Three quarters of energy companies plan increases in staff and capital spending

Some 75% of energy firms intend increasing staff in the next three years.

A report by Ernst and Young commissioned by the Electricity Association of Ireland shows the sector contributed €5.4bn to the all-island economy in 2013.

It also found that 80% of firms will increase capital spending over the next number of years to meet EU 2020 climate and energy targets.

The report also said two thirds of foreign direct investment companies cited access to high-quality electricity supply as "very important".

Ian Venner from EY Ireland said significant investment was needed to help us meet the targets.

"We've increased the use of renewables from 6.8% to well over 20%. At times, we have had more than 40% of energy generation on the island from renewable sources.

"We need to continue at that pace, investing several hundred million euro each year, to meet our targets."