The ESB made a profit of €250m last year, according to its annual report published today. This is up 26%, but follows a drop of over €100m in 2001. Turnover was up 5% to €2.15 billion.
The state electricity provider also made a dividend payment of €37.7m to the Exchequer, while just under €2m will go to company's employee share option plan. The ESB has already paid €20m of this dividend in an interim payment last year.
The ESB increased its capital investment by 58% last year to €864m. The number of new connections grew by 8% to 63,000.
The company also began work on building Spain's first independent electricity generating station and is the preferred bidder for a major grid operating contract in the US.
The ESB is facing increasing competition in the Irish market, with 40% now open to rivals, rising to 56% next year and 100% in 2005.
