A €1 billion capital investment programme for ESB has been approved by Minister for Energy Pat Rabbitte.

The programme will mainly focus on transmission and distribution electricity network expenditure.

Speaking in UCD, Minister Rabbitte emphasised the significance of capital investment for economic growth.

"As we see continued improvement in the macro economy expected through 2014 into the coming years, it is important to keep a strong focus on capital investment which will support jobs and inward investment in Ireland," he said.

"The ESB's investment plan is a fine example of infrastructure investment which is additional to exchequer spending,"he added.

ESB's expenditure includes investment in the core network infrastructure programme.

It includes planned asset replacement and refurbishment to reduce and manage risks with regard to safety, security of supply and environmental damage.

ESB also plans to invest in power generation in Ireland and England this financial year.

This will involve plant overhaul and refurbishment projects, as well as new projects aimed at strengthening the company's presence in the UK market.