CEMIG (Companhia Energética de Minas Gerais) is a Brazilian state-controlled integrated energy utility headquartered in Belo Horizonte. CEMIG generates, transmits, and distributes electricity across 96.7% of Minas Gerais, serving roughly 9.6 million electricity customers ranging from residential users to large industrial customers like steel mills and automakers. CEMIG also distributes natural gas through its subsidiary Gasmig, which holds an exclusive concession in Minas Gerais through 2053 and served ~110,000 customers across 50 cities in 2025. CEMIG operates across four segments: distribution (~56% of gross energy supply revenue), generation, transmission, and gas distribution. The distribution business is a regulated monopoly and the dominant earnings driver, with ANEEL setting tariffs and allowed returns on CEMIG's regulatory asset base. The generation business runs ~4,674 MW of installed capacity, predominantly hydroelectric, with output sold largely under long-term contracts. Transmission revenue is availability-based and regulated. CEMIG's growth strategy focuses exclusively on Minas Gerais — the 2026–2030 plan targets heavy distribution investment to expand the network, integrate distributed solar generation, and grow CEMIG SIM's distributed solar portfolio toward 1 GW. CEMIG has been divesting non-core minority stakes outside the state to redeploy capital into regulated infrastructure, where each incremental investment earns a regulated return once recognized in ANEEL's five-year tariff reviews.