Companhia Energética de Minas Gerais (CIG): Business Model Canvas

In der dynamischen Energielandschaft Brasiliens entwickelt sich die Companhia Energética de Minas Gerais (CIG) zu einem Kraftpaket für Innovation und Nachhaltigkeit, das sich strategisch durch das komplexe Terrain der Stromerzeugung und -verteilung bewegt. Durch die nahtlose Verbindung traditioneller Energieinfrastruktur mit modernsten erneuerbaren Technologien hat CIG ein Geschäftsmodell entwickelt, das nicht nur den enormen Strombedarf von Minas Gerais deckt, sondern sich auch als transformative Kraft im sich entwickelnden Energieökosystem Brasiliens positioniert. Dieses umfassende Business Model Canvas enthüllt die komplexen Strategien, robusten Partnerschaften und den visionären Ansatz, die den bemerkenswerten Weg von CIG vorantreiben, den Fortschritt voranzutreiben und eine nachhaltige wirtschaftliche Entwicklung voranzutreiben.

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Wichtige Partnerschaften

Regulierungsbehörden der Bundesstaaten und der Bundesregierung

CIG unterhält wichtige Partnerschaften mit:

• ANEEL (National Electric Energy Agency) – Regulierungsaufsicht
• Ministerium für Bergbau und Energie – Politische Koordinierung
• Energiesekretariat des Bundesstaates Minas Gerais

Regulierungsbehörde	Umfang der Partnerschaft	Jährliche Compliance-Interaktionen
ANEEL	Energieverteilungsverordnung	24 formelle Interaktionen pro Jahr
Ministerium für Bergbau und Energie	Strategische Energieplanung	Jährlich 12 strategische Treffen

Lokale Energieverteilungsnetze

Zu den wichtigsten lokalen Netzwerkpartnerschaften gehören:

• Cemig Distribuição S.A.
• Lokale kommunale Elektrizitätsgenossenschaften
• Regionale Übertragungsinfrastrukturbetreiber

Netzwerkpartner	Vertriebsabdeckung	Jährlicher Kooperationswert
Cemig Distribuição S.A.	853 Gemeinden in Minas Gerais	2,3 Milliarden R$

Ausrüstungslieferanten und Technologieanbieter

Primäre Technologie- und Ausrüstungspartnerschaften:

• Siemens Energy
• ABB-Gruppe
• Schneider Electric

Technologieanbieter	Technologiefokus	Jährlicher Beschaffungswert
Siemens Energy	Netzmanagementsysteme	145 Millionen R$

Internationale Investoren für erneuerbare Energien

Globale Investitionspartnerschaften:

• Europäische Investitionsbank
• Internationale Finanz-Corporation
• Entwicklungsbank Lateinamerikas

Investor	Investitionsfokus	Investitionsbetrag
Europäische Investitionsbank	Projekte für erneuerbare Energien	75 Millionen Euro

Finanzinstitute und Infrastrukturentwicklungspartner

Strategische Finanzkooperationen:

• Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
• Itaú Unibanco
• Banco do Brasil

Finanzinstitut	Partnerschaftstyp	Jährliche Kreditlinie
BNDES	Infrastrukturfinanzierung	500 Millionen R$

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung über mehrere Energiequellen hinweg

CIG betreibt ein vielfältiges Stromerzeugungsportfolio mit folgender Zusammensetzung:

Energiequelle	Installierte Leistung (MW)	Prozentsatz der Gesamterzeugung
Wasserkraft	1,887.2	62.3%
Thermisch	436.5	14.4%
Solar	378.9	12.5%
Wind	326.7	10.8%

Energieverteilungs- und Übertragungsinfrastrukturmanagement

CIG verwaltet eine umfangreiche elektrische Infrastruktur mit den folgenden Spezifikationen:

• Gesamte Übertragungsleitungen: 4.672 Kilometer
• Umspannwerke: 127 Betriebseinheiten
• Durchschnittliche Übertragungsspannung: 345 kV
• Abdeckung des Versorgungsgebiets: 96,3 % des Bundesstaates Minas Gerais

Projektentwicklung für erneuerbare Energien

Investitionen in erneuerbare Energieprojekte für 2024–2026:

Projekttyp	Geplante Investition (USD)	Erwartete Kapazitätserweiterung (MW)
Solarparks	247,500,000	350
Windprojekte	189,300,000	280
Kleine Wasserkraftwerke	76,800,000	120

Wartung elektrischer Netzsysteme

Jährlicher Wartungsaufwand und Leistungskennzahlen:

• Gesamtwartungsbudget: 93.600.000 USD
• Netzzuverlässigkeitsindex: 99,87 %
• Durchschnittliche Ausfallzeit pro Kunde: 3,2 Stunden jährlich
• Abdeckung der vorbeugenden Wartung: 87,5 % der Infrastruktur

Strategische Investition in nachhaltige Energietechnologien

Zuteilung der Technologieinvestitionen für 2024:

Technologiebereich	Investitionsbetrag (USD)	Forschungsschwerpunkt
Energiespeicher	35,600,000	Verbesserungen der Batterietechnologie
Smart Grid	28,900,000	Ausbau der digitalen Infrastruktur
Grüner Wasserstoff	22,400,000	Erneuerbare Wasserstoffproduktion

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Schlüsselressourcen

Energieerzeugungsanlagen

CIG betreibt ab 2023 55 Wasserkraftwerke mit einer installierten Gesamtleistung von 7.242 MW in der Region Minas Gerais.

Art des Kraftwerks	Anzahl der Einrichtungen	Gesamte installierte Leistung (MW)
Wasserkraft	55	7,242
Thermisch	3	392
Erneuerbare Energie	12	569

Infrastrukturanlagen

CIG unterhält eine umfangreiche Energieübertragungsinfrastruktur mit 4.987 Kilometern Übertragungsleitungen.

Personalwesen

Gesamtbelegschaft von 8.456 Mitarbeitern (Stand Dezember 2023), davon 62 % mit technischem oder ingenieurwissenschaftlichem Abschluss.

Technologische Systeme

• Fortschrittliche SCADA-Energiemanagementsysteme
• Echtzeit-Netzüberwachungsplattformen
• Vorausschauende Wartungstechnologien

Finanzkapital

Das Gesamtvermögen wird im Jahr 2023 auf 47,3 Milliarden R$ geschätzt, wobei 6,2 Milliarden R$ für Infrastrukturinvestitionen vorgesehen sind.

Finanzkennzahl	Wert 2023 (R$)
Gesamtvermögen	47,300,000,000
Infrastrukturinvestitionen	6,200,000,000
Jahresumsatz	21,500,000,000

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Stromversorgung für den brasilianischen Markt

CIG erzeugt in mehreren Stromerzeugungsanlagen eine installierte Leistung von 1.365 MW. Das Unternehmen beliefert rund 8,7 Millionen Verbraucher im Bundesstaat Minas Gerais.

Generationstyp	Kapazität (MW)	Prozentsatz des Portfolios
Wasserkraft	1,134	83%
Thermisch	231	17%

Nachhaltiges und diversifiziertes Energieportfolio

Der Energiemix von CIG zeigt Engagement für Nachhaltigkeit mit erheblichen Investitionen in erneuerbare Energien.

• Erneuerbare Energiequellen machen 95 % der Gesamterzeugung aus
• Keine direkten CO2-Emissionen aus der Wasserkrafterzeugung
• Aktive Investitionen in den Ausbau der Solar- und Windenergie

Wettbewerbsfähige Strompreise

Durchschnittlicher Stromtarif für Privatkunden: 0,75 R$ pro kWh, was 12 % unter dem Landesdurchschnitt liegt.

Verbrauchersegment	Durchschnittlicher Tarif (R$ pro kWh)
Wohnen	0.75
Industriell	0.62
Kommerziell	0.68

Engagement für den Übergang zu erneuerbaren Energien

Investitionen in die Infrastruktur für erneuerbare Energien: 1,2 Milliarden R$ für Erweiterungsprojekte 2024–2026.

• Geplante Solarkapazitätserweiterung um 300 MW
• Windenergieentwicklung in der Region Minas Gerais
• Implementierung der Smart-Grid-Technologie

Regionale Wirtschaftsentwicklung durch Energieinfrastruktur

Wirtschaftliche Auswirkungen der Aktivitäten von CIG in Minas Gerais: Direkte und indirekte Schaffung von Arbeitsplätzen von etwa 15.000 Stellen.

Wirtschaftlicher Beitrag	Wert (R$)
Jährlicher regionaler BIP-Beitrag	2,4 Milliarden
Infrastrukturinvestitionen	1,5 Milliarden

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Industrie- und Privatkunden

CIG unterhält ab 2023 insgesamt 2.376.845 Kundenanschlüsse mit folgender Vertragsverteilung:

Kundensegment	Anzahl der Verträge	Durchschnittliche Vertragsdauer
Privatkunden	2,134,590	3-5 Jahre
Industriekunden	142,255	5-10 Jahre
Gewerbliche Kunden	100,000	3-7 Jahre

Digitale Kundenservice-Plattformen

Zu den digitalen Servicekanälen von CIG gehören:

• Mobile Anwendung mit 687.345 aktiven Benutzern
• Online-Kundenportal mit 1.245.678 registrierten Konten
• Der WhatsApp-Kundendienstkanal verarbeitet 42.567 monatliche Interaktionen

Transparente Abrechnung und Verbrauchsverfolgung

Abrechnungsmetrik	Leistung
Durchschnittliche monatliche Rechnungsgenauigkeit	99.7%
Zustellrate digitaler Rechnungen	78.3%
Online-Zahlungsprozentsatz	65.2%

Community-Engagement-Programme

CIGs Gemeinschaftsinvestition im Jahr 2023:

• Gesamtinvestition der Gemeinschaft: 12,5 Millionen R$
• Energieeffizienzprogramme: 4,3 Millionen R$
• Soziale Entwicklungsinitiativen: 3,2 Millionen R$

Personalisierte Energielösungen

Kundensegment	Maßgeschneiderte Lösung	Akzeptanzrate
Wohnen	Integration von Solarmodulen	15.6%
Industriell	Beratung zur Energieeffizienz	28.4%
Kommerziell	Spitzenlastmanagement	22.7%

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Kanäle

Direktvertrieb über Regionalbüros

CIG betreibt 53 regionale Kundendienstbüros im gesamten Bundesstaat Minas Gerais und betreut rund 8,5 Millionen Kunden. Diese Büros kümmern sich um physische Rechnungszahlungen, Vertragsänderungen und direkte Kundeninteraktionen.

Region	Anzahl der Büros	Kundenabdeckung
Metropolit Belo Horizonte	12	2,3 Millionen Kunden
Innenregionen	41	6,2 Millionen Kunden

Online-Kundendienstportale

Die digitale Plattform von CIG verzeichnete im Jahr 2023 monatlich 3,2 Millionen aktive Nutzer, wobei 78 % der Rechnungszahlungen online abgewickelt wurden.

• Website-Traffic: 4,5 Millionen monatliche Besuche
• Digitale Serviceanfragen: 2,1 Millionen pro Monat
• Online-Kontoverwaltungsquote: 82 %

Mobile Anwendung für Energiemanagement

Die mobile App von CIG hat 1,7 Millionen Downloads, mit 62 % aktiven monatlichen Nutzern. Die App ermöglicht die Verfolgung des Energieverbrauchs und die Bezahlung von Rechnungen in Echtzeit.

App-Funktion	Nutzungsprozentsatz
Rechnungszahlung	89%
Verbrauchsüberwachung	73%
Serviceanfragen	45%

Call Center und Kundensupportsysteme

CIG betreibt 7 Callcenter, die monatlich 1,2 Millionen Kundeninteraktionen abwickeln, mit einer durchschnittlichen Reaktionszeit von 3,5 Minuten.

• Gesamtpersonal im Callcenter: 620 Mitarbeiter
• Kundenzufriedenheitsrate: 87 %
• Lösungsrate beim ersten Anruf: 76 %

Strategische Partnerschaften mit lokalen Energieverteilern

CIG unterhält Partnerschaften mit 12 lokalen Energieverteilungsnetzen, die 98 % des Territoriums des Bundesstaates Minas Gerais abdecken.

Partnertyp	Anzahl der Partner	Abdeckungsprozentsatz
Kommunale Vertriebshändler	8	62%
Regionale Netzwerke	4	36%

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Im Jahr 2022 versorgt CIG rund 8,5 Millionen private Stromverbraucher im brasilianischen Bundesstaat Minas Gerais.

Verbraucherkategorie	Anzahl der Verbraucher	Durchschnittlicher monatlicher Verbrauch
Wohngebiet mit niedrigem Einkommen	3,2 Millionen	120 kWh/Monat
Wohngebiet mit mittlerem Einkommen	4,5 Millionen	250 kWh/Monat
Wohngebiet mit hohem Einkommen	800,000	400 kWh/Monat

Industrie- und Fertigungsunternehmen

CIG versorgt 15.200 Industrie- und Fertigungskunden in ganz Minas Gerais mit Strom.

Industriesektor	Anzahl der Kunden	Durchschnittlicher monatlicher Verbrauch
Bergbau	2,300	5.500 MWh
Stahl und Metallurgie	1,800	4.200 MWh
Herstellung	11,100	1.800 MWh

Kommerzielle Unternehmen

CIG betreut im Jahr 2022 62.500 gewerbliche Geschäftskunden.

• Einzelhandelsgeschäfte: 35.000 Kunden
• Büros und Dienstleistungsbereiche: 18.500 Kunden
• Gastgewerbe und Tourismus: 9.000 Kunden

Institutionen des öffentlichen Sektors

Stromverbrauch des öffentlichen Sektors durch CIG im Jahr 2022:

Institutionstyp	Anzahl der Kunden	Jährlicher Stromverbrauch
Gebäude der Stadtverwaltung	850	125 GWh
Landesstaatliche Institutionen	340	210 GWh
Bildungseinrichtungen	520	85 GWh

Ländliche und landwirtschaftliche Stromnutzer

CIG versorgt ländliche und landwirtschaftliche Kunden in Minas Gerais mit Strom.

Agrarsegment	Anzahl der Kunden	Durchschnittlicher monatlicher Verbrauch
Landwirtschaft	6,200	800 MWh
Vieh	3,800	450 MWh
Agrarindustrie	1,500	1.200 MWh

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Kostenstruktur

Wartung und Upgrades der Infrastruktur

Im Jahr 2023 meldete CIG Infrastrukturwartungskosten in Höhe von 412,6 Millionen R$. Das Unternehmen stellte spezifische Investitionen für die Modernisierung des Netzes und den Ausbau der Übertragungsleitungen bereit.

Kategorie „Infrastruktur“.	Jährliche Kosten (R$)
Netzwartung	187,3 Millionen
Upgrades von Übertragungsleitungen	225,3 Millionen

Investitionen in Energieerzeugungsausrüstung

CIG investierte im Geschäftsjahr 2023 689,4 Millionen R$ in Stromerzeugungsanlagen.

• Wasserkraftwerksausrüstung: 342,7 Millionen R$
• Solarenergie-Infrastruktur: 213,5 Millionen R$
• Windenergieausrüstung: 133,2 Millionen R$

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für CIG im Jahr 2023 auf insgesamt 156,8 Millionen R$ und deckten Umweltlizenzen, Sicherheitsvorschriften und behördliche Berichtspflichten ab.

Compliance-Kategorie	Jährliche Ausgaben (R$)
Umweltlizenzierung	67,5 Millionen
Sicherheitskonformität	54,3 Millionen
Regierungsberichterstattung	35,0 Millionen

Forschung und Entwicklung für erneuerbare Technologien

CIG hat im Jahr 2023 94,2 Millionen R$ für die Forschung und Entwicklung erneuerbarer Technologien bereitgestellt.

• Innovation in der Solartechnologie: 38,6 Millionen R$
• Windenergieforschung: 32,4 Millionen R$
• Energiespeicherlösungen: 23,2 Millionen R$

Personal- und Betriebskosten

Die gesamten Personal- und Betriebskosten für CIG beliefen sich im Jahr 2023 auf 521,7 Millionen R$.

Kostenkategorie	Jährliche Ausgaben (R$)
Gehälter und Zusatzleistungen	342,3 Millionen
Betriebsaufwand	179,4 Millionen

Companhia Energética de Minas Gerais (CIG) – Geschäftsmodell: Einnahmequellen

Stromverkauf an Privatkunden

Im Jahr 2023 meldete CIG einen Stromabsatz für Privathaushalte von 14.256 GWh und generierte einen Umsatz von 3,8 Milliarden R$. Der durchschnittliche Privattarif betrug 0,266 R$ pro kWh.

Kundensegment	Strommenge (GWh)	Umsatz (Mio. R$)
Niederspannungs-Wohngebäude	8,754	2,330
Hochspannungswohngebäude	5,502	1,470

Industrielle Stromversorgungsverträge

Industriestromverträge generierten im Jahr 2023 einen Umsatz von 2,5 Milliarden R$ und deckten 12.345 Industriekunden in ganz Minas Gerais ab.

• Verarbeitendes Gewerbe: 6.780 GWh
• Bergbausektor: 3.450 GWh
• Agrarsektor: 2.115 GWh

Investitionen in Projekte für erneuerbare Energien

Die Projekte für erneuerbare Energien von CIG erwirtschafteten im Jahr 2023 385 Millionen R$ Solar- und Windanlagen tragen 678 GWh bei.

Erneuerbare Quelle	Installierte Leistung (MW)	Umsatz (Mio. R$)
Solar	245	210
Wind	180	175

Staatliche Energieanreizprogramme

Staatliche Anreizprogramme trugen im Jahr 2023 156 Millionen R$ bei und unterstützten ländliche Elektrifizierungs- und Energieeffizienzinitiativen.

Netzübertragungs- und -verteilungsgebühren

Die Übertragungs- und Verteilungsgebühren generierten im Jahr 2023 1,2 Milliarden R$ und deckten 98,6 % der Energieinfrastruktur von Minas Gerais ab.

Servicetyp	Umsatz (Mio. R$)	Abdeckung (%)
Übertragungsgebühren	680	56.7
Vertriebsgebühren	520	41.9

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Value Propositions

You're looking at the core promises Companhia Energética de Minas Gerais (CIG) makes to its customers and stakeholders in late 2025. These aren't just vague goals; they are backed by massive capital deployment and regulatory compliance.

Essential Service Reliability

The fundamental value proposition is keeping the lights on across a massive service territory. Companhia Energética de Minas Gerais (CIG) serves customers across 780 municipalities in Minas Gerais. That's a huge footprint to manage consistently. You see the commitment to reliability when you check the operational metrics; for the twelve months ending June 2025, the company reported total energy losses at 11.43%, which was comfortably inside the regulatory limit set by ANEEL of 11.48%. Honestly, this is a significant turnaround, considering the company was in a situation in the past where unmet load approached nearly 15% of the total load. They've definitely put capital to work to fix that.

Regulated Price Stability

For the captive user base, predictability in pricing is key, and that comes directly from the regulator. The Agência Nacional de Energia Elétrica (ANEEL) approved the Annual Tariff Adjustment for Cemig Distribuição S.A. (Cemig-D) in May 2025, with new indices taking effect on May 28, 2025. This adjustment impacts over 9.4 million consumer units. While ANEEL projected an average readjustment of 3.5% for 2025 generally, Cemig Distribution's specific adjustment was 7.78%, reflecting the actual cost recovery, inflation, and specific charges applicable to their service area. The tariffs for certain generation units are set to be in effect for a full year, from July 1, 2025, through June 30, 2026.

Here's a quick look at the regulatory context for some of those tariffs:

Tariff Component	Effective Period	Regulatory Body Action
Annual Tariff Adjustment (Cemig-D)	Starting May 28, 2025	Approved by ANEEL on May 19, 2025
Application Tariffs (Group A Generators)	July 1, 2025, to June 30, 2026	Defined in ANEEL Resolution Homologatória No. 3.459
Cemig-D Specific Adjustment	2025 Period	7.78% increase, including inflation and charges

Modernized Grid

Improving the physical infrastructure is a major focus, supported by the largest investment program in the company's history. The strategic plan calls for a total investment of R$59 billion through 2029, with the bulk going into the regulated distribution sector. This investment directly translates into tangible upgrades for service quality.

• Plan to build 200 new substations by 2028, representing a 50% increase over the previous 70-plus years of construction.
• Installed 400,400 smart meters since September 2021.
• Replaced 173 thousand outdated meters, with 425 thousand replacements planned for 2025 alone.
• Regularized 9,500 clandestine connections using bullet-proofed installations.
• Protected 8,751 consumer units in housing complexes with Shielded Metering Panels (QMB).

Sustainable Energy Mix

Companhia Energética de Minas Gerais (CIG) is actively shifting its energy sourcing towards cleaner alternatives, especially solar. For the last reporting year, out of the total 100,714.29 GWh of electricity sold (own/controlled assets and purchased), 72,181 GWh was classified as renewable, which includes hydro, wind, and solar. The non-renewable portion, mainly from thermal power stations, was 13,336 GWh. The company is making concrete moves to expand its renewable footprint, particularly in distributed generation (DG) and centralized solar farms.

• In 2024, invested approximately R$342 million in photovoltaic solar energy generation plants, achieving an installed capacity of 207MW.
• Cemig SIM, the DG arm, reached 33 thousand solar energy subscription consumer units in 2024.
• The ambition is to invest approximately R$442 million in the DG segment between 2025 and 2026.
• The 2025-2029 strategy includes adding ~1.2 GW of centralized generation renewables to return capacity levels to ~6.0 GW.
• The DG goal is to reach an installed capacity of 600 MWp by 2029.
• As of November 2025, the state of Minas Gerais itself surpassed 13 GW of installed solar energy capacity, with CIG aiming to preserve leadership in the DG market within the state.

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Customer Relationships

You're managing a utility that serves nearly 9.4 million customer units across Minas Gerais state, so your customer relationships are split between a highly controlled, regulated base and a growing, competitive one. Honestly, the relationship model is defined by regulation first, and commercial agility second.

Regulated Service: Standardized, non-negotiable service terms for captive customers.

For the bulk of your customers in the captive market, the relationship is strictly governed by ANEEL (Agência Nacional de Energia Elétrica). The terms aren't negotiable; they are set by the tariff adjustment process. For instance, the 2025 Annual Tariff Adjustment (RTA), approved on May 19, 2025, set the average effect for all consumers to be 7.78% for the period running until May 27, 2026. This is a compliance-driven relationship where service quality is directly tied to regulatory performance targets.

The captive base, which includes most residential users, is the core revenue driver, with the Residential category alone contributing approximately 45% of Cemig's distribution-derived total revenue. The tariff impact varies by segment:

• Low Voltage captive consumers saw an average adjustment of 7.03%.
• High Voltage captive consumers saw an average adjustment of 9.45%.
• The B1 class, covering residential customers on low voltage, received an average adjustment of 6.86%.

This standardized service is under pressure, as the regulatory barriers protecting this segment are set to fall, with full deregulation for households projected around 2027.

Digital Self-Service: Online portals and apps for billing and outage reporting.

Companhia Energética de Minas Gerais (CIG) has made significant strides in pushing customers toward digital channels, which helps manage costs and improve service speed. In 2024, a full 80% of all customer service encounters happened via digital means. That's a massive shift.

To further support this, the company installed 166 self-service machines (totems) across branches and key locations, which handled 30% of face-to-face services in 2024. For the free market segment, the digital experience is even more integrated, offering 100% ONLINE CONTRACTING for everything from simulation to final agreement on the energialivre.cemig.com.br platform.

Here's a snapshot of the customer segmentation that drives these digital efforts:

Customer Segment (2024 Data)	Number of Units (in thousands)	Market Type
Captive Clients	23,860	Regulated
Free Clients	47,696	Competitive

Dedicated Account Management: Commercial teams for large industrial and free market clients.

For large industrial and commercial clients, especially those in the free market, the relationship moves from standardized terms to dedicated commercial engagement. This is where the competitive edge matters. As of the latest data, Companhia Energética de Minas Gerais (CIG) holds a 15% market share in the retail free market, with 114.8 average megawatts of contracted energy. These clients demand tailored pricing and service structures.

Even within the transition, there's activity: up to April 2025, Companhia Energética de Minas Gerais (CIG) distribution area had 1,286 consumer units awaiting approval to migrate to the free market, representing a potential load of 62.6 MWa. Managing these migration requests and servicing these high-demand users requires specialized commercial teams, not just automated systems. The free market growth is defintely a key focus area for relationship management.

Compliance-Driven: Relationship heavily managed by regulatory mandates for quality.

Every aspect of the regulated relationship is under ANEEL's microscope. The 2025 tariff adjustment was directly influenced by factors like sectorial charges and distribution costs. Furthermore, the regulatory framework dictates quality metrics, which influence operational focus. For example, the company must manage its performance against regulatory thresholds for technical loss ratio, which stood at 11.11% total losses in 2022.

The relationship is also managed through specific compliance reporting, such as the mandatory reports on service interruptions in emergency situations (ISE) for events like the heavy rains in Ipatinga on January 12, 2025, and the windstorm in Minduri on June 9, 2025. These events trigger specific compliance reporting obligations to ANEEL, reinforcing the regulatory oversight of service delivery.

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Channels

You're looking at how Companhia Energética de Minas Gerais (CIG) gets its power to the people and businesses it serves. It's a massive physical undertaking, supported by modern digital touchpoints. Honestly, for a utility this size, the channels are mostly about infrastructure scale and geographic reach.

Physical Distribution Network: The core channel for delivering electricity.

The delivery backbone is Companhia Energética de Minas Gerais (CIG)'s distribution grid, which is the largest in South America by several metrics. This network is what directly connects to the end-user. The company serves a huge footprint, covering 774 municipalities primarily in the state of Minas Gerais, Brazil. Companhia Energética de Minas Gerais (CIG) invoiced approximately 9.51 million clients as of June 2025, with 9,504,790 identified as final consumers. Companhia Energética de Minas Gerais (CIG) has a stated strategy to invest heavily in modernizing this network, with a plan to invest R$ 23.2 billion in the 2025-2029 period specifically for the distribution segment (Cemig D). This investment is aimed at achieving operational excellence and improving Net Promoter Score (NPS).

Here are the key physical scale metrics for the distribution and transmission assets, based on recent filings:

Channel Component	Metric	Value (as of late 2025/most recent data)
Distribution Grid Length	Kilometers (km)	574,606 km
Municipalities Served (Distribution)	Count	774
Final Consumers Served (Distribution)	Count (June 2025)	9,504,790
Transmission Lines Length	Kilometers (km)	5,060 km
Transmission Substations	Count (April 2025)	42

Customer Service Centers: Physical agencies for in-person service and payment.

While the trend is digital, physical presence remains a channel for service, especially for payments and complex inquiries across the 774 municipalities Companhia Energética de Minas Gerais (CIG) covers. The company is actively working on collection efficiency, with a focus on migrating payments to digital channels, but the physical agencies are the fallback and primary in-person touchpoint for customers who need face-to-face interaction. The exact number of physical agencies isn't explicitly stated in the latest reports, but the service footprint is vast.

Digital Platforms: Company website and mobile application for residential users.

Companhia Energética de Minas Gerais (CIG) is putting serious capital behind its digital future. The company's investment plan earmarks R$ 4.3 BILLION for Innovation and Digital Transformation between 2019 and 2029. This spend directly supports the company website and the mobile application used by residential customers. The strategic goal includes modernizing these platforms to improve customer experience and support the push for digital payment collection. You can expect these platforms to handle a growing percentage of service requests, reducing reliance on the physical network.

• Investment in Digital Transformation (2019-2029): R$ 4.3 BILLION.
• Strategic focus on collection efficiency via digital means.
• Digital channels are key to achieving customer excellence targets.

Transmission Lines: Dedicated infrastructure for bulk power delivery to other utilities/regions.

The transmission network acts as a separate, high-voltage channel, moving large blocks of power, often to other agents in the Brazilian electricity sector or for the company's own trading operations. Companhia Energética de Minas Gerais (CIG) operated approximately 5,060 km of transmission lines as of early 2025, supported by around 40 to 42 substations. This infrastructure is critical for maintaining the integrated nature of Companhia Energética de Minas Gerais (CIG)'s operations, linking its generation assets to the broader grid. The company also sees distributed generation growing over time, which impacts the energy transported over this network.

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Customer Segments

You're looking at the core of Companhia Energética de Minas Gerais (CIG)'s regulated business, which is massive, serving nearly all of Minas Gerais. The total customer base for the Cemig Group was around 9.46 million final consumers as of March 2025, which was a 2.2% increase from March 2024. The distribution arm, CEMIG D, is the largest distribution company in Latin America, covering 774 municipalities, which is about 97% of the state.

Here's a quick look at the scale of the distribution network and customer growth targets:

Metric	Value (as of mid-2025/targets)	Context/Date
Total Customers (Cemig Group)	9,462,384	March 2025
Municipalities Served (CEMIG D)	774	As of 2025
Planned New Clients by 2028	~105,000	Target
Net Revenue (CEMIG D LTM)	BRL28.1 billion	LTM June 2025

Residential Customers: The largest segment by volume, increasingly adopting distributed generation.

Residential customers form the bedrock of the regulated sales volume, though the company is actively working to grow this base. For the gas segment under Gasmig, the residential base stood at 11,392 clients in March 2025. The trend toward distributed generation (DG), particularly solar, is notable here. Cemig SIM, for instance, hit a milestone of 33 thousand solar energy subscription consumer units by the end of 2024. To support this, Companhia Energética de Minas Gerais plans to invest approximately R$442 million between 2025 and 2026 specifically in the distributed generation segment.

Industrial Clients: Large users, with a trend of migration to the free energy market.

Industrial clients are significant users, but this segment is highly exposed to the migration trend toward the free market, which impacts the regulated distribution results. In the gas business, the number of industrial clients on the conventional (captive) market was 870,667 in March 2025. However, the Industrial - Free Market segment for Gasmig showed 87,133 clients in March 2025. This movement is structural; in Q3 2025 earnings calls, management noted that large clients leaving the network directly impacted distribution results.

Commercial and Services: Businesses that rely on stable power for operations.

This segment requires reliable supply to keep operations running smoothly. Looking at the Gasmig figures, the commercial client base was 23,114 as of March 2025. The overall customer base expansion in the group reflects growth in this commercial sector, with Gasmig adding 6,100 new commercial and residential clients between June 2024 and June 2025. Companhia Energética de Minas Gerais is focused on strengthening its network to support these users.

Free Market Clients: Large consumers who purchase energy directly from generators/traders.

The expansion of the free market eligibility is a major factor shaping Companhia Energética de Minas Gerais's customer landscape. Up to April 2025, there were 1,286 consumer units within Companhia Energética de Minas Gerais's concession area awaiting approval to migrate to the free market, representing a load of 62.6 MWa. Despite this outflow from the regulated base, Companhia Energética de Minas Gerais maintained its leadership in the broader free energy market in 2024, holding a 14% market share nationwide. This dual role means the company is both losing customers from its regulated base while actively serving them in the free market.

• The pace of migration in Brazil was slowing by late 2025, with only 1,133 migrations recorded in August 2025, down from 2,024 in August 2024.
• The Difference Settlement Price (PLD) cap for 2025 was set at 751.73 reais (US$140.41)/MWh.
• The company is focused on superior risk management practices to handle the volatility associated with these clients.

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Cost Structure

You're looking at the heavy, fixed costs that underpin Companhia Energética de Minas Gerais (CIG)'s operations, which are dominated by infrastructure maintenance and energy procurement. Honestly, for a utility this size, the cost structure is mostly about managing massive capital deployment and volatile commodity exposure.

The investment cycle is clearly a major cost driver. Companhia Energética de Minas Gerais (CIG) reported R$4.7 billion in capital expenditures (CapEx) over the first nine months of 2025. This high investment is necessary to keep the grid modern and compliant, with a significant portion directed toward distribution infrastructure. Here's a quick look at how those major cost buckets stack up based on recent disclosures:

Cost Category	Financial Metric/Value	Context/Period
Capital Expenditures (CapEx)	R$4.7 billion	Invested in 9M 2025, with R$3.6 billion allocated to distribution.
Energy Purchase Cost (Distribution)	R$295 per MWh	Average cost projected for the distribution business starting in 2025.
Gross Debt Level	R$15.242 billion	Reported gross debt level as of the end of March 2025.
Interest Rate Environment	14.8%	Average interest rate forecast for 2025.

Energy purchase costs remain a volatile expense line. While the average cost in the distribution business is set around R$295 per MWh for 2025, market spreads can cause significant swings. For instance, in 1Q25, the cost of energy acquired in the spot market saw an increase of 400.7% over 1Q24 due to regional price differences.

Personnel and managed expenses show a focus on efficiency, even as headcount has seen some movement. Companhia Energética de Minas Gerais (CIG) has over 5K fulltime employees. The operational focus is on driving down controllable costs, which for the distribution segment includes initiatives to improve collection efficiency and reduce penalty payments. This aligns with the regulatory drive for operational excellence.

Financial costs are directly tied to the company's debt load. The gross debt reached R$15.242 billion by the end of March 2025. With the average interest rate environment in 2025 at approximately 14.8%, servicing this debt represents a substantial, non-discretionary financial outflow. The company is actively managing this by structuring debt to increase the average term to 5.7 years.

• Distribution segment's focus areas for cost control include:
• Reducing penalty payments and offsets.
• Improving collection efficiency.
• Maintaining total energy losses below regulatory limits, which was achieved at 11.43% in the 12 months ending June 2025 against a limit of 11.48%.

Finance: draft 13-week cash view by Friday.

Companhia Energética de Minas Gerais (CIG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Companhia Energética de Minas Gerais pulls in cash, which is heavily weighted toward regulated income streams, though trading still plays a part. Honestly, for a utility this size, predictability is the name of the game, but the trading segment can still cause some quarterly noise.

Electricity Distribution Tariffs: This is the bread-and-butter, regulated revenue from your captive customers in Minas Gerais. The revenue base here got a boost from regulatory action; we saw a tariff adjustment ratified by Aneel with an average effect of 7.78%, which took effect around May 2025. The operational strength in this area is clear when you look at the segment's performance: Distribution adjusted EBITDA rose by 39.2% in Q2 2025.

Energy Sales: This covers revenue from generation and trading activities. For the second quarter of 2025, Companhia Energética de Minas Gerais reported a consolidated net revenue of R$10.786 billion. This represented a 14.3% year-over-year increase for that quarter. Still, you have to watch the trading segment; price differences between submarkets can create expenses, though management has been working to mitigate the negative impact.

Transmission Revenue: Like distribution, this is a regulated stream based on permitted annual revenue from the transmission lines Companhia Energética de Minas Gerais operates. A specific, recent accounting event impacting this area was a non-cash effect of R$198.895 million reported in Q2 2025, stemming from a change in the grid calculation methodology (RBSE remeasurement).

Dividends from Subsidiaries: Income from equity stakes in other companies provides a nice, often less volatile, supplement. Companhia Energética de Minas Gerais holds a significant ownership stake in Taesa, for example. For the 2025 fiscal year, Taesa has the intention to propose distributions between 90% and 100% of its regulatory net income. Specifically, in the third quarter of 2025, Taesa announced a distribution of R$323.2 million in dividends and JCP (Juros sobre Capital Próprio, or Interest on Own Capital). Since Companhia Energética de Minas Gerais holds approximately 21.68% of Taesa, this specific announcement translates to an approximate income stream of R$69.99 million (R$323.2 million $\times$ 21.68%) for that period, which will be recognized as income from equity stakes.

Here is a quick look at the key revenue figures we have for the Q2 2025 period:

Revenue Component	Metric/Period	Amount (R$)
Net Revenue (Energy Sales)	Q2 2025	10.786 billion
Distribution Segment Performance	Adjusted EBITDA Growth (YoY)	39.2%
Transmission Accounting Impact	RBSE Remeasurement (Q2 2025)	198.895 million
Distribution Tariff Impact	Average Adjustment Effect	7.78%
Subsidiary Income Component (Taesa)	Announced Distribution Share (Q3 2025)	323.2 million

The revenue composition is clearly anchored in regulated assets, but the trading and equity income streams add important variability and potential upside. You'll want to track the final approved tariffs for the next cycle, as that sets the floor for the next few years.

• Regulated revenue is supported by a 7.78% average tariff adjustment.
• Distribution segment adjusted EBITDA showed strong growth of 39.2% in Q2 2025.
• Taesa intends to distribute between 90% and 100% of its regulatory net income for 2025.
• Companhia Energética de Minas Gerais holds 21.68% of Taesa.

Finance: review the impact of the 7.78% tariff adjustment on the full-year 2025 distribution revenue forecast by next Tuesday.