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 September, 2005

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 ý 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 ý

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

Index

1

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

BRAZILIAN LISTED COMPANY – CNPJ 17.155.730/0001-64

INFORMATION PROVIDED TO THE BOARD OF DIRECTORS

MEETING OF 3 AUGUST 2005

THE LUZ PARA TODOS (“LIGHT FOR EVERYONE”) PROGRAM

INTRODUCTION:

1.             Federal Law 10438/02, of 26/04/2002, regulated by Resolution 223 of the National Electricity Agency (“Aneel”) of 29/04/2003, (“RESOLUTION 223”) established the Universalization of Electricity Service. At Cemig this began with the approval of Project 990/03 – the Rural Electrification Program – by the Board of Directors of Cemig (“the BOARD”), expressed in CRCA-039/03, of 18/08/03, which, further, authorized: the opening of tender proceedings; contracting of the services and supplies; the initial budget; the contracting of financing with Eletrobrás; obtaining of a concession for ICMS tax (“ICMS tax”) from the state government of Minas Gerais; and the contracting of partnership stakes with the municipalities, making the execution of the Project conditional on contracting of the financing and obtaining of the tax benefits.

2.             Decree 4873/03 of 11/11/2003 instituted the Light For Everyone Program (“The Program”), and brought forward the target of rural universalization to the year 2008, with injection of funds by the federal government on a sinking fund or subsidized basis.

3.             On 11/11/2003 the federal and state governments signed a Statement of Adherence to the Light For Everyone Program, establishing the year of 2006 as the limit for universalization in Minas Gerais.

4.             On 26/03/2004 Cemig signed a Commitment Agreement with the federal government, through the Mining and Energy Ministry (“MME”), and the State of Minas Gerais, with Aneel and Eletrobrás being parties to the agreement, establishing the year of 2006 as the limit date for conclusion of the universalization in the ambit of Cemig, involving the connection of 176,000 new clients.

5.             On 19/04/04 the financing contract was signed with Eletrobrás, with duration of 18 months, for connection of 72,155 consumers, the funds for this being freed in August 2004, and the construction of networks was begun. Due to the impossibility of direct execution by Cemig of the totality of consumers of this first contract within the scheduled period, the Executive Directors decided to make 36,000 connections using their own means (“VIA CEMIG”) and make the rest of the contracting of services in turnkey mode.

6.             Through CRCA-142/2004, of 09/11/04, the Board authorized the opening of the tender and contracting for implementation of the Program, over a period of 22 months, starting from March 2005, and estimated price of R$ 1,300,000,000.00, to serve 139,000 units. In the same Resolution the Board indicated the origin of the funds and ordered the inclusion of a clause in the tender requiring that the incidence of service orders for the works would be conditional on the freeing of funds, and also establish that the said Service Orders (“OSs”) should be previously authorized by itself (the Board).

2

7.             Thus, since the funds for the first contract with Eletrobrás were already secure, the execution of both “VIA CEMIG” and turnkey works to a limit of 72,155 consumers was authorized, subject to the OSs of the works for the remaining 104,000 connections being previously authorized by the Board.

A – THE PROCESSING OF THE TENDER:

8.             A Tender Committee (“the Committee”) was established in accordance with Law 8666 (the Administrative Tenders and Contracts Law – “Law 8666”), of 21/06/1993, for drafting of the Tender Invitation Announcement (“the ANNOUNCEMENT”) and also the Works Execution Contract (“the CONTRACT”).

9.             The Public Hearing in relation to the Program took place on August 17, 2004, and the ANNOUNCEMENT Notice was published on 30 November 2004 and 1 December 2004, with delivery of envelopes by bidders scheduled for 30 December 2004.

10.           As a result of challenges by some of the parties who acquired the Tender, Appendices No’s “1” and “2” were issued, respectively, on 14/12/04 and 29/12/04, both introducing changes in the text of the ANNOUNCEMENT with the purpose of clearing up the doubts raised.

11.           The opening of envelopes for qualification took place on the scheduled date. The following companies appeared: CBPO Engenharia Ltda; Construtora Queiroz Galvão S/A; SELT Engenharia Ltda; Construções e Comércio Camargo Corrêa S/A; Construtora Andrade Gutierrez S/A e Unicoba Importation Ltda. The latter was prevented from taking part, because it delivered all the documentation (qualification, and bid) in the same envelope, contrary to the tender invitation.

12.           SELT was the only company disqualified, for not meeting the financial requirements specified in the Tender.

13.           When the bids had been opened and analyzed, the COMMITTEE recommended disqualification of all of them, due to the price quoted not being in conformity with the reference price of the tender, and the bidders were invited to re-present proposals.

14.           The bidding party Construções e Comércio Camargo Corrêa S/A declined the invitation and the others went forward in the proceedings, presenting new bids, which were opened on 15 February, 2005 and, subsequently, evaluated.

15.           On 18/02/05, Cemig received Notice No. 186/05, from the attorney of the Specialized Court for Defense of Public Assets (“MP”), alleging errors of illegality in the Tender in question and requesting information to assist in “Investigative Proceeding No. 001/05”, to which a reply was given by the letter DPR-0081/05, of 22/02/2005, in which Cemig justified the matters pointed out.

3

16.           The Committee then stated the result of the investigation involving bids by lots, and the bidders were advised of this information and it was published on 9 March 2005.

17.           In spite of the information provided by Cemig, the MP requested further explanations about the tender, by Notice Nº 391/05, of 15/03/05.

18.           As a result of the further questioning by the MP, the Legal Department of Cemig (“JR”) issued Opinion JR/TT-3002/05, of 23/03/05, recommending annulment of the Tender ANNOUNCEMENT of Competition MS-ON-4026, from the first publication of the Notice of Tender, for a new ANNOUNCEMENT to be published, consolidating the changes made and correcting the errors found.

19.           The recommendation was accepted by the Company, which signed the Act of Annulment on 23/03/05, in the terms agreed with the Chief Justice Attorney of the State.

20.           The bidders filed administrative appeals, which were judged not to be valid due to Legal Opinion JR/TT-3121/05, of 11/04/05, which recommended that the Act of Annulment should be maintained.

21.           Cemig published the announcement of a new tender on 26/04/05 and, on the same day, became aware of an interim judgment given in the application for Order of Mandamus Nº 024.05.700.146-3, of the fourth State Public Finance Court, brought by CBPO – Engenharia Ltda., as follows: “(..) I grant the injunction, ordering suspension of the efficacy of the administrative act of annulment of Competition MS-ON 4026, and also ordering that the defendant abstain from practicing any act that prejudices the said competition, in particular publication of a new announcement of tender for the same purpose (.)”.

22.           Cemig presented its defense and, with the intention of suspending the effects of the interim judgment, jointly with the State of Minas Gerais, appealed to the Court of Appeal through Application for suspension of Interim Judgment Nº 1.0000.05.420856-6/000.

23.           On 26/05/05 there was published the summary judgment of the Chairman of the Court of Appeal of Minas Gerais (TJMG) on the Application for Suspension of Interim Judgment made by the State and by Cemig, refusing the application for suspension of the interim judgment, but stating that the interim judgment did not prevent continuation of the proceedings.

24.           On 06/06/2005 Cemig lodged an appeal (Special Appeal Nº 1.0000.05.420856-6/001) against this decision.

25.           Faced with this situation, on 07/06/2005 the bidders presented a correspondence to Cemig pointing out that the timetable for conclusions specified in the tender announcement would become impossible to comply with if works on the said Program were not begun immediately; that there were two Court decisions preventing the re-publication of the tender ANNOUNCEMENT, but not the implementation of the Program, that the bids were already out of date and that the appeals filed by Cemig would cause more delays to start of the works and

4

would prejudice fulfillment of the targets agreed with the Mining and Energy Ministry. Finally they requested that the subject of the Competition be judged.

26.           This letter was sent to Cemig’s Legal Department, with Eletrobrás Notice CTA-PR-05663/05, dated 06/06/05, addressed to Cemig, in which the request was made for information and action on fulfillment of the period set for execution of the PROGRAM, financed by it, and the argument that its execution could not be fully achieved in the period fixed, considering the Undertaking Agreement signed between the Mining and Energy Ministry, the state of Minas Gerais and Cemig, with Aneel and Eletrobrás as parties.

27.           Also attached was a Technical Note of the Management of the Executive Coordination of Cemig’s Rural Electrification Project, emphasizing that non-compliance with the periods established for execution of the Program would result in the penalty of retention up to 10% (ten per cent) in Cemig’s Tariff Recomposition Index (“IRT”), for as long as the default continues, in accordance with RESOLUTION 233; and that due to the delay in the timetable, Cemig had already failed to connect 24,000 clients between March 2005 and June 2005; that non-compliance with the rural connections specified in the financing contract signed with Eletrobrás would prevent signature of the second financing contract to be obtained for continuity of the works related to the PROGRAM.

28.           Analyzing the question, The Legal Department issued Opinion JR/SD-3757/2005-P, of 14/06/05, concluding that the court’s decision in force prevented the publication of a new tender ANNOUNCEMENT, but permitted continuation of the proceedings, with, homologation, adjudication and contracting. It recommended, however, that if the Executive Directors of the Company, sitting in committee (the “EXECUTIVE BOARD COMMITTEE”), decided to proceed with the bid, it should do so without administrative repeal of the act of annulment; that the homologation should obey the guide prices specified in the tender ANNOUNCEMENT; that the contracts should have a cancellation clause for any court decision on the merits which might re-establish the act of annulment of the ANNOUNCEMENT; and that the decision of the BOARD (CRCA Nº 142/2004 – see item 6) should be obeyed.

29.           In this situation, without alternatives, Cemig was compelled to go forward with the proceedings, which was authorized on June 15, 2005, by the EXECUTIVE BOARD COMMITTEE, in its 25^th Ordinary Meeting, as per CRD/223/2005, of 16/06/05, which fully incorporated the recommendations of the Opinion mentioned.

30.           Also on 15/06/05, the Judgment in the Order of Mandamus was given, with the following text: “The relief applied for is partially granted, solely to declare as void the administrative act which invalidated competition MS-ON-4026, and also to order that the operative authorities restrain from publishing a new invitation announcement with the same object as this competition, based on the acts discussed in this writ.”.

31.           As a consequence, on 16/06/2005 the Companies signed the Act of Homologation of the

5

Judgment and Adjudication of the object of the Competition MS-ON-4026.

32.           On 24/06/05, with the adjudicated bidders as parties, the Term of Assignment of the Rights and Obligations relating to competition No. MS-ON-4026 was signed between Cemig and Cemig Distribution S.A. (“CEMIG-D”), by reason of the stockholding restructuring which took place as a result of the regulations in force.

33.           On 27/06/05, CEMIG-D signed contracts with the adjudicated bidders, for the guide values of the tender, as follows:

34.           Following the determination of CRD/223/2005, the CONTRACT was signed sub judice, inserting a cancellation clause (item 11.6.3 of the Contract) for the event of reestablishment of the act of annulment of the Tender ANNOUNCEMENT, stating that, in the event, the Contracted Party would be obliged to reimburse to CEMIG-D the whole, updated, balance of the amount of the payments advanced to it (advances conditional upon events), after deducting from them the amounts due and unpaid for the services, works and supplies carried out and accepted, without prejudice to the right to any reimbursement of proven losses, in accordance with Art. 59, Sole Paragraph, of “LAW 8666”.

35.           Further, Clause 9.1.1 of the CONTRACT provides that the performance of each tranche (total of 6) shall be preceded by the respective OS authorizing the start of the works, and that such OS, under CRCA-142/2004, must be previously authorized by the BOARD, also being conditional upon the existence of a budget.

36.           The CONTRACT also provides, in its Clause 25, that implementation of the project may be, totally or partially, suspended, for up to 120 days; that, if the financing contracts specify full execution of the program are not signed or in the event that, subject to any granting of financing, the financing parties do not make the disbursements, CEMIG-D shall have the option, in its judgment, after expiry of a period of 120 days, to cancel the CONTRACT, by notice to the Contractor, without such rescission characterizing default, there thus being no obligation to pay a penalty payment for cancellation, or any other penalty or indemnity.

37.           And as security against this, the said CONTRACT, in its Clause 35, provides that the Contractor

6

is obliged to reimburse the down payments to Cemig in the event of discontinuity of the CONTRACT by the non-issuance of those OSs subsequent to the first one. The guarantee presented is in the form of a Bank Guarantee from a first-line banking institution approved by Cemig, and also in the form of a guarantee of Faithful Performance of the CONTRACT.

38.           On 01/07/2005 Cemig filed its Appeal against the decision in the said Application for Mandamus.

39.           On 08/07/05 the extract of the contract was published in the Official Press, this being the most recent event in Competition MS-ON-4026.

B – PHYSICAL PERFORMANCE OF THE LUZ PARA TODOS (“LIGHT FOR EVERYONE”) PROGRAM:

Considering that:

•      Cemig’s potential rural market is 176,000 consumers;

•      the financing contracts signed with ELETROBRÁS is for connection of 72,155 consumers;

•      for obtaining of the second financing contract from ELETROBRÁS a minimum of 80% performance of the 1st contract is necessary;

•      the BOARD approved the budget proposal for 2005, with an investment value of R$ 705.6 million (executing ICMS tax) for the Light for Everyone Program;

The EXECUTIVE BOARD COMMITTEE of CEMIG decided:

•      to authorize the connection of 36,155 consumers in the VIA CEMIG mode (4th column of the attached financial report);

•      to issue the service order for 36,000 consumers in the TURNKEY mode (5th column of the attached financial report); and

•      to make the issuance of the service orders for the remaining target of 104,000 only after the second financing contract with ELETROBRÁS has become a concrete reality and, also, subject to approval by the BOARD. The conditions of the CONTRACT for performance of the works guarantee the recommendations of the BOARD, as characterized in items 34, 35, 36 and 37 of this present “Information Bulletin”.

* * * * * * *

7

2005

Present situation

Without ICMS

2005

Proposal (*)

Without ICMS

(*) The budget review in progress reduces the total Capex of this project in 2005 from 705,630 to 595,034 thousand Reais.

8

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

Listed Company – Taxpayer no. 17.155.730/0001-64

Meeting of the Board of Directors

Date: August 3, 2005, at 10:30 a.m.

Summary of Deliberations

Resolutions of the Board of Directors of Companhia Energética de Minas Gerais.

1.     The granting of an annual leave of absence was authorized for the Executive President, for the period from September 8 to 16, 2005.

2.     The initiation of an administrative process for a Public Tender, and the hiring of conventional telephony services in the cities of Belo Horizonte, Contagem, Sete Lagoas, Itabira, Montes Claros, Januária, Juiz de Fora, Governador Valadares, João Monlevade, Caratinga, Três Corações, Pouso Alegre, Patos de Minas, Uberlândia, Uberaba, Juatuba and Santa Vitória, was authorized.

3.     The signing of the term of assumption of the debt between CEMIG, CEMIG GT, CEMIG D and FORLUZ, with a view to regulating the sharing of the debt relating to the adjustment of reserves to be amortized of the Benefit and Settled plans among the sponsoring parties, was authorized.

4.     The Health Assistance Program for the Members of the Executive Committee was approved.

5.     The signing of the First Amendment to the Electric Energy Generation Concession Contract with the Federal Government, with a view to regulating the extension of the term of concession for the Igarapé Thermo-electric Plant, was ratified.

9

INVESTORS RELATIONS SUPERINTENDENCE - IR

CALENDAR OF CORPORATE EVENTS - 2005

Information About the Company

Annual Balance Sheets and Consolidated Balance Sheets for year ending on 12/31/2004.

Standard Balance Sheets for year ending on 12/31/2004

Annual Information for year ending on 12/31/2004

10

Quarterly Information

Annual General Shareholders’ Meeting

Extraordinary General Shareholders’ Meeting

11

Extraordinary General Shareholders’ Meeting

12

Public Meeting with Analysts

13

Meeting of the Board of Directors

Decisions:

1.     To authorize the signature of amendments to the consortium constitution contracts of the Aimorés, Funil, Porto Estrela, Queimado and Igarapava hydroelectric power plants, assigning Cemig’s rights and obligations in relation to them to Cemig Geração e Transmissão S.A.

2.     To submit to the Extraordinary General Meeting of Stockholders to be held on 18 February 2005 the following proposal: 

a) To ratify the transfer, from Cemig to the wholly-owned subsidiary Cemig Geração e Transmissão S.A., of the debt relating to the two issues of debentures subscribed by the State of Minas Gerais, the proceeds of which were invested in the construction of the Irapé Hydroelectric power plant.

b) To ratify maintenance of the counter-guarantee offered by the State of Minas Gerais to the Federal Government of Brazil for the debt contracted by Cemig and payable to KfW and the Inter-American Development Bank and for the debt arising from the restructuring of the foreign debt which gave rise to the Contract for Acknowledgment and Consolidation of Debt signed under Resolution 98/1992, of the Brazilian Senate, transferred to the wholly-owned subsidiaries Cemig Geração e Transmissão S.A and Cemig Distribuição S.A.

c) To ratify the approval of the transfers which are the subject of the Extraordinary General Meeting held on 30 December 2004, the individual amounts of which are greater than or equal to 20 (twenty) times the minimum limit established by the bylaws for authorization by the Board of Directors of Cemig.

3.     To grant annual leave to the Chief Energy Generation and Transmission Officer.

4.     To grant annual leave to the Chief Planning, Projects and Construction Officer.

5.     To authorize closure of the Operational Agreement for the Guilman-Amorim hydroelectric power plant.

6.     To authorize signing of the Electricity Sale Chamber (CCEE) Arbitration Convention.

14

Meeting of the Board of Directors

Decisions:

1.     Report of Management and Financial Statements for the business year of 2004.

2.     Proposal of the Board of Directors to the Annual General Meeting to be held on or before 30 April 2005.

3.     Construction of the Irapé – Montes Claros low voltage transmission line.

4.     Advances against future capital increases to the companies Usina Termelétrica Barreiro S.A. (Barreiro Thermo-electric generation plant) and CEMIG PCH S.A. (Cemig Small Hydroelectric Plants).

5.     Contracting with Deloitte Touche Thomatsu for the services of auditing of accounts of the Irapé Construction Consortium (re-ratification of the respective CRCA).

6.     Signature of Agreement and Amendment relating to the Contract to build the Pai Joaquim PCH (Small Hydroelectric Plant).

7.     Construction of the Irapé–Araçuaí low voltage transmission line.

Meeting of the Board of Directors

Decisions:

1.     Advance against future capital increase of the Usina Termelétrica Barreiro S.A..

2.     Internal staff reassignment agreement between CEMIG/Rosal Energia S.A./Gasmig/Efficientia S.A.

15

Meeting of the Board of Directors

Decisions:

1.     To grant annual paid leave to the Chief Distribution and Sales Officer.

2.     To sign amendments to electricity distribution concession contracts Nºs. 002, 003, 004 and 005/05.

3.     To give guarantees in loan contracts entered into by Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A. with Banco do Brasil S.A. for refinancing of debt.

4.     To give guarantees in loan contracts entered into by Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A. with the banks Credit Suisse First Boston and BNP Paribas for refinancing of debt.

Meeting of the Board of Directors

Decisions:

1.     Proposal for acquisition of holdings in transmission companies

16

Meeting of the Board of Directors

1.     Operational agreement for assignment of personnel between Cemig, Gasmig and Rosal Energia S.A.

2.     Cancellation of PRCAs (proposals by the Board of Directors).

3.     Early settlement of the contract with UHESC S.A. for purchase and sale of shares in UHE Sá Carvalho S.A.

4.     Concession of annual remunerated leave to the Chief Energy Distribution and Sales Officer: Cancellation of PRCA.

5.     Signature of Commitment Undertaking with Cia. de Saneamento de Minas Gerais – Copasa.

Meeting of the Board of Directors

Decisions:

1.     Refinancing of the debt of the company and its subsidiaries Cemig Geração e Transmissão S.A. and Cemig Distribuição S.A. becoming due in the period June through December 2005.

2.     Authorization to file suit for recovery of undue taxation (PIS, Pasep and Cofins), and contracting – the matter being exempt from the requirement for tender proceedings – of a law firm specialized in tax law.

3.     Guarantee in the contracting of the loan for refinancing of the debt.

4.     Subcontracting of the services of the Independent Auditors for accounting and tax review of the companies of the Shahin Group.

17

Meeting of the Board of Directors

Decisions:

1)              Signature of a Deed of Undertaking with the Minas Gerais Forests Institute (IEF/MG) and the Municipality of Grão Mogol.

2)              Advance against future capital increase in Usina Termelétrica Barreiro S.A.

3)              Creation of a Public Interest Civil Organization (OSCIP).

4)              Payment of Interest on Equity.

5)              Signature of a Technical-Scientific Cooperation Agreement for the development of the “Minas Gerais Prize for Conservation and Rational Use of Energy”.

6)              Granting of annual paid leave to the Chief Corporate Management Officer.

7)              Granting of annual paid leave to the Executive Vice-Chairman.

8)              Granting of annual paid leave to the Chief Financial and Investor Relations Officer.

9)              Granting of annual paid leave to the Chief Planning, Projects and Construction Officer / Re-ratification of CRCA.

10)        Unbundling: Approval of the Valuation Opinions that give valuations of the goods, rights and obligations of the Generation, Transmission and Distribution assets of Cemig; approval of the transfer of these goods, rights and obligations to the wholly-owned subsidiaries Cemig Geração e Transmissão S.A. and Cemig Distribuição S.A.; and approval of increases in the registered capital, and changes in the Bylaws, of Cemig Geração e Transmissão S.A. and Cemig Distribuição S.A.

18

Meeting of the Board of Directors

Decisions:

1)     Approved participation by the company in the project for the construction and commercial operation of the 220kV, 200-km, double-circuit Charrua - Nueva Temuco transmission line, in Chile, and the constitution of a special purpose company, in association with Companhia Técnica de Engenharia Alusa.

Meeting of the Board of Directors

Decisions:

1)     The granting of an annual leave of absence was authorized for the Executive President, for the period from September 8 to 16, 2005.

2)     The initiation of an administrative process for a Public Tender, and the hiring of conventional telephony services in the cities of Belo Horizonte, Contagem, Sete Lagoas, Itabira, Montes Claros, Januária, Juiz de Fora, Governador Valadares, João Monlevade, Caratinga, Três Corações, Pouso Alegre, Patos de Minas, Uberlândia, Uberaba, Juatuba and Santa Vitória, was authorized.

3)     The signing of the term of assumption of the debt between CEMIG, CEMIG GT, CEMIG D and FORLUZ, with a view to regulating the sharing of the debt relating to the adjustment of reserves to be amortized of the Benefit and Settled plans among the sponsoring parties, was authorized.

4)     The Health Assistance Program for the Members of the Executive Committee was approved.

5)     The signing of the First Amendment to the Electric Energy Generation Concession Contract with the Federal Government, with a view to regulating the extension of the term of concession for the Igarapé Thermo-electric Plant, was ratified.

19

Meeting of the Board of Directors – DATE FORECAST

20

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
Publicly Owned Company - CNPJ 17.155.730/0001-64

ANALYSIS OF CONSOLIDATED RESULTS FROM JANUARY TO JUNE 2005,
COMPARED TO JANUARY TO JUNE 2004

Belo Horizonte, Brazil, July 29, 2005 – Companhia Energética de Minas Gerais – CEMIG – (BOV: CMIG4, CMIG3; NYSE: CIG and LATIBEX: XCMIG), a leading electricity concessionaire in Brazil, and its subsidiaries (“CEMIG Companies”), today announced net income of R$ 1,041 million in the period from January to June 2005, or R$ 6.43 per lot of one thousand shares, growth of 87% compared to net income of R$ 557 million in the period from January to June 2004. In the second quarter of 2005, net income was R$ 487 million, or R$ 3.00 per lot of one thousand shares, an 87% increase over the second quarter of 2004, in the amount of R$ 260 million.

CEMIG’s electricity sales volume grew 7% in the second quarter of this year, compared to the same period of last year, reaching 10,148 GWh, the best quarterly performance in the last ten years.

The industrial class, responsible for 59% of total sales, consumed 5,978 GWh, 2.7% more than in the same period of 2004. Growth in the residential, commercial and rural classes was also notable, with respective increases of 3.8%, 9.2% and 15.0%, showing that economic activity in CEMIG’s concession area is quite strong, as indicated by GDP numbers in the state of Minas Gerais.

CEMIG served 5,938,320 consumers, with 37,726 new consumers connected in the quarter. In 2005, the total number of new connections was 63,416.

Investments made until June of this year were R$ 377 million, necessary not only to connect new consumers, but also to conclude electricity generation, transmission and distribution projects, among which the Aimorés and Irapé plants are featured because of their wide economic and social reach.

The Chairman of the Board of Directors, Mr. Wilson Nélio Brumer said, “CEMIG’s exceptional development is solidly based on a management team that is focused on meeting the long-term needs of its shareholders without at any time ignoring the social benefit of its activities. Our main shareholder, the state of Minas Gerais, led by Governor Aécio Neves, established strategic directives to assure the company’s sustainable growth, which will result in adequate conditions to contribute positively to the economic growth of the state of Minas Gerais, as the resources invested by the company show.”

CEMIG’s net income was R$ 1,041 million in the period from January to June 2005, or R$ 6.43 per lot of one thousand shares, growth of 87% over the net income of R$ 557 million in the same period of 2004. In the second quarter of 2005, net income was R$ 487 million, or R$ 3.00 per lot of one thousand shares, an 87% increase over the second quarter of 2004 in the amount of R$ 260 million.

President and CEO, Mr. Djalma Bastos de Morais, talking about the results said, “Our results were helped mainly by a management team that focuses on operating excellence and reducing operating costs. In the first half, operating costs were 3% lower than in 2004, which allowed strong earnings growth - 87% - in spite of the fact that revenue growth related to gross electricity supply was only 3.4%. Our net revenues were R$ 4,264 million in the period from January to June 2005, compared to R$ 4,123 million in the period from January to June 2004.”

Operating results accumulated during the year were R$ 1,389 million, 63% higher than last year, resulting in cash generation measured by EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 1,675 million.

21

Total debt was R$ 4,513 million, of which R$ 3,596 million, or 80% in total, is in Brazilian currency, and R$ 917 million, or 20%, is in foreign currency. The debt parcel maturing over the next twelve months is R$ 968 million, or 21%.

Chief Financial Officer and Director of Investor Relations, Mr. Flavio Decat de Moura, also said, “We are implementing our policy of financial management, adhering to our long-term Director Plan that requires lengthening our debt profile and reducing our exchange rate exposure. Just in the first half of this year we rolled over R$ 753 million, and through a syndicate of banks we have available the amount of R$ 1,064 million to roll over the debt, with maturities from July to December of this year, with medium-term contracts of six years, and with a reduction in the percentage of foreign currency subject to the exchange rate variation of 20%. As protection against exchange rate risk, we also adopted a policy that assures protection for the debt denominated in foreign currency that comes due over the next twelve months, complemented by energy sale contracts with exchange rate clauses that minimize our exchange rate exposure. This adjustment to the debt profile, plus a robust cash policy that is compatible with the size of an unbundled and expanding CEMIG, will help us to substantially improve our risk perception with the market, which will result in a lower cost of capital and better classification by the rating agencies.”

Gross Electricity Supply

Results were basically due to the following factors:

•      Average tariff adjustment of 14.00% as of April 8, 2004 (total effect seen in 2005 results); 

•      Average tariff adjustment of 23.88% as of April 8, 2005.

For the purpose of comparison, it should be noted that as of January 2005, the parcel representing large industrial consumers became “free” consumers. Thus the charges referring to the use of the distribution network (“TUSD”) of these free consumers are charged separately, now registered in “Revenues from Network Use,” and were R$ 572 million. In 2004, the TUSD comprised total revenues from electricity supply. If we add the TUSD revenues to the revenues from electricity supply, there is a 17.3% growth in revenues.

The amount of electricity sold to final consumers did not vary notably: 18,467,868 MWh in the first half of 2005 compared to 18,393,091 MWh in the first half of 2004, a 0.4% increase. Among the main consumption classes, the residential and commercial grew 0.25% and 6.8%, respectively, offsetting a 1.4% reduction in the volume of energy sold to industrial consumers. We would like to note that due to a regulatory determination, the billing date of free consumers was altered in 2005, which compromises the comparative analysis of the periods.

Revenues from supply (including free energy transactions on the MAE)

As a function of the larger volume of energy commercialized on the MAE, revenues from energy supply rose R$ 19 million from January to June 2004, reaching R$93 million from January to June 2005.

Deferred Tariff Adjustment – RTD

In April 2005, the result of the periodic tariff review was divulged, retroactive to April 2003, resulting in a direct recomposition of 44.41% to the tariffs.

The average readjustment applied to the tariffs on April 8, 2003, was 31.53%. To compensate CEMIG for the lower revenues billed from April 2003 to April 2005, ANEEL will include an additional percentage in tariff adjustments until 2007.

22

The difference between the tariff repositioning to which CEMIG is entitled, and the tariff effectively charged consumers in 2005, was recognized as a regulatory asset, offsetting the results of the year by R$  591 million.

In 2004, ANEEL divulged the provisory result of CEMIG’s tariff review, indicating a readjustment of 37.86% in the tariffs. Consequently, in the 2004 results we recognized revenues of R$ 300 million, employing the same criteria mentioned in the previous paragraphs.

Revenues from Network Use

Revenues from network use grew 504%, in the amount of R$ 625 million (R$ 749 million in 2005, compared to R$ 124 million in 2004).

This increase was basically due to the TUSD revenues from CEMIG Distribution in the amount of R$ 572 million, arising from the charges to free consumers for energy sold by CEMIG Generation and Transmission.

Also adding to this amount are the revenues from use of the installations comprising the basic transmission network of CEMIG Generation and Transmission by the electricity generators and distributors that are part of the Brazilian interconnected system, as per values defined through ANEEL Resolution (R$ 178 million in 2005, in comparison with R$153 million in 2004).

Operating Costs and Expenses (excluding financial result)

Operating costs and expenses (excluding financial result) were R$ 2,812 billion from January to June 2005, compared to R$ 2,544 million from January to June 2004, an increase of 10.5%. This result is mainly due to the uncontrollable cost variations that were passed through to the energy tariffs, such as energy purchased for resale, CDE, CCC and network use charges. Offsetting this was a reduction in the Operational Provisions account.

As of October 26, 2001, the differences between the amounts of the uncontrollable costs (also called “CVA”) used as a reference in the calculation of the tariff adjustment and the payments effectively made are offset in the subsequent tariff adjustments.

The main variations in expenses are described below:

Personnel

Personnel expenses in the first half of 2005 were R$ 440 million, compared to R$ 423 million in the first half of 2004, an increase of 4.0%. This was substantially due to the average adjustment of 7.0% in employee salaries at CEMIG in November 2004, while there was an offsetting reduction in personnel expenses in 2005 in relation to works in progress.

Electricity Purchased for Resale

The expense for electricity purchased for resale was R$ 737 million in the first half of 2005, compared to R$ 709 million in the first half of 2004, an increase of 3.9%. This is an uncontrollable cost, and the expense recognized in the results corresponds to the amount effectively passed through to the tariff.

Depreciation and Amortization

The expense for depreciation and amortization did not change significantly between the periods; it was R$ 295 million in the first half of 2005 and R$ 290 million in the first half of 2004. This variation of 1.7% was mainly due to entry into operation of new distribution networks and lines and the Queimado plant.

23

Post-Employment Obligations

The expense for post-employment obligations was R$ 77 million in the first half of 2005, compared with R$ 53 million in the first half of 2004, an increase of 45.2%. These expenses basically represent the interest on actuarial obligations, net of the income expected from plan assets, estimated by an outside actuary. The change on December 31, 2004 of the discount rate of future obligations from 8.0% to 6.0% meant an increase in the present value of actuarial obligations, which justifies the increase in 2005 expenses.

Operating provisions

Operating provisions were R$ 15 million in the first half of 2005, compared to R$ 97 million in the first half of 2004, a reduction of 84.5%. This reduction in the provisions is mainly due to the following:

•                  Reversal of provisions for legal contingencies – civil suits in 2005 in the amount of R$ 3 million, compared to a provision of R$ 6 million in 2004;

•                  Reversal of provisions related to ANEEL administrative processes in 2005 in the amount of R$ 5 million, compared to a provision of R$ 15 million in 2004;

•                  Reversal of provisions for worker contingencies in 2005 in the amount of R$ 13 million, compared to a provision of R$ 6 million in 2004;

Fuel Consumption Account – CCC

The CCC expense was R$ 196 million in the first half of 2005, compared to R$ 141 million in the first half of 2004, an increase of 39.0%. This expense is related to the operating costs of the thermal plants on the Brazilian interconnected and isolated system, divided proportionally among the electricity concessionaires through an ANEEL Resolution. This is an uncontrollable cost, as the expense recognized in the result corresponds to the value effectively passed through to the tariff.

Charges for Transmission Network Use

The expense for transmission network use was R$ 393 million in the first half of 2005, compared to R$ 238 million in the first half of 2004, a variation of 65.1%. This expense is related to the charges paid by electricity distribution and generation agents for use of installations and components of the basic network, as defined by ANEEL Resolution. This is an uncontrollable cost, as the expense recognized in the result corresponds to the value effectively passed through to the tariff.

Gas Purchased for Resale

The cost for gas purchased for resale was R$ 76 million in the first half of 2005, compared with R$ 143 million in the first half of 2004, a reduction of 46.9%. This result is basically due to the alteration in the criteria in the consolidation of GASMIG. Due to the transfer of 40.0% of its capital to Petrobras and the shareholders’ signature of agreement, CEMIG’s 55.2% share in the GASMIG undertaking was consolidated proportionally.

Energy Development Account - CDE

The CDE expense was R$ 146 million in the first half of 2005, compared to R$ 101 million in the first half of 2004, a 44.6% increase. The payments are defined through ANEEL Resolution. This is an uncontrollable cost, as the expense recognized in the results corresponds to the value effectively passed through to the tariff.

24

Financial Revenues (Expenses)

The financial result in the first half of 2005 was a net financial expense of R$ 167 million, compared to a net financial expense of R$ 198 million in the first half of 2004. The main factors impacting the financial result were the following:

•                  Revenues with monetary update and interest on accounts receivable from the state of Minas Gerais in the amount of R$ 101 million from January to June 2005, compared to R$ 128 million from January to June 2004, net of the provision for losses, a reduction of 21.1%.

•                  Revenues from monetary variation and interest on the Deferred Tariff Adjustment (RTD) in the amount of R$ 156 million, compared to R$ 42 million from January to June 2004. This result is due to the new values from the tariff revision of CEMIG Distribution.

•                  Increase in charges related to loans and financing in the country due to the increase in the amount due as a function of the debt rollover criteria, with the substitution of various debt contracts in foreign currency to Brazilian currency, as of the second half of 2004.

•                  Increase in the fines and expenses related to delayed payments, a function of the fines and interest of ICMS related to electricity transport paid retroactively from 2000 to 2005, in the amount of R$ 46 million.

•                  Net gains with exchange rate variations in the first half of 2005 in the amount of R$ 135 million, compared to net losses of R$ 123 million in the first half of 2004, basically arising from loans and financing in foreign currency. From January to June 2005, the real appreciated 11.5% against the U.S. dollar, compared to a devaluation of 7.6% during the same period in 2004.

•                  Net loss with derivative instruments used in hedge operations in the first half of 2005 in the amount of R$ 100 million, compared to a net loss of R$ 2 million in the first half of 2004. This variation is due to the devaluation of the U.S. dollar against the real, mentioned in the previous item.

•                  The Company registered the destination of interest on own capital in substitution for dividends for fiscal year 2005, in the amount of R$ 283 million, as a financial expense.

Income Tax and Social Contribution

In the first half of 2005, we reported Income Tax and Social Contribution expenses of R$ 445 million in relation to income of R$ 1,203 million, before fiscal effects, a 37.0% rate. From January to June 2004, we reported Income Tax and Social Contribution expenses of R$ 284 million in relation to income of R$ 640 million, before fiscal effects, a rate of 44.4%.

We had a fiscal gain of R$ 96 million in the first half of 2005, due to the destination of interest on own capital to be paid to shareholders as a substitute for the minimum mandatory dividend in fiscal year 2005.

ICMS incident on the Tariff for Use of the Distribution System

Since July 2000, we have not charged our free consumers ICMS incident on the Tariff for Use of the Distribution System (TUSD) and connection charges, considering that there was no reason to beyond the absence of a legal provision for inclusion of those values in the ICMS calculation base.

However, in 2005 there was a manifestation by the State Secretary of Finance of Minas Gerais (SEF/MG) requiring collection of ICMS on the TUSD, retroactively to 2000, under penalty of incurring a notice of infraction.

As a preventative measure, we determined the ICMS values incident on the TUSD and connection charges for the period from July 2000 to May 2005. The principal value we determined was R$ 175 million, which, after adding fines and interest of R$ 46 million, amounted to R$ 221 million.

25

We proceeded to collect the ICMS values required by the SEF/MG in the amount of R$ 221 million, and we initiated a legal process to question the incidence of ICMS on the TUSD and connection charges, requesting restitution of the values paid to the State of Minas Gerais.

Investment Program

As established by the Director Plan, our investment program (following table) seeks to expand CEMIG’s generation park and the transmission and distribution networks up to the limits allowed by current regulation of the Brazilian electricity sector. In the coming years, we have more than R$ 1 billion in annual investments planned, in addition to the Light for All Program (Luz para Todos), which will require a projected annual amount of approximately R$ 700 million in 2005 and 2006.

Multi-Year Investment Program

* Subsidized funds for Light for All Program

We are going to build a transmission line in Chile

In the coming months we will begin construction of a transmission line between the cities of Charrúa and Temuco, in Chile. The bid for concession of the implantation and commercial exploration of the line occurred in April of this year, when, in partnership with Companhia Técnica de Engenharia Elétrica - Alusa, of São Paulo, we beat three other companies from Chile, Colombia and Spain.

The projected investment for the project is approximately R$ 60 million, and CEMIG and Alusa will have annual revenues of US$ 6.5 million for the 20 years of the exploration and operating concession. This conquest represents a big step towards opening a route to the international market.

To execute the projects and handle the services of line operation and maintenance, a Special Purpose Company (SPC) will be formed in Chile - Transchile Charrúa Transmisión SA, in which Alusa will have a 51% share and CEMIG will have a 49% share.

26

We will implant the transmission line Charrua – Nueva Temuco, double circut, 220 kilovolts, 190 kilometers long, and we will be responsible for its operation and maintenance for 20 years. The period to construct this undertaking is 37 months, with the projected start-up of the transmission line in July 2008.

Payment to Shareholders

On June 30, 2005, we paid R$ 340 million relative to 50% of dividends on the profit of 2004. The next parcel will be paid on 12/29/2005.

Cash Flow

Cash generation in the second quarter of 2005 was positive, even with ICMS payment on TUSD in the amount of R$ 221 million. Thus, we ended the first half with R$ 971 million in cash.

Obtaining new financing of R$ 776 million, a value substantially higher than payments made of loans and financing (R$ 255 million), contributed positively to cash generation in the period, as shown in Table IX.

Some statements and assumptions contained herein are forecasts based on the point of view and assumptions of management and involve known and unknown risks and uncertainties. The effective results may be materially different from those expressed or implied in such statements.

27

Table I

Statement of Results (Consolidated)

Values in millions of reais

Table II

Operating Expenses (Consolidated)

Values in millions of reais

Table III

Operating Expenses (Consolidated)

Values in millions of reais