Ms Foster, speaking a the launch of a scoping consultation on a revised energy policy, told delegates the government would continue to encourage the use of renewable power
At the Northern Ireland Energy Conference held in Belfast, Minister Foster said work to bring about the improvements in infrastructure needed to enhance security and diversity of energy supply, and to support economic activity.
The Minister said: "We face many challenges in creating a sustainable energy infrastructure that will support economic growth, and provide for a reliable and competitive energy market for Northern Ireland.
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"While fossil fuels continue to dominate local power production and transport in Northern Ireland, we will continue to suffer from the volatility of worldwide shifts in the cost of oil, gas and coal.
"This means planning for a sustainable energy future that will also deliver on EU climate change targets and increase security of energy supplies for domestic and business use.
Ms Foster said the era of relying on cheap fossil fuel energy is over, and that Northern Ireland must become more energy efficient, by seeking to reduce our energy consumption.
"The time is now right for us to revise the 2004 Strategic Energy Framework (SEF), in the light of changing global and national circumstances, and to reflect the priorities of the Northern Ireland Executive," she said.
"The objective for us all is to achieve a successful, sustainable, long-term future for energy in Northern Ireland, through innovative and ambitious actions, involving a shared vision with industry and partners throughout the rest of the United Kingdom and the Republic of Ireland," added Ms Foster.
