Reynaldo Casimiro

Reynaldo Casimiro serves as CEO of Companhia Energetica de Minas Gerais (Cemig), one of Brazil's largest and oldest electric utilities. Cemig is controlled by the state of Minas Gerais (holding approximately 51% of voting shares) and operates an integrated portfolio spanning power generation (predominantly hydroelectric), transmission lines, and electricity distribution serving over 8 million consumers across Minas Gerais — Brazil's second-most populous state. Cemig's unique position as a state-controlled but publicly-listed utility creates complex governance dynamics. The CEO must balance the state government's political priorities (affordable electricity, employment, economic development) with minority shareholders' demands for returns, efficiency, and potential privatization. The privatization question has been a recurring theme in Cemig's investment narrative — multiple Brazilian administrations have considered selling the state's stake, creating periodic stock price surges on privatization speculation. Casimiro's strategic priorities include renewing and expanding Cemig's generation concessions (several key hydroelectric concessions have renewal dates in the coming years), investing in renewable energy to diversify beyond hydro dependence, improving distribution efficiency to reduce non-technical losses, and managing the company's capital structure. His navigation of the relationship with the Minas Gerais state government and his ability to maintain operational discipline while accommodating political stakeholders are the defining challenges of his tenure.