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Short-Term Debt and Lines of Credit | 12 Months Ended
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Dec. 31, 2024
Short-Term Debt [Abstract] |
SHORT-TERM DEBT AND LINES OF CREDIT | SHORT-TERM DEBT AND LINES OF CREDIT The following table shows our short-term borrowings and their corresponding weighted-average interest rates as of December 31:
(in millions, except percentages) |  | 2024 |  | 2023
Commercial paper |  |  |  |
Amount outstanding at December 31 |  | $ | 1,114.4 |  |  | $ | 2,017.2 |
Average interest rate on amounts outstanding at December 31 |  | 4.63 | % |  | 5.49 | %
Operating expense loans |  |  |  |
Amount outstanding at December 31 (1) |  | $ | 2.2 |  |  | $ | 3.7 |
(1) Coyote Ridge, Tatanka Ridge, and Jayhawk have entered into operating expense loans. In accordance with their limited liability company operating agreements, they received loans from the holders of their noncontrolling interests in proportion to their ownership interests. Our average amount of commercial paper borrowings based on daily outstanding balances during 2024, was $1,313.4 million with a weighted-average interest rate during the period of 5.38%. WEC Energy Group, WE, WPS, WG, and PGL have entered into bank back-up credit facilities to maintain short-term credit liquidity which, among other terms, require them to maintain, subject to certain exclusions, a total funded debt to capitalization ratio of 70.0%, 65.0%, 65.0%, 65.0%, and 65.0% or less, respectively. As of December 31, 2024, all companies were in compliance with their respective ratio. The information in the table below relates to our revolving credit facilities used to support our commercial paper borrowing programs, including remaining available capacity under these facilities as of December 31:
(in millions) |  | Maturity |  | 2024
Revolving credit facility (WEC Energy Group) (1) |  | September 2026 |  | $ | 1,500.0 |
Revolving credit facility (WEC Energy Group) |  | October 2025 (2) |  | 200.0 |
Revolving credit facility (WE) (1) |  | September 2026 |  | 500.0 |
Revolving credit facility (WPS) (1) |  | September 2026 |  | 400.0 |
Revolving credit facility (WG) (1) |  | September 2026 |  | 350.0 |
Revolving credit facility (PGL) (1) |  | September 2026 |  | 350.0 |
Total short-term credit capacity |  |  |  | $ | 3,300.0 |
Less: |  |  |  |
Letters of credit issued inside credit facilities |  |  |  | $ | 2.3 |
Commercial paper outstanding |  |  |  | 1,114.4 |
Available capacity under existing facilities |  |  |  | $ | 2,183.3 |
(1) These revolving credit facilities have a renewal provision for two extensions, subject to lender approval. Each extension is for a period of one year. (2) On October 18, 2024, WEC Energy Group extended the maturity to October 28, 2025. The bank back-up credit facilities contain customary covenants, including certain limitations on the respective companies' ability to sell assets. The credit facilities also contain customary events of default, including payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy proceedings, certain judgments, Employee Retirement Income Security Act of 1974 defaults, and change of control. In addition, pursuant to the terms of WEC Energy Group's credit agreement, we must ensure that certain of our subsidiaries comply with several of the covenants contained therein.

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