Tesla Stock (TSLA) Charges Higher on Plans to Light Up the U.K.
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The company has reportedly sought approval for an energy license from regulator Ofgem to supply British households and take on giants such as British Gas owner Centrica and Octopus Energy.
Tesla stock was over 1% higher in pre-market trading.
Energy Application
Tesla Energy Ventures applied for the license last month, according to a new filing published by industry regulator Ofgem, and hopes to start switching on supply next year.
The application was signed by Andrew Payne, who has worked for Tesla since 2016 and runs the company's European energy business.
Tesla is perhaps best known for its struggling electric vehicle business, where sales have been battered this year by a combination of sterner competition and chief executive Elon Musk's volatile on and off relationship with President Trump. This, in turn, has led to a volatile share price performance.
But it also has a burgeoning solar energy and battery storage business and has been an electricity supplier in Texas for the past three years.
Energetic Musk
Tesla's energy business saw total energy generation and storage revenue jump 67% year over year to more than $10 billion in 2024. After deploying 14.7 gigawatt hours (GWh) of storage in 2023, Tesla more than doubled this figure to 31.4 GWh in 2024.
Its Megapack product – a grid-scale battery storage solution designed for utilities and large-scale commercial customers, has led the way. The company is producing Megapacks at its dedicated Lathrop, California, facility, and recently started production at a second Megapack factory in Shanghai, with a target production of up to 40 GWh of capacity per year.
The British business is expected to be branded TeslaElectric and could focus on supplying electricity to consumers who own Tesla products such as cars or batteries.
Indeed, according to industry experts, Tesla is in a strong position in the U.K. to start supplying if the license application is approved.
It has sold more than a quarter of a million EVs and tens of thousands of home storage batteries, called Powerwalls, in the UK, which could help it gain access to a sizeable customer base for an electricity supply business.
Is TSLA a Good Stock to Buy Now?
On TipRanks, TSLA has a Hold consensus based on 13 Buy, 15 Hold and 8 Sell ratings. Its highest price target is $500. TSLA stock's consensus price target is $305.37, implying a 7.37% downside.
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