Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 172

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 172
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 |         | 19.3 |     |         |   — |     |       | 19.3 |
| Total derivative liabilities |     | $                 | 16.1 |     | $       | 22.4 |     | $       |   — |     | $     | 38.5 |

The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs, which are used to manage electric transmission congestion costs in the MISO Energy Markets.

The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy at December 31:

|                                        | (in millions) |   |  2024 |     |   | 2023 |     |   | 2022 |
|:---------------------------------------|:--------------|:--|------:|:----|:--|-----:|:----|:--|-----:|
| Balance at the beginning of the period |               | $ |   2.5 |     | $ |  2.0 |     | $ |  1.0 |
| Purchases                              |               |   |  12.1 |     |   |  8.1 |     |   |  7.6 |
| Settlements                            |               |   | -11.7 |     |   | -7.6 |     |   | -6.6 |
| Balance at the end of the period       |               | $ |   2.9 |     | $ |  2.5 |     | $ |  2.0 |

### Fair Value of Financial Instruments
The following table shows the financial instruments included on our balance sheets that are not recorded at fair value:

|                                           |     |                 | December 31, 2024 |     |            |         |     |                 | December 31, 2023 |     |            |         |
|:------------------------------------------|:----|:----------------|------------------:|:----|:-----------|--------:|:----|:----------------|------------------:|:----|:-----------|--------:|
| (in millions)                             |     | Carrying Amount |                   |     | Fair Value |         |     | Carrying Amount |                   |     | Fair Value |         |
| Preferred stock                           |     | $               |