Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 171

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 171
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2042 |
| Balance as of December 31, 2023             |     | $           | — |     | $                   | 7.1 |     |                             |

#### Unrecognized Tax Benefits
We had no unrecognized tax benefits at December 31, 2024 and 2023.

| Wisconsin Electric Power Company |     | B-53 |     | 2024 Annual Financial Statements |

We do not expect any unrecognized tax benefits to affect our effective tax rate in periods after December 31, 2024.

For the years ended December 31, 2024, 2023, and 2022, we recognized no interest expense and no penalties related to unrecognized tax benefits in our income statements. At December 31, 2024 and 2023, we had no interest accrued and no penalties accrued related to unrecognized tax benefits on our balance sheets.

We do not anticipate any significant increases in the total amount of unrecognized tax benefits within the next 12 months.

Our primary tax jurisdictions include federal and the state of Wisconsin. With a few exceptions we are no longer subject to federal income tax examinations by the IRS for years prior to 2021. As of December 31, 2024, we were subject to examination by the Wisconsin taxing authority for tax years 2020 through 2024.

#### NOTE 17—FAIR VALUE MEASUREMENTS
The following tables summarize our financial assets and liabilities that were accounted for at fair value on a recurring basis, categorized by level within the fair value hierarchy:

|                         |     | December 31, 2024 |     |     |         |     |     |         |     |     |       |      |
|:------------------------|:----|:------------------|----:|:----|:--------|----:|:----|:--------|----:|:----|:------|-----:|
| (in millions)           |     | Level 1           |     |     | Level 2 |     |     | Level 3 |     |     | Total |      |
| Derivative assets       |     |                   |     |     |         |     |     |         |     |     |       |      |
| Natural gas contracts   |     | $                 | 7.0 |     | $       | 3.5 |     | $       |   — |     | $     | 10.5 |
| FTRs                    |     |                   |   — |