Companhia Energética de Minas Gerais (CIG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'énergie brésilienne, Companhia Energética de Minas Gerais (CIG) apparaît comme une puissance de l'innovation et de la durabilité, naviguant stratégiquement sur le terrain complexe de la production et de la distribution d'électricité. En mélangeant de manière transparente les infrastructures énergétiques traditionnelles avec des technologies renouvelables de pointe, CIG a conçu un modèle commercial qui non seulement répond aux demandes d'électricité voraces du Minas Gerais mais se positionne également comme une force transformatrice dans l'écosystème énergétique en évolution du Brésil. Cette toile complète du modèle commercial dévoile les stratégies complexes, les partenariats robustes et l'approche visionnaire qui propulsent le parcours remarquable de CIG dans la progression et la motivation du développement économique durable.

Companhia Energética de Minas Gerais (CIG) - Modèle commercial: Partenariats clés

Organes réglementaires du gouvernement fédéral et fédéral

CIG maintient des partenariats critiques avec:

• ANEEL (National Electric Energy Agency) - Opération réglementaire
• Ministère des mines et de l'énergie - Coordination politique
• Secrétariat de l'énergie de l'État de Minas Gerais

Corps réglementaire	Portée du partenariat	Interactions annuelles de conformité
Anel	Règlement sur la distribution d'énergie	24 interactions formelles par an
Ministère des mines et de l'énergie	Planification d'énergie stratégique	12 réunions stratégiques chaque année

Réseaux de distribution d'énergie locaux

Les partenariats clés du réseau local comprennent:

• Cemig Distribuição S.A.
• Coopératives locales de l'électricité municipale
• Opérateurs d'infrastructures de transmission régionale

Partenaire de réseau	Couverture de distribution	Valeur de collaboration annuelle
Cemig Distribuição S.A.	853 municipalités de Minas Gerais	2,3 milliards de R

Fournisseurs d'équipements et fournisseurs de technologies

Partenariats de la technologie et de l'équipement primaires:

• Siemens Energy
• Groupe ABB
• Schneider Electric

Fournisseur de technologie	Focus technologique	Valeur d'achat annuelle
Siemens Energy	Systèmes de gestion de la grille	145 millions de dollars

Investisseurs internationaux d'énergie renouvelable

Partenariats d'investissement mondiaux:

• Banque d'investissement européenne
• Corporation financière internationale
• Banque de développement d'Amérique latine

Investisseur	Focus d'investissement	Montant d'investissement
Banque d'investissement européenne	Projets d'énergie renouvelable	75 millions d'euros

Institutions financières et partenaires de développement des infrastructures

Collaborations financières stratégiques:

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

Institution financière	Type de partenariat	Ligne de crédit annuelle
Bndes	Financement des infrastructures	500 millions de R

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: Activités clés

Génération d'énergie électrique sur plusieurs sources d'énergie

CIG exploite un portefeuille de production d'électricité diversifié avec la composition suivante:

Source d'énergie	Capacité installée (MW)	Pourcentage de la génération totale
Hydro-électrique	1,887.2	62.3%
Thermique	436.5	14.4%
Solaire	378.9	12.5%
Vent	326.7	10.8%

Gestion des infrastructures de distribution d'énergie et de transmission

CIG gère une vaste infrastructure électrique avec les spécifications suivantes:

• Lignes de transmission totales: 4 672 kilomètres
• Souesses: 127 unités opérationnelles
• Tension de transmission moyenne: 345 kV
• Couverture de zone de service: 96,3% de l'État de Minas Gerais

Développement du projet d'énergie renouvelable

Investissement dans des projets d'énergie renouvelable pour 2024-2026:

Type de projet	Investissement planifié (USD)	Ajout de capacité attendue (MW)
Fermes solaires	247,500,000	350
Projets éoliens	189,300,000	280
Petites plantes hydroélectriques	76,800,000	120

Maintenance des systèmes de réseaux électriques

Dépenses de maintenance annuelles et métriques de performance:

• Budget de maintenance totale: 93 600 000 USD
• Indice de fiabilité de la grille: 99,87%
• Temps d'arrêt moyen par client: 3,2 heures par an
• Couverture de maintenance préventive: 87,5% des infrastructures

Investissement stratégique dans les technologies énergétiques durables

Attribution des investissements technologiques pour 2024:

Zone technologique	Montant d'investissement (USD)	Focus de recherche
Stockage d'énergie	35,600,000	Améliorations de la technologie des batteries
Grille intelligente	28,900,000	Amélioration de l'infrastructure numérique
Hydrogène vert	22,400,000	Production d'hydrogène renouvelable

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: Ressources clés

Installations de production d'électricité

CIG exploite 55 centrales hydroélectriques avec une capacité totale installée de 7 242 MW dans la région de Minas Gerais en 2023.

Type de centrale électrique	Nombre d'installations	Capacité totale installée (MW)
Hydro-électrique	55	7,242
Thermique	3	392
Énergie renouvelable	12	569

Actifs d'infrastructure

CIG maintient une infrastructure de transmission énergétique étendue couvrant 4 987 kilomètres de lignes de transmission.

Ressources humaines

Total de main-d'œuvre de 8 456 employés en décembre 2023, avec 62% de diplômes techniques ou techniques.

Systèmes technologiques

• Systèmes avancés de gestion de l'énergie SCADA
• Plates-formes de surveillance du réseau en temps réel
• Technologies de maintenance prédictive

Capital financier

Le total des actifs évalués à 47,3 milliards de R $ en 2023, avec 6,2 milliards de rands alloués aux investissements dans les infrastructures.

Métrique financière	2023 Valeur (R $)
Actif total	47,300,000,000
Investissement en infrastructure	6,200,000,000
Revenus annuels	21,500,000,000

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: propositions de valeur

Alimentation électrique fiable et cohérente au marché brésilien

CIG génère 1 365 MW de capacité installée dans plusieurs installations de production d'électricité. La société dessert environ 8,7 millions de consommateurs dans l'État de Minas Gerais.

Type de génération	Capacité (MW)	Pourcentage de portefeuille
Hydro-électrique	1,134	83%
Thermique	231	17%

Portfolio d'énergie durable et diversifié

Le mélange d'énergie de CIG démontre l'engagement en matière de durabilité avec des investissements importants en énergie renouvelable.

• Les sources d'énergie renouvelables représentent 95% de la production totale
• Zéro émissions de carbone direct de la génération hydroélectrique
• Investissements actifs dans l'expansion de l'énergie solaire et éolienne

Prix ​​de l'électricité compétitif

Tarif d'électricité moyen pour les consommateurs résidentiels: 0,75 R par kWh, soit 12% inférieur à la moyenne nationale.

Segment des consommateurs	Tarif moyen (R $ par kWh)
Résidentiel	0.75
Industriel	0.62
Commercial	0.68

Engagement à la transition des énergies renouvelables

Investissement dans les infrastructures d'énergie renouvelable: 1,2 milliard de RS alloué pour les projets d'expansion de 2024-2026.

• Augmentation planifiée de la capacité solaire de 300 MW
• Développement d'énergie éolienne dans la région de Minas Gerais
• Implémentation de la technologie de la grille intelligente

Développement économique régional à travers les infrastructures énergétiques

Impact économique des opérations de CIG dans le Minas Gerais: création d'emplois directe et indirecte d'environ 15 000 postes.

Contribution économique	Valeur (R $)
Contribution annuelle du PIB régional	2,4 milliards
Investissement en infrastructure	1,5 milliard

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec des clients industriels et résidentiels

CIG maintient 2 376 845 connexions totales des clients à partir de 2023, avec la distribution du contrat suivant:

Segment de clientèle	Nombre de contrats	Durée du contrat moyen
Clients résidentiels	2,134,590	3-5 ans
Clients industriels	142,255	5-10 ans
Clients commerciaux	100,000	3-7 ans

Plateformes de service client numérique

Les canaux de service numérique de CIG comprennent:

• Application mobile avec 687 345 utilisateurs actifs
• Portail client en ligne avec 1 245 678 comptes enregistrés
• Channel de service client WhatsApp Gestion de 42 567 interactions mensuelles

Facturation transparente et suivi de la consommation

Métrique de facturation	Performance
Précision mensuelle moyenne des factures	99.7%
Taux de livraison de factures numériques	78.3%
Pourcentage de paiement en ligne	65.2%

Programmes d'engagement communautaire

Investissement communautaire de Cig en 2023:

• Investissement total de la communauté: 12,5 millions de R $
• Programmes d'efficacité énergétique: 4,3 millions de dollars
• Initiatives de développement social: 3,2 millions de dollars

Solutions d'énergie personnalisées

Segment de clientèle	Solution personnalisée	Taux d'adoption
Résidentiel	Intégration du panneau solaire	15.6%
Industriel	Conseil d'efficacité énergétique	28.4%
Commercial	Gestion de la demande de pointe	22.7%

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: Channeaux

Ventes directes dans les bureaux régionaux

CIG exploite 53 bureaux de service client régional dans le Minas Gerais State, desservant environ 8,5 millions de clients. Ces bureaux gèrent les paiements de factures physiques, les modifications des contrats et les interactions directes des clients.

Région	Nombre de bureaux	Couverture client
Metropolitan Belo Horizonte	12	2,3 millions de clients
Régions intérieures	41	6,2 millions de clients

Portails de service à la clientèle en ligne

La plate-forme numérique de CIG a enregistré 3,2 millions d'utilisateurs actifs mensuels en 2023, avec 78% des paiements de factures terminés en ligne.

• Trafficage du site Web: 4,5 millions de visites mensuelles
• Demandes de services numériques: 2,1 millions par mois
• Taux de gestion des comptes en ligne: 82%

Application mobile pour la gestion de l'énergie

L'application mobile de CIG a 1,7 million de téléchargements, avec 62% d'utilisateurs mensuels actifs. L'application permet le suivi de la consommation d'énergie en temps réel et le paiement des factures.

Fonctionnalité d'application	Pourcentage d'utilisation
Paiement de facture	89%
Surveillance de la consommation	73%
Demandes de service	45%

Centres d'appel et systèmes de support client

CIG exploite 7 centres d'appels gaspillant 1,2 million d'interactions client chaque mois, avec un temps de réponse moyen de 3,5 minutes.

• Personnel du centre d'appels total: 620 employés
• Taux de satisfaction client: 87%
• Taux de résolution de premier appel: 76%

Partenariats stratégiques avec les distributeurs d'énergie locaux

CIG maintient des partenariats avec 12 réseaux de distribution d'énergie locaux, couvrant 98% du territoire de l'État de Minas Gerais.

Type de partenaire	Nombre de partenaires	Pourcentage de couverture
Distributeurs municipaux	8	62%
Réseaux régionaux	4	36%

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

En 2022, CIG dessert environ 8,5 millions de consommateurs d'électricité résidentiel dans l'État de Minas Gerais, au Brésil.

Catégorie de consommation	Nombre de consommateurs	Consommation mensuelle moyenne
Résidentiel à faible revenu	3,2 millions	120 kWh / mois
Résidentiel à revenu moyen	4,5 millions	250 kWh / mois
Résidentiel à revenu élevé	800,000	400 kWh / mois

Entreprises industrielles et manufacturières

CIG fournit de l'électricité à 15 200 clients industriels et manufacturiers à travers le Minas Gerais.

Secteur de l'industrie	Nombre de clients	Consommation mensuelle moyenne
Exploitation minière	2,300	5 500 MWh
Acier et métallurgie	1,800	4 200 MWh
Fabrication	11,100	1 800 MWH

Entreprises commerciales

CIG dessert 62 500 clients commerciaux commerciaux en 2022.

• Magasins de détail: 35 000 clients
• Bureaux et secteurs de services: 18 500 clients
• Hospitalité et tourisme: 9 000 clients

Institutions du secteur public

Consommation d'électricité du secteur public par CIG en 2022:

Type d'institution	Nombre de clients	Consommation d'électricité annuelle
Bâtiments du gouvernement municipal	850	125 gwh
Institutions gouvernementales de l'État	340	210 gwh
Établissements d'enseignement	520	85 gwh

Utilisateurs d'électricité rurale et agricole

CIG fournit de l'électricité aux clients ruraux et agricoles de Minas Gerais.

Segment agricole	Nombre de clients	Consommation mensuelle moyenne
Agriculture	6,200	800 MWH
Bétail	3,800	450 MWH
Agro-industrie	1,500	1 200 MWh

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: Structure des coûts

Maintenance et mises à niveau des infrastructures

En 2023, CIG a déclaré des frais de maintenance des infrastructures de 412,6 millions de R $. La société a alloué des investissements spécifiques pour la modernisation du réseau et les mises à niveau de ligne de transmission.

Catégorie d'infrastructure	Coût annuel (R $)
Maintenance de la grille	187,3 millions
Mises à niveau de la ligne de transmission	225,3 millions

Investissements d'équipement de production d'électricité

CIG a investi 689,4 millions de R $ dans l'équipement de production d'électricité au cours de l'exercice 2023.

• Équipement de l'usine hydroélectrique: 342,7 millions de rands
• Infrastructure d'énergie solaire: 213,5 millions de R
• Équipement d'énergie éolienne: 133,2 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour la CIG ont totalisé 156,8 millions de dollars en 2023, couvrant les licences environnementales, les réglementations de sécurité et les exigences de déclaration gouvernementales.

Catégorie de conformité	Dépenses annuelles (R $)
Licence environnementale	67,5 millions
Conformité à la sécurité	54,3 millions
Reportage gouvernemental	35,0 millions

Recherche et développement pour les technologies renouvelables

CIG a engagé 94,2 millions de R $ à la recherche et au développement en technologies renouvelables en 2023.

• Innovation de la technologie solaire: 38,6 millions de dollars
• Recherche d'énergie éolienne: 32,4 millions de dollars
• Solutions de stockage d'énergie: 23,2 millions de dollars

Coûts de personnel et d'exploitation

Le personnel total et les dépenses opérationnelles de la CIG ont atteint 521,7 millions de rands en 2023.

Catégorie de coûts	Dépenses annuelles (R $)
Salaires et avantages	342,3 millions
Frais généraux opérationnels	179,4 millions

Companhia Energética de Minas Gerais (CIG) - Modèle d'entreprise: sources de revenus

Ventes d'électricité aux clients résidentiels

En 2023, CIG a déclaré des ventes d'électricité résidentielle de 14 256 GWh, générant des revenus de 3,8 milliards de R $. Le tarif résidentiel moyen était de 0,266 RWh par KWh.

Segment de clientèle	Volume d'électricité (GWH)	Revenus (R $ millions)
Résidentiel basse tension	8,754	2,330
Résidentiel haute tension	5,502	1,470

Contrats d'alimentation industrielle

Les contrats d'électricité industriels en 2023 ont généré 2,5 milliards de RS de revenus, couvrant 12 345 clients industriels à travers le Minas Gerais.

• Secteur de la fabrication: 6 780 GWh
• Secteur minière: 3 450 GWh
• Secteur agricole: 2 115 GWh

Investissements du projet d'énergie renouvelable

Les projets d'énergie renouvelable de CIG ont généré 385 millions de R $ en 2023, avec Installations solaires et éoliennes contribuant à 678 GWh.

Source renouvelable	Capacité installée (MW)	Revenus (R $ millions)
Solaire	245	210
Vent	180	175

Programmes d'incitation à l'énergie du gouvernement

Les programmes d'incitation du gouvernement ont contribué à 156 millions de rands en 2023, soutenant les initiatives d'électrification rurale et d'efficacité énergétique.

Frais de transmission et de distribution de la grille

Les frais de transmission et de distribution ont généré 1,2 milliard de R $ en 2023, couvrant 98,6% de l'infrastructure énergétique de Minas Gerais.

Type de service	Revenus (R $ millions)	Couverture (%)
Frais de transmission	680	56.7
Frais de distribution	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.