Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 34

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 34
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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 
 event of highly leveraged transactions or any decline in our ratings or credit quality.                                             |

Although the indenture permits the issuance of
debt securities in other forms or currencies, the debt securities covered by this prospectus will only be denominated in U.S. dollars
in registered form without coupons, unless otherwise indicated in the applicable prospectus supplement.

Most of our fixed properties and franchises are
subject to the lien of the Mortgage and Deed of Trust dated October 28, 1938, between us and U.S. Bank Trust Company, National
Association (as successor to First Wisconsin Trust Company), as trustee, which we refer to in this prospectus as the first mortgage
bond indenture, under which we may issue first mortgage bonds. See “Certain Covenants” below for additional information.

Unless we say otherwise in the applicable prospectus
supplement, we may redeem the debt securities for cash.

Terms

A prospectus supplement and a securities resolution
relating to the offering of any new series of debt securities will include specific terms relating to the offering. The terms will include
some or all of the following:

| ● | the designation, aggregate principal amount, currency or composite currency and denominations of the debt securities; |

| ● | the price at which the debt securities will be issued and, if an index, formula or other method is used, the method for determining 
 amounts of principal or interest;                                                                                                   |

| ● | the maturity date and other dates, if any, on which the principal of the debt securities will be payable; |

| ● | the interest rate or rates, if any, or method of calculating the interest rate or rates, which the debt securities will bear; |

| ● | the date or dates from which interest will accrue and on which interest will be payable and the record dates for the payment of interest; |

| ● | the manner of paying principal and interest on the debt securities; |

| ● | the place