Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 43

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 43
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 amendment or waiver. (Sections 6.04   
 and 9.02)                                                                                                                               |

Without the consent of any debt security holder,
we may amend the indenture or the debt securities:

| ● | to cure any ambiguity, omission, defect or inconsistency; |

| ● | to provide for the assumption of our obligations to debt security holders by the surviving company in the event of a merger, consolidation 
 or transfer of all or substantially all of our assets requiring that assumption;                                                           |

| ● | to provide that specific provisions of the indenture will not apply to a series of debt securities not previously issued; |

| ● | to create a series of debt securities and establish its terms; |

| ● | to provide for a separate trustee for one or more series of debt securities; or |

| ● | to make any change that does not materially adversely affect the rights of any debt security holder. (Section 9.01) |

Legal Defeasance and Covenant Defeasance

Debt securities of a series may be defeased at
any time in accordance with their terms and as set forth in the indenture and described briefly below, unless the securities resolution
establishing the terms of the series otherwise provides. Any defeasance may terminate all of our obligations, with limited exceptions,
with respect to a series of debt securities and the indenture (“legal defeasance”), 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