As the largest energy distributor in Latin America, CEMIG maintains a diversified asset portfolio with significant hydroelectric capacity alongside renewable generation. The company has demonstrated operational excellence since its 2019 turnaround, achieving revenue growth of 8% in 2024 and maintaining stable operations with attractive dividend yields.
Cyborg Score Rationale
CEMIG benefits from monopolistic distribution advantages in Minas Gerais, strong operational recovery momentum, and inclusion in the DJSI World Index. However, governance risks from state ownership and exposure to Brazilian regulatory and currency volatility temper the outlook.
Top Insights
2024 revenue grew 8.06% to $39.82B with earnings up 23.47% to $7.12B, demonstrating strong operational momentum
CEMIG is the only electricity concessionaire in Latin America included in both the DJSI World Index and the Global Dow Index
Operates 36 hydro plants (4,449 MW), 2 wind farms (70.8 MW), and 10 solar stations (158.99 MW) as of end-2024
Company has delivered excellent results since 2019 turnaround with cost reduction and lower leverage trajectory
Named Competitors
Elektro — Regional electricity distributor in Southeast Brazil
Copel — Integrated energy utility in Southern Brazil
EDP Brasil — Portuguese-owned utility with generation and distribution assets
Recent Developments
(November 2025) Q3 2025 earnings call held with management updates