Company: WELPM
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000107815-25-000105
Chunk: 105

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 105
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, compared with 2023, was driven by higher payments for our electric distribution system, increased capital expenditures for combustion turbines at OCPP, and higher capital expenditures for renewable energy projects. These increases in capital expenditures were partially offset by payments made in 2023 for natural gas-fired generation constructed at WPS's existing Weston power plant site that we partially own and construction of our LNG facility, which were completed in July 2023 and November 2023, respectively.

See Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects below for more information.

Financing Activities

Net cash provided by financing activities increased $20.2 million during 2024, compared with 2023, driven by:

•A $947.4 million increase in cash due to the issuance of long-term debt during 2024. We did not issue any long-term debt during 2023.

•A $130.0 million increase in cash due to lower dividends paid to our parent during 2024, compared with 2023, to balance our capital structure.

These increases in net cash provided by financing activities were partially offset by:

•A $655.0 million decrease in equity contributions received from our parent during 2024, compared with 2023, to balance our capital structure. 

•A $300.1 million decrease in cash due to higher retirements of long-term debt during 2024, compared with 2023. 

•An $81.0 million decrease in cash due to higher net repayments of commercial paper during 2024, compared with 2023.

•A $10.9 million decrease in cash due to higher payments for finance lease obligations during 2024, compared with 2023.

Significant Financing Activities

For more information on our financing activities, see Note 11, Common Equity, Note 13, Short-Term Debt and Lines of Credit, and Note 14, Long-Term Debt. 

2024 Form 10-K45Wisconsin Electric Power Company

Cash Requirements

We require funds to support and grow our business. Our significant cash requirements primarily consist of capital and investment expenditures, payments to retire and pay interest on long-term debt, the payment of common stock dividends to our parent, and the funding of our ongoing operations. Our significant cash requirements are discussed in further detail below.

Significant Capital Projects

We have several capital projects and acquisitions that will require significant capital expenditures over the next three years and beyond. All projected capital requirements are subject to periodic review and may vary