The argument that ‘expensive’ independent power producers (IPPs) pose a financial risk to Eskom may be untrue and misleading. It has, nevertheless, gained significant traction and prominence on various social media platforms in recent months. It is also fair to say that the narrative has become the main rallying point for opponents to Cyril Ramaphosa’s leadership, both inside and outside the African National Congress-led alliance. In truth, the full cost of the IPPs is catered for in the electricity tariff, while Eskom’s weak financial position is primarily the outcome of cost and schedule overruns at Medupi and Kusile – projects that have also been prone to corruption and inefficiency.