"The deal was announced during Keir Starmer's official visit to China, with Octopus founder and chief executive Greg Jackson joining the UK business delegation in Beijing. The new venture, called Bitong Energy, will combine PCG Power's position as one of China's fastest-growing investors and solutions providers in the commercial and industrial renewable energy sector with Octopus' proprietary software and expertise in green energy trading and optimisation."
"Bitong Energy will initially focus on China's rapidly expanding spot power markets, where electricity is bought and sold in real time to improve grid efficiency and reduce costs. China's electricity demand is forecast to rise by around a third over the next five years, while government mandates require at least 10 per cent of power to be traded on spot markets by the end of this year."
Octopus Energy Group and PCG Power formed a joint venture, Bitong Energy, to trade renewable electricity in China and expand into the country's clean energy market. The deal was announced during Keir Starmer's official visit to China, with Octopus founder Greg Jackson joining the UK business delegation. Bitong Energy will use Octopus' proprietary software and PCG's commercial and industrial renewable expertise to operate in China’s rapidly expanding spot power markets. The joint venture aims to trade up to 140 terawatt hours a year by 2030, generate about £50 million in annual profits, launch in Guangdong province, and deploy optimisation technology across batteries, wind and solar assets.
Read at Business Matters
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