ESB has lodged a planning application with Dublin City Council to redevelop its Fitzwilliam Street site in the city centre.
The company said the development will deliver one of the "most efficient, sustainable and commercial offices in the city".
ESB said the current office complex is a mix of inefficient aging buildings, some of which were constructed almost 70 ago and are in poor condition.
They are very inefficient when compared to modern buildings in terms of energy consumption and use of space, the company stated.
It also pointed out that some of the buildings on Fitzwilliam Street have a Building Energy Rating (BER) of F which is amongst the worst energy ratings achievable.
The new development will achieve a BER of A and a sustainability standard of BREEAM Excellent. Its key features will include innovative, sustainable technologies which will reduce carbon emissions and running costs. ESB plans to have a rain water attenuation and recycling system which will reduce water consumption by 70%.
The design for the new office is by Grafton Architects and O'Mahony Pike Architects.
ESB said the development will pay for itself over time and is in addition to the €280m cost reduction target that the company has already committed to achieve by 2015.