In a dramatic reversal of fortune, Eskom has announced the successful conclusion of its 2022-2025 Board’s term, a period marked by a historic financial and operational turnaround.
The board, appointed during the utility’s most challenging period, is credited with laying the foundation for a stable, profitable, and investable Eskom.
Eskom Chairman of the Board, Mteto Nyati, reflected on a term defined by difficult decisions, steadfast governance and a recovery that has fundamentally reshaped Eskom.
“Reviving Eskom was never a simple task, but one of national importance. The obstacles were significant, yet through the Board’s firm planning and governance and Exco’s focused implementation, we stabilised the utility and rebuilt trust. Eskom’s return to profitability after eight consecutive years of losses is driven by real, structural reforms — not short-term fixes or accounting adjustments,” said Nyati.
He stressed that Eskom’s progress has been rooted in accountability and disciplined execution. “This Board confronted challenges head-on, demanded performance, and ensured that hard-won gains were channelled back into strengthening South Africa’s electricity system. Exco’s operational leadership ensured that these strategies translated into real improvements on the ground.”
From Crisis to Comeback: Key Milestones
The board’s tenure yielded concrete, data-driven results:
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Financial Resurrection: A stunning swing from a R23.9 billion loss (FY2023) to a R16 billion profit (FY2025). The board’s Cost Optimisation and Revenue Enhancement (CORE) programme is projected to deliver R112 billion in efficiencies over five years.
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Generation Recovery: Electricity supply reliability soared to 98% year-to-date, a world away from the 9% reliability inherited in 2022. The Energy Availability Factor (EAF) for the coal fleet jumped from 48.39% to consistently hitting the 70% target, restoring 7,800MW of capacity—equivalent to seven stages of loadshedding.
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Credit Rating Victory: Eskom’s stabilisation contributed to S&P Global Ratings upgrading South Africa’s sovereign credit rating for the first time in almost two decades, citing reduced fiscal risks from the utility’s turnaround.
“Eskom’s recovery required endurance, difficult trade-offs and unwavering focus. From October 2022 to 30 November 2025, Eskom’s multi-skilled Board provided steadfast strategic guidance, while Exco delivered disciplined execution across operations. The resulting improvements in operational performance and financial outcomes are now visible in the daily experience of South Africans, reflecting the tangible impact of our collective efforts,” said Eskom Group Chief Executive, Dan Marokane.
The utility also confirmed a new board is set to take over, with Chairman Mteto Nyati and CEO Dan Marokane remaining in their roles to ensure continuity. The outgoing board’s legacy is an Eskom on a stable footing, ready to compete in a liberalised energy market.
“We thank the outgoing Board for their steadfast stewardship and welcome the incoming Board, whose expertise will be pivotal in taking Eskom to its next phase of performance and structural reform,” concluded Marokane.
