Bahamian Power: Local Leaders Take Control of Bahamas Grid Company

NASSAU, Bahamas – April 20, 2026 – A new chapter in Bahamian energy infrastructure began today as Bahamas Grid Company (BGC) announced it is now operating under a fully independent, all-Bahamian leadership team. The utility has appointed veteran energy executive Dareo McKenzie as its new Chief Executive Officer and seasoned financial expert Gladys Fernander, CPA, as its Chief Financial Officer.

The landmark transition marks the successful conclusion of a two-year management agreement with Island Grid Solutions (IGS), the entity that established BGC and spearheaded a massive grid modernization project in New Providence. The move signals a pivotal moment of national self-sufficiency in the management of the island's critical electricity transmission and distribution network.

BGC Chairman Anthony Ferguson lauded the transition as a testament to local expertise. "We now move forward as a fully Bahamian-led organization, focused on delivering long-term performance for our country, our children, and our grandchildren," he stated. "This transition reflects the strength and capability of Bahamian leadership at every level of the organization."

The appointments of McKenzie and Fernander follow the stepping down of IGS executives Eric Pike and Mei Shibata from their leadership roles at BGC.

A New Era of Proven Leadership

The new executive team brings a formidable combination of operational and financial acumen to the utility. Dareo McKenzie, the new CEO, steps into the role with over three decades of leadership experience in the global energy and infrastructure sectors. His impressive career includes senior operational positions at industry giants GE Vernova and Consolidated Edison of New York. McKenzie's background is marked by his success in managing large-scale grid modernization programs, overseeing billion-dollar capital portfolios, and executing complex energy projects focused on enhancing reliability and resilience.

Joining him is Gladys Fernander as CFO, a Certified Public Accountant with more than twenty years of executive financial leadership in highly regulated environments. Ms. Fernander previously served as the Chief Financial Officer of Commonwealth Bank, where she was instrumental in guiding enterprise-wide financial strategy, capital planning, and regulatory compliance. Her deep expertise in governance and financial discipline is expected to be a cornerstone of BGC’s future operations.

"Together, Dareo and Gladys bring the operational and financial leadership required to grow a resilient, high-performing utility," Ferguson added, expressing the board's confidence in the new appointments.

Building on a Foundation of Progress

The transition to local leadership comes after a period of significant and measurable improvement for New Providence's power grid. BGC was established in June 2024 as a Public-Private Partnership (PPP) between the Government of The Bahamas and IGS. Under the 25-year agreement, the government contributed its existing transmission and distribution assets for a 40% stake, while IGS raised $130 million in private capital to fund foundational upgrades for its 60% share.

Over the past two years, IGS has managed BGC through a transformative $130 million grid upgrade project that has tangibly improved service. The utility reports that electricity reliability in New Providence has increased by almost 50% during this period. The project, which was reported to be 28% ahead of schedule as of late 2025, involved a storm-hardening and upgrade initiative across 32 miles of transmission lines.

Key achievements include the installation of 144 new steel poles, the replacement of thousands of feet of transmission and distribution cables, and the deployment of advanced grid technology. Notably, the installation of 47 automated IntelliRupter switches has drastically reduced outage durations for customers, with some areas seeing an 86% reduction in interruptions. These efforts have directly benefited tens of thousands of homes in historically outage-prone areas.

Eric Pike, the former Chairman of BGC, reflected on the successful partnership. "We are honored to have had the opportunity to set up BGC and conduct the biggest grid upgrade project for New Providence," he said. "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."

Charting the Course for a Resilient Future

With the foundation laid, the new Bahamian leadership team is tasked with steering BGC into its next phase, focusing on disciplined management and long-term system performance. The utility's mandate remains the upgrading, maintenance, and operation of New Providence's transmission and distribution infrastructure to deliver reliable and sustainable power.

Future strategic priorities include the continuation of major infrastructure projects, such as the construction of a new switching station and the upgrading of the island's four major substations. This work is critical not only for current reliability but also for accommodating future load growth and integrating new energy sources into the grid.

This modernization aligns directly with the Bahamas National Energy Policy (NEP) 2025-2030, which prioritizes a cleaner energy future through the expansion of renewables like solar and wind. BGC's robust and modern grid is the essential backbone required for the successful integration of these diverse energy sources. To further enhance operational efficiency, the company is also implementing a new integrated Work Management System to track upgrades, manage customer connections, and enable real-time outage response.

As BGC embarks on this new journey, it does so with a team that is not only highly qualified but also deeply invested in the nation's success, aiming to ensure a stable and resilient energy future for all residents and businesses in New Providence.