Filenews 5 December 2024
The project DYNAMO (Decentralized energY maNagement plAtform for sMart cOmmunities) is to be implemented, the aim of which is to reshape the way electricity is shared between the homes of a community: the energy produced by houses with photovoltaic systems, shared with consumers who do not have photovoltaics and priced accordingly.
In the framework of the DYNAMO project, a decentralized platform for energy exchange in microgrids will be developed, which will be implemented in a pilot location by the Electricity Authority of Cyprus, promoting the participation of prosumers and enhancing both green technologies and social welfare. At the same time, a new energy management and pricing plan will be developed, aiming to maximize the use of energy produced within the microgrid, and reduce imports from the core network. This plan will use machine learning technology to enhance energy storage and accurately predict energy profiles and prices, ensuring optimal energy management and cost reduction for consumers.
The DYNAMO project, which is co-funded by the Research and Innovation Foundation (RIF) with the support of the European Union through the program RESEARCH IN ENTERPRISES, ENTERPRISES/ENERGY/1123/0048, has a duration of 18 months and focuses on upgrading the way we manage and consume energy at the level of households and communities.
The project is coordinated by Electi Consulting Ltd, with partner the Frederick Research Center (FRC), and external consultant Dr. Syed Muhammad Danish, who has expertise in energy management and competitive energy markets. The organizations and individuals that make up the team have valuable experience and know-how in Systems Research, energy market analysis and regulation of the energy sector, covering the full range of necessary scientific and technical knowledge. The team has experienced scientists and professionals who, with a strong spirit of collaboration and innovative thinking, are able to achieve the ambitious goals of the project. The consortium, supported by the Research and Innovation Foundation and other stakeholders, is committed to achieving the ambitious goals set by the project to enhance sustainable energy management and support the energy transition in Cyprus.
"Through effective collaboration and sharing of resources, know-how and expertise, the DYNAMO project is ready to introduce innovative and pioneering solutions in the energy sector. The changes it is expected to bring will result in a reshaping of the way communities and households manage, consume and exchange energy, leading to lower energy costs and increased energy independence of participants," says Dr. Kyriakos Pavlou, a blockchain expert who coordinates the project on behalf of Electi Consulting Ltd. On behalf of the Frederick Research Center, The project is implemented by Associate Professor Marios Lestas (Scientific Head), Associate Professor Nicholas Christofides (Energy Systems Management) and Lecturer Achilleas Achilleos (Software Engineering), members of the academic staff of the Frederick University School of Engineering.
