It has long been known that the equilibrium of an electron plasma in a stellarator possesses unique properties when compared with other geometries. Previous analyses, both numerical and analytical, as well as experimental results, have indicated that these equilibria are minimum-energy states. Here, it is definitively shown that the equilibrium of an electron plasma on magnetic surfaces with finite rotational transform minimises a constrained physical energy, which has a thermal and an electrostatic contribution. As such, these equilibria are established to be macroscopically stable to all perturbations that do not change the flux-surface average of the density and do not decrease the entropy of the plasma, under the definition of ‘formal stability’ established by Holm et al. (Phys. Rep., vol. 123, no. 1, 1985, 1–116).