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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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Tesla Has Just Activated Its Mega-Battery in South Australia

By
Joseph Hincks
Joseph Hincks
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By
Joseph Hincks
Joseph Hincks
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December 1, 2017, 3:31 AM ET
Tesla CEO Elon Musk Attends Powerpack Project Event at the Hornsdale Windfarm
Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an event at the Hornsdale wind farm, operated by Neoen SAS, near Jamestown, South Australia, on Friday, Sept. 29, 2017. Against a backdrop of wind turbines 150 miles (241 kilometers) north of Adelaide, Musk announced a contract to build the world's largest lithium-ion battery system had been signed with South Australia's power distributor, triggering a 100-day self-imposed deadline to install the electricity storage system. Photographer: Carla Gottgens/Bloomberg via Getty ImagesCarla Gottgens—Bloomberg/Getty Images

Tesla (TSLA) officially inaugurated the world’s largest lithium ion battery in South Australia Friday, making good on CEO Elon Musk’s promise to deliver a solution to power outages in the state within 100 days of signing a contract.

Tesla’s 100-megawatt battery, located at a wind power plant about 200km north of Adelaide, can independently power up to 30,000 homes for an hour, the BBC reports. But it will mostly be used to backup electricity infrastructure in the renewable energy dependent state.

For more on Tesla battery packs, watch Fortune’s video:

Musk made his play for South Australia in March following a string of industry-crippling power outages in the state. When asked over Twitter whether he was serious, Musk doubled down, saying the battery would be free should it not be delivered to deadline.

“You’re on mate. Give me 7 days to try sort out politics & funding,” Australian entrepreneur Mike Cannon-Brookes, who had initially challenged Musk, responded at the time.

legend! ☀️ You’re on mate. Give me 7 days to try sort out politics & funding. DM me a quote for approx 100MW cost – mates rates!

— Mike Cannon-Brookes 👨🏼‍💻🧢🇦🇺 (@mcannonbrookes) March 10, 2017

Friday’s inauguration means Tesla actually beat the clock by around 40 days. It began ticking after the project garnered regulatory approval on Sept. 30.

Tesla’s battery “will completely transform the way in which renewable energy is stored, and also stabilize the South Australian network as well as putting downward pressure on prices,” South Australian Premier Jay Weatherill said in July.

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