EDGAR 10-K Filing

Company CIK: 1840327
Filing Year: 2025
Filename: 1840327_10-K_2025_0001104659-25-023326.json

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ITEM 1. BUSINESS
Item 1. Business.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
None.

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ITEM 2. PROPERTIES
Item 2. Properties.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
None.
2024 Form 10-K 1 WEPCo Environmental Trust Finance I, LLC
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
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.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Reserved.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures.
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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 13, 2025:
Scott J. Lauber. Age 59.
· 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. Senior Executive Vice President and Chief Financial Officer from October 2019 to June 2020. Director since February 1, 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. Executive Vice President and Chief Financial Officer from October 2019 to June 2020. Director since April 2016.
Xia Liu. Age 55.
· 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.
· CenterPoint Energy, Inc. - Senior Advisor from April 2020 to May 2020. Executive Vice President and Chief Financial Officer from April 2019 to April 2020. CenterPoint Energy, Inc. is a public utility holding company whose operating subsidiaries provide electric and natural gas service to customers in parts of the South and Midwest.
Michael Reinhold. Age 39.
· 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 55.
· 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 60.
· 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 43.
· 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.
2024 Form 10-K 3 WEPCo Environmental Trust Finance I, LLC
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.

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ITEM 11. EXECUTIVE COMPENSATION
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.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
None.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence.
None.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services.
Omitted pursuant to General Instruction J of Form 10-K.
2024 Form 10-K 4 WEPCo Environmental Trust Finance I, LLC
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules.
1. Financial Statements
Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report.
2. Financial Statement Schedules
Omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report.
3. 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.
Number
Exhibit
Articles of Incorporation and By-laws
3.1* 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.)
3.2* 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.)
Instruments defining the rights of security holders, including indentures
4.1* 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.)
4.2* 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.)
Material contracts
10.1* 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.)
10.2* 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.)
10.3* 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.)
Rule 13a-14(a) / 15d-14(a) Certifications
31.1 Certification Pursuant to Rule 13a-14(d)/15d-14(d)
Report on assessment of compliance with servicing criteria for asset-backed issuers
33.1 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Wisconsin Electric Power Company, as Servicer
33.2 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for U.S. Bank Trust Company, National Association, as Indenture Trustee
2024 Form 10-K 5 WEPCo Environmental Trust Finance I, LLC
Attestation report on assessment of compliance with servicing criteria for asset-backed securities
34.1 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
34.2 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
Servicer compliance statement
35.1 Servicer Compliance Statement