Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 21

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 21
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 institution,
as well as certain account holders that are foreign entities with United States owners), or (2) a foreign entity that is a “non-financial
foreign entity” (as specifically defined in the Code), whether such non-financial foreign entity is the beneficial owner or an intermediary,
unless such non-financial foreign entity provides the withholding agent with a certification that the beneficial owner of the payment
does not have any substantial United States owners or provides the name, address and taxpayer identification number of each substantial
United States owner of the entity, which generally includes any United States Person who directly or indirectly owns more than 10% of
the entity, and certain other specified requirements are met. Although withholding under FATCA would have applied to payments of gross
proceeds from the taxable disposition of the new Debentures on or after January 1, 2019, proposed Treasury regulations eliminate
FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury regulations until final
Treasury regulations are issued. Certain Non-United States Holders located in a jurisdiction with an intergovernmental agreement with
the United States governing FATCA may be subject to different rules. We will not be obligated to pay any additional amounts to “gross
up” payments to holders as a result of any withholding or deduction for such taxes. If an interest payment is both subject to withholding
under FATCA and subject to the withholding tax discussed above under “—Interest,” the withholding under FATCA may be
credited against, and therefore reduce, such other withholding tax.

Non-United States Holders of the Debentures
are encouraged to consult with their tax advisors regarding the possible implications of these withholding requirements on their investment
in the Debentures.

Persons considering the purchase of the
Debentures are urged to consult their tax advisors with regard to the application of the United States federal income tax laws to their
particular situations as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction. Furthermore,
this discussion does not describe the effect of United States federal estate and gift tax laws, the potential application of the Medicare
contribution tax on net investment income or the effect of any applicable foreign, state or local law.

<div align='center'>S-12

UNDERWRITING (CONFLICTS OF INTEREST)</div>

Subject to the terms and conditions contained
in an underwriting agreement dated the date of this prospectus supplement, the underwriters named below