Eskom’s return to profit a sign of energy recovery, says Ramaphosa

By Johnathan Paoli

President Cyril Ramaphosa has hailed Eskom’s first return to profitability in eight years as a landmark achievement, describing it as proof of the value of persistence, structural reform, and broad-based partnerships.

In his weekly newsletter on Monday, Ramaphosa noted that Eskom’s latest financial results marked a turning point for the struggling power utility, which had faced mounting losses, ballooning debt, and existential threats just three years ago.

“The financial improvement at Eskom bears witness to the strength of these multi-sectoral partnerships, but also to the value of consistency and forging ahead with long-term goals, even in the face of strident criticism,” the president wrote.

When the National Energy Action Plan was announced in 2022, Eskom was in a dire state. The utility’s net loss after tax for the 2022/2023 financial year was R23.9 billion, while debt had soared past R300 billion.

Independent auditors at the time warned