The former boss of Logica is to take the reigns of the new body set up to drive energy industry reforms in the UK.
Dr Martin Read has been appointed chairman of the CFD Counterparty Company by energy secretary Edward Davey as part of the government’s electricity market reform.
The new Government-owned company, which is expected to be up and running in August this year, will be responsible for managing long-term Contracts for Difference (CfDs) with electricity generators to incentivise investment in low-carbon generation.
“I am pleased to take on this important role,” said Dr Read.
“As chair of the CFD Counterparty Company, I look forward to using my private sector experience to contribute directly to this essential reform of the electricity market.
“The CFD Counterparty Company is key to successfully establishing the CfD regime and delivering a secure, low-carbon electricity system.”
Mr Read will be supported by former non-executive director of the Civil Aviation Authority, Jim Keohane, who will take on the role of senior independent director (SID).
Edward Davey added: “The new Contracts for Difference Counterparty Company is crucial to make sure we have the right conditions to attract funding for low-carbon generation, helping to reduce our emissions and give the best deal to bill-payers.
“It’s never been more important to drive investment in home grown energy to increase our energy security and reduce our reliance on foreign imports.
Martin Read and Jim Keohane will provide expert leadership driving through the successful implementation of the Contracts for Difference (CfD) regime. 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.”
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