Tesla, energy supply for the British - Will use solar energy and battery storage business
Elon Musk's Tesla could soon start supplying British homes with electricity after being granted a license, bringing a new competitor to the market at a time of heightened concerns about rising bills.
The country's energy regulator, Ofgem, said Tesla Energy Ventures had been approved as an electricity supplier following a process that began last July. The new license positions Tesla, the Texas-based company owned by billionaire Musk, for expansion in Britain, where it will seek to use its solar and battery storage business to compete directly with existing suppliers such as Octopus Energy, British Gas and EDF.
Tesla Motors Limited, another subsidiary, already has a license to generate electricity in Britain. Some Tesla electric car owners have a Powerwall battery for their home which uses solar energy to charge their vehicles, and excess supply can be sold back to the grid.
Energy prices have risen since the start of the Iran war, leaving British consumers worried about their bills. Most households are protected until July from the immediate impact of higher gas prices on heating and electricity costs, thanks to regulated tariffs. But the government will come under pressure to provide support if the conflict drags on beyond that period.
Tesla vehicle sales in Britain have been declining in recent years, due to competition from cheaper Chinese brands and a consumer backlash against Musk's political views.
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