Companhia Energética de Minas Gerais - CEMIG (CIG) Stock Analysis

CEMIG is one of Latin America’s largest integrated utilities, spanning power generation, transmission, distribution, trading, and natural gas. Its core regulated distribution business serves over 9 million customers in Minas Gerais, while its hydro-heavy generation base and free-market trading arm provide upside. Management has shifted the company from leverage repair toward record investment, grid modernization, renewable expansion, and potential corporatization. The investment case combines essential-service stability, high dividends, deep-value valuation, and a reform-driven re-rating opportunity, tempered by political, regulatory, and hydrological risks.