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California declares grid emergency, Instacart acquires Eversight, Crypto.com seeks $7 million refund

Notable business headlines include California Governor Gavin Newsom declaring a state-wide grid emergency as the heat wave worsens, Instacart acquiring pricing and promotions platform Eversight, and Crypto.com seeking the return of a $7 million refund.

Video Transcript

BRAD SMITH: California Governor Gavin Newsom, he declared a statewide grid emergency yesterday to cope with soaring energy demand, as the extreme heat and drought in the region taxes its energy grid. Newsom's order will temporarily loosen environmental regulations, allowing gas burning plants to run all out during the heat wave, which Newsom says could last a week. During that time, officials are asking residents to conserve power. This crunch could weigh heavily on the state's coming decision on whether or not it will extend the life of the Diablo Canyon nuclear plant, its largest power generating facility that's scheduled to close by the end of 2025.

And Instacart has acquired the artificial intelligence powered pricing and promotions platform Eversight. The acquisition could help Instacart unlock optimal promotions and pricing and create more compelling savings opportunities for customers. Instacart CEO Fidji Simo noting in a statement that with higher inflation and the average cost of groceries up, we're taking even more steps to make food and daily essentials more affordable.

And the Matt Damon fronted digital currency app Crypto.com is looking for the return of about $7 million that was accidentally transferred to a woman in Melbourne, Australia. The firm found in an audit that while processing a $100 refund months earlier, an account number was accidentally entered in the payment amount field. So, of course, some of the money has already been spent, including the purchase of a $1.3 million five-bedroom property. Hey, that's come-up right there. Sozz.