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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2010

Commission File Number 1-15224

Energy Company of Minas Gerais

(Translation of Registrant’s Name Into English)

Avenida Barbacena, 1200

30190-131 Belo Horizonte, Minas Gerais, Brazil

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x  Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

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Index

Forward-Looking Statements

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.

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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.

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1.             Third Quarter 2010 Earnings Release, Companhia Energética de Minas Gerais – CEMIG

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EARNINGS RELEASE

3Q2010

Cemig H

(Figures in R$ ’000, except where otherwise indicated)

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— 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 occur.

These expectations are based on present assumptions and analyses from the viewpoint of our management, based on their experience, the macroeconomic environment, market conditions in the energy sector and our expected future results, many of which are not under Cemig’s control.

Important factors that can lead to significant differences between actual results and projections about future events or results include Cemig’s business strategy, Brazilian and international economic conditions, technology, Cemig’s financial strategy, changes in the energy sector, hydrological conditions, conditions in the financial and energy markets, uncertainty regarding future results of operations, plans and objectives as well as other factors. Because of these and other factors, our actual results may differ significantly from those indicated in or implied by these statements.

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The information and opinions contained herein should not be understood as a recommendation to potential investors and no investment decision should be based on the truthfulness, or completeness as of the date hereof of this information or these opinions. None of Cemig’s professionals nor any of their related parties or representatives shall have any liability for any losses that may result from the use of the content of this presentation.

To evaluate the risks and uncertainties as they relate to Cemig, and to obtain additional information about factors that could lead to different results from those estimated by Cemig, please consult the section on Risk Factors included in our Formulário de Referência filed with the Brazilian Securities Commission – CVM, and in Form 20-F filed with the U.S. Securities and Exchange Commission – SEC.

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Contents

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·                 Cemig’s CEO, Mr. Djalma Bastos de Morais, comments as follows:

“ The exceptional results that we are now presenting for the third quarter of 2010 reflect the success of our Long-term Strategic Plan, and the strategy that is linked to it – which, by focusing on the long term, enables Cemig to present growing results, with a balanced portfolio of businesses, and with low risk.

After successfully making several acquisitions, Cemig is now in an excellent position in a context of strong economic growth, as is shown by the exceptional growth of our consumer market – and the growth of our results in financial terms – which are now back to pre-crisis levels.

We continue to “do our homework”, bringing our management practices into the companies that we acquire, and helping to improve their results through focus on operational excellence – as is shown by the increases in the margins of the companies in which we have acquired interests.

Finally, the results presented show that we are on the right path, and that the decisions that we have taken in the last few years are constantly adding value to our businesses, making Cemig a company that is stronger and more solid every day, with efficient corporate management. ”

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Mr. Luiz Fernando Rolla, Cemig’s Chief Officer for Finance, Investor Relations and Control of Holdings, made these comments:

“ In the third quarter we continued to provide consistent and robust cash flow, as a result of our operations, which aim to add value for our shareholders.

Our Ebitda in the quarter is R$ 1.2 billion, 11% more than in the third quarter of 2009, boosted by our policy of maintaining high levels of operational efficiency – the excellence of which is evidenced by our Net income, of R$ 553 million in this third quarter, 90% more than in the second quarter of this year.

This new level of results reflects the correctness of our growth strategy via acquisitions and new projects, within the process of consolidation of the sector. Even with as many as the 62 companies and 10 consortia that it now has, the Cemig Group presents operations that are synergetic, increasingly profitable, and positioned with lower risk, and greater stability – and results that are always growing over the long term.

Even after making the payments, in the year of 2010, for our acquisitions and for distribution of dividends, we continue to maintain a solid balance sheet, also reflected in our robust cash position of R$ 4.2 billion – which makes it possible to carry out our Long-term Strategic Plan, while also guaranteeing our dividend policy, and the management of our debt, and carry out our planned capital expenditure, including those investments that are associated with opportunities for acquisitions.

The excellent results that we are presenting today show that we continue to add value, in a continuous and sustainable manner, for all our shareholders – and all our other stakeholders.

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The rest of this release gives the highlights of our third quarter financial figures. ”

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— 3Q10 Highlights

— Share price appreciation

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— Economic Summary

— Cemig’s aggregate energy market

In the third quarter of 2010 (“3Q10”), Cemig sold a total of 16,478 GWh, 8.11% more than in the third quarter of 2009 (“3Q09”).

Highlights were the high volume of energy sold to industrial consumers, totaling 6,521 GWh in the quarter, and also the volume of energy sold to other concession holders, which was 6% higher than in 3Q09.

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Consolidated sales volume – MWh

(*) The information in MWh has not been reviewed by the external auditors.

Sales to final consumers

The total volume of electricity sold to final consumers in the third quarter of 2010 was 12.187 GWh, or 10.27% more than the 11.052 GWh sold in the third quarter of 2009. There was outstanding growth in consumption by the industrial and rural categories of consumer, respectively 16.07% and 10.44% higher than in 3Q09.

The growth in all the consumer types reflects the definite resumption of growth in Brazil’s economy, which is already 10.4% bigger than in the pre-crisis period (3Q08).

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This chart shows the breakdown of the Cemig Group’s sales to final consumers:

— The electricity market of Cemig GT

Cemig GT sold 9,001 GWh in 3Q10, 3.06% more than in 3Q09 (8,733 GWh). This level of sales is the result of Cemig’s sales and business strategy, and its position as the largest wholesale supplier in the Brazilian market.

This increase is mainly due to the higher volume of electricity supplied to Free Consumers, which grew by a robust 23.29%.

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The volume of electricity sold to other concession holders, and under ‘bilateral contracts’, was 7.41% lower year-on-year. This mainly reflects the lower volume of electricity traded in the Regulated Market (CCEAR contracts), due to completion of some contracts, and redirection of the electricity to industrial clients.

( * ) Information in MWh has not been reviewed by external auditors.

(* * ) Includes Regulated Market Electricity Sale Contracts (CCEARs) and “bilateral contracts” with other agents.

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— The electricity market of Cemig D

Cemig D sold 6,301 GWh in 3Q10, 11.17% more than in 3Q09.

This increase reflects the recovery of the economy in the distribution company’s concession area, led by the residential. commercial and rural consumer categories. As a result of the migration of consumers from the captive market to the free market, sales to the industrial category were 0.91% lower in 3Q10 than in 3Q09.

Adjusted for this migration, consumption by the industrial category was 11% higher, representing a volume of sales to final consumers 6% higher.

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(*)         The information in MWh has not been reviewed by the external auditors.

(**)  Figures given in MWh are for net purchase/sale.

The table below shows the sources and uses of electricity of Cemig D for June through August 2010.

Cemig Distribuição

Sources: CCEE

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— The electricity market of Light

Light sold 5,144 GWh in 3Q10, 3.1% more than in 3Q09. There are more details on Light’s sales in 3Q10 in this report: http://www.mzweb.com.br/light/web/arquivos/Press Release 3T10 eng final.pdf

— Consolidated operational revenue

Revenue from electricity supply

Revenue from supply of electricity in 3Q10 was R$ 3,859,583, 3.81% higher than in 3Q09 (R$ 3,718,027).

The main factors affecting revenue in 2010 were:

·                  Tariff Adjustment with average impact on consumer tariffs of 1.67%, in effect from April 8. 2010.

·                  Volume of energy invoiced to final consumers 10.26% higher (this excludes Cemig’s own internal consumption).

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Volume of electricity sold to other concession holders 25.24% higher year-on-year, though with a lower average selling price, of R$ 98.37/MWh in 3Q10, compared to R$ 109.51 per MWh in 3Q09. This comparison principally reflects sale of electricity through the adjustment auctions to the distributors, held in 2009, with an average price of R$ 145.00/MWh. As a result, in spite of the volume of electricity sold to other concession holders being 25.24% higher, the revenue from wholesale supply was only 12.50% higher, at R$ 426,723 in 3Q10, compared to R$ 379,312 in 3Q09.

Revenue from use of the grid – Free Consumers

This Revenue is from the TUSD – Tariff for Use of the Distribution System – arising from the charges made to Free Consumers, on energy sold, and also from the revenue for use of Cemig GT’s part of the national grid. It was 46.25% higher in 3Q10, at R$ 767,299, than in 3Q09 (R$ 524,635.)

This change is due to higher transport of electricity to Free Consumers, as a result of the recovery of industrial activity, and migration of captive clients to the free market, and also to the consolidation in 2010 of the operations of Taesa, acquired in 2009.

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— EBITDA

Cemig’s Ebitda in the third quarter of 2010 was 10.76% higher than in 3Q09. Adjusted for the non-recurring items, it was 9.40% higher.

— Net income

In the third quarter of 2010 (3Q10), Cemig reported Net income of R$ 553,320, 2.42% less than the net income of R$ 567,038 reported for the third quarter of 2009 (3Q09). This mainly is mainly due to the difference between net financial expenses in the two quarters: R$ 165,585 in 3Q10, vs. R$ 10,344 in 3Q09.

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For its positive effect on the result for 2010, we highlight the contribution to Net income of the Companies in which we acquired equity interests over the year of 2009, which contributed an aggregate R$ 49,587 to the Company’s Net income in 3Q10.

— Deductions from operational revenues

The main variations in deductions from revenue between the two years are as follows:

The Fuel Consumption Account – CCC

The deduction from revenue for the CCC in 3Q10 was R$ 191,684, 88.96% more than in 3Q09 (R$ 101,439). This charge is for the costs of operation of the thermal plants in the national grid and in the isolated systems. It is shared (prorated) between electricity concession holders, on a basis set by an Aneel Resolution. This is a non-controllable cost: the amount recorded as relating to distribution services is equal to the amount passed through to the tariff.  For the portion relating to transmission services the Company charges the CCC amount to Free Consumers on their invoices and passes it on to Eletrobrás.

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CDE – Energy Development Account

The deduction from revenue for the CDE was R$ 117,305 in 3Q10, 11.69% higher than in 3Q09 (R$ 105,024). This is a non-controllable cost. The amount posted for electricity distribution services is passed through in full to the tariff. For the amount posted in relation to electricity transmission services the company also merely passes through the charge – this part is charged to Free Consumers on the invoice for the use of the grid, and passed onto Eletrobrás.

The other deductions from revenue are taxes, calculated as a percentage of amounts invoiced. Hence their year-on-year variations are directly proportional to the change in revenue.

— Operational costs and expenses (excluding Financial revenue/expenses)

Operational costs and expenses (excluding Financial revenue/expenses) totaled R$ 2,208,135 in 3Q10, 5.65% more than in 3Q09 (R$ 2,090,109). This result is mainly due to the increased expenditure on energy bought for resale and

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outsourced services, partially offset by lower operational provisions.

These are the main variations in expenses:

Electricity bought for resale

The expense on electricity bought for resale in 3Q10 was R$ 1,077,342 – 5.69% more than in 3Q09 (R$ 1,019,362). This is a non-controllable cost: the expense recognized in the income statement is equal to the amount effectively passed on to the tariff. There is more information on this in Explanatory Note 28 to the Consolidated Quarterly Information.

Outsourced services

The expense on outsourced services in 3Q10 was R$ 234,180, 37.52% more than in 3Q09 (R$ 170,287) – the highest variation being in expenditure on maintenance and conservation of facilities and electrical equipment.

The expense on maintenance and conservation of electrical facilities and equipment in 3Q10 was R$ 52,475, an increase of 110.72% from 3Q09 (R$ 24,902).  The change arises primarily from greater activity of the Company in

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preventive maintenance of its distribution networks, and also from consolidation of the companies acquired in 2009.

Personnel

Personnel expenses in 3Q10, at R$ 264,864, were 4.76% lower than in 3Q09 (R$ 278,102). This substantially is due to the difference in the expense on the PDV Voluntary Retirement Program in the two quarters: an expense of R$ 10,205 in 3Q09, but a reversal of expense, of R$ 3,387, in 3Q10, arising from an adjustment to the provision. Note also the reduction in the number of employees, from 9,837 in September 2009 to 8,949 in September 2010.

Charges for use of the transmission grid

Expenses on charges for the use of the transmission grid were 5.01% higher, at R$ 207,903, in 3Q10, than in 3Q09 (R$ 197,980). These charges, set by an Aneel Resolution, are payable by electricity distribution and generation agents for use of the facilities that are components of the national grid. This is a non-controllable cost, in the Distribution activity: the expense recognized in the Income statement corresponds to the value effectively passed through to the tariff.

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Post-employment obligations

Expenses on post-employment obligations totaled R$ 40,500 in 3Q10, 8.70% more than in 3Q09 (R$ 37,258). These expenses basically represent the interest applicable to Cemig’s actuarial obligations, net of the investment yield expected from the assets of the pension plans, estimated by an external actuary. The higher expense in 3Q10 is basically due to lower expectation of income from the plan’s assets in 2010.

Operational provisions

Operational provisions in 3Q10 took the form of a reversal of provision totaling R$ 33,272, compared to a provision expense of R$ 42,154 in 3Q09. The change mainly reflects reversal of provisions for legal proceedings in 2010, due to review of amounts previously provisioned.

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— Financial revenues (expenses)

The main factors in the difference between financial revenues/expenses in 3Q10 and 3Q09 are:

·                  Revenue from cash investments R$ 51,554 higher in 3Q10, due to a higher volume of cash invested.

·                  Revenue from arrears penalty payments on client invoices R$ 43,264 lower, mainly due to less default by clients in 2010.

·                  Expense on net monetary adjustment of regulatory assets (CVA. the General Agreement for the Electricity Sector, and the Deferred Tariff Adjustment) of R$ 14,657 in 3Q10, compared to revenue of R$ 13,778 in 3Q09. This change mainly reflects monetary variation on the CVA: a net expense of R$ 18,394 in 3Q10, compared to net revenue of R$ 7,887 in 3Q09. Also, in 2010 the regulatory assets were lower in total than in 2009, because more of them had been paid down by receipt through client electricity bills.

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·                  Higher expenses on costs of loans and financings: these were R$ 293,987 in 3Q10, compared to R$ 199,156 in 3Q09. This reflects entry of new financings, principally the R$ 2,700,000 in debentures raised by Cemig GT (Cemig Geração e Transmissão) in March 2010.

— Income tax and Social Contribution tax

In 3Q10, Cemig’s expense on income tax and the Social Contribution tax was R$ 203,583, equal to 25.15% of the pre-tax profit of R$ 809,457. In 3Q09, the expense on income tax and Social Contribution was R$ 287,165, equal to 32.32% of the pre-tax profit of R$ 888,486.

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CEMIG GT — Tables I to III

Table I

Table II

Table III

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CEMIG D — Tables I to IV

Table I

CEMIG D Market

(1)   Refers to the quantity of electricity for calculation of the regulatory charges charged to free consumer clients (“Portion A”)

(2)   Total electricity distributed

(3)   Sum of the demand on which the TUSD is invoiced, according to demand contracted (“Portion B”).

Table II

Table III

Table IV

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Cemig. Consolidated — Tables I to XI

Table I

Table II

Table III