Just as a follow up to comments on the efficiency of exponentiation by squaring.
The advantage of that approach is that it runs in log(n) time. For example, if you were going to calculate something huge, such as x^1048575 (2^20 - 1), you only have to go thru the loop 20 times, not 1 million+ using the naive approach.
Also, in terms of code complexity, it is simpler than trying to find the most optimal sequence of multiplications, a la Pramod's suggestion.
Edit:
I guess I should clarify before someone tags me for the potential for overflow. This approach assumes that you have some sort of hugeint library.