Xcel Energy in New Mexico: rates per kWh and bills
Xcel Energy's 101,203 residential customers in New Mexico paid an average of 12.86¢ per kWh in 2025, for an average bill of $125.11 a month on 973 kWh.1 Over the last 12 months (Sep 2025–Aug 2026) the average was 12.27¢, and 13.02¢ in August 2026.2
EIA-861 2025 final (released October 7, 2026) and EIA's monthly utility survey through August 2026 (preliminary); next monthly update expected November 24, 2026. Averages are revenue divided by kWh, all charges included: not the rate printed in a tariff.
6 of 33 New Mexico counties served (EIA-861 2025)
Xcel Energy's New Mexico homes paid less per kWh than customers of any other Xcel state utility in 2025, yet their average bill of $125.11 was well above the New Mexico average of $94.65, because they used 973 kWh1 a month against 638 kWh4 statewide. In 2026 the average price has moved down, not up: 13.02¢ per kWh in August 20266, −11.5%2 on the same month a year earlier (preliminary).
A low price per kWh, inside New Mexico and inside Xcel
Xcel Energy, operating in New Mexico as Southwestern Public Service Company, served 101,203 residential customers in 2025, 11.3% of the state's homes on a utility's wires and the second-largest share after PNM. Those homes paid an average of 12.86¢ per kWh1: average revenue per kWh, meaning everything residential customers were billed (service charge, energy, fuel recovery, riders) divided by the kWh they used. It is not a tariff line, and a small user pays more than this per kWh while a large user pays less.
That average was the 2nd lowest of the 10 New Mexico utilities with 10,000 or more residential customers, 13.4% below the New Mexico average (14.85¢ per kWh3, all providers), and 27.7% below the national average for investor-owned utilities. Among the 177 US utilities with 100,000 or more residential customers it ranked 31st lowest of 177, against a median of 15.07¢ per kWh1 for the group.
Within its own company the position is clearer still. Of Xcel Energy's 5 state utilities, the New Mexico one had the lowest 2025 residential average, 12.86¢ per kWh, against 17.07¢ per kWh at Xcel Energy (Minnesota) and 13.94¢ per kWh1 on the Texas side of the same company.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average residential price (bundled customers) |
|---|---|
| Xcel Energy (NM) | 12.86¢ |
| Xcel Energy (TX) | 13.94¢ |
| Xcel Energy (WI) | 15.56¢ |
| Xcel Energy (CO) | 15.90¢ |
| Xcel Energy (MN) | 17.07¢ |
Why the bill is higher than New Mexico's
New Mexico had the lowest average residential bill of any state in 2025, $94.65 a month, mostly because its homes used little electricity: 638 kWh4 a month. Xcel Energy's territory does not fit that pattern. Its homes used 973 kWh a month, the most of any Xcel state utility (the Texas side used 937 kWh), and the average bill came to $125.11. PNM homes, which paid a higher price per kWh (16.35¢ per kWh), used 555 kWh and paid $90.821.
A low average price and a high bill are consistent: more kWh spreads the fixed monthly charge thinner, which lowers the average per kWh, while the total still grows with use. EIA's data do not record why homes in eastern New Mexico use more, such as house size or electric heating and cooling, so the figures describe the gap without explaining it.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average monthly residential bill |
|---|---|
| PNM (NM) | $90.82 |
| Farmers Electric Cooperative (NM) | $111.99 |
| Central Valley Electric Cooperative (NM) | $112.39 |
| Lea County Electric Cooperative (NM) | $118.70 |
| Xcel Energy (NM) | $125.11 |
| Roosevelt County Electric Cooperative (NM) | $138.60 |
From 2024 to 2025, the price rose faster than the bill. The average went from 11.98¢ per kWh to 12.86¢ per kWh (+7.3%), while the bill went from $119.31 to $125.11 (+4.9%), because use per home slipped from 996 kWh5 to 973 kWh1 a month. New Mexico's statewide residential average rose 4.6%3 from 2024 to 2025.
2026 so far: a lower average than 2025
EIA's monthly survey (EIA-861M) shows the price turning the other way after 2025. Over the last 12 months (September 2025 to August 2026) Xcel Energy's New Mexico homes paid an average of 12.27¢ per kWh, below the calendar 2025 figure of 12.86¢ per kWh1, for an average bill of $119.53 on 974 kWh a month. In August 2026 the average was 13.02¢ per kWh, −11.5%2 on August 2025, while New Mexico's statewide residential average moved +3.3%6 over the same comparison. All 2026 months are preliminary and will be revised when the annual 2026 survey is final.
Source: EIA-861M monthly sales and revenue by utility; EIA, Electric Power Monthly / EIA-861M sales and revenue by state. Residential revenue divided by kWh in each month, as reported to EIA's monthly survey (EIA-861M; months since January 2026 preliminary).
Show the numbers
| Month | Xcel Energy (¢/kWh) | kWh per customer | Bill per customer |
|---|---|---|---|
| January 2025 | 10.53¢ | 1,353 | $142.53 |
| February 2025 | 12.20¢ | 995 | $121.37 |
| March 2025 | 13.44¢ | 821 | $110.36 |
| April 2025 | 13.07¢ | 708 | $92.50 |
| May 2025 | 12.03¢ | 822 | $98.83 |
| June 2025 | 14.12¢ | 1,095 | $154.59 |
| July 2025 | 13.44¢ | 1,193 | $160.37 |
| August 2025 | 14.72¢ | 1,200 | $176.61 |
| September 2025 | 15.97¢ | 882 | $140.77 |
| October 2025 | 12.41¢ | 850 | $105.43 |
| November 2025 | 11.66¢ | 729 | $85.02 |
| December 2025 | 10.94¢ | 1,032 | $112.94 |
| January 2026 | 11.73¢ | 1,228 | $144.12 |
| February 2026 | 12.44¢ | 901 | $112.13 |
| March 2026 | 12.99¢ | 675 | $87.65 |
| April 2026 | 13.79¢ | 635 | $87.57 |
| May 2026 | 10.60¢ | 818 | $86.70 |
| June 2026 | 11.82¢ | 1,137 | $134.39 |
| July 2026 | 11.08¢ | 1,392 | $154.29 |
| August 2026 | 13.02¢ | 1,405 | $182.97 |
EIA reports billed revenue as one total and does not split it into base rates, fuel cost recovery and riders, so these data cannot show which part of the bill fell. Changes to the utility's rates and fuel charges are decided by the New Mexico Public Regulation Commission, whose PRCe360 portal lists open and closed cases under Southwestern Public Service Company. The guide to electric rate increases explains how a commission decision reaches a bill.
Summer use more than twice spring use
In the last 12 months, use per home fell to 635 kWh in April 2026, with an average bill of $87.57, and rose to 1,405 kWh in August 2026, with an average bill of $182.972. For comparison, the average New Mexico home used 983 kWh in August 2026, with an average bill of $162.316. The chart gives each month's use, bill and average price.
Source: EIA-861M monthly sales and revenue by utility. kWh per residential customer in each month (EIA-861M; months since January 2026 preliminary). The table adds the average bill and price for the month.
Show the numbers
| Month | kWh per customer | Bill per customer | ¢/kWh |
|---|---|---|---|
| September 2025 | 882 | $140.77 | 15.97¢ |
| October 2025 | 850 | $105.43 | 12.41¢ |
| November 2025 | 729 | $85.02 | 11.66¢ |
| December 2025 | 1,032 | $112.94 | 10.94¢ |
| January 2026 | 1,228 | $144.12 | 11.73¢ |
| February 2026 | 901 | $112.13 | 12.44¢ |
| March 2026 | 675 | $87.65 | 12.99¢ |
| April 2026 | 635 | $87.57 | 13.79¢ |
| May 2026 | 818 | $86.70 | 10.60¢ |
| June 2026 | 1,137 | $134.39 | 11.82¢ |
| July 2026 | 1,392 | $154.29 | 11.08¢ |
| August 2026 | 1,405 | $182.97 | 13.02¢ |
Statewide, air conditioning accounted for 18%7 of household electricity use in EIA's 2020 household survey (RECS), a pandemic year; that survey has no breakdown for Xcel Energy's territory.
Six eastern counties, all shared
EIA's 2025 service-territory records place Xcel Energy in 6 New Mexico counties along the Texas border: Chaves County, Curry County, Eddy County, Lea County, Quay County and Roosevelt County. In all 68, at least one other distribution utility also reports customers, so a county or town name does not settle who serves a home. The utility's own service-area map decides, address by address.
Source: EIA-861 2025, service territory; Census Bureau, Cartographic boundary file, counties. EIA-861 2025 service territory: 6 counties. Counts whole counties even where the utility serves only part of one; check the utility's own service-area map for an address.
Show the numbers
| County | Other utilities reporting service |
|---|---|
| Chaves County | Central New Mexico El Cooperative, Otero County Electric Cooperative, Lea County Electric Cooperative, Central Valley Electric Cooperative, Roosevelt County Electric Cooperative |
| Curry County | PNM, Farmers Electric Cooperative, Roosevelt County Electric Cooperative |
| Eddy County | Lea County Electric Cooperative, Central Valley Electric Cooperative, Rio Grande Electric Cooperative |
| Lea County | Lea County Electric Cooperative, Central Valley Electric Cooperative |
| Quay County | Farmers Electric Cooperative, Southwestern Electric Cooperative |
| Roosevelt County | Farmers Electric Cooperative, Roosevelt County Electric Cooperative |
The other utilities in those counties are mostly rural electric cooperatives, such as Farmers Electric, Central Valley Electric, Roosevelt County Electric and Lea County Electric. Across all New Mexico cooperatives, residential customers paid an average of 15.48¢ per kWh in 2025, against 12.86¢ per kWh1 at Xcel Energy; the chart shows the four individually. Customers cannot move between them: each serves its own territory, and New Mexico has no retail choice.
Source: EIA-861 annual electric power industry report, 2025 final. EIA-861 2025 final. Average revenue per kWh is all charges divided by kWh; it is not a tariff rate.
Show the numbers
| Utility | average residential price (bundled customers) |
|---|---|
| Central Valley Electric Cooperative (NM) | 9.79¢ |
| Lea County Electric Cooperative (NM) | 11.03¢ |
| Xcel Energy (NM) | 12.86¢ |
| Roosevelt County Electric Cooperative (NM) | 13.54¢ |
| Farmers Electric Cooperative (NM) | 13.68¢ |
Industrial customers buy most of the power
Homes are a minority of Xcel Energy's New Mexico sales. In 2025 its 214 industrial accounts bought several times as much electricity as its 101,203 residential customers, at an average of 5.06¢ per kWh and $178,119.31 a month per account. Its 26,918 commercial customers paid 8.76¢ per kWh and $680.00 a month. Weighted by those industrial volumes, the all-customer average falls to 6.51¢ per kWh1, a figure that says little about a home's bill.
Smart meters, almost no time-of-use, some rooftop solar
Advanced meters covered 83.1% of residential meters in 2025, a higher share than at PNM (0.0%). Time-based pricing barely exists in practice: EIA counts 16 residential customers enrolled in time-of-use pricing, 0.0%10 of the total. Peak hours and prices of any such plan are set in the utility's New Mexico tariff, not in EIA's data; the time-of-use guide shows how such plans change a bill.
Rooftop solar is less common than in PNM's territory. Xcel Energy reported 2,240 net-metered residential installations, 22.1 per 1,000 residential customers, with 21.1 megawatts of capacity, against 96.110 per 1,000 at PNM.
Outages: above the state average only on major event days
Under the IEEE 1366 standard, Xcel Energy's New Mexico customers averaged 235 minutes without power in 2025 including major events, more than the New Mexico average of 172 minutes. Major event days, which the standard identifies statistically, account for the difference: leave them out and the figure falls to 145 minutes, against 149 minutes for New Mexico. Each customer had 1.43 interruptions on average, against 1.2911 statewide.
Help with bills
New Mexico's federal LIHEAP allocation is $20.1 million12 for fiscal 2026, which helps eligible households with heating and cooling bills; applications go through the state's program, not the utility. For prices across all New Mexico utilities, including the cooperatives, see electricity in New Mexico; the Xcel Energy page compares the company's five state utilities.
Xcel Energy New Mexico: common questions
What is Xcel Energy's rate per kWh in New Mexico?
Residential customers paid an average of 12.86¢ per kWh1 in 2025 and 12.27¢ per kWh2 over the last 12 months (September 2025 to August 2026, 2026 months preliminary). These are total residential revenue divided by kWh sold, so the monthly service charge, fuel cost recovery and riders are included. The energy charge printed in the utility's New Mexico tariff is only one of those pieces and will look different.
What is the average Xcel Energy bill in New Mexico?
$125.11 a month in 2025 for 973 kWh1, and $119.53 over the last 12 months (September 2025 to August 2026). The monthly average ranged from $85.02 in November 2025 to $182.97 in August 20262.
Did Xcel Energy rates go up in New Mexico in 2026?
Not in EIA's monthly data so far. The 12 months to August 2026 averaged 12.27¢ per kWh, below the 2025 average of 12.86¢ per kWh, and August 20266 came in at 13.02¢ per kWh, −11.5%2 against August 2025. Monthly figures for 2026 are preliminary. The last annual increase was from 2024 to 2025, +7.3%1.
Is Southwestern Public Service the same as Xcel Energy?
Yes. Southwestern Public Service Company is the legal name of the Xcel Energy utility that serves eastern New Mexico and the Texas Panhandle. EIA reports it under that name, and it is the name on New Mexico regulatory cases.
Can I choose another electricity provider instead of Xcel Energy?
No. New Mexico has no residential retail choice: EIA counted 01 New Mexico homes buying from a competitive supplier in 2025. Where Xcel Energy's lines reach an address, it sells both the power and the delivery.
Related pages
Sources
- EIA-861 annual electric power industry report, 2025 final; table Sales_Ult_Cust_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861M monthly sales and revenue by utility; table sales_ult_cust_2025 and _2026; released October 23, 2026. www.eia.gov
- EIA, Historical state data, annual sales, revenue and customers; table HS861 2010-.xlsx; 2010-2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, average monthly bill by state; table Average_Bill_2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 annual electric power industry report, 2024 final; table Sales_Ult_Cust_2024; 2024, final (file updated December 3, 2025); released December 3, 2025. www.eia.gov
- EIA, Electric Power Monthly / EIA-861M sales and revenue by state; table sales_revenue.xlsx (EPM Table 5.6.A); January 2001 to 2026-08; months since January 2026 preliminary; released October 23, 2026. www.eia.gov
- EIA, Residential Energy Consumption Survey 2020, state data; table CE4.1.EL.ST, CE5 state tables, state highlights; released June 28, 2023. www.eia.gov
- EIA-861 2025, service territory; table Service_Territory_2025; 2025, final; released October 7, 2026. www.eia.gov
- Census Bureau, Cartographic boundary file, counties; table cb_2025_us_county_5m; cb_2021_us_county_5m; 2025 (2021 for Connecticut). www.census.gov
- EIA-861 2025, advanced meters, dynamic pricing and net metering; table Advanced_Meters, Dynamic_Pricing, Net_Metering 2025; 2025, final; released October 7, 2026. www.eia.gov
- EIA-861 2025, reliability; table Reliability_2025; 2025, final; released October 7, 2026. www.eia.gov
- HHS, LIHEAP funding releases to states; table FY2027 first release; FY2026 final; FY2027 first release (October 9, 2026); FY2026 total; released October 9, 2026. acf.gov
How every figure is built: methodology. Found an error? Write to [email protected]; corrections are listed on the updates page.