Company: WELPM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000107815-25-000184
Chunk: 123

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 March 31:

(in millions)20252024Change in 2025 Over 2024Cash provided by (used in):Operating activities$391.7 $369.4 $22.3 Investing activities(390.6)(197.3)(193.3)Financing activities64.0 (164.9)228.9 

03/31/2025 Form 10-Q32Wisconsin Electric Power Company

Operating Activities

Net cash provided by operating activities increased $22.3 million during the first quarter of 2025, compared with the same quarter in 2024, driven by:

•A $33.3 million increase in cash driven by collateral received from counterparties during the first quarter of 2025, compared with collateral paid to counterparties during the same quarter in 2024, as well as realized gains on derivative instruments recognized during the first quarter of 2025, compared with realized losses recognized during the same quarter in 2024.

•A $33.0 million increase in cash from higher overall collections from customers during the first quarter of 2025, compared with the same quarter in 2024. This increase was driven by the impact of our rate order approved by the PSCW, effective January 1, 2025, a higher per-unit cost of natural gas, and higher sales volumes from colder winter weather during the first quarter of 2025, compared with the same quarter in 2024.

These increases in net cash provided by operating activities were partially offset by:

•A $36.6 million decrease in cash related to higher payments for other operation and maintenance expenses. During the first quarter of 2025, our payments were higher for transmission expense, benefit costs, and the timing of payments for accounts payable. 

•A $5.5 million decrease in cash from higher payments for interest driven by the issuance of long-term debt in 2024.

•A $4.3 million decrease in cash related to the timing of proceeds from the sale of PTCs to third parties. During the first quarter of 2024, we received proceeds related to an installment sale for PTCs generated in 2023. We did not receive any proceeds from PTC sales during the first quarter of 2025. See Note 9, Income Taxes, and Note 17, Supplemental Cash Flow Information, for more information.

Investing Activities

Net cash used in investing activities increased $193.3 million during the first quarter of