Company: WELPM
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000107815-25-000204
Chunk: 71

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 CASH FLOW INFORMATION

Six Months Ended June 30(in millions)20252024Cash paid for interest, net of amount capitalized$246.1 $236.9 Cash paid for income taxes, net (1) 8.2 59.9 Significant non-cash investing and financing transactions:Accounts payable related to construction costs93.2 102.6 Liabilities accrued for software licensing agreements8.8 — (1)    Cash paid for income taxes in 2025 and 2024 was net of $8.9 million related to 2024 and 2025 PTCs and $10.7 million related to 2023 and 2024 PTCs, respectively, that were sold to third parties.Restricted CashThe statements of cash flows include our activity related to cash, cash equivalents, and restricted cash. The following table reconciles the cash, cash equivalents, and restricted cash amounts reported within the balance sheets to the total of these amounts shown on the statements of cash flows:(in millions)June 30, 2025December 31, 2024Cash and cash equivalents$2.1 $0.4 Restricted cash included in other current assets1.4 1.5 Restricted cash included in other long-term assets0.6 0.6 Cash, cash equivalents, and restricted cash$4.1 $2.5 Our restricted cash consisted of cash on deposit in a financial institution that is restricted to satisfy the requirements of a debt agreement at WEPCo Environmental Trust. See Note 18, Variable Interest Entities, for more information.

NOTE 21—REGULATORY ENVIRONMENT

Very Large Customer and Bespoke Resources TariffsIn March 2025, we filed an application with the PSCW requesting approval to implement a VLC Tariff and a Bespoke Resources Tariff. Under these proposed inter-connected tariffs, VLCs (new customers using 500 MWs or more, such as large data centers) will have access to reliable power to meet their needs and will directly pay for the electricity they consume, along with the power plants and distribution facilities built to serve them. The proposed tariffs are designed so that the costs associated with these VLCs are not subsidized by or shifted to residential or business customers. The two new tariffs will work in tandem as VLCs will be required to sign a service agreement and subscribe to a portion of one or more "Bespoke Resources," including renewable generation facilities