Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 23

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 23
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 make or hold a broad array of investments, including serving
as counterparties to certain derivative hedging arrangements, and actively trade debt and equity securities (or related derivative securities)
and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investment and securities
activities may involve securities and instruments of Wisconsin Electric and its affiliates. Certain of the underwriters or their respective
affiliates that have a lending relationship with us routinely hedge, and certain other of those underwriters or their respective affiliates
may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and their
affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the
creation of short positions in our securities, including potentially the Debentures offered hereby. Any such credit default swaps or short
positions could adversely affect future trading prices of the Debentures offered hereby. The underwriters and their affiliates may also
make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments
and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

We have agreed to indemnify the several
underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the underwriters
may be required to make because of any of those liabilities.

An affiliate of the Trustee, U.S. Bancorp
Investments, Inc., is acting as an underwriter in this offering. Northern Trust Securities, Inc., a member of the Financial
Industry Regulatory Authority, Inc. (“FINRA”) and subsidiary of Northern Trust Corporation, is being paid a referral
fee by Academy Securities, Inc. An affiliate of Northern Trust Securities, Inc. acts as the trustee and custodian of WEC Energy
Group’s pension and other post-retirement benefit plan trusts. Associated Investment Services, Inc., a member of the FINRA
and a subsidiary of Associated Banc-Corp, is being paid a referral fee by Independence Point Securities LLC.

<div align='center'>S-14</div>

Conflicts of Interest

Certain of the underwriters or their
affiliates may hold a portion of the short-term debt that we intend to repay using all or a portion of the net proceeds of the Debentures.
In such event, it is possible that one or more of the underwriters or their affiliates could receive at least 5% of the net