Ray is an economist with extensive experience of economic analysis and modelling, having had a particular focus on energy issues in the gas and electricity markets. Ray founded ECA in 1997, before which he was a Director of London Economics where he was responsible for managing the work of the international utilities team. Prior to that he was a Director of Environmental Resources Management (ERM) for five years (where he set up the ERM Energy business) with responsibility for policy, economics and energy. He had previously been a lecturer in the Management School at Imperial College, London, where he taught MBA students and directed energy research.

Ray has worked on a wide range of projects including market analyses, national energy planning, energy policy advice for countries in transition, utility economics and modelling, gas and electricity planning, international and global environmental policy, environmental economics and policy evaluation. He has worked in over thirty countries in Africa, Asia, Central and Eastern Europe and the Former Soviet Union.