Energy Co Of Minas Gerais 6-K, filed Jul 18, 2024

Energy Co Of Minas Gerais (CIG-C)

6-K 2024-07-18 For: 2024-07-18

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Added on April 11, 2026

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Energy Co Of Minas Gerais filed this 6-K on July 18, 2024.

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	COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

	By:	/s/ Leonardo George de Magalhães
	Name:	Leonardo George de Magalhães
Date: July 18, 2024	Title:	Chief Finance and Investor Relations Officer


Approval Date	Date “with rights”	Date “ex-rights”	Per common/preferred share (R$)	Total Amount R$ thousand


12/14/2023	12/21/2023	12/22/2023	0.601020796	1,322,561
09/20/2023	09/25/2023	09/26/2023	0.189942896	417,974
06/20/2023	06/23/2023	06/26/2023	0.193907405	426,698
03/22/2023	03/27/2023	03/28/2023	0.192784036	424,226
TOTAL			1.177655133	2,591,459


CONTENTS
1Q24 HIGHLIGHTS	3
CONSOLIDATED RESULTS FOR THE QUARTER	5
Profit and loss accounts	6
RESULTS BY BUSINESS SEGMENT	7
CONSOLIDATED ELECTRICITY MARKET	8
PERFORMANCE BY COMPANY	9
Cemig D	9
Billed electricity market	9
Sources and uses of electricity – MWh	10
Client base	10
Performance by sector	10
The Tariff Adjustment and the Tariff Review	11
Quality indicators – DEC and FEC	12
Combating default	12
Energy losses	13
Cemig GT and the Cemig Holding Company	14
Electricity market	14
Sources and uses of electricity	14
Gasmig	15
Financial results	16
Consolidated operational revenue	16
Operational costs and expenses	18
CONSOLIDATED EBITDA (IFRS and Adjusted)	22
Ebitda of Cemig D	23
Cemig GT – Ebitda	24
Finance income and expenses	25
Equity income (gain/loss in non–consolidated investees)	25
Net profit	26
Investments	27
Debt	28
Covenants – Eurobonds	30
Cemig’s long-term ratings	31
ESG – Report on performance	32
Performance of Cemig’s shares and ADRs	34
Cemig generation plants	35
Expansion of Photovoltaic Generation	35
RAP – July 2023-June 2024 cycle	36
Regulatory Transmission Revenue	36
Complementary information	37
Cemig D	37
Cemig GT	38
Cemig, Consolidated	39
Disclaimer	46


		1Q24	1Q23	Change %
Ebitda by company, IFRS
	(R$ ’000)
Cemig D	(IFRS)	746,490	775,088	–3.7%
Cemig GT	(IFRS)	800,893	818,897	–2.2%
Gasmig	(IFRS)	217,642	257,995	–15.6%
Consolidated	(IFRS)	2,011,234	2,161,971	–7.0%


	1Q24	1Q23	Change %
Ebitda by company, Adjusted
(R$ ’000)
Cemig D	746,490	741,098	0.7%
Cemig GT	780,862	788,809	–1.0%
Consolidated	1,990,700	2,072,566	–3.9%


		1Q24	1Q23	Change, %
PROFIT AND LOSS ACCOUNTS	(R$ ’000)
NET REVENUE		9,057,867	8,646,937	4.8%

COSTS		5,785,012	5,462,332	5.9%
Cost of electricity		3,510,632	3,444,067	1.9%
Gas purchased for resale		510,177	614,803	–17.0%
Charges for use of national grid		843,222	700,181	20.4%
Infrastructure construction costs		920,981	703,281	31.0%

OPERATING EXPENSES		1,680,664	1,478,341	13.7%
People		324,058	335,197	–3.3%
Employees’ and managers’ profit shares		39,232	38,127	–
Post-employment obligations		142,285	103,038	38.1%
Materials		28,970	29,233	–0.9%
Outsourced services		518,907	467,446	11.0%
Depreciation and amortization		328,542	302,666	8.5%
Operating provisions / adjustments		139,585	113,536	22.9%
Impairment		22,958	46,126	–50.2%
Provisions for client default		75,853	7,926	857.0%
Gain on disposal of plants		–42,989	0	–
Gain on disposal of investment		0	–30,487	–100.0%
Other operating costs and expenses, net		103,263	65,533	57.6%

Share of profit (loss) in non–consolidated investees		90,501	153,041	–40.9%

Net finance income (expenses)		–180,986	–105,914	70.9%
Profit before income and Social Contribution taxes		1,501,706	1,753,391	–14.4%
Deferred income tax and Social Contribution tax		–348,815	–355,185	–1.8%

NET PROFIT FOR THE PERIOD		1,152,891	1,398,206	–17.5%


	Mar. 2024	Mar. 2023	Change %
Number of captive clients
Residential	7,780,429	7,543,247	3.1%
Industrial	27,869	28,908	–3.6%
Commercial, services and Others	925,561	946,504	–2.2%
Rural	416,378	458,641	–9.2%
Public authorities	69,960	69,453	0.7%
Public lighting	6,728	7,249	–7.2%
Public services	13,691	13,605	0.6%
Own consumption	762	764	–0.3%
Total, captive clients	9,241,378	9,068,371	1.9%

Number of free clients
Industrial	1302	1097	18.7%
Commercial	1,819	1,524	19.4%
Rural	29	14	107.1%
Concession holders	8	8	0.0%
Other	28	20	40.0%
Total, Free Clients	3,186	2,663	19.6%

Total, Captive market + Free Clients	9,244,564	9,071,034	1.9%


Average effects of the May 2023 Tariff Adjustment
High voltage – average	8.94%
Low voltage – average	15.55%
Average effect	13.27%


Five-year Tariff Reviews compared – 2018 and 2023	2018	2023
Gross Remuneration Base R$ mn	20,490	25,587
Net Remuneration Base R$ mn	8,906	15,200
Average depreciation rate: %	3.84%	3.95%
WACC (after taxes) %	8.09%	7.43%
Remuneration of ‘Special Obligations’ R$ mn	149	272
CAIMI* R$ mn	333	484
QRR* – Depreciation (Gross base x depreciation rate) R$ mn	787	1,007


Market (Volume in ’000 m3)	2022	2023	1Q23	1Q24	1Q23–1Q24
Automotive	40,950	31,907	7,494	5,371	–28.3%
Compressed vehicle natural gas	364	541	178	124	–30.3%
Industrial	870,667	830,943	211,978	191,349	–9.7%
Industrial compressed natural gas	13,616	12,473	2,835	2,099	–26.0%
Residential	11,392	11,912	2,728	2,602	-4.6%
Co–generation	13,137	12,075	2,626	3,549	35.1%
Commercial	23,114	21,964	4,830	4,973	3.0%
Subtotal - conventional gas	973,240	921,815	232,669	210,067	–9.7%
Thermal plants	37,991	–	–	–	–
Subtotal – gas sold	1,011,231	921,815	232,669	210,067	–9.7%
Industrial – Free Market	87,133	92,362	22,356	22,767	1.8%
Industrial compressed natural gas – Free Market	–	–	–	2,359	0.0%
Thermal – Free Market	7,119	19,050	280	116	-58.6%
Total (sales + Free Clients)	1,105,483	1,033,227	255,305	235,309	–7.8%


Ebitda (R$ ’000)	1Q24	1Q23
Profit (loss) for the period	117,007	155,361
Income tax and Social Contribution tax	61,452	65,943
Finance income (expenses)	17,159	15,269
Depreciation and amortization	22,024	21,422
Ebitda per CVM Resolution 156	217,642	257,995


1Q24 consolidated Ebitda
R$ ’000	Generation		Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period	371,794		132,306	192,004	322,338	117,008	17,441	1152,891
Income tax and Social Contribution tax		73,033	35,576	95,210	99,173	59,750	–13,927	348,815
Finance income (expenses)	27,802		16,587	-7,449	108,781	17,159	18,106	180,986
Depreciation and amortization	83,583		–59	6	216,199	23,727	5,086	328,542
Ebitda per CVM Resolution 156	556,212		184,410	279,771	746,491	217,644	26,706	2,011,234
Net profit attributed to non–controlling stockholders	–		–	–	–	–503	–	–503
Gain on sale of generation plants	–42,989		–	–	–	–	–	–42,989
Impairment	22,958		–	–	–	–	–	22,958
Adjusted Ebitda	536,181		184,410	279,771	746,491	217,141	26,706	1,990,700


1Q23 consolidated Ebitda
R$ ’000	Generation	Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period	348,395	154,910	232,593	369,533	155,359	137,416	1,398,206
Income tax and Social Contribution tax	100,990	35,885	108,152	118,970	64,240	-73,052	355,185
Finance income (expenses)	-12,517	649	-15,528	92,347	15,270	25,693	105,914
Depreciation and amortization	81,140	1	4	194,240	23,125	4,156	302,666
Ebitda per CVM Resolution 156	518,008	191,445	325,221	775,090	257,994	94,213	2,161,971
Non-recurring and non-cash effects
Net profit attributed to non-controlling stockholders	-	-	-	-	-668	-	-668
Gain on disposal of investment	-	-	-	-	-	-55,391	-55,391
Remeasurement of post-employment liabilities	-10,679	-6,599	-1,512	-33,990	-	-4,181	-56,961
Impairment	46,126	-	-	-	-	-	46,126
Other	-	-	-22,511	-	-	-	-22,511
Adjusted Ebitda	553,455	184,846	301,198	741,100	257,326	34,641	2,072,566


Cemig GT 1Q24 Ebitda
R$ ’000	Generation	Transmission	Trading	Equity interests	Total
Profit (loss) for the period	372,261	129,598	50145	-58,198	493,806
Income tax and Social Contribution tax	73,033	34,221	22,130	25,359	154,743
Finance income (expenses)	27,802	16,693	–7,449	31,706	68,752
Depreciation and amortization	83,584	2	6	–	83,592
Ebitda per CVM Resolution 156	556,680	180,514	64,832	-1,133	800,893
Gain on sale of assets	–42,989	–	–	–	–42,989
Impairment	22,958	–	–	–	22,958
Adjusted Ebitda	536,649	180,514	64,832	-1,133	780,862


Cemig GT 1Q23 Ebitda
R$ ’000	Generation	Transmission	Trading	Equity interests	Total
Profit (loss) for the period	348,917	153,445	55,592	51,549	609,503
Income tax and Social Contribution tax	100,990	35,140	16,970	–19,039	134,061
Finance income (expenses)	–12,517	877	–15,528	21,356	–5,812
Depreciation and amortization	81,140	1	4	–	81,145
Ebitda per CVM Resolution 156	518,530	189,463	57,038	53,866	818,897
– Gain on sale of investments	–	–	–	–55,391	–55,391
– Remeasurement of post-employment liabilities	–10,679	–6,600	–1,512	–2,032	–20,823
+ Impairment	46,126	–	–	–	46,126
Adjusted Ebitda	553,977	182,863	55,526	–3,557	788,809


	1Q24	1Q23	Change %
Captive clients + Transmission service (MWh)
Residential	3,250,170	2,984,825	8.9%
Industrial	5,574,606	5,457,071	2.2%
Captive market	275.264	334.141	–17.6%
Transport of energy	5,299,342	5,122,930	3.4%
Commercial, Services and Others	1,657,340	1,612,350	2.8%
Captive market	1,076,142	1,113,679	–3.4%
Transport of energy	581,198	498,671	16.5%
Rural	614,792	528,060	16.4%
Captive market	600,086	517,361	16.0%
Transport of energy	14,706	10,699	37.5%
Public services	845,626	870,898	–2.9%
Captive market	719,985	765,523	–5.9%
Transport of energy	125,641	105,375	19.2%
Concession holders	76,189	64,686	17.8%
Transport of energy	76,189	64,686	17.8%
Own consumption	8,188	7,545	8.5%
Total	12,026,911	11,525,435	4.4%
Total, captive market	5,929,835	5,723,074	3.6%
Total, energy transported for Free Clients	6,097,076	5,802,361	5.1%


	1Q24	1Q23	Change %
Metered market – MWh
Transported for distributors	75,697	64,614	17.2%
Transported for Free Clients	6,033,163	5,768,677	4.6%
Own load + Distributed generation	8,743,130	8,277,750	5.6%
Consumption by captive market	5,693,805	5,682,138	0.2%
Distributed Generation market	1,438,331	1,020,445	41.0%
Losses in distribution network	1,610,994	1,575,168	2.3%
Total volume carried	14,851,991	14,111,042	5.3%


	1Q24	1Q23	Change %
Cemig GT – MWh
Free Clients	2,953,278	3,843,590	–23.2%
Industrial	1,916,629	2,883,714	–33.5%
Commercial	1,007,960	956,466	5.4%
Rural	5,033	3,410	47.6%
Public authorities	717	–	–
Free Clients – ‘Retailers’	22,939
Free Market – Traders and cooperatives	1,065,136	1,305,488	–18.4%
Quota supply	571,019	584,390	–2.3%
Regulated Market	561,529	565,779	–0.8%
Regulated Market – Cemig D	317,92	32,607	–2.5%
Total, Cemig GT	5,182,754	6,331,854	–18.1%

Cemig H – MWh
Free Clients	2,397,577	1,368,672	75.2%
Industrial	1,926,233	1,089,819	76.7%
Commercial	455,186	273,315	66.5%
Rural	16,158	5,538	191.8%
Free Market – Traders and cooperatives	2,122,441	1,629,701	30.2%
Total Cemig H	4,520,018	2,998,373	50.7%

Cemig GT + H	9,702,772	9330,227	4.0%


	1Q24	1Q23	Change %
R$ ’000
Revenue from supply of electricity	8,019,144	7,095,344	13.0%
Revenue from use of distribution systems (TUSD charge)	1,169,299	980,398	19.3%
CVA and Other financial components in tariff adjustments	75,675	20,840	263.1%
Reimbursement (to consumers) of credits of PIS, Pasep and Cofins taxes – Amounts realized	322,666	695,989	–53.6%
Transmission – operation and maintenance revenue	66,562	87,740	–24.1%
Transmission – construction revenue	63,394	39,403	60.9%
Financial remuneration of transmission contractual assets	151,392	177,254	–14.6%
Generation indemnity revenue	21,434	22,476	–4.6%
Distribution construction revenue	893,427	676,448	32.1%
Adjustment to expected cash flow from indemnifiable financial assets of the distribution concession	30,951	30,844	0.3%
Gain on financial updating of Concession Grant Fee	128,625	134,766	–4.6%
Settlements on CCEE	40,757	29,363	38.8%
Transactions in the Surpluses Sales Mechanism (MVE)	0	–3766	–100.0%
Retail supply of gas	919,648	1,123,570	–18.1%
Penalty for continuity indicator shortfall	–45,927	–38,469	19.4%
Other operational revenues	636,954	492,015	29.5%
Taxes and charges reported as deductions from revenue	-3,436,134	-2,917,278	17.8%
Net operational revenue	9,057,867	8,646,937	4.8%


	1Q24	1Q23
Effect of FX variation on the debt	–59,034	103,814
Effect on the hedge	42,032	–12,725
Net effect in Financial income (expenses)	–17,002	91,089


	1Q24	1Q23	Change R$ ’000
EQUITY INCOME* (R$ ’000)
Taesa	80,112	80,785	–673
Aliança Geração	30,861	35,165	–4,304
Paracambi	3,169	–345	3,514
Hidrelétrica Pipoca	3,769	7,488	–3,719
Hidrelétrica Cachoeirão	1,114	3,304	–2,190
Guanhães Energia	2,318	16,695	–14,377
Cemig Sim (Equity holdings)	3,373	3,377	–4
Mesa and FIP Melbourne (Santo Antônio Plant)	0	12,826	–12,826
Baguari Energia	0	9,426	-9,426
Retiro Baixo	0	4,103	-4,103
Belo Monte (Aliança Norte and Amazônia Energia)	–34,215	–19,783	–14,432
Total	90,501	153,041	–4,103


CONSOLIDATED – R$ ’000	Mar. 2024	2023	Change, %
Gross debt	11,625,874	9,831,139	18.3%
Cash and equivalents + Securities	45,53,488	2,311,464	97.0%
Net debt	7,072,386	7,519,675	-5.9%
Debt in foreign currency	1,968,173	1,854,093	6.2%


CEMIG GT – R$ ’000	Mar. 2024	2023	Change, %
Gross debt	3,014,062	2,868,093	5.1%
Cash and equivalents + Securities	1,252,777	937,518	33.6%
Net debt	1,761,285	1,930,575	–8.8%
Debt in foreign currency	1,968,173	1,854,093	6.2%


CEMIG D – R$ ’000	Mar. 2024	2023	Change, %
Gross debt	7,531,748	5,887,622	27.9%
Cash and equivalents + Securities	1,669,280	450,748	270.3%
Net debt	5,862,468	5,436,874	7.8%
Debt in foreign currency	0	0	–


	1Q24
DEBT AMORTIZED – R$ ’000
Cemig GT	0
Cemig D	440,916
Others	0
Total	440,916


Last 12 months	Mar. 2024			2023
R$ mn	GT	H		GT	H
Net profit (loss)	2,287	5,522		2,403	5,767
Net financial revenue (expenses)				96	379
Income tax and Social Contribution tax			170	454	1,084
Depreciation and amortization	331	1,300	605	1,078	1,274
Profit (loss) in minority holdings	–79	–319		–141	–432
Provisions for change in value of obligations under put option	25	25		58	58
Non-operational profit (loss) – includes any gains on sales of assets and any write-offs of value in, or impairment of, assets	–324	–324		–289	–289
Non–recurring non-monetary expenses and/or charges.	–	–		–21	–57
Any non-recurring non-monetary credits or gains that increase net profit	–	–		–	23
Non-monetary gains related to transmission and/or generation reimbursements	–511	–519		–515	–524
Dividends received in cash from minority investments (as measured in the Cash flow statement)	366	549		363	592
Inflation correction on concession charges	–406	–406		–412	–412
Cash inflows related to concession charges	334	334		331	331
Cash inflows related to transmission revenue for coverage of cost of capital	800	808		738	747
Adjusted Ebitda	3,598	8,502		3,524	8,541


12 months	Mar. 2024		2023
R$ mn	GT	H	GT	H
Consolidated debt	3,014	11,626	2,868	9,831
Derivative hedge instrument	–410	–410	–368	–368
Debt contracts with Forluz	126	559	138	611
Consolidated cash and cash equivalents and consolidated securities posted as current assets	–1,253	–4,553	–938	–2,311
Adjusted net debt	1,477	7,222	1,700	7,763


	Mar. 2024		2023
Net debt covenant / Ebitda covenant	0.41	0.85	0.48	0.91
Limit for: Net debt covenant / Ebitda covenant	2.5	3.00	2.50	3.00
Consolidated debt with asset guarantees	–	2,279	–	–
(Consolidated debt with guarantees) / (Ebitda covenant)	–	0.27	–	–
Limit for: (Consolidated debt with guarantees) / (Ebitda covenant)	–	1.75	–	1.75


Climate change and renewable energy		1Q24
	Indicators
	% of generation from renewable sources	100%
	Consumption of electricity per employee (MWh)	2.26
	Consumption of renewable fuels (GJ)	35,620.00
	Consumption of non-renewable fuels (GJ)	851,121.00
	Index of energy losses in the national grid (Cemig GT)(%)	2.51
	I–REC (renewable-source) certificates sold	1,627,823
	Cemig RECs sold [2]	1,667,149
	Number of smart meters installed	30,179

	Impact and environmental protection

	Number of transformers refurbished	233
	Percentage of waste sent for reuse	98.00%

	Water resources
	Water consumption (m³)	47,971.62
	Surface Water Monitoring Management Indicator (%)	100

	Sustainable social development

	Allocation to the Children’s and Adolescents’ Fund (FIA) (R$)	814,970
	Allocated to the Fund for the Aged (R$)	814,970
	Allocated via the Sports Incentive Law (R$)	1,629,939.79
	Number of homes connected via the ‘Energia Legal’ Program	3,714

	Health and safety
	Accident frequency rate – own plus outsourced employees	3.46
	Number of fatal or non-fatal accidents with the population	5

	Transparency
	% of shares held by members of Boards	0.01
	Number of independent members of the Board of Directors	10

	Ethics and Integrity
	Total accusations received	136
	Total completed cases ruled valid or partially valid	47

	Diversity and equity
	Number of registered employees	4,893
	White employees, %	57.1%
	African-Brazilian employees, %	38.3%
	Mixed-race employees, %	0.5%
	Indigenous-origin employees, %	0.1%
	Employees not declaring race, %	4.1%
	Women in Cemig’s workforce, %	14.1%
	Women in leadership positions: %	19.7%
	African-Brazilians in leadership positions, %	17.2%
	Employees below age 30, %	5.7%
	Employees aged 30 to 50, %	60.6%
	Employees aged over 50, %	33.6%


Security	Mar. 2024	2023	Change, %
Prices (2)
CMIG4 (PN) at the close (R$/share)	12.56	11.32	10.97%
CMIG3 (ON) at the close (R$/share)	14.6	14.95	–2.32%
CIG (ADR for PN shares), at close (US$/share)	2.47	2.28	8.45%
CIG.C (ADR for ON shares) at close (US$/share)	2.9	3.12	–7.05%
XCMIG (Cemig PN shares on Latibex), close (€/share)	2.36	1.88	25.53%
Average daily volume
CMIG4 (PN) (R$ mn)	141.77	131.35	7.93%
CMIG3 (ON) (R$ mn)	6.07	7.82	–22.38%
CIG (ADR for PN shares) (US$ mn)	5.83	8.98	–35.08%
CIG.C (ADR for ON shares) (US$ mn)	0.97	0.17	470.59%
Indices
IEE	88,654	94,957	–6.64%
IBOV	128,106	134,185	–4.53%
DJIA	39,807	37,689	5.62%
Indicators
Market valuation at end of period, R$ mn	29,140	27,948	4.26%
Enterprise value (EV), R$ mn (1)	36,665	35,892	2.15%
Dividend yield of CMIG4 (PN) (%) (3)	10.14	11.24	–1.1 pp
Dividend yield of CMIG3 (ON) (%) (3)	8.72	8.53	0.19 pp


(1) EV = (Market valuation [= R$/share x number of shares]) + (Consolidated net debt).
(2) Share prices adjusted for corporate action payments, including dividends.
(3) (Dividends distributed in last four quarters) / (Share price at end of the period).


Plant	Company	Cemig power (MW)	Cemig physical guarantee (MW)	End of concession	Type	Cemig interest
Emborcação	CEMIG GT	1,192	475	May-27	Hydroelectric	100.00%
Nova Ponte	CEMIG GT	510	257	Aug-27	Hydroelectric	100.00%
Três Marias	CEMIG GT	396	227	Jan-53	Hydroelectric	100.00%
Irapé	CEMIG GT	399	198	Sep-37	Hydroelectric	100.00%
Salto Grande	CEMIG GT	102	74	Jan-53	Hydroelectric	100.00%
Sá Carvalho	Sá Carvalho	78	54	Aug-26	Hydroelectric	100.00%
Rosal	Rosal Energia	55	28	Dec-35	Hydroelectric	100.00%
Itutinga	CEMIG G. ITUTINGA	52	27	Jan-53	Hydroelectric	100.00%
Camargos	CEMIG G. CAMARGOS	46	22	Jan-53	Hydroelectric	100.00%
Volta do Rio	CEMIG GT	42	18	Dec-31	Wind	100.00%
Poço Fundo	CEMIG GT	30	17	May-52	Hydroelectric	100.00%
Pai Joaquim	CEMIG PCH	23	14	Oct-32	Hydroelectric	100.00%
Piau	CEMIG G. SUL	18	14	Jan-53	Hydroelectric	100.00%
Praias de Parajuru	CEMIG GT	29	8	Sep-32	Wind	100.00%
Gafanhoto	CEMIG G. OESTE	14	7	Jan-53	Hydroelectric	100.00%
Peti	CEMIG G. LESTE	9	6	Jan-53	Hydroelectric	100.00%
Joasal	CEMIG G. SUL	8	5	Jan-53	Hydroelectric	100.00%
Queimado	CEMIG GT	87	53	Jul-34	Hydroelectric	82.50%
Belo Monte	Norte	1,313	534	Jul-46	Hydroelectric	11.69%
Aimorés	ALIANÇA	149	78	Nov-39	Hydroelectric	45.00%
Amador Aguiar I	ALIANÇA	94	58	Nov-42	Hydroelectric	39.31%
Amador Aguiar II	ALIANÇA	83	49	Aug-36	Hydroelectric	39.31%
Funil	ALIANÇA	81	36	May-40	Hydroelectric	45.00%
Igarapava	ALIANÇA	50	30	Sep-31	Hydroelectric	23.69%
Porto Estrela	ALIANÇA	34	18	Jun-35	Hydroelectric	30.00%
Candonga	ALIANÇA	32	14	Dec-38	Hydroelectric	22.50%
Gravier	ALIANÇA	32	13	Aug-55	Wind	45.00%
Santo Inácio III	ALIANÇA	13	6	Jun-46	Wind	45.00%
São Raimundo	ALIANÇA	10	5	Jun-46	Wind	45.00%
Santo Inácio IV	ALIANÇA	10	5	Jun-46	Wind	45.00%
Garrote	ALIANÇA	10	5	Jun-46	Wind	45.00%
Paracambi	Paracambi Energética	12	10	Jan-34	Hydroelectric	49.00%
Cachoeirão	Hidrelétrica Cachoeirão	13	8	Sep-33	Hydroelectric	49.00%
Pipoca	Hidrelétrica Pipoca	10	6	Dec-34	Hydroelectric	49.00%
Others		117	51
Total		5,153	2,430
Cemig Sim (MWp)	Equity interests	29	-		Solar	49.00%
Cemig Sim (MWp)	Owned	29	-		Solar	100.00%
Total		5,211	2,430


Plant	Company	Installed Capacity (Mwac)	Capacity (MWp)	Expected start of operation
UFV Advogado Eduardo Soares	Cemig GT	85	105	June 2024
UFV Três Marias Jusante	Cemig GT	70	88	June 2024
Projeto Ouro Solar	Cemig Sim	40.5	57.5	Jun to Sep 2024
Projeto Bloco Azul	Cemig Sim	23	32.6	Jun to Oct 2024
Projeto Solar do Cerrado	Cemig Sim	50	70	Jun to Nov 2025
Total		268.5	353.1


Aneel Ratifying Resolution (ReH) 3216/2023 (2023–2024 cycle)
Company	RAP* (R$ ’000)	% Cemig	Cemig (R$ ’000)	Expiration
Cemig	1,143036	100.00%	1,143,036
Cemig GT	1,045,366	100.00%	1,045,366	Dec. 2042
Cemig Itajubá	59,266	100.00%	59,266	Oct. 2030
Centroeste	29,268	100.00%	29,268	Mar. 2035
Sete Lagoas	9,136	100.00%	9,136	Jun. 2041
Taesa	4,052,200	21.68%	878,517
TOTAL RAP			2,021,553


Reimbursement for Assets – National Grid**
R$ ’000 – by cycle	2020–2021	2021–2022	2022–2023	2023–2024	From 2024–2025 to 2027–2028
Economic	144,547	144,547	144,547	144,375	39,104
Financial	332,489	88,662	129,953	275,556	275,556
TOTAL	477,036	233,209	274,499	419,931	314,660


Planned operational startup date	Capex (R$ ’000)	RAP (R$ ’000)
2024	412,095	58,649
2025	288,592	45,673
2026	199,530	31,852
2027	66,657	10,671
2028	211,319	17,749
Total	1,178,193	164,594


Regulatory Transmission revenue – 1Q24
R$ ’000	GT	Centroeste	Sete Lagoas
REVENUE	398,861	13,362	3,669
Transmission operation revenue	398,861	13,362	3,669
Taxes on revenue	-35,951	-488	-340
PIS and Pasep taxes	-6,410	-87	-61
Cofins tax	-29,527	-401	-279
ISS tax	-14	0	0
Sector charges	-81,262	-309	-246
Research and Development (R&D)	-2,852	-126	-43
Global Reversion Reserve (RGR)	0	-156	-194
Energy Development Account (CDE)	-63,028	0	0
Electricity Services Inspection Charge (TFSEE)	-1,114	-27	-9
Other charges	-14,268	0	0
Net revenue	281,648	12,565	3,083


MARKET OF CEMIG D (GWh)
QUARTER	CAPTIVE	TUSD – ENERGY (1)	ETD (2)	TUSD – DEMAND (3)
1Q22	5,738	5,397	11,136	36.2
2Q22	6,050	5,853	11,904	36.7
3Q22	5,942	5,790	11,733	34.7
4Q22	6,047	5,755	11,802	40.5
1Q23	5,723	5,566	11,289	38
2Q23	5,949	6,058	12,007	38.5
3Q23	5,812	6,028	11,840	39.2
4Q23	6,376	6,068	12,445	39.9
1Q24	5,930	6,097	12,027	40.4


Cemig GT – Operational revenue	1Q24	4Q23	1Q23	Change %	Change %
(R$ mn)				4Q – 1Q	1Q – 1Q
Sales to final consumers	737	912	1,105	–19.2%	–33.3%
Wholesale supply	429	642	475	–33.2%	–9.7%
Charges for Use of the Transmission Network	162	186	174	–12.9%	–6.9%
Gain on financial updating of Concession grant fee	129	97	135	33.0%	–4.4%
Transactions in electricity on CCEE	28	37	23	–	21.7%
Construction revenue	60	84	39	–28.6%	53.8%
Financial remuneration of transmission contractual assets	149	121	175	23.1%	–14.9%
Other	55	67	49	–17.9%	12.2%
Subtotal	1,749	2,146	2,175	–18.5%	–19.6%
Deductions	346	394	419	–12.2%	–17.4%
Net revenue	1,403	1,752	1,756	–19.9%	–20.1%