Tesla Inc (NASDAQ:TSLA) is poised to enter the UK’s energy market as a household electricity supplier after prospective rivals have scored record profits recently.
According to a company job posting, Tesla is looking for an executive to head up the “commercial launch of a retail electricity product in the UK”.
Elon Musk’s electric vehicle giant already sells batteries, known as Powerwall units, in the UK through its Tesla Electricity brand.
Tesla Electricity’s move to supplying energy in the UK is expected to include the use of solar panels combined with these already installed battery storage units.
Musk’s sought entry into the supply market comes after British Gas owner Centrica PLC (LSE:CNA) reported record profits in 2022, thanks to higher wholesale prices following the Ukraine war.
Centrica posted a 250% increase in operating profit in the year to December 2022, with better earnings largely being fuelled by higher commodity prices, allowing the company to charge more for its self-produced electricity and gas.
Other renewable suppliers which own generation assets also saw profits rise, including the likes of wind and solar farm operators.
Tesla has supplied electricity in Texas, USA since December meanwhile, with customers able to buy energy from the company’s generators to store in their Powerwall batteries.
Unused power can then be sold back to the grid by customers at times of peak demand, meaning a similar model is likely to be introduced in the UK, where Tesla already has a commercial license to sell electricity.