FORM 8-K

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On March 13, 2009, Wisconsin Electric Power Company ("Wisconsin Electric") and Wisconsin Gas LLC ("Wisconsin Gas"), both subsidiaries of Wisconsin Energy Corporation, initiated rate proceedings with the Public Service Commission of Wisconsin ("PSCW"). Wisconsin Electric has asked the PSCW to approve a rate increase for its Wisconsin retail electric customers of $76.5 million (2.8%) and a rate increase for its natural gas customers of approximately $22.1 million (3.6%). In addition, Wisconsin Electric has requested increases of approximately $1.4 million (5.8%) and $1.3 million (6.8%) for its Valley steam utility customers and Milwaukee County steam utility customers, respectively. Wisconsin Gas has asked the PSCW to approve a rate increase for its natural gas customers of approximately $38.9 million (4.6%). Both Wisconsin Electric and Wisconsin Gas have requested that these rates become effective January 1, 2010.

As part of its electric rate proceeding, Wisconsin Electric asked the PSCW to make the following determinations:

• New proposed depreciation rates will become effective prior to or concurrent with the implementation of the new base rates requested in the proceeding.
• Certain regulatory assets currently scheduled to be fully amortized over the next four years will instead be amortized over the next eight years.
• Wisconsin Electric will continue to receive 100% Allowance for Funds Used During Construction ("AFUDC") for capital expenditures on environmental control projects at its Oak Creek power plant, as well as 100% AFUDC for capital expenditures on an environmental control project at Edgewater 5 and on renewable energy projects including the proposed Glacier Hills Wind Park.
• If recommendations of the Governor's Task Force on Global Warming are enacted, Wisconsin Electric will have the option of applying for a limited reopener or for deferral accounting to address any increased costs or reduced sales that result from such enactment.