Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 35

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 35
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 of a transfer upon surrender of the debt security being transferred at any agency we maintain for that
purpose and upon fulfillment of all other requirements of the agent. (Sections 2.03 and 2.07)

We may issue debt securities under the indenture
as discounted debt securities to be offered and sold at a substantial discount from the principal amount of those debt securities. Special
U.S. federal income tax and other considerations applicable to discounted debt securities, if material, will be described in the
related prospectus supplement. A discounted debt security is a debt security where the amount of principal due upon acceleration is less
than the stated principal amount. (Sections 1.01 and 2.10)

<div align='center'>4</div>

Certain Covenants

The debt securities will not be secured by any
properties or assets and will represent our unsecured debt. The indenture does not limit the amount of unsecured debt that we can incur.
As indicated above, most of our fixed properties and franchises are subject to the lien of the first mortgage bond indenture, under which
we may issue first mortgage bonds.

As discussed below, the indenture includes limitations
on our ability to create liens. These limitations will apply if the securities resolution establishing the terms of a series so provides.
If applicable, the limitations are subject to a number of qualifications and exceptions. As of March 31, 2024, we had no first mortgage
bonds or other secured debt outstanding. The indenture does not limit the amount of debt securities we can issue under it and does not
limit our ability to issue first mortgage bonds in the future or to enter into sale and leaseback transactions. As of March 31, 2024,
we estimate that we would be permitted to issue up to approximately $9.5 billion of first mortgage bonds under the existing terms of the
first mortgage bond indenture. As there are no bonds presently outstanding under the first mortgage bond indenture, there are no consents
required or other restrictions on our ability to amend the first mortgage bond indenture for any purpose, including to permit the issuance
of a greater amount of first mortgage bonds than would be permitted under the existing terms of the first mortgage bond indenture.

The covenant regarding limitations on liens described
below will apply to a series of debt securities to the extent indicated in the related prospectus supplement. Any obligations under that
covenant are subject to termination upon defeasance. See “Legal Defeasance and Covenant