In 5 Energy Market Realities in 2026, David McDonald, CEO of SolarAfrica, breaks down the practical forces shaping South Africa’s energy landscape. The article explores why Eskom remains central to the wholesale market, how municipalities are increasingly buying power directly from IPPs, and why energy decisions are shifting from operations to balance sheets. It also examines the impact of rising fixed and capacity charges, the growing role of batteries and hybrid energy solutions, and why wheeling works — even as project financing struggles to keep pace. A grounded, on-the-ground view of how South Africa’s energy market will really operate in 2026.