Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 1

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 1
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| Total         |     | $        |     |   |     | $            |     |   |     | $         |     |   |

(1) Plus accrued interest from September ,
2025, if settlement occurs after that date.

On or about September ,
2025, the underwriters expect to deliver the Debentures in book-entry form only through the facilities of The Depository Trust Company
for the accounts of its participants, including Clearstream Banking S.A. (“Clearstream”) and Euroclear Bank SA/NV (“Euroclear”).

<div align='center'>Joint Book-Running Managers</div>

| BMO Capital Markets | Goldman Sachs & Co. LLC | KeyBanc Capital Markets |
| Morgan Stanley      | PNC Capital Markets LLC | US Bancorp              |

<div align='center'>Co-Managers</div>

| Academy Securities, Inc. | Independence Point Securities |

<div align='center'>September , 2025</div>

You should rely only on the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus and any written communication from us or the underwriters specifying the final terms of the offering. We have not authorized anyone to provide you with different information. We are not, and the underwriters are not, making an offer of these securities in any jurisdiction where the offer is not permitted. You should assume that the information contained in this prospectus supplement, the accompanying prospectus or the documents incorporated by reference is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates.

<div align='center'>TABLE OF CONTENTS</div>

Page

<div align='center'>Prospectus Supplement</div>

| Summary                                                             | S-1  |
| Risk Factors                                                        | S-3  |
| Forward-Looking Statements and Cautionary Factors                   | S-3  |
| Capitalization                                                      | S-4  |
| Certain Terms of the Debentures                                     | S-5  |
| Material U.S. Federal Income Tax Consideration for Non-U.S. Holders | S-10 |
| Underwriting (Conflicts of Interest)                                | S-13 |
| Legal Matters                                                       | S-17 |
| Experts                                                             | S-17 |
| Documents Incorporated by Reference                                 | S-17 |

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

| About this Prospectus                             |  1 |
|