# EDGAR Filing Document

**Accession Number:** 0001840327
**File Stem:** 0001104659-26-026946
**Filing Date:** 2026-3
**Character Count:** 61451
**Document Hash:** c9f748a19d1e290231ad570088b633ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-026946.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001104659-26-026946

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEPCo Environmental Trust Finance I, LLC
- **CENTRAL INDEX KEY:** 0001840327
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 861294212
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-252252-01
- **FILM NUMBER:** 26746771

**BUSINESS ADDRESS:**
- **STREET 1:** 231 WEST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201
- **BUSINESS PHONE:** 414 221 2345

**MAIL ADDRESS:**
- **STREET 1:** 231 WEST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

**FORM 10-K**

(Mark One)

⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended 12/31/2025

**OR**

◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ___________________

---

| | | | |
|:---|:---|:---|:---|
| Commission<br> File Number | Central Index<br> Key | Registrant; State of Incorporation; <br> Address; and Telephone Number | IRS Employer<br> Identification No. |
| 333-252252-01 | 0001840327 | **WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC** | 86-1294212 |
|  |  | **(Issuing Entity)** |  |

---

(A Delaware Limited Liability Company)

231 West Michigan Street

P.O. Box 2046

Milwaukee, WI 53201

(414) 221-2345

---

| | | | |
|:---|:---|:---|:---|
| Commission<br> File Number | Central Index Key | Registrant; State of Incorporation;<br> Address; and Telephone Number | IRS Employer<br> Identification No. |
| 001-01245 | 0000107815 | **WISCONSIN ELECTRIC POWER COMPANY** | 39-0476280 |
|  |  | **(Depositor and Sponsor)** |  |

---

(A Wisconsin Corporation)

231 West Michigan Street

P.O. Box 2046

Milwaukee, WI 53201

(414) 221-2345

<u>Securities registered pursuant to Section 12(b) of the Act</u>:

None

<u>Securities registered pursuant to Section 12(g) of the Act</u>:

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ◻ No ⌧

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ◻ No ⌧

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ No ◻

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ◻ No ⌧

The registrant does not have any voting or non-voting common equity held by non-affiliates.

<u>Documents incorporated by reference</u>:

None

**PART I**

**Item 1. Business.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1A. Risk Factors.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1B. Unresolved Staff Comments.**

None.

**Item 1C. Cybersecurity.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 2. Properties.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 3. Legal Proceedings.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 4. Mine Safety Disclosures.**

None.

*2025 Form 10-K* 1 *WEPCo Environmental Trust Finance I, LLC*

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 6. Reserved.**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 8. Financial Statements and Supplementary Data.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9A. Controls and Procedures.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.**

None.

*2025 Form 10-K* 2 *WEPCo Environmental Trust Finance I, LLC*

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

Following are the managers and executive officers of WEPCo Environmental Trust Finance I, LLC (the "Issuing Entity") as of March 12, 2026:

**Scott J. Lauber.** Age 60.

• WEPCo Environmental Trust Finance I, LLC — President and Manager since January 2021.

• WEC Energy Group, Inc. — President and Chief Executive Officer since February 2022. Senior Executive Vice President
and Chief Operating Officer from June 2020 to January 2022. Director since February 2022.

• Wisconsin Electric Power Company — Chairman of the Board and Chief Executive Officer since February 2022. President from
January 2022 to April 2024. Executive Vice President from June 2020 to December 2021. Director since April 2016.

**Xia Liu.** Age 56.

• WEPCo Environmental Trust Finance I, LLC — Manager since January 2021.

• WEC Energy Group, Inc. — Executive Vice President and Chief Financial Officer since June 2020.

• Wisconsin Electric Power Company — Executive Vice President and Chief Financial Officer since June 2020. Director since
June 2020.

**Michael Reinhold.** Age 40.

• WEPCo Environmental Trust Finance I, LLC — Independent Manager since January 2021.

• Corporate Creations Network Inc. — Vice President and Account Manager since 2012.

**William J. Guc.** Age 56.

• WEPCo Environmental Trust Finance I, LLC — Vice President, Controller, and Assistant Secretary since January 2021.

• WEC Energy Group, Inc. — Controller since October 2015. Vice President since June 2015.

• Wisconsin Electric Power Company — Vice President and Controller since October 2015. Assistant Corporate Secretary from
January 2020 to December 2024.

**Margaret C. Kelsey.** Age 61.

• WEPCo Environmental Trust Finance I, LLC — Vice President and Secretary since January 2021.

• WEC Energy Group, Inc. — Executive Vice President, Corporate Secretary and General Counsel since January 2018.

• Wisconsin Electric Power Company — Executive Vice President, Corporate Secretary and General Counsel since January 2018.
Director since January 2018.

**Anthony L. Reese.** Age 44.

• WEPCo Environmental Trust Finance I, LLC — Vice President and Treasurer since January 2021.

• WEC Energy Group, Inc. — Vice President and Treasurer since October 2019.

• Wisconsin Electric Power Company — Vice President and Treasurer since October 2019.

The Issuing Entity is a wholly-owned subsidiary of Wisconsin Electric Power Company, which in turn is a wholly-owned subsidiary of WEC Energy Group, Inc. Certain executive officers and managers of the Issuing Entity also hold officer and/or director positions at WEC Energy Group, Inc.'s other significant subsidiaries.

**Code of Conduct**

WEC Energy Group, Inc. has adopted a written code of ethics, referred to as its Code of Business Conduct. Since the Issuing Entity is an indirect wholly-owned subsidiary of WEC Energy Group, Inc., other than the independent manager, all of its managers and executive officers, including its principal executive officer, principal financial officer and principal accounting officer, have a responsibility to comply with WEC Energy Group, Inc.'s Code of Business Conduct. WEC Energy Group, Inc. has posted its Code of Business Conduct in the "Governance" section on its website, www.wecenergygroup.com. WEC Energy Group, Inc. has not provided any waiver to the Code. Any amendments to, or waivers from, the Code of Business Conduct will be disclosed on WEC Energy Group, Inc.'s website or in a current report on Form 8-K.

*2025 Form 10-K* 3 *WEPCo Environmental Trust Finance I, LLC*

**Item 11. Executive Compensation.**

Other than the annual independent manager fee of $1,995 paid to Corporate Creations Network Inc., the Issuing Entity does not pay any compensation to its managers or executive officers.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

None.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

None.

**Item 14. Principal Accountant Fees and Services.**

Omitted pursuant to General Instruction J of Form 10-K.

*2025 Form 10-K* 4 *WEPCo Environmental Trust Finance I, LLC*

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **Financial Statements** | **Financial Statements** | **Financial Statements** |
|  | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| **2.** | **Financial Statement Schedules** | **Financial Statement Schedules** | **Financial Statement Schedules** |
|  | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. | Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report. |
| **3.** | **Exhibits and Exhibit Index** | **Exhibits and Exhibit Index** | **Exhibits and Exhibit Index** |
|  | The following exhibits are filed or furnished with or incorporated by reference in the report with respect to WEPCo Environmental Trust Finance I, LLC (File No. 333-252252-01). An asterisk (\*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. | The following exhibits are filed or furnished with or incorporated by reference in the report with respect to WEPCo Environmental Trust Finance I, LLC (File No. 333-252252-01). An asterisk (\*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. | The following exhibits are filed or furnished with or incorporated by reference in the report with respect to WEPCo Environmental Trust Finance I, LLC (File No. 333-252252-01). An asterisk (\*) indicates that the exhibit has previously been filed with the SEC and is incorporated herein by reference. |
|  | **Number** | **Exhibit** | **Exhibit** |
|  | **3** | **Articles of Incorporation and By-laws** | **Articles of Incorporation and By-laws** |
|  |  | [3.1\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921005731/tm213205d2_ex3-1.htm) | [Certificate of Formation of WEPCo Environmental Trust Finance I, LLC, dated January 5, 2021. (Exhibit 3.1 to the Registration Statement on Form SF-1 of WEPCo Environmental Trust Finance I, LLC (File No. 333-252252-01), filed January 20, 2021.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921005731/tm213205d2_ex3-1.htm) |
|  |  | [3.2\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921038432/tm213205d4_ex3-2.htm) | [Amended and Restated Limited Liability Company Agreement of WEPCo Environmental Trust Finance I, LLC, dated and effective as of March 12, 2021. (Exhibit 3.2 filed with Amendment No. 1 to the Registration Statement on Form SF-1 of WEPCo Environmental Trust Finance I, LLC (File No. 333-252252-01), filed March 18, 2021.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921038432/tm213205d4_ex3-2.htm) |
|  | **4** | **Instruments defining the rights of security holders, including indentures** | **Instruments defining the rights of security holders, including indentures** |
|  |  | [4.1\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex4-1.htm) | [Indenture, dated May 12, 2021, between WEPCo Environmental Trust Finance I, LLC and the Indenture Trustee (including a form of ETB). (Exhibit 4.1 to WEPCo Environmental Trust Finance I, LLC's 5/12/2021 Form 8-K.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex4-1.htm) |
|  |  | [4.2\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex4-2.htm) | [Series Supplement, dated May 12, 2021, between WEPCo Environmental Trust Finance I, LLC and the Indenture Trustee. (Exhibit 4.2 to WEPCo Environmental Trust Finance I, LLC's 5/12/2021 Form 8-K.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex4-2.htm) |
|  | **10** | **Material contracts** | **Material contracts** |
|  |  | [10.1\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-1.htm) | [Environmental Control Property Purchase and Sale Agreement, dated May 12, 2021, by and between Wisconsin Electric Power Company and WEPCo Environmental Trust Finance I, LLC. (Exhibit 10.1 to WEPCo Environmental Trust Finance I, LLC's 5/12/2021 Form 8-K.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-1.htm) |
|  |  | [10.2\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-2.htm) | [Environmental Control Property Servicing Agreement, dated May 12, 2021, by and between Wisconsin Electric Power Company and WEPCo Environmental Trust Finance I, LLC. (Exhibit 10.2 to WEPCo Environmental Trust Finance I, LLC's 5/12/2021 Form 8-K.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-2.htm) |
|  |  | [10.3\*](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-3.htm) | [Administrative Agreement, dated May 12, 2021, by and between Wisconsin Electric Power Company and WEPCo Environmental Trust Finance I, LLC. (Exhibit 10.3 to WEPCo Environmental Trust Finance I, LLC's 5/12/2021 Form 8-K.)](https://www.sec.gov/Archives/edgar/data/107815/000110465921064963/tm213205d19_ex10-3.htm) |
|  | **31** | **Rule 13a-14(a) / 15d-14(a) Certifications** | **Rule 13a-14(a) / 15d-14(a) Certifications** |
|  |  | [31.1](tm261102d1_ex31-1.htm) | [Certification Pursuant to Rule 13a-14(d)/15d-14(d)](tm261102d1_ex31-1.htm) |
|  | **33** | **Report on assessment of compliance with servicing criteria for asset-backed issuers** | **Report on assessment of compliance with servicing criteria for asset-backed issuers** |
|  |  | [33.1](tm261102d1_ex33-1.htm) | [Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Wisconsin Electric Power Company, as Servicer](tm261102d1_ex33-1.htm) |

---

*2025 Form 10-K* 5 *WEPCo Environmental Trust Finance I, LLC*

---

| | | |
|:---|:---|:---|
|  | [33.2](tm261102d1_ex33-2.htm) | [Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for U.S. Bank Trust Company, National Association, as Indenture Trustee](tm261102d1_ex33-2.htm) |
| **34** | **Attestation report on assessment of compliance with servicing criteria for asset-backed securities** | **Attestation report on assessment of compliance with servicing criteria for asset-backed securities** |
|  | [34.1](tm261102d1_ex34-1.htm) | [Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of Deloitte & Touche LLP on behalf of Wisconsin Electric Power Company, as Servicer](tm261102d1_ex34-1.htm) |
|  | [34.2](tm261102d1_ex34-2.htm) | [Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company, National Association, as Indenture Trustee](tm261102d1_ex34-2.htm) |
| **35** | **Servicer compliance statement** | **Servicer compliance statement** |
|  | [35.1](tm261102d1_ex35-1.htm) | [Servicer Compliance Statement](tm261102d1_ex35-1.htm) |

---

**Item 16. Form 10-K Summary.**

None.

**SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) OF FORM 10-K**

**Item 1112(b). Significant Obligors of Pool Assets.**

None.

**Item 1114(b)(2). Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.**

None.

**Item 1115(b). Certain Derivatives Instruments.**

None.

**Item 1117. Legal Proceedings.**

U.S. Bank Trust Company, National Association has provided the following information to the servicer:

U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

*2025 Form 10-K* 6 *WEPCo Environmental Trust Finance I, LLC*

U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

**Item 1119. Affiliations and Certain Relationships and Related Transactions.**

The Issuing Entity is a wholly-owned subsidiary of Wisconsin Electric Power Company, which is the depositor, sponsor, and servicer.

**Item 1122. Compliance with Applicable Servicing Criteria.**

The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Issuers and the related attestation report for Wisconsin Electric Power Company included as Exhibits 33.1 and 34.1, respectively, to this Form 10-K, identified no material instances of noncompliance by Wisconsin Electric Power Company with the servicing criteria set forth in Item 1122 of Regulation AB.

The Report on Assessment of Compliance With Servicing Criteria for Asset-Backed Issuers and the related attestation report for U.S. Bank Trust Company, National Association included as Exhibits 33.2 and 34.2, respectively, to this Form 10-K, identified no material instances of noncompliance by U.S. Bank Trust Company, National Association with the servicing criteria set forth in Item 1122 of Regulation AB.

See Exhibits 33.1, 33.2, 34.1, and 34.2 to this Form 10-K.

**Item 1123. Servicer Compliance Statement.**

See Exhibit 35.1 to this Form 10-K.

*2025 Form 10-K* 7 *WEPCo Environmental Trust Finance I, LLC*

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, as Issuing Entity**<br>**By: WISCONSIN ELECTRIC POWER COMPANY, as Servicer**<br>/s/ William J. Guc |
| **Date:** | March 12, 2026 | William J. Guc |
|  |  | Vice President and Controller |

---

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No such annual report, proxy statement, form of proxy or other soliciting material has been sent to registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.

*2025 Form 10-K* 8 *WEPCo Environmental Trust Finance I, LLC*

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, William J. Guc, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered
by this report on Form 10-K of WEPCo Environmental Trust Finance I, LLC (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the
period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for reviewing the activities performed by Wisconsin Electric Power Company, as servicer, and based on my knowledge
and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation
AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the Environmental Control
Property Servicing Agreement, dated May 12, 2021, by and between Wisconsin Electric Power Company and WEPCo Environmental Trust Finance
I, LLC, in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with
Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise
disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank Trust Company, National Association, as Indenture Trustee.

---

| | | |
|:---|:---|:---|
| Date: | March 12, 2026 | /s/ William J. Guc |
|  |  | William J. Guc |
|  |  | Vice President and Controller<br> and senior officer in charge of the servicing function of Wisconsin Electric Power Company |

---

## Exhibit 33.1

**Exhibit 33.1**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-BACKED ISSUERS**

The undersigned hereby certifies that the undersigned is the duly elected and acting Vice President and Controller of **WISCONSIN ELECTRIC POWER COMPANY**, as servicer (the "<u>Servicer</u>") under the Environmental Control Property Servicing Agreement dated as of May 12, 2021 (the "<u>Servicing Agreement</u>") by and between the Servicer and **WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC** (the "Issuing Entity"), and further certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is responsible for assessing the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "<u>Servicing Criteria</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year covered by the Servicer's annual report on Form 10-K:

---

| | | | |
|:---|:---|:---|:---|
| **Regulation AB Reference** | **Servicing Criteria** | **Applicable Servicing<br> Criteria** | **Inapplicable Servicing <br> Criteria** |
| **General Servicing Considerations** | **General Servicing Considerations** | **General Servicing Considerations** | **General Servicing Considerations** |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  | X |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for pool assets are maintained. |  | X |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |  |
| **Cash Collection and Administration** | **Cash Collection and Administration** | **Cash Collection and Administration** | **Cash Collection and Administration** |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X |  |

---

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) under the Exchange Act. | X |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are: (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |
| **Investor Remittances and Reporting** | **Investor Remittances and Reporting** | **Investor Remittances and Reporting** | **Investor Remittances and Reporting** |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports: (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | X |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |
| **Pool Asset Administration** | **Pool Asset Administration** | **Pool Asset Administration** | **Pool Asset Administration** |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | X |  |

---

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  | X |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset agreements. | X |  |
| 1122(d)(4)(v) | The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |  |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets, including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |

---

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  | X |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To the best of the undersigned's knowledge, based on such review, the Servicer is in compliance in all material respects with the applicable servicing criteria set forth above as of and for the fiscal year ended December 31, 2025, the period covered by the Issuing Entity's annual report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report on the Servicer's assessment of compliance with the applicable servicing criteria as of and for the fiscal year ended December 31, 2025, the period covered by the Issuing Entity's annual report on Form 10-K.

Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement.

---

| | | |
|:---|:---|:---|
|  |  | **By: WISCONSIN ELECTRIC POWER COMPANY, as Servicer** |
| Date: | March 12, 2026 | /s/ William J. Guc |
|  |  | William J. Guc |
|  |  | Vice President and Controller |

---

## Exhibit 33.2

**Exhibit 33.2**

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform<sup>1</sup> (the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;2. Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB
to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;3. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are inapplicable to
U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year ended December 31,
2025; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment
of compliance with the applicable servicing criteria as of and for the year ended December 31, 2025.

<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

Corporate Trust ABS Platform (A) 1

---

| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |
| Dated: February 26, 2026 |

---

Corporate Trust ABS Platform (A) 2

**EXHIBIT A to Management's Assertion**

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable<br> Servicing<br> Criteria** | **Inapplicable<br> Servicing <br> Criteria** |
| **<u>General Servicing Considerations</u>** | **<u>General Servicing Considerations</u>** | **<u>General Servicing Considerations</u>** | **<u>General Servicing Considerations</u>** |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | **X** |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | **X<sup>2</sup>** |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | **X** |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | **X** |  |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | **X<sup>3</sup>** |  |
| **<u>Cash Collection and Administration</u>** | **<u>Cash Collection and Administration</u>** | **<u>Cash Collection and Administration</u>** | **<u>Cash Collection and Administration</u>** |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | **X** |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | **X** |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | **X<sup>4</sup>** |  |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | **X** |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | **X** |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | **X** |  |

---

<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

Corporate Trust ABS Platform (A) 3

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable<br> Servicing<br> Criteria** | **Inapplicable<br> Servicing<br> Criteria** |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | **X** |  |
| **<u>Investor Remittances and Reporting</u>** | **<u>Investor Remittances and Reporting</u>** | **<u>Investor Remittances and Reporting</u>** | **<u>Investor Remittances and Reporting</u>** |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer. | **X** |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | **X** |  |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | **X** |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | **X** |  |
| **<u>Pool Asset Administration</u>** | **<u>Pool Asset Administration</u>** | **<u>Pool Asset Administration</u>** | **<u>Pool Asset Administration</u>** |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  | **X** |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. |  | **X** |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | **X** |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. |  | **X** |

---

Corporate Trust ABS Platform (A) 4

---

| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable<br> Servicing<br> Criteria** | **Inapplicable<br> Servicing<br> Criteria** |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | **X** |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  | **X** |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  | **X** |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  | **X** |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | **X** |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  | **X** |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | **X** |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | **X** |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  | **X** |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | **X** |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | **X** |  |

---

Corporate Trust ABS Platform (A) 5

## Exhibit 34.1

**Exhibit 34.1**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and Board of Directors of

Wisconsin Electric Power Company

We have examined management of Wisconsin Electric Power Company 's assertion, included in the accompanying Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Wisconsin Electric Power Company and subsidiary (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the Environmental Trust Bonds Series 2021 (the "Platform"), excluding criteria 1122(d)(1)(ii), 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(vi), 1122(d)(3)(ii), 1122(d)(4)(iii), 1122(d)(4)(v), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), and 1122(d)(4)(xv) which management has determined are not applicable to the activities performed by the Company with respect to the Platform (the "servicing criteria"), as of and for the year ended December 31, 2025. Management is responsible for the Company's compliance with the servicing criteria and its assertion. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the servicing criteria is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about management's assertion on compliance with the servicing criteria. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion on compliance with the servicing criteria, whether due to error or fraud, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that the evidence we obtained in our examination is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the servicing criteria as of and for the year ended December 31, 2025, is fairly stated, in all material respects.

---

| |
|:---|
| /s/ Deloitte & Touche LLP |
| Milwaukee, Wisconsin |
| March 12, 2026 |

---

## Exhibit 34.2

**Exhibit 34.2**

![](tm261102d1_ex34-2img001.jpg)

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

![](tm261102d1_ex34-2img002.jpg)

Minneapolis, Minnesota

February 26, 2026

## Exhibit 35.1

**Exhibit 35.1**

**CERTIFICATE OF COMPLIANCE**

The undersigned hereby certifies that the undersigned is the duly elected and acting Vice President and Controller of **WISCONSIN ELECTRIC POWER COMPANY**, as servicer (the "<u>Servicer</u>") under the Environmental Control Property Servicing Agreement dated as of May 12, 2021 (the "<u>Servicing Agreement</u>") by and between the Servicer and **WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC**, and further certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities of the Servicer and of its performance under the Servicing Agreement during the fiscal year ended December 31, 2025 has been made under the supervision of the undersigned pursuant to <u>Section 3.03</u> of the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the best of the undersigned's knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the fiscal year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  |  | **WISCONSIN ELECTRIC POWER COMPANY, as Servicer**<br>/s/ William J. Guc |
| **Date:** | March 12, 2026 | William J. Guc |
|  |  | Vice President and Controller |

---