This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	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

1- Notice to Shareholders dated April 29, 2024 – Resolutions of the AESM - Dividends and Bonus

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

Corporate Taxpayer’s ID (CNPJ): 17.155.730/0001-64

Company Registry (NIRE): 31300040127

NOTICE TO SHAREHOLDERS

Resolutions of the AESM - Dividends and Bonus

We hereby inform our shareholders that the Annual and Extraordinary Shareholders’ Meeting (AESM) held on this date, resolved, among other matters, the following:

1. DIVIDENDS:

As for the net income for 2023, in the amount of R$5,764,273 thousand, R$3,124,577 thousand shall be allocated as mandatory dividends for Company shareholders, to be paid in two equal installments, with the first installment paid by 06/30/2024, and the second by 12/30/2024, as follows:

✓ To ratify R$2,591,459 thousand as Interest on Equity (“IOE”), already declared according to the table below;


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

✓ To declare R$533,118 thousand as dividends, corresponding to R$0.24226860196 per common/preferred share, payable to shareholders registered in the Book of Registry of Registered Shares on the date of the holding of the AESM, that is, 04/29/2024. The shares will be traded “ex-rights” from 04/30/2024.

2. SHARE CAPITAL INCREASE AND BONUS:

Increase in the Share Capital from R$11,006,853 thousand to R$14,308,909, with the issue of 660,411,207 new shares, being 220,754,287 registered common shares, at a nominal value of R$5.00 each and 439,656,920 registered preferred shares, at a nominal value of R$5.00 each, by capitalizing R$1,856,628 thousand, arising from the capital reserve, and R$1,445,428 from the retained earnings reserve, through share-based bonus, thereby distributing to shareholders a bonus

of 30.00000002726% consisted of new shares of the type of the previous ones, at a nominal value of R$5.00;

All shareholders of record on 04/29/2024, relating to shares traded on B3 S.A. – Brasil, Bolsa, Balcão (“B3”), will be entitled to the aforementioned benefit. The shares will be traded “ex-rights” as to the bonus as of 04/30/2024.

The shares arising from the bonus will be credited on 05/03/2024 and will not be entitled to receive the dividends resolved on for the 2023 fiscal year.

Pursuant to paragraph 1 of Article 58 of Normative Instruction 1585/2015 of the Brazilian Federal Revenue Service, the acquisition unit cost assigned to bonus shares is R$5.00.

As per Normative Instruction 168/91 of the Brazilian Securities and Exchange Commission - CVM, the value calculated from the sale, in reais, of the fractions resulting from the calculation of the bonus will be paid to the respective holders of said fractions, on the same payment date of the second installment of the mandatory dividends for 2023, that is, 12/30/2024.

Shareholders whose shares are not held in custody at CBLC (Companhia Brasileira de Liquidação e Custódia) and whose registration data is outdated are advised to go to a branch of Banco Itaú Unibanco S.A. (The institution administering CEMIG’s Registered Shares System) bearing their personal documents for the due update of their registration data.

Belo Horizonte, April 29, 2024.

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

2 - Notice to the Market dated April 30, 2024 – Filing of Form 20-F

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

Corporate Taxpayer’s ID (CNPJ): 17.155.730/0001-64

Company Registry (NIRE): 31300040127

NOTICE TO THE MARKET

Form 20-F

A COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG”), a publicly held company with shares traded on the stock exchanges of São Paulo, New York and Madrid, hereby informs the Brazilian Securities and Exchange Commission (CVM), B3 S.A. – Brasil, Bolsa, Balcão (“B3”) and the market in general that it has filed on April 30, 2024, Form 20-F for the 2023 fiscal year (“2023 Form 20-F”) with the U.S. Securities and Exchange Commission (“SEC”).

2023 Form 20-F can be accessed on SEC’s website, at www.sec.gov, or the Company’s

Investor Relations website, at http://ri.cemig.com.br.

Belo Horizonte, April 30, 2024.

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

3 - Earnings Release – 1Q2024


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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	4

CONSOLIDATED RESULTS FOR THE QUARTER

Consolidated results – 1Q24


		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%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	5

Profit and loss accounts


		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%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	6

RESULTS BY BUSINESS SEGMENT

      INFORMATION BY SEGMENT, 1Q24

     

       
      Electricity

      Gas

      Equity
interests 

      Eliminations 

      TOTAL

      Generation

      Transmission

      Trading

      Distribution

      NET REVENUE

      714,883

      285,785

      1,750,127

      5,970,234

      792,017

      7,920

      -463,099

      9,057,867

      COST OF ELECTRICITY AND GAS

      –78,944

      –106

      –1,454,588

      –3,274,737

      –510,177

      –538

      455,059

      –4,864,031

        OPERATIONAL COSTS AND EXPENSES

      Employees’ and managers’ profit shares

      –3,968

      –4,077

      –650

      –25,117

      0

      –5,420

      0

      –39,232

      Post-employment obligations

      –15,126

      –9,348

      –2,142

      –96,053

      0

      –19,616

      0

      –142,285

      Materials, Outsourced services and Other expenses

      –18,667

      –20,409

      –4,710

      –567,270

      –12,760

      –15,555

      8,040

      –631,331

      Depreciation and amortization

      –83,583

      59

      –6

      –216,199

      –23,727

      –5,086

      0

      –328,542

      Operating provisions / adjustments

      –3,190

      –3,165

      –2,380

      –191,435

      –608

      –14,438

      0

      –215,216

      Infrastructure construction costs

      0

      –27,554

      0

      –858,976

      –34,451

      0

      0

      –920,981

      Total, operational

      –162,298

      –101,210

      –15,774

      –2,165,205

      –87,923

      –77,275

      8,040

      –2,601,645

      TOTAL COSTS AND EXPENSES

      –241,242

      –101,316

      –1,470,362

      –5,439,942

      –598,100

      –77,813

      463,099

      –7,465,676

      Share of profit (loss) in non-consolidated investees

      –1,012

      0

      0

      0

      0

      91,513

      0

      90,501

      Finance income (expenses)

      –27,802

      –16,587

      7,449

      –108,781

      –17,159

      –18,106

      0

      –180,986

      Profit (loss) before taxes on profit

      444,827

      167,882

      287,214

      421,511

      176,758

      3,514

      0

      1,501,706

      Income tax and Social Contribution tax

      –73,033

      –35,576

      –95,210

      –99,173

      –59,750

      13,927

      0

      –348,815

      NETPROFIT
FORTHEPERIOD

      371,794

      132,306

      192,004

      322,338

      117,008

      17,441

      0

      1,152,891


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	7

CONSOLIDATED ELECTRICITY MARKET

Cemig’s electricity market

In March 2024 the Cemig Group billed approximately 9.25 million clients – an addition of approximately 174,000 clients, or a 1.9% increase in its consumer base from March 2023.

•

9,247,020 of these consumers are final consumers (including Cemig’s own consumption);

•

537 are other agents in the Brazilian power sector.

The charts below itemize the Cemig Group’s sales to final consumers:


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	8

PERFORMANCE BY COMPANY

Cemig D

Billed electricity market


	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%

In 1Q24 energy supplied to captive clients plus energy transported for Free Clients and distributors totaled 12,030 GWh, or 4.4% more than in 1Q23, mainly reflecting increases in consumption by residential consumers (+265.3 GWh or +8.9%), commercial clients (+117.5 GWh or +2.2%), and rural clients (+86.7 GWh or +16.4%), reflecting higher temperatures, higher economic activity, and higher need for irrigation in the period.

The growth of 4.4% in total energy distributed comprises:

•

An increase of 5.1% (+294.7 GWh) in use of the network by Free Clients, and

•

an increase of 3.6% (+206.8 GWh) in consumption by the captive market.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	9

Sources and uses of electricity – MWh


	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%

Client base

9.24 million consumers were billed in March 2024 – 1.9% more than in March 2023. Of this total, 3,186 were Free Clients using the distribution network of Cemig D.


	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%

Performance by sector

Industrial: Energy distributed to Industrial clients was 2.2% higher in 1Q24 than 1Q23, on higher physical production by industry, and was 46.4% of Cemig D’s total distribution. The greater part was energy transported for industrial Free Clients (44.1%), which was 3.4% higher by volume than in 1Q23. Energy billed to captive clients was 2.3% by volume of the total distributed, and 17.6% less in total than in 1Q23 – mainly due to migration of clients to the Free Market. Highlights of electricity consumption, by industrial sector, were: higher consumption by Mining (up +12.3%), Steel (up 8.5%), Food and beverages (up 5.5%), and Cement (up 5.0%); while consumption was lower in Chemicals (down 6.2%), and Castings (down 11.4%).

Residential: Residential consumption was 27.0% of total energy distributed by Cemig D, and 8.9% higher than in 1Q23. Average monthly consumption per consumer in the quarter, at 139.2 kWh/month, was 5.6% higher than in 1Q23, reflecting higher than historic average temperatures, increased family income – and our actions to recover energy losses. Also contributing to higher consumption was the growth in the number of clients in this category – an increase of 3.1% (237,100 clients).


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	10

Commercial and services: Energy distributed to these consumers was 13.8% of the total distributed by Cemig D in 1Q24, and by volume 2.8% more than in 1Q23. This increase is the result of a 3.4% reduction in energy billed to captive clients, and an increase of 16.5% in the volume of energy transported for Free Clients. The increase in consumption is related to expansion of the services sector, growth of retail sales, temperatures above historical averages in the period. It is worth noting that the increase in this user category happened in spite of the migration of consumers to distributed generation, which, along with migration to the Free Market, was reducing captive consumption.

Rural: Consumption by rural clients was 5.1% of the total energy distributed, and 16.4% higher by volume than in 1Q23, mainly due to higher consumption for irrigation, due to lower volume of rainfall.

Public services: consumed 7.0% of the energy distributed in 1Q24, in total 2.9% lower by volume than in 1Q23. Total captive consumption in 1Q24 fell by 45.5 GWh year-on-year, while the Free Market expanded by 20.3 GWh. This figure was mainly due to consumers migrating to the Free Market.

The Tariff Adjustment and the Tariff Review

The tariffs of Cemig D are adjusted in May of each year; and every five years there is the Periodic Tariff Review, also in May. The aim of the Tariff Adjustment is to pass on changes in non-manageable costs in full to the client; while the Tariff Review aims to provide inflation adjustment for the costs specified as manageable. Manageable costs are adjusted by the IPCA inflation index, less a factor known as the ‘X Factor’, to capture productivity, under a system using the price-cap regulatory model.

On May 22, 2023 Aneel ratified the result of Cemig D’s 2023 Annual Tariff Adjustment, effective from May 28, 2023 to May 27, 2024, the result of which was an average increase for consumers of 13.27%. The average effect for low-voltage clients was an increase of 15.55%, and for residential consumers 14.91%. The percentage component corresponding to the Company’s management costs (referred to as ‘Portion B’) was 0.66%. The increase relating to non-manageable costs (‘Portion A’ – comprising purchase of energy, transmission, sector charges and non-recoverable revenues) was 5.09%; and the increase in the financial components of the tariff was 7.52%. The effect in the financial components comes mainly from absence of the R$ 2.81 billion component included in the 2022 adjustment for repayment to consumers of credits of PIS, Pasep and Cofins taxes – while repayment of R$ 1.27 billion was incorporated into the Tariff Review of 2023.


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

Comparison of the Tariff Reviews of 2023 and the previous cycle:


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

* CAIMI: (Cobertura Anual de Instalações Móveis e Imóveis) – Annual support for facilities.

** QRR: ‘Regulatory Reintegration Quota’: Gross base x annual depreciation rate.

See more details at this link:

https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	11

Quality indicators – DEC and FEC

In 2023 the State of Minas Gerais was impacted by an increase in extreme atmospheric events, which caused a slight increase in electricity outages. Given this challenging scenario, Cemig has implemented several initiatives to reduce the number and duration of outages, and has made major investments in the distribution business to provide a quality service to clients.

These actions are already generating positive results: the DEC indicator (Average Outage Duration per Consumer) returned to a level within the regulatory limit: this limit was 9.64 hours, and Cemig's DEC in the 12-month window to end-March was 9.38 hours.

Combating default

Maintaining a high level of collection actions, the Company kept its Receivables Recovery Index above 99% in March 2024.

New payment channels, and online negotiation, made available in recent quarters (PIX instant payments, automatic bank debits, payments by card and app, etc.) have continued to increase the proportion of collection via digital channels – in 1Q24 it reached 66.39% of the total collected, compared to 59.63% in 1Q23.

A highlight is the use of the PIX instant payment system, which was launched 2 years ago, and in March 2024 already was used for 24.0% of all collection payments.

The change in the collection mix reduced costs by 19% – a saving of R$ 3.4 million compared to 1Q23.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	12

Energy losses

Energy losses were compliant with the regulatory level in the 12 months to end March 2024, at 10.59% (the regulatory level is 10.69%).

Highlights of our combat of energy losses in 1Q24 include: approximately 75,000 inspections; replacement of more than 149,000 obsolete meters; exchange of 30,200 conventional meters for smart meters (bringing the total of smart meters installed since the project began in September 2021 to 343,000); and regularization of 1,300 clandestine connections for families living in ‘invaded’ or low-income areas, through our Energia Legal program, which includes ‘bulletproofed’ networks – with a total of 13,937 regularizations since the project began in February 2023.

Planned for full-year 2024 are: 350,000 inspections; installation of a further 200 thousand smart meters; and regularization of 30,000 families in low-income communities.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	13

Cemig GT and the Cemig Holding Company

Electricity market

The total volume of electricity sold by Cemig GT and by the Cemig holding company (‘Cemig H’), excluding sales on the wholesale power exchange (CCEE) was 4.0% higher than in 1Q23. Cemig GT billed 5,182 GWh (including quota sales) in 1Q24, 18.1% less than in 1Q23. This reduction reflects the transfer to Cemig H of contracts for sales of electricity totaling 1,522 GWh more than in 1Q23.

As a result the holding company reported sales of 4,520 GWh in 1Q24, 50.7% more than in 1Q23. Migration of purchase contracts from Cemig GT to the holding company began in 3Q21, and has been gradually increasing since then. The percentage of GT contracts transferred to Cemig H is now at around 60%.


	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%

Sources and uses of electricity


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	14

Gasmig

Gasmig is the exclusive distributor of piped natural gas for the whole of the state of Minas Gerais. It supplies industrial, commercial and residential users, compressed natural gas and vehicle natural gas, and gas as fuel for thermoelectric generation plants. Its concession expires in January 2053. Cemig owns 99.57% of Gasmig.

Gasmig’s Tariff Review was completed in April 2022. Highlights:

▪

The WACC used as basis for the calculation (real, after taxes) was reduced from 10.02% p.a. to 8.71% p.a.

▪

The Net Remuneration Base was increased significantly, to R$ 3.48 billion.

▪

The regulator recognized the cost of PMSO (Personnel, Materials, Services outsourced and Other expenses) in full.


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

The volume of gas sold in 1Q24 was 9.7% lower than in 1Q23, and volume distributed to industrial Free Clients was 1.8% higher.

Gasmig’s Ebitda was 15.6% lower in 1Q24 than 1Q23, reflecting (i) lower volume, and (ii) the lower compensatory component in the tariff (for differences between actual costs and cost included in the tariff award calculation).

The number of Gasmig’s clients increased by 15.7% from 1Q23, to a total of 98,021 consumers in 1Q24. This growth reflects expansion of both the commercial and the residential client bases (addition of 13,200 clients)

Financial results

Consolidated operational revenue


	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%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	16

Revenue from supply of electricity


	1Q24			1Q23			Change, %
	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000
Residential	3,250,170	3,126,496	961.95	2,984,825	2,394,792	802.32	8.9%	30.6%
Industrial	4,130,114	1,298,596	314.42	4,307,674	1,439,741	334.23	–4.1%	–9.8%
Commercial, Services and Others	2,547,884	1,674,462	657.2	2,343,460	1,503,080	641.39	8.7%	11.4%
Rural	623,633	533,356	855.24	526,308	392,758	746.25	18.5%	35.8%
Public authorities	253,258	223,285	881.65	223,654	164,544	735.71	13.2%	35.7%
Public lighting	248,003	130,982	528.15	269,516	116,991	434.08	–8.0%	12.0%
Public services	219,441	185,343	844.61	272,353	164,251	603.08	–19.4%	12.8%
Subtotal	11,272,503	7,172,520	636.28	10,927,790	6,176,157	565.18	3.2%	16.1%
Own consumption	8,188	0	–	7545	0	–	8.5%	–
Retail supply not yet invoiced, net	0	-155,322	–	0	13,439	–	–	–
	11,280,691	7,017,198	636.28	10,935,335	6,189,596	565.18	3.2%	13.4%
Wholesale supply to other concession holders (2)	4,275,663	1,051,019	245.81	4,038,776	964,188	238.73	5.9%	9.0%
Wholesale supply not yet invoiced, net	0	-49,073	–	0	-58,440	–	–	–16.0%
Total	15,556,354	8,019,144	528.91	14,974,111	7,095,344	477.09	3.9%	13.0%

(1)

The calculation of average price does not include revenue from supply not yet billed.

(2)

Includes Regulated Market Electricity Sale Contracts (CCEARs) and ‘bilateral contracts’ with other agents.

Energy sold to final consumers

Gross revenue from energy sold to final consumers in 1Q24 was R$ 7,017.20 million, compared to R$ 6,189.60 million in 1Q24, an increase of 13.4% YoY, in spite of volume being only 3.2% higher. The increase mainly reflects the re-inclusion, in the basis for calculation of ICMS tax, of the Transmission and Distribution charges, as from Decree 45572/2023, of February 2023.

Wholesale supply

Revenue from wholesale supply in 1Q24 was R$ 1,001.9 million, compared to R$ 905.7 million in 1Q23. The increase reflects (i) updating of the amounts of contracts, and (ii) volume sold 5.9% higher.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	17

Transmission


	1Q24	1Q23	Change %
TRANSMISSION REVENUE (R$ ’000)
Operation and maintenance	66,562	87,740	–24.1%
Infrastructure construction, strengthening and enhancement	63,394	39,403	60.9%
Financial remuneration of transmission contractual assets	151,392	177,254	–14.6%
Total	281,348	304,397	–7.6%

Transmission revenue was 7.6% lower, due to revenue from operation and maintenance being 24.1% lower, and revenue from financial remuneration of transmission contractual assets being 14.6% (R$ 25.9 million) lower, due to the different IPCA inflation rate – the basis for the remuneration of the contract – which was 1.42% positive in 1Q24, compared to 2.09% (positive) in 1Q23. Construction revenue increased by 60.9% (R$ 24.0 million), mainly due to additions made to projects with higher construction margins in the period.

Gas

Gross revenue from supply of gas in 1Q24 was R$ 919.6 million, compared to R$ 1,123.6 million in 1Q23. The lower figure is due to: (i) passthrough to tariffs of downward adjustments made in the price of gas acquired in the prior 12 months (lower average prices); and (ii) the lower volume of sales in the industrial and automotive markets.

Revenue from Use of Distribution Systems – The TUSD charge


	1Q24	1Q23	Change %
TUSD (R$ ’000)
Use of the Electricity Distribution System	1,169,299	980,398	19.3%

In 1T24 revenue from the TUSD – charged to Free Consumers on their distribution of energy – was R$ 188.9 million higher than in 1Q24. This reflects (i) volume of energy transported for Free Clients 5.1% higher; and (ii) re-inclusion in the basis for calculation of ICMS tax of transmission and distribution charges, as from February 2023.


	1Q24	1Q23	Change %
ENERGY TRANSPORTED – MWh
Industrial	5,299,342	5,122,930	3.4%
Commercial	581,198	498,671	16.5%
Rural	14,706	10,699	37.5%
Public services	125,641	105,375	19.2%
Concession holders	76,189	64,686	17.8%
Total energy transported	6,097,076	5,802,361	5.1%

Operational costs and expenses

Operational costs and expenses in 1Q24 totaled R$ 7.47 billion, which compares with R$ 6.94 billion in 1Q23. This mainly reflects higher posting of construction cost (+R$ 217.7 million), higher cost of use of the national grid (+R$ 143.0 million), higher amounts posted for losses on expected receivables (+R$ 67.9 million), and, in counterpart, lower expense on purchase of gas (–R$ 104.6 million). See more details on costs and expenses in the pages below.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	18

Operational costs and expenses


	1Q24	1Q23	Change %
R$ ’000
Electricity bought for resale	3,510,632	3,444,067	1.9%
Charges for use of national grid	843,222	700,181	20.4%
Gas purchased for resale	510,177	614,803	–17.0%
Construction cost	920,981	703,281	31.0%
People	324,058	335,197	–3.3%
Employees’ and managers’ profit shares	39,232	38,127	2.9%
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%
Provisions / adjustments for losses	139,585	113,536	22.9%
Impairments (reversal)	22,958	46,126	–50.2%
Provisions (reversals) for client default	75,853	7,926	857.0%
Gain on sale 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%
Total	7,465,676	6,940,673	7.6%

Electricity purchased for resale


	1Q24	1Q23	Change %
CONSOLIDATED (R$ ’000)
Electricity acquired in Free Market	1,239,531	1,225,659	1.1%
Electricity acquired in Regulated Market auctions	1,001,518	937,269	6.9%
Distributed generation	663,764	618,732	7.3%
Supply from Itaipu Binacional	268,696	262,175	2.5%
Physical guarantee quota contracts	220,391	226,248	–2.6%
Individual (‘bilateral’) contracts	127,290	125,429	1.5%
Proinfa	113,113	127,894	–11.6%
Spot market	63,761	110,319	–42.2%
Quotas for Angra I and II nuclear plants	94,399	89,917	5.0%
Credits of PIS, Pasep and Cofins taxes	–281,831	–279,575	0.8%
	3,510,632	3,444,067	1.9%

The expense on electricity bought for resale in 1Q24 was R$ 3.51 billion, R$ 66.6 million (1.9%) higher than in 1Q23. This reflects, mainly:

▪

Expenses on energy acquired in the Regulated Market R$ 64.2 million (6.9%) higher than in 1Q23. reflecting (i) the annual adjustments to contracts, by the IPCA inflation index, and (ii) entry of new contracts.

▪

Expense on distributed generation R$ 45.0 million (+7.3%) higher, reflecting the higher number of generation facilities installed (261,000 in March 2024, compared to 215,000 in March 2023), and a 44.2% increase, year-on-year, in the volume of energy injected, that was 1.438 GWh in 1Q24.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	19

▪

The costs of energy acquired in the Free Market (the Company’s highest cost of purchased energy), were R$ 1,239.5 million, R$ 13.9 million (1.1%) higher than in 1Q23.

▪

The cost of Proinfa supply was 11.6% (R$ 14.8 million) lower, mainly due to winds throughout Brazil’s Northeast being far lower than in previous periods, with an impact on wind generation by several enterprises.

Note that for Cemig D, purchased energy is a non-manageable cost: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.


	1Q24	1Q23	Change %
Cemig D (R$ ’000)
Supply acquired in auctions on the Regulated Market	1,026,912	951,606	7.9%
Distributed generation	663,764	618,732	7.3%
Supply from Itaipu Binacional	268,696	262,175	2.5%
Physical guarantee quota contracts	224,569	239,079	–6.1%
Individual (‘bilateral’) contracts	127,290	125,429	1.5%
Proinfa	113,113	127,894	–11.6%
Quotas for Angra I and II nuclear plants	94,399	89,917	5.0%
Spot market – CCEE	47,226	72,151	–34.5%
Credits of PIS, Pasep and Cofins taxes	–166,596	–163,169	2.1%
	2,399,373	2,323,814	3.3%

Charges for use of the transmission network and other system charges

Charges for use of the transmission network in 1Q24 totaled R$ 843.2 million, 20.4% higher year-on-year. The difference primarily reflects: (i) a higher need for dispatching of thermoelectric generation plants in 2023, on days and intra-day periods of higher demand, due to higher temperatures; and (ii) entry into operation of the Reserve Energy contracts arising from the Simplified Competitive Procedure (Procedimento Competitivo Simplificado – PCS) of 2021, with a consequent increase in the Reserve Energy charges in the period. This is a non-manageable cost in the distribution business: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.

Gas purchased for resale

The expense on acquisition of gas in 1Q24 was R$ 510.2 million, or 17.0% less than in 1Q23. This is due to a lower price of gas acquired for resale, and also lower quantity – 9.7% less by volume.

Outsourced services

Expenditure on outsourced services was 11.0% (R$ 51.5 million) higher than in 1Q23, the main factors being higher expenses on: maintenance of electrical installations and equipment (R$ 34.1 million, or 19.4%, higher); cleaning of power line pathways (+R$ 8.0 million, or 33.5%, higher); and information technology (R$ 7.2 million, or 13.9%, higher).

Provisions for client default

The expense on provisions for losses due to client default in 1Q24 was R$ 75.8 million, compared to R$ 7.9 million in1Q23, mainly due to the revision, in 3Q22, of the criteria for accounting for overdue client receivables (increase of the threshold for posting 100% loss, from 12 to 24 months, to reflect the actual performance of Cemig clients more faithfully) – which also had a positive effect in 1Q23).

Provisions for contingencies

Contingency provisions totaled R$ 139.6 million in 1Q24, 22.9% more than in 1Q23. This reflected a higher volume of provisions in Cemig Distribution, mainly in provisions for employment-law and third-party liability contingencies, reassessment of chances of loss in lawsuits in progress, and decisions against the Company in cases completed or with final settlement in 1Q24.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	20

Impairments

Provisions for impairment in 1Q24 totaled R$ 23.0 million: R$ 17.7 million for plants classified as held for sale, and R$ 5.3 million for a receivable from a client disputing amounts owed. In 1Q23 an impairment of R$ 46.1 million had been posted for the plants of Cemig GT which were in the process of sale (this was reversed with the success of the sale auction).

Gain on disposal of investment

With the completion of the sale of Small Hydro Plants in 1Q24, a gain of R$ 42.9 million was posted in Other costs and expenses. In 1Q23 a gain of R$ 30.5 million been posted in this line, for part of the sale of the stake in Santo Antônio.

Post-employment liabilities

The impact of the Company’s post-retirement obligations on operational profit in 1Q24 was an expense of R$ 142.3 million, compared to an expense of R$ 103.0 million in 1Q23. The lower figure represents remeasurement, in 1Q23, of the post-employment liability, with a positive impact of R$ 56.9 million, reflecting acceptance of the new health plan by some of the active employees.

People

Expense on personnel in 1Q24 was R$ 324.1 million, 3.3% less than in 1Q23, even after the 4.14% increase in salaries under the Collective Work Agreement of November 2023. The reduction is explained by (i) the lower cost of newly-hired employees than of those that left the Company, and (ii) the average number of employees being 1.2% lower than in 1Q23.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	21

CONSOLIDATED EBITDA (IFRS and Adjusted)

Ebitda is a non-accounting measure prepared by the Company, reconciled with its consolidated financial statements in accordance with the specifications in CVM Circular SNC/SEP 01/2007 and CVM Resolution 156 of June 23, 2022. It comprises: Net profit adjusted for the effects of: (i) Net financial revenue (expenses), (ii) depreciation and amortization, and (iii) income tax and the Social Contribution tax. Ebitda is not a measure recognized by Brazilian GAAP nor by IFRS; it does not have a standard meaning; and it may be non-comparable with measures with similar titles provided by other companies. Cemig publishes Ebitda because it uses it to measure its own performance. Ebitda should not be considered in isolation or as a substitute for net profit or operational profit, nor as an indicator of operational performance or cash flow, nor to measure liquidity nor the capacity for payment of debt. In accordance with CVM Instruction 156/2022, the Company adjusts Ebitda to exclude extraordinary items which, by their nature, do not contribute to information on the potential for gross cash flow generation.


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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	22


Ebitda of Cemig D	1Q24	1Q23	Change %
Cemig D Ebitda – R$ ’000
Net profit for the period	322,338	369,530	–12.8%
Income tax and Social Contribution tax	99,173	118,970	–16.6%
Net finance revenue (expenses)	108,780	92,348	17.8%
Amortization	216,199	194,240	11.3%
EBITDA	746,490	775,088	–3.7%
Post-employment – Cemig Saúde	0	–33,990	–100.0%
Adjusted Ebitda	746,490	741,098	0.7%

Cemig D posted Ebitda of R$ 746.5 million, 0.7% more than the adjusted Ebitda of 1Q23. Main effects in Ebitda in the quarter:

▪

4.4% more energy distributed than in 1Q23 (+3.6% in the captive market and +5.1% in the Free Market), reflecting (i) high temperatures, (ii) improved economic activity, and (iii) greater need for irrigation in the period – rural consumption was up 16.4%, residential consumption was up 8.9%, and industrial consumption up 2.2%.

▪

Full effect of the May 2023 Tariff Review in the period.

▪

Personnel expenditure R$ 14.5 million (6.5%) lower in 1Q24.

▪

Energy losses: Cemig D outperformed the regulatory limit – reporting 10.59%, vs. the regulatory limit of 10.69%.

▪

New Replacement Value (VNR) of R$ 30.9 million in 1Q24, and R$ 30.8 million in 1Q23.

▪

Higher volume of client default provisions: R$ 73.0 million in 1Q24,vs. R$ 8.1 million in 1Q23 – partly due to revision, in 3Q22, of the rules for measurement of provisions for default, which had a positive effect in the subsequent 12 months.

▪

Higher volume of provisions for contingencies, especially employment-law and third-party liability litigation: R$ 106.0 million in 1Q24, compared to R$ 55.9 million in 1Q23.

▪

Net expense on deactivation of assets R$ 15.6 million (57.6%) higher than in 1Q23.

▪

Positive effect of R$ 34.0 million in 1Q23, resulting from remeasurement of post-employment liabilities as a result of the new health plan being accepted by part of the employees.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	23

Cemig GT – Ebitda


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

The Ebitda of Cemig GT in 1Q24 was R$ 800.9 million, 2.2% lower than in 1Q23.

Adjusted Ebitda was 1.0% lower. Effects on Ebitda in the YoY comparison:

▪

Completion of the sale of 15 Small Hydro Plants (PCHs) and Hydro Plants (CGHs) in 1Q24, with a gain of R$ 43.0 million.

▪

Less advantageous GSF in 1Q24: in 1Q23 it was higher than 1, and approximately 10% lower in 1Q24.

▪

Volume of energy sold, excluding settlements on the CCEE, 18% lower, due to transfer of contracts to the holding company.

▪

Impairments of R$ 23.0 million were posted in 1Q24: R$ 17 million for plants held for sale, and R$ 5.3 million for a client questioning the amount of a receivable. In 1Q23 an impairment of R$ 46.1 million had been made for plants included in the process of sale.

▪

Lower equity income (share of gain/loss in non-consolidated investees): R$ 7.6 million in 1Q24, compared to R$ 69.5 million in 1Q23. The main factors were (i) positive, in 1Q23, on the sale of Santo Antônio; and (ii) equity income from Belo Monte R$ 14.4 million lower.

▪

Gain of R$ 55.4 million, in 1Q23, on disposal of the equity interest in Mesa (Santo Antônio plant), comprising R$ 30.5 for the directly held interest, and R$ 24.9 million via equity income.

▪

Positive effect of R$ 20.8 million, in 1Q23, from remeasurement of post-employment liabilities, as a result of the new health plan being accepted by some of the employees.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	24

Finance income and expenses


	1Q24	1Q23	Change %
(R$ ’000)
Finance income	218,245	329,784	–33.8%
Finance expenses	–399,231	–435,698	–8.4%
Finance income (expenses)	–180,986	–105,914	70.9%

For 1Q24 Cemig reports Net financial expenses of R$ 181.0 million, compared to Net financial expenses of R$ 105.9 million in 1Q23. Main factors:

▪

Lower income from cash investments: R$ 64.8 million in 1Q24, R$ 33.2 million less than in 1Q23. The main factor was the lower CDI rate: 2.63% in 1Q24, vs. 3.25% in 1Q23.

▪

Monetary updating on the balances of CVA and Other financial components in tariff increases: a gain (financial revenue item) of R$ 1.8 million in 1Q24, compared to a gain of R$ 26.6 million in 1Q23. This basically reflects a lower balance of items updated by the Selic rate in 1Q24.

▪

In 1Q24 the US dollar appreciated by 3.2% (R$0.155) against the Real, but in 1Q23 it depreciated by 2.63% (R$ 0.137) – generating an expense related to dollar debt of R$ 59.0 million in 1Q24, and a gain of R$ 103.8 million in 1Q23.

▪

The fair value of the financial instrument contracted to hedge the risks connected with the Eurobonds gained R$ 42.0 million in value in 1Q24; and lost value of R$ 12.7 million in 1Q23.

Eurobonds – Effect in the quarter (R$ ’000)


	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

Equity income (gain/loss in non–consolidated investees)


	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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	25

Net profit

For 1Q24, Cemig once again reports quarter Net profit of more than R$ 1 billion: R$ 1.153 billion in 1Q24, compared to R$ 1.398 billion in 1Q23. Adjusted net profit in 1Q24 is R$ 1,154 million, compared to R$ 1,270 billion in 1Q23. Main factors in this result were:

▪

(i) Strong results from energy trading: Profit of R$ 192 million, due to a differentiated strategy, including anticipation of market movements, by Cemig GT and the Holding company, plus (ii) lower average cost of energy purchased in 1Q24, due to wind power generation from suppliers being lower than contracted levels resulting in the purchase of the difference at spot price

▪

Cemig D distributed 4.4% more energy in 1Q24 than in 1Q23.

▪

Conclusion of the sales of 15 Small Hydro Plants (PCHs) and Hydro Plants (CGHs), with positive effect of R$ 25.0 million in 1Q24 net profit.

▪

Cemig D reports profit of R$ 322.3 million, 7.2% lower than the adjusted result for 1Q23, impacted by higher expenditure on provisions, and de-activation of assets.

▪

Gasmig posted profit 24.7% lower than in 1Q23, due to (i) a lower volume of gas sold and (b) a lower compensatory component allowed in its tariffs (for differences between actual costs and the costs estimated in calculating the tariff).

▪

Equity income (gain/loss in non-consolidated investees) was R$ 65.2 million lower. The main factors were (i) a positive item of R$ 25 million, in 1Q23, on the sale of Santo Antônio; and (ii) equity income from Belo Monte R$ 14.4 million lower in 1Q24.

▪

Impairments posted, with effects of R$ 11.7 million on net profit in 1Q24, and R$ 30 million in 1Q23, for plants transferred to the process of sale. In 1Q24 an impairment of R$ 3.5 million was also posted for dispute of a receivable by a client.

▪

Net financial expenses of R$ 181.0 million in 1Q24, and R$ 105.9 million in 1Q23 – the 1Q23 result reflected appreciation of the Real against the dollar.

Other effects in 1Q23:

▪

Positive effect of R$ 38 million in 1Q23, resulting from remeasurement of post-employment liabilities, as a result of the new health plan being accepted by some of the employees.

▪

Gain of R$ 45 million on disposal of the interest in Mesa (Santo Antônio plant).


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	26

Investments

The total invested in 2023 was R$ 1.02 billion, 36.0% more than in 1Q23.

The highlight was Cemig D with R$ 881 million invested in 1Q24.

Underlining our mission to grow in renewable generation, works are 92% complete on the Boa Esperança and Jusante photovoltaic solar generation plants, which will add generation capacity of 188 MWp, with start of operation planned for the end of first half 2024. Gasmig has begun works on the Center-West Project, with allocated capex of R$ 780 million, for construction of 300 kilometers of pipeline network.

Execution of the largest investment program in Cemig’s history will modernize and improve the reliability of Cemig’s electricity system, in line with its strategic plan of focusing on Minas Gerais and its core businesses, providing ever-improving service to the client. Investment totaling R$ 35.6 billion is planned over 2024-2028, of which R$ 6.2 billion to be invested in 2024.

Debt


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	–

In 1Q24 Cemig D amortized debt of R$ 440.9 million, and in March 2024 concluded a further issue of R$ 2 billion in debentures, characterized as “ESG resource use securities – sustainable, for which demand was 2.73 times the offering, in two series: The first for R$ 400 million, remunerated at the CDI rate plus 0.80% p.a., with maturity at five years and partial amortization in the fourth year; the second, for R$ 1.6 billion, remunerated by the IPCA inflation index plus 6.1469%, p.a., with maturity at 10 years, and amortizations in the 8th and 9th years. After this issue the average tenor of the debt increased by approximately one year, to 3.6 years. Leverage (Net debt/adjusted Ebitda) remained at below 1x.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	28


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

* Debt in USD is protected by a hedge instrument, within an FX variation band – with payment of interest converted to % of the Brazilian CDI rate.

Covenants – Eurobonds


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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	30

Cemig’s long-term ratings

Cemig’s ratings have improved significantly in recent years, and are currently at their highest-ever level. In 2021 the three principal rating agencies upgraded their ratings for Cemig. In April 2022, Moody’s again upgraded its rating for Cemig, this time by one notch. In 2023, S&P, Fitch Ratings and Moody’s maintained their ratings for Cemig. In May 2024 Moody’s increased its ratings on the Brazilian scale for Cemig, Cemig D and Cemig GT from “AA.br“ to “AA+.br reflecting our success in implementing measures that increased the Company’s credit quality.

More details in this table:

ESG – Report on performance

Cemig – Highlights

▪

The Aneel IASC (Consumer Satisfaction) index reported an increase of 4.60% in consumer satisfaction with Cemig’s service quality, value and perceived reliability in 2023, compared to 2022 – attributing a score of 60.45 points, – while the result of the 'IASC Brazil Concessionaires' (average result of all distributors) was 59.91, which represented an increase of 1.91%.

▪

Cemig D launched its Structuring Projects, which aim to improve distribution processes, stimulate increased investment, and consolidate the Company’s position as a benchmark in the electricity sector. These are a total of 14 projects aligned with the Company’s 2024–2028 strategic planning, primarily in the areas of procurement, information technology, real estate management, legal and other areas supporting execution of projects.

▪

The sale of 15 small hydroelectric generation plants, to Mang Participações e Agropecuária, was completed: 12 owned by Cemig GT and 3 by Horizontes.

▪

The consumer opinion platform consumidor.gov reported Cemig in second place in customer satisfaction in its sector, 9th in providing solutions, and 7th in response time. This is the best result since 2020, when the Company’ data began to be available on this platform, which allows direct dialog between consumers and companies in solving consumer problems.

▪

Works were started on modernization of the Salto Grande Hydroelectric Plant, in Braúnas, Minas Gerais. This plant, with installed capacity of 102 MW, has been operating for 74 years. The estimated budget is approximately R$ 160 million.

Social

▪

Cemig has joined the Desenrola Brasil (‘Simplify, Brazil’) Program, a federal government initiative for low-income earners who had been put on credit reporting lists between January 2019 and May 2023, to regularize and renegotiate personal debts of up to R$ 20,000 on advantageous terms.

▪

We launched our Program to Combat Moral or Sexual Harassment, Discrimination and Other Forms of Violence in the Workplace, reaffirming our commitment to a safe, respectful and inclusive work environment for all employees.

Governance

▪

Cemig has updated its policy on treatment of personal data and business information. One of the changes allows monitoring of use of the Company’s internal platforms, to protect personal data and corporate information, ensuring that all employees comply with laws, procedures, policies and internal rules.

▪

An update of the Compliance Policy was approved, to include the subject of combating bribery, with reference also to prevention of fraud. This reinforces the Company’s commitment in managing conflicts of interest, and combating any act that could represent deviation from ethical conduct or compliance with legislation, or any internal or external rules.

Cemig in the main sustainability indices


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	32

Indicators


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%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	33

Performance of Cemig’s shares and ADRs


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).

The aggregate trading of Cemig's ON and PN shares places it as one of the most traded companies in the Brazilian market. On the New York Stock Exchange the volume traded in ADRs for Cemig’s preferred shares (CIG) in 1Q24 was US$355.5 million – reflecting investors’ continued recognition of Cemig as a global investment option.

The benchmark Ibovespa index of the São Paulo Stock Exchange fell 4.53% in the period, while the preferred (PN) shares of Cemig rose 10.97%, the highest gain among companies of the Brazilian power sector, and the common (ON) shares fell 2.32%. In New York the ADRs for Cemig’s preferred shares rose 8.45% in the period, and the ADRs for the common shares fell 7.05%.


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	34

Cemig generation plants


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

Expansion of Photovoltaic Generation


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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	35

RAP – July 2023-June 2024 cycle

The RAP of Cemig GT has been increased by 23.5%, as from July, reflecting (i) inflation in the period, (ii) strengthening and enhancements, and (iii) flow from reprofiling of its National Grid (RBSE) component.


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

* RAP including amounts of the Adjustment Portion.


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

** The figures for indemnity of National Grid components are included in the RAP of Cemig (first table).

Note: Cemig currently has state environmental (REA) approval for additional large-scale strengthening and enhancement works, for total capex of R$ 967 million; and for investments of R$ 211 million related to Lot 1 of Auction 02/2022 (with completion of works planned for 2028).


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


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


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	36

Complementary information

Cemig D


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

(1) This refers to the ‘energy’ portion for calculation of the regulatory charges to Free Clients (‘Portion A’).

(2) Total energy distributed (Energia Total Distribuida).

(3) Sum of TUSD billed, according to demand contracted (‘Portion B’)


Cemig D	1Q24	4Q23	1Q23	Change %	Change %
Operational revenue (R$ mn)				4Q – 1Q	1Q – 1Q
Supply of electricity	5,727	6,241	4,722	–8.2%	21.3%
Reimbursement to consumers of PIS, Pasep and Cofins tax credits	323	339	696	–4.7%	–53.6%
TUSD	1,178	1,200	988	–1.8%	19.2%
CVA and Other financial components in tariff adjustments	76	-149	21	–	–
Construction revenue	859	1,053	658	–18.4%	30.5%
Adjustment to expectation of cash flow from reimbursable concession financial assets (New Replacement Value (VNR))	31	22	31	40.9%	0.0%
Others	513	505	394	1.6%	30.2%
Subtotal	8,707	9,211	7,510	–5.5%	15.9%
Deductions	2,737	2,784	2,133	–1.7%	28.3%
Net revenue	5,970	6,427	5,377	–7.1%	11.0%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	37


Cemig D	1Q24	4Q23	1Q23	Change %	Change %
Operational expenses (R$ mn)				4Q – 1Q	1Q – 1Q
People	210	229	225	-8.3%	–6.7%
Employee profit shares	25	24	25	4.2%	0,0%
Post-employment obligations	96	109	73	–11.9%	31.5%
Materials	23	43	25	–46.5%	–8.0%
Outsourced services	446	446	401	0.0%	11.2%
Amortization	217	238	195	–8.8%	11.3%
Operational provisions	191	173	67	10.4%	185.1%
Charges for use of the national grid	875	796	729	9.9%	20.0%
Electricity purchased for resale	2,399	2,598	2,324	–7.7%	3.2%
Construction cost	859	1,053	658	–18.4%	30.5%
Other expenses	99	151	74	–34.4%	33.8%
Total	5,440	5,860	4,796	–7.2%	13.4%


Cemig D	1Q24	4Q23	1Q23	Change %	Change %
Profit and loss accounts				4Q – 1Q	1Q – 1Q
Net revenue	5,970	6,427	5,377	–7.1%	11.0%
Operational expenses	5,440	5,860	4,796	–7.2%	13.4%
Operational profit	530	567	581	–6.5%	–8.8%
EBITDA	746	805	775	–7.3%	–3.7%
Net finance income (expenses)	-109	-73	-93	49.3%	17,2%
Provision for income tax, Social Contribution tax and deferred income tax	-99	-94	-119	5.3%	–16.8%
Net profit	322	401	370	–19.7%	–13.0%

Cemig GT


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%


COMPANHIA ENERGÉTICA DE MINAS GERAIS S.	38


Cemig GT – Operational expenses	1Q24	4Q23	1Q23	Change %	Change %
(R$ mn)				4Q – 1Q	1Q – 1Q
People	83	87	86	–4.6%	–3.5%
Employee profit shares	9	9	10	0.0%	–10.0%
Post-employment obligations	29	34	13	–14.7%	123.1%
Materials	6	7	3	–14.3%	100.0%
Outsourced services	56	47	53	19.1%	5.7%
Depreciation and amortization	84	87	81	–3.4%	3.7%
Operating provisions	9	18	9	–50.0%	0.0%
Charges for use of the national grid	73	67	63	9.0%	15.9%
Electricity purchased for resale	341	549	682	–37.9%	–50.0%
Construction cost	26	63	27	–58.7%	–3.7%
Impairments	23	0	46	0.0%	–50.0%
Put option – SAAG	0	0	33	–	–100.0%
Gain on disposal of investment	-43	-288	-30	–85.1%	43.3%
Other expenses	-3	20	12	–115.0%	–125.0%
Total	693	700	1,088	–1.0%	–36.3%


Cemig GT – Income statements	1Q24	4Q23	1Q23	Change %	Change %
(R$ mn)				4Q – 1Q	1Q – 1Q
Net revenue	1,403	1,752	1,756	–19.9%	–20.1%
Operational expenses	693	700	1,088	–1.0%	–36.3%
Operational profit	710	1052	668	–32.5%	6.3%
Gain (loss) in non–consolidated investees	8	34	70	–76.5%	–88.6%
EBITDA	801	1,173	819	–31.7%	–2.2%
Net finance income (expenses)	–69	–9	6	666.7%	–1250.0%
Provision for income tax, Social Contribution tax and deferred income tax	–155

ENERGY CO OF MINAS GERAIS 6-K