The Irish Wind Energy Association says the cost of producing electricity in this country has been reduced by over €200,000 per day as a result of renewable energy technology.

However, the association says Ireland is in danger of lagging behind other countries if the Government does not develop policies to support new businesses in the sector.

The association will launch the findings of a new survey at an international conference in Galway today.

The survey found that wind power saves Ireland up to €280,000 in fossil fuel costs on days with high winds - those savings are set to rise with increased wind generation.

However the Chief Executive of the IWEA has warned that delays in wind farm connections to the national grid could see Ireland lose out to other low carbon economies.

Michael Walsh said there was a danger of what he called a 'boom and bust' cycle in the wind energy sector, as delays in capital investment and infrastructure could see industry in Ireland lag behind market demand.

He said today's conference would outline in detail how at least ten thousand jobs can be created in this sector over the coming decade.