The Utility Regulator has published new research into the experiences of small businesses concerned about, or struggling with, their energy costs.
Conducted by Perceptive Insight, the qualitative research involved 42 small businesses from a range of sectors and locations across Northern Ireland.
A summary report is available here.
The findings are not representative of all small businesses but provide insight into the experiences of businesses facing energy stress.
Key findings from the full report include:
- Both new and established businesses described significant pressures. Some established business owners said this was the most difficult period they had faced, while newer businesses described the challenge of establishing themselves amid rising costs and pressure on cash flow.
- Financial pressures were affecting business owners personally, with participants describing stress, difficulty sleeping and impacts on their mental and physical health.
- Energy bills were one of several rising costs, alongside wages, National Insurance, rates, transport and supplies. These pressures were placing further strain on already tight profit margins.
- Participants were cutting back and making personal sacrifices. Many felt there was little more they could do without affecting their business.
- Participants generally recognised the value of energy efficiency improvements, but the upfront cost of these changes was seen as a significant barrier.
- Awareness of available support was low. Participants wanted clearer information about energy use, bills and tariffs, as well as more practical support to invest in energy-efficiency measures.
We will use the findings to inform our consumer protection work, including the development of a new Non-domestic Code of Practice on Payment of Bills, aimed at strengthening protections for businesses experiencing payment difficulties.
We will also continue to work with electricity and gas suppliers, business representative organisations and the wider energy industry to consider what further support could be provided to small businesses experiencing energy stress.
Further information and advice on energy stress and debt is available on our website within the business consumer information section.