Elon Musk’s Tesla enters UK power market, aims to supply electricity to homes

Elon Musk’s Tesla has secured approval to advance its energy ambitions by supplying electricity to homes in Great Britain.

On Thursday, Ofgem granted Tesla Energy Ventures a licence, allowing the company to supply electricity to businesses as well across the country despite Ed Miliband’s fierce opposition to the billionaire.

Mr Miliband last year accused the CEO of Tesla of being a key player in a network of individuals seeking to “destroy the ties that bind our communities and our way of life.”

Speaking at the Labour Party conference, he said, “We have a message for Elon Musk: get the hell out of our politics and our country.”

An Ofgem spokesman said, “Protecting consumers and maintaining a secure, fair energy market underpins every licensing decision we make. Following a detailed assessment, Ofgem has concluded that Tesla Energy Ventures Limited meets all statutory requirements to be licensed as an energy supplier.”

The recent move has branded Tesla as a new competitor in the UK energy market in the midst of rising concerns over surging utility bills.

The licence will allow Elon Musk’s company Tesla to grow its business in the UK and to compete with big British power companies like Octopus Energy and British Gas.

The company is also known for selling tens of thousands of Powerwall batteries to British homes and home chargers for electric cars.

While the company aims to provide sustainable electricity and "virtual power plant" services, it faces regulatory limitations regarding dual-fuel contracts.

The company cannot offer gas to the customers due to its electricity licence, meaning the customers would need a separate supplier for dual fuel needs.

When it comes to Tesla car sales, the UK registrations dropped 37 percent in February year-on-year. Tesla’s market share of 1.34 percent now lags behind rivals like BMW and BYD.