SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) May 28, 1998
WISCONSIN ELECTRIC POWER COMPANY
(Exact name of registrant as specified in its charter)
1-1245
(Commission file number)
Wisconsin 39-0476280
(State or other jurisdiction of (I.R.S. Employer
Identification No.)
incorporation or organization)
231 West Michigan Street, P.O. Box 2046, Milwaukee, Wisconsin
53201
(Address of principal executive offices)
(Zip Code)
(414) 221-2345
(Registrant's telephone number, including area code)
NOT APPLICABLE
-------------------------------------------------------------
(Former name or former address, if changed since last report)
FORM 8-K
WISCONSIN ELECTRIC POWER COMPANY
--------------------------------
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS. The following exhibit is filed herewith:
(12) Statement of Computation of Ratios of Earnings to
Fixed
Charges
FORM 8-K
WISCONSIN ELECTRIC POWER COMPANY
--------------------------------
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/ C. H. Baker
---------------------------
- -----------
Date: May 28, 1998 C. H. Baker, Vice President
- - Finance
Chief Financial Officer
and duly
authorized officer
WISCONSIN ELECTRIC POWER COMPANY
--------------------------------
EXHIBIT INDEX
Current Report on Form 8-K
Report Dated May 28, 1998
Exhibit
Number
- -------
The following exhibit is filed with this report:
(12) Statement of Computation of Ratios of Earnings to Fixed
Charges
<TABLE>
Exhibit
(12)
WISCONSIN ELECTRIC POWER COMPANY
Statement of Computation of Ratios of Earnings to Fixed Charges
(Unaudited)
(Thousands of Dollars)
<CAPTION>
Year Ended December 31
--------------------------------------------------- 12
Months
Ended
1993 1994 1995 1996 1997
3/31/98
---- ---- ---- ---- ---- --
- -----
<S> <C> <C> <C> <C> <C> <C>
Pretax Income
Net Income $192,080 $181,754 $240,668 $211,315 $ 70,615 $
77,224
Income Taxes 101,127 101,854 141,934 127,828 35,012
36,693 -------- -----
- --- -------- -------- -------- --------
Pretax Income 293,207 283,608 382,602 339,143 105,627
113,917
Fixed Charges
Interest on
Long-Term Debt (A) 103,262 102,059 99,727 100,133 106,573
103,127
Other Interest Expense 3,945 7,610 11,960 7,821 8,730
11,992
Interest Factor of Rents
Nuclear Fuel 1,697 1,896 2,401 2,332 868
1,125
Long-Term Power
Purchase Contract (B) - - - - 5,614
10,689
-------- -------- -------- -------- -------- ---
- -----
Total Fixed Charges 108,904 111,565 114,088 110,286 121,785
126,933
-------- -------- -------- -------- -------- ---
- -----
Earnings Before Income
Taxes & Fixed Charges $402,111 $395,173 $496,690 $449,429 $227,412
$240,850
======== ======== ======== ======== ========
========
Ratio of Earnings
to Fixed Charges 3.7x 3.5x 4.4x 4.1x 1.9x
1.9x
(A) Includes amortization of debt premium, discount & expense.
(B) Wisconsin Electric has entered into a long-term power purchase contract that is
being
accounted for as a capital lease.
</TABLE>
