ESB made a post-tax profit of €415 million last year which is up by €80 million. The group says it contributed over €2 billion to the economy in 2013 through dividends, jobs and taxes.

The compnay said it also paid dividends of €258 million last year, and made capital investment of €825 million.

Its operating costs fell with the report adding that €250 million has been saved annually since 2010.

The compnay payroll has also dropped by €51 million.

It has a regulated asset base of €8.5 billion and 42% of electricity generating capacity for Ireland.

Chief Executive Pat O'Doherty says the figures are "very solid" and will allow the group to compete against international players in the Irish market.

While Chairman Lochlann Quinn said "Despite difficult economic conditions and increasing competition, these results reflect a very solid performance across the group".

Newstalk's Business Editor Ian Guider says cost-cutting was key to the improved performance of the ESB.