Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 39

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 39
---
ants which may apply
to a particular series of debt securities will be described in the related prospectus supplement.

Ranking of Debt Securities

Unless stated otherwise in a prospectus supplement,
the debt securities issued under the indenture will rank equally and ratably with our other unsecured and unsubordinated debt. The debt
securities will not be secured by any properties or assets and will represent our unsecured debt. 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.

Successor Obligor

The indenture provides that, unless otherwise specified
in the securities resolution establishing a series of debt securities, we will not consolidate with or merge into, or transfer all or
substantially all of our assets to, another company, unless:

| ● | that company is organized under the laws of the United States or a state thereof; |

| ● | that company assumes by supplemental indenture all of our obligations under the indenture, the debt securities and any coupons; and |

| ● | immediately after the transaction no default exists under the indenture. |

The successor will be substituted for us as if
it had been an original party to the indenture, securities resolutions and debt securities. Following substitution, the successor may
exercise our rights and powers under the indenture, the debt securities and any coupons, and all of our obligations under those documents
will terminate. (Section 5.01)

Exchange of Debt Securities

Registered debt securities may be exchanged for
an equal principal amount of registered debt securities of the same series and date of maturity in authorized denominations requested
by the holders upon surrender of the registered debt securities at an agency we maintain for that purpose and upon fulfillment of all
other requirements of the agent. (Section 2.07)

<div align='center'>7</div>

To the extent permitted by the terms of a series
of debt securities authorized to be issued in registered form and bearer form, bearer debt securities may be exchanged for an equal aggregate
principal amount of registered or bearer debt securities of the same series and date of maturity in authorized denominations upon surrender
of the bearer debt securities with all unpaid interest coupons, except as may otherwise be provided in the debt securities, at our agency
maintained for that purpose and upon fulfillment of all other requirements of the agent. (Section 2.07) As of the date of this prospectus,
we do not expect that the terms of