Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 169

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 169
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 |     |                      | -3,493.6 |
| Present value of minimum lease payments |     |                        |  12.3 |     |      |  479.8 |     |      |  2,184.8 |     |                                        |  177.6 |     |                      |  2,842.2 |
| Less: Short-term lease liabilities      |     |                        |  -0.8 |     |      |  -48.5 |     |      |    -50.8 |     |                                        |      — |     |                      |    -99.3 |
| Long-term lease liabilities             |     | $                      |  11.5 |     | $    |  431.3 |     | $    |  2,134.0 |     | $                                      |  177.6 |     | $                    |  2,742.9 |

As of February 21, 2025, we have not entered into any material leases that have not yet commenced.

#### NOTE 16—INCOME TAXES

#### Income Tax Expense
The following table is a summary of income tax expense for each of the years ended December 31:

|                            | (in millions) |   |  2024 |     |   |  2023 |     |   |  2022 |
|:---------------------------|:--------------|:--|------:|:----|:--|------:|:----|:--|------:|
| Current tax expense        |               | $ |  26.7 |     | $ | 122.0 |     | $ |  81.0 |
| Deferred income taxes, net |               |   | 115.1 |     |   |  26.2 |     |   |  53.6 |
| ITCs                       |               |   |  -5.4 |     |   |  -5.5 |     |   |  -1.5 |
| Total income tax expense   |               | $ | 136.4 |     | $ | 142.7 |     | $ | 133.1 |

| Wisconsin Electric Power Company |     | B-52 |     | 2024 Annual Financial Statements |

#### Statutory Rate Reconciliation
The provision for income taxes for each of the years ended December 31 differs from the amount of income tax determined by