Company Overview

Companhia Energética de Minas Gerais – CEMIG is a Brazilian integrated electric utility company headquartered in Belo Horizonte, Minas Gerais, Brazil. Founded in 1952 by the government of the State of Minas Gerais, the company operates across the electricity value chain, including power generation, transmission, distribution, commercialization, and energy solutions. CEMIG also has interests in natural gas distribution through affiliated operations and has historically participated in telecommunications infrastructure and renewable energy investments. The company operates primarily in the regulated utility sector and serves residential, commercial, industrial, and public-sector customers.

CEMIG’s principal revenue drivers are its regulated electricity distribution business, power generation assets, and transmission concessions. The company is one of Brazil’s largest electricity distributors by customer base and serves millions of consumers in the state of Minas Gerais. Its strategic positioning is supported by a diversified energy portfolio that includes hydroelectric, wind, and solar assets, extensive transmission infrastructure, and long-standing operating concessions in Brazil’s regulated electricity market. The company evolved from a state-led regional utility into a publicly traded energy group listed on the New York Stock Exchange under the ticker CIG and on Brazil’s B3 exchange.

Business Operations

CEMIG conducts operations through major business segments including CEMIG Distribuição (Cemig D), CEMIG Geração e Transmissão (Cemig GT), and affiliated energy commercialization and services activities. Cemig D is responsible for electricity distribution across most of Minas Gerais and generates recurring regulated revenue through tariff-based operations approved by Brazil’s electricity regulator, Agência Nacional de Energia Elétrica (ANEEL). Cemig GT manages the company’s generation and transmission assets, including hydroelectric plants, wind farms, substations, and transmission lines.

The company maintains both domestic operating assets and investment interests throughout Brazil. Its generation portfolio includes hydroelectric facilities that historically represented the core of its production base, while recent investments have expanded participation in renewable energy. CEMIG has participated in partnerships and consortium arrangements involving generation and transmission concessions and has maintained relationships with entities operating in infrastructure, energy trading, and distributed generation. The company’s operational model combines regulated utility earnings with market-based electricity commercialization activities.

Strategic Position & Investments

CEMIG’s strategic direction has focused on operational efficiency, debt management, modernization of grid infrastructure, and expansion in renewable energy generation. Public filings and investor materials indicate ongoing initiatives related to digitalization of distribution networks, reduction of energy losses, modernization of transmission systems, and selective capital allocation toward higher-return regulated assets. The company has also pursued portfolio optimization through divestments of non-core holdings and restructuring of certain investments.

The company has maintained investments in renewable generation projects, particularly hydroelectric, wind, and solar energy, aligning with Brazil’s broader energy transition trends. Historically, CEMIG held stakes in multiple infrastructure and energy-related entities, including transmission concession partnerships and energy commercialization ventures. Its strategic focus increasingly emphasizes disciplined capital deployment, concession renewal stability, and regulated infrastructure expansion within Brazil’s electricity market. Some historical investment positions have changed over time, and certain ownership structures may vary across reporting periods; data regarding select minority holdings is inconclusive based on available public sources.

Geographic Footprint

CEMIG’s operations are concentrated primarily in Brazil, with its strongest presence in the state of Minas Gerais, one of the country’s largest economic regions. Through Cemig D, the company serves hundreds of municipalities and maintains one of Brazil’s largest electricity distribution networks. Its transmission and generation assets extend into multiple Brazilian states through concession-based infrastructure and consortium participation.

Although CEMIG’s operational base is domestic, the company has international capital market exposure through ADR listings in the United States and relationships with global institutional investors. Its influence within the Brazilian energy market extends across South America’s largest electricity system, particularly through participation in interconnected transmission infrastructure and renewable energy development initiatives. The company’s strategic investments and partnerships have historically expanded its operational relevance beyond Minas Gerais into broader national energy markets.

Leadership & Governance

CEMIG operates under a mixed-control governance structure in which the State of Minas Gerais remains the controlling shareholder while the company maintains publicly traded shares and corporate governance obligations under Brazilian and U.S. securities regulations. The company’s governance framework includes a board of directors, executive management committee, audit oversight, and compliance structures aligned with publicly listed utility standards. Leadership strategy has emphasized operational discipline, modernization of energy infrastructure, financial sustainability, and expansion of renewable energy participation within Brazil’s evolving power sector.

Key executives and leadership figures include:

• Reynaldo Passanezi Filho – Chief Executive Officer
• Leonardo George de Magalhães – Vice Chief Executive Officer
• Gustavo de Oliveira Barbosa – Chairman of the Board of Directors
• Dimas Costa – Chief Trading Officer
• Carlos Eduardo Amaral Pereira da Silva – Chief Distribution Officer
• Alexandre de Queiroz Rodrigues – Chief Financial and Investor Relations Officer

Leadership priorities described in company filings and investor communications include improving operational efficiency, strengthening cash generation, modernizing the electricity grid, and expanding renewable and regulated infrastructure assets while maintaining financial discipline under Brazil’s regulated utility framework.