As the Eskom Board appointed in October 2022 reached the end of its term on 30 November 2025, Eskom extends its deep appreciation to the Board members for their dedicated service. These leaders stepped forward when called upon to support Eskom and the country during one of the most challenging periods in the utility’s history. Their integrity, steady leadership and commitment to public service laid the foundation for the progress achieved over the past three years.
Chairman of the Eskom 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 going to be 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 emphasised 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.”
Eskom is now increasingly a sustainable, investable company, ready to compete in a liberalised and competitive energy market – a stark contrast to the company in crisis that the board inherited in October 2022. The comprehensive diagnostic review at the time reaffirmed Eskom’s strategic direction and clarified the need to recalibrate execution timelines and intensify delivery against strategic objectives, which the board supported Exco in driving.
Progressive achievements during the Board’s term
Financial turnaround
- A profit after tax of R16 billion for the year ending 31 March 2025, compared to a R23.9 billion loss for the year ending 31 March 2023.
- In a clear break from past practices, the board has accelerated the review and restructuring of Eskom’s cost base. Working within the framework of the National Energy Regulator of South Africa’s (NERSA’s) future single-digit tariff increases, Eskom is driving operational efficiencies and tightening cost discipline to improve electricity affordability and strengthen long-term industry sustainability.
- As part of its steadfast commitment to efficiency and sustainability, the board successfully oversaw the launch of the Cost Optimisation and Revenue Enhancement (CORE) programme under the newly established Strategic Delivery Unit. This strategic initiative is projected to deliver cumulative efficiencies of R112 billion over a period of five years, driven by revenue growth, procurement savings, primary energy optimisation, digital transformation and capital productivity.
- A key milestone has been the significant reduction in Open-Cycle Gas Turbine (OCGT) expenditure – from R30 billion in FY2023 to a forecast of around R8.5 billion by FY2026 – reflecting a disciplined approach to cost management and operational resilience.
Generation recovery
- Under the board’s oversight, Eskom delivered 96% electricity supply reliability in 2024/25, improving to 98% year to date – a substantial recovery from the low of 9% in 2022/2023.
- The Generation Recovery Plan approved by the board and implemented from March 2023, has driven sustained operational improvements through focused maintenance at six priority stations and stretched the Energy Availability Factor (EAF) targets across the fleet. At the start of the plan, the coal fleet’s EAF was 48.39%, with overall fleet performance at 55.49%. The board set the objective of achieving a 70% instantaneous EAF by 31 March 2025; this was achieved on 31 July 2025 – and has since been reached 39 times this financial year, reflecting consistent stability.
- Eskom’s year-to-date EAF now stands at 63.51%, an 8.02% improvement compared to October 2022.
- The recovery programme also restored an average of 7 800 MW of capacity, that was essentially condemned, previously lost to unplanned outages – equivalent to seven stages of loadshedding – by returning to service units once considered beyond recovery.
Improved credit ratings
- Eskom’s leadership-driven stabilisation has strengthened investor confidence and supported broader national financial outcomes.
- Since October 2022, Eskom has achieved several positive credit rating upgrades, reflecting improved operational performance, strengthened governance and a more stable financial outlook.
In November 2025, S&P Global Ratings upgraded South Africa’s sovereign credit rating for the first time in almost two decades, citing reduced fiscal risks – including improved contingent liabilities from Eskom’s turnaround.
These upgrades affirm the progress made under the board’s term and contribute to a more favourable investment environment for the country.
Strengthening governance and oversight
- Eskom has made measurable progress in governance, closing around 90% of external audit findings from FY2021 to FY2024, subject to verification. The board’s focus on efficient use of public funds and stronger internal controls has reduced crime, fraud, and corruption, including vending fraud from the outdated Online Vending System (OVS). Robust governance, smarter technology, and decisive action are safeguarding revenue and moving closer to ensuring reliable electricity for all South Africans.
“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.
“We thank the outgoing board for its steadfast stewardship and welcome the incoming board, whose expertise will be pivotal in taking Eskom to its next phase of performance and structural reform,” Marokane said.
As the Board concludes its tenure, Eskom honours the commitment and expertise of its members. Their contribution leaves Eskom on a more stable footing, financially, operationally and strategically, and better positioned to support South Africa’s long-term energy transition.
Board and executive changes
On 16 October 2025, Cabinet gave approval to the Minister of Electricity and Energy to appoint seven candidates to the Eskom Board, with four current board members being approved for reappointment. Mr Mteto Nyati will remain in his role as Chairman of the Board, with his three-year term concluding at the end of October 2026. Mr Dan Marokane (Group Chief Executive) and Mr Calib Cassim (Group Chief Financial Officer) will remain as executive directors.
The following members will join the Eskom Board: Dr Andrew Barendse, Dr Kgaugelo Chiloane, Ms Sharmila Govind, Dr Dimakatso Matshoga, Mr Tshokolo Nchocho, Prof Vuyo Peach, Ms Bajabulile Tshabalala.
The following board members have been reappointed to ensure continuity: Mr Lwazi Goqwana, Mr Clive le Roux, Dr Tsakani Mthombeni, Dr Busisiwe Vilakazi.
Other board members will step down as their term concludes on 30 November 2025: Ms Fathima Gany, Ms Ayanda Mafuleka, Mr Leslie Mkhabela, Mr Bheki Ntshalintshali, Ms Tryphosa Ramano, Dr Claudelle von Eck.
Ms Bajabulile Tshabalala will take over as Lead Independent Director from Mr Leslie Mkhabela.
For more information visit: www.eskom.co.za
