Company: WELPM
Filing Date: 2025-09-18
Form Type: 424B5
Source: 0001104659-25-091050
Chunk: 39

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-18
Form: 424B5
Chunk 39
---

The indenture provides that, unless otherwise specified
in the securities resolution establishing a series of debt securities, we will not consolidate with or merge into, or transfer all or
substantially all of our assets to, another company, unless:

| ● | that company is organized under the laws of the United States or a state thereof; |

| ● | that company assumes by supplemental indenture all of our obligations under the indenture, the debt securities and any coupons; and |

| ● | immediately after the transaction no default exists under the indenture. |

The successor will be substituted for us as if
it had been an original party to the indenture, securities resolutions and debt securities. Following substitution, the successor may
exercise our rights and powers under the indenture, the debt securities and any coupons, and all of our obligations under those documents
will terminate. (Section 5.01)

Exchange of Debt Securities

Registered debt securities may be exchanged for
an equal principal amount of registered debt securities of the same series and date of maturity in authorized denominations requested
by the holders upon surrender of the registered debt securities at an agency we maintain for that purpose and upon fulfillment of all
other requirements of the agent. (Section 2.07)

<div align='center'>7</div>

To the extent permitted by the terms of a series
of debt securities authorized to be issued in registered form and bearer form, bearer debt securities may be exchanged for an equal aggregate
principal amount of registered or bearer debt securities of the same series and date of maturity in authorized denominations upon surrender
of the bearer debt securities with all unpaid interest coupons, except as may otherwise be provided in the debt securities, at our agency
maintained for that purpose and upon fulfillment of all other requirements of the agent. (Section 2.07) As of the date of this prospectus,
we do not expect that the terms of any series of debt securities will permit registered debt securities to be exchanged for bearer debt
securities.

Defaults and Remedies

Unless the securities resolution establishing the
series provides for different events of default, in which event the prospectus supplement will describe the change, an event of default
with respect to a series of debt securities will occur if:

| ● | we default in any payment of interest on any debt securities of that series when the payment becomes due and payable and the default 
 continues for a period of 60 days;                                                                                                   |

| ● | we default in the payment of the principal or premium