Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 32

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 32
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ure between us and U.S. Bank Trust Company, National
Association (as successor to Firstar Trust Company), as trustee, dated as of December 1, 1995, and under a securities resolution,
which may be in the form of a resolution or a supplemental indenture, authorizing the particular series. At March 31, 2024, the aggregate
principal amount of debt securities outstanding under the indenture was approximately $3.3 billion. In addition, on May 14, 2024,
we issued an additional $350 million aggregate amount of debt securities under the indenture. The ranking of a series of debt securities
with respect to all of our indebtedness will be established by the securities resolution creating the series.

We have summarized selected provisions of the indenture
and the debt securities that we may offer hereby. Copies of the indenture and a form of securities resolution are filed, or incorporated
by reference, as exhibits to the registration statement of which this prospectus is a part or other filings incorporated by reference
in this prospectus. The securities resolution for each series of debt securities issued and outstanding also has been or will be filed,
or incorporated by reference, as an exhibit to the registration statement or other filings incorporated by reference in this prospectus.
You should read the indenture and the applicable securities resolution for other provisions that may be important to you. In the summary
below, we have included references to section numbers in the indenture so that you can easily find those provisions. The particular terms
of any debt securities we offer will be described in the related prospectus supplement, along with any applicable modifications of or
additions to the general terms of the debt securities described below and in the indenture. For a description of the terms of any series
of debt securities, you should also review both the prospectus supplement relating to that series and the description of the debt securities
set forth in this prospectus before making an investment decision.

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General

The indenture does not significantly limit our
operations. In particular, it does not:

| ● | limit the amount of debt securities that we can issue under the indenture; |

| ● | limit the number of series of debt securities that we can issue from time to time; |

| ● | restrict the total amount of debt that we or our subsidiaries may incur; or |

| ● | contain any covenant or other provision that is specifically intended to afford any holder of the debt securities protection in the