"The nation is at a crossroad as far as power is concerned," Eskom CEO Jacob Maroga said during a presentation of the power utility's annual financial results on Thursday.

But it could be argued that it is the utility more than the nation that is at a crossroad.

After a dark February South Africans were ever so grateful for the suspension of load shedding, and while Eskom says there is still a four percent shortfall in its desired 10 percent energy saving, things are looking so good that the utility may scratch load shedding from the agenda altogether.

Everything hinges on the restoration of the reserve margin, which dived from 27.1 percent in 1999 to a measly 5.6 percent last year.

Eskom wants the reserve margin, which gives power utilities the leverage they need to conduct emergency work or deal with unplanned outages without impacting on consumers, at 15 percent.

Technical performance of plant has improved and coal stockpiles have just reached a total of 23 system days ? the challenge that remains is the need to continue and improve cuts in demand.

Mines operating in South Africa had their power supplies cut to 90 percent of their average power needs in January, and some have been given permission to return to 95 percent of traditional usage.

Slashing usage by Eskom's key industrial customers has been the primary driver of the power savings already achieved.

It is therefore fitting that a former mining boss takes over as chair of Eskom.

Public Enterprise Minister Alec Erwin announced that former AngloGold Ashanti CEO Bobby Godsell would be taking over the reins from Valli Moosa, who confirmed that he would be stepping down after agreeing to serve just one term at Eskom.

Stressing the challenges that faced the new chairperson, Moosa said on joining Eskom three years back he been assured by Erwin that Eskom "was the most stable utility with no problems".

"Two months later Koeberg went down"

Two months later Koeberg went down, Moosa joked.

He said he realised that the situation in South Africa's power sector and particularly Eskom faced "deep challenges".

That is when the board decided to keep its eye on the expansion of its capacity regardless.

If it didn't tackle the new build programme, not in small bites but in quantum leaps, the country did not have a hope, Moosa said.

"One of the biggest and most challenging things I had to face was holding the company together," Moosa said.

"Frankly, at times it was unbearable," he said of this pressure.

Moosa hands over the utility in a year that it fights to sustain its profitability.

Having come through one of its toughest years ever, Eskom is now being chaired by Godsell, who is not only a master of business but someone skilled in negotiating with both labour and government.

As market commentators have suggested: "Godsell may be Eskom's Godsend".