Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 5

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 5
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 | Percentage |   |
|                         |     | -Dollars in Millions |                     |     | -Rounded to Tenths |            |   |
| Short-term debt         |     | $                    |               174.5 |     |                    |        1.3 | % |
| Long-term               
 debt(1)(2)              |     | $                    |             3,734.4 |     |                    |       28.4 | % |
| Finance                 
 lease obligations(1)(3) |     | $                    |             2,857.6 |     |                    |       21.7 | % |
| Preferred stock         |     | $                    |                30.4 |     |                    |        0.2 | % |
| Common equity           |     | $                    |             6,382.0 |     |                    |       48.4 | % |
| Total                   |     | $                    |            13,178.9 |     |                    |      100.0 | % |

| (1) | Includes current maturities. |

| (2) | Includes $81.1 million aggregate principal amount of WEPCo Environmental Trust Bonds, Series 2021, issued by WEPCo Environmental        
 Trust Finance I, LLC, a special purpose entity wholly owned by Wisconsin Electric. Wisconsin Electric is not an obligor or guarantor of 
 the Environmental Trust Bonds.                                                                                                          |

| (3) | Treated as operating leases for rate-making purposes. |

<div align='center'>S-4

CERTAIN TERMS OF THE DEBENTURES</div>

The following description of the particular
terms of the Debentures supplements and, to the extent inconsistent therewith, replaces the description of the general terms and provisions
of the Debentures set forth in the accompanying prospectus under “Description of Debt Securities.”

We will issue the Debentures under the
indenture, dated as of December 1, 1995, between Wisconsin Electric and U.S. Bank Trust Company, National Association (as successor
to Firstar Trust Company), as Trustee. The Debentures will be our direct unsecured general obligations. As of June 30, 2025, the
aggregate principal amount of debt securities outstanding under the indenture was approximately $3.7 billion.

General

The Debentures will
be unsecured and unsubordinated and will rank equally with all of our other unsecured