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Sao Paulo
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Sao Paulo
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Company Description

Contact Info

Avenida Barbacena, 1200

Belo Horizonte, MG 30190-131


Phone: 800 7210 116


Companhia Energetica de Minas Gerais S.A. engages in the generation, transmission, distribution, and sale of electricity; gas distribution; telecommunication business; and the provision of energy solutions. Companhia Energetica de Minas Gerais (Cemig) Cemig engages in transactions to buy and sell of electricity through its subsidiaries. The total of volume of electricity resourced in 2014 was 89,856 gigawatt hours (GWh). The amount of energy produced by the Group in 2014 was 22,983 GWh. These figures include electricity purchased from Itaipu (6,255 GWh) and through the Eletricity Trading Chamber (Câmara de Comercializacao de Energia Eletrica, or CCEE) and from other companies (58,704 GWh). The energy traded in 2014, totaled 89,856 GWh. Cemig’s principal subsidiaries and jointly-controlled subsidiaries include Cemig Geração e Transmissão S.A. (Cemig GT) – 100% owned: operates in electricity generation and transmission; Cemig Distribuição S.A. (Cemig D) – 100% owned: operates in electricity distribution; Companhia de Gás de Minas Gerais (Gasmig) – jointly-controlled, 99.57% owned: acquires, transports, distributes and sells natural gas; Transmissora Aliança de Energia Eletrica S.A. (Taesa) – jointly-controlled subsidiary, with ownership of 45.74% of the voting stock and 43.36% of the total stock: construction, operation and maintenance of electricity transmission facilities in 11 states of Brazil; Light S.A. – Jointly-controlled subsidiary, with direct holding of 26.06% and indirect holding of 6.42% of total stock: electricity generation, transmission, trading and distribution, and other related services; direct or indirect holding of interests in companies operating in these areas; and Renova Energia S.A: jointly-controlled subsidiary, with direct ownership of 27.37% of the total capital and 36.62% of the voting stock. Generation Assets In February 2015, the transaction of association between Vale S.A. and Cemig GT by subscription of shares in Aliança Geração de Energia S.A. was completed. The two companies subscribed their shares in Aliança by transfer to it of the following equity interests they held in the following electricity generation assets: Porto Estrela, Igarapava, Funil, Capim Branco I, Capim Branco II, Aimores and Candonga. As a result of the Association Aliança has installed hydroelectric generation capacity of 1,158 megawatts (MW) in operation (assured offtake level 652 MW), as well as other generation projects. Vale owns 55% of the equity, and Cemig GT 45%. Aliança is valued at R$ 4.5 billion. In 2015 acquisition from Vale S.A. of Vale’s 49% stockholding interest in Aliança Norte Energia Participações S.A. was completed. Aliança Norte Energia Participações S.A. owns 9% of Norte Energia S.A. (Nesa) – the acquisition thus corresponded to an indirect holding in Nesa of 4.41%, representing installed capacity of 495.39MW (201MW average). Light has total installed generation capacity of 282 MW, and effective average output of 210 MW. The company has incorporated subsidiaries in the state of Minas Gerais and other states of Brazil to operate certain of its generation facilities and to hold the related concessions. As of December 31, 2014 Cemig Geração e Transmissão S.A., directly or through its subsidiaries, has electricity generation capabilities in 47 hydroelectric plants, 1 thermoelectric plant and 3 wind farms, comprising total generation capacity of 6,820, in which hydroelectric plants accounted for 6,640MW, the thermoelectric plant accounted for 131 MW and the wind farms accounted for 49MW. The Paracambi Small Hydro Plant (SHP) appears twice in the listing of plants, above, because Cemig GT has an interest in the consortium of that plant, and Cemig itself (the holding company) has a direct stockholding in Lightger S.A. In addition to its own plants, Cemig Generation and Transmission participates in the following consortia: Baguari Hydroelectric Power Plant: Participation of 49% of Baguari Energia S.A. and 51% of Baguari I Electric Power Generation (Neoenergia). In Baguari Energia SA, the company has 69.39% stake as a partner and Furnas Central Electric SA with 30.61%. Ai


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Valuation CIG Industry Range
Price/Earnings 12.3x
Price/Sales 0.6x
Price/Book 1.0x
Price/Cash Flow 4.7x
TEV/Sales NM Not Meaningful

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