Octopus partners with China’s PCG Power to trade renewable energy in the world’s biggest clean energy market

New joint venture, Bitong Energy, could trade up to 140TWh of green power a year by 2030

London/Beijing, 30th January 2026 – Octopus Energy Group, the UK’s largest energy supplier, has today announced a new joint venture with China’s PCG Power to trade renewable energy across the world’s largest clean energy market.

The deal, announced during British Prime Minister’s official visit to China, marks Octopus’ entry into the world’s largest renewable energy market and a major step in exporting British energy tech overseas.

The new company, named Bitong Energy, will bring together PCG Power’s experience as China's leading and fastest-growing investor and solutions provider in the Commercial & Industrial (C&I) renewable energy sector, with Octopus’ world-leading cutting-edge technology for green energy trading and optimisation.

Together, they’ll power China’s rapidly expanding spot power markets – where energy is bought and sold in real time for a smarter, more efficient grid.

China’s electricity consumption is forecast to grow by around a third over the next five years, with government mandates requiring at least 10% of electricity to be traded on spot markets by the end of this year alone.

By 2030, Bitong Energy aims to trade up to 140 TWh of renewable power a year – roughly equal to the UK’s entire current green energy output – generating around £50 million in annual profits, with half flowing back to the UK.

Li Wenxuan, Chairman and CEO of PCG Power, who also chairs PCG Oceania, said: “We deeply value this strategic partnership with Octopus Energy. It marks a defining milestone for PCG Power and underscores our commitment to pioneering the future of energy in China.

“By integrating Octopus Energy’s world-class technology and algorithmic expertise with our profound local insights and trading capabilities, we will generate powerful synergies. We look forward to working closely together to provide Chinese C&I customers with smarter, more cost-effective, and reliable energy services, contributing to China's power market prosperity and its green transformation.

“Meanwhile, such collaboration represents part of China’s exploration into solutions for the energy trilemma – balancing security, sustainability, and affordability – within its new energy and electricity markets."