Companhia Energetica De Minas Gerais Sa · BMFBOVESPA:CMIG3
Companhia Energetica De Minas Gerais Sa — Energy Co of Minas Gerais — Q1 2019 Earnings Presentation
74 slides from Companhia Energetica De Minas Gerais Sa's earnings presentation, Jun 12, 2019
Slide 1: Cemig’s long-term ratings
Cemig’s long-term ratings This table shows long-term credit ratings and outlook for Cemig’s companies as provided by the principal rating agencies: Brazilian rating: Agency Cemig Cemig D Cemig GT Rating Outlook Rating Outlook Rating Outlook Fitch A–(bra) Positive A–(bra) Positive A–(bra) Positive S&
Slide 2: Total consumption of electricity (GWh)
Total consumption of electricity (GWh)
Slide 3: Electricity consumption by category, 1Q19 vs 1Q18
MWh Change,% Average price 1Q19 R$/ MWh Average price 1Q18 R$/ MWh Consolidated 1Q19 1Q18 Residential 2,743,798 2,593,117 5.81 895.99 739.64 Industrial 3,872,005 4,028,060 (3.87 ) 294.56 274.52 Commercial, Services and Others 2,279,357 2,042,937 11.57 587.46 523.40 Rural 860,624 765,502 12.43 530.85
Slide 4: Consolidated operational revenue
Consolidated operational revenue Revenue from supply of electricity: Total revenue from supply of electricity in 1Q19 was R$ 6,601,417, or 22.30% higher than in 1Q18 (R$ 5,397,905). Final consumers Total revenue from electricity sold to final consumers, excluding Cemig’s own consumption, in 1Q19 was
Slide 5: Personnel
Personnel The expense on personnel in 1Q19 was R$ 365,041, or 10.06% more than in 1Q18 (R$ 331,664). The increase arises from: accounting of an expense of R$ 21,491 on the 2019 Programmed Voluntary Retirement Plan – corresponding to 155 employees joining the plan; from the 4.00% salary increase in e
Slide 6: Av. Barbacena 1200 Santo
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, Minas Gerais, Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025 This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Slide 7: Gas bought for resale
Gas bought for resale In 1Q19 the Company recorded an expense of R$ 394,982 on acquisition of gas, 50.05% more than its comparable expense of R$ 263,233 in 1Q18. This is basically the result of the volume of gas sold being 19% higher (at 315,240 m³ in 1 Q19, compared to 264,115 m³ in 1Q18), and an i
Slide 8: Cemig, Consolidated
Cemig, Consolidated =o 11 100 Cemig GT co 220 on = cemigd 6
Slide 9: Total consolidated debt at March 31, 2019
The Company’s total consolidated debt at March 31, 2019 was R$ 14,136,817. This is 4.30% lower than at December 31, 2018. In 1Q19 a total of R$ 769,148 was amortized, of which R$ 515,242 was debt of Cemig D. Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, Minas Gerais, Brazil Tel.: +55
Slide 10: Total and net debt by company
Mar. 31, 2019 Dec. 31, 2018 Change% Cemig Total debt 14,136,817 14,771,828 (4.30 ) Net debt 12,748,293 13,068,790 (2.45 ) Cemig GT Total debt 8,123,919 8,198,912 (0.91 ) Net debt 7,580,835 7,713,870 (1.72 ) Cemig D Total debt 5,712,282 6,263,408 (8.80 ) Net debt 5,138,383 5,347,136 (3.90 ) Gasmig To
Slide 11: Av. Barbacena 1200 Santo
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, Minas Gerais, Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025 This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Slide 12: Av. Barbacena 1200 Santo
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, Minas Gerais, Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025 This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Slide 13: Av. Barbacena 1200 Santo
Av. Barbacena 1200 Santo Agostinho 30190-131 Belo Horizonte, Minas Gerais, Brazil Tel.: +55 31 3506-5024 Fax +55 31 3506-5025 This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.
Slide 14: 1Q19 Results
2019 Results1Q192019 Results1Q19
Slide 15: Forward-looking statements
2 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 eventsorresultswilltakeplaceasreferredtointheseexpectations. These expectations a
Slide 16: Highlights of consolidated results
3 Highlightsofconsolidatedresults R$ million Revenue maximized by efficient strategy in allocation of power Strong growth in consumption of power in concession area of Cemig D Measures to optimize headcount: Voluntary retirement program and hirings by public competition Ebitda R$1.5 billion, 45.10%
Slide 17: Consolidated Results
4 ConsolidatedResults 19.82% 45.08% 71.40% 797 1.461 5.913 4.935 1.007 465 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 § Successful strategy in allocation of power sales § Greater allocation in first months of the year –Seasonalization: § Sales on CCEE at Cemig GT: R$ 259 mn § Average spot price in 1Q19: R$ 290.0
Slide 18: Cemig’s energy market
5 Cemig’senergymarket Total Consumptionofelectricity(GWh) 444 236 35 95 156 150 13.758 6.21% 12.954 1Q18 Residential Industrial Commercial Rural Other Wholesale 1Q19 Total energybilledCemig D + Transport Market Cemig GT 4.07% 6.52% Discos 76 10.14% 69 916 11,279 4.10% 10,838 880 6,995 6,567 Others 8
Slide 19: Consolidated operational expenses
6 Consolidatedoperationalexpenses Change in consolidated operational expenses–1Q19/1Q18 330 +13.14% PMSO 132 47 46 18 33 18 19 5 4.750 ‐14 ‐24 4.198 ‐58 1Q18 1Q19 Consolidado PMSO Adjustment in PMSO 1Q19 1Q18 Change 3.6% Personnel expenses: Personnel adjusted 344 332 • Voluntary retirement program c
Slide 20: Cemig consolidated: debt profile
7 Cemig consolidated: debt profile Maturities timetable –Average tenor: 4.0years Mainindexors Net debt: R$12.7 bn 43% 21% 6.048 2% 34% 2.113 2.068 1.938 1.484 254 232 2019 2020 2021 2022 2023 2024 2025 CDI IPCA Dollar Others R$ 769 million amortized in 1Q19 –highlights of payments: q Debt in Dollar
Slide 21: Cemig GT: debt profile
8 Cemig GT : debt profile Maturities timetable –Average tenor: 4.8 years Mainindexors Net debt: R$7.6 bn 74% 5.791 2% 11% 13% 728 760 478 365 ‐ CDI IPCA Dollar Others 2019 2020 2021 2022 2023 2024 q Debt in Dollar converted into CDI percentage per hedging instrument, within a band of Exchange variat
Slide 22: Cemig D: debt profile
9 Cemig D : debt profile Maturities timetable –Average tenor: 2.9 years Mainindexors Net debt: R$5.1 bn 1.651 35% 1.257 1.159 923 64% 256 234 232 1% 2019 2020 2021 2022 2023 2024 2025 CDI IPCA Others Costofdebt–% Leverage–% 12,55 Net debt 15,87 5,84 3,49 2,99 14,31 Ebitda 68,5 9,28 56,5 8,93 8,94 53
Slide 23: XXIV Cemig’s Annual Capital Markets Meeting
OMIG a XXIV Cemig’s Annual Capital Markets Meeting MAY 29, 2019 WEDNESDAY, 12H - 18H30
Slide 24: Investor Relations
Investor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.brInvestor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.br 11. MARKET NOTICE DATED MAY 27, 2019: ITAÚ FUNDS REDUCE TOTAL ON HOLDING BELOW 5%
Slide 25: Cemig – Operational Efficiency
th Cemig Annual Meeting With Investors CEMIG – Operational Efficiencyth Cemig Annual Meeting With Investors CEMIG – Operational Efficiency
Slide 26: Disclaimer
th Cemig Annual Meeting With Investors DISCLAIMER Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations will o
Slide 27: Cemig’s history of operational efficiency
th Cemig Annual Meeting With Investors Cemig’s history of operational efficiency The benchmarking tool used for calculation of operational costs to be recognized in the tariff for distribution and transmission is DEA – Data Envelopment Analysis. Cemig D scores Cemig T scores 85% 90% 81% 140% 125,73%
Slide 28: Operational Efficiency Committee (OEC)
th Cemig Annual Meeting With Investors Operational Efficiency Committee (OEC) RESULTS AGENDA COMPOSITION START December 2018 10 members: 45 initiatives Weekly Optimize processes and General Managers meetings Cost and revenue ensure corporate representing all (in May 2019) sustainability Departments
Slide 29: Operational Efficiency Committee – estimated gains
th Cemig Annual Meeting With Investors Operational Efficiency Committee – estimated gains 21 18 7,5 15 12 30 9 90 6 3 22,5 0 05 10 R$1 mn R$ 5 mn R$ More than 10 mn R$ 10 mn Number of initiatives th Cemig Annual Meeting With Investors Operational Efficiency Committee – estimated gains 21 18 7,5 15 1
Slide 30: Dynamics of the Committee
th Cemig Annual Meeting With Investors Dynamics of the Committee Source of Executive Initiatives Structure Assessing gains Board approval “Movimenta” Person responsible Monitoring program Changes in budget Adaptations Various Valuation Departments Timetable Other initiatives in progressth Cemig Annu
Slide 31: “Movimenta” program
th Cemig Annual Meeting With Investors “Movimenta” program nd st 2 cycle (current) 1 cycle (2018) 96 projects registered 137 projects 22 registered Approved Results Productivity Efficiency Processes Motivationth Cemig Annual Meeting With Investors “Movimenta” program nd st 2 cycle (current) 1 cycle
Slide 32: Examples of initiatives
th Cemig Annual Meeting With Investors Examples of initiatives Pole sharing – public lighting Reconciliation Center Use of pruning waste in agro-systems th Cemig Annual Meeting With Investors Examples of initiatives Pole sharing – public lighting Reconciliation Center Use of pruning waste in agro-sy
Slide 33: Investor Relations
Investor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.brInvestor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.br 13. XXIV CEMIG ANNUAL MEETING WITH INVESTORS DATED MAY 29: GUIDANCE 2019-2023
Slide 34: Guidance 2019-2023
th Cemig Annual Meeting With Investors Guidance 2019-2023th Cemig Annual Meeting With Investors Guidance 2019-2023
Slide 35: Disclaimer
DISCLAIMER Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations willoccur. These expectations are based on pr
Slide 36: Cemig D
th Cemig Annual Meeting With Investors Cemig Dth Cemig Annual Meeting With Investors Cemig D
Slide 37: CEMIG D: 2018 Guidance vs. Realized
CEMIG D: 2018 Guidance vs. Realized R$ mn (historic values) Cemig Annual Meeting Ebitda With Investors 51 1,729 ‐12 1,534 ‐28 ‐53 1,518 ‐110 Market – TWh Allowance for Provisões Trabalhistas PECLD Provisions for Mercado - TWh doubtful debtors Market – TWh Employment-law actions 265 44.9 44.4 77 155
Slide 38: CEMIG D: Market and macroeconomic assumptions
CEMIG D: Market and macroeconomic assumptions Cemig Annual Meeting Mercado Faturado ‐TWh Invoiced market – TWh With Investors 28.0 27.3 26.7 25.9 26.1 25.2 21.5 21.1 20.8 20.5 19.7 19.2 2.3% 2.3% 0. 2.9% 72% 2.3% 2.26% 2.31% 2. 0.7% 30% 1.7% 4. 2.6% 11% 4.1% 1.34% 1.3% 1.46% 1.5% 1.68% 2018 2019 202
Slide 39: CEMIG D: Opex
CEMIG D: Opex Number of clients Número de Clientes Opex/client (R$/Client) OPEX/Cliente (R$/Cliente) Cemig Annual Meeting June 2019 currency 2018 8,409,156 Moeda Jun/2019 With Investors 348 2019 8,566,590 370 350 350 2020 8,722,065 330 2021 8,889,208 310 325 2022 9,065,569 320 315 290 309 2023 9,244
Slide 40: CEMIG D: Investment
CEMIG D: Investment (June 2019 R$ mn) Cemig Annual Meeting 1,448 1600,0 2019-2023 cycle With Investors 1,303 1,254 Total R$ 6,458 1,257 1,197 1400,0 86 71 1200,0 53 91 52 1000,0 800,0 1,362 600,0 1,232 1,201 1,166 1,145 400,0 200,0 ‐ 2019 2020 2021 2022 2023 Sistema Elétrico Infraestrutura/Outros El
Slide 41: CEMIG D: Ebitda
CEMIG D: Ebitda (June 2019 R$ mn) Cemig Annual Meeting Ebitda With Investors 77 2,380 ‐8 88 531 2,135 84 2,153 ‐6 ‐42 2,007 1,591 Net Debt / Corporate Ebitda Dívida Líquida / LAJDIA ‐Societário 3.49 2.04 1.46 2018 2019 2020 Source: Cemig (1) 2018 Realized Ebitda (1,534) adjusted to June 2019 R$.CEMI
Slide 42: Cemig GT
Cemig Annual Meeting With Investors Cemig GTCemig Annual Meeting With Investors Cemig GT
Slide 43: CEMIG GT: 2018 Guidance vs. Realized
CEMIG GT: 2018 Guidance vs. Realized R$ mn (historic values) Cemig Annual Meeting Ebitda With Investors 2100 34 51 78 1900 1,807 103 1700 ‐110 ‐117 1,501 1500 1,549 ‐221 1300 1100 90 0 70 0 50 0 (1) Includes reimbursement of energy purchases from Renova and assets acquisition from parent company in
Slide 44: CEMIG GT: Market, Prices and GSF
CEMIG GT: Market, Prices and GSF Cemig Annual Meeting With Investors Market - TWh Mercado ‐TWh 34.3 33.0 29.0 29.2 28.6 27.4 2018 2019 2020 2021 2022 2023 Prices (R$/MWh) and GSF ‐June 2019 R$ Preços (R$/MWh) e GSF 700 2 1.02 1.04 0.98 0.94 0.84 600 0.87 1 500 1 400 288 300 226 226 217 218 217 ‐ 208
Slide 45: CEMIG GT: Capex
CEMIG GT: Capex (June 2019 R$ mn) Cemig Annual Meeting With Investors 2019-2023 cycle 466 444 Total R$ 1,876 394 89 340 183 117 96 46 30 231 23 281 276 263 261 207 2019 2020 2021 2022 2023 Transmission Generation Capital contributions Transmissão (reforço e melhoria) Geração (operação e manutenção)
Slide 46: CEMIG GT - Guidance
CEMIG GT - GUIDANCE R$ mn(June 2019) Ebitda 2,544 Cemig Annual Meeting 24 2,354 45 56 43 228 With Investors 237 309 ‐99 2,232 2,077 1,557 Net Debt / Corporate Ebitda Dívida Líquida / LAJIDA ‐Societário 5,14 2,98 2,59 2018 2019 2020 (1) 2018 adjusted Ebitda (1,517) adjusted to June 2019 R$. (2) Paraj
Slide 47: CEMIG
Cemig Annual Meeting With Investors CEMIGCemig Annual Meeting With Investors CEMIG
Slide 48: Cemig: 2018 Guidance vs. Realized
Cemig: 2018 Guidance vs. Realized R$ mn (historic values) Cemig Annual Meeting With Investors Ebitda 178 4,228 3,781 ‐240 ‐153 ‐90 ‐39 3,795 Source: CemigCemig: 2018 Guidance vs. Realized R$ mn (historic values) Cemig Annual Meeting With Investors Ebitda 178 4,228 3,781 ‐240 ‐153 ‐90 ‐39 3,795 Sourc
Slide 49: CEMIG - Guidance
CEMIG - GUIDANCE R$ mn(June 2019) Ebitda Cemig Annual Meeting With Investors 5,239 82 4,915 199 237 354 487 ‐4 ‐49 4,832 3,917 ‐136 4,534 (3) Net Debt / Corporate Ebitda Dívida Líquida / LAJDIA ‐Societário 3.48 2.37 1.94 2018 2019 2020 (1) 2018 Ebitda (3,781) updated to June 2019 R$. (2) Light, Ligh
Slide 50: CEMIG EBITDA
CEMIG EBITDA Cemig Annual Meeting LAJIDA June 2019 R$ mn With Investors R$MM Moeda jun/2019 6,195 5,982 5,509 5,239 5,786 4,915 5,503 5,124 4,832 3,917 4,534 2018 2019 2020 2021 2022 2023 Ebitda breakdown Parent co. Parent co. and holdings and holdings (1) Cemig GT and its subsidiaries. Source: Cemi
Slide 51: The 2019 annual tariff adjustment
th Cemig Annual Meeting With Investors The 2019 annual tariff adjustment Economic Regulation Departmentth Cemig Annual Meeting With Investors The 2019 annual tariff adjustment Economic Regulation Department
Slide 52: Disclaimer
th Cemig Annual Meeting With Investors DISCLAIMER Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations will o
Slide 53: VPB was R$589 million higher in 2018
th Cemig Annual Meeting With Investors VPB was R$589 million higher in 2018 VPB (Value of Portion B) at the 2018 Periodic Tariff Review (RTP) and annual adjustment (RTA) of 2017 5.000 58 4.500 136 406 –11 4.000 195 3.500 792 1) R$182 mn –Base; 3.000 2) R$148 mn Rem. O.E.; 820 3) R$76 mn WACC. 2.500
Slide 54: VPB in 2019
th Cemig Annual Meeting With Investors VPB in 2019 6.000 65 5.000 193 212 4.000 3.000 5.113 4.643 2.000 1.000 0 VPB in the VPB in the VPB RTP 2018 Mercado* IPCA ‐ Xpd ‐ Xq Xt VPB IRT 2019 Market * Periodic Review Annual (‘RTP’) of 2018 Adjustment (‘RTA’) of 2019 * Average increase: 3.66%. R$ million
Slide 55: Impact to consumers was mainly non-manageable items
th Cemig Annual Meeting With Investors Impact to consumers was mainly non‐ manageable items 8,73% 7,01% 1,72% Non‐manageable costs Av Efeito erag eMédio effec tC on ons consumer umidor Custos Não Gerenciáveis Custos Cemig Distribuição Cost of Cemig Dth Cemig Annual Meeting With Investors Impact to c
Slide 56: Power supply had the biggest impact in the tariff increase
th Cemig Annual Meeting With Investors Power supply had the biggest impact in the tariff increase ‐4,00% ‐2,00% 0,00% 2,00% 4,00% 6,00% 8,00% 10,00% Average effect 8,73% Energy consumption 7,49% Charges 2,03% Cemig D (Portion B) 1,72% –2.51% Transportth Cemig Annual Meeting With Investors Power supp
Slide 57: Average effect – by voltage level, with subsidies
th Cemig Annual Meeting With Investors Average effect – by voltage level Including effect of subsidies TUSD VARIATION SUBGROUP TUSD TUSD, load B TUSD, CDE TUSD, OTHERS TE (%) (%) (%) (%) (%) (%) 1.4 11.2 1.9 A2 15.18 14.4 0.8 2.0 2.8 3.3 A3 9.19 8.0 1.2 1.2 4.5 0.7 A4 8.88 6.4 2.5 0.4 2.7 1.5 B1 6.9
Slide 58: Average effect – by voltage level, without subsidies
th Cemig Annual Meeting With Investors Average effect – by voltage level Without effect of subsidies TUSD VARIATION SUBGROUP TUSD TUSD, load B TUSD, Charges TUSD, OTHERS TE (%) (%) (%) (%) (%) (%) 9.7 12.5 2.6 A2 14.40 24.8 –10.4 6.4 2.0 4.6 A3 8.84 13.0 –4.1 3.9 1.7 0.5 A4 7.56 6.2 1.4 2.6 1.2 2.4
Slide 59: In 2018 hydrology conditions were adverse
th Cemig Annual Meeting With Investors In 2018 hydrology conditions were adverse Reservoir storage levels (whole national grid) Storage limits (1996 to 2017) 2009 (best ever) CCEE RV0 projection Jan 2018 (merit) CCEE RV0 projection Dec. 2018 (Merit) 2018 2017 (worst ever) The criterion for identifyi
Slide 60: Tariffs were insufficient to cover energy purchases – Brazil
th Cemig Annual Meeting With Investors Tariffs were insufficient to cover energy purchases Balance of ‘Flag’ accounts –whole of Brazil 1.000 262 0 ‐241 ‐413 ‐492 ‐1.000 ‐735 ‐1.051 ‐1.203 ‐1.414 ‐2.000 ‐1.858 ‐1.930 ‐2.657 ‐2.660 ‐3.000 ‐2.705 ‐2.705 ‐2.767 ‐3.196 ‐3.232 ‐3.324 ‐3.627 ‐4.000 ‐3.745
Slide 61: Tariffs were insufficient to cover energy purchases – Cemig D
th Cemig Annual Meeting With Investors Tariffs were insufficient to cover energy purchases Balance of ‘Flag’ accounts –Cemig D 0 ‐18 ‐18 ‐59 ‐100 ‐74 ‐87 ‐96 ‐157 ‐200 ‐218 ‐244 ‐249 ‐300 ‐269 ‐333 ‐342 ‐366 ‐400 ‐425 ‐431 ‐441 ‐500 ‐470 ‐480 ‐534 ‐550 ‐567 ‐600 ‐620 ‐700 Millionsth Cemig Annual Mee
Slide 62: Tariff coverages have been insufficient
th Cemig Annual Meeting With Investors Tariff coverages have been insufficient th CVAamount –posted on 5 business day of month (current R$ million) 1.000 737 500 ‐ 2012‐2013 2013‐2014 2014‐2015 2015‐2016 2016‐2017 2017‐2018 2018‐2019* ‐237 ‐500 ‐467 ‐764 ‐764 ‐1.000 ‐1.093 ‐1.500 ‐1.505 (*) Accounte
Slide 63: In 2019 hydrology has been better
th Cemig Annual Meeting With Investors In 2019 hydrology has been better ... (so far...) Reservoir storage levels –all of national grid Storage limits (1996 to 2018) Worst ever Best ever CCEE RV0 projection Jan 2019 (merit) 2019 CCEE RV3 projection Jan 2019 (merit) 44 Storage levels (% of max EArm)t
Slide 64: Investor Relations
Investor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.brInvestor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.br 15. XXIV CEMIG ANNUAL MEETING WITH INVESTORS DATED MAY 29, 2019: CEMIG GT AND THE GRID: SUPPLY AND DEMAND
Slide 65: Cemig GT and the Grid: Supply and demand
th Cemig Annual Meeting With Investors Cemig GT and the Grid: Supply and demandth Cemig Annual Meeting With Investors Cemig GT and the Grid: Supply and demand
Slide 66: Disclaimer
DISCLAIMER Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations willoccur. These expectations are based on pr
Slide 67: Sources and Uses of supply - Brazilian National Grid
Sources and Uses of supply - Brazilian National Grid Cemig Annual Meeting With Investors 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 - 2018 2019 2020 2021 2022 2023 Surplus (%) 16,0% 12,1% 12,6% 10,5% 6,7% Surplus 10.857 8.624 9.326 8.086 5.358 Reserve 2.689 3.005 3.125 3.160 4.34
Slide 68: Sources and Uses of supply - Brazilian National Grid
Sources and Uses of supply - Brazilian National Grid Cemig Annual Meeting With Investors 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 - 2018 2019 2020 2021 2022 2023 Surplus (%) 17,8% 14,9% 13,0% 9,4% 5,8% Suplus 12.372 10.933 9.897 7.426 4.758 Reserve 2.792 2.585 2.646 3.879 3.906
Slide 69: Cemig GT: Supply and demand
Cemig GT: Supply and demand Cemig Annual Meeting With Investors MW average 5.500 Excess accounted in the spot market in 2017 Probable 5.000 renewals 4.500 4.000 368 151 97 3.500 462 1006 1274 19 286 3.000 1697 326 1860 1860 1868 1867 560 2.500 1160 3.072 2.990 2.942 2.000 2.643 1303 1.835 872 2.106
Slide 70: Cemig GT: Supply and demand 2018 after purchase auctions
Cemig GT: Supply and demand 2018 after purchase auctions Cemig Annual Meeting With Investors MW average Excess accounted in the spot 5.500 market in 2017. Probable 5.000 renewals 4.500 4.000 368 151 97 1274 3.500 462 1006 1697 19 286 1860 3.000 991 326 1860 1868 1867 2.500 1592 3.072 2.990 1734 2.94
Slide 71: Cemig GT: Supply and demand
Cemig GT: Supply and demand Cemig Annual Meeting With Investors MW average 5.500 Excess accounted in the spot market in 2018 Probable 5.000 renewals 4.500 4.000 841 156 144 1521 171 3.500 10 474 618 1771 1841 1803 3.000 46 1227 496 1799 874 1783 1494 2.500 1244 3.010 2.942 2.000 769 1152 2.643 1173
Slide 72: Cemig GT: Supply and demand
Cemig GT: Supply and demand Cemig Annual Meeting With Investors MW average 5.500 Excess accounted in the spot market in 2018 Probable 5.000 renewals 4.500 4.000 841 156 144 1521 171 3.500 474 618 1771 1841 1803 3.000 1227 1799 1783 1494 2.500 1244 3.010 2.952 2.000 2.709 2.689 1152 1173 2.602 541 1.
Slide 73: Cemig GT: Supply and demand
Cemig Annual Meeting With Investors Cemig GT: Supply and demand 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Own generation 1,015 1,011 1,010 1,009 1,009 1,008 674 256 256 256 Own generation SPI 418 418 418 418 418 418 418 418 418 418 Bought 2,146 1,693 1,558 2,243 2,064 1,873 1,768 1,768 1,762
Slide 74: Investor Relations
Cemig Annual Meeting With Investors Investor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.brCemig Annual Meeting With Investors Investor Relations Tel: +55 (31) 3506-5024 ri@cemig.com.br http://ri.cemig.com.br 16. MATERIAL ANNOUNCEMENT DATED MAY 31, 2019: TAESA COMPLETED THE
Energy Co of Minas Gerais — Q1 2019 Earnings Presentation on 6ix