SEMI-ANNUAL SERVICER’S CERTIFICATE
Exhibit 99.1
SEMI-ANNUAL SERVICER’S CERTIFICATE
Pursuant to Section 4.01(c)(ii) of the Environmental Control Property Servicing Agreement, dated as of May 12, 2021 (the “Servicing Agreement”), by and between WISCONSIN ELECTRIC POWER COMPANY, as servicer (the “Servicer”), and WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, the Servicer does hereby certify, for the June 15th, 2024 Payment Date (the “Current Payment Date”), as follows:
Billing Periods: November 2023 to April 2024 (December 2023 to May 2024 Collection Period)
Payment Date: June 15, 2024
1. Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
| i. | Remittances for the November 2023 Billing Period | $ | 635,392.01 | |||
| ii. | Remittances for the December 2023 Billing Period | $ | 793,399.75 | |||
| iii. | Remittances for the January 2024 Billing Period | $ | 765,116.35 | |||
| iv. | Remittances for the February 2024 Billing Period | $ | 761,907.52 | |||
| v. | Remittances for the March 2024 Billing Period | $ | 790,894.36 | |||
| vi. | Remittances for the April 2024 Billing Period | $ | 751,583.40 | |||
| vii. | Remittances for May 2024 Billing Period (1) | $ | 430,912.36 | |||
| viii. | Investment Earnings on Capital Subaccount | $ | 6,377.04 | |||
| ix. | Investment Earnings on Excess Funds Subaccount | $ | 3,899.57 | |||
| x. | Investment Earnings on General Subaccount | $ | 27,965.25 | |||
| xi. | General Subaccount Balance (sum of i through x above) | $ | 4,967,447.61 | |||
| xii. | Excess Funds Subaccount Balance as of prior Payment Date | $ | 205,624.49 | |||
| xiii. | Capital Subaccount Balance as of prior Payment Date | $ | 594,070.00 | |||
| xiv. | Collection Account Balance (sum of xi through xiii above) | $ | 5,767,142.10 |
| (1) | Includes remittances to General Subaccount from June 1, 2024 through June 14, 2024 that are available fore Debt Service Payment on Payment Date. |
2. Outstanding Amounts of as of prior Payment Date:
| Aggregate Outstanding Amount of all Environmental Trust Bonds | $ | 97,042,601.00 |
3. Required Funding/Payments as of Current Payment Date:
| Principal | Principal Due | |||
| Environmental Trust Bonds | $ | 4,498,438.00 | ||
| Interest | Interest Rate | Days in Interest Period(1) | Principal Balance | Interest Due | ||||||||||||
| Environmental Trust Bonds | 1.578 | % | 180 | $ | 97,042,601.00 | $ | 765,666.12 | |||||||||
| Required Level | Funding Required | |||||||||
| xiii. | Capital Subaccount | $ | 594,070.00 | $ | — | |||||
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4. Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
| i. | Trustee Fees and Expenses; Indemnity Amounts | $ | 8,000.00 | |||
| ii. | Servicing Fee | $ | 29,703.48 | |||
| iii. | Administration Fee | $ | 37,500.00 | |||
| iv. | Operating Expenses | $ | 91,745.10 |
| Environmental Trust Bonds | Aggregate | Per $1,000 of Original Principal Amount | ||||||||
| v. | Semi-Annual Interest (including any past-due for prior periods) | $ | — | |||||||
| Interest Payment | $ | 765,666.12 | $ | 6.44 | ||||||
| vi. | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | |||||||||
| Principal Payment | $ | — | $ | — | ||||||
| vii. | Semi-Annual Principal | |||||||||
| Principal Payment | $ | 4,498,438.00 | $ | 37.86 | ||||||
(1) On 30/360 day basis for initial payment date; otherwise use one-half of annual rate.
| viii. | Other Unpaid Operating Expenses | $ | 56,147.50 | |||
| ix. | Funding of Capital Subaccount (to required level) | $ | — | |||
| x. | Capital Subaccount Return to Wisconsin Electric Power Company | $ | — | |||
| xi. | Deposit to Excess Funds Subaccount | |||||
| xii. | Released to Issuer upon Retirement of all Environmental Trust Bonds | $ | — | |||
| xiii. | Aggregate Remittances as of Current Payment Date | $ | 4,929,205.75 |
5. Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
| i. | Aggregate Outstanding Amount of all Environmental Trust Bonds | $ | 92,544,163.00 | |||
| ii. | Excess Funds Subaccount Balance | $ | — | |||
| iii. | Capital Subaccount Balance | $ | 336,089.33 | |||
| iv. | Aggregate Collection Account Balance | $ | 336,089.33 |
6. Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
| i. | Excess Funds Subaccount | $ | 205,624.49 | |||
| ii. | Capital Subaccount | $ | 257,980.67 | |||
| iii. | Total Withdrawals | $ | 463,605.16 |
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7. Shortfalls in Interest and Principal Payments as of Current Payment Date:
| i. | Semi-annual Interest | |||||
| Interest Payment | $ | — | ||||
| ii. | Semi-annual Principal | |||||
| Principal Payment | $ | — |
8. Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
| i. | Return on Invested Capital | $ | 6,442.08 |
9. Shortfalls in Required Subaccount Levels as of Current Payment Date:
| i. | Capital Subaccount | $ | 257,980.67 |
Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.
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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate this 7th day of June, 2024.
| WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, As Issuing Entity | ||
| By: WISCONSIN ELECTRIC POWER COMPANY, as Servicer | ||
| Date: | June 7th, 2024 | |
| Xxxxxxx X. Xxxxx | ||
| Vice President and Treasurer |
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