UK must work with China on energy tech or get ‘left behind’, says Octopus boss

The boss of Britain’s biggest energy supplier has said the UK must work with China or risk getting “left behind” as he said aims to import Chinese wind farm technology could create thousands of jobs.

Octopus Energy founder and chief executive Greg Jackson – who was part of the UK’s delegation to China accompanying Sir Keir Starmer on his recent visit to the country – said China is leading advances in many areas of technology and renewables which could help Britain gain vital security over its energy supply.

It comes after Octopus struck a joint venture deal with Chinese firm PCG Power late last month to expand into China for the first time.

The move will allow Octopus to trade renewable energy across the world’s largest clean energy market.

Octopus has also previously said it wants to roll out wind turbines from one of China’s largest manufacturers across its own projects in the UK and use renewables technology from the country to boost capabilities in Britain.

But concerns over the national security threat posed by China continue to swirl after years of frosty relations with the country.

Mr Jackson told the Press Association: “However you feel about China, it’s the second-largest economy in the world.

“In many areas it’s setting the global pace because of its investment in research and development, and technology.

“There are many people concerned about China’s motives or the way in which it’s run, but … if you don’t look at how to work with them, then you’ll get left behind.”

He added that working with China and gaining access to its technology was a “golden opportunity” that has the potential to bring down energy bills, create jobs and help boost the UK economy.

He told PA: “We need to be prepared to defend our own sovereignty and ensure our own security while working and trading with countries who can make people in Britain better off.

“There’s this obsession with whether or not we’re helping their economy, but the reality is we need to help our own economy.”

In September last year, Octopus struck a deal to co-operate on wind farm projects with Ming Yang Smart Energy Group in China, which could pave the way for UK firms to bring Chinese turbine machinery into Britain for the first time.

Mr Jackson said the firm is hoping to start bringing the turbine technology over in the next couple of years, which is said to be around 30% cheaper than from Europe.

“We would hope to create thousands of jobs here to produce some of the wind turbines that the UK is planning on building,” he said.

He insisted security would be the firm’s “number one priority” in rolling out the technology, but that the UK needs to take action to reduce its reliance on imported gas and bring the cost of bills down.

“We should work intelligently and carefully with the appropriate security frameworks,” he said.

“They’re opening up to us in an appropriate way and we need to think about how we’ll work with them here.”

Octopus, which has 7.6 million customers in the UK, overtook British Gas to become the UK’s largest energy supplier earlier this year, with a market share of 24%.

It also has an AI-powered platform, called Kraken Technologies, which is used by other global energy retailers to improve customer service and billing and is valued at around £6.4 billion.

The Government last month said it was investing £25 million into Kraken through the British Business Bank (BBB) ahead of the division being spun out in the next few months.