Octopus Energy announces joint venture with China’s PCG Power

30 Jan Octopus Energy announces joint venture with China’s PCG Power

(Oilandgaspress) -] Octopus Energy Group, the UK’s largest energy supplier, has today announced a new joint venture with China’s PCG Power to trade renewable energy across the world’s largest clean energy market.

The deal, announced during the Prime Minister’s official visit to China, marks Octopus’ entry into the world’s largest renewable energy market and a major step in exporting British energy tech overseas.

The new company, named Bitong Energy, will bring together PCG Power’s experience as China’s leading and fastest-growing investor and solutions provider in the Commercial & Industrial (C&I) renewable energy sector, with Octopus’ world-leading cutting-edge technology for green energy trading and optimisation.

Together, they’ll power China’s rapidly expanding spot power markets – where energy is bought and sold in real time for a smarter, more efficient grid.

China’s electricity consumption is forecast to grow by around a third over the next five years, with government mandates requiring at least 10% of electricity to be traded on spot markets by the end of this year alone.

By 2030, Bitong Energy aims to trade up to 140 TWh of renewable power a year – roughly equal to the UK’s entire current green energy output – generating around £50 million in annual profits, with half flowing back to the UK.

Within five years, the joint venture has an ambition to hit a £500m+ valuation, strengthening the UK economy by exporting British software and engineering expertise.

Alongside trading, Octopus will roll out its world-leading software to boost performance and maximise the value of China’s fast-growing battery and renewable fleets.

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