- PUC approves Tesla Energy Ventures as a REP
The Texas Public Utilities Commission (PUC) has approved Tesla Energy Ventures, a subsidiary of Tesla, to operate as a Retail Electric Provider (REP) in Texas. However, the deal with Tesla Energy Ventures has been kept confidential, and the President of Tesla Energy Ventures, Ana Stewart, declined to comment on the deal.
The REPs purchase wholesale electricity from the generation companies under the Electricity Reliability Council of Texas (ERCOT) wholesale market and sell it to consumers in competitive markets in Texas.
Tesla previously ventured into the Texas electricity market following the February blackout in Texas when its subsidiary Gambit Energy Storage announced the construction of 100-megawatt batteries to provide electricity to the Southeast Texas grid during another blackout.