South Australia’s sky-high electricity prices have forced an Adelaide plastics recycling business to shut its doors, costing 35 workers their jobs, its managing director says.
Plastics Granulating Services (PGS), based in Kilburn in Adelaide’s inner-north, said it had seen its monthly power bills increase from $80,000 to $180,000 over the past 18 months.
Managing director Stephen Scherer said the high cost of power had crippled his business of 38 years and plans for expansion, and had led to his company being placed in liquidation.
“It’s where the cash went out of the business, and without the cash, we couldn’t service what we needed to service,” he said.
“We were basically marking time, draining ourselves of cash.
“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.
H/t reader kevin a.
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