Companhia Energetica De Minas Gerais Sa · BMFBOVESPA:CMIG3
Companhia Energetica De Minas Gerais Sa — Energy Co of Minas Gerais — Investor Day (June 2017)
80 slides from Companhia Energetica De Minas Gerais Sa's investor day presentation, Jun 16, 2017
Slide 1: XXII Annual Meeting with Capital Markets: Disinvestment Program
(1) Value reported in the Company’s accounting. The exceptions are: Taesa, Transmineira, Renova and Light Energia. Does not represent a guarantee or expectation of the real sale value of the assets. (2) Market value (BM&F Bovespa) on March 31, 2017: R$ 22.44/unit. Cemig will keep stockholders and th
Slide 2: Disinvestment Program
XXII Annual Meeting with Capital Markets Disinvestment ProgramCésar Vaz de Melo FernandesChief Officer for Business Development CEMIG
Slide 3: Disinvestment program: strategy designed to deleverage Cemig
XXII Annual Meeting with Capital Markets After successfully executing its growth strategy, Cemig has now a valuable asset base, which needs to be disinvested to adjust its trajectory and reestablish its financial equilibrium.Implementation of the Disinvestment Program will bring Cemig’s net debt bac
Slide 4: Criteria for choice of priorities
XXII Annual Meeting with Capital Markets Disinvestment program Criteria for choice of priorities: Assets with highest liquidity 1 Liquidity Non-strategic assets or in which we have less significant equity interests 3 Strategic Assets that are not expected to provide returns in the short term 2 Longe
Slide 5: Assets sold between 2016 and 2017
XXII Annual Meeting with Capital Markets Disinvestment program As a result of this strategy, the following assets were sold between 2016 and 2017, for total proceeds of R$ 2.046 billion Transchile S.A. Sale of Cemig’s 49% interest in the Charrua-Nueva Temuco transmission line - cash inflow of R$ 180
Slide 6: Corporate structure and equity holdings
XXII Annual Meeting with Capital Markets Companhia Energetica de Minas Gerais Light/LEPSA 43,38% Cemig D 100% Cemig GT 100% TAESA 31 GAsmig 99,57% Transmineira 24,5% Centroeste 51% Trading Co.’s 100% CEMIG Telecom 99,99% Generation Subsidiaries 100% Efficientia 100% Axxiom 49% Alianca Geracao 45% Sa
Slide 7: Disinvestment program: assets and status
XXII Annual Meeting with Capital Markets Disinvestment program Company Criterion % stake Book value R$ mn Status taesa 19% 1,432(2)Negotiation of equity interests Trasmineira 25% 77 Final phase of signature of contracts Santo Antonio 18% 1,278 Binding proposal Renova Energia - 315 Non-binding propos
Slide 8: Other measures to improve cash position
XXII Annual Meeting with Capital Markets Other measures to improve cash position Company Criterion Status GUANHAES ENERGIA Non-binding proposal UNE ITAOCARA De-contracting with distributors VOLTA DO RIO PARAJURU MORGADO Compliance with arbitration judgment RBE CENTROESTE Negotiations of crossover st
Slide 9: Investor relations
XXII Annual Meeting with Capital Markets CEMIG Investor relations Tel: +55 (31) 3506-5024Fax: +55 (31) 3506-5025ri@cemig.com.brhttp://ri.cemig.com.br CMIG3 NIVEL 1 CMIG4 NIVEL 1 LATIBEX XCMIG CORPORATE SUSTAINABILITY INDEX ISE 2017 DOW JONES SUSTAINABILITY INDICES CDP 6. XXII ANNUAL MEETING WITH CAP
Slide 10: Reprofiling of Cemig's debt
XXII Annual Meeting with Capital Markets Reprofiling of Cemig’s debtA dézio de Almeida LimaChief Finance and Investor Relations Officer CEMIG
Slide 11: Factors affecting debt increase
XXII Annual Meeting with Capital Markets Factors affecting debt increase 1 The most recent growth allowed to build a portfolio of holdings in important energy companies Cemig invested in various projects to expand its asset portfolio – e.g.: Belo Monte and Santo Antônio hydroelectric plants, Renova
Slide 12: Factors affecting debt increase: high dividends
XXII Annual Meeting with Capital Markets 3 Factors affecting debt increase High distribution of dividends: FREE CASH FLOW {R$ mn,nominal} 965 727 4,364 216 1,121 2011 2012 2013 2014 2015 DIVIDENDS PAID {R$ mn,nominal} 2,041 1,731 4,397 3,918 770 2011 2012 2013 2014 2015 CEMIG
Slide 13: Company expansion in adverse context
XXII Annual Meeting with Capital Markets Company expansion Extremely adverse regulatory and economic context at a time when the company was expanding capacity while generation and demand were declining, negatively impacting margins and cash flow generation. Installed generation capacity (MW) 7158 77
Slide 14: Liquidity and debt: increased leverage
XXII Annual Meeting with Capital Markets Liquidity and debt Substantial increase in leverage in recent years, due to: investments high distribution of dividends regulatory changes... Net debt (R$ mn) – IFRS Ebitda reduced by more than 50% 1.8X 1.2X 1.8X 2.1X 5.0X Acquisition of interest in Renova, a
Slide 15: Liquidity and debt: obligations in coming years
XXII Annual Meeting with Capital Markets Liquidity and debt ... with significant obligations in coming years: Debt amortization timetable (1) (R$ mn) Excludes the put option in Light – which represents a cash outflow of R$ 1.6 bn. 2,009 4,837 3,880 1,828 1,794 1,794 1,586 561 224 470 Cash 2016 2017
Slide 16: Current macroeconomic scenario
XXII Annual Meeting with Capital Markets Current macroeconomic scenario Basic interest rate Selic at year-end 2017 expected to be 8.5% p.a. (*) GDP Each 1% reduction in Selic rate reduces debt expense by R$ 125 mn Default Market (*) Brazilian Central Bank Focus report, May 12, 2017. CEMIG
Slide 17: Key initiatives
XXII Annual Meeting with Capital Markets Key initiatives Execution of divestment strateg yVoluntary retirement program 1,550 employees : +/- 20% of headcount Cost and expense reduction initiatives and operational efficiency improvements Eurobond issuance Partial payment of put option in Light with l
Slide 18: Debt evolution in 2016
XXII Annual Meeting with Capital Markets Debt evolution in 2016 Balance on December 31, 2015 (+) Loans and financings obtained (+) Monetary and Exchange rate variation (-) Borrowing costs paid (-) Amortization of financings (-) Securities of subsidiary companies Balance on December 31, 2016 Cemig H
Slide 19: Basis for negotiation
XXII Annual Meeting with Capital Markets Basis for negotiation Preserve the Company’s liquidity Reduce refinancing needs in the following years Grace periods and improvement of amortization profile Commercial negotiation to avoid creditors’ losses Maintain principal and interest paymentsMaintain exi
Slide 20: Changing debt profile
XXII Annual Meeting with Capital Markets Changing debt profile Current Debt profile (R$ MM) (Balance as of December 31, 2016 7,000 6,000 5,000 4,000 3,000 2,000 1,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 em diante Debt profile proposal: Euobond (7-yr bullet) and banks (3-yr grace period and
Slide 21: Cash Flow – 1Q17
XXII Annual Meeting with Capital Markets Cash Flow – 1Q17 From operations R$528 995 343 209 303 327 Initial cash 2016 Profit Provisions CVA+othercomponents Other Financing–R$ 517 517 Loans,and debentures Dividends Investment–R$ 164 192 162 194 Cash Investments Investments Other 842 868 1,710 Final c
Slide 22: Investor relations
XXII Annual Meeting with Capital Markets Investor relations Tel: +55 (31) 3506-5024Fax: +55 (31) 3506-5025ri@cemig.com.brhttp://ri.cemig.com.br CMIG3 NIVEL 1 CMIG4 NIVEL 1 LATIBEX XCMIG CORPORATE SUSTAINABILITY INDEX ISE 2017 DOW JONES SUSTAINABILITY INDICES CDPCEMIG CEMIG 7. EARNINGS RELEASE RESULT
Slide 23: Residential
Residential fe Industri Commercial, Services other Pural = Others 2 1Q16
Slide 24: Consolidated electricity market
Consolidated MWh Change, % Average price 1Q17 R$ Average price 1Q16 R$ 1Q17 1Q1.6 Residential 2,537,050 2,490,519 1.87 784.93 812.54 Industrial 4,253,259 4,837,976 (12.09 ) 277.85 278.43 Commercial, Services and Others 1,912,090 1,687,814 13.29 596.28 689.19 Rural 798,476 723,827 10.31 461.27 445.62
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Slide 27: Main variations in operating expenses
The following paragraphs comment on the main variations: Electricity purchased for resale The expense on electricity bought for resale in 1Q17 was R$ 2.093 billion, or 8.37% more than in 1Q16 (R$ 1.931 billion). The main factors in the higher figure are: Cemig D: The expense on electricity bought fo
Slide 28: Personnel
Personnel Personnel expenses were R$ 381 million in 1Q17, 7.78% lower than in 1Q16 (R$ 413 million). In spite of the wage increase of 8.50% agreed in November 2016, under the Collective Agreement, the lower figure reflects a reduction of 9.26% between the average numbers of employees in the two peri
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Slide 30: Cemig, Consolidated
mig, Consolidated 1.100
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Slide 32: Consolidated total debt at March 31, 2017
The Company’s consolidated total debt on March 31, 2017 was R$ 14.728 billion, 2.97% less than at December 31, 2016.
Slide 33: Debt amortization
4335 ] 3885 2017 Debt amortization (R$ mn) i | | = = 2019 2020 aon. 202 — 2023
Slide 34: 34,2016 Mar.31, 2017 Dec. 31,2016 Mar. 31, 2017
50% 34,2016 Mar.31, 2017 Dec. 31,2016 Mar. 31, 2017
Slide 35: Power generation plants under court disputes
Power generation plants under court disputes The Jaguara Hydroelectric Plant On March 21, 2017 the Federal Supreme Court lifted the interim order given in the case in which Cemig GT is requesting suspension, until final judgment on the Ordinary Appeal by the Supreme Court, of the effects of the judg
Slide 36: Cemig Results 1st Quarter 2017
CEMIG RESULTS 1st Quarter 2017
Slide 37: Disclaimer
Disclaimer CEMIG Certain statements and estimates in this material may represent expectations about future events or results, which are subject to risks and uncertainties that may be known or unknown. There is no guarantee that the events or results will take place as referred to in these expectatio
Slide 38: 1Q17 Results
1Q17 Results CEMIG Net revenue Ebitda Net profit 8.1% 70.5% 4,454 4,813 645 1,100 5 343 1Q16 1Q17 1Q16 1Q17 1Q16 1Q17 Strong positive impact on revenue from Spot Market Price(1) Average spot price in 1Q17 – R$ 151.67 Average spot price in 1Q16 – R$ 34.69 Better equity method gain R$30 million in 1Q1
Slide 39: Consolidated net revenue
Consolidated net revenue CEMIG Volume sold – GWh 8.1% 4,454 4,813 1Q16 1Q17 –0.1% 13,284 47 585 224 75 22 197 13,264 1Q16 Residential Industrial Commercial Rural Others Wholesale 1Q17 Greater exposure of supply available to spot market – at Spot Price(1) Average GSF (Generation Scaling Factor) - in
Slide 40: Operational expenses
Operational expenses CEMIG Personnel expenses 7.79% lower YoY – reflecting reduction in headcount: 7,093 employees in 1Q17, vs. 7,786 in 1Q16 New voluntary retirement program (PDVP) – first retirement May 2017: – expected to save R$ 175 million from 2008 on. Provisions for losses on investments Para
Slide 41: Cemig consolidated: debt profile
Cemig consolidated: debt profile CEMIG Maturities timetable – Average tenor: 2.6 years Total net debt: R$ 13.0 billion 4,335 3,885 1,835 1,801,1,597 572 227 476 2017 2018 2019 2020 2021 2022 2023 After 2023 Each 1 p.p. cut in Selic rate estimated to cut total debt cost by R$ 125mn Selic expected at
Slide 42: Cemig GT – 1Q17 results
Cemig GT – 1Q17 results CEMIG Net revenue Ebitda Net profit 19.5% 1,401 1,674 93.7% 315 610 -61 185 1Q16 1T171Q16 1Q17 1Q16 1Q17 Greater exposure of supply available to Spot Market – at Spot Price(1) Better equity method gain -R$25 million in 1Q17 -R$58 million in 1Q16 Updating of transmission indem
Slide 43: Cemig GT – debt profile
Cemig GT – debt profile CEMIG Maturities timetable – Average tenor: 2.4 years Total net debt: R$ 7.6 billion 2,816 2,068 881 1,052 1,037 328 8 20 2017 2018 2019 2020 2021 2022 2023 After 2023 Restrictive covenants: for details see Note 18 (Loans, financings and debentures). Cost of debt – % 12.11 14
Slide 44: Cemig D – 1Q17 results
Cemig D – 1Q17 results CEMIG Net revenue Ebitda Net profit 2.9% 2.691 2.768 37.4% 238 327 -27 49 1Q16 1Q17 1Q16 1Q17 1Q16 1Q17 Cemig D concession´s area: Distributed energy: 0.7% increase Captive Market: 2.3% decrease Transported energy: 5.5% increase Increase in Revenue from use of the network in 1
Slide 45: Cemig D – Debt profile
Cemig D – Debt profile CEMIG Maturities timetable – Average tenor: 3.2 years Total net debt: R$ 5.4 billion 1,448 1,668 930 725 497 220 219 456 2017 2018 2019 2019 2020 2021 2022 2023 After 2023 Cost of debt – % 11.47 14.31 15.68 16.45 16.46 15.87 15.95 4.79 4.01 6.04 5.55 7.12 8.06 8.04 2014 2015 m
Slide 46: Cash flow
Cash flow CEMIG From operations R$528 995 343 209 303 327 Financing –R$ 517 517 Investment–R$ 164 192 162 194 842 868 1,710 Initial cash 2016 profit Provisions CVA+Other components Other Loans, and debentures dividends cash investments Investments Other Final cash Securities Total cash+cash equivale
Slide 47: Investor Relations
12 CEMIG Investor Relations Tel: +55 (31) 3506-5024 Fax: +55 (31) 3506-5025 ri@cemig.com.br http://ri.cemig.com.br CEMIG CMIG3 NIVEL 1 CMIG4 NIVEL 1 CIG NYSE CIG NYSE LATIBEX XCMIG CORPORATE SUSTAINABILITY INDEX ISE 2017 DOW JONES SUSTAINABILITY INDICES CDP 14. XXII ANNUAL MEETING WITH CAPITAL MARKE
Slide 48: Guidance
1 XXII Annual Meeting with Capital Markets Guidance Executive responsible: Eduardo Henrique Campolina Franco CEMIG
Slide 49: Forward-looking statements
2 XXII Annual Meeting with Capital Markets Certain statements and estimates in this material may represent expectations about future events or results, which are subject to risks and uncertainties, which may be known or unknown. There is no guarantee that the events or results will take place as ref
Slide 50: Main assumptions
3 XXII Annual Meeting with Capital Markets Main assumptions CEMIG
Slide 51: Cemig: Financial projections for 2017–2021
4 XXII Annual Meeting with Capital Markets Cemig: Financial projections for 2017–2021 The forecasts in this guidance are ‘inertial’. That is to say: they do not take into account of any changes that may occur in the future in the portfolio of assets owned by the holding company. Both in the inertial
Slide 52: Fronts Cemig is working on to meet challenges
5 XXII Annual Meeting with Capital Markets To meet challenges, Cemig is working on the following fronts: Adapt and develop the Profit Sharing system, to align it with market practices. Implement the Voluntary Retirement Plan (PDV): In the last 2 years alone more than 1500 employees – approximately 2
Slide 53: CEMIG D – Distribution
6 XXII Annual Meeting with Capital Markets CEMIG D – Distribution CEMIG
Slide 54: Regulatory assumptions
7 XXII Annual Meeting with Capital Markets Regulatory assumptions 2017 annual tariff adjustment Average adjustment –10.66%, in effect May 28, 2017 – May 27, 2018 Reduction in expense related to sector charges Higher transportation costs (brought forward with tariff coverage) 2018 Tariff Review to in
Slide 55: Assumption that market will grow 2.2% p.a. 2017–2021
8 XXII Annual Meeting with Capital Markets Assumption that market will grow 2.2% p.a. from 2017–2021 Source: Cemig. The market – TWh Supply Transport 26 18 27 19 28 19 28 19 29 20 2017 2018 2019 2020 2021 Projected market growth 5.06% 2.73% 2.50% 2.62% 2.55% 0.59% 2.14% 1.61% 1.80% 0.99% 2.39% 2.48%
Slide 56: Increase in productivity: Opex vs. number of clients
9 XXII Annual Meeting with Capital Markets Increase in productivity: Opex vs. number of clients Reduction:~ 20% over 2015-21 2017 constant currency 347 383 334 297 286 281 276 R$ per client 2017 Constant currency 2015 2016 2017 2018 2019 2020 2021 Number of consumers 2015 2016 2017 2018 2019 2020 20
Slide 57: Gradual reduction in default by distribution clients
10 XXII Annual Meeting with Capital Markets Gradual reduction in default by Distribution clients Provision 4Q16 R$ 103 mn Provision 1Q17 R$ 66 mn -36% 396,041 142,059 190,000 86,083 203,984 78,636 81,602 2015 2016 2017 2018 2019 2020 2021 Source: Cemig. Constant June 2017 R$ ‘000 CEMIG
Slide 58: Investments in line with regulatory demands
11 XXII Annual Meeting with Capital Markets Investments: over 5 years, in line with regulatory demands Constant Jun 2017 R$ mn Multi-year planning 2017 2018 2019 2020 2021 TOTAL Electricity system Infrastucture / Other Subtotal Client funds Total 967 837 855 855 855 4,371 134 88 89 71 56 439 1.101 9
Slide 59: Ebitda band
12 XXII Annual Meeting with Capital Markets Ebitda band: R$ mn 1,427 1,223 1,734 1,486 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 2017 2018 Upperlimit 1,427 1,734 Lowerlimit 1,223 1,486 2017 2018 Source: Cemig. In 2017 constant currency CEMIG
Slide 60: Gradual reduction in Net debt / Ebitda of Cemig D
13 XXII Annual Meeting with Capital Markets Gradual reduction in Net debt / Ebitda of Cemig D – Reflects: – Productivity increase, – Cost reduction, and – Improvement in conditions required in the new regulatory cycle Ebitda in 2016 was atypical – less than 1/3 of historic average Net debt / Ebitda
Slide 61: CEMIG GT – Generation and Transmission
14 XXII Annual Meeting with Capital Markets CEMIG GT – Generation and Transmission CEMIG
Slide 62: Main assumptions
15 XXII Annual Meeting with Capital Markets Main assumptions - Free Market to remain as at present (2017-2021) - Jaguara, São Simão, Miranda and Volta Grande plants to operate under quota regime until December 2017 - Excludes indemnization of 4 plants above - Excludes indemnization of 14 plants from
Slide 63: Main assumptions for generation revenue
16 XXII Annual Meeting with Capital Markets Main assumptions for generation revenue Size of market TWh 30 30 30 28 30 29 2016 2017 2018 2019 2020 2021 Average price In 2017 constant currency 0.87 0.85 0.91 0.93 0.97 1.02 2016 2017 2018 2019 2020 2021 Average price (Constant currency) GSF Source: Cem
Slide 64: Capex generation and transmission
17 XXII Annual Meeting with Capital Markets Capex generation reflects maintaining existing plants Capex transmission reflects investments to strengthen and improve assets Constant Jun 2017 R$ mn Multi-year planning 2017 2018 2019 2020 2021 TOTAL Generation (operation and maintenance) 48 113 131 50 3
Slide 65: Ebitda band
18 XXII Annual Meeting with Capital Markets Ebitda band: R$ mn In 2017 constant R$ mn 3,000 2,500 2,000 1,500 1,000 500 2017 2018 Upper limit 2,277 2,351 Lower limit 1,951 2,015 2017 2018 2017 2018 2,277 2,351 1,951 2,015 Source: Cemig. CEMIG
Slide 66: Net debt / Ebitda expected to improve
19 XXII Annual Meeting with Capital Markets Even in the inertial scenario, we expect Net debt / Ebitda to improve, and meet the legal required level in 2020 Net debt / Ebitda 5.6 < 4.0 < 2.0 1.3 *3.3 (Adjusted Ebitda) 2015 2016 2017 2018 2019 2020 2021 Source: Cemig. * Excludes effect of the adjustm
Slide 67: Cemig – Holding Company
20 XXII Annual Meeting with Capital Markets Cemig – Holding Company CEMIG
Slide 68: Investments
21 XXII Annual Meeting with Capital Markets Investments Constant Jun 2017 R$ mn Multi-year planning 2017 2018 2019 2020 2021 TOTAL Cash injections (Cemig Telecom) 50 - - - - 50 Other 3 - - - - 4 Total 53 - - - - 54 Source: CEMIG The capital injections by the holding company are for the telecommunica
Slide 69: Ebitda projections
22 XXII Annual Meeting with Capital Markets Ebitda projections (R$ mn) Ebitda band, 2017–21 4,491 4,784 4,986 5,542 5,780 4,042 4,305 4,484 4,985 5,200 2017 2018 2019 2020 2021 Net debt / Ebitda 4.99 < 3.5 < 2.0 *3.52 (Adjusted Ebitda) 2016 2017 2018 2019 2020 2021 Ebitda breakdown 18% 20% 25% 23% 2
Slide 70: Investor relations
23 XXII Annual Meeting with Capital Markets Investor relations Tel: +55 (31) 3506-5024 Fax: +55 (31) 3506-5025 ri@cemig.com.br http://ri.cemig.com.br CEMIG CMIG3 NIVEL 1 CMIG4 NIVEL 1 CIG NYSE CIG NYSE LATIBEX XCMIG CORPORATE SUSTAINABILITY INDEX ISE 2017 DOW JONES SUSTAINABILITY INDICES CDP CEMIG 1
Slide 71: Supply and demand balance Cemig GT and the Grid
1 XXII Annual Meeting with Capital Markets Supply and demand balance Cemig GT and the Grid Executive responsible: Marcus Vinícius de Castro Lobato CEMIG
Slide 72: Brazilian National Grid: projections 2016-20
2 XXII Annual Meeting with Capital Markets Brazilian National Grid: projections, 2016-20 – at May 2016 Average MW 2 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 2016 2017 2018 2019 2020 Surplus % 18.9% 18.6% 18.3% 16.2% 15.3% Surplus 12,137 12,504 12,744 11,708 11,695 Reserve 1,9
Slide 73: Brazilian National Grid: projections 2017-21
3 XXII Annual Meeting with Capital Markets Brazilian National Grid: projections, 2017-21 – May 2017 Average MW 3 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 2016 2017 2018 2019 2020 2021 Surplus % 18.4% 14.8% 14.0% 14.2% 9.7% Surplus 12,208 10,324 10,071 10,592 7,583 Reserve 2,293 2,483
Slide 74: Brazilian National Grid: projections 2017-21
4 XXII Annual Meeting with Capital Markets Brazilian National Grid: projections, 2017-21 – May 2017 Average MW 4 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 2016 2017 2018 2019 2020 2021 Surplus % 18.4% 13.1% 12.3% 12.6% 8.2% Surplus 12,208 9,132 8,879 9,400 6,390 Reserve 2,293 2,483 3,0
Slide 75: Cemig GT: Supply and demand
5 XXII Annual Meeting with Capital Markets Cemig GT: Supply and demand Figures presented at 21st Apimec Meeting, May 24, 2016 Excess accounted in the spot market in 2015 Probable renewals MW average 5,500 5,000 4,500 4,000 803 308 221 9 530 211 773 248 1313 58 1767 638 1830 784 2357 1204 2421 1271 3
Slide 76: Cemig GT: Supply and demand
6 XXII Annual Meeting with Capital Markets Cemig GT: Supply and demand Excess accounted in the spot market in 2016 Probable renewals MW average 5,500 5,000 4,500 4,000 260 297 1 82 61 313 273 873 50 1431 591 1673 863 2049 1301 1922 1314 2129 873 1926 472 3,500 3,146 3,088 2,951 2,735 2,366 1,731 1,4
Slide 77: Cemig GT: Supply and demand
7 XXII Annual Meeting with Capital Markets Cemig GT: Supply and demand Annual Meeting with Capital Markets Excess accounted in the spot market in 2016 Probable renewals MW average 5,500 5,000 4,500 4,000 260 297 1 82 61 313 273 873 50 1431 591 1673 863 2049 1301 1922 1314 2129 873 1926 472 3,500 3,1
Slide 78: Cemig GT: Supply and demand
8 XXII Annual Meeting with Capital Markets Cemig GT: Supply and demand Annual Meeting with Capital Markets Excess accounted in the spot market in 2016 Probable renewals MW average 5,500 5,000 4,500 4,000 260 295 1 82 63 313 275 873 48 1431 589 1673 861 2049 1300 1922 1312 2129 872 1926 470 3,500 3,1
Slide 79: Investor Relations
9 XXII Annual Meeting with Capital Markets Investor Relations Tel: +55 (31) 3506-5024 Fax: +55 (31) 3506-5025 ri@cemig.com.br http://ri.cemig.com.br/ CEMIG CMIG3 NIVEL 1 CMIG4 NIVEL 1 CIG NYSE CIG NYSE LATIBEX XCMIG CORPORATE SUSTAINABILITY INDEX ISE 2017 DOW JONES SUSTAINABILITY INDICES CDP CEMIG
Slide 80: Cemig GT: Supply and demand
10 XXII Annual Meeting with Capital Markets Cemig GT: Supply and demand Own generation Supply from the SPCs Purchased Total supply Sales: Free Market Sales: Regulated Market Total demand: Balance available 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1,047 1,013 1,013 1,013 1,012 1,010 1,010 1,