The energy sector contributed 5.4 billion euro to the all-island economy in 2013.

A new Ernst and Young report, commissioned by the Electricity Association of Ireland, found that 80% of energy firms intend to increase capital spending over the next three years.

The report also says two-thirds of Foreign-Direct Investment companies cite access to high-quality electricity supply as 'very important'.

Energy companies also supported a total of 47,600 direct and indirect jobs across the island in 2013 and 75% of firms in this sector forecast an increase in staff levels over the next three years.

Ian Venner from EY Ireland commented on the increase in jobs:

Owen Wilson, Chief Executive at EAI said: “The energy sector makes a reliable and significant contribution to growth in the all-island economy. The fact that we have a world-class system, providing a secure and increasingly sustainable supply to customers, is a result of the decisions and foresight of the industry and policy-makers over many decades.

"The sector will continue to serve the all-island economy as it responds to major challenges it faces, not least the need to address the issue of climate change.”