Company: WELPM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000107815-25-000184
Chunk: 27

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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ITEM 1. FINANCIAL STATEMENTS

WISCONSIN ELECTRIC POWER COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited)Three Months EndedMarch 31(in millions)20252024Operating revenues$1,179.1 $1,038.8 Operating expensesCost of sales399.6 352.2 Other operation and maintenance252.1 241.6 Depreciation and amortization150.9 139.6 Property and revenue taxes30.9 30.8 Total operating expenses833.5 764.2 Operating income345.6 274.6 Other income, net10.8 16.3 Interest expense124.7 120.8 Other expense(113.9)(104.5)Income before income taxes231.7 170.1 Income tax expense35.3 35.8 Net income196.4 134.3 Preferred stock dividend requirements0.3 0.3 Net income attributed to common shareholder$196.1 $134.0 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements.

03/31/2025 Form 10-Q4Wisconsin Electric Power Company

Table of Contents

WISCONSIN ELECTRIC POWER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(in millions, except share and per share amounts)March 31, 2025December 31, 2024AssetsCurrent assetsCash and cash equivalents$62.7 $0.4 Accounts receivable and unbilled revenues, net of reserves of $37.9 and $46.9, respectively628.3 601.2 Accounts receivable from related parties67.8 128.6 Materials, supplies, and inventories305.0 354.8 Prepaid taxes87.4 139.8 Other prepayments24.7 24.9 Other41.0 23.2 Current assets1,216.9 1,272.9 Long-term assetsProperty, plant, and equipment, net of accumulated depreciation and amortization of $6,055.5 and $5,952.3, respectively13,036.2 12,810.7 Regulatory assets (March 31, 2025 and December 31, 2024 include $74.3 and $76.