Dynamical Energy Analysis was introduced in 2009 as a novel method for predicting high-frequency acoustic and vibrational energy distributions in complex engineering structures. In this paper we introduce the first time-dependent Dynamical Energy Analysis method. Time-domain models are important in numerous applications including sound simulation in room acoustics, predicting shock-responses in structural mechanics and modelling electromagnetic scattering from conductors. The first step is to reformulate Dynamical Energy Analysis in the time-domain by means of a convolution integral operator. We are then able to employ the Convolution Quadrature method to provide a link between the previous frequency-domain implementations of Dynamical Energy Analysis and fully time-dependent solutions by means of the Z-transform. By combining a modified multistep Convolution Quadrature approach for the time discretisation, together with Galerkin and Petrov-Galerkin methods for the space and momentum discretisations, respectively, we are able to accurately track the propagation of high-frequency transient signals through phase-space. The implementation here is detailed for finite two-dimensional spatial domains and we demonstrate the versatility of our approach by performing a range of numerical experiments for regular, non-convex and irregular geometries as well as different types of wave source.