SHORT-TERM DEBT

Short-term notes payable balances and their corresponding weighted-average interest rates as of December 31 consist of:



	2011				2010
			Interest				Interest
Short-Term Debt	Balance		Rate		Balance		Rate
	(Millions of Dollars, except for percentages)

Commercial paper	$	669.9	0.27	%	$	657.9	0.30	%

The following information relates to commercial paper for the years ended December 31:



	2011			2010
	(Millions of Dollars, except for percentages)

Maximum Short-Term Debt Outstanding	$	717.3		$	821.0
Average Short-Term Debt Outstanding	$	505.1		$	528.7
Weighted-Average Interest Rate	0.25		%	0.32		%

Wisconsin Energy, Wisconsin Electric and Wisconsin Gas have entered into bank back-up credit facilities to maintain short-term credit liquidity which, among other terms, require the companies to maintain, subject to certain exclusions, a minimum total funded debt to capitalization ratio of less than 70%, 65% and 65%, respectively.

As of December 31, 2011, we had approximately $1.2 billion of available undrawn lines under our bank back-up credit facilities and approximately $669.9 million of commercial paper outstanding that was supported by the available lines of credit. Our bank back-up credit facilities expire in December 2013.

The Wisconsin Energy, Wisconsin Electric and Wisconsin Gas 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, ERISA defaults and change of control. In addition, pursuant to the terms of Wisconsin Energy's credit agreement, Wisconsin Energy must ensure that certain of its subsidiaries comply with several of the covenants contained therein.

As of December 31, 2011, we were in compliance with all financial covenants.