Finance
UK's Octopus Energy to trade renewable energy in China as ties strengthen
Published by Global Banking and Finance Review
Posted on January 30, 2026
2 min readLast updated: January 30, 2026
Quick Summary
Octopus Energy partners with PCG Power to trade renewable energy in China, aiming for significant market growth and a valuation over 500 million pounds.
Octopus Energy Partners with PCG Power to Trade Renewables in China
Octopus Energy's Expansion into China
Jan 30 (Reuters) - Octopus Energy, Britain's largest electricity supplier by market share, said on Friday it has formed a joint venture with China's PCG Power to trade renewable energy in the Asian country, announced during UK Prime Minister Keir Starmer's state visit.
Details of the Joint Venture
The partnership reflects Britain's push to export energy technology overseas and marks Octopus Energy's first foray into China, as Starmer seeks to improve ties, despite U.S. President Donald Trump's warning on getting into business with Beijing.
Financial Projections and Goals
The new joint venture, Bitong Energy, aims to trade up to 140 terawatt hours of renewable power annually by 2030 and is targeting a valuation exceeding 500 million pounds ($687.25 million) within five years.
Octopus, which spun off its technology arm Kraken to focus on its energy operations, will contribute its energy trading software while PCG Power provides local expertise in China's renewable energy market, estimated to be at about 2.65 terawatt this year, according to Mordor Intelligence.
The venture expects to generate about 50 million pounds in annual profits by 2030, with half of those flowing back into Britain.
($1 = 0.7275 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Rashmi Aich)
Key Takeaways
- •Octopus Energy partners with China's PCG Power.
- •The joint venture is named Bitong Energy.
- •Aims to trade 140 terawatt hours annually by 2030.
- •Projected valuation of over 500 million pounds.
- •Expected profits of 50 million pounds annually by 2030.
Frequently Asked Questions about UK's Octopus Energy to trade renewable energy in China as ties strengthen
1What is the main topic?
The article discusses Octopus Energy's partnership with PCG Power to trade renewable energy in China, highlighting its expansion into the Asian market.
2What is the goal of the joint venture?
The joint venture aims to trade up to 140 terawatt hours of renewable power annually by 2030 and achieve a valuation exceeding 500 million pounds.
3Who are the key players in this venture?
The key players are Octopus Energy, a major UK electricity supplier, and PCG Power, a Chinese energy company.
