Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 6

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 6
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 will
be unsecured and unsubordinated and will rank equally with all of our other unsecured and unsubordinated indebtedness and other obligations
from time to time outstanding. As of June 30, 2025, we had approximately $3.9 billion aggregate principal amount of unsecured long-term
debt securities and commercial paper outstanding (excluding approximately $2.9 billion of obligations under finance leases).

Interest will accrue at the rate of %
per year for the Debentures. Interest will accrue from September , 2025, or from the most recent interest
payment date to which interest has been paid or provided for. Interest will be payable semi-annually in arrears to holders of record at
the close of business on the or immediately preceding the interest payment date. Interest payment dates will be and of each year, beginning
on , 2026. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The Debentures will mature on , 20 .

If the maturity date or any interest
payment date or redemption date falls on a day that is not a business day, the payment due on the maturity date or such interest payment
date or redemption date, as applicable, will be made on the next succeeding business day without any interest or other payment in respect
of any such delay.

The Debentures will be issued only in
registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Redemption at Our Option

Prior to ,
20 (the date that is month(s) prior to the maturity date of the
Debentures), which is referred to in this prospectus supplement as the “Par Call Date”, we may redeem the Debentures at our
option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and
rounded to three decimal places) equal to the greater of:

(1) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Debentures matured on the Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus basis points, less
(b) interest accrued to, but not including, the date of redemption; and

(2) 100% of the principal