Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 154

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 154
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 | 13.5 |

(1) The severance accrual was decreased in 2024 due to workforce realignment efforts.

#### Plant to be Retired

#### Oak Creek Power Plant Units 7 and 8
As a result of a PSCW approval in December 2022 for the acquisition and construction of Darien, the retirement of OCPP Units 7 and 8 became probable. Subsequently, we have received PSCW approval for several other renewable and other projects and have also acquired additional projects. See Note 2, Acquisitions, for more information on the acquisitions. OCPP Units 7 and 8 are expected to be retired by late 2025. The total net book value of our ownership share of OCPP Units 7 and 8 was $657.4 million at December 31, 2024, which does not include deferred taxes. This amount was classified as plant to be retired within property, plant, and equipment on our balance sheet. These units are included in rate base, and we continue to depreciate them on a straight-line basis using the composite depreciation rates approved by the PSCW.

#### NOTE 9—JOINTLY OWNED UTILITY FACILITIES
We hold joint ownership interests in certain electric generating facilities. We are entitled to our share of generating capability and output of each facility equal to our respective ownership interest. We have supplied our own financing for all jointly owned projects. We pay our

| Wisconsin Electric Power Company |     | B-44 |     | 2024 Annual Financial Statements |

ownership share of additional construction costs, fuel inventory purchases, and operating expenses, unless specific agreements have been executed to limit our maximum exposure to additional costs. We record our proportionate share of significant jointly owned electric generating facilities as property, plant, and equipment on the balance sheets. In addition, our proportionate share of direct expenses for the joint operation of these plants is recorded within operating expenses in the income statements.

Information related to jointly owned utility facilities at December 31, 2024 was as follows:

| Jointly-Owned Utility Facilities             
 (in millions, except for percentages and MW) |     | Ownership |      |   |     | Share of Capacity (MW) |       |     | In-Service /Acquisition Date |     | Operating Owner |     | Property, Plant, and Equipment |       |     | Accumulated Depreciation |       |     | CWIP |     |
|:---------------------------------------------|:----|:----------|-----