Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 103

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 103
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 2023 |          |     | Change in 2024 Over 2023 |        |
|:----------------------------|:----|:-----|---------:|:----|:-----|---------:|:----|:-------------------------|-------:|
| Operating activities        |     | $    |  1,264.5 |     | $    |    939.1 |     | $                        |  325.4 |
| Investing activities        |     |      | -1,537.7 |     |      | -1,227.3 |     |                          | -310.4 |
| Financing activities        |     |      |    268.2 |     |      |    248.0 |     |                          |   20.2 |

#### Operating Activities
Net cash provided by operating activities increased $325.4 million during 2024, compared with 2023, driven by:

• A $130.0 million increase in cash related to lower payments for other operation and maintenance expenses. During 2024, our payments were lower associated with previous commitments to charitable projects and operation and maintenance related to We Power and our other generation units, as well as due to the timing of payments for accounts payable.

• A $91.2 million increase in cash from lower payments for fuel and purchased power at our generation plants during 2024, compared with 2023, primarily driven by the lower per-unit cost of natural gas.

• A $70.4 million increase in cash driven by lower amounts of collateral paid to counterparties during 2024, compared with 2023, as well as lower realized losses on derivative instruments recognized during 2024, compared with 2023.

• A $34.8 million increase in cash related to lower cash paid for income taxes during 2024, compared with 2023, driven by proceeds received during 2024 related to 2023 and 2024 PTCs sold to third parties.

#### Investing Activities
Net cash used in investing activities increased $310.4 million during 2024, compared with 2023, driven by:

• A $348.1 million increase in cash paid for capital expenditures during 2024, which is discussed in more detail below.

• A $23.0 million decrease in proceeds received from the sale of assets during 2024, compared with 2023, driven by the sale of land at the site of our former Pleasant Prairie power plant in 2023