Overview of 2024
Chairman's Foreword
A reliable electricity supply is essential to powering economic growth, which creates opportunities to sustain livelihoods and uplift communities, and promotes national progress. At the end of the day, the answer to the electricity crisis was simple – the Minister is aligned to the Board, and the Board is aligned to Exco. The strong and unified Exco team is aligned to Eskom’s operational managers and, by extension, the entire workforce. As a result, morale and commitment have improved across the organisation.
Eskom’s recovery from the electricity crisis would not have been possible without the tens of thousands of dedicated Eskom Guardians across the organisation who work tirelessly to keep the lights on for South Africa. To sustain the progress and position of Eskom for the future, we need to continue embedding a high-performance culture to meet Eskom’s challenges head on, by cultivating resilience, excellence and accountability supported by appropriate reward strategies.
Securing standalone financial sustainability: Government debt relief support, new tariff structures, higher sales linked to the operational turnaround and cost optimisation initiatives have contributed to Eskom recording its first profit in eight years, resulting in a more positive outlook from rating agencies and improved credit ratings.
Transforming Eskom and the industry through legal separation: The operationalisation of NTCSA in July 2024 as the interim Transmission System Operator marked a critical milestone, enabling grid access for all market participants and facilitating the development of a competitive electricity market that still lacks clear rules.
Fostering an ethical culture to fight crime, fraud and corruption: We have strengthened organisational structures; enhanced mechanisms to prevent, detect, investigate and correct wrongdoing and irregularities; and implemented long-term reforms.
Sustaining the turnaround and positioning Eskom for the future: Continued focus and innovation are required to address increasingly unsustainable levels of municipal arrear debt, tariff challenges and finding funds for the imperative to decarbonise in line with national and global commitments.
Financial sustainability and governance
In 2024, Eskom recorded its first profit in eight years, supported by government debt relief, new tariffs, higher sales, and cost optimisation. These improvements led to upgraded credit ratings and a positive outlook from rating agencies. Governance and ethical reforms were strengthened, with enhanced mechanisms to prevent, detect, and address crime, fraud, and corruption.
Structural reform and transformation
The operationalisation of the National Transmission Company South Africa (NTCSA) in July 2024 marked a significant milestone in Eskom’s legal separation into Generation, Transmission, and Distribution. The NTCSA began operating as a wholly owned subsidiary, managing the national grid and preparing for a competitive electricity market.
Operational recovery and energy performance
Eskom achieved record operational stability in 2024, with over 200 consecutive days without load shedding and an improved energy availability factor (EAF) averaging 66%. Kusile Unit 5 entered commercial operation, adding 800 MW to the grid, while Koeberg’s Units 1 and 2 were granted 20-year licence extensions. Improved plant performance and maintenance under the Generation Operational Recovery Plan reduced unplanned outages and diesel use by 77%.
Leadership and strategic appointments
Dan Marokane assumed the role of Group Chief Executive on 1 March 2024, leading efforts to stabilise operations and reposition Eskom for growth. New executive appointments, including group executives for Strategic Delivery, Corporate Services, Strategy and Sustainability, and Group Capital, strengthened leadership capacity and execution.
Innovation, technology, and infrastructure development
Eskom advanced innovation through projects such as the pilot electric vehicle (EV) charging network, coal-ash road construction at Kusile, and grid expansion through the Transmission Development Plan. The utility also reached milestones in its Key Revision Number (KRN) rollover project, recoding over 6.9 million prepaid meters before the national deadline.
Environmental stewardship and research excellence
Eskom continued to measure and report its carbon footprint annually under the GHG Protocol, with over 97% of emissions from fossil fuels. While overall emissions declined, Scope 1 emissions rose temporarily due to higher plant utilisation to limit load shedding. The company also maintained long-standing environmental leadership − partnering with the Endangered Wildlife Trust (EWT) since 1996, pioneering air and river monitoring, and completing the Masibambisane Air Quality Offset Project in Mpumalanga to reduce indoor pollution and improve community health.
Youth development and global recognition
South African learners from the Eskom Expo for Young Scientists earned awards at international science fairs in Taiwan, Türkiye, Tunisia, Mexico, and China. These achievements reflected Eskom’s continued investment in STEM education and youth innovation.
International partnerships and sustainability commitments
Eskom strengthened partnerships through agreements with Rosatom on nuclear skills and with Sasol on LNG development. It also signed a EUR 6.5 million grant agreement with the Agence Française de Développement to develop the Tubatse Pumped Storage Scheme. Eskom rejoined the United Nations Global Compact (UNGC) to advance sustainability and governance goals.
Safety, incidents, and law enforcement cooperation
Eskom worked closely with law enforcement to combat electricity theft and vandalism, including significant operations in Diepsloot and Fochville. In December 2024, a high-pressure steam pipe ruptured at Matla Power Station, injuring nine employees; investigations found no sabotage. The utility emphasised worker safety and swift response to incidents.
Conclusion
By the end of 2024, Eskom demonstrated tangible progress in operational stability, financial recovery, environmental responsibility, and corporate governance. With its turnaround well underway, Eskom positioned itself for a sustainable, low-carbon, and competitive energy future.