Energy of Minas Gerais Co
F:CIDA
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Energy of Minas Gerais Co
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Energy of Minas Gerais Co
Energy of Minas Gerais, better known as Cemig, is a Brazilian electric utility based in the state of Minas Gerais. It generates electricity, moves it through transmission lines, and delivers it to homes, businesses, and factories through its distribution network. It also sells power into Brazil’s wholesale electricity market and, through related businesses, handles some energy and gas activities tied to its core utility role. Cemig makes money mainly by charging customers for electricity delivery and by selling the electricity it produces or buys in the market. Some of its revenue comes from regulated tariffs set by the government for its distribution and transmission businesses, while other revenue comes from contracts and market sales of power. That mix gives it both a utility-style cash flow base and exposure to electricity prices and regulation. What makes Cemig easy to understand is that it sits in the middle of the power system in one of Brazil’s biggest states. It is not a consumer brand; it is the company that keeps the grid working, connects customers to electricity, and supplies energy to the market. Its business depends on infrastructure, regulation, and long-lived assets rather than on selling a product that changes quickly.
Energy of Minas Gerais, better known as Cemig, is a Brazilian electric utility based in the state of Minas Gerais. It generates electricity, moves it through transmission lines, and delivers it to homes, businesses, and factories through its distribution network. It also sells power into Brazil’s wholesale electricity market and, through related businesses, handles some energy and gas activities tied to its core utility role.
Cemig makes money mainly by charging customers for electricity delivery and by selling the electricity it produces or buys in the market. Some of its revenue comes from regulated tariffs set by the government for its distribution and transmission businesses, while other revenue comes from contracts and market sales of power. That mix gives it both a utility-style cash flow base and exposure to electricity prices and regulation.
What makes Cemig easy to understand is that it sits in the middle of the power system in one of Brazil’s biggest states. It is not a consumer brand; it is the company that keeps the grid working, connects customers to electricity, and supplies energy to the market. Its business depends on infrastructure, regulation, and long-lived assets rather than on selling a product that changes quickly.
EBITDA: Recurring EBITDA was BRL 7.3 billion for 2025 and BRL 8.3 billion including nonrecurring items, supporting a record BRL 6.6 billion investment program.
Investments: Cemig invested BRL 6.6 billion in 2025 (distribution the main focus) and says it already has nearly BRL 10 billion accumulated in distribution projects to be recognized in future tariff reviews.
Liability fix: Management reached an agreed solution for retiree healthcare funding, converting the actuarial risk into a financial obligation of BRL 1.25 billion (Reynaldo) / BRL 1.28 billion (Andrea) to be paid in six installments.
Credit upgrade: Moody's upgraded Cemig to AAA in September after a multi-year improvement in credit metrics.
Leverage & financing: Net leverage at 2.3x, average nominal debt cost ~13% (87% of CDI), debentures issued BRL 9.3 billion in the year with average tenor extended to 6.9 years.
Operational quality: Distribution service improved (DEC 8.97, best historical result) despite higher OpEx for preventive maintenance and expanded field teams (228 new electricians for Cemig Agro).
Cash & shareholder returns: Paid BRL 3.5 billion in dividends/IOE, dividend yield 14.9%; year-end cash generation after payouts BRL 270 million.
Hydrology & trading: Hydrological risk reduced GSF and forced higher energy purchases (spot BRL 265/MWh in Dec 2025); trading posted BRL 97 million in Q4.
