Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 55

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 55
---
231.9 $252.1 Fossil fuel53.5 60.0 Natural gas in storage52.4 42.7 Total$337.8 $354.8 Substantially all materials and supplies, fossil fuel, and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.

09/30/2025 Form 10-Q14Wisconsin Electric Power Company

NOTE 12—INCOME TAXES

The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:Three Months Ended September 30, 2025Three Months Ended September 30, 2024(in millions)AmountEffective Tax RateAmountEffective Tax RateStatutory federal income tax$49.0 21.0 %$45.6 21.0 %State income taxes net of federal tax benefit13.4 5.7 %13.2 6.1 %PTCs, net(10.8)(4.6)%(6.1)(2.8)%Federal excess deferred tax amortization(6.5)(2.8)%(6.9)(3.2)%AFUDC-Equity(5.8)(2.5)%(2.9)(1.3)%Tax repairs(4.8)(2.1)%1.4 0.6 %Domestic production activities deferral1.8 0.8 %2.1 1.0 %Other, net(0.1)— %1.4 0.6 %Total income tax expense$36.2 15.5 %$47.8 22.0 %Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024(in millions)AmountEffective Tax RateAmountEffective Tax RateStatutory federal income tax$126.9 21.0 %$104.1 21.0 %State income taxes net of federal tax benefit34.8 5.8 %29.7 6.0 %PTCs, net(31.1)(5.1)%(14.3)(2.9)%Federal excess deferred tax amortization(17.7)(2.9)%(16.1)(3.2)%AFUDC-Equity(13.7)(