CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Tesla files to become energy provider in Texas

By Robert Davis

17:24, 27 August 2021

Tesla home energy storage, Austin, Texas
Tesla home energy storage in July 2021, Austin, Texas. Photo: Shutterstock

Energy and automobile manufacturer Tesla filed the initial paperwork on Thursday, 26 August, to become a retail energy provider in Texas.

The move comes at a time when the Public Utilities Commission of Texas (PUC) –which would oversee Tesla’s operations – is under increased scrutiny. Earlier this year, the state’s lawmakers passed several bills requiring energy providers to weatherise their critical infrastructure but left the implementation to PUC.

At the same time, the failures of the Energy Reliability Council of Texas (ERCOT) to provide affordable power to Texans during an ice storm in February is still fresh in the minds of many state residents. ERCOT is responsible for maintaining the state’s power grid.

According to a report by Houston Public Media, 210 people across Texas died during the storm. The Texas Department of State Health Services said most of the deaths were from hypothermia.  

Shares of Tesla were trading 1.42% higher on Friday, hitting $711.09 per share by midday.

Customer support

According to the paperwork, Tesla plans to use its Customer Support organisation to “be the primary point of contact for retail electric customers.”

Two of the reasons Tesla gives for including this organization is to “support inquiries” and “escalate emergencies” as quickly as possible. Tesla’s Customer Support staff are available 24 hours per-day and seven days per week, the filing says.

US100

17,918.60 Price
+1.590% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

XRP/USD

0.54 Price
-0.710% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,142.90 Price
+0.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Gold

2,302.14 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0192%
Short position overnight fee 0.0110%
Overnight fee time 21:00 (UTC)
Spread 0.40

Theoretically, this would resolve another issue many Texans faced during the winter storm. Several reports found customers had tried to contact their energy providers about the higher-than-normal energy bills that resulted from the storm but were met with silence.  

However, Tesla’s responsiveness has come under fire before, too. According to a report by CNBC, the company’s customer service agents were accused of regularly stonewalling customers who inquired about being double-charged for new vehicle purchases in March 2021. 

What is your sentiment on BTC/USD?

64108.15
Bullish
or
Bearish
Vote to see Traders sentiment!

Testing pending

Before Tesla can push out its first commercial megawatt, the company must go through what is called a “retail market flight test.”

This test is used by ERCOT to determine whether a company’s end-to-end infrastructure can work with the regulator’s grid.

Tesla is currently signed up to go through flight testing in October, according to its filing.

Trade Tesla Inc - TSLA CFD

1m
5m
15m
30m
1H
4H
1D
1W

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 610,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading