Form FWP WISCONSIN ELECTRIC POWER Filed by: WISCONSIN ELECTRIC POWER CO

J.P. Morgan Securities LLC

KeyBanc Capital Markets Inc.

PNC Capital Markets LLC

RBC Capital Markets, LLC

U.S. Bancorp Investments, Inc.

Prior to May 15, 2031 (the date that is one (1) month prior to the maturity date, which is referred to herein as the “2031 Par Call Date”), the 2031 Debentures will be redeemable, at the option of the Issuer, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2031 Debentures matured on the 2031 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as defined in the preliminary prospectus supplement of the Issuer dated the date hereof, plus 10 basis points less (b) interest accrued to, but not including, the date of redemption; and (2) 100% of the principal amount of the 2031 Debentures to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date. On or after the 2031 Par Call Date, the Issuer may redeem the 2031 Debentures, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2031 Debentures being redeemed plus  accrued  and  unpaid  interest  thereon to, but not including, the redemption date.

In whole, but not in part, at 101% of the principal amount, plus any accrued and unpaid interest thereon (notice may be issued no later than December 31, 2026, for a redemption not less than 10 nor more than 60 days after such notice).