Key Findings
- 1Eskom data shows load-shedding hours halved in 2025, but corporate energy capex kept climbing. Here's the strategic logic behind the spend.
Overview
SA corporates committed R210bn to embedded generation and storage between 2022 and Q1 2026 , even as Eskom load-shedding hours fell from 6,947 in 2023 to 289 in 2025 .
"4bn on solar and battery in FY2025, covering 26% of group consumption (integrated report, Sep 2025)."
Solar PV costs in Africa have fallen 89% since 2010 — making renewables cheaper than coal in every major market.
The economics of energy transition are settled. The only question is speed of deployment.
Why this matters now
The capex kept coming despite the grid stabilising — a signal that boards no longer treat Eskom as a base-case assumption.
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