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Thursday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.

Report: Power prices skyrocketed during winter blast

Wholesale power prices surged more than 6,000% in parts of the country during the worst of the recent brutal cold snap.

Americans are likely to face significantly higher winter heating costs once the next batch of power bills is mailed out.

Power prices spiked during this storm partly because demand ended up being much higher than several U.S. grid operators had forecast.

Carvana stock loses 98% of value in 2022

2023 will be a make-or-break year for Carvana.

The online used car seller’s stock has lost more than 98% of its value this year.

It had become the place where consumers went to buy or sell a used vehicle. Carvana’s business model worked well in an economy that had moved online due to pandemic restrictions, but the company began to struggle as Americans returned to buying things in person.

Southwest stock drops amid cancellations

Southwest stock was down another 5% Wednesday, continuing a weeklong slide.

Investors are bailing on Southwest shares as the airline strands passengers at airports and faces government scrutiny.

Layoffs could be coming at Google

Many Google workers are heading into the New Year worried about mass layoffs.

Google employees around the world are bracing for job cuts as other tech companies, including Meta and Amazon, cut jobs after expanding during the pandemic.

Wine and champagne prices rise before New Year’s Eve

Stocking the wine rack for New Year’s Eve? Prepare to pay more for a bit of bubbly.

The average price of champagne rose from an average of $50.09 in 2021 to $55.58 in 2022.

Alison Napjus, senior editor of “Wine Spectator,” issued a warning for party-goers ahead of New Year’s Eve, urging consumers to stock up now before the price balloons again.

The largest contributing factor to rising wine and champagne costs is supply chain issues.