Press Release
The first meeting of the consortium for the DYNAMO project (Decentralized Energy Management Platform for Smart Communities) was recently held, launching the project which aims to redefine energy sharing and transactions within communities.
The DYNAMO project aims to develop a decentralized platform for energy exchange in microgrids, which will be implemented in a pilot location by the Electricity Authority of Cyprus, promoting the participation of producer-consumers (prosumers) and enhancing both green technologies and social welfare. At the same time, a new scheme for energy management and pricing will be developed with the aim of maximizing the use of energy produced within the microgrid and reducing imports from the central grid. This scheme will use machine learning techniques 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 RESEARCH IN ENTERPRISES program (ENTERPRISES/ENERGY/1123/0048), has a duration of 18 months and focuses on upgrading the way energy is managed and consumed at the household and community levels.
The project’s consortium includes Electi Consulting Ltd, Frederick Research Center (FRC), and external advisor Dr. Syed Muhammad Danish, who possesses expertise in energy management and competitive energy markets. The consortium’s partners offer valuable experience and know-how in Systems Research, energy market analysis, and energy sector regulation, covering the entire spectrum of necessary scientific and technical knowledge. Driven by a collaborative mindset and innovative thinking, the team's skilled scientists and professionals are committed to achieving the ambitious objectives of the project in strengthening sustainable energy management and supporting the efforts towards energy transition.
“Through effective collaboration and the sharing of resources, know-how, and expertise, the DYNAMO project is ready to introduce optimized solutions in the energy sector. The work relates with the EU directive for energy communities and the results will propose an energy trading and sharing platform by employing optimized energy management schemes leading to reduced energy costs to the members of the energy community, accurate forecasting of the energy demand from the supplier and higher RES penetration in the network”, notes Dr Kyriacos Pavlou, an expert in Blockchain Technology, who is coordinating the project on behalf of Electi Consulting Ltd (Cyprus). On behalf of Frederick Research Center, the project is implemented by Associate Professor Marios Lestas (Scientific Lead), Associate Professor Nicholas Christofides (Energy Systems Management), and Lecturer Achilleas Achilleos (Software Engineering), members of the Faculty of the University’s Engineering School.
For more information on the DYNAMO project:
• Dr. Kyriacos Pavlou, email: kyriacos.pavlou@electiconsulting.com
• Dr. Marios Lestas, email: eng.lm@frederick.ac.cy
