Energy · Profile from Energy Research Companion
Eskom
South Africa's state-owned, vertically integrated electricity utility. Eskom was founded as ESCOM in 1923 and owns most of the country's generating capacity (mainly coal, plus Africa's only nuclear plant, Koeberg) and the national transmission grid. It also distributes power directly to mines, large industry and about half of end customers; the rest is resold by municipalities. For two decades it was the clearest case anywhere of a utility that can't collect, can't build and can't keep the lights on:
At a glance
- Founded
- Electricity Supply Commission (ESCOM), established 1 Mar 1923 under the Electricity Act 1922 (reported); renamed Eskom 1987; converted into a public company, Eskom Holdings SOC Ltd, in 2002 (Eskom Conversion Act 2001, reported)
- Headquarters
- Megawatt Park, Sunninghill, Johannesburg
- Ownership / structure
- 100% owned by the South African state. The shareholder ministry was Public Enterprises until 2024, then Electricity and Energy (verify current split of shareholder role). Subsidiaries include the National Transmission Company South Africa (NTCSA, operational from Jul 2024, reported) and Eskom Rotek Industries. Eskom also has distribution and generation divisions
- Leadership (2026)
- Dan Marokane (group CEO, appointed 2024 — verify start date); Calib Cassim (CFO, reported to be retiring in 2026); Mteto Nyati (board chair, reported, verify); Minister of Electricity and Energy Kgosientsho Ramokgopa
- Segments
- Generation (coal ~13–14 stations, Koeberg nuclear ~1.9 GW, pumped storage and gas turbines); Transmission (NTCSA, ~33,000 km of high-voltage lines, verify); Distribution (direct customers and bulk supply to ~160+ municipalities, verify)
- Scale
- Nominal generating capacity ~46–48 GW (verify); generates the large majority of South Africa's grid electricity, most of it from coal; energy availability factor (EAF) ~54.55% (FY2023) → ~65.35% (FY2026) (reported). Electricity sales volumes −6.2% in FY2026, industrial −22.5% (reported, results 31 Aug 2026)
- Financial (FY to 31 Mar 2026, reported)
- Revenue ~R354.7bn (+4.1%); profit after tax ~R30.3bn (prior year restated ~R14bn); EBITDA margin ~30.63%; cash ~R124.9bn after an ~R80bn debt-relief payment in Mar 2026; debt securities and borrowings ~R356bn (~R320bn by 30 Jun 2026); municipal arrears ~R111.6bn (~R119bn by Jun 2026)
- Signature moves (incl. failures)
- ESCOM founding (1923); first load-shedding crisis (2007–08); Medupi and Kusile (2007–25); REIPPPP as the grid's buyer (2011–); state capture (2015–18); unbundling plan and NTCSA (2019–26); embedded-generation reform and de Ruyter's exit (2022–23); record load-shedding and debt relief (2023); end of load-shedding and the affordability test (2025–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1923
ESCOM Founding
Founding (state utility created by statute)
2007
Medupi and Kusile
Project final investment decision and construction (a failure on cost and schedule)
2008
First Load Shedding Crisis
Operational failure and planning failure; emergency response (load-shedding schedules, mine curtailment, build programme)
2011
REIPPPP and Eskom as Buyer
Offtake contracts / policy programme (competitive procurement of private renewables, with Eskom as the counterparty)
2015
State Capture
Governance failure; later regulatory and legal action (commission of inquiry, prosecutions, repayments)
2019
Unbundling Plan and NTCSA
Restructuring and state support (unbundling into generation, transmission and distribution; multi-year bailout)
2022
Embedded Generation Reform and de Ruyter Exit
Regulatory change (removal of licensing limits on private generation) and leadership crisis
2023
Record Load Shedding and Debt Relief
Operational failure (record load-shedding) and state support (debt relief)
2025
End of Load Shedding and the Affordability Test
Turnaround (operations) and tariff decision (NERSA's MYPD6 and its Feb 2026 correction)