Company: WELPM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000107815-25-000184
Chunk: 42

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 million.

NOTE 12—GUARANTEES

As of March 31, 2025, we had $27.4 million of standby letters of credit issued by financial institutions for the benefit of third parties that have extended credit to us, which automatically renew each year unless proper termination notice is given. These amounts are not reflected on our balance sheets.

NOTE 13—EMPLOYEE BENEFITS 

The following tables show the components of net periodic benefit cost (credit) (including amounts capitalized to our balance sheets) for our benefit plans.Pension BenefitsThree Months Ended March 31(in millions)20252024Service cost$2.6 $2.8 Interest cost11.7 11.3 Expected return on plan assets(14.8)(15.6)Amortization of net actuarial loss4.3 4.3 Net periodic benefit cost$3.8 $2.8 OPEB BenefitsThree Months Ended March 31(in millions)20252024Service cost$0.9 $0.8 Interest cost2.4 2.1 Expected return on plan assets(2.7)(2.7)Amortization of prior service credit— (0.1)Amortization of net actuarial gain(0.8)(1.4)Net periodic benefit credit$(0.2)$(1.3)During the three months ended March 31, 2025, we made contributions and payments of $0.8 million related to our pension plans and an insignificant amount related to our OPEB plans. During the remainder of 2025, we expect to make contributions and payments of $2.4 million related to our pension plans and $0.2 million related to our OPEB plans, dependent upon various factors affecting us, including our liquidity position and possible tax law changes. Effective January 1, 2023, the PSCW approved escrow accounting for pension and OPEB costs. As of March 31, 2025 and December 31, 2024, our balance sheets included regulatory assets of $7.4 million and $9.9 million, respectively, for pension costs and $15.9 million and $17.8 million, respectively, for OPEB costs. In accordance with our December 2024 PSCW rate order, we began 

03/31/2025 Form 10-Q16Wisconsin Electric Power Company