Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 36

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 36
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 or a successor depositary. (Section 2.12) We will describe
in the prospectus supplement relating to any series the specific terms of the depositary arrangement with respect to that series.

Unless otherwise indicated in the applicable prospectus
supplement, we will issue registered debt securities in denominations of $1,000 and whole multiples of $1,000 and bearer debt securities
in denominations of $5,000 and whole multiples of $5,000. We will issue one or more global securities in a denomination or aggregate denominations
equal to the aggregate principal amount of outstanding debt securities of the series to be represented by that global security or securities.
(Section 2.12)

In connection with its original issuance, no bearer
debt security will be offered, sold or delivered to any location in the United States. We may deliver a bearer debt security in definitive
form in connection with its original issuance only if a certificate, in a form we specify to comply with United States laws and regulations,
is presented to us. (Section 2.04)

A holder of debt securities registered with our
registrar may request registration of a transfer upon surrender of the debt security being transferred at any agency we maintain for that
purpose and upon fulfillment of all other requirements of the agent. (Sections 2.03 and 2.07)

We may issue debt securities under the indenture
as discounted debt securities to be offered and sold at a substantial discount from the principal amount of those debt securities. Special
U.S. federal income tax and other considerations applicable to discounted debt securities, if material, will be described in the
related prospectus supplement. A discounted debt security is a debt security where the amount of principal due upon acceleration is less
than the stated principal amount. (Sections 1.01 and 2.10)

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Certain Covenants

The debt securities will not be secured by any
properties or assets and will represent our unsecured debt. The indenture does not limit the amount of unsecured debt that we can incur.
As indicated above, most of our fixed properties and franchises are subject to the lien of the first mortgage bond indenture, under which
we may issue first mortgage bonds.

As discussed below, the indenture includes limitations
on our ability to create liens. These limitations will apply if the securities resolution establishing the terms of a series so provides.
If applicable, the limitations are subject to a number of qualifications and exceptions. As