diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 6d2e78c7..f33adf6a 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,5 +1,9 @@
 # Frequenz channels Release Notes
 
+## New Features
+
+- A new class `frequenz.channels.time_scheduler.TimeScheduler` was added. It's optimized for scenarios where events get added, rescheduled or canceled frequently.
+
 ## Bug Fixes
 
 - `FileWatcher`: Fixed `ready()` method to return False when an error occurs. Before this fix, `select()` (and other code using `ready()`) never detected the `FileWatcher` was stopped and the `select()` loop was continuously waking up to inform the receiver was ready.
diff --git a/pyproject.toml b/pyproject.toml
index 12072ce0..4743663e 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -74,6 +74,7 @@ dev-pylint = [
 ]
 dev-pytest = [
   "async-solipsism == 0.7",
+  "time-machine == 2.15.0",
   "frequenz-repo-config[extra-lint-examples] == 0.10.0",
   "hypothesis == 6.111.2",
   "pytest == 8.3.2",
diff --git a/src/frequenz/channels/timer_scheduler.py b/src/frequenz/channels/timer_scheduler.py
new file mode 100644
index 00000000..fa51c834
--- /dev/null
+++ b/src/frequenz/channels/timer_scheduler.py
@@ -0,0 +1,194 @@
+# License: MIT
+# Copyright © 2024 Frequenz Energy-as-a-Service GmbH
+
+"""Timer scheduler to schedule and events at specific times."""
+
+import asyncio
+import heapq
+import itertools
+from dataclasses import dataclass, field
+from datetime import datetime, timedelta, timezone
+from typing import Dict, Generic, TypeVar
+
+from frequenz.channels import Sender
+
+T = TypeVar("T")  # Generic type for the object associated with events
+
+
+@dataclass(order=True)
+class ScheduledEvent(Generic[T]):
+    """Represents an event scheduled to be dispatched at a specific time."""
+
+    scheduled_time: datetime
+    obj: T = field(compare=False)
+    unique_id: int = field(compare=False, default=0)
+    canceled: bool = field(compare=False, default=False)
+
+
+class TimerScheduler(Generic[T]):
+    """Class to schedule and dispatch events at specific times.
+
+    Usage example:
+    ```python
+
+    import asyncio
+    from frequenz.channels.timer_scheduler import TimerScheduler
+    from frequenz.channels import Broadcast
+    from datetime import timedelta
+
+    async def main():
+        event_channel = Broadcast[str](name="events")
+        sender = event_channel.new_sender()
+        receiver = event_channel.new_receiver()
+
+        scheduler = TimerScheduler[str](sender)
+
+        scheduler.set_timer(fire_in=timedelta(seconds=5), obj="event1")
+        scheduler.set_timer(fire_in=timedelta(seconds=10), obj="event2")
+        scheduler.set_timer(fire_in=timedelta(seconds=10), obj="event3")
+
+        # Waits 5 seconds and returns "event1"
+        assert await receiver.receive() == "event1"
+
+        # Remove the "event2" timer
+        scheduler.unset_timer("event2")
+
+        # Reschedule "event3" to fire in 15 seconds
+        scheduler.set_timer(fire_in=timedelta(seconds=15), obj="event3")
+
+        # Waits 15 more seconds and returns "event3"
+        assert await receiver.receive() == "event3"
+    """
+
+    def __init__(self, sender: Sender[T]) -> None:
+        """Initialize the TimerScheduler with the given sender.
+
+        Parameters:
+            sender: The sender to dispatch the events.
+        """
+        self._sender = sender
+        self._event_heap: list[ScheduledEvent[T]] = []
+        self._obj_to_event: Dict[T, ScheduledEvent[T]] = {}
+        self._counter = itertools.count()
+        self._current_task: asyncio.Task[None] | None = None
+        self._stopped = False
+
+    def set_timer(
+        self,
+        *,
+        obj: T,
+        fire_in: timedelta | None = None,
+        fire_at: datetime | None = None,
+    ) -> bool:
+        """
+        Schedule a new event or reschedule an existing one.
+
+        Args:
+            obj: The object associated with the event.
+            fire_in: Time after which the event should be dispatched. Conflicts with fire_at.
+            fire_at: Time at which the event should be dispatched. Conflicts with fire_in.
+
+        Returns:
+            True if the event was successfully scheduled; False otherwise.
+        """
+        now = datetime.now(timezone.utc)
+
+        scheduled_time = (now + fire_in) if fire_in else fire_at
+        assert scheduled_time, "Either 'fire_in' or 'fire_at' must be provided."
+
+        if scheduled_time < now:
+            return False
+
+        # Check if the object is already scheduled
+        if obj in self._obj_to_event:
+            existing_event = self._obj_to_event[obj]
+            existing_event.canceled = True  # Mark the existing event as canceled
+
+        # Create a new scheduled event
+        unique_id = next(self._counter)
+        new_event = ScheduledEvent(
+            scheduled_time=scheduled_time, unique_id=unique_id, obj=obj
+        )
+        heapq.heappush(self._event_heap, new_event)
+        self._obj_to_event[obj] = new_event
+
+        # If the new event is the earliest, reset the waiting task
+        if self._event_heap[0] == new_event:
+            if self._current_task:
+                self._current_task.cancel()
+            self._current_task = asyncio.create_task(self._wait_and_dispatch())
+
+        return True
+
+    def unset_timer(self, obj: T) -> bool:
+        """
+        Cancel a scheduled event associated with the given object.
+
+        Args:
+            obj: The object associated with the event to cancel.
+
+        Returns:
+            True if the event was found and canceled; False otherwise.
+        """
+        if obj in self._obj_to_event:
+            existing_event = self._obj_to_event[obj]
+            existing_event.canceled = True  # Mark the event as canceled
+            del self._obj_to_event[obj]
+
+            # If the canceled event was the next to be dispatched, reset the waiting task
+            if self._event_heap and self._event_heap[0].obj == obj:
+                if self._current_task:
+                    self._current_task.cancel()
+                self._current_task = asyncio.create_task(self._wait_and_dispatch())
+
+            return True
+
+        return False
+
+    async def _wait_and_dispatch(self) -> None:
+        """Wait for the next event to be due and dispatch it."""
+        while not self._stopped:
+            if not self._event_heap:
+                self._current_task = None
+                return
+
+            next_event = self._event_heap[0]
+            now = datetime.now(timezone.utc)
+            delay = (next_event.scheduled_time - now).total_seconds()
+
+            if delay <= 0:
+                # Check if the event still exists
+                if next_event.obj not in self._obj_to_event:
+                    # Skip canceled events
+                    heapq.heappop(self._event_heap)
+                    continue
+
+                # Event is due
+                heapq.heappop(self._event_heap)
+                del self._obj_to_event[next_event.obj]
+
+                if next_event.canceled:
+                    # Skip canceled events
+                    continue
+
+                # Dispatch the event
+                await self._sender.send(next_event.obj)
+                continue  # Check for the next event
+
+            try:
+                # Wait until the next event's scheduled_time
+                self._current_task = asyncio.create_task(asyncio.sleep(delay))
+                await self._current_task
+            except asyncio.CancelledError:
+                # A new earlier event was scheduled; exit to handle it
+                return
+
+    async def stop(self) -> None:
+        """Stop the scheduler and cancel any pending tasks."""
+        self._stopped = True
+        if self._current_task:
+            self._current_task.cancel()
+            try:
+                await self._current_task
+            except asyncio.CancelledError:
+                pass
diff --git a/tests/test_timer_scheduler.py b/tests/test_timer_scheduler.py
new file mode 100644
index 00000000..ae8e309e
--- /dev/null
+++ b/tests/test_timer_scheduler.py
@@ -0,0 +1,169 @@
+# License: MIT
+# Copyright © 2023 Frequenz Energy-as-a-Service GmbH
+
+"""Test module for the TimerScheduler class."""
+
+import asyncio
+from datetime import datetime, timedelta
+
+import async_solipsism
+import time_machine
+from pytest import fixture
+
+from frequenz.channels import Broadcast
+from frequenz.channels.timer_scheduler import TimerScheduler
+
+
+@fixture
+def event_loop_policy() -> async_solipsism.EventLoopPolicy:
+    """Return an event loop policy that uses the async solipsism event loop."""
+    return async_solipsism.EventLoopPolicy()
+
+
+async def test_set_timer() -> None:
+    """Test that a scheduled event is dispatched at the correct (mocked) time."""
+    # Create a Broadcast channel
+    bcast = Broadcast[str](name="test")
+
+    # Create a sender and receiver
+    sender = bcast.new_sender()
+    receiver = bcast.new_receiver()
+
+    # Initialize the TimerScheduler with the sender
+    sched = TimerScheduler(sender)
+
+    # List to collect received events
+    received_events = []
+
+    # Define the consumer coroutine
+    async def consumer() -> None:
+        async for event in receiver:
+            received_events.append(event)
+
+    # Start the consumer as an asyncio task
+    consumer_task = asyncio.create_task(consumer())
+
+    # Freeze time at 2024-01-01 12:00:00
+    with time_machine.travel(datetime(2024, 1, 1, 12, 0, 0)):
+        # Schedule 'event1' to fire in 10 seconds
+        sched.set_timer(fire_in=timedelta(seconds=10), obj="event1")
+
+        # Advance time to 2024-01-01 12:00:10 to make 'event1' due
+        with time_machine.travel(datetime(2024, 1, 1, 12, 0, 10)):
+            # Allow some time for the event to be dispatched
+            await asyncio.sleep(0.1)
+
+    # Assert that 'event1' was received
+    assert (
+        "event1" in received_events
+    ), "The event 'event1' was not dispatched as expected."
+
+    # Clean up by stopping the scheduler and cancelling the consumer task
+    await sched.stop()
+    consumer_task.cancel()
+    try:
+        await consumer_task
+    except asyncio.CancelledError:
+        pass
+
+
+async def test_reschedule_timer() -> None:
+    """Test that rescheduling an event updates its dispatch time correctly."""
+    # Create a Broadcast channel
+    bcast = Broadcast[str](name="test")
+
+    # Create a sender and receiver
+    sender = bcast.new_sender()
+    receiver = bcast.new_receiver()
+
+    # Initialize the TimerScheduler with the sender
+    sched = TimerScheduler(sender)
+
+    # List to collect received events
+    received_events = []
+
+    # Define the consumer coroutine
+    async def consumer() -> None:
+        async for event in receiver:
+            received_events.append(event)
+
+    # Start the consumer as an asyncio task
+    consumer_task = asyncio.create_task(consumer())
+
+    # Freeze time at 2024-01-01 12:00:00
+    with time_machine.travel(datetime(2024, 1, 1, 12, 0, 0)):
+        # Schedule 'event1' to fire in 10 seconds
+        sched.set_timer(fire_in=timedelta(seconds=10), obj="event1")
+
+        # Reschedule 'event1' to fire in 5 seconds
+        sched.set_timer(fire_in=timedelta(seconds=5), obj="event1")
+
+        # Advance time to 2024-01-01 12:00:05 to make 'event1' due
+        with time_machine.travel(datetime(2024, 1, 1, 12, 0, 5)):
+            # Allow some time for the event to be dispatched
+            await asyncio.sleep(0.1)
+
+    # Assert that 'event1' was received only once
+    assert (
+        received_events.count("event1") == 1
+    ), "The event 'event1' was dispatched multiple times."
+
+    # Clean up by stopping the scheduler and cancelling the consumer task
+    await sched.stop()
+    consumer_task.cancel()
+    try:
+        await consumer_task
+    except asyncio.CancelledError:
+        pass
+
+
+async def test_unset_timer() -> None:
+    """Test that cancelling a scheduled event prevents it from being dispatched."""
+    # Create a Broadcast channel
+    bcast = Broadcast[str](name="test")
+
+    # Create a sender and receiver
+    sender = bcast.new_sender()
+    receiver = bcast.new_receiver()
+
+    # Initialize the TimerScheduler with the sender
+    sched = TimerScheduler(sender)
+
+    # List to collect received events
+    received_events = []
+
+    # Define the consumer coroutine
+    async def consumer() -> None:
+        async for event in receiver:
+            received_events.append(event)
+
+    # Start the consumer as an asyncio task
+    consumer_task = asyncio.create_task(consumer())
+
+    # Freeze time at 2024-01-01 12:00:00
+    with time_machine.travel(datetime(2024, 1, 1, 12, 0, 0)):
+        # Schedule 'event1' to fire in 10 seconds
+        sched.set_timer(fire_in=timedelta(seconds=10), obj="event1")
+
+        # Advance time to 2024-01-01 12:00:05
+        with time_machine.travel(datetime(2024, 1, 1, 12, 0, 5)):
+            # Cancel 'event1' before it's due
+            sched.unset_timer("event1")
+
+            # Advance time to 2024-01-01 12:00:10 to reach the original dispatch time
+            with time_machine.travel(datetime(2024, 1, 1, 12, 0, 10)):
+                # Allow some time for the dispatcher to process
+                await asyncio.sleep(0.1)
+
+    # Assert that 'event1' was not received
+    assert (
+        "event1" not in received_events
+    ), "The event 'event1' was dispatched despite being canceled."
+
+    # Clean up by stopping the scheduler and cancelling the consumer task
+    await sched.stop()
+    consumer_task.cancel()
+    try:
+        await consumer_task
+    except asyncio.CancelledError:
+        pass