Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 46

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 parent— — (60.0)(60.0)— (60.0)Balance at September 30, 2024$332.9 $2,552.9 $2,376.5 $5,262.3 $30.4 $5,292.7 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

09/30/2025 Form 10-Q7Wisconsin Electric Power Company

WISCONSIN ELECTRIC POWER COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

September 30, 2025

NOTE 1—GENERAL INFORMATION

Wisconsin Electric Power Company serves approximately 1.2 million electric customers and 0.5 million natural gas customers.As used in these notes, the term "financial statements" refers to the condensed consolidated financial statements. This includes the income statements, balance sheets, statements of cash flows, and statements of equity, unless otherwise noted. In this report, when we refer to "the Company," "us," "we," "our," or "ours," we are referring to Wisconsin Electric Power Company and its subsidiary.On our financial statements, we consolidate VIEs of which we are the primary beneficiary.We have prepared the unaudited interim financial statements presented in this Form 10-Q pursuant to the rules and regulations of the SEC and GAAP. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2024. Financial results for an interim period may not give a true indication of results for the year. In particular, the results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of expected results for 2025 due to seasonal variations and other factors.In management's opinion, we have included all adjustments, normal and recurring in nature, necessary for a fair presentation of our financial results.

NOTE 2—ACQUISITION

In accordance with Topic 805: Clarifying the Definition of a Business (ASU 2017-01), transactions are evaluated and are accounted for as acquisitions of assets or businesses, and transaction costs are capitalized in asset acquisitions. It was determined that the acquisition of West Riverside, discussed in further detail