Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 16

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 16
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, credits
of Debentures received in Clearstream or the Euroclear system as a result of a transaction with a DTC participant will be made during
subsequent securities settlement processing and dated the business day following the DTC settlement date. Such credits or any transactions
in Debentures settled during such processing will be reported to the relevant Clearstream participant or Euroclear system participant
on such business day. Cash received in Clearstream or the Euroclear system as a result of sales of the Debentures by or through a Clearstream
participant or a Euroclear system participant to a DTC participant will be received with value on the DTC settlement date but will be
available in the relevant Clearstream or the Euroclear system cash account only as of the business day following settlement in DTC.

<div align='center'>S-9

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS</div>

The following summary describes material
United States federal income tax considerations relevant to the acquisition, ownership and disposition of the Debentures by Non-United
States Holders (as defined below). The following discussion does not purport to be a complete analysis of all potential United States
federal income tax considerations. This discussion only applies to Debentures that are held as capital assets, within the meaning of Section 1221 of
the Internal Revenue Code of 1986, as amended (the “Code”), and that are purchased in the initial offering at the initial
offering price, by Non-United States Holders. This summary is based on the Code, administrative pronouncements, judicial decisions and
regulations of the Treasury Department, changes to any of which subsequent to the date of this prospectus supplement may affect the tax
consequences described herein. This discussion does not describe all of the material United States federal income tax considerations that
may be relevant to Non-United States Holders in light of their particular circumstances or to Non-United States Holders subject to special
rules, such as certain financial institutions, tax-exempt organizations, insurance companies, “controlled foreign corporations,”
“passive foreign investment companies,” partnerships or other pass-through entities for United States federal income tax purposes,
traders or dealers in securities or commodities, persons subject to special tax accounting rules as a result of any item of gross
income with respect to the Debentures being taken into account in an applicable financial statement, persons holding Debentures as part
of hedging,