The ESB's international division is planning to develop an 800 megawatt power plant in Southampton.
ESB International (ESBI) has bought Marchwood Power, a Southampton-based company, which holds the planning consents, connection agreements and environmental certificates to build the 800 mw power station. The purchase price was not disclosed.
The development is located on the site of a former power station in the Marchwood Industrial Park in Hampshire.
ESBI has retained the services of several local power industry specialists, which have already worked on the Marchwood project. ESBI, together with local consultants, will now seek to advance the project.
The chief executive of the ESB, Mr Pádraig McManus, said the project was part of the company's international investment programme and would contribute to ESB's growth strategy in the years ahead.
Mr David McNamara, ESBI's project director, said: "We are proposing to develop a modern combined cycle gas turbine power plant on the site, which will use the most advanced environmentally friendly technology to deliver efficient and competitive power to benefit customers in the south of England."
ESBI has been involved in the UK energy market since 1992. It is joint owner of Corby Power Station in Northampton.
The company is currently constructing two similar combined cycle gas turbine power plants in Bilbao, Spain, and at Coolkeeragh in Northern Ireland.
ESBI is a wholly owned subsidiary of ESB.
ESBI reported strong turnover growth for 2002, but pre-tax profits fell marginally to €26 million.
The company expects profits to increase substantially in the next few years following a period of heavy investment in various international projects.
Pre-tax profit was down from €26.8 million in 2001 to €26 million the following year. These were the most recent accounts lodged.
The company, which has become a serious generator of profits for the ESB in recent years, received €144 million of its turnover from electricity sales and €94 million from electrical contracting. While sales remained the strongest part of its business, the company produced €56 million of turnover from engineering and consultancy services for other utilities.
