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Electricity Monthly Update

With Data for January 2024 Release Date: March 26, 2024 Next Release Date: April 24, 2024

End Use: January 2024

Retail rates/prices and consumption

In this section, we look at what electricity costs and how much is purchased. Charges for retail electric service are based primarily on rates approved by state regulators. However, a number of states have allowed retail marketers to compete to serve customers and these competitive retail suppliers offer electricity at a market-based price.

EIA does not directly collect retail electricity rates or prices. However, using data collected on retail sales revenues and volumes, we calculate average retail revenues per kWh as a proxy for retail rates and prices. Retail sales volumes are presented as a proxy for end-use electricity consumption.

Average revenue per kWh by state

Twenty-nine states and the District of Columbia saw increased revenue per kilowatt-hour (kWh) compared to last January, while average revenue per kWh decreased by 0.4% on a national basis. The largest percent increase was in Maine, up 15.0%, followed by Montana, up 14.1%, and Oregon, up 10.4%. Compared to last year, average revenue per kWh figures decreased in twenty-one states. The largest percent decrease was in New Hampshire, down 15.2%, followed by Louisiana, down 14.4%, and Indiana, down 9.5%. In the contiguous US, Rhode Island, California, and Massachusetts had the highest average revenues at 25.58, 24.61, and 23.88 cents per kWh, respectively. Colorado had the median average revenue at 11.46 cents per kWh. North Dakota, Wyoming, and Louisiana had the lowest average revenues at 7.99, 8.39, and 8.41 cents per kWh, respectively.

Retail Service by Customer Sector
  Average Revenues/Sales (¢/kWh)   Retail Sales (thousand MWh)
End-use sector January 2024 Change fromJanuary 2023 January 2024 Change fromJanuary 2023 Year to Date
Residential 15.45 -0.1% 142,839 8.2% 142,839
Commercial 12.68 -0.5% 114,843 3.9% 114,843
Industrial 8.10 -2.6% 82,723 4.8% 82,723
Transportation 12.68 2.6% 606 6.5% 606
Total 12.73 -0.4% 341,010 5.9% 341,010
Source: U.S. Energy Information Administration

Total average revenues per kilowatt-hour (kWh) decreased by 0.4% from last January, to 12.73 cents/kWh in January 2024. Three of the four sectors saw decreases in average revenues per kWh. The Industrial sector dropped the most from last January, down 2.6%, followed by the Commercial sector, down 0.5%, and the Residential sector, down 0.1%. The Transportation sector saw an increase in average revenues per kWh from last January, up 2.6%. On a nationwide basis, retail sales increased by 5.9% in January 2024, as all four sectors saw increases in retail sales from last January. The Residential sector increased the most from last January, up 8.2%, followed by the Transportation sector, up 6.5%, the Industrial sector, up 4.8%, and the Commercial sector, up 3.9%.

Retail sales

Forty-five states and the District of Columbia saw an increase in retail sales volume in January 2024 compared to January 2023. North Carolina had the highest percent year over year increase in retail sales, up 17.1%, followed by Viriginia, up 13.4%, and Alabama, up 12.6%. Five states saw a decrease in retail sales volume compared to last year. Maine had the highest percent year over year decrease, down 5.9%, followed by Hawaii, down 2.0%, and California, down 1.8%.

Forty states and the District of Columbia, saw an increase in HDDs compared to last January. In the contiguous US, Mississippi had the highest percent year over year increase, up 64%, followed by Louisiana, up 63%, and Texas, up 59%. Nine states, mainly in the West, saw a decrease in Heating Degree Days (HDDs) from last January. California had the highest percent year over year decrease, down 15%, followed by Nevada, down 14%, and Utah, down 8%. Most of the country, 32 states, saw a warmer-than-normal January and thus a lower-than-normal number of HDDs. Parts of the Southwest, the southern Great Plains, and the Sunbelt saw a colder than normal January and thus an increase in HDDs.

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