HOUSTON – Texans, do you think this is a good idea? Apparently, Tesla CEO Elon Musk has filed a new subsidiary, called Tesla Energy Ventures, with the Public Utility Commission of Texas.
Musk filed to become the electricity provider for Texas in mid-August after seeing an opportunity in the market following February’s deadly winter storm, according to Texas Monthly. Currently, the Electric Reliability Council of Texas operates the state’s electrical grid, which failed during the cold snap, leaving millions of Texans without power.
Tesla CEO Elon Musk, who recently moved to Texas, took to Twitter during February’s winter storm to mock the Electric Reliability Council of Texas (ERCOT), tweeting they’re “not earning that R.”
The company plans to sell kilowatts either drawn from the grid or pull from Tesla-made home batteries if the grid ever goes down. The company also said it will give Texans with solar panels extra money if they share excess power with the grid. According to a release, Tesla has plans to build two giant utility-scale batteries outside of Houston and Austin to serve wholesale power companies.