South African state power utility Eskom said on Tuesday that its net loss for the financial year that ended in March had widened to 23.9 billion rand ($1.27 billion) from a revised 11.9 billion rand loss the previous year.
This year Eskom has implemented the worst power cuts on record in Africa's most industrialised economy, with outages of up to 10 hours a day curbing economic growth and fuelling public frustration.
South Africa's government has pledged to split Eskom into three subsidiaries to try to make it more efficient. In February it agreed to take on more than half its total debt to bolster its finances.Shares of Tesla fell about 5% on Monday after key supplier Panasonic Holdings said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle sales.
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