WHAT’S IN THIS NEWS?
Octopus Energy and China’s PCG Power formed a new joint venture.
The company, named Bitong Energy, will trade renewable electricity in China.
The venture aims to trade up to 140 TWh of green power annually by 2030.
The agreement was announced during the UK Prime Minister’s official visit to China.
London / Beijing, 30 January 2026 – Octopus Energy Group has announced a new joint venture with China-based PCG Power to trade renewable electricity in China, the world’s largest clean energy market.
According to the companies’ statement, the newly established entity, Bitong Energy, will operate in China’s rapidly expanding spot power markets, where electricity is traded in real time.
China’s electricity consumption is forecast to grow by approximately one-third over the next five years. Regulatory mandates require at least 10% of electricity to be traded through spot markets by the end of this year.
The joint venture aims to trade up to 140 TWh of renewable electricity annually by 2030. The companies stated that this could generate approximately £50 million in annual profits, with half expected to flow back to the UK.
Bitong Energy will initially launch operations in Guangdong province and expand nationally as additional regional spot markets become operational.
Octopus Energy Founder and CEO Greg Jackson stated that China’s investments in solar, wind and battery technologies have contributed to lower costs. PCG Power Chairman and CEO Li Wenxuan said the partnership is expected to combine Octopus’ technology with PCG’s local market expertise in the Commercial & Industrial renewable energy sector.
The announcement follows Octopus Energy’s previous international partnerships in clean technology, including software deployment and electric vehicle integration initiatives.
