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Following news earlier this week that Elon Musk has been offered $29 billion in shares to remain at Tesla, the company has made the headlines once again this week. Tesla, valued at over $1 trillion, has announced its intentions to launch a household electricity supplier targeting the UK market. The venture will rival existing suppliers such as Octopus Energy and British Gas. The application was submitted late last month by Tesla Energy Ventures, the UK based energy subsidiary of the US group. If approved by Ofgem, Tesla could begin supplying energy to homes and businesses in England, Scotland and Wales as early as next year. Whilst energy watchdog Ofgem can take up to nine months to approve energy supply licenses of this nature, the decision could be made in just a matter of weeks. Due to political controversy surrounding Musk, as well as increased competition from Chinese manufacturers, Tesla has sustained heavy losses in the European market over the past year. UK car registrations of Teslas fell by almost 60% in July of this year, and by 55% in Germany. Despite the recent decline, Tesla has sold over quarter of a million EVs in the UK- a fact that could work to its advantage as it seeks to expand its customer base in the energy supply sector. Tesla has operated a similar energy supply model in Texas since 2022, charging customers a flat rate to charge their vehicles during off-peak hours. The scheme utilizes batteries known as Powerwalls in its design.Powerwalls
Powerwalls are app-powered, rechargeable lithium-ion batteries that allow users to store energy generated either by solar panels or from the grid in their homes. This stored energy can then be used to power appliances and devices in the home even during outages. The latest model, the Powerwall 3, provides greater energy efficiency than its predecessors.
Tesla’s Powerwall is an at-home energy store allowing customers to store energy from solar panels or the grid
