Eskom returns to profit after years of crisis

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For the first time in over eight years, South Africa’s power utility, Eskom, has recorded a profit before tax ($1.4 billion) for the year ending March 2025. This may signal a turnaround for the utility that has long been synonymous with load-shedding and financial instability. Years of restructuring and governance reforms seem finally to be bearing fruit.

• The recovery comes as South Africa’s power market shifts toward private generation. Miners, manufacturers and retailers have invested billions in solar, wind and battery systems, often at prices below Eskom’s tariffs.

• Eskom still holds a natural monopoly in transmission. Its best opportunity lies in expanding and modernising the grid to carry more renewable power across the country.

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