Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 45

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 45
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ance”), or it may terminate only our obligations
under any restrictive covenants which may be applicable to a particular series (“covenant defeasance”).

We may exercise our legal defeasance option even
though we have also exercised our covenant defeasance option. If we exercise our legal defeasance option, that series of debt securities
may not be accelerated because of an event of default. If we exercise our covenant defeasance option, that series of debt securities may
not be accelerated by reference to any restrictive covenants which may be applicable to that particular series. (Section 8.01)

To exercise either defeasance option as to a series
of debt securities, we must:

| ● | irrevocably deposit in trust with the trustee or another trustee money or U.S. government obligations; |

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| ● | deliver to the trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the      
 payments of principal and interest when due on the deposited U.S. government obligations, without reinvestment, plus any deposited money 
 without investment, will provide cash at the times and in the amounts necessary to pay the principal and interest when due on all debt   
 securities of that series to maturity or redemption, as the case may be; and                                                             |

| ● | comply with certain other conditions. In particular, we must obtain an opinion of tax counsel that the defeasance will not result 
 in recognition of any income, gain or loss to holders for federal income tax purposes.                                            |

U.S. government obligations are direct obligations
of (a) the United States or (b) an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed
by the United States, which, in either case (a) or (b), have the full faith and credit of the United States pledged for payment and
which are not callable at the issuer’s option. This term also includes certificates representing an ownership interest in those
obligations. (Section 8.02)

Regarding the Trustee

Unless otherwise indicated in a prospectus supplement,
U.S. Bank Trust Company, National Association (as successor to Firstar Trust Company) will act as trustee and registrar for
debt securities issued under the indenture, and the trustee will also act as transfer agent and paying agent with respect to the debt
securities. (Section 2.03) We may remove the trustee with or without cause if we