Ex-Logica boss to head counterparty for energy auctions

The former boss of IT firm Logica is to head up the company which guarantees payments to energy generators in energy auctions. Dr Martin Read will chair the Government-owned Counterparty […]

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By Vicky Ellis

The former boss of IT firm Logica is to head up the company which guarantees payments to energy generators in energy auctions.

Dr Martin Read will chair the Government-owned Counterparty Company which will manage the long-term Contracts for Difference (CfDs) with electricity generators.

These are meant to incentivise firms to build low carbon energy sources.

Dr Read who was named Computing Magazine’s Man of the Year in 1996 helped Logica gain FTSE 100 status three years later.

He led the company until 2007, helping its share price rise significantly before it wobbled when the dotcom bubble burst. He is said to be a keen amateur dramatist, regularly quoting Shakespeare and at one stage was a council member of the Globe Theatre.

Since a revolt at Logica saw Dr Read leave the company, he has sat on several company boards and led UK Government reviews on back office operations and IT across the public sector (2009) and management information (2012).

In his new role he will be assisted by Jim Keohane who served for eight years as a non-executive director of the Civil Aviation Authority.

The Counterparty is expected to be up and running from 1 August 2014, with the first CfDs under the new regime to be allocated by the end of the year.

Energy Secretary Ed Davey said: “Over the next year we can expect to see the CFD Counterparty Company working with industry to ensure suppliers’ settlements are ready as well as signing and managing the first CfDs.”

Dr Martin Read said: “I am pleased to take on this important role… I look forward to using my private sector experience to contribute directly to this essential reform of the electricity market.”