South African electricity traders are insisting on a definitive end state for state-owned utility Eskom Holdings SOC Ltd. before the power market can be fully liberalized, according to Bloomberg Markets. Eskom, grappling with chronic power shortages and massive debt, currently dominates the market, stifling competition. Traders argue that without a clear roadmap outlining Eskom's future structure, size, and operational model, private sector investment and new market entrants cannot confidently proceed.

This demand highlights the critical link between resolving Eskom's operational and financial crisis and achieving broader energy sector reform. The lack of a defined path forward is seen as a major barrier to attracting the investment needed to alleviate South Africa's energy constraints.