Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 10

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 10
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 security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

Our actions and determinations in determining
the redemption price shall be conclusive and binding for all purposes, absent manifest error.

We will send notice at least 10 days,
but not more than 60 days, before the redemption date to each holder of Debentures to be redeemed.

Unless we default in payment of the redemption
price, on and after the redemption date interest will cease to accrue on the Debentures or portions of the Debentures called for redemption.

Except in the case of a conditional redemption,
as discussed below, once notice of redemption is given, the Debentures called for redemption become due and payable on the redemption
date at the redemption price stated in the notice.

A notice of redemption may be conditional
and provide that it is subject to the occurrence of any event described in the notice before the date fixed for the redemption. A notice
of conditional redemption will be of no effect unless all conditions to the redemption have occurred before the redemption date or have
been waived by us.

The Debentures have no sinking
fund provisions.

Covenants

The indenture provides that, so
long as any of the debentures issued under the indenture remain outstanding, we will not, and we will not permit any subsidiary to,
create or suffer to be created or to exist any mortgage, pledge, security interest or other lien on any of our properties or assets
now owned or later acquired to secure any indebtedness, without making effective provision so that the debentures will be equally
and ratably secured. This covenant is subject to termination upon defeasance and to certain other significant exceptions described
under “Description of Debt Securities — Limitations on Liens” in the accompanying prospectus, including the
possible issuance of first mortgage bonds in the future. In addition, any liens created in connection with (i) the sale by Wisconsin
Electric of “environmental control property” (as defined in Section 196.027(1)(h) of the Wisconsin Statutes) to a
subsidiary of Wisconsin Electric and the related issuance by such subsidiary of “environmental trust bonds” (as defined
in Section 196.027 of the Wisconsin Statutes) or (ii) any sale of similar assets and the related