The ESB announced today it made a profit of €250 million in 2003, an increase of 26 per cent on 2002.
The State-owned electricity supplier said it would invest €4 billion in the next four years to upgrade its network.
Turnover increased by 5 per cent over the previous year to €2,151 million.
ESB chairman Mr Tadhg O'Donoghue stated 2002 had been a year of excellent performance, with increases in turnover and profitability and continued major investment in infrastructure.
Capital investment was €864 million, the highest-ever recorded by ESB and an increase of 58 per cent on last year. Progress continued on developing new power stations at Lanesboro, Co Longford, and Shannonbridge, Co Offaly, at Coolkeeragh in Northern Ireland, and near Bilbao in Spain.
Profits from associates and joint ventures, including those from Synergen and Corby Power Ltd have yielded profits before tax of €14 million, an increase of €10 million year on year.
Market opening continued with the entry of the two independent plants, the Viridian Huntstown power station and the Synergen power station, a joint venture between ESB and Statoil.
On the supply side, 40 per cent of the market measured by sales of electricity is currently open to competition. This will increase to 56 per cent in 2004 and to 100 per cent in 2005 - two years earlier than is required by the proposed EU Electricity Directive.