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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 2011

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 ___

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): _____

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): _____

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 ___ 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

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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.   Earnings Release: Third Quarter 2011 Results

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Contents

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—— Disclaimer

Certain statements and estimates in this material may represent expectations about future events or results that 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 expectations.

These expectations are based on: the present assumptions and analyses from the point of view of our management, in accordance with their experience and other factors such as the macroeconomic environment, and market conditions in the electricity sector; and on expected future results, many of which are not under Cemig’s control.

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

The information and opinions herein should not be understood as a recommendation to potential investors and no investment decision should be based on the veracity, currentness or

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completeness 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 material.

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

Figures are in R$ ‘000, except where otherwise indicated.

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—— From the CEO and CFO

Cemig’s CEO, Mr. Djalma Bastos de Morais, said:

“The results we are presenting for the third quarter of 2011 clearly reflect the success of our Long-term Strategic Plan, and of the strategy linked to it, of focusing on the long term, which provide the propitious context for Cemig to earn increasing profits, with a balanced portfolio of businesses that have low risk. As always, we never cease to “do our homework”, and this enables us to grow in all sectors in a balanced fashion, and with focus on operational excellence. Finally, the results show that we are on the right path: that the decisions we have taken in recent years are constantly adding value to our business – and that this is making Cemig stronger and more solid every day, with efficient corporate management”.

Mr. Luiz Fernando Rolla, Chief Finance and Investor Relations Officer of Cemig, commented:

“In the third quarter we continued to present cash flow that is consistent, and robust, as a result of our operations, which aim to add value for our shareholders. Our Ebitda in this quarter (3Q11) was R$ 1.5 billion, 21% more than in the same period of last year – (third quarter 2010 – 3Q10). These results continue to reflect the correctness of our strategy of growing through acquisitions and new projects, within the process of consolidation of the sector. The operations of the Cemig Group have mutual synergy, and are increasingly profitable, in a positioned with lower risk, greater stability – and results that grow over the long term. Our solid cash position of R$ 3.9 billion makes execution of our Strategic Plan

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possible, guaranteeing our dividend policy, our debt management, and execution of the planned investments, including those associated with acquisition opportunities. 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.

On the following pages, we present the highlights of our results for 3Q11.”

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—— The economic context – summary

In the third quarter Brazil continued to be a major investment destination, due to its favorable economic outlook in the context of the situation of the central economies.  In this period, the highlights were the European fiscal crisis, low growth in the United States and the difficulties faced by Japan.

However, the world is now being driven by new economic forces, and the emerging nations are becoming the agents responsible for the resumption in world growth. They include Brazil, which is expected to grow by 3.8% in 2011 and 5% in 20121.

The fundamentals of the Brazilian economy now have significant strength, generating good conditions for the country to enjoy sustained growth. Highlights are the measures to reduce the weight on the public accounts, the solid financial system, the strong entry of foreign investment, and important structural features of the economy that can enable good performance is over the coming years.

The Brazilian fiscal situation is under control, achieving, by the end of the third quarter, 82% of the target primary surplus for the end of the year.  These figures show that in 2011 the fiscal target

1 According to an estimate by the Finance Ministry

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will be achieved relatively easily. Also, the net public sector debt has been declining each year, and the Central Bank now estimates that it will be only 38.5% of GDP at the end of 2011. These figures are evidence of the fiscal solidity of Brazil in the context of the international environment.

This view is corroborated by Brazil’s low country risk, as measured by the EMBI+2, which has fallen significantly in recent years, to below the average now observed for Europe and Latin America. This indicator is evidence of very positive investor perception in relation to the Brazilian public accounts.

Another important aspect of the current economic context is the low risk assumed by the Brazilian financial system. The Basel ratio, which measures the proportion between the capital of financial institutions and the value of their assets weighted by the corresponding risks, was 16.9% in June, well above the minimum limit stipulated by the Central Bank (11.0%) and by the Basel Committee (8.0%). The fixed assets ratio of the system, which gives an idea of the degree of financial commitment of the institutions in the Brazilian financial system, was only 24.7%, while the maximum permitted by law is 50.0%. Further, the volume of lending to the private sector in Brazil

2  The Emerging Markets Bond Index Plus, calculated by JP Morgan. This index includes 93 securities in 21 emerging economies, comparing their implicit interest rates with those of US securities, which are considered to be the most secure worldwide.

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is low (54.0% of GDP), which is evidence of the low risk exposure of the Brazilian credit system, indicating lower probability of formation of bubbles.

With the robustness of its financial system, its large consumer market and an economy strongly based on the services sector (67.4% of GDP in 2010), Brazil has good conditions to maintain a significant economic performance in the context of the current cooling of the economy worldwide. This scenario has strengthened the labor market, significantly reducing the unemployment rate (which was 6.0% in the third quarter), and leading to high average real income from employment, of R$ 1,607.60 in September.

To support this growth, the forecasts for total investment in infrastructure in 2011 are R$ 160.0 billion, 9.2% more than in 2010.3 Additionally, the Second Accelerated Growth Program (“PAC 2”) will invest R$ 955 billion over the period 2011 through 2014 – a total of R$ 86.4 billion of this was invested in the first half of 2011. Planned investment for the electricity sector for this period is R$ 461.6 billion, of which R$ 11.3 billion has been engaged so far in 2011.4

As well as the favorable economic scenario, the government also still has a large margin for instrumentation of fiscal and monetary policies in the short term, as means of protecting the country from international shocks. These margins relate to growing surpluses, a solid financial system, high international reserves (with strong entry of foreign direct investment), high reserve requirements, high interest rates, capacity for reduction of fiscal burden, and return of credits. As measures in this direction, the Central Bank has implemented expansionary policies to ensure the continuation of the

3  According to figures from the Brazilian Infrastructure and Basic Industries Association (Abdib).

4  According to federal government figures.

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country’s economic growth, and also to signal that it is working in a way that is aligned to compliance with the inflation target for 2011 and 2012.

Activity in Brazil's electricity sector continues to be very strong, with expansion of 4.1% year-on-year in the third quarter of 2011. The highest increase was in the third quarter of 2011. The highest increase was in the Commercial consumer category, which includes the services sector, with very strong growth in consumption of 8%, year-on-year, in the period. Year-on-year growth was also significantly high, at 6.4%, in residential consumption.

It is important to point out that there is a rising trend in the total consumption of electricity in successive periods.

The Residential and Commercial user categories are the leading engines of this growth, which in turn is fostered by the economic context. Industry, although showing the lowest growth rate among the various consumer categories, has a positive outlook for growth in the medium and long term, being widely based on exports of basic products.

In Minas Gerais, the state where Cemig has its strongest presence – and which has Brazil’s second-highest total electricity

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consumption – production of commodities for export, such as steel and mined ores, plays a dominant role in the economy. This situation gives the state of Minas Gerais a relative advantage in that it produces goods that are indispensable inputs for various sectors of the world economy. Another highlight is the automobile industry, which continues to be highly active, although slightly less so in the last month, due to the strong Brazilian consumer market.

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—— Stock price performance

Amounts adjusted for proceeds, including dividends.

—— Summary of economic results

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—— Adoption of international accounting standards

The results presented in this release are reported under the new Brazilian accounting practices, resulting from the process of harmonization of Brazilian accounting rules with International Financial Reporting Standards (“IFRS”).  Accordingly, the results for 3rd quarter of 2010 (3Q10) have been restated to reflect these changes and to allow comparability with those of 3Q11.

—— Cemig’s consolidated electricity market

Cemig’s market is the sum of the sales of electricity by Cemig D, Cemig GT consolidated (Cemig GT, plus Cachoeirão, Pipoca and the proportionate holdings in the Parajuru, Morgado and Volta do Rio wind farms), the subsidiaries and affiliates (Horizontes, Ipatinga, Sá Carvalho, Barreiro, Cemig PCH, Rosal and Capim Branco) and Light (in proportion to Cemig’s holding).

This includes: the sales of electricity to both captive consumers and free clients, in the concession area of Minas Gerais and outside the State; the sales of electricity to other agents of the electricity sector in the Free and Regulated Markets; the sales under the Proinfa program to encourage alternative electricity sources; and the sales on the CCEE (the wholesale market) – eliminating transactions between companies of the Cemig group.

A total of 11.38 million clients were invoiced in September 2011, 3.0% more than in September 2010. Of this total, Cemig D served 7.26 million, 3.7% more than in September 2010, Light served 4.12 million, 1.8% more than in September 2010, and Cemig

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GT and the subsidiaries and affiliated companies had 312 clients – an increase of 16.0%.

In spite of the tendency of reduction in the growth rate of economic activity, the results arising from this macroeconomic situation had not yet been perceived; electricity invoiced in the third quarter of 2011 was 6% more than in the third quarter of 2010, reflecting the strong performance of the economy in Cemig’s concession area.

The quantity of electricity sold to final consumers was up 5.38%, at 12,828GWh, in 3Q11, from 12,173GWh in 3Q10, with the average sale price of electricity 13.99% lower, at R$ 99.97/MWh in 3Q11, compared to R$ 116.23/MWh in 3Q10.

The main factors affecting revenue in 2011 were:

§             The tariff increase for Cemig D, with average effect on consumer tariffs of 7.24%, starting from April 8, 2011.

§             Volume of energy invoiced to final consumers 5.38% higher (this excludes Cemig’s own internal consumption).

Accordingly, revenue from wholesale supply to other concession holders was 13.82% lower year-on-year, at R$ 367,750 in 3Q11, than in 3Q10 (R$ 426,723):

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These charts show the breakdown of the Cemig Group’s sales to final consumers:

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—— The electricity market of Cemig GT

The consolidated total of electricity sold by Cemig GT is the total of: sales to Free Clients both in the state of Minas Gerais and outside it; sales under the Proinfa program; and wholesale sales in the regulated and free markets, and on the CCE.

The increase in sales of electricity by Cemig GT reflects the growth in consumption of the Industrial consumer category not only in Minas Gerais but in other states of Brazil, and also the increase in sales to industrial clients of electricity from sources that carry incentive benefits.

The growth of sales under Proinfa – the Program to Encourage Alternative Energy Sources – is due to the start of operation of the Morgado and Volta do Rio wind farms, in May and September 2010 respectively, in both of which Cemig has an equity interest of 49%.

Revenue from supply of electricity in 3Q11 was R$ 1,103,491, 14.30% higher than in 3Q10 (R$ 965,474).

The increase mainly reflects the volume of electricity supplied to Free Consumers being 5.06% higher year-on-year, due to higher sales activity in 2011.

Another factor that contributed to the increased revenue is the adjustment of contracts for sale of electricity, most of which are indexed to the IGP-M inflation index.

This table shows supply of electricity by type of consumer:

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

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

—— The electricity market of Cemig D

The concession area of Cemig Distribuição S.A. (Cemig D) covers 567,740 km², approximately 96% of the territory of Minas Gerais State. Cemig D has four electricity distribution concessions in Minas Gerais, represented by four concession contracts – for the Western, Eastern, Northern and Southern areas of the State. These contracts have an expiry date of February 18, 2016, and a clause providing for their extension by the concession-granting power for a further 20 (twenty) years, upon application by the concession holder.

The increase in sales of electricity to Cemig D’s final consumers reflects the expansion of 5.6% in the captive market, with the highlight on the Residential and Commercial consumer categories, in which growth was, respectively, 6.1%, and 12.2%.

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Revenue from supply of electricity

Revenue from supply of electricity in 3Q11 was R$ 2,571,956, 8.18% higher than in 3Q10 (R$ 2,377,401).

The main factors affecting this revenue in 2011 were:

§             The Tariff Adjustment, resulting in average increase in consumer tariffs of 7.24%, which came into effect April 8, 2011.

§             Volume of energy invoiced to final consumers 5.37% higher (this excludes the company’s own internal consumption).

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

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

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Revenue from use of the network

This is revenue from the TUSD, the Tariff for Use of the Distribution System, made to Free Consumers on energy sold (principally by Cemig’s primary generation company, Cemig GT). The total was 4.34% higher year-on-year in 3Q11 (R$ 458,356 in 3Q11, vs. R$ 439,283 in 3Q10). The increase mainly reflects a higher volume of electricity transported, due to the migration of captive consumers to the status of Free Consumers.

—— Consolidated operational revenue

Revenue from supply of electricity

Revenue from supply of electricity in 3Q11 was R$ 4,327,548, 11.43% higher than in 3Q10 (R$ 3,883,719).

The main factors affecting revenue in 2011 were:

§             The Tariff Adjustment for Cemig D, with an average effect increasing consumer tariffs by 7.24%, in effect from April 8, 2011.

§             Volume of energy invoiced to final consumers 5.37% higher (this excludes the company’s own internal consumption).

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Final consumers

The revenue from electricity sold to final consumers in 3Q11, excluding the group’s own consumption, was R$ 3,821,219, compared to R$ 3,359,999 in the third quarter of 3Q10.

Revenue from use of the electricity distribution systems (TUSD)

The revenue from the TUSD (Tariff for Use of the Distribution System) received by Cemig D and Light in 3Q11 was 33.96% higher, at R$ 561,196, compared to R$ 418,935 in 3Q10. This

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revenue comes principally from charges to free consumers on the electricity sold by other agents of the electricity sector.

Revenue from use of the transmission grid

The Revenue from Use of the Transmission Grid in 3Q11 was 27.67% higher than in 3Q10:

R$ 447,811 in 3Q11, compared to R$ 350,750 in 3Q10. The increase is mainly due to monetary updating of the transmission assets of Taesa, providing a gain in Cemig’s income statement of R$ 177,981.  This updating arises from publication of the updating index for the tariffs of Taesa as from July 2011, a percentage of 9.77%.

——  Deductions and charges applied to operational revenues

The deductions and charges applicable to revenue in 3Q11 totaled R$ 1,791,149, an increase of 13.25% in comparison to their total of R$ 1,581,523 in 3Q10. The main variations in these deductions from revenue, between the two years, are as follows:

Fuel Consumption Account – CCC

The deduction from revenue for the CCC in 3Q11 was R$ 190,141, 28.21% more than in 3Q10 (R$ 148,300). This charge is for the costs of operation of the thermal plants in the national grid

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and in the isolated systems. It is shared (prorated) between electricity concession holders, on a basis set by an Aneel Resolution. The variation in this cost arises, principally, from the change in the method of calculation of charge, which now makes good the difference between the total cost of generation of electricity in the isolated systems and the average cost of electricity sold is in the Regulated Market.

Energy Development Account – CDE

The payments of the CDE are set by a resolution issued by the regulator, Aneel, and were 28.17% higher in 3Q11 than in 3Q10. The deduction from revenue for the CDE from January to September 2011 was R$ 138,123, compared to R$ 107,769 in the same period of 2010.

The other deductions from revenue are taxes, calculated as a percentage of amounts invoiced. Hence their variations are substantially proportional to the changes in revenue.

—— Net Income for the quarter

Cemig reported 3Q11 Net Income of R$ 657,247, 0.37% less than the Net Income of R$ 659,670 reported for 3Q10.

—— Ebitda

Cemig’s Ebitda in 3Q11 was 20.82% higher than its Ebitda for 3Q10.

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