Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 6

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 6
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. At November 21,
2025, our outstanding short-term debt of $431.0 million had a weighted average interest rate of 4.10% 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. The information below does not reflect the issuance of the Debentures offered hereby.

|                                  |     | As of September 30, 2025 |          |     |                    |       |   |
|:---------------------------------|:----|:-------------------------|---------:|:----|:-------------------|------:|:--|
|                                  |     | Actual Amount            
 (unaudited)              |          |     | Percentage         |       |   |
|                                  |     | -Dollars in Millions     |          |     | -Rounded to Tenths |       |   |
| Short-term debt                  |     | $                        |     37.0 |     |                    |   0.3 | % |
| Long-term debt(1)(2)             |     | $                        |  4,231.3 |     |                    |  30.3 | % |
| Finance lease obligations (1)(3) |     | $                        |  2,843.6 |     |                    |  20.3 | % |
| Preferred stock                  |     | $                        |     30.4 |     |                    |   0.2 | % |
| Common equity                    |     | $                        |  6,834.1 |     |                    |  48.9 | % |
| Total                            |     | $                        | 13,976.4 |     |                    | 100.0 | % |

| (1) | Includes current maturities. |

| (2) | Includes                                                                                                                                    
 $81.2 million aggregate principal amount of WEPCo Environmental Trust Bonds, Series 2021, issued by WEPCo Environmental Trust Finance       
 I, LLC, a special purpose entity wholly owned by Wisconsin Electric. Wisconsin Electric is not an obligor or guarantor of the Environmental 
 Trust Bonds.                                                                                                                                |

| (3) | Treated as operating leases