- Eskom has marked the end of the Board term appointed in October 2022, paying tribute to a group of directors credited with steering the utility through one of the most turbulent periods in its recent history.
- The Board’s three-year tenure, which concluded on Sunday, is being hailed by Eskom leadership as a period defined by tighter governance, operational recovery and the beginnings of a sustainable financial turnaround.
Board chair Mteto Nyati said the outgoing directors had played a decisive role in stabilising the organisation after years of operational decline and heavy losses.
“Reviving Eskom was never a simple task, but one of national importance,” Nyati said. He credited the Board’s “firm planning and governance” along with the executive committee’s implementation for helping return the utility to profitability for the first time in eight years. He emphasised that the improvement was the result of “real, structural reforms — not short-term fixes or accounting adjustments.”
Financial recovery and cost discipline
Eskom reported a R16 billion profit after tax for the year ending March 2025, a sharp turnaround from the R23.9 billion loss reported in 2023. During its term, the Board accelerated a review of Eskom’s cost structure and pushed for operational efficiencies to match future, lower tariff increases set by the National Energy Regulator of South Africa.
A major initiative under the Board’s watch was the launch of the Cost Optimisation and Revenue Enhancement (CORE) programme, expected to generate R112 billion in combined efficiencies over the next five years. The utility also significantly cut spending on open-cycle gas turbines, reducing annual costs from R30 billion in 2023 to a projected R8.5 billion by 2026.
Eskom’s operational and financial stabilisation contributed to multiple credit rating upgrades since 2022. The improvements also supported broader national fiscal gains. In November 2025, S&P Global Ratings upgraded South Africa’s sovereign rating for the first time in almost 20 years, citing reduced fiscal risk linked partly to Eskom’s turnaround.
Major improvements in generation performance
Eskom’s generation fleet also showed notable recovery. The utility said electricity supply reliability reached 96% in 2024/25 and has improved to 98% in the current financial year — a stark turnaround from the 9% reliability recorded in 2022/23 during the height of rolling blackouts.
The Generation Recovery Plan, implemented in March 2023, drove focused maintenance at priority stations and pushed energy availability factor (EAF) targets across the fleet. Eskom achieved its goal of reaching a 70% instantaneous EAF earlier than planned, first hitting the milestone on 31 July 2025 and achieving it 39 times so far this year.
Overall EAF now stands at 63.51%, an eight-percentage-point improvement since 2022. The recovery plan also restored about 7 800MW of generation capacity previously lost to unplanned outages — an amount equivalent to seven stages of loadshedding.
Eskom group chief executive Dan Marokane said the improvements were the result of “endurance, difficult trade-offs and unwavering focus” from both the Board and executive management. “The resulting improvements in operational performance and financial outcomes are now visible in the daily experience of South Africans,” he said.
New Board appointed
The Minister of Electricity and Energy has appointed seven new members to the Eskom Board, while four existing members have been reappointed to ensure continuity. Nyati will remain as chair until October 2026. Marokane and chief financial officer Calib Cassim will continue serving as executive directors.
New appointees:
- Dr Andrew Barendse
- Dr Kgaugelo Chiloane
- Ms Sharmila Govind
- Dr Dimakatso Matshoga
- Mr Tshokolo Nchocho
- Prof Vuyo Peach
- Ms Bajabulile Tshabalala
Reappointed members:
- Mr Lwazi Goqwana
- Mr Clive le Roux
- Dr Tsakani Mthombeni
- Dr Busisiwe Vilakazi
Departing members:
- Ms Fathima Gany
- Ms Ayanda Mafuleka
- Mr Leslie Mkhabela
- Mr Bheki Ntshalintshali
- Ms Tryphosa Ramano
- Dr Claudelle von Eck
Tshabalala will serve as the new Lead Independent Director, taking over from Mkhabela.
Eskom said the outgoing Board leaves the organisation “on a more stable footing, financially, operationally and strategically” as the utility enters a new phase of structural reform and adapts to an increasingly competitive electricity market.
Author: Bryan Groenendaal
