As energy prices in Northern Ireland remain volatile, new research has revealed two in five small businesses here have never switched electricity provider.

But, as more than half of SMEs report energy cost increases in the last year, there has been a significant hike in the number of business owners who say they are now considering switching suppliers.

The study, conducted in summer 2026 and commissioned by Budget Energy, follows on from a similar survey published last year by Northern Ireland’s third largest supplier.

That research revealed a high number of firms here had never changed electricity provider and one year on, the picture remains remarkably similar, despite the continued pressures on the energy sector spurred on by global events.

Consideration of switching has increased substantially (56% compared to 45% last year) with businesses indicating this is mainly driven by price (89%) and less by the preference for a specific supplier.

The top drivers for switching are overwhelmingly cost-led with 89% motivated by better price and 87% by better value.

Previously, loyalty to long-standing supplier relationships was the main reason for staying, but this has shifted to practical barriers such as time required and associated fees.

A total of 60% of respondents pointed to the time required to switch as the main barrier while 55% cited the perceived penalties.

The research also found that around four in five SMEs were unsure which supplier they would switch to.

Ken O’Byrne, Managing Director of Budget Energy, is encouraging more businesses to think about switching to secure a tariff that is tailored to their needs.

He said: “We recognise it is a challenging climate for businesses in Northern Ireland, with more than half of SMEs reporting a rise in energy costs over the past 12 months.

“It therefore comes as no surprise that consideration of switching supplier has increased significantly due to price factors.

“But it is clear more work needs to be done to make businesses aware of the benefits they can unlock through switching. The survey reveals that despite the increased consideration of switching, the number of businesses who actually take the step remains surprisingly low.

“I acknowledge prices have been volatile in recent months, but there is still value to be had in the market, especially when you consider moving to a fixed tariff can provide protection against future price increases during the fixed-term period.

“When it comes to perceived barriers such as time and penalties, the best providers make switching very straightforward. I would urge businesses to shop around and look at all the options available to secure a tariff that meets their needs.

“In February, the Utility Regulator introduced new licence conditions to enhance protection for Northern Ireland’s small business energy consumers, and this is something we welcome. These focus on transparency, SME fairness, and clearer pricing structures.”

In May 2020 Budget Energy was acquired by Flogas Ireland as part of its strategy to become a leading all-island energy provider. Flogas is part of DCC Energy plc, a leading international sales, marketing and support services group and a FTSE100 company.