Tesla has officially become a licensed utility in the United Kingdom, as reported by The Wall Street Journal. The automotive and energy firm recently obtained a license from the Office of Gas and Electricity Markets, enabling it to provide electricity directly to residential and commercial users.

The company has been involved in electricity markets for some time. Its initial energy products, the Powerwall and Powerpack, debuted in 2015; however, it was only a year later, following its merger with SolarCity, that Tesla began to rapidly expand this division. In 2022, Tesla Electric was launched in Texas, permitting it to sell electricity directly to customers. Powerwall users can sell electricity from their batteries to engage in the company’s virtual power plant.

The new sector, branded Tesla Energy Ventures, will go head-to-head with current utilities in the U.K., such as EDF, E.ON, and Octopus Energy. The rivalry with Octopus is expected to be particularly captivating. Since its inception in 2015, Octopus has risen to be the largest utility in the country by prioritizing innovative software, renewable energy solutions, and imaginative marketing. Does that sound familiar?