Elon Musk’s Tesla has been given the green light to start supplying electricity to households and businesses in Britain.

The company’s subsidiary, Tesla Energy Ventures, has been granted a licence by energy watchdog Ofgem to provide electricity to domestic and non-domestic consumers in England, Wales and Scotland.

It took effect on Wednesday following a seven-month review that considered whether the company could safely and reliably run an energy business.

Mr Musk, who is the world’s richest man, runs the electric car manufacturer and also has a solar energy and battery storage business.

Tesla has been involved in the UK energy market since 2020, when it was granted a licence to be an electricity generator.

In the US, the group is already an electricity supplier in Texas.

The company faced a backlash to its application last year, with campaign group Best for Britain saying thousands of people had used its online tool to lodge objections with Ofgem.

The criticism was rooted in Mr Musk’s political activity, including his support for Donald Trump and far-right activist Tommy Robinson, real name Stephen Yaxley-Lennon, and the changes made to social media platform X, formerly Twitter, since taking ownership.

Furthermore, Energy Secretary Ed Miliband branded the billionaire boss as a “dangerous person” and said that he had called for the overthrow of the Government and incited violence on the streets.

Tesla lost its title as the world’s best-selling electric vehicle (EV) maker in January after reporting declining sales for the second year in a row.

The car maker delivered 1.64 million vehicles in 2025, down 9% from a year earlier. Chinese rival BYD, which sold 2.26 million vehicles last year, is now the biggest EV maker.

Tesla Energy’s licence means it must now comply with Ofgem’s rules, including treating customers fairly and maintaining consumer protections and financial responsibility, or it faces potential penalties or the licence being revoked.

Ofgem stressed that it does not assess or grant licences to individuals.

The International Energy Agency (IEA) says it has agreed to release a record 400 million barrels of oil from its strategic reserves to help stabilise markets.

The UK government said it will contribute 13.5 million barrels from its own stockpile for the release.

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.

The IEA, which includes the UK, said the release – the largest in the 50-year history of the 32-nation alliance – will account for around a third of its 1.2 billion barrel stockpile held for emergencies.

Members hold a further 600 million barrels of industry stocks under government obligations.

Energy secretary Ed Miliband said: “With this action, the UK is playing our part in working with our international allies to address the disruption in oil markets.

“The UK has strong and diverse energy supplies, and the price cap plays an important role in protecting energy bills until July.

“The way to protect families and businesses in the long run is to get off our dependency on global fossil fuel markets, and on to clean, homegrown power which we control.”

The government stressed that the resumption of tankers using the Strait of Hormuz is critical and said it will “continue to work closely with partners to achieve this”.

Brent crude oil prices were up 3.5 per cent on Wednesday afternoon at 90.87 US dollars a barrel, although this remains significantly down from the peak hit on Monday amid concerns over an intensification in the Iran conflict.

Rachel Winter, partner at Killik & Co, said: “The IEA’s decision to release strategic oil reserves on an unprecedented scale is a significant intervention, and markets will take note.

“Whether it succeeds will depend on how long the conflict continues and whether other producers move to fill any supply gap.

“In the short term, we may see some relief at the pump, and oil majors such as BP and Shell, which have benefited from the recent price spike, could give back some of those gains.”

The John Lewis Partnership is set to award its employees an annual bonus for the first time in four years, a move that signals significant progress in the high street giant’s ongoing turnaround strategy.

The retail group, which operates John Lewis department stores and Waitrose supermarkets, confirmed its “partners” will receive a 2 per cent bonus for the financial year ending 31 January.

This decision follows a 6 per cent increase in profits before tax, bonus, and exceptional items, reaching £134 million.

The company also reported a 5 per cent rise in overall sales to £13.4 billion, with both brands contributing to the growth.

However, the partnership recorded a pre-tax loss of £21 million, a stark contrast to the £97 million profit seen a year prior.

This downturn was attributed to exceptional charges, including significant write-downs related to its outdated technology systems.

Despite the positive step for staff, the company maintains a “cautious” outlook for the current financial year, citing a “challenging macroeconomic environment” as a potential headwind.

Jason Tarry, chairman of the John Lewis Partnership, said: “Our multi-year plan to invest in customers and our brands for the long term is working; we have grown customer numbers and achieved record satisfaction.

“Despite a subdued market, a challenging lead into the crucial peak period and increased taxes, we took the decision to continue investing in the business, and have delivered cash and profit growth.”

The company’s strategy under the former Tesco UK boss has seen it pump more investment into its stores as JLP renewed its focus in its core retail business.

The firm is currently investing £800 million across its stores as part of a long-term investment.

It has refurbished 23 Waitrose stores over the past year, as well as five John Lewis shops.

It also launched the Topshop brand across all its 32 department stores last month as part of investment into its fashion offer.

Last month, Mr Tarry also pulled the plug on the partnership’s plans to build around 10,000 rental properties in order to focus further on retail.

It abandoned the build-to-rent ambitions launched under previous chairwoman Dame Sharon White in 2020, blaming higher costs and caution in the property market.