Company Overview

Companhia Energética de Minas Gerais (CEMIG) is a Brazilian integrated electric utility company operating primarily in the generation, transmission, distribution, and commercialization of electricity. Founded in 1952 by the government of the State of Minas Gerais, the company has evolved into one of Brazil’s largest publicly traded energy groups, serving residential, commercial, industrial, and governmental customers. CEMIG operates mainly within the regulated electricity sector while also maintaining exposure to energy trading and renewable generation activities. The company’s shares are traded on the B3 exchange in Brazil and through American Depositary Receipts (ADRs) in the United States under the ticker CIG.

CEMIG’s principal revenue drivers are its regulated electricity distribution operations, transmission assets, and power generation portfolio, which includes hydroelectric, wind, and solar facilities. The company’s strategic positioning is supported by its extensive infrastructure base in the state of Minas Gerais, one of Brazil’s most industrialized regions, as well as its long-standing operational expertise in Brazil’s power sector. Historically, the company expanded through investments in generation and transmission concessions and through stakes in affiliated energy companies, gradually diversifying beyond traditional hydroelectric operations into broader energy infrastructure and renewable energy assets.

Business Operations

CEMIG organizes its operations primarily through the segments of Generation and Transmission, Distribution, and energy commercialization activities. The company’s regulated distribution business, conducted mainly through CEMIG Distribuição S.A. (Cemig D), serves millions of customers across Minas Gerais and represents a major source of recurring revenue. Its generation and transmission operations are managed largely through CEMIG Geração e Transmissão S.A. (Cemig GT), which controls hydroelectric plants, transmission lines, substations, and renewable energy investments. Revenue is generated through regulated tariffs, electricity sales contracts, transmission concession revenues, and participation in Brazil’s wholesale electricity market.

The company maintains operations primarily in Brazil but has historically participated in energy investments and partnerships beyond Minas Gerais through joint ventures and affiliated holdings. CEMIG has held interests in transmission consortia, renewable energy projects, and gas-related infrastructure through subsidiaries and strategic investments. The company also controls or maintains stakes in entities linked to distributed generation, energy trading, and telecommunications infrastructure associated with utility operations. Operationally, CEMIG relies heavily on hydroelectric assets, though it has expanded into wind and solar generation in response to Brazil’s evolving energy transition and diversification goals.

Strategic Position & Investments

CEMIG’s strategic direction has focused on strengthening operational efficiency, reducing leverage, optimizing its asset portfolio, and expanding participation in renewable and transmission infrastructure. In recent years, the company has pursued divestitures of non-core assets while prioritizing investments in regulated businesses with predictable cash flows. Strategic initiatives have included modernization of distribution networks, digitalization of customer services, grid reliability improvements, and selective renewable generation projects.

The company has historically maintained investments and ownership interests in several energy-related subsidiaries and affiliated companies, including CEMIG Distribuição, CEMIG Geração e Transmissão, and renewable energy ventures. CEMIG has also participated in transmission consortia and infrastructure projects connected to Brazil’s national interconnected electricity system. Emerging areas of focus include distributed solar generation, smart grid technologies, energy efficiency initiatives, and decarbonization-related investments aligned with broader trends in the Latin American utility sector. Public disclosures and investor materials indicate that the company continues to evaluate capital allocation toward regulated transmission assets and renewable energy opportunities.

Geographic Footprint

CEMIG is headquartered in Belo Horizonte, Minas Gerais, Brazil, and maintains its strongest operational presence in the State of Minas Gerais, where it operates one of the country’s largest electricity distribution networks. Its infrastructure footprint includes transmission lines, substations, hydroelectric facilities, and renewable generation assets distributed across multiple Brazilian states. Through its generation and transmission operations, the company participates in Brazil’s interconnected national power system, extending its operational relevance beyond its core regional market.

Although primarily concentrated in Brazil, CEMIG’s influence reaches broader Latin American and international capital markets through foreign investors, ADR listings, and participation in large-scale infrastructure financing arrangements. Its customer base includes residential consumers, industrial users, agribusiness operations, commercial enterprises, and public-sector entities. The company’s operational scale within southeastern Brazil provides strategic exposure to one of the country’s most economically significant industrial regions.

Leadership & Governance

CEMIG operates under a mixed-capital governance structure in which the Government of Minas Gerais remains the controlling shareholder. The company follows governance standards applicable to publicly traded Brazilian corporations and publishes audited financial statements and operational disclosures through filings with the Brazilian Securities Commission and the U.S. Securities and Exchange Commission. Leadership strategy has emphasized operational discipline, financial restructuring, modernization of infrastructure, and expansion of renewable energy participation while balancing public-service obligations and shareholder returns.

Key executives and leadership figures include:

• Reynaldo Passanezi Filho – Chief Executive Officer
• Leonardo George de Magalhães – Vice Chief Executive Officer
• Dimas Costa – Chief Trading Officer
• Gustavo de Oliveira Barbosa – Chairman of the Board of Directors
• Marília Carvalho de Melo – Board Member
• Marco Antônio Soares da Cunha Castello Branco – Executive involved in financial and strategic management functions

Some executive roles and board compositions may change periodically based on shareholder elections and public disclosures. Data regarding certain leadership assignments may vary slightly across reporting periods based on available public sources and filing dates.