Companhia Energética de Minas Gerais (CIG): Modelo de Negocios Canvas [Actualizado en Ene-2025]

En el panorama dinámico de la energía brasileña, la compañía Energética de Minas gerais (CIG) emerge como una potencia de innovación y sostenibilidad, navegando estratégicamente el complejo terreno de la generación y distribución de energía. Al combinar a la perfección la infraestructura energética tradicional con tecnologías renovables de vanguardia, CIG ha creado un modelo de negocio que no solo cumple con las voraces demandas de electricidad de Minas Gerais, sino que también se posiciona como una fuerza transformadora en el ecosistema de energía en evolución de Brasil. Este lienzo completo de modelo de negocio presenta las intrincadas estrategias, las asociaciones sólidas y el enfoque visionario que impulsan el notable viaje de CIG para impulsar el progreso e impulsar el desarrollo económico sostenible.

Companhia Energética de Minas Gerais (CIG) - Modelo de negocios: asociaciones clave

Organismos reguladores del gobierno estatal y federal

CIG mantiene asociaciones críticas con:

• ANEEL (Agencia Nacional de Energía Eléctrica) - Supervisión regulatoria
• Ministerio de Minas y Energía - Coordinación de políticas
• Secretaría de Energía del Estado de Minas Gerais

Cuerpo regulador	Alcance de la asociación	Interacciones anuales de cumplimiento
Anel	Regulación de distribución de energía	24 interacciones formales por año
Ministerio de Minas y Energía	Planificación de energía estratégica	12 reuniones estratégicas anualmente

Redes de distribución de energía local

Las asociaciones clave de la red local incluyen:

• Cemig Distribuição S.A.
• Cooperativas de electricidad municipal local
• Operadores de infraestructura de transmisión regional

Socio de red	Cobertura de distribución	Valor de colaboración anual
Cemig Distribuição S.A.	853 municipios en Minas Gerais	R $ 2.3 mil millones

Proveedores de equipos y proveedores de tecnología

Asociaciones de tecnología y equipo primario:

• Energía de Siemens
• Grupo ABB
• Schneider Electric

Proveedor de tecnología	Enfoque tecnológico	Valor de adquisición anual
Energía de Siemens	Sistemas de gestión de cuadrícula	R $ 145 millones

Inversores internacionales de energía renovable

Asociaciones de inversión global:

• Banco Europeo de Inversiones
• Corporación de Finanzas Internacionales
• Banco de Desarrollo de América Latina

Inversor	Enfoque de inversión	Monto de la inversión
Banco Europeo de Inversiones	Proyectos de energía renovable	75 millones de euros

Instituciones financieras y socios de desarrollo de infraestructura

Colaboraciones financieras estratégicas:

• Banco Nacional de Desenvolvento Econômico E Social (Bndes)
• Itaú unibanco
• Banco do Brasil

Institución financiera	Tipo de asociación	Línea de crédito anual
Bndes	Financiamiento de infraestructura	R $ 500 millones

Companhia Energética de Minas Gerais (CIG) - Modelo de negocio: actividades clave

Generación de energía eléctrica en múltiples fuentes de energía

CIG opera una cartera diversa de generación de energía con la siguiente composición:

Fuente de energía	Capacidad instalada (MW)	Porcentaje de generación total
Hidroeléctrico	1,887.2	62.3%
Térmico	436.5	14.4%
Solar	378.9	12.5%
Viento	326.7	10.8%

Distribución de energía y gestión de infraestructura de transmisión

CIG gestiona una extensa infraestructura eléctrica con las siguientes especificaciones:

• Total de transmisión: 4.672 kilómetros
• Subestaciones: 127 unidades operativas
• Voltaje de transmisión promedio: 345 kV
• Cobertura del área de servicio: 96.3% del estado de Minas Gerais

Desarrollo del proyecto de energía renovable

Inversión en proyectos de energía renovable para 2024-2026:

Tipo de proyecto	Inversión planificada (USD)	Adición de capacidad esperada (MW)
Granjas solares	247,500,000	350
Proyectos eólicos	189,300,000	280
Pequeñas plantas hidroeléctricas	76,800,000	120

Mantenimiento de sistemas de cuadrícula eléctrica

Gastos de mantenimiento anual y métricas de rendimiento:

• Presupuesto de mantenimiento total: USD 93,600,000
• Índice de confiabilidad de la cuadrícula: 99.87%
• Tiempo de inactividad promedio por cliente: 3.2 horas anuales
• Cobertura de mantenimiento preventivo: 87.5% de la infraestructura

Inversión estratégica en tecnologías de energía sostenible

Asignación de inversión tecnológica para 2024:

Área tecnológica	Monto de inversión (USD)	Enfoque de investigación
Almacenamiento de energía	35,600,000	Mejoras de tecnología de baterías
Cuadrícula inteligente	28,900,000	Mejora de la infraestructura digital
Hidrógeno verde	22,400,000	Producción de hidrógeno renovable

Companhia Energética de Minas Gerais (CIG) - Modelo de negocios: recursos clave

Instalaciones de generación de energía

CIG opera 55 plantas de energía hidroeléctrica con una capacidad total instalada de 7.242 MW en la región de Minas Gerais a partir de 2023.

Tipo de planta de energía	Número de instalaciones	Capacidad instalada total (MW)
Hidroeléctrico	55	7,242
Térmico	3	392
Energía renovable	12	569

Activos de infraestructura

CIG mantiene una extensa infraestructura de transmisión de energía que abarca 4.987 kilómetros de líneas de transmisión.

Recursos humanos

Fuerza laboral total de 8.456 empleados a diciembre de 2023, con un 62% de retención de títulos técnicos o de ingeniería.

Sistemas tecnológicos

• Sistemas avanzados de gestión de energía SCADA
• Plataformas de monitoreo de cuadrícula en tiempo real
• Tecnologías de mantenimiento predictivo

Capital financiero

Activos totales valorados en R $ 47.3 mil millones en 2023, con R $ 6.2 mil millones asignados para inversiones de infraestructura.

Métrica financiera	Valor 2023 (R $)
Activos totales	47,300,000,000
Inversión en infraestructura	6,200,000,000
Ingresos anuales	21,500,000,000

Companhia Energética de Minas Gerais (CIG) - Modelo de negocio: Propuestas de valor

Suministro de electricidad confiable y consistente al mercado brasileño

CIG genera 1.365 MW de capacidad instalada en múltiples instalaciones de generación de energía. La compañía atiende a aproximadamente 8,7 millones de consumidores en el estado de Minas Gerais.

Tipo de generación	Capacidad (MW)	Porcentaje de cartera
Hidroeléctrico	1,134	83%
Térmico	231	17%

Cartera de energía sostenible y diversificada

La combinación de energía de CIG demuestra el compromiso con la sostenibilidad con importantes inversiones de energía renovable.

• Las fuentes de energía renovable constituyen el 95% de la generación total
• Cero emisiones de carbono directo de la generación hidroeléctrica
• Inversiones activas en expansión de energía solar y eólica

Precios de electricidad competitivos

Tarifa de electricidad promedio para los consumidores residenciales: R $ 0.75 por kWh, que está 12% por debajo del promedio nacional.

Segmento de consumo	Tarifa promedio (R $ por kWh)
Residencial	0.75
Industrial	0.62
Comercial	0.68

Compromiso con la transición de energía renovable

Inversión en infraestructura de energía renovable: R $ 1.2 mil millones asignado para proyectos de expansión 2024-2026.

• Aumento de capacidad solar planificada de 300 MW
• Desarrollo de la energía eólica en la región de Minas Gerais
• Implementación de tecnología de cuadrícula inteligente

Desarrollo económico regional a través de la infraestructura energética

Impacto económico de las operaciones de CIG en Minas Gerais: creación de empleo directo e indirecto de aproximadamente 15,000 puestos.

Contribución económica	Valor (r $)
Contribución anual del PIB regional	2.400 millones
Inversión en infraestructura	1.500 millones

Companhia Energética de Minas Gerais (CIG) - Modelo de negocios: Relaciones con los clientes

Contratos de servicio a largo plazo con clientes industriales y residenciales

CIG mantiene 2,376,845 conexiones totales del cliente a partir de 2023, con la siguiente distribución del contrato:

Segmento de clientes	Número de contratos	Duración promedio del contrato
Clientes residenciales	2,134,590	3-5 años
Clientes industriales	142,255	5-10 años
Clientes comerciales	100,000	3-7 años

Plataformas de servicio al cliente digital

Los canales de servicio digital de CIG incluyen:

• Aplicación móvil con 687,345 usuarios activos
• Portal de clientes en línea con 1,245,678 cuentas registradas
• Manejo de canales de servicio al cliente de WhatsApp 42,567 interacciones mensuales

Seguimiento de facturación y consumo transparente

Métrico de facturación	Actuación
Precisión promedio de la factura mensual	99.7%
Tasa de entrega de facturas digitales	78.3%
Porcentaje de pago en línea	65.2%

Programas de participación comunitaria

Inversión comunitaria de CIG en 2023:

• Inversión comunitaria total: R $ 12.5 millones
• Programas de eficiencia energética: R $ 4.3 millones
• Iniciativas de desarrollo social: R $ 3.2 millones

Soluciones de energía personalizadas

Segmento de clientes	Solución personalizada	Tasa de adopción
Residencial	Integración del panel solar	15.6%
Industrial	Consultoría de eficiencia energética	28.4%
Comercial	Gestión de la demanda máxima	22.7%

Companhia Energética de Minas Gerais (CIG) - Modelo de negocios: canales

Ventas directas a través de oficinas regionales

CIG opera 53 oficinas regionales de servicio al cliente en todo el estado de Minas Gerais, que atiende a aproximadamente 8,5 millones de clientes. Estas oficinas manejan pagos de facturas físicas, modificaciones del contrato e interacciones directas del cliente.

Región	Número de oficinas	Cobertura del cliente
Metropolitan Belo Horizonte	12	2.3 millones de clientes
Regiones interiores	41	6.2 millones de clientes

Portales de servicio al cliente en línea

La plataforma digital de CIG registró 3.2 millones de usuarios activos mensuales en 2023, con el 78% de los pagos de facturas completadas en línea.

• Tráfico del sitio web: 4.5 millones de visitas mensuales
• Solicitudes de servicio digital: 2.1 millones por mes
• Tasa de administración de cuentas en línea: 82%

Aplicación móvil para gestión de energía

La aplicación móvil de CIG tiene 1,7 millones de descargas, con un 62% de usuarios mensuales activos. La aplicación permite el seguimiento del consumo de energía en tiempo real y el pago de la factura.

Característica de la aplicación	Porcentaje de uso
Pago de facturas	89%
Monitoreo de consumo	73%
Solicitudes de servicio	45%

Centros de llamadas y sistemas de atención al cliente

CIG opera 7 centros de llamadas que manejan 1.2 millones de interacciones de los clientes mensualmente, con un tiempo de respuesta promedio de 3.5 minutos.

• Personal total del centro de llamadas: 620 empleados
• Tasa de satisfacción del cliente: 87%
• Tasa de resolución de primera llamada: 76%

Asociaciones estratégicas con distribuidores de energía locales

CIG mantiene asociaciones con 12 redes locales de distribución de energía, que cubre el 98% del territorio del estado de Minas Gerais.

Tipo de socio	Número de socios	Porcentaje de cobertura
Distribuidores municipales	8	62%
Redes regionales	4	36%

Companhia Energética de Minas Gerais (CIG) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

A partir de 2022, CIG atiende a aproximadamente 8,5 millones de consumidores de electricidad residencial en el estado de Minas Gerais, Brasil.

Categoría de consumidor	Número de consumidores	Consumo mensual promedio
Residencial de bajos ingresos	3.2 millones	120 kWh/mes
Residencial de ingresos medios	4.5 millones	250 kWh/mes
Residencial de altos ingresos	800,000	400 kWh/mes

Empresas industriales y de fabricación

CIG proporciona electricidad a 15.200 clientes industriales y de fabricación en Minas Gerais.

Sector industrial	Número de clientes	Consumo mensual promedio
Minería	2,300	5.500 MWH
Acero y metalurgia	1,800	4.200 MWh
Fabricación	11,100	1.800 MWH

Negocios comerciales

CIG atiende a 62,500 clientes comerciales comerciales en 2022.

• Tiendas minoristas: 35,000 clientes
• Oficinas y sectores de servicio: 18,500 clientes
• Hospitalidad y turismo: 9,000 clientes

Instituciones del sector público

Consumo de electricidad del sector público por CIG en 2022:

Tipo de institución	Número de clientes	Consumo anual de electricidad
Edificios gubernamentales municipales	850	125 GWH
Instituciones del gobierno estatal	340	210 GWH
Instituciones educativas	520	85 GWH

Usuarios de electricidad rural y agrícola

CIG proporciona electricidad a clientes rurales y agrícolas en Minas Gerais.

Segmento agrícola	Número de clientes	Consumo mensual promedio
Agricultura	6,200	800 MWh
Ganado	3,800	450 MWH
Agronegocio	1,500	1.200 MWH

Companhia Energética de Minas Gerais (CIG) - Modelo de negocio: Estructura de costos

Mantenimiento y actualizaciones de infraestructura

En 2023, CIG informó gastos de mantenimiento de infraestructura de R $ 412.6 millones. La compañía asignó inversiones específicas para actualizaciones de modernización y transmisión de la red.

Categoría de infraestructura	Costo anual (R $)
Mantenimiento de la cuadrícula	187.3 millones
Actualizaciones de la línea de transmisión	225.3 millones

Inversiones de equipos de generación de energía

CIG invirtió R $ 689.4 millones en equipos de generación de energía durante el año fiscal 2023.

• Equipo de planta hidroeléctrica: R $ 342.7 millones
• Infraestructura de energía solar: R $ 213.5 millones
• Equipo de energía eólica: R $ 133.2 millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para CIG totalizaron R $ 156.8 millones en 2023, que cubren licencias ambientales, regulaciones de seguridad y requisitos de informes gubernamentales.

Categoría de cumplimiento	Gasto anual (R $)
Licencia ambiental	67.5 millones
Cumplimiento de seguridad	54.3 millones
Informes gubernamentales	35.0 millones

Investigación y desarrollo de tecnologías renovables

CIG cometió R $ 94.2 millones a la investigación y el desarrollo de la tecnología renovable en 2023.

• Innovación de tecnología solar: R $ 38.6 millones
• Investigación de energía eólica: R $ 32.4 millones
• Soluciones de almacenamiento de energía: R $ 23.2 millones

Personal y costos operativos

El personal total y los gastos operativos para CIG alcanzaron R $ 521.7 millones en 2023.

Categoría de costos	Gasto anual (R $)
Salarios y beneficios	342.3 millones
Sobrecarga operativa	179.4 millones

Companhia Energética de Minas Gerais (CIG) - Modelo de negocios: Freeds de ingresos

Ventas de electricidad a clientes residenciales

En 2023, CIG reportó ventas de electricidad residencial de 14,256 GWH, generando ingresos de R $ 3.8 mil millones. La tarifa residencial promedio fue de R $ 0.266 por kWh.

Segmento de clientes	Volumen de electricidad (GWH)	Ingresos (R $ millones)
Residencial de bajo voltaje	8,754	2,330
Residencial de alto voltaje	5,502	1,470

Contratos de suministro de energía industrial

Los contratos de energía industrial en 2023 generaron R $ 2.5 mil millones en ingresos, que cubren 12,345 clientes industriales en Minas Gerais.

• Sector de fabricación: 6.780 GWH
• Sector minero: 3.450 GWH
• Sector agrícola: 2,115 GWH

Inversiones de proyectos de energía renovable

Los proyectos de energía renovable de CIG generaron R $ 385 millones en 2023, con Instalaciones solares y eólicas que contribuyen con 678 GWH.

Fuente renovable	Capacidad instalada (MW)	Ingresos (R $ millones)
Solar	245	210
Viento	180	175

Programas de incentivos energéticos del gobierno

Los programas de incentivos gubernamentales contribuyeron con R $ 156 millones en 2023, apoyando las iniciativas de electrificación rural y eficiencia energética.

Tasas de transmisión y distribución de la cuadrícula

Las tarifas de transmisión y distribución generaron R $ 1.2 mil millones en 2023, que cubren el 98.6% de la infraestructura energética de Minas Gerais.

Tipo de servicio	Ingresos (R $ millones)	Cobertura (%)
Tarifas de transmisión	680	56.7
Tarifas de distribución	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.