Nearly 25% rate hike approved by Aneel

Power utility Cemig has been granted regulatory approval to increase its tariff rates by close to 24%. The electricity market regulator, Aneel, allowed the company a raise of lower than the 30.12% requested, but above market expectations.

Companhia Energetica de Minas Gerais (Cemig), is part-owned by AES Corp and is run by the state government. It generates, transmits and distributes power to 5.8 million consumers in Minas Gerais state.