Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 6

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 6
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0 million had a weighted average interest rate
of 4.10% and an average life of less than 30 days.

Pending disposition, we may temporarily
invest the net proceeds of the offering not required immediately for the intended purposes in U.S. governmental securities and other high
quality U.S. securities.

<div align='center'>S-3

CAPITALIZATION</div>

The table below shows our consolidated
capitalization structure on an actual basis. The information below does not reflect the issuance of the Debentures offered hereby.

|                                  |     | As of September 30, 2025  |          |     |                    |       |   |
|:---------------------------------|:----|:--------------------------|---------:|:----|:-------------------|------:|:--|
|                                  |     | Actual Amount (unaudited) |          |     | Percentage         |       |   |
|                                  |     | -Dollars in Millions      |          |     | -Rounded to Tenths |       |   |
| Short-term debt                  |     | $                         |     37.0 |     |                    |   0.3 | % |
| Long-term debt(1)(2)             |     | $                         |  4,231.3 |     |                    |  30.3 | % |
| Finance lease obligations (1)(3) |     | $                         |  2,843.6 |     |                    |  20.3 | % |
| Preferred stock                  |     | $                         |     30.4 |     |                    |   0.2 | % |
| Common equity                    |     | $                         |  6,834.1 |     |                    |  48.9 | % |
| Total                            |     | $                         | 13,976.4 |     |                    | 100.0 | % |

| (1) | Includes current maturities. |

| (2) | Includes $81.2 million aggregate principal amount of WEPCo Environmental                                                                   
 Trust Bonds, Series 2021, issued by WEPCo Environmental Trust Finance I, LLC, a special purpose entity wholly owned by Wisconsin Electric. 
 Wisconsin Electric is not an obligor or guarantor of the Environmental Trust Bonds.                                                        |

| (3) | Treated as operating leases for rate-making purposes. |

<div align='center'>S-4

CERTAIN TERMS OF THE