2026. Rates are average revenue per kWh, commercial sector. See the linked commercial rate hub for the current April 2026 benchmark.
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: The latest EIA daily Henry Hub spot value checked for this July 1 review was $3.16/MMBtu for June 22, while EIA's June 2026 STEO forecast a $3.60/MMBtu 2026 annual average. Regional basis premiums still tell a different story: Transco Zone 6 (NYC) and Algonquin exposure can make Northeast delivered costs diverge from Henry Hub.
- 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): Use the published 2026/27 MISO PRA results when modeling capacity exposure. The useful next step is not a generic forecast; it is a tariff, supplier-contract, and load-shape review against the official seasonal capacity prices.
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 Table 5.6.A (January and February 2026 state benchmark data; current April 2026 hub linked above); PJM Interconnection BRA results; MISO 2026/27 PRA results; EIA Short-Term Energy Outlook, June 2026; EIA Henry Hub daily spot series checked July 1, 2026.