Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 115

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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. See Note 11, Common Equity, in our 2024 Annual Report on Form 10-K for additional information on these and other restrictions.We do not believe that these restrictions will materially affect our operations or limit any dividend payments in the foreseeable future.

NOTE 8—SHORT-TERM DEBT AND LINES OF CREDIT

The following table shows our short-term borrowings and their corresponding weighted-average interest rates:(in millions, except percentages)September 30, 2025December 31, 2024Commercial paperAmount outstanding$37.0 $179.9 Weighted-average interest rate on amounts outstanding4.20 %4.63 %Our average amount of commercial paper borrowings based on daily outstanding balances during the nine months ended September 30, 2025 was $156.3 million with a weighted-average interest rate during the period of 4.53%.The information in the table below relates to our revolving credit facility used to support our commercial paper borrowing program, including available capacity under this facility:(in millions)MaturitySeptember 30, 2025Revolving credit facility (1)August 2030$800.0 Less: Letters of credit issued inside credit facility1.0 Commercial paper outstanding 37.0 Available capacity under existing credit facility $762.0 (1)In August 2025, we increased our credit facility to $800.0 million and extended the maturity to August 2030.

NOTE 9—LONG-TERM DEBT

In June 2025, our $250.0 million of 3.10% Debentures, due June 1, 2025, matured, and outstanding principal and accrued interest were paid with proceeds received from issuing commercial paper.In September 2025, we issued $500.0 million of 4.15% Debentures, due October 15, 2030, and used the net proceeds to repay short-term debt and for other general corporate purposes.

NOTE 10—LEASES

In June 2025, we, along with WPS, partnered with an unaffiliated utility to acquire and construct High Noon, a utility-scale solar-powered electric generating facility located in Columbia County, Wisconsin. Commercial operation of the project is targeted for 2027. Related to our investment in High Noon, we, WPS, and our unaffiliated utility partner, entered into several land leases that commenced in the second quarter of 2025.