"Ofgem, the nation's energy regulator, confirmed that Tesla Energy Ventures, a subsidiary of the electric vehicle giant, has now been approved as an electricity supplier. This approval follows a regulatory process that commenced in July of last year. The new licence paves the way for the Texas-based company, led by billionaire Musk, to expand its operations in Britain."
"Tesla intends to leverage its expertise in solar energy and battery storage to directly challenge established providers such as Octopus Energy, British Gas, and EDF. Tesla Motors Limited, another subsidiary, already has an electricity generation licence in Britain."
Tesla Energy Ventures, a subsidiary of Elon Musk's Tesla company, has secured regulatory approval from Ofgem to operate as an electricity supplier in the United Kingdom. This license marks a significant development in the UK energy market, introducing a major new competitor during a period of heightened concern about rising utility bills. Tesla plans to utilize its expertise in solar energy and battery storage technology to challenge established energy providers including Octopus Energy, British Gas, and EDF. The company's existing subsidiary, Tesla Motors Limited, already holds an electricity generation license in Britain. Tesla vehicle owners with Powerwall home batteries can charge their vehicles using solar energy, with excess power available for resale to the grid.
Read at www.independent.co.uk
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