Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 153

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 153
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 of the regulatory asset and related cost of removal reserve was transferred to UMERC for recovery from its retail customers. On our balance sheet, the net book value of the PIPP was $130.8 million at December 31, 2024, representing book value less cost of removal and accumulated depreciation. In addition, previously deferred unprotected tax benefits from the Tax Legislation related to our unrecovered balance of these units were $4.4 million, resulting in a net amount of $126.4 million at December 31, 2024. This regulatory asset does not include certain other previously recorded deferred tax liabilities of $35.6 million related to the retired PIPP. Effective with our rate order issued by the PSCW in December 2019, we received approval to collect a return of and on our share of the net book value of the PIPP, and as a result, will continue to amortize the regulatory assets on a straight-line basis through 2037, using the composite depreciation rates approved by the PSCW before the units were retired. The amortization is included in depreciation and amortization in the income statement. We also have FERC approval to continue to collect the net book value of the PIPP using the approved composite depreciation rates, in addition to a return on the remaining net book value.

#### NOTE 8—PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment consisted of the following at December 31:

|                                                            | (in millions) |   |     2024 |     |   |     2023 |
|:-----------------------------------------------------------|:--------------|:--|---------:|:----|:--|---------:|
| Electric – generation                                      |               | $ |  3,251.3 |     | $ |  2,721.3 |
| Electric – distribution                                    |               |   |  6,537.6 |     |   |  6,116.7 |
| Natural gas – distribution, storage, and transmission      |               |   |  2,174.1 |     |   |  2,059.4 |
| Property, plant, and equipment to be retired               |               |   |    657.4 |     |   |    783.7 |
| Other                                                      |               |   |  1,102.3 |     |   |  1,087.0 |
| Less: Accumulated depreciation                             |               |   |