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Eskom’s load-shedding is paradoxical. In the past decade its sales of electricity dropped 11% while its revenues climbed 77% above inflation. From 2010 to 2019 its tariff increases extracted an extra R700bn (2019 rand value) from businesses and consumers. But it still can’t keep the lights on, with extended load-shedding in three of the past five years.

Fixing Eskom requires a realistic diagnosis and a strategic approach, not the current blame game. Because life is unfair, solutions won’t be cheap or quick. And setting up a revolving door at the top won’t help. Three core problems destabilise Eskom’s generation systems...

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