Companhia Energécica de Minas Gerais (CIG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da energia brasileira, o Companhia Energécica de Minas Gerais (CIG) surge como uma potência de inovação e sustentabilidade, navegando estrategicamente no complexo terreno de geração e distribuição de energia. Ao misturar perfeitamente a infraestrutura de energia tradicional com tecnologias renováveis ​​de ponta, o CIG criou um modelo de negócios que não apenas atende às vorazes demandas de eletricidade do Minas Gerais, mas também se posiciona como uma força transformadora no ecossistema de energia em evolução do Brasil. Essa lona abrangente do modelo de negócios revela as intrincadas estratégias, parcerias robustas e abordagem visionária que impulsiona a notável jornada de CIG no poder de progresso e impulsionar o desenvolvimento econômico sustentável.

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Parcerias -chave

Órgãos regulatórios do governo estadual e federal

CIG mantém parcerias críticas com:

• Aneel (National Electric Energy Agency) - Supervisão regulatória
• Ministério das Minas e Energia - Coordenação de Políticas
• Secretaria de Energia do Estado de Minas Gerais

Órgão regulatório	Escopo da parceria	Interações anuais de conformidade
Aneel	Regulação da distribuição de energia	24 interações formais por ano
Ministério das Minas e Energia	Planejamento de energia estratégica	12 reuniões estratégicas anualmente

Redes de distribuição de energia local

Principais parcerias de rede local incluem:

• Cemig Distribuição S.A.
• Cooperativas de eletricidade municipais locais
• Operadores de infraestrutura de transmissão regionais

Parceiro de rede	Cobertura de distribuição	Valor anual de colaboração
Cemig Distribuição S.A.	853 municípios em Minas gerais	R $ 2,3 bilhões

Fornecedores de equipamentos e fornecedores de tecnologia

Parcerias primárias de tecnologia e equipamentos:

• Siemens Energy
• Grupo ABB
• Schneider Electric

Provedor de tecnologia	Foco em tecnologia	Valor anual de compras
Siemens Energy	Sistemas de gerenciamento de grade	R $ 145 milhões

Investidores internacionais de energia renovável

Parcerias de investimento global:

• Banco Europeu de Investimento
• International Finance Corporation
• Banco de Desenvolvimento da América Latina

Investidor	Foco de investimento	Valor do investimento
Banco Europeu de Investimento	Projetos de energia renovável	€ 75 milhões

Instituições financeiras e parceiros de desenvolvimento de infraestrutura

Colaborações financeiras estratégicas:

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

Instituição financeira	Tipo de parceria	Linha de crédito anual
Bndes	Financiamento de infraestrutura	R $ 500 milhões

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Atividades -chave

Geração de energia elétrica em várias fontes de energia

O CIG opera um portfólio diversificado de geração de energia com a seguinte composição:

Fonte de energia	Capacidade instalada (MW)	Porcentagem de geração total
Hidrelétrico	1,887.2	62.3%
Térmico	436.5	14.4%
Solar	378.9	12.5%
Vento	326.7	10.8%

Distribuição de energia e gerenciamento de infraestrutura de transmissão

CIG gerencia uma extensa infraestrutura elétrica com as seguintes especificações:

• Total de linhas de transmissão: 4.672 quilômetros
• Subestações: 127 unidades operacionais
• Tensão média de transmissão: 345 kV
• Cobertura da área de serviço: 96,3% do estado de Minas Gerais

Desenvolvimento de projetos de energia renovável

Investimento em projetos de energia renovável para 2024-2026:

Tipo de projeto	Investimento planejado (USD)	Adição de capacidade esperada (MW)
Fazendas solares	247,500,000	350
Projetos eólicos	189,300,000	280
Pequenas plantas hidrelétricas	76,800,000	120

Manutenção de sistemas de grade elétrica

Métricas anuais de gastos e desempenho de manutenção:

• Orçamento total de manutenção: US $ 93.600.000
• Índice de confiabilidade da grade: 99,87%
• Tempo de inatividade média por cliente: 3,2 horas anualmente
• Cobertura de manutenção preventiva: 87,5% da infraestrutura

Investimento estratégico em tecnologias de energia sustentável

Alocação de investimento em tecnologia para 2024:

Área de tecnologia	Valor do investimento (USD)	Foco na pesquisa
Armazenamento de energia	35,600,000	Melhorias da tecnologia da bateria
Grade inteligente	28,900,000	Aprimoramento da infraestrutura digital
Hidrogênio verde	22,400,000	Produção de hidrogênio renovável

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Recursos -chave

Instalações de geração de energia

O CIG opera 55 usinas hidrelétricas com capacidade total instalada de 7.242 MW na região de Minas Gerais a partir de 2023.

Tipo de usina	Número de instalações	Capacidade total instalada (MW)
Hidrelétrico	55	7,242
Térmico	3	392
Energia renovável	12	569

Ativos de infraestrutura

O CIG mantém uma extensa infraestrutura de transmissão de energia que abrange 4.987 quilômetros de linhas de transmissão.

Recursos Humanos

Força de trabalho total de 8.456 funcionários em dezembro de 2023, com 62% em formação técnica ou de engenharia.

Sistemas tecnológicos

• Sistemas avançados de gerenciamento de energia SCADA
• Plataformas de monitoramento de grade em tempo real
• Tecnologias de manutenção preditiva

Capital financeiro

Total de ativos avaliados em R $ 47,3 bilhões em 2023, com R $ 6,2 bilhões alocados para investimentos em infraestrutura.

Métrica financeira	2023 valor (r $)
Total de ativos	47,300,000,000
Investimento de infraestrutura	6,200,000,000
Receita anual	21,500,000,000

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: proposições de valor

Fornecimento de eletricidade confiável e consistente para o mercado brasileiro

O CIG gera 1.365 MW de capacidade instalada em várias instalações de geração de energia. A empresa atende a aproximadamente 8,7 milhões de consumidores no estado de Minas Gerais.

Tipo de geração	Capacidade (MW)	Porcentagem de portfólio
Hidrelétrico	1,134	83%
Térmico	231	17%

Portfólio de energia sustentável e diversificado

O mix de energia da CIG demonstra compromisso com a sustentabilidade com investimentos significativos de energia renovável.

• Fontes de energia renovável constituem 95% da geração total
• Zero emissões de carbono direto da geração hidrelétrica
• Investimentos ativos em expansão solar e de energia eólica

Preços competitivos de eletricidade

Tarifa média de eletricidade para consumidores residenciais: R $ 0,75 por kWh, 12% abaixo da média nacional.

Segmento do consumidor	Tarifa média (R $ por kWh)
residencial	0.75
Industrial	0.62
Comercial	0.68

Compromisso com a transição de energia renovável

Investimento em infraestrutura de energia renovável: R $ 1,2 bilhão alocado para projetos de expansão 2024-2026.

• Aumento da capacidade solar planejada de 300 MW
• Desenvolvimento de energia eólica na região de Minas Gerais
• Implementação de tecnologia de grade inteligente

Desenvolvimento econômico regional por meio de infraestrutura energética

Impacto econômico das operações da CIG em Minas Gerais: criação direta e indireta de empregos de aproximadamente 15.000 posições.

Contribuição econômica	Valor (r $)
Contribuição anual do PIB regional	2,4 bilhões
Investimento de infraestrutura	1,5 bilhão

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Relacionamentos do cliente

Contratos de serviço de longo prazo com clientes industriais e residenciais

O CIG mantém 2.376.845 conexões totais do cliente em 2023, com a seguinte distribuição de contrato:

Segmento de clientes	Número de contratos	Duração média do contrato
Clientes residenciais	2,134,590	3-5 anos
Clientes industriais	142,255	5-10 anos
Clientes comerciais	100,000	3-7 anos

Plataformas de atendimento ao cliente digital

Os canais de serviço digital do CIG incluem:

• Aplicativo móvel com 687.345 usuários ativos
• Portal de clientes on -line com 1.245.678 contas registradas
• WhatsApp Customer Atendi

Faturamento transparente e rastreamento de consumo

Métrica de cobrança	Desempenho
Precisão média mensal da conta	99.7%
Taxa de entrega de contas digitais	78.3%
Porcentagem de pagamento online	65.2%

Programas de envolvimento da comunidade

Investimento comunitário da CIG em 2023:

• Investimento da comunidade total: R $ 12,5 milhões
• Programas de eficiência energética: R $ 4,3 milhões
• Iniciativas de desenvolvimento social: R $ 3,2 milhões

Soluções de energia personalizadas

Segmento de clientes	Solução personalizada	Taxa de adoção
residencial	Integração do painel solar	15.6%
Industrial	Consultoria de eficiência energética	28.4%
Comercial	Gerenciamento de pico da demanda	22.7%

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Canais

Vendas diretas através de escritórios regionais

A CIG opera 53 escritórios regionais de atendimento ao cliente em todo o estado de Minas Gerais, atendendo a aproximadamente 8,5 milhões de clientes. Esses escritórios lidam com pagamentos de contas físicas, modificações de contrato e interações diretas do cliente.

Região	Número de escritórios	Cobertura do cliente
Metropolitan Belo Horizonte	12	2,3 milhões de clientes
Regiões interiores	41	6,2 milhões de clientes

Portais de atendimento ao cliente online

A plataforma digital da CIG gravou 3,2 milhões de usuários ativos mensais em 2023, com 78% dos pagamentos de contas concluídas on -line.

• Tráfego do site: 4,5 milhões de visitas mensais
• Solicitações de serviço digital: 2,1 milhões por mês
• Taxa de gerenciamento de contas on -line: 82%

Aplicativo móvel para gerenciamento de energia

O aplicativo móvel da CIG tem 1,7 milhão de downloads, com 62% de usuários mensais ativos. O aplicativo permite o rastreamento de consumo de energia em tempo real e o pagamento da conta.

Recurso do aplicativo	Porcentagem de uso
Pagamento da conta	89%
Monitoramento do consumo	73%
Solicitações de serviço	45%

Call centers e sistemas de suporte ao cliente

O CIG opera 7 call centers lidando com 1,2 milhão de interações com os clientes mensalmente, com um tempo médio de resposta de 3,5 minutos.

• Funcionários totais de call center: 620 funcionários
• Taxa de satisfação do cliente: 87%
• Taxa de resolução de primeira ligação: 76%

Parcerias estratégicas com distribuidores de energia locais

A CIG mantém parcerias com 12 redes locais de distribuição de energia, cobrindo 98% do território do Minas Gerais State.

Tipo de parceiro	Número de parceiros	Porcentagem de cobertura
Distribuidores municipais	8	62%
Redes regionais	4	36%

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A partir de 2022, o CIG atende a aproximadamente 8,5 milhões de consumidores de eletricidade residencial no estado de Minas Gerais, Brasil.

Categoria de consumidor	Número de consumidores	Consumo mensal médio
Residencial de baixa renda	3,2 milhões	120 kWh/mês
Residencial de renda média	4,5 milhões	250 kWh/mês
Residencial de alta renda	800,000	400 kWh/mês

Empresas industriais e de manufatura

O CIG fornece eletricidade a 15.200 clientes industriais e de fabricação em Minas Gerais.

Setor da indústria	Número de clientes	Consumo mensal médio
Mineração	2,300	5.500 mwh
Aço e metalurgia	1,800	4.200 mwh
Fabricação	11,100	1.800 mwh

Negócios comerciais

O CIG atende a 62.500 clientes comerciais em 2022.

• Lojas de varejo: 35.000 clientes
• Escritórios e setores de serviço: 18.500 clientes
• Hospitalidade e turismo: 9.000 clientes

Instituições do setor público

Consumo de eletricidade do setor público por CIG em 2022:

Tipo de instituição	Número de clientes	Consumo anual de eletricidade
Edifícios do governo municipal	850	125 GWh
Instituições do governo do estado	340	210 gwh
Instituições educacionais	520	85 GWh

Usuários de eletricidade rural e agrícola

O CIG fornece eletricidade a clientes rurais e agrícolas em Minas Gerais.

Segmento agrícola	Número de clientes	Consumo mensal médio
Agricultura	6,200	800 mwh
Gado	3,800	450 mwh
Agronegócio	1,500	1.200 mwh

Companhia Energécica de Minas Gerais (CIG) - Modelo de negócios: Estrutura de custos

Manutenção e atualizações de infraestrutura

Em 2023, a CIG relatou despesas de manutenção de infraestrutura de R $ 412,6 milhões. A Companhia alocou investimentos específicos para modernização da rede e atualizações de linha de transmissão.

Categoria de infraestrutura	Custo anual (R $)
Manutenção da grade	187,3 milhões
Atualizações da linha de transmissão	225,3 milhões

Investimentos de equipamentos de geração de energia

A CIG investiu R $ 689,4 milhões em equipamentos de geração de energia durante o ano fiscal de 2023.

• Equipamento de planta hidrelétrica: R $ 342,7 milhões
• Infraestrutura de energia solar: R $ 213,5 milhões
• Equipamento de energia eólica: R $ 133,2 milhões

Despesas de conformidade regulatória

Os custos de conformidade regulatória para CIG totalizaram R $ 156,8 milhões em 2023, cobrindo licenças ambientais, regulamentos de segurança e requisitos de relatórios governamentais.

Categoria de conformidade	Despesas anuais (R $)
Licenciamento ambiental	67,5 milhões
Conformidade de segurança	54,3 milhões
Relatórios governamentais	35,0 milhões

Pesquisa e desenvolvimento para tecnologias renováveis

O CIG comprometeu R $ 94,2 milhões à pesquisa e desenvolvimento de tecnologia renovável em 2023.

• Inovação em tecnologia solar: R $ 38,6 milhões
• Pesquisa de energia eólica: R $ 32,4 milhões
• Soluções de armazenamento de energia: R $ 23,2 milhões

Pessoal e custos operacionais

O pessoal total e as despesas operacionais para CIG atingiram R $ 521,7 milhões em 2023.

Categoria de custo	Despesas anuais (R $)
Salários e benefícios	342,3 milhões
Sobrecarga operacional	179,4 milhões

CompanHia Energécica de Minas Gerais (CIG) - Modelo de negócios: fluxos de receita

Vendas de eletricidade para clientes residenciais

Em 2023, a CIG registrou vendas de eletricidade residencial de 14.256 GWh, gerando receita de R $ 3,8 bilhões. A tarifa residencial média era de R $ 0,266 por kWh.

Segmento de clientes	Volume de eletricidade (GWH)	Receita (R $ milhão)
Residencial de baixa tensão	8,754	2,330
Residencial de alta tensão	5,502	1,470

Contratos de fonte de alimentação industrial

Os contratos de energia industrial em 2023 geraram R $ 2,5 bilhões em receita, cobrindo 12.345 clientes industriais em Minas Gerais.

• Setor de manufatura: 6.780 GWh
• Setor de mineração: 3.450 GWh
• Setor agrícola: 2.115 GWh

Investimentos de projeto de energia renovável

Os projetos de energia renovável da CIG geraram R $ 385 milhões em 2023, com Instalações solares e de vento contribuindo com 678 GWh.

Fonte renovável	Capacidade instalada (MW)	Receita (R $ milhão)
Solar	245	210
Vento	180	175

Programas de incentivo energético do governo

Os programas de incentivo do governo contribuíram com R $ 156 milhões em 2023, apoiando iniciativas de eletrificação rural e eficiência energética.

Taxas de transmissão e distribuição de grade

As taxas de transmissão e distribuição geraram R $ 1,2 bilhão em 2023, cobrindo 98,6% da infraestrutura de energia Minas Gerais.

Tipo de serviço	Receita (R $ milhão)	Cobertura (%)
Taxas de transmissão	680	56.7
Taxas de distribuição	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.