Bahamas Grid Company (BGC) announced yesterday that its leadership has transitioned from being led by Island Grid Solutions (IGS) – a special purpose vehicle formed via a partnership by the government and US energy solutions company Pike Corporation – and the principals who make up the leadership at BGC, to a now “fully independent, all-Bahamian-led operating model”, according to a statement released by BGC.
BGC was established to upgrade and manage New Providence’s electricity grid infrastructure. The statement raised more questions than it answered, given that BGC has not yet responded to a story published by The Nassau Guardian last week, revealing that members of Pike Corporation’s technical team, who were working on upgrading the transmission and distribution network on New Providence, abruptly left town after the shooting death of their colleague, Cody Castillo, on March 21.
The workers had reportedly expressed concerns for their safety after the shooting death, which occurred outside Da Plantation Bar and Grill in the western part of the island.
The Nassau Guardian learned that Pike was in the process of trying to get new workers onto the island to continue its work. It is unclear just how much the departure of the workers has impacted the company’s work.
The connection between BGC’s announcement and the sudden absence of Pike’s workers raises eyebrows, given that the formation of IGS was done with the understanding that the agreement with Pike would be a 25-year deal, as far as the government has said.
The government has never made the contract with Pike public, despite saying it would.
Eric Pike is now being cited in the statement as former chairman of BGC, while its new chairman Anthony Ferguson, who is also the founder and president of Colina Financial Advisors Ltd. (CFAL), enters the seat.
The statement also announced the appointment of Dareo McKenzie as chief executive officer, and Gladys Fernander as chief financial officer.
BGC explained in the statement that Pike and Mei Shibata, interim CEO of BGC, stepped down from their positions at BGC.
Pike said in the statement: “We are honored to have had the opportunity to set up BGC and conduct the biggest grid upgrade project for New Providence over the past two years. I would like to recognize the dedicated employees of IGS, Pike, and BGC, whose hard work and commitment were instrumental to this achievement, and extend our best wishes for BGC’s continued success.”
Ferguson said BGC now moves forward as a Bahamian-led organization, “focused on delivering long-term performance for our country, our children, and our grandchildren”.
He added: “On behalf of the board, I want to thank Eric, Mei, and the entire IGS team for their leadership and expertise in building BGC into a fully operational utility, and strengthening New Providence’s transmission and distribution system.”
The statement does not reveal what work was left by the US Pike workers, who were busy on the streets of New Providence up to the shooting death of their colleague.
The statement noted that BGC has made “meaningful progress” in strengthening New Providence’s electricity network over the past two years, improving the network’s reliability by almost 50 percent through the $130 million grid upgrade project.
“With the transition to full independence, the company will now be focused on the disciplined management of the system to ensure its long-term system performance,” the statement said.
Ferguson said McKenzie and Fernander bring operational and financial leadership to the continued growth of BGC.
“Mr. McKenzie brings more than 30 years of leadership experience across the energy and infrastructure sectors, including senior operational roles at GE Vernova and Consolidated Edison of New York,” the statement explains.
“He has led large-scale grid modernization and construction programs, managed billion-dollar capital portfolios, and delivered complex energy projects focused on reliability, resilience, and operational performance.”
He continued: “Ms. Fernander is a Certified Public Accountant with more than two decades of executive financial leadership in regulated environments. As former chief financial officer of Commonwealth Bank, she oversaw enterprise-wide financial strategy, capital planning, treasury, and regulatory compliance, and brings deep expertise in governance, financial discipline, and institutional accountability.”
Ferguson said the transition to a Bahamian-led utility company reflects the strength and capability of Bahamians to lead such an organization at every level.
