President Cyril Ramaphosa’s endorsement of the Phase I report of the Eskom Restructuring Task Team (ERTT) marks a significant step towards an independent Transmission System Operator and a competitive electricity market. The report also identifies municipal arrears to Eskom as a threat to the sustainability of the broader electricity sector. But while restructuring can change how electricity is traded, administered and financed, it cannot by itself address the physical condition of the infrastructure that delivers electricity to customers.