UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
Current Report On
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
JUNE 4, 2001
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Commission Registrant; State of Incorporation IRS Employer
File Number Address; and Telephone Number Identification No.
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001-01245 WISCONSIN ELECTRIC POWER COMPANY 39-0476280
(A Wisconsin Corporation)
231 West Michigan Street
P.O. Box 2046
Milwaukee, WI 53201
(414) 221-2345
FORM 8-K
WISCONSIN ELECTRIC POWER COMPANY
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
UTILITY RATES AND REGULATORY MATTERS
On June 4, 2001, the Wisconsin Industrial Energy Group and the
Citizens Utility Board petitioned the Dane County Circuit Court
for review of decisions of the Public Service Commission of
Wisconsin ("PSCW"), authorizing Wisconsin Electric Power Company
to add a surcharge to its electric rates to recover its expected
2001 fuel costs. The first decision was issued on February 8,
2001 and authorized an interim surcharge of $37.8 million on an
annual basis subject to refund pending issuance of a final order.
The final decision, issued on May 3, 2001, authorized a fuel
surcharge of $58.7 million on an annual basis to replace the
interim surcharge subject to refund if the revenues collected are
in excess of the fuel costs actually incurred or if they generate
excess earnings.
The petitioners allege that the PSCW made various material errors
of law and procedure as a result of which the Court should set
aside both the interim and final orders and remand the case to
the PSCW. Wisconsin Electric intends to vigorously defend the
PSCW's orders and believes the Court will affirm the PSCW's
actions.
FORWARD-LOOKING STATEMENTS: Some matters discussed above are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are subject to various risks and uncertainties.
Actual results may vary materially. Factors that could cause
actual results to differ materially include, but are not limited
to: unfavorable rulings by the Court in the matter described
above; subsequent relief ordered by the PSCW should the Court
remand the case back to the PSCW; and the other cautionary
factors described in the Management's Discussion and Analysis of
Financial Condition and Results of Operations in Wisconsin
Electric Power Company's Form 10-Q for the quarter ended
March 31, 2001; and other factors described from time to time in
Wisconsin Electric's reports to the Securities and Exchange
Commission.
FORM 8-K
SIGNATURES
Pursuant to the requirements 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.
WISCONSIN ELECTRIC POWER COMPANY
(Registrant)
/s/ STEPHEN P. DICKSON
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Date: June 7, 2001 Stephen P. Dickson - Controller and
Principal Accounting Officer