If Mr Denis O'Brien is a man with the Midas touch, then watching where he is putting his money could help other potential investors turn their investments into gold.

His current investment strategy appears to be focused on three main areas - deregulating industries, Internet companies and leisure facilities.

After his success in the telecommunications market, Mr O'Brien is now focusing on another utility area facing imminent deregulation - the power market.

E-Power: Next month Mr O'Brien and his partners will start trading as electricity suppliers. He set up e-Power as a joint venture with the US power company GPU International.

E-Power aims to become the largest independent supplier of electricity in the Republic as full deregulation comes into force over the next five to seven years. The company, run by accountant and shareholder Mr Paul Browne, plans to target the gas market as it deregulates.

Deregulation in the electricity market is set to start next month when about 320 large industrial users who make up about 28 per cent of the market and spend about £100,000 (€127,000) per month on power will be able to choose their supplier.

Operating on much the same business development plan as Esat, e-Power will start to buy electricity from the ESB or from one of the four generating companies in Northern Ireland which it will then sell on to customers at a margin.

By 2002 the company plans to have its own generating capacity on stream.

The electricity market is different in a number of ways to the telecoms market.

It is not as consumer visible or friendly, the technology is more stable, it is a relatively slow growth market and margins are tighter.

Technology in the telecoms market is developing rapidly and while the electricity market can make use of developments in the Internet and e-commerce to provide value-added services, the generation and supply technology is known and fairly stable.

And while the telecoms market is currently growing at a rate of 30 per cent to 40 per cent per annum, growth in the electricity market is closely linked to growth in the economy and is expected to be about 5 to 7 per cent per annum.

Mr O'Brien is confident that his experience with Esat in tackling the then telecoms monopoly, Telecom Eireann, and that of GPU in generating electricity will ensure that e-Power can bring real competition, greater choice and price reductions for consumers. In the process the company should generate substantial rewards for the risk-takers who set it up.

The structure of the joint venture is interesting and is a clear indication of Mr O'Brien's business strategy: Each partner has a 50:50 stake in the generation business while the Irish partners have a majority interest (75 per cent) in the supply side of the business.

Mr O'Brien is positioning e-Power as a power trader. Generating capacity is part of his plan - planning permission for its first generating station will be lodged in the next four to six weeks.

But the really critical part is positioning e-Power as a supply company and developing the brand - this is where value can be added and where the real wealth can be created for shareholders.

While the investment required for plant is significant, the capital requirement will not be as extensive as in the telecoms area - not least because it will be using ESB transmission facilities.

E-Power will invest about £180 million (€228 million) to develop its generating capacity and about £20 million to roll out its supply side and brand the product.

The pace of deregulation - which will be decided by the Minister for Public Enterprise Ms O'Rourke - will have an important influence on the prospects for e-Power.

Already Mr O'Brien has called on Ms O'Rourke to open up another 28 per cent of the market within two to three years.

While funding the development of e-Power would not be a problem for Mr O'Brien he is likely to take in some more private investors within two or three years though a share placing and further down the road - possibly on a three to five year plan - a public flotation can be expected. While the big profits will come to the early investors who are taking the biggest risks, there should be opportunities for ordinary investors in a flotation if the company has managed to take a reasonable share of the electricity market.

Internet/e-commerce: In the Internet/e-commerce area which Mr O'Brien believes is an area with huge potential, he has invested - with his business partner, Mr Leslie Buckley - in a number of companies.

Although they are servicing different markets some sources are suggesting that these companies could be pulled together to form an e-commerce group for flotation on the stock market.

Mr O'Brien and Mr Buckley have invested well in excess of £3 million between three Internet companies since the middle of last year - Irish Film and Television News (IFTN), The Irish Jobs Page and Internet Communications & Advertising Network.

All three companies operate in sectors where growth has been boosted by the booming economy - entertainment, recruitment and advertising.

Last June with Mr Buckley, Mr O'Brien took a 30 per cent stake in the rapidly growing IFTN. The balance is owned by founder Ms Aine Moriarty, who set up IFTN in 1996, and other employees.

IFTN runs an online information service providing comprehensive online directories and specialist news and information services for and about the film, television and music industries in the Republic.

As well as information it offers interviews, features and video and audio clips giving samples of films videos and music recordings.

Among its most recent product development was its extensive online listings service called WOW (What's On Where).

Revenue comes from the fees paid by entertainment providers for inclusion in their listing, fees for Web design for clients and from subscribers who access the services.

Some of the products are now profitable. But, overall, the company is still in the development phase and is moving ahead rapidly with further development plans which are e-commerce driven.

Possible plans include selling books, CDs and other products complementary to its core services over the Net.

With sufficient funds now on board to carry out its year 2000 development plans and new investors with deep pockets, IFTN is not expected to look for more investors this year.

However, there may be opportunities for investors to get on board later because Ms Moriarty, who wants IFTN to be the "biggest and the best" in global terms, has specifically not ruled out further dilution of the 70 per cent stake to fund further development.

In June 1999, Mr O'Brien and Mr Buckley paid about £900,000 to buy the Internet recruitment site The Irish Jobs Page.

Set up in 1996 by Galway-based Mr John Feely who remains as a consultant to the company, it was the first Irish recruitment site.

It is the largest site in the market, claiming one million page impressions per month. Unusually for a young and developing Internet company, the operation now run by former 98FM marketing manager Ms Maria Mahon is profitable.

Revenue comes from fees paid by corporate clients and recruitment agencies for placing job advertisements on the site and from the fees they pay for accessing the files of job seekers who are registered with the site.

The service is free to job seekers and covers some 82 categories of employment.

Investment in product development and marketing is continuing and is focused on the needs of job seekers.

International expansion is planned. As the company expands and develops Mr O'Brien and Mr Buckley could decide to float on the stock market providing investment opportunities.

During 1999 Mr O'Brien and Mr Buckley bought 80 per cent of the Internet advertising company Internet Communications & Advertising Network, ICAN, for about £2 million.

The stake was acquired from ICAN founder, Mr Damian Ryan, who set up the company in 1998 and has retained a 20 per cent stake.

The company designs and runs online advertising campaigns for advertising agencies and their clients.

Mr Ryan's decision to sell the majority stake was aimed at raising the finance for further expansion. He has stayed on as chief executive and is expected to expand the company into Europe in the first instance.

In the leisure sector Mr O'Brien has invested some £25 million in a golfing development in Portugal, Quinta do Laga.

Whether this investment should be seen more as an extension of his new passion for golf than a strategic business move remains to be seen.