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Electric Ireland is entering the residential market in Northern Ireland with a £5m investment, creating 45 new jobs.

The company, which is part of the ESB Group, says it will provide greater choice for consumers with competitive rates.

Electric Ireland has been operating in the business energy market in Northern Ireland since 2001.

It is opening an office in Belfast, with 30 new jobs already in place.

More jobs will be created in early 2016 across marketing, business development and customer care.

Currently the electricity market in Northern Ireland has three main players - Power NI has about two thirds of the market, SSE has about a quarter and Budget Energy has about 7%.

Electric Ireland executive director Jim Dollard said it would provide "enduring competitive rates".

The ESB Group, which employs about 1,400 people in Northern Ireland, owns and operates NIE Networks and Coolkeeragh ESB power plant in the north west, along with five windfarms across Northern Ireland.

Utility Regulator chief executive Jenny Pyper said the full-scale entry into the Northern Ireland market of Electric Ireland along with new suppliers Click Energy and Open Electric was "good news for consumers".

"As competition increases, it fosters more choice, cheaper bills and better customer service for consumers," she said.

"This shows that there is real confidence in Northern Ireland's domestic electricity market, and we anticipate further new supplier entry in the coming months."