Financial Performance - Cemig's Recurring EBITDA decreased by 16.3% from R$1,762 million in 3Q24 to R$1,475 million in 3Q25 [37] - Recurring Net Profit decreased by 30.2% from R$1,118 million in 3Q24 to R$780 million in 3Q25 [37] - Cemig D's Recurring EBITDA decreased by 4.7% from R$773 million in 3Q24 to R$737 million in 3Q25 [66] - Cemig D's Recurring Net Profit decreased by 28.0% from R$372 million in 3Q24 to R$268 million in 3Q25 [66] - Cemig GT's EBITDA decreased by 12.6% from R$602 million in 3Q24 to R$526 million in 3Q25 [90] - Cemig GT's Net Profit decreased by 17.6% from R$467 million in 3Q24 to R$385 million in 3Q25 [90] - Gasmig's EBITDA decreased by 16.0% [97] Investments - Investments grew by 17.0% in 9M25/9M24, totaling R$4,7 billion [14, 16] - Distribution investments reached R$3,602 million [19] - Generation investments reached R$149 million [19] - Transmission investments reached R$297 million [19] - Gasmig's Central-Oeste project has an estimated CAPEX of R$800 million, with R$675 million realized until September 2025 (84%) [97] Operational Highlights - Additional Allowed Annual Revenue (RAP) of R$32.3 million in 9M25, 12.5% above the additional RAP in 12M24, equivalent to a total of R$28.7 million [31] - Cemig D's market, including Micro and Mini Distributed Generation (DG), declined by 2.0% [72]

Core Insights - Elering AS has completed a public procurement for electricity reserve capability in Estonia, awarding the contract to Enefit Power OÜ, a subsidiary of Eesti Energia Group, for a maximum annual cost of EUR 59.5 million [1][2] Group 1: Contract Details - The contract is expected to be signed by the end of November [2] - The service price is based on costs, with Elering reimbursing only the costs directly related to the service provision [2] - Enefit Power is allowed to participate in other energy markets with the same capacities, and if revenues from these markets exceed tender assumptions, the payable amount for the reserve capacity service will be reduced [2] Group 2: Financial Implications - The cost of ensuring reserve capacity will be borne by electricity consumers, shifting the financial burden from the company to consumers [1] - The service ensures up to 1,036 megawatts of generation capacity, which is significant for the Estonian electricity system [1]

China relies on coal for its ever-increasing electricity demand. To meet decarbonisation goals, the country requires not just the ability to do without coal. It needs to be sure that it wants to https://t.co/2ydVR76Ds8 ...

Last year China burned 4.9bn tonnes of coal. In the same year, it generated almost a third of the world’s electricity. Our special report explains how the two are connected https://t.co/6Ks3Ra1KoA ...

Core Viewpoint - TotalEnergies is increasing its investment in electricity to create a more predictable income stream that is less affected by the volatile cycles of the oil and gas industry [1] Group 1 - The CEO of TotalEnergies, Patrick Pouyanne, emphasized the strategic shift towards electricity investments [1] - This shift aims to mitigate the financial impacts associated with the boom and bust cycles typical of the oil and gas sector [1]

Industry Impact - The report suggests not to immediately attribute higher electricity bills to specific entities [1]

Financial Strategy - Terna is considering selling a minority stake in Italy's electricity grid to fund new projects and decrease debt [1]

Japanese government proposals aimed at stabilizing electricity supplies run the risk of impacting liquidity in one of the world’s fastest-growing power markets, according to traders https://t.co/cOlwropfsY ...

Market Transformation - Traders are transforming Japan's electricity market [1] Potential Opportunities - The transformation is expected to be a big payday for traders [1]

The European Energy Exchange, the world’s biggest electricity bourse, aims to add another Japanese region to its product offerings by year-end, boosting its presence in a rapidly expanding market https://t.co/oBKgdAeDmP ...