Tesla has become a utility company in the UK, leading to a showdown with Octopus Energy

Tesla is now an officially licensed company in the United Kingdom, according to a new report from the Wall Street Journal. The automotive and energy company recently obtained a license from the Gas and Electricity Markets Office, allowing it to sell electricity directly to households, commercial and industrial users.

The company has long been involved in the electricity markets. Its first pure energy products, Powerwall and Powerpack, were introduced in 2015, but the company didn’t begin rapidly scaling the division until a year later when Tesla merged with SolarCity. In 2022, the company launched Tesla Electric in Texas, allowing it to sell electricity directly to customers. Powerwall owners can sell electrons from their batteries to participate in the company’s virtual power plant.

The new division, known as Tesla Energy Ventures, will compete with existing UK utilities, including EDF, E.ON and Octopus Energy. The competition with octopus should be especially interesting. Since its founding in 2015, Octopus has become the country’s largest enterprise by focusing on great software, renewable energy, and creative marketing. Sound familiar?