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    Victor Coia • Banco BTG Pactual S.A.

    Victor Coia's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership

    Victor Coia's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q2 2025

    Question

    Victor Coia of Banco BTG Pactual inquired about the rationale for increasing the short energy position for the 2027-2028 period, particularly given the current pressure on energy prices and potential for higher marginal costs of expansion.

    Answer

    An executive, likely Chief Trading Officer Sergio Lopez Cabral, clarified that the company's strategy is to close its positions and decrease exposure, not increase it. The apparent increase in the short position for 2027-2028 was attributed to a counterparty's failure to deliver contracted energy, which forced Cemig to buy energy on the market, but the guiding principle remains to reduce open positions.

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    Victor Coia's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q2 2025

    Question

    Victor Coia of BTG Pactual asked for the rationale behind increasing the short energy position for 2027-2028, especially given the current pressure on energy prices and potential for higher marginal costs of expansion for renewable projects.

    Answer

    Cemig management explained that the company's strategy is actually to close its open positions and decrease exposure. The apparent increase in the short position for 2027-2028 was attributed to a counterparty's failure to deliver contracted energy, which forced Cemig to buy energy on the market. Management clarified their guiding principle is not to open more positions.

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    Victor Coia's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q2 2025

    Question

    Victor Coia of Banco BTG Pactual S.A. questioned the rationale for increasing Cemig's short energy position for the 2027-2028 period, especially considering rising energy prices and challenges facing renewable projects.

    Answer

    A Cemig executive clarified that the company's strategy is to reduce, not increase, its market exposure. The short position for 2027-2028 was attributed to a counterparty's failure to deliver contracted energy, which forced Cemig to buy energy on the market. The executive reiterated that the guiding principle is to actively close open positions.

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