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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 August 2012

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

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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.

Date: August 27, 2012

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1.              Summary of Minutes of the 540th Meeting of the Board of Directors, July 7, 2012

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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64 — NIRE 31300040127

BOARD OF DIRECTORS

SUMMARY OF MINUTES

OF THE 540TH MEETING

Summary of proceedings:

I                               The Chairman asked the Board Members present whether any of them had conflict of interest in relation to the matters on the agenda of this meeting, and all stated there was no such conflict of interest.

II                          The Board approved the minutes of this meeting.

III                     The Board authorized:

a)             Opening of administrative tender proceedings for, and contracting of, temporary provision of outsourced labor or extraordinary extra services, in Cemig D, Cemig GT, Cemig Serviços S.A., Sá Carvalho S.A., Rosal Energia S.A., Empresa de Serviços de Comercialização de Energia Elétrica S.A. and Cemig Trading S.A., for twelve months, able to be extended to a maximum limit of twenty-four months.

b)             Provision of a counter-guarantee to Light S.A. by contractual guarantee or surety for up to 2.49% of the debt of approximately R$ 23 billion, to be contracted with the long-term financing that will be contracted by Norte Energia S.A. with the Brazilian Development Bank (BNDES) and onlending agents, for construction of the Belo Monte Hydroelectric Plant. The Board will decide at a future time on signature of the legal instrument of counter-guarantee.

VI                      The Board oriented:

a)             Vote by the representatives of Cemig on the Board of Directors of Light S.A. in favor of authorization to sign the Final Term of Closing between Investminas Participações S.A. — (Investminas) and Light Energia S.A., with Cemig GT and Guanhães Energia S.A. as consenting parties, in relation to the Share Assignment Agreement governing the acquisition by Light Energia of the 51% equity interest held by Investminas in Guanhães Energia.

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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b)             Vote by the representatives of Cemig at the Extraordinary General Meeting of Stockholders of Parati S.A. — Participações em Ativos de Energia Elétrica, to be held on July 11, 2012, in favor of  the decision on the price interval for the acquisition of up to 100% of the common shares of Redentor Energia S.A. in circulation, for the purpose of the Company’s exit from the New Mercado and cancellation of it registry as a listed company.

V                           Withdrawn from the agenda: The matter relating to constitution of a special-purpose company by Transmissora Aliança de Energia Elétrica S.A. — Taesa was withdrawn from the agenda.

VI                      Discussion: The following spoke on general matters and business of interest to the Company:

Board members;

General Manager, Controller’s Department:                         Leonardo George de Magalhães.

The following were present:

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2.              Market Announcement — Cemig signs R$2.1 billion electricity supply contract with Samarco, August 2, 2012

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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

LISTED COMPANY

CNPJ 17155.730/0001-64

NIRE 31300040127

MARKET ANNOUNCEMENT

Cemig signs R$ 2.1 billion electricity supply contract with Samarco

Companhia Energética de Minas Gerais – Cemig, a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, hereby informs its stockholders, the market and the public — in accordance with Article 12 of Brazilian CVM Instruction 358 of 3 January 3, 2002 and its commitment to best corporate governance practices, that on August 1, 2012 contracts were signed for supply of electricity to industrial units of Samarco, located in Minas Gerais and Espírito Santo states.

With the signing of these contracts, one of the biggest deals ever made in the “Free Market Environment” in Brazil, Cemig provide staggered amounts of energy between 2014 and 2022. The contracts between the two companies have total value of approximately R$ 2.1 billion.

Belo Horizonte, August 2, 2012.

Luiz Fernando Rolla

Chief Officer for Finance and Investor Relations

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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3.              Summary of Principal Decisions of the 541st Meeting of the Board of Directors

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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64

NIRE 31300040127

Summary of principal decisions

The Board of Directors of Cemig (Companhia Energética de Minas Gerais), at its 541st meeting, held on August 1, 2012, decided the following:

1.              Change in the composition of the Executive Board:

a.              Mr. Fuad Jorge Noman Filho no longer to be Chief Officer for the Gas Division.

b.              Election, on an interim basis, of Mr. João Luiz Senra de Vilhena as Chief Officer for the Gas Division, to complete the current period of office of the appointment, that is to say until the first meeting of the Board of Directors held after the Annual General Meeting of 2015.

2.              Appointment of a Director of Gasmig:

Mr. João Luiz Senra de Vilhena was appointed Chief Executive Officer of Companhia de Gás de Minas Gerais — Gasmig, on an interim basis, to complete the current period of office of that appointment, that is to say until the first meeting of the Board of Directors held after the Annual General Meeting of 2014.

3.              Convocation of an Extraordinary General Meeting of Stockholders, to be held on August 29, 2012 at 11 a.m., to consider a change in the composition of the Board of Directors.

4.              Grant of a guarantee by Cemig to Norte Energia.

5.              Signature, by Cemig GT, of a private instrument to constitute a consortium.

Av.Barbacena, 1200 - Santo Agostinho - CEP  30190-131

Belo Horizonte - MG - Brasil - Fax (31)3506-5025 - Tel.: (31)3506-5024

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4.              Summary of Minutes of the 541st Meeting of the Board of Directors, August 1, 2012

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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64 — NIRE 31300040127

BOARD OF DIRECTORS

SUMMARY OF MINUTES

OF THE 541st MEETING

Summary of proceedings:

I                               Conflict of interest: The Chair asked the Board Members present whether they had any conflict of interest in the matters on the agenda of this meeting, and all said there was no such conflict of interest.

II                          The Board approved:

a)             The proposal, by the Chair, that Mr. Fuad Jorge Noman Filho should not be Chief Officer for the Gas Division; and to elect, on an interim basis, as Chief Officer of the Gas Division:

to complete the same period of office as remains for the other Chief Officers, that is to say, until the first meeting of the Board of Directors held after the Annual General Meeting of 2015.

b)             The proposal by the Chair, that the members of the Board of Directors should authorize her to call an Extraordinary General Meeting of Stockholders, to be held on August 29, 2012, at 11 a.m., to change the composition of the Board of Directors, and in the event of there not being a quorum, to make second convocation of stockholders within the legal period.

c)              The minutes of this meeting.

III                     The Board authorized:

a)             Giving of a surety guarantee, without joint liability, limited to 7.28% of the total value (to be up to R$ 1 billion) of the issue of Promissory Notes to be made by Norte Energia S.A., with tenor of six months, interest rate equivalent to 109% of accumulated application of the Interbank CD (CDI) Rate, structuring fee of 0.33% of the total amount of the issue, and amortization at maturity. Said percentage represents the proportionate indirect holding of Cemig GT in the share capital of Norte Energia S.A.

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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b)             Signature by Cemig GT of a private instrument to constitute a consortium, with:

for development of studies relating to the hydroelectric potential of the Tapajós Complex.

IV                      The Board submitted to the Extraordinary General Meeting of Stockholders a proposal that the representatives of Cemig at the Extraordinary General Meetings of Stockholders of Cemig D and Cemig GT, to be held on August 29, 2012, should vote in favor of alteration of the composition of the Board of Directors, if there is a change in the composition of the Board of Directors of Cemig.

V                           The Board appointed Mr. João Luiz Senra de Vilhena as Chief Executive Officer of Gasmig, on an interim basis, to serve the rest of the current period of office of that appointment, that is to say until the first meeting of the Board of Directors held after the Annual General Meeting of 2014, or until his successor, duly elected, is sworn in.

VI                      Executive Board: The Chairman stated that the members of the Executive Board are now as follows:

VII                 Declaration by incoming Officer: The Chief Officer elected declared — in advance — that he is not subject to any prohibition on exercise of commercial activity, that he does not occupy any post in any company that could be considered a competitor of the Company, and that he does not have nor represent any interest conflicting with that of Cemig, and assumed a solemn undertaking to become aware of, obey and comply with the principles, ethical values and rules established by the Code of Ethical Conduct of Government Workers and Senior Administration of the State of Minas Gerais.

VIII           The Chair spoke on general matters and business of interest to the Company.

The following were present:

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5.              Convocation and Proposal by the Board of Directors to the Extraordinary General Meeting of Stockholders to be held on August 29, 2012

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COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64 — NIRE 31300040127

EXTRAORDINARY GENERAL MEETING OF STOCKHOLDERS

CONVOCATION

Stockholders are hereby called to an Extraordinary General Meeting of Stockholders to be held on August 29, 2012 at 11 a.m. at the company’s head office, Av. Barbacena 1200, 21st floor, in the city of Belo Horizonte, Minas Gerais, Brazil, to decide on the following matters:

a)        Change in the composition of the Board of Directors, as a result of resignation.

b)        Orientation of the vote of the representatives of Cemig (Companhia Energética de Minas Gerais) in the Extraordinary General Meetings of Stockholders of Cemig D (Cemig Distribuição S.A.) and of Cemig GT (Cemig Geração e Transmissão S.A.) to be held on the same day as this meeting, if there is a change in the composition of the Board of Directors of Cemig.

Multiple voting system: Under Article 3 of CVM Instruction 165 of December 11, 1991, adoption of the multiple voting system for election of members of the company’s Board requires the vote of stockholders representing a minimum percentage of 5% (five per cent) of the voting stock.

Proxy votes: Any stockholder who wishes to be represented by proxy at the said General Meeting of Stockholders should obey the terms of Article 126 of Law 6406 of 1976, as amended, and of the sole paragraph of Clause 9 of the Company’s by-laws, by exhibiting at the time, or depositing, preferably by August 27, 2012, proofs of ownership of the shares, issued by a depositary financial institution, and a power of attorney with specific powers, at Cemig’s Corporate Executive Secretariat Office (Superintendência da Secretaria Geral e Executiva Empresarial) at Av. Barbacena, 1200 — 19th Floor, B1 Wing, Belo Horizonte, Minas Gerais.

Belo Horizonte, August 1, 2012.

Dorothea Fonseca Furquim Werneck

Chair of the Board of Directors

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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PROPOSAL

BY THE BOARD OF DIRECTORS

TO THE

EXTRAORDINARY GENERAL MEETING OF STOCKHOLDERS

TO BE HELD ON

AUGUST 29, 2012

Dear Stockholders:

The Board of Directors of Companhia Energética de Minas Gerais (Cemig),

· WHEREAS:

a)             an Extraordinary General Meeting of Stockholders of Cemig will be held to change the composition of the Board of Directors;

b)             Clause 11, Paragraph 1, of Cemig’s by-laws states:

“The structure and composition of the Board of Directors and of the Executive Board of the Company shall be identical in the wholly-owned subsidiaries Cemig Distribuição S.A and Cemig Geração e Transmissão S.A., with the exception that only the subsidiary Cemig Distribuição S.A shall have a Chief Energy Distribution and Sales Officer and the respective Department, and only the subsidiary Cemig Geração e Transmissão S.A. shall have a Chief Energy Generation and Transmission Officer and the respective Department.”  ;

c)              Clause 8 of the by-laws of Cemig D and of Cemig GT states:

“The Company’s Board of Directors shall be made up of 14 (fourteen) members and an equal number of substitute members. One of the members shall be its Chairman and another its Vice-Chairman, all being elected and subject to dismissal at any time by the General Meeting of Stockholders, for a period of office of 3 (three) years, and able to be reelected.

§ 1       The members of the Board of Directors must, obligatorily, be the same members of the Board of Directors of the sole stockholder, Cemig.”;

· hereby now proposes to you:

that orientation should be given to the representatives of Cemig in the Extraordinary General Meetings of Stockholders of Cemig Distribuição S.A. (“Cemig D”) and Cemig Geração e Transmissão S.A. (“Cemig GT”), to be held on the same day for which the EGM of Cemig is called, to vote in favor of the alteration of the composition of the Boards of Directors of those companies, if there is a change in the composition of the Board of Directors of Cemig.

Belo Horizonte, August 1, 2012.

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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APPENDIX 1

Information indicated in Items 12.6 to 12.10 of the Reference Form, on the candidate for membership of the Board of Directors nominated by the controlling stockholder.

12.6. Information about the Member of the Board of Directors:

Name: Fuad Jorge Noman Filho

Age: 65

Profession: Economist

CPF: 009.880.816-87

Date of birth: 30-06-1947

Position: Sitting member

Date of election: 29-08-2012

Date of swearing-in:   29-08-2012

Period of office: Until the Annual General Meeting to be held in 2014.

Other positions or functions held or exercised in the Company: Does not hold any other position.

Whether was elected by the controlling stockholder or not: Yes

12.7.                    Please supply the information mentioned in item 12.6 in relation to the members of the committees formed under the by-laws, and also of the audit committee, the risk committee, the finance committee and the remuneration committee, even if such committees or structures are not created by the by-laws:

Does not hold any other position.

12.8.                    For each of the managers and members of the Audit Board, supply:

a.         Summary CV, containing:

I.           Principal professional experience in the last 5 years, indicating:

·                  Name of company:

·                  Positions and functions inherent to the position;

·                  Principal activity of the company in which such experiences took place, highlighting the companies or organizations that are: (i) Cemig companies, or (ii) companies of parties directly or indirectly holding at least 5% of the Common (ON) or preferred (PN) shares in Cemig.

Minas Gerais State Transport and Public Works Secretary — from 2007 until June 2010

Chairman, Companhia de Gás de Minas Gerais — from January 3, 2011 to Aug. 1, 2012.

Member of the Board of Directors of Companhia de Gás de Minas Gerais — from Jan. 20, 2011 until Aug. 1, 2012

Chief Officer for the Gas Division of: Cemig, Cemig D and Cemig GT — from Jan. 3, 2011 until Aug 1, 2012.

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Minas Gerais State Secretary for Coordination of Investments — since Aug. 1, 2012

Extraordinary Secretary for the Soccer World Cup, of Minas Gerais State — since Aug. 2, 2012

II.      Indication of all the management posts that the person occupies or has occupied in companies registered with the CVM.

Chief Officer for the Gas Division of: Cemig, Cemig D and Cemig GT — from Jan. 3, 2011 until Aug 1, 2012.

b. Description of any of the following events that have taken place in the last 5 years:

i.                 Any criminal conviction:

x  No

o  Yes — If yes, describe:

ii.             Any guilty judgment in an administrative proceeding of the CVM, and the penalties applied:

x  No

o  Yes — If yes, describe:

iii.         Any court or administrative judgment against which there is no further appeal which has suspended or disqualified the person from carrying out any professional or commercial activity.

x  No

o  Yes — If yes, describe:

12.9. State whether the candidate has a conjugal relationship, stable union or family relationship up to the second degree with:

a)             Any other manager/s of Cemig.

x  No

o  Yes — If yes, describe the relationship:

b)             Any manager/s of any company/ies directly or indirectly controlled by Cemig

x  No

o  Yes — If yes, describe the relationship and the controlled company:

c)              Any administrator/s of the State of Minas Gerais

x  No

o  Yes — If yes, describe:

12.10. State whether, in 2009, 2010, 2011 and/or 2012 the candidate had any relationship of subordination with:

a.                  Any company that was directly or indirectly controlled by Cemig;

o  No.

x Yes — If yes, describe the relationship and the company/ies:

Chairman, Companhia de Gás de Minas Gerais — Gasmig — from January 3, 2011 to Aug. 1, 2012.

Chief Officer for the Gas Division of: Cemig, Cemig D and Cemig GT — from Jan. 3, 2011 until Aug 1, 2012.

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b.                  The State of Minas Gerais;

o  No.

x Yes — If yes, describe the relationship:

Minas Gerais State Transport and Public Works Secretary — from 2007 until June 2010

Minas Gerais State Secretary for Coordination of Investments — since Aug. 1, 2012

Extraordinary Secretary for the Soccer World Cup, of Minas Gerais State — since Aug. 2, 2012

c.                   — and, if material, with any supplier, client, debtor or creditor of Cemig, or of any of its subsidiaries, or of the State of Minas Gerais, or of the parent companies or subsidiaries of any of these.

x  No

o  Yes — If yes, describe the relationship and the company/ies:

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6.              Earning Release - Second Quarter 2012

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–– Your invitation from Cemig

Announcement of second quarter 2012 results

VIDEO WEBCAST AND CONFERENCE CALL

August 16, 2012 (Thursday), at 3 PM (Brasília time)

The transmission of Cemig’s results will have simultaneous translation into English

and can be

seen in real time by Video Webcast, at http://ri.cemig.com.br —

or heard by conference call, on:

(11) 4688 6341

Password: CEMIG

Playback of Video Webcast:

Website: http://ri.cemig.com.br

Click on the banner and download.

Available for 90 days

Playback of conference call:

Tel.: (11) 4688-6312
Password:

6442091 (Portuguese)

7744710# (English)
Available: August 16 through 22, 2012

For any questions please call +55 31 3506-5024.

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–– Cemig’s Executive Investor Relations Team

·                  Chief Finance and Investor Relations Officer

Luiz Fernando Rolla

·                  General Manager, Investor Relations

Antonio Carlos Vélez Braga

·                  Manager, Investor Market

Stefano Dutra Vivenza

–– Cemig: your IR contacts

http://ri.cemig.com.br/

ri@cemig.com.br

Tel.:        +55-31 3506-5024

Fax:        +55-31 3506-5025

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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, 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 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 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 originate different results from those estimated by Cemig, please consult the section on Risk Factors included in the Reference Form filed with the Brazilian Securities Commission — CVM — and on 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, comments:

“With a diversified portfolio of businesses, Cemig proves its high capacity for generation of cash and addition of value for shareholders, validating the correctness nature of the Company’s Long-term Strategic Plan. Its operational efficiency and great financial discipline ensure success in the execution of these projects, earning for Cemig the status of leading consolidator of the Brazilian power industry.”

Cemig’s Chief Financial Officer, Luiz Fernando Rolla, says:

“In this second quarter our Company has continued to provide consistent, robust cash flow, as a result of our operations that continually to add value for our shareholders. Our Ebitda in the quarter is a record R$ 1.4 billion, up 14% year-on-year, benefiting from our policy of maintaining high levels of operational efficiency. This excellence is reflected in our net income, of R$ 604mn in the period, 15% more than in the second quarter of 2011. This new level of results reflects the correctness of our strategy of growth through acquisitions and new projects, within the process of consolidation of the sector. Our solid cash position of R$ 2.3 billion provides the possibility for execution of our Long-term Strategic Plan, guaranteeing not only our policies of dividends and debt management, but also the execution of planned investments, including those associated with acquisition opportunities. The excellent results that we now present show that we continue to add value, in a continuous and sustainable manner, for all our

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shareholders and indeed stakeholders. Initially, on the next page, we give the headline items of the 2Q12 figures:”

–– Highlights of second quarter 2012

· Cash flow, measured by Ebitda, of R$ 1.4 billion in 2Q12, 14.0% higher than in 2Q11.

· Net income 16.0% higher year-on-year in 2Q12, at the significant figure of R$ 604 million.

· Net revenues of R$ 4.4 billion in 2Q12, up 16.0% from 2Q11.

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–– The Brazilian economic context

The IMF is indicating expectations for global growth of 3.5% in 2012 and 3.9% in 2013. The slower recovery in the United States, and the debt crisis in Europe, have had a negative effect. Forecast growth rates for the United States are 2.0% for 2012 and 2.3% for 2013 — and for the Eurozone, contraction is expected, of 0.5% in 2012, and 0.7% in 2013. For the emerging economies, the main challenge is dealing with weaker total international trade and increased volatility in the capital markets. Growth of Chinese GDP in 2012, in the context of slowing growth rates globally, is expected to be 8.0%.

Brazil continues to hold a highlight position in the context of the international uncertainty and caution. Its public debt as a percentage of GDP has been contracting since 2003, and is now 37%. This level continues to fall, while the debt indicators of mature economies, in the world context, are high and growing.

The Central Bank’s Focus Report of July 30, 2012 gives a forecast of 4.98% inflation, as measured by the IPCA index(1). With prices under control, it became possible to reduce the basic interest rate — the Selic Rate — to a historic low of 8.0% p.a., a level that still allows the monetary authority broad scope for further expansionary measures.

Also, Brazil now has record levels of international reserves — close to US$ 375 billion — which makes the country now a net external creditor, with high liquidity in US dollars. With the confidence of foreign investors, the Brazilian economy continues to receive high levels of direct investment (approximately 2.5% of GDP in the first half of 2012). These investments, with good expected returns in the medium and long term, show the optimistic outlook of the investor market on Brazil’s future.

With the fiscal and monetary stimulus measures, GDP growth is expected to increase in the second half of 2012, to a peak of around 4.5%, annualized, starting in the first quarter of 2013. The Central Bank’s expectation

(1)  Expanded National Consumer Price Index.

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for GDP growth in 2012 is 1.9%(2).

This level of growth outlook is corroborated by an average monthly wage of R$ 1,725.60, representing real growth of 5% from May 2011 to May 2012. It has contributed to the low level of unemployment, currently at a historic low of 5.8% of the economically active population. This indicator has been persistently lower than corresponding indicators in the majority of the mature economies.

A highlight in this context is Brazil’s robust financial system, with rigid rules controlling capitalization of banks, and low exposure risk, providing the possibility of sustainable economic growth for the country over the long term. Brazilian banks’ capital reserves are currently at an average level of around 16%, higher than the 11% required by the Brazilian legislation, and the 8% level set for the Basle III Index.

In this context Brazil’s lending sector continues to expand, enabling growth of a major consumer market, while default continues to be at acceptable levels.

Minas Gerais is the Brazilian state in which Cemig has its largest presence, and has grown faster than the rest of the country. In the first quarter of 2012 the year-on-year growth of its economy was 2.1%, compared to 0.8% for Brazil as a whole. Similarly, the state’s unemployment rate is one of the Brazil’s lowest, at 4.8% of the economically active population in May 2012, and continues to fall. The State of Minas Gerais was recently given the top rating (AAA) on the Brazilian scale by the risk rating agency Standard & Poor’s — another contribution to the state’s image as a leader in the nation. In the world context, the state’s ratings give a solid situation and financial liquidity.

(2)  Brazilian Central Bank Focus Report, July 30, 2012.

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Total Brazilian electricity consumption in the second quarter of 2012 was 111,531,759 GWh, 4.45% more than in 2Q11. Consumption increased in all consumer categories, led by commerce, in which consumption was up 8.54% year-on-year.  Residential consumption grew 6.52%, and industrial consumption 0.38% — with growth in the other consumer categories reported as 8.13%.

Brazilian electricity consumption, GWh

Source: Brazilion Mining and Energy Ministry. Compilation: Cemig.

For continued economic growth, the Brazilian federal government has been investing in infrastructure through its Second Accelerated Growth Program (“PAC 2”), which aims to see R$ 1.1 trillion allocated in electricity: R$ 461.6bn by 2014, and R$ 626.9bn after 2014. Plans are in progress for 76 new plants, to add 26,252 MW to Brazil’s total generation capacity; and 29 transmission lines and 19 substations are in the process of construction under the program.

R$ 55.1 billion has been invested in energy under the PAC 2 — in electricity generation and transmission, oil and natural gas exploration, refining and petrochemicals, revitalization of the ship building industry and collection, storage and transport of renewable fuels.

According to the Energy Research Company (EPE) of the Mining and Energy Ministry, Brazilian energy consumption has grown faster than the country’s overall growth rate — as the elasticities in this chart indicate. Current plans and outlook now indicate a more sustainable ratio of electricity consumption growth to GDP in the period of 2011 through 2021. Total Brazilian electricity consumption is expected to grow at 4.5% over this period, to 736,000 GWh at the end of 2021(3).

(3)  Forecasts by EPE and Mining and Energy Ministry.

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— Appreciation in Cemig’s share prices

Sources: Economática, Latibex.

Brazil’s leading stock index, the Ibovespa, has varied in response to the uncertain worldwide economic context, with a significant contraction of 15.74% in 2Q12. In this context, however, Cemig’s preferred share (CMIG4) and common share (CMIG3) were once again outstanding, with gains of 11.96% and 9.90% respectively, in the quarter — also exceeding the Brazilian Electricity Stock Index (IEEX), which rose 0.38% in the quarter.

This significant performance by Cemig’s shares in this quarter reflects the reputation that Cemig has won by addition of value for its shareholders — which is also evidenced by its strong policy of distribution of dividends. In April 2012 Cemig approved payment to shareholders of 53.58% of the net income for 2011 — a total of R$ 1.294 billion in dividends. This will be paid in two installments, and represents a dividend yield of 4.4% for the PN shares and 5.5% for the ON shares(4).

(4)  Based on stock prices on May 18, 2012.

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— Key operational figures

— Adoption of IFRS

The results in this release are reported under the new Brazilian accounting practices, resulting from the harmonization of Brazilian accounting rules with IFRS (International Financial Reporting Standards).

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— PROFIT AND LOSS ACCOUNTS

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— Cemig’s consolidated electricity market

The figures we report for Cemig’s market include the sale of electricity by: Cemig D, Cemig GT consolidated (Cemig GT plus its proportionate holdings in Cachoeirão, Pipoca and 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: sales of electricity to both captive and free consumers, in the concession area of Minas Gerais and outside that 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.

Electricity consumption in Cemig’s concession area in 2Q12 was 4.91% higher than in 2Q11. This reflects the constant increase in Cemig’s total number of clients — to a total of 11,489,000 consumers at the end of 2Q12, 1.7% more than in 2Q11. Of this total, Cemig D serves 7.4 million, an increase of 3.3% in 12 months; Light serves 4.1 million, a decrease of 1.0% in 12 months; Cemig GT has 337 clients, 18.7% more than at the end of 2Q11; and the subsidiary and affiliate companies have 21 clients.

This growth can be seen in detail in the separate consumer categories, as follows:

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Residential:

Residential consumption represented 16.8% of the total electricity sold by Cemig in 2Q12. The growth of 8.4% over 12 months is associated with connection of new consumers, and the increase in consumption of goods and services by private consumers due to the more favorable conditions of the Brazilian economy, with the vigor of the employment market being maintained, and growth in total real wages, associated with expansion of the supply of credit.

Industrial:

Consumption by Free Consumer clients represented 38.3% of the total volume of electricity transacted by Cemig in 1Q122 which is 0.3% less than in 2Q11. The reduction basically reflects reduction of industrial activity in Cemig’s concession area.

Commercial:

This total volume of electricity transacted with this user group accounted for 11.6% of Cemig’s total in 2Q12, and was 13.4% more than the volume transacted in 2Q11.  This growth reflects the strong domestic consumer market, especially final consumption by private consumers.

Rural:

Rural consumption, representing 4.2% of total electricity sold by Cemig, was 15.5% higher than in 2Q11, following the connection of 101,606 new consumers in the interval of twelve months.

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Other consumer categories:

The total of other types of consumption in 2011 — by public authorities, public illumination, public services, and Cemig’s own consumption — represented 6.4% of Cemig’s total transactions in electricity in the quarter, and was 8.0% higher than in 2Q11.

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

This chart shows 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 means the total of: sales to Free Clients both in the state of Minas Gerais and outside it; sales under the Proinfa program to encourage new energy sources; and wholesale sales in the Regulated and Free Markets, and through the CCEE (Electricity Trading Chamber).

This total was 4.0% lower in 2Q12 than in 2Q11, reflecting a lower volume of sales by Cemig through the CCEE in 2Q12.

The counterpart to this was that total revenue from electricity supply in 2Q12 was 15.7% higher year-on-year, at R$ 1,211,270, compared to R$1,046,679 in 2Q11.

This mainly reflects higher prices in the spot market, and also significant growth of 9% in the industrial consumer category and 328% in the commercial category.

Although the volume of electricity sold to other concession holders was 7.6% lower YoY, revenue from energy sold to other concession holders was 6.5% higher, at R$ 398.8 million in 2Q12, compared to R$ 374.4 million in 2Q11.

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 567,478 km², approximately 97% of the territory of Minas Gerais State. Cemig D has four electricity distribution concessions in Minas Gerais, under 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 total of electricity sold by Cemig D in 2Q12 was 1.8% higher than in 2Q11. The main factor in this comparison is consumption by the residential, commercial and rural consumer categories. Consumption by captive consumers in the industrial category was 11.6% lower year-on-year; but if adjusted for the clients that migrated to the free market in the period, Cemig D’s volume of sales to the Industrial category would have been 3.6% higher year-on-year.

The following are some comments on the figures for the main consumer categories:

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Residential:

Residential consumption represents 35.9% of the total energy sold by Cemig D in 2Q12, and was 5.38% higher than in 2Q11.

Industrial:

Electricity used by captive industrial clients was 17.2% of the volume sold by Cemig D in 2Q12, and totaled 11.6% less is than in 1Q11 — the main factor being the migration of captive clients to the status of free clients over the period: adjusted for this migration to the Free Market, the volume sold to industrial clients would have been 3.6% higher YoY.

Commercial and Services:

The volume of electricity sold to this consumer category accounted for 22.0% of the electricity sold by Cemig D in 2Q12, and was 4.5% higher than in 2Q11.

Rural:

Rural consumption was a significant 15.4% higher year-on-year, with the connection of 101,394 new rural properties added in the 12-month period. These consumers accounted for 11.5% of the total electricity consumption.

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Other consumer categories:

The total of the other types of consumption in 2011 — by public authorities, public illumination, public services, and Cemig’s own consumption — was 2.5% higher than in 2Q11, and was 13.2% of the total volume sold by Cemig D.

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

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

— Consolidated operational revenue

Revenue from supply of electricity

Revenue from supply of electricity in 2Q12 was R$ 4,101,807, 12.80% more than in 2Q11 (R$ 3,636,250).

The main factors affecting revenue in 2012 were:

·                      Tariff increase for Cemig D with average effect on consumer tariffs of 3.85%, starting from April 8, 2012.

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·                      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 4.91% higher (this excludes Cemig’s own internal consumption).

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

Revenue from wholesale electricity sales

Although the volume of electricity sold to other concession holders in 2Q12 was 4.56% lower than in 2Q11, revenue from these sales was 1.42% higher, at R$ 400,500 (vs. R$ 394,900 in 2Q11) due to the average sale price being 6.26% higher — at R$ 123.01 (one hundred twenty-three Reais) per MWh, compared to R$ 115.76/MWh in 2Q11.

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Transactions in electricity on the CCEE

Revenue from electricity sales on the CCEE was R$ 158,932 in the first half of 2012, compared to R$ 32,599 in the first half of 2011 — an increase of 387.54%. This reflected the significantly higher spot market price in 1H12 — of R$ 115.15 — compared to R$ 27.77 in 1H11.

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, was 28.22% higher in 2Q12, at R$ 535,295, compared to R$ 417,478 in 2Q11. This 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

For the older concessions, the Revenue for use of the transmission grid refers to the tariff charged to agents in the electricity sector, including Free Consumers connected to the high voltage network, for use of that part of the National transmission Grid that is owned by the Company, less the amounts received that are used for amortization of the financial asset.

For the new concessions, it includes the portion received from agents of the electricity sector relating to operation and maintenance of the transmission lines and also the adjustment to present value of the transmission financial asset constituted, primarily, during the period of construction of the transmission facilities. The rates used for updating of the asset correspond to the remuneration on capital applied to the undertakings, and these vary in accordance with the model of undertaking and the investing company’s cost of capital.

The revenue for use of the network was not significantly different year-on-year — at R$ 364,115 in 2Q12, and R$ 340,978 in 2Q11.

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—Taxes and charges applied to revenue

The charges and taxes applied to revenue in 2Q12 totaled R$ 1,891,716, an increase of 11.30% compared to 2Q11 (R$ 1,699,652). The main variations in these deductions from revenue between the two years are as follows:

Global Reversion Reserve — RGR

This deduction from revenue was 48.07% higher in 2Q12 than 2Q11. This is a non-controllable cost: the expense recognized in the income statement is the amount passed on to the tariff.

The Fuel Consumption Account — CCC

The deduction from revenue for the CCC was R$ 145,207 in 2Q12, 18.53% less than in 2Q11 (R$ 178,224). This charge is for the costs of operation of the thermal plants in the national grid and in the isolated systems. It is prorated between electricity concession holders, on a basis set by a Resolution issued by the regulator, Aneel.

This is a non-controllable cost: in the distribution activity, the difference between the amounts used as a reference for calculation of tariffs and the cost actually incurred is compensated for in the next tariff adjustment. 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.

CDE — Energy Development Account

The payments of the CDE are set by a resolution issued by the regulator, Aneel, and were 13.00% higher in 2Q12 than in 2Q11. The deduction from revenue relating to the CDE was R$ 138,335 in 1H12, compared to R$ 122,420 in 1H11.

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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.