Company: WELPM
Filing Date: 2025-12-02
Form Type: 424B5
Source: 0001104659-25-117538
Chunk: 7

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-02
Form: 424B5
Chunk 7
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 DEBENTURES</div>

The following description of the particular
terms of the Debentures supplements and, to the extent inconsistent therewith, replaces the description of the general terms and provisions
of the Debentures set forth in the accompanying prospectus under “Description of Debt Securities.”

We will issue the Debentures under the
indenture, dated as of December 1, 1995, between Wisconsin Electric and U.S. Bank Trust Company, National Association (as successor to
Firstar Trust Company), as Trustee. The Debentures will be our direct unsecured general obligations. As of September 30, 2025, the aggregate
principal amount of debt securities outstanding under the indenture was approximately $4.2 billion.

General

The Debentures will be unsecured and
unsubordinated and will rank equally with all of our other unsecured and unsubordinated indebtedness and other obligations from time to
time outstanding. As of September 30, 2025, we had approximately $4.3 billion aggregate principal amount of unsecured long-term debt securities
and commercial paper outstanding (excluding approximately $2.8 billion of obligations under finance leases).

Interest on the Debentures will accrue
at the rate of % per year. Interest on the Debentures will accrue from December
, 2025, or from the most recent interest payment date to which interest has been paid or provided for. Interest will be payable semi-annually
in arrears to holders of record at the close of business on the or
immediately preceding the interest payment date. Interest payment dates will be and of
each year, beginning on , 2026. Interest will
be computed on the basis of a 360-day year consisting of twelve 30-day months. The Debentures will mature on
, 20 .

If the maturity date or any interest
payment date or redemption date falls on a day that is not a business day, the payment due on the maturity date or such interest payment
date or redemption date, as applicable, will be made on the next succeeding business day without any interest or other payment in respect
of any such delay.

The Debentures will be issued only in
registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Redemption at Our Option

Prior to ,
(the date that is month(s) prior to the maturity date of the Debentures, which is referred to in