Company: WELPM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000107815-25-000184
Chunk: 11

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 to higher payments for other operation and maintenance expenses. During the first quarter of 2025, our payments were higher for transmission expense, benefit costs, and the timing of payments for accounts payable. 

•A $5.5 million decrease in cash from higher payments for interest driven by the issuance of long-term debt in 2024.

•A $4.3 million decrease in cash related to the timing of proceeds from the sale of PTCs to third parties. During the first quarter of 2024, we received proceeds related to an installment sale for PTCs generated in 2023. We did not receive any proceeds from PTC sales during the first quarter of 2025. See Note 9, Income Taxes, and Note 17, Supplemental Cash Flow Information, for more information.

Investing Activities

Net cash used in investing activities increased $193.3 million during the first quarter of 2025, compared with the same quarter in 2024, driven by a $214.9 million increase in cash paid for capital expenditures during the first quarter of 2025, which is discussed in more detail below. This increase in net cash used in investing activities was partially offset by a $26.9 million increase in cash received from ATC during the first quarter of 2025, compared with the same quarter in 2024, for the reimbursement of transmission infrastructure upgrades. 

Capital Expenditures

Capital expenditures for the three months ended March 31 were as follows:

(in millions)20252024Change in 2025 Over 2024Capital expenditures$417.9 $203.0 $214.9 

The increase in cash paid for capital expenditures during the first quarter of 2025, compared with the same quarter in 2024, was driven by higher payments for renewable energy projects and for our electric distribution system. 

See Capital Resources and Requirements – Capital Requirements – Significant Capital Projects for more information.

Financing Activities

Net cash related to financing activities increased $228.9 million during the first quarter of 2025, compared with the same quarter in 2024, driven by equity contributions of $300.0 million received from our parent during the first quarter of 2025, to balance our capital structure. There were no equity contributions received from our parent during the first quarter of 2024. This increase in cash was partially offset by a $68.0 million decrease in cash due to higher net repayments of commercial paper during the first quarter of 202