Although Cyprus has adopted all the relevant prerequisites and adapted its national legislation and policy with regards to energy regulation and energy markets as a full member state of EU, Cyprus energy market is still in its infantry levels compared to the envisaged EU framework liberalization and completion levels.
The innovation project “EnergyXchange” envisions to facilitate the introduction of the new liberalized energy market for the benefit of all stakeholders. It aims to conduct industrial research to develop and evaluate a novel product, a software platform, which integrates state-of-the-air intelligent monitoring methods and big-data analytics, produced in academic research. This in turn will facilitate the introduction of energy stakeholders to the new liberalized energy maker, enabling them to make energy contracts tailored to their generation/supply/demand profile and maximize their profit.
The main innovation of this project is that it aims to bridge the gap between all the stakeholders of the future liberalized energy market and apply the regulations instructed from the regulatory authorities in a single framework, the EnergyXchange platform. This software is envisioned to be licensed to potential customers (e.g., suppliers) or operate on a commission basis (e.g., as a trading platform).
The “EnergyXchange” project will bring multiple societal, environmental and economic results. It will improve the quality of services with regards to the pricing, billing and reliability of energy provided, increase security and resiliency, create new job positions and improve the life standards.
Moreover, it will reduce the CO2 emissions by the seamless integration PV plants in the energy market, and the electricity pricing for the consumers due to the increased competition, reduce the impact of climate-change and improve the resilience of energy systems through the introduction of ancillary services and frequency support services. In addition, it will introduce new services, create synergies between energy market stakeholders, increase revenues from IPR licensing, and reduce costs of electricity.
The project’s consortium consists of two SMEs and an academic institution, which will collaborate for open innovation and commercialization of research results. This strategic collaboration will significantly boost the limited research and innovation culture in Cyprus. The consortium comprises the Eletoyia Photovoltaics (www.eletoyia.com), the EUROCY Innovations Ltd and the KIOS Research and Innovation Center of Excellence at the University of Cyprus.
The “EnergyXchange” project receives funding from the Cyprus Research Promotion Foundation / Programme RESTART 2016 – 2020 / I. Smart Development / Research in Enterprises / ENTERPRISES/0916/0164.