Octopus Energy, a UK-based renewable energy company, will trade in China as the relationship between China and the UK strengthens

Octopus Energy is Britain's biggest electricity supplier by share of market. It announced a joint venture with China's PCG Power to trade renewable energy in Asia. This was during UK PM Keir Starmer’s state visit.

Octopus Energy is making its first venture into China. Starmer wants to improve relations with China despite the U.S. Donald Trump has warned against doing business with Beijing.

The joint venture Bitong Energy aims to trade renewable energy up to 140 terawatt-hours annually by 2030. It also aims for a valuation of more than 500 million pounds ($687.25 millions) in five years.

Octopus will provide its 'energy trading software', while PCG Power will offer local expertise in China’s renewable energy markets, which are estimated at about 2.65 terawatts this year according to Mordor Intelligence.

The company expects to earn about 50 million pounds in profits annually by 2030. Half of that profit will be returned to Britain.

(source: Reuters)