Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 20

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 20
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 considering the purchase of the
Debentures are urged to consult their tax advisors with regard to the application of the United States federal income tax laws to their
particular situations as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction. Furthermore,
this discussion does not describe the effect of United States federal estate and gift tax laws, the potential application of the Medicare
contribution tax on net investment income or the effect of any applicable foreign, state or local law.

<div align='center'>S-12

UNDERWRITING (CONFLICTS OF INTEREST)</div>

Subject to the terms and conditions contained
in an underwriting agreement dated the date of this prospectus supplement, the underwriters named below, for whom BMO Capital Markets
Corp., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, and
U.S. Bancorp Investments, Inc. are acting as representatives, have severally agreed
to purchase, and we have agreed to sell to them, severally, the principal amount of the Debentures indicated in the following table:

| Underwriter                       |     | Principal Amount 
 of Debentures    |             |
|:----------------------------------|:----|:-----------------|------------:|
| BMO Capital Markets Corp.         |     | $                |  72,500,000 |
| Goldman Sachs & Co. LLC           |     | $                |  72,500,000 |
| KeyBanc Capital Markets Inc.      |     | $                |  72,500,000 |
| Morgan Stanley & Co. LLC          |     | $                |  72,500,000 |
| PNC Capital Markets LLC           |     | $                |  72,500,000 |
| U.S. Bancorp Investments, Inc.    |     | $                |  72,500,000 |
| Academy Securities, Inc.          |     | $                |  32,500,000 |
| Independence Point Securities LLC |     | $                |  32,500,000 |
| Total                             |     | $                | 500,000,000 |

The underwriters are offering the Debentures
subject to their acceptance of the Debentures from us and subject to prior sale. The underwriting agreement provides that the obligations
of the several underwriters to pay for and accept delivery of the