Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 134

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 134
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' capital (AFUDC-Equity) used for construction purposes. AFUDC-Debt is recorded as a reduction of interest expense, and AFUDC-Equity is recorded in other income, net.

Approximately 50% of our retail jurisdictional CWIP expenditures are subject to the AFUDC calculation. Our average AFUDC retail rates were 8.45%, 8.45%, and 8.68% for 2024, 2023, and 2022, respectively. Our average AFUDC wholesale rates were 7.11%, 6.70%, and 5.35% for 2024, 2023, and 2022, respectively.

| Wisconsin Electric Power Company |     | B-34 |     | 2024 Annual Financial Statements |

We recorded the following AFUDC for the years ended December 31:

|              | (in millions) |   | 2024 |     |   | 2023 |     |   | 2022 |
|:-------------|:--------------|:--|-----:|:----|:--|-----:|:----|:--|-----:|
| AFUDC-Debt   |               | $ | 14.6 |     | $ | 13.0 |     | $ |  6.9 |
| AFUDC-Equity |               |   | 46.0 |     |   | 41.0 |     |   | 18.8 |

(j) Asset Impairment —Intangible assets with indefinite lives are subject to an annual impairment test. Interim impairment tests are performed when impairment indicators are present. At December 31, 2024 and 2023, we had $12.1 million of indefinite-lived intangible assets consisting of spectrum frequencies. The spectrum frequencies enable us to transmit data and voice communications over a wavelength dedicated to us throughout our service territory. These indefinite-lived intangible assets are included in other long-term assets on our balance sheets. An impairment loss is recognized when the carrying amount of an asset is not recoverable and exceeds its fair value. An impairment loss is measured as the excess of the carrying amount of the intangible asset over its fair value. No impairment losses were recorded for our indefinite-lived intangible assets during the years ended December 31, 2024, 2023, and 2022.

We periodically assess the recoverability of certain long-lived assets when factors indicate the