Company: WELPM
Filing Date: 2025-03-27
Form Type: DEF 14C
Source: 0000107815-25-000155
Chunk: 104

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-03-27
Form: DEF 14C
Chunk 104
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. See Note 3, Disposition, for more information.

These increases in net cash used in investing activities were partially offset by:

• The acquisition of a 50% ownership interest in Whitewater in January 2023 for $38.0 million. See Note 2, Acquisitions, for more information.

• A $14.9 million decrease in cash paid for ATC's construction costs during 2024, compared with 2023. These construction costs are reimbursable by ATC.

• Proceeds of $7.6 million received for the reimbursement of ATC's construction costs during 2024, compared with 2023. There were no proceeds received for reimbursement of ATC's construction costs during the same period in 2023.

| Wisconsin Electric Power Company |     | B-16 |     | 2024 Annual Financial Statements |

#### Capital Expenditures
Capital expenditures for the years ended December 31 were as follows:

|                      | (in millions) |   |    2024 |     |   |    2023 |     |   | Change in 2024 Over 2023 |
|:---------------------|:--------------|:--|--------:|:----|:--|--------:|:----|:--|-------------------------:|
| Capital expenditures |               | $ | 1,442.7 |     | $ | 1,094.6 |     | $ |                    348.1 |

The increase in cash paid for capital expenditures during 2024, compared with 2023, was driven by higher payments for our electric distribution system, increased capital expenditures for combustion turbines at OCPP, and higher capital expenditures for renewable energy projects. These increases in capital expenditures were partially offset by payments made in 2023 for natural gas-fired generation constructed at WPS's existing Weston power plant site that we partially own and construction of our LNG facility, which were completed in July 2023 and November 2023, respectively.

See Liquidity and Capital Resources – Cash Requirements – Significant Capital Projects below for more information.

#### Financing Activities
Net cash provided by financing activities increased $20.2 million during 2024, compared with 2023, driven by:

• A $947.4 million increase in cash due to the issuance of long-term debt during 2024. We did not issue any long-term debt during 2023.

• A $130.0 million increase in cash due to lower dividends paid to our parent during