Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 7

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 7
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 of redemption; and

(2) 100% of the principal amount of the Debentures
to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.

On or after the Par Call Date, we may
redeem the Debentures, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount
of the Debentures being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

“Treasury Rate” means, with
respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

<div align='center'>S-5</div>

The
Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted each business day by the Board of Governors of the Federal Reserve System), on the third business day
preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the
most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected
Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption
“U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading)
(“H.15 TCM”). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury
constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two
yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding
to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call
Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places;
or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the
single Treasury constant maturity on H.15 closest to the Remaining