Dan Marokane

DAN Marokane managed a crucial year for Eskom in 2025, when the power utility reported its first profit in nearly a decade. This signalled a turning point after years of operational and financial difficulty. These positive financial results also marked a notable shift in Eskom’s trajectory after years of instability, frequent load shedding, and financial strain. During the past year, there were continual improvements in generation capacity, which provided extended periods of electricity supply without load shedding. Eskom’s energy availability improved significantly, enabling the utility to increase much-needed planned maintenance while also stabilising the national grid. Ratings agencies responded positively to the improved performance.

In November 2025, S&P Global Ratings upgraded Eskom’s government-guaranteed foreign-currency debt rating, citing stronger operational outcomes and improved finances. Marokane, who returned as group CEO in March 2024, has described the recovery as structural rather than cyclical, saying it reflects the disciplined execution of Eskom’s turnaround strategy; he is confident it is not a temporary improvement. He has, however, cautioned that significant risks remain, including ageing infrastructure, transmission constraints, and the rising burden of municipal debt.

Although Eskom’s improved performance has lifted business and investor confidence, Marokane has been clear that the utility’s challenges are far from over. Ongoing profitability will depend on continued maintenance, faster investment in transmission infrastructure, and progress on electricity market reforms as South Africa transitions to a more diversified energy system. For Eskom, 2025 marked an exit from survival mode – and may ultimately define Marokane’s time as CEO.