Part 4/10:
ESCOM was established as a state-owned entity with a mandate to supply electricity at the lowest possible cost, free from the burdens of profit-making. The intention was to provide stability and reliability to South Africa’s economy, which was heavily dependent on gold mining. This shift towards state capitalism enabled ESCOM to consolidate the nation’s energy resources and lay the groundwork for expansive industrial growth.
From 1933 to 1948, ESCOM's control over South Africa’s energy landscape grew as it absorbed private firms. This period marked the beginning of a dramatic increase in electricity consumption, facilitated by the country’s shift off the gold standard, resulting in burgeoning profits for gold miners and the need for vast quantities of power.