Company: WELPM
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0000107815-25-000207
Chunk: 120

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 120
---
30, 2025(in millions)Level 1Level 2Level 3TotalDerivative assets    Natural gas contracts$1.2 $1.6 $— $2.8 FTRs— — 4.9 4.9 Total derivative assets$1.2 $1.6 $4.9 $7.7 Derivative liabilitiesNatural gas contracts$4.5 $1.0 $— $5.5 December 31, 2024(in millions)Level 1Level 2Level 3TotalDerivative assets    Natural gas contracts$7.0 $3.5 $— $10.5 FTRs— — 2.9 2.9 Total derivative assets$7.0 $3.5 $2.9 $13.4 Derivative liabilitiesNatural gas contracts$0.6 $0.5 $— $1.1 

09/30/2025 Form 10-Q16Wisconsin Electric Power Company

The derivative assets and liabilities listed in the tables above include options, futures, physical commodity contracts, and other instruments used to manage market risks related to changes in commodity prices. They also include FTRs, which are used to manage electric transmission congestion costs in the MISO Energy and Operating Reserves Markets.The following table summarizes the changes to derivatives classified as Level 3 in the fair value hierarchy:Three Months Ended September 30Nine Months Ended September 30(in millions)2025202420252024Balance at the beginning of the period$9.9 $9.7 $2.9 $2.5 Purchases— — 12.1 12.1 Settlements(5.0)(5.2)(10.1)(10.1)Balance at the end of the period$4.9 $4.5 $4.9 $4.5 Fair Value of Financial InstrumentsThe following table shows the financial instruments included on our balance sheets that were not recorded at fair value:September 30, 2025December 31, 2024(in millions)Carrying AmountFair ValueCarrying AmountFair ValuePreferred stock$30.4 $22.2 $30.4 $21.2 Long-term debt, including current portion4,231.3 4,164.9