Socorro Electric Cooperative

About Socorro Electric Cooperative

Socorro Electric Cooperative is an electricity cooperative. The largest county serviced by Socorro Electric Cooperative is Valencia County, but the company also provides electricity in 6 counties in the state of New Mexico. A total of 13,085 customers (80.04% residential accounts, 19.56% commercial customers and 0.40% industrial accounts) purchase their electricity from the company. The residential electricity rate for customers of Socorro Electric Cooperative is, on average, 15.36 cents per kilowatt hour, which is 8.31% higher than the state's average rate of 14.18 cents. This ranks the company 22nd out of 39 companies in the state for lowest average electricity price. The company sold 179,446 megawatt hours through retail sales in 2019. The electricity sourced by the company is made up primarily of megawatt hours they acquired on the wholesale market. Of the total electricity sourced by the company, whole purchased made up 100.00%. In 2019, they made a total of $25,116,000 from business activities relating to the sale and transfer of electricity. They had revenue of $24,942,000 from retail sales to end users.

The average monthly residential electricity bill for a customer of Socorro Electric Cooperative is $82.34 per month, while the New Mexico average is $88.46. Patrons of the supplier pay 4.61% less compared to other residents of New Mexico. The supplier currently does not generate their own electricity. Instead, they must purchase that electricity at wholesale prices and then resell it at a higher rate to end consumers.