Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 11

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 11
---
 issuance of other similar
securities pursuant to legislation adopted by the State of Wisconsin shall also be exempt from the limitations on liens in Section
4.07 of the indenture. Future series of securities issued under the indenture may or may not have different covenants.

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

As of the date of this prospectus supplement,
we had no outstanding first mortgage bonds or other secured debt outstanding. The indenture does not limit the amount of debt securities
we can issue under it and does not limit our ability to issue first mortgage bonds in the future or to enter into sale and leaseback transactions.
As of September 30, 2025, we estimate that we would be permitted to issue up to approximately $11.6 billion of first mortgage bonds under
the existing terms of the first mortgage bond indenture. As there are no bonds presently outstanding under the first mortgage bond indenture,
there are no consents required or other restrictions on our ability to amend the first mortgage bond indenture for any purpose, including
to permit the issuance of a greater amount of first mortgage bonds than would be permitted under the existing terms of the first mortgage
bond indenture.

Other

The Debentures will be subject to defeasance
under the conditions described in the accompanying prospectus.

We may from time to time, without notice
to, or the consent of, the holders of the Debentures, create and issue further debentures of the same series, equal in rank to the Debentures
in all respects (or in all respects except for the public offering price, the payment of interest accruing prior to the issue date of
the new debentures or, if applicable, the first payment of interest following the issue date of the new debentures) so that the new debentures
may be consolidated and form a single series with the Debentures and have the same terms as to status, redemption or otherwise as the
Debentures. In the event that we issue additional debentures of the same series, we will prepare a new offering memorandum or prospectus.

The indenture and the Debentures will
be governed by the laws of the State of Wisconsin, unless federal law governs.

Book-Entry Only Issuance—The Depository Trust Company

The Depository Trust Company (“DTC”),
New York, NY, will act as the securities depository for the Debentures. The Debentures will be issued