Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 17

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 17
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 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 States, any state thereof or the District of Columbia; (iii) an estate the income of which is subject to United
States federal income taxation regardless of its source; or (iv) a trust if (A) a court within the United States is able to
exercise primary control over its administration and one or more United States persons, within the meaning of Section 7701(a)(30)
of the Code, have the authority to control all substantial decisions of such trust, or (B) the trust has made an election under the
applicable Treasury regulations to be treated as a United States Person. If a partnership, or other entity or arrangement treated as a
partnership for United States federal income tax purposes, beneficially owns the Debentures, the tax treatment of a partner in such partnership
will generally depend upon the status of the partner and the activities of the partnership. Partners in a partnership that beneficially
own the Debentures should consult their tax advisors as to the particular United States federal income tax considerations relevant
to the acquisition, ownership and disposition of the Debentures applicable to them.

Interest

It is anticipated, and this discussion
assumes, that the Debentures will not be issued with more than a de minimis amount of original issue discount. Except if interest on the
Debentures is effectively connected with the conduct by a Non-United States Holder of a trade or business within the United States, and
subject to the potential backup withholding and FAT