Company: WELPM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000107815-25-000105
Chunk: 104

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 104
---
 other generation units, as well as due to the timing of payments for accounts payable. 

•A $91.2 million increase in cash from lower payments for fuel and purchased power at our generation plants during 2024, compared with 2023, primarily driven by the lower per-unit cost of natural gas.

•A $70.4 million increase in cash driven by lower amounts of collateral paid to counterparties during 2024, compared with 2023, as well as lower realized losses on derivative instruments recognized during 2024, compared with 2023. 

•A $34.8 million increase in cash related to lower cash paid for income taxes during 2024, compared with 2023, driven by proceeds received during 2024 related to 2023 and 2024 PTCs sold to third parties.

Investing Activities

Net cash used in investing activities increased $310.4 million during 2024, compared with 2023, driven by: 

•A $348.1 million increase in cash paid for capital expenditures during 2024, which is discussed in more detail below. 

2024 Form 10-K44Wisconsin Electric Power Company

•A $23.0 million decrease in proceeds received from the sale of assets during 2024, compared with 2023, driven by the sale of land at the site of our former Pleasant Prairie power plant in 2023. See Note 3, Disposition, for more information.

These increases in net cash used in investing activities were partially offset by: 

•The acquisition of a 50% ownership interest in Whitewater in January 2023 for $38.0 million. See Note 2, Acquisitions, for more information.

•A $14.9 million decrease in cash paid for ATC's construction costs during 2024, compared with 2023. These construction costs are reimbursable by ATC.

•Proceeds of $7.6 million received for the reimbursement of ATC's construction costs during 2024, compared with 2023. There were no proceeds received for reimbursement of ATC's construction costs during the same period in 2023.

Capital Expenditures

Capital expenditures for the years ended December 31 were as follows:

(in millions)20242023Change in 2024 Over 2023Capital expenditures$1,442.7 $1,094.6 $348.1 

The increase in cash paid for capital expenditures during 2024