Overview
- Bitong Energy will trade renewable electricity in China’s real-time spot markets, starting in Guangdong before expanding to other regions.
- The partners aim to handle up to 140 TWh of green power annually by 2030.
- Financial goals include about £50 million in yearly profits by 2030 and a valuation near £500 million within five years.
- Octopus will provide trading and optimisation software while PCG Power contributes local market expertise and trading capabilities.
- The announcement coincided with Prime Minister Keir Starmer’s visit to China, reflecting a push to deepen UK–China commercial ties.