South Australia is about to have the world’s most expensive electricity
South Australia’s major energy companies – AGL, EnergyAustralia and Origin Energy – will be increasing electricity prices by as much as 16-20 percent by the beginning of July.
The decision to hike prices by such an amount will mean the province is home to the most expensive electricity in the world, surpassing Denmark.
AGL is to increase prices by 18 percent, with Origin Energy’s rates going up by 16 percent and EnergyAustralia hiking its tariffs by 19.9 percent. Energy commentators have been pointing out that for some time Australian consumers nationwide have been paying more for electricity than the actual value it holds as a resource.
Continuing price rises is forcing many businesses’ hands regarding relocation. Several industrial sites have closed down in recent months and years, with Plastics Granulating Services announces its departure from South Australia just before the new price increases.
Based in Adelaide, 38-year-old Plastics Granulating Services said it was forced to close because its electricity bill rose by $100,000 in the space of 18 months. It is a big loss to the local economy, as the site not only cleared 10,000 tonnes of plastic waste a year, but also converted it into plastics to be used in other industrial products.
Managing Director Stephen Scherer told ABC: “I hate to think of how many hours I’ve wasted on the AEMO website with tools to monitor spot pricing, to assess the implications of power, the trends of power and the future costs of power. We were basically marking time, draining ourselves of cash.”
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.