In July 2022, the Greek government introduced the Green Pool scheme in response to the skyrocketing electricity costs following the Ukraine-Russia geopolitical crisis.
This initiative aimed to reduce electricity expenses and primarily catered to significant industrial electricity consumers, such as those in the aluminium, steel, glass, and cement industries.
The program encouraged these industrial players to collaborate and engage in corporate power purchasing agreements (PPAs) for renewable energy. A public entity oversaw the process, acting as the intermediary responsible for buying and selling renewable electricity on behalf of the participating companies.
The objective of the initiative was to alleviate the expenses associated with adapting industrial production to align with the intermittent output of renewable energy sources like wind and solar power installations, commonly known as firming or shaping costs.
The European Commission had pinpointed these costs as a significant barrier hindering industrial electricity consumers from engaging in Renewable Energy Power Purchase Agreements (PPAs), which are currently being advocated as part of the proposed reform of the electricity market in Brussels.
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