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UK's Octopus Energy to Trade Renewable Energy in China as Ties Strengthen
Bitong Energy targets trading up to 140 TWh of renewable power annually in China’s spot power markets, generating around £50 million in yearly profits, half returning to the UK.
- On Friday, Octopus Energy launched Bitong Energy with PCG Power to trade renewable power in China during Prime Minister Sir Keir Starmer's visit.
- To access the world's largest clean energy market, Octopus aims to export British energy technology and provide smarter services to Chinese C&I customers; the announcement coincided with Prime Minister Sir Keir Starmer's visit to restart UK-China relations.
- Focusing on spot markets, Bitong plans a Guangdong launch then nationwide expansion to trade up to 140 TWh a year, matching the UK's current green energy output.
- Octopus says the trade could produce $69 million a year, with half flowing back to the UK and hopes for a multi-year valuation.
- Combining technology and local insight, the partners expect operational synergies by integrating Octopus Energy's proprietary software and algorithmic expertise with PCG Power's market position.
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17 Articles
Octopus Energy unveils major business 'partnership' with firm in China during Keir Starmer's visit
Octopus Energy has unveiled a partnership with Chinese firm PCG Power to establish a new renewable energy trading company in the world's largest clean power market
·London, United Kingdom
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Britain’s Octopus Energy Takes a Big Bet on China’s Clean Power Markets
The UK’s largest energy supplier, Octopus Energy, is entering the Chinese market with a joint venture to trade renewable power in the world’s top clean energy market. Octopus Energy announced the deal on Friday, as the UK’s Prime Minister Keir Starmer is on an official visit to China to restart UK-Chinese relations. As part of an agreement with China’s PCG Power, Octopus Energy will form a joint venture to trade renewable energy across the world…
·London, United Kingdom
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 30%
C 50%
R 20%
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