Companhia Energetica De Minas Gerais-CEMIG (CIG)

Cemig reported net income of R$945 million for the second quarter of 2026, down 20.4 percent from R$1,188 million a year earlier 3.

The financial result, which nets interest earned against interest owed, was an expense of R$796 million against R$313 million a year earlier 3.

Net debt reached R$19,358 million against R$12,229 million a year earlier, or 2.58 times adjusted earnings before interest, tax, depreciation and amortization 3.

The board elected Alexandre Ramos Peixoto chief executive on 7 May 2026 4. On 11 September it named Marco Aurélio Martins da Costa Vasconcelos chief executive and moved Peixoto to chair the board 2.

A minority fund, FIA Dinâmica Energia, nominated its own board candidates and asked for cumulative voting at a shareholders' meeting set for 16 October 2026 2.

The company also named The Bank of New York Mellon as depositary for its American depositary receipts, the form in which US investors own its shares, from 19 October 2026 2.

CEMIG was incorporated on 22 May 1952 and built its first three hydroelectric plants in the 1950s 1. It began transmitting and distributing power in 1960 1.

In 2004, to meet new legal and regulatory requirements, it moved its operations into two wholly owned subsidiaries, one for generation and transmission and one for distribution 1. From 2006 it spread beyond Minas Gerais through a stake in Light in Rio de Janeiro, and in 2009 its generation subsidiary bought the transmission company now called Taesa 1.

The company later reversed course, and from 2021 to 2024 it sold its Light shares, its Renova stake and minority holdings in Madeira Energia, Baguari and Retiro Baixo 1. On 13 August 2024 it sold its 45 percent of Aliança Energia to Vale for a closing payment of R$2.74 billion 1.

The company said the sales let it redirect management and capital to Minas Gerais 1.

Net revenue reached R$42,751 million in 2025 1. Net income was R$7,119 million in 2024 and R$4,899 million in 2025 1. The 2024 result included a R$1,617 million gain on the Aliança sale 1.

Transmission earned R$452 million in 2025 against R$1,561 million in 2024, which the company ties to a tariff review recognized in 2024 1.

Spending on energy bought for resale grew 14.87 percent to R$19,177 million in 2025 1. The short-term power price in the south-east and centre-west rose 75 percent to R$223.46 per megawatt hour in a dry year 1.

Net finance expense more than doubled to R$1,079 million from R$521 million, as charges on debentures, the bonds it issues, grew to R$1,503 million 1.

In 2025 it ran the largest investment program in its history in Minas Gerais, R$6.6 billion, up 16 percent from 2024 1.

Distribution

CEMIG D, a wholly owned subsidiary, runs five distribution concessions covering 96.7 percent of the territory of Minas Gerais, with a concession running to 2046 1.

At the end of 2025 it supplied 22,102 GWh to 9,590,970 regulated customers and carried 25,605 GWh for 6,135 large customers who buy power on the free market 1.

Distribution net revenue was R$29,043 million in 2025 and its net income R$2,121 million 1. Over the 12 months to June 2026 its energy losses were 11.40 percent, under the regulator's limit of 11.48 percent 3.

Generation, transmission and trading

At the end of 2025 CEMIG ran 32 hydroelectric plants, 12 solar plants and 2 wind plants with 4,674 MW of capacity, in five states 1.

Its largest plants are an 11.69 percent stake in Belo Monte, 1,192 MW at the Teodomiro Santiago plant and 510 MW at Nova Ponte 1.

Transmission, which moves power at 230 kV or more from plants to distributors, runs 4,865 miles of lines 1. In January 2026 it bought a small transmission company, ETTM, for R$30.0 million 5.

The trading arm, which sells power to large customers, earned R$163 million in 2025 against R$518 million in 2024, as the cost of power it had to buy rose 1. In the second quarter of 2026 it cut operating earnings by R$383.4 million 3.

Gas and distributed solar

Gasmig, 99.57 percent owned, sells piped natural gas in Minas Gerais 1. Its net revenue fell 19.8 percent to R$2,789 million in 2025 as customers moved to the free market 1.

CEMIG SIM, a wholly owned unit for distributed generation and energy efficiency, had 35,500 customers at the end of 2025 1. In the second quarter of 2026 it bought 11 solar plants totaling 26.2 MWp for R$155 million 3.

People

Marco Aurélio Martins da Costa Vasconcelos, chief executive since 11 September 2026, is an attorney who was Attorney General at COPASA MG 2. Alexandre Ramos Peixoto, a career CEMIG engineer and a former chief executive, chairs the board 2.

On 11 June 2026 the board named Leonardo George de Magalhães vice president of finance, Demétrio Alexandre Ferreira of generation and transmission, and Ernando Antunes Braga of distribution 3.

Money and ratings

The company raised R$4.61 billion in the second quarter of 2026, and 81 percent of its debt matures in 2029 or later 3. On 18 August 2026 S&P raised its national-scale rating of the company to AAA 3.

The umbrella, in words

The holding company owns CEMIG Geração e Transmissão (100 percent, power plants and transmission), CEMIG Distribuição (100 percent) and Gasmig (99.57 percent) 1. It also owns CEMIG SIM, Centroeste, ETTM and the Pipoca small hydro plant, each 100 percent 1.

It owns 36.97 percent of the voting stock, and 21.68 percent of all stock, of the transmission company Taesa, a jointly controlled entity 1. Through other jointly controlled entities it owns an indirect 11.69 percent of Norte Energia, which runs Belo Monte 1.

Property, plant and equipment and intangibles had a net book value of R$22,738 million at the end of 2025, of which distribution was 67.67 percent 1.

The State of Minas Gerais controls the company, owning directly and indirectly 50.97 percent of the shares with voting rights 1. A sale of control needs a state law authorizing it 1.

The fund FIA Dinâmica Energia owns 32.82 percent of the common shares and 8.88 percent of the preferred shares, and BNDESPar owns 11.14 percent of the common 1.

The Ministry of Mines and Energy extended the Sá Carvalho plant's concession for 30 years from 31 August 2026, and the company has 210 days after notice to sign the new agreement 3.

Two of its biggest plants have concession terms ending in 2027: the 1,192 MW Emborcação plant in May and the 510 MW Nova Ponte plant in August 1. The annual report warns that the company cannot guarantee its existing concessions are extended on similar terms 1.

The 2026 to 2030 business plan, approved by the board in December 2025, aims for at least 4.0 GW of generation by 2030 and a 16 percent margin in energy trading 1.

For 2026 it plans capital spending of R$5,889 million, mostly on distribution, generation and transmission 1. Its solar unit plans to invest R$373 million from 2026 through 2027 1.

On 17 September 2026 the company declared interest on equity, a form of shareholder payout, of R$200 million, payable in two installments by 30 June 2027 and 30 December 2027 2.