Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 180

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 180
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 below.

All of our operations and assets are located within the United States.

Our utility segment includes our electric utility operations, including steam operations, and our natural gas utility operations.

• Our electric utility operations are engaged in the generation, distribution, and sale of electricity to customers in southeastern Wisconsin (including metropolitan Milwaukee), east central Wisconsin, and northern Wisconsin. In addition, our steam operations produce, distribute, and sell steam to customers in metropolitan Milwaukee.

• Our natural gas utility operations are engaged in the purchase, distribution, and sale of natural gas to retail customers as well as the transportation of customer-owned natural gas in southeastern, east central, and northern Wisconsin.

No significant items were reported in the other segment during the twelve months ended December 31, 2024, 2023, and 2022.

Since our utility segment consists of all revenues and costs used in our performance measure of net income attributable to common shareholder, see our income statements for more information. Other income, net on our income statements includes amounts that are not material for interest income.

The following table shows additional financial information for our utility segment cost of sales for the years ended December 31, 2024, 2023, and 2022.

| (in millions)            
 Cost of Sales:           |     | 2024 |         |     | 2023 |         |     | 2022 |         |
|:-------------------------|:----|:-----|--------:|:----|:-----|--------:|:----|:-----|--------:|
| Fuel and purchased power |     | $    | 1,088.6 |     | $    | 1,178.9 |     | $    | 1,274.0 |
| Cost of natural gas sold |     |      |   211.7 |     |      |   272.5 |     |      |   419.3 |

Our utility segment assets are reported on the balance sheet as total assets. Our utility segment capital expenditures are reported on the statement of cash flows as capital expenditures and asset acquisitions.

#### NOTE 21—VARIABLE INTEREST ENTITIES
The primary beneficiary of a VIE must consolidate the entity's assets and liabilities. In addition, certain disclosures are required for significant interest holders in VIEs.

We assess our relationships with potential VIEs, such as our coal suppliers, natural gas suppliers, coal transporters, natural gas transporters, and other counterparties related to PPAs, investments, and