Company: WELPM
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001104659-25-091569
Chunk: 4

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-09-19
Form: 424B2
Chunk 4
---
 risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the future results, performance or achievements we have anticipated in the forward-looking statements.

In addition to the assumptions and other
factors referred to specifically in connection with those statements, factors that could cause our actual results, performance or achievements
to differ materially from those contemplated in the forward-looking statements include factors we have described under the captions “Cautionary
Statement Regarding Forward-Looking Information” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and under the caption “Factors Affecting Results, Liquidity, and Capital Resources” in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended December 31, 2024, or under similar captions in the other documents we have incorporated by reference. Any forward-looking
statement speaks only as of the date on which that statement is made, and, except as required by applicable law, we do not undertake any
obligation to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date
on which that statement is made.

<div align='center'>USE OF PROCEEDS</div>

We estimate the net proceeds to us from
the offering to be approximately $495.2 million, after deducting the underwriting discounts and other offering expenses payable by us.
We intend to use the net proceeds from this offering to repay short-term debt and for other general corporate purposes. At August 31,
2025, our outstanding short-term debt of $595.5 million had a weighted average interest rate of 4.53% and an average life of less than
30 days.

Pending disposition, we may temporarily
invest the net proceeds of the offering not required immediately for the intended purposes in U.S. governmental securities and other high
quality U.S. securities.

<div align='center'>S-3

CAPITALIZATION</div>

The table below shows our consolidated capitalization structure
on an actual basis.

|                         |     |                      | As of June 30, 2025 |     |                    |            |   |
|:------------------------|:----|:---------------------|--------------------:|:----|:-------------------|-----------:|:--|
|                         |     | Actual Amount        
 (unaudited)          |                     |     |