A report from Sustainable Energy Ireland has found that industrial spending on energy rose by just 2% a year between 2001 and 2004.
The body said the industrial sector accounted for 22% of energy use and carbon emissions in Ireland.
SEI also found that 98% of the contribution made by industrial businesses to national output in 2004 was generated by companies where energy made up 6% of less of their costs.
But chief executive David Taylor said companies could not remain complacent as there had been energy price rises since the latest figures in 2004.
The report also found 70 companies whose energy spending accounted for 10% or more of costs. This group accounted for 35% of energy-related carbon emissions.
