Octopus Energy customers received a significant announcement on Friday morning as the company revealed a major new international partnership. The development comes following a visit to China by Labour Prime Minister Sir Keir Starmer, marking a notable moment in UK-China energy collaboration.
A Strategic Energy Partnership
The UK's largest energy supplier has established a joint venture with PCG Power, a leading Chinese investor and solutions provider in the Commercial & Industrial renewable energy sector. The new entity, named Bitong Energy, represents a substantial commitment to green power trading between the two nations.
Ambitious Green Energy Targets
Bitong Energy has set ambitious targets for its operations, with projections suggesting it could trade up to 140 terawatt-hours of renewable electricity annually by 2030. This volume represents a significant contribution to global green energy markets and demonstrates the scale of the partnership's ambitions.
The venture will leverage PCG Power's extensive experience as China's fastest-growing investor in the C&I renewable sector, combining this with Octopus Energy's technological expertise. Together, they aim to serve China's rapidly expanding spot power markets, where electricity is traded in real-time for more efficient grid management.
Leadership Perspectives on the Deal
Greg Jackson, Founder and CEO of Octopus Energy, commented on the strategic importance of the partnership. "China's substantial investments in scale and innovation have dramatically reduced the costs of solar, wind energy, and battery technologies," he stated.
"This collaboration presents a tremendous opportunity for British expertise to contribute to global energy solutions. Our partnership with PCG aims to export our world-class energy capabilities, supporting economic growth while accelerating the transition to more affordable, cleaner, and secure energy systems."
Chinese Partner's Commitment
Li Wenxuan, Chairman and CEO of PCG Power, expressed strong enthusiasm for the strategic alliance. "We deeply value this partnership with Octopus Energy, which represents a defining milestone for our company," he remarked.
"By integrating Octopus Energy's world-class technology and algorithmic capabilities with our local market insights and trading expertise, we will create powerful synergies. We look forward to providing Chinese commercial and industrial customers with smarter, more cost-effective, and reliable energy services."
Addressing the Energy Trilemma
The collaboration forms part of broader efforts to address what energy experts term the "energy trilemma" – the challenge of balancing security, sustainability, and affordability within energy systems. Both companies have emphasised their commitment to contributing to China's green transformation while supporting market prosperity.
This announcement represents one of the most significant international energy partnerships announced by a UK company in recent years, highlighting the growing importance of cross-border collaboration in the renewable energy sector. The timing, coinciding with the Prime Minister's diplomatic visit, underscores the political and economic dimensions of such energy agreements.
