Tesla has officially become a licensed utility in the United Kingdom, according to a report from The Wall Street Journal. The automotive and energy company has recently obtained a license from the Office of Gas and Electricity Markets, enabling it to sell electricity directly to residential, commercial, and industrial users.
Tesla has long been involved in the electricity market. Its initial energy products, the Powerwall and Powerpack, were introduced in 2015. However, it wasn’t until 2016, after merging with SolarCity, that Tesla significantly expanded this division. In 2022, Tesla launched Tesla Electric in Texas, permitting it to sell electricity directly to consumers. Powerwall owners can sell stored energy from their batteries to join the company’s virtual power plant.
The new segment, named Tesla Energy Ventures, will challenge existing utilities in the U.K., such as EDF, E.ON, and Octopus Energy. The rivalry with Octopus is expected to be particularly noteworthy. Established in 2015, Octopus has grown to become the country’s largest utility by prioritizing advanced software, renewable energy, and innovative marketing strategies. Sound familiar?