Octopus Energy Group announced a joint venture with China’s PCG Power, entering China’s clean energy market. The new company, Bitong Energy, will focus on trading renewable electricity in China’s spot power markets. China’s electricity consumption is expected to increase by one-third in the next five years, creating opportunities for power trading platforms.

Bitong Energy aims to trade up to 140 terawatt-hours of renewable electricity annually by 2030, with a target of £50 million in annual profits. The joint venture plans to export UK clean tech to Asia and leverage Octopus Energy’s software for battery optimization in China’s renewable energy sector. This aligns with broader policy goals of energy security and decarbonization in China.

The partnership between Octopus Energy and PCG Power in China aligns with the country’s energy goals and will be closely watched as a test case for foreign energy technology firms. Octopus Energy has already deepened ties with Chinese clean energy manufacturers and aims to integrate hardware scale from Asia with software expertise from the UK.

Read more at Yahoo Finance: Octopus Energy Enters China With PCG Power Green Trading Joint Venture