Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 15

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 15
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 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 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 a hedge or other integrated transaction, certain former citizens or residents of the United States or foreign persons eligible for
benefits under an applicable income tax treaty with the United States.

We have not and will not seek any rulings
or opinions from the Internal Revenue Service (the “IRS”) with respect to the matters discussed below. There can
be no assurance that the IRS will not take a different position concerning the tax consequences of the acquisition, ownership or disposition
of the Debentures or that any such position would not be sustained in court.

For purposes of this summary, a “Non-United
States Holder” means a beneficial owner of a Debenture (other than a partnership, or other entity or arrangement treated as
a partnership) that, for United States federal income tax purposes, is not a United States person described in (i), (ii), (iii) or
(iv) (a “United States Person”): (i) an individual that is a citizen or resident of the United States; (ii) a
corporation or other entity treated as a corporation for United States federal income tax purposes that is created or organized under
the laws of the United