Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 7

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 7
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 for rate-making purposes. |

<div align='center'>S-4

CERTAIN TERMS OF THE DEBENTURES</div>

The following description of the particular
terms of the Debentures supplements and, to the extent inconsistent therewith, replaces the description of the general terms and provisions
of the Debentures set forth in the accompanying prospectus under “Description of Debt Securities.”

We will issue the Debentures under the
indenture, dated as of December 1, 1995, between Wisconsin Electric and U.S. Bank Trust Company, National Association (as successor
to Firstar Trust Company), as Trustee. The Debentures will be our direct unsecured general obligations. As of September 30, 2025,
the aggregate principal amount of debt securities outstanding under the indenture was approximately $4.2 billion.

General

The Debentures will be unsecured and
unsubordinated and will rank equally with all of our other unsecured and unsubordinated indebtedness and other obligations from time to
time outstanding. As of September 30, 2025, we had approximately $4.3 billion aggregate principal amount of unsecured long-term debt
securities and commercial paper outstanding (excluding approximately $2.8 billion of obligations under finance leases).

Interest on the Debentures will accrue
at the rate of 3.95% per year. Interest on the Debentures will accrue from December 5, 2025, or from the most recent interest payment
date to which interest has been paid or provided for. Interest will be payable semi-annually in arrears to holders of record at the close
of business on the February 15 or August 15 immediately preceding the interest payment date. Interest payment dates will be
March 1 and September 1 of each year, beginning on March 1, 2026. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. The Debentures will mature on March 1, 2029.

If the maturity date or any interest
payment date or redemption date falls on a day that is not a business day, the payment due on the maturity date or such interest payment
date or redemption date, as applicable, will be made on the next succeeding business day without any interest or other payment in respect
of any such delay.

The Debentures will be issued only in
registered form in denominations of $2,000 and