Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 38

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 38
---
 ordinary course of the electricity,  
 gas (either natural or artificial) or steam business;                                                                                  |

| ● | liens created or assumed by us or our subsidiaries in connection with the issuance of tax-exempt state and local bonds for purposes     
 of financing, in whole or in part, the acquisition or construction of property to be used by us or our subsidiaries, provided the liens 
 are limited to the property financed and the related real estate;                                                                       |

<div align='center'>6</div>

| ● | liens against our property or property of a subsidiary at the time a person consolidates with or merges into, or transfers all or              
 substantially all of its assets to, us or a subsidiary, provided that in the opinion of our board of directors or our management, as evidenced 
 by a certified board resolution or an officers’ certificate delivered to the trustee, the property acquired pursuant to the consolidation,     
 merger or asset transfer is adequate security for the lien; and                                                                                |

| ● | liens or encumbrances not otherwise permitted if, at the time of incurrence of and after giving effect to these liens or encumbrances,      
 the aggregate of all of our and our subsidiaries’ obligations secured thereby does not exceed 10% of tangible net worth. For this           
 purpose “tangible net worth” means common stockholders’ equity appearing on our most recent balance sheet, or consolidated                  
 balance sheet including our subsidiaries if we have one or more consolidated subsidiaries, prepared in accordance with generally accepted   
 accounting principles less intangible assets, other than intangible assets recoverable through rates as prescribed by applicable regulatory 
 authorities. (Section 4.06)                                                                                                                 |

Further, this restriction will not apply to or
prevent the creation or existence of leases made, or existing on property acquired, in the ordinary course of business. (Section 4.07)

Other Covenants

Any other restrictive covenants 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