Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 23

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 23
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investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. In the
ordinary course of their respective businesses, certain of the underwriters and their affiliates have provided, currently provide and
may in the future provide, investment banking, commercial banking, advisory and other services for us and our affiliates, for which they
received and will receive customary fees and expenses. Affiliates of certain of the book-running managers are lenders under our existing
$800 million revolving credit facility.

In the ordinary course of their various
business activities, the underwriters and their respective affiliates may make or hold a broad array of investments, including serving
as counterparties to certain derivative hedging arrangements, and actively trade debt and equity securities (or related derivative securities)
and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investment and securities
activities may involve securities and instruments of Wisconsin Electric and its affiliates. Certain of the underwriters or their respective
affiliates that have a lending relationship with us routinely hedge, and certain other of those underwriters or their respective affiliates
may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and their
affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the
creation of short positions in our securities, including potentially the Debentures offered hereby. Any such credit default swaps or short
positions could adversely affect future trading prices of the Debentures offered hereby. The underwriters and their affiliates may also
make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments
and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

We have agreed to indemnify the several
underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the underwriters
may be required to make because of any of those liabilities.

An affiliate of the Trustee, U.S. Bancorp
Investments, Inc., is acting as an underwriter in this offering. Northern Trust Securities, Inc., a member of the Financial
Industry Regulatory Authority, Inc. (“FINRA”) and subsidiary of Northern Trust Corporation, is being paid a referral
fee by Academy Securities, Inc. An affiliate of Northern Trust Securities, Inc. acts as the trustee and custodian of WEC Energy
Group’s pension and other post-retirement