Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PEG | ' | ' |
Entity Registrant Name | 'PUBLIC SERVICE ENTERPRISE GROUP INC | ' | ' |
Entity Central Index Key | '0000788784 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 506,164,959 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $16,421,163,580 |
Power [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'PSEG POWER LLC | ' | ' |
Entity Central Index Key | '0001158659 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
PSE&G [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'PUBLIC SERVICE ELECTRIC & GAS CO | ' | ' |
Entity Central Index Key | '0000081033 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 132,450,344 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenues | $9,968 | $9,781 | $11,079 |
Operating Expenses [Abstract] | ' | ' | ' |
Energy Costs | 3,536 | 3,719 | 4,747 |
Operation and Maintenance | 2,887 | 2,632 | 2,481 |
Depreciation and Amortization | 1,178 | 1,054 | 976 |
Taxes Other Than Income Taxes | 68 | 98 | 133 |
Total Operating Expenses | 7,669 | 7,503 | 8,337 |
OPERATING INCOME | 2,299 | 2,278 | 2,742 |
Income from Equity Method Investments | 11 | 12 | 4 |
Other Income | 213 | 260 | 220 |
Other Deductions | -54 | -98 | -85 |
Other-Than-Temporary Impairments | -12 | -18 | -22 |
Interest Expense | -402 | -423 | -475 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,055 | 2,011 | 2,384 |
Income Tax (Expense) Benefit | -812 | -736 | -977 |
INCOME FROM CONTINUING OPERATIONS | 1,243 | 1,275 | 1,407 |
Income (Loss) from Discontinued Operations, including Gain on Disposal, net of tax (expense) benefit for the years ended 2012, 2011 and 2010, respectively | 0 | 0 | 96 |
Net Income | 1,243 | 1,275 | 1,503 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (THOUSANDS): | ' | ' | ' |
BASIC | 505,889 | 505,933 | 505,949 |
DILUTED | 507,525 | 507,086 | 506,982 |
EARNINGS PER SHARE: | ' | ' | ' |
INCOME FROM CONTINUING OPERATIONS, BASIC | $2.46 | $2.52 | $2.78 |
NET INCOME, BASIC | $2.46 | $2.52 | $2.97 |
INCOME FROM CONTINUING OPERATIONS, DILUTED | $2.45 | $2.51 | $2.77 |
NET INCOME, DILUTED | $2.45 | $2.51 | $2.96 |
Power [Member] | ' | ' | ' |
Operating Revenues | 5,063 | 4,873 | 6,150 |
Operating Expenses [Abstract] | ' | ' | ' |
Energy Costs | 2,496 | 2,381 | 3,044 |
Operation and Maintenance | 1,224 | 1,127 | 1,105 |
Depreciation and Amortization | 273 | 242 | 228 |
Total Operating Expenses | 3,993 | 3,750 | 4,377 |
OPERATING INCOME | 1,070 | 1,123 | 1,773 |
Income from Equity Method Investments | 16 | 15 | 14 |
Other Income | 154 | 201 | 190 |
Other Deductions | -49 | -90 | -79 |
Other-Than-Temporary Impairments | -12 | -18 | -20 |
Interest Expense | -116 | -132 | -175 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,063 | 1,099 | 1,703 |
Income Tax (Expense) Benefit | -419 | -433 | -690 |
INCOME FROM CONTINUING OPERATIONS | 644 | 666 | 1,013 |
Income (Loss) from Discontinued Operations, including Gain on Disposal, net of tax (expense) benefit for the years ended 2012, 2011 and 2010, respectively | 0 | 0 | 96 |
Net Income | 644 | 666 | 1,109 |
PSE&G [Member] | ' | ' | ' |
Operating Revenues | 6,655 | 6,626 | 7,326 |
Operating Expenses [Abstract] | ' | ' | ' |
Energy Costs | 2,841 | 3,159 | 3,951 |
Operation and Maintenance | 1,639 | 1,508 | 1,372 |
Depreciation and Amortization | 872 | 778 | 719 |
Taxes Other Than Income Taxes | 68 | 98 | 133 |
Total Operating Expenses | 5,420 | 5,543 | 6,175 |
OPERATING INCOME | 1,235 | 1,083 | 1,151 |
Other Income | 54 | 52 | 25 |
Other Deductions | -3 | -5 | -4 |
Other-Than-Temporary Impairments | 0 | 0 | -1 |
Interest Expense | -293 | -295 | -310 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 993 | 835 | 861 |
Income Tax (Expense) Benefit | -381 | -307 | -340 |
Net Income | $612 | $528 | $521 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Discontinued Operations, tax (expense) benefit | $0 | $0 | ($51) |
Power [Member] | ' | ' | ' |
Income (Loss) from Discontinued Operations, tax (expense) benefit | $0 | $0 | ($51) |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $1,243 | $1,275 | $1,503 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | 55 | 19 | -39 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | -9 | -24 | -80 |
Pension/OPEB adjustment, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | 247 | -46 | -62 |
Other Comprehensive Income (Loss), net of tax | 293 | -51 | -181 |
Comprehensive Income | 1,536 | 1,224 | 1,322 |
Power [Member] | ' | ' | ' |
Net Income | 644 | 666 | 1,109 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | 57 | 18 | -42 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | -10 | -24 | -80 |
Pension/OPEB adjustment, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | 218 | -46 | -59 |
Other Comprehensive Income (Loss), net of tax | 265 | -52 | -181 |
Comprehensive Income | 909 | 614 | 928 |
PSE&G [Member] | ' | ' | ' |
Net Income | 612 | 528 | 521 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended 2013, 2012 and 2011, respectively | -1 | 0 | 2 |
Other Comprehensive Income (Loss), net of tax | -1 | 0 | 2 |
Comprehensive Income | $611 | $528 | $523 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-Sale Securities, tax | ($54) | ($24) | $43 |
Change in Fair Value of Derivative Instruments, tax | 7 | 18 | 54 |
Pension/OPEB adjustment, tax | -172 | 32 | 44 |
Power [Member] | ' | ' | ' |
Available-for-Sale Securities, tax | -55 | -24 | 45 |
Change in Fair Value of Derivative Instruments, tax | 7 | 18 | 54 |
Pension/OPEB adjustment, tax | -151 | 32 | 40 |
PSE&G [Member] | ' | ' | ' |
Available-for-Sale Securities, tax | $1 | $0 | ($1) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | |
Cash and Cash Equivalents | $493 | $379 | |
Accounts Receivable, net of allowances in 2013 and 2012, respectively | 1,203 | 1,069 | |
Tax Receivable | 109 | 227 | |
Unbilled Revenues | 300 | 314 | |
Fuel | 545 | 583 | |
Materials and Supplies, net | 479 | 422 | |
Prepayments | 89 | 283 | |
Derivative Contracts | 98 | 138 | |
Deferred Income Taxes | 24 | 49 | |
Regulatory Assets | 243 | 349 | |
Other | 31 | 56 | |
Total Current Assets | 3,614 | 3,869 | |
PROPERTY, PLANT AND EQUIPMENT | 29,713 | 27,402 | |
Less: Accumulated Depreciation and Amortization | -8,068 | -7,666 | |
Net Property, Plant and Equipment | 21,645 | 19,736 | |
NONCURRENT ASSETS | ' | ' | |
Regulatory Assets | 2,612 | 3,830 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 476 | 713 | |
Long-Term Investments | 1,313 | 1,324 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,701 | 1,540 | |
Other Special Funds | 613 | 191 | |
Goodwill | 16 | 16 | |
Other Intangibles | 33 | 34 | |
Derivative Contracts | 163 | 153 | |
Restricted Cash of VIEs | 24 | 23 | |
Other | 312 | 296 | |
Total Noncurrent Assets | 7,263 | 8,120 | |
Total Assets | 32,522 | 31,725 | |
CURRENT LIABILITIES | ' | ' | |
Long-Term Debt Due Within One Year | 544 | 1,026 | |
Securitization Debt of VIEs Due Within One Year | 237 | 226 | |
Commercial Paper and Loans | 60 | 263 | |
Accounts Payable | 1,222 | 1,304 | |
Derivative Contracts | 76 | 46 | |
Accrued Interest | 95 | 91 | |
Accrued Taxes | 37 | 17 | |
Deferred Income Taxes | 0 | 72 | |
Clean Energy Program | 142 | 153 | |
Obligation to Return Cash Collateral | 119 | 122 | |
Regulatory Liabilities | 43 | 67 | |
Other | 488 | 390 | |
Total Current Liabilities | 3,063 | 3,777 | |
NONCURRENT LIABILITIES | ' | ' | |
Deferred Income Taxes and Investment Tax Credits (ITC) | 7,107 | 6,542 | |
Regulatory Liabilities | 233 | 209 | |
Regulatory Liabilities of VIEs | 11 | 10 | |
Asset Retirement Obligations | 677 | 627 | |
Other Postretirement Benefit (OPEB) Costs | 1,095 | 1,285 | |
Accrued Pension Costs | 121 | 876 | |
Environmental Costs | 414 | 537 | |
Derivative Contracts | 31 | 122 | |
Long-Term Accrued Taxes | 180 | 164 | |
Other | 119 | 108 | |
Total Noncurrent Liabilities | 9,988 | 10,480 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 13) | ' | ' | |
LONG-TERM DEBT | ' | ' | |
Long-Term Debt | 7,587 | 6,148 | |
Securitization Debt of VIEs | 259 | 496 | |
Project Level, Non-Recourse Debt | 16 | 43 | |
Total Long-Term Debt | 7,862 | 6,687 | |
STOCKHOLDER'S EQUITY | ' | ' | |
Common Stock | 4,861 | 4,833 | |
Treasury Stock, at cost | -615 | -607 | |
Basis Adjustment | 986 | ' | |
Retained Earnings | 7,457 | 6,942 | |
Accumulated Other Comprehensive Income | -95 | -388 | |
Total Common Stockholders' Equity | 11,608 | 10,780 | |
Noncontrolling Interest | 1 | 1 | |
Total Stockholder's Equity | 11,609 | 10,781 | |
Total Capitalization | 19,471 | 17,468 | |
TOTAL LIABILITIES AND CAPITALIZATION | 32,522 | 31,725 | |
Power [Member] | ' | ' | |
CURRENT ASSETS | ' | ' | |
Cash and Cash Equivalents | 6 | 7 | |
Accounts Receivable, net of allowances in 2013 and 2012, respectively | 338 | 270 | |
Accounts Receivable-Affiliated Companies, net | 333 | 340 | |
Short-Term Loan to Affiliate | 790 | 574 | |
Fuel | 545 | 583 | |
Materials and Supplies, net | 362 | 307 | |
Prepayments | 13 | 17 | |
Derivative Contracts | 57 | 118 | [1] |
Deferred Income Taxes | 30 | 0 | |
Other | 2 | 20 | |
Total Current Assets | 2,476 | 2,236 | |
PROPERTY, PLANT AND EQUIPMENT | 10,278 | 9,914 | |
Less: Accumulated Depreciation and Amortization | -2,911 | -2,692 | |
Net Property, Plant and Equipment | 7,367 | 7,222 | |
NONCURRENT ASSETS | ' | ' | |
Long-Term Investments | 123 | 125 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,701 | 1,540 | |
Other Special Funds | 139 | 36 | |
Goodwill | 16 | 16 | |
Other Intangibles | 33 | 34 | |
Derivative Contracts | 72 | 49 | [1] |
Other | 75 | 65 | |
Total Noncurrent Assets | 2,159 | 1,865 | |
Total Assets | 12,002 | 11,323 | |
CURRENT LIABILITIES | ' | ' | |
Long-Term Debt Due Within One Year | 44 | 300 | |
Accounts Payable | 516 | 499 | |
Derivative Contracts | 76 | 46 | [1] |
Accrued Interest | 28 | 26 | |
Deferred Income Taxes | 0 | 16 | |
Other | 136 | 81 | |
Total Current Liabilities | 800 | 968 | |
NONCURRENT LIABILITIES | ' | ' | |
Deferred Income Taxes and Investment Tax Credits (ITC) | 2,031 | 1,669 | |
Asset Retirement Obligations | 400 | 374 | |
Other Postretirement Benefit (OPEB) Costs | 206 | 221 | |
Accrued Pension Costs | 35 | 272 | |
Derivative Contracts | 31 | 15 | [1] |
Long-Term Accrued Taxes | 53 | 50 | |
Other | 91 | 84 | |
Total Noncurrent Liabilities | 2,847 | 2,685 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 13) | ' | ' | |
LONG-TERM DEBT | ' | ' | |
Total Long-Term Debt | 2,497 | 2,040 | |
STOCKHOLDER'S EQUITY | ' | ' | |
Contributed Capital | 2,214 | 2,190 | |
Basis Adjustment | -986 | -986 | |
Retained Earnings | 4,693 | 4,754 | |
Accumulated Other Comprehensive Income | -63 | -328 | |
Total Stockholder's Equity | 5,858 | 5,630 | |
TOTAL LIABILITIES AND CAPITALIZATION | 12,002 | 11,323 | |
PSE&G [Member] | ' | ' | |
CURRENT ASSETS | ' | ' | |
Cash and Cash Equivalents | 18 | 116 | |
Accounts Receivable, net of allowances in 2013 and 2012, respectively | 832 | 783 | |
Unbilled Revenues | 300 | 314 | |
Materials and Supplies, net | 115 | 114 | |
Prepayments | 24 | 29 | |
Derivative Contracts | 25 | 5 | |
Deferred Income Taxes | 16 | 49 | |
Regulatory Assets | 243 | 349 | |
Other | 12 | 24 | |
Total Current Assets | 1,585 | 1,783 | |
PROPERTY, PLANT AND EQUIPMENT | 19,071 | 17,006 | |
Less: Accumulated Depreciation and Amortization | -4,964 | -4,726 | |
Net Property, Plant and Equipment | 14,107 | 12,280 | |
NONCURRENT ASSETS | ' | ' | |
Regulatory Assets | 2,612 | 3,830 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 476 | 713 | |
Long-Term Investments | 361 | 348 | |
Other Special Funds | 354 | 61 | |
Derivative Contracts | 69 | 62 | |
Restricted Cash of VIEs | 24 | 23 | |
Other | 132 | 123 | |
Total Noncurrent Assets | 4,028 | 5,160 | |
Total Assets | 19,720 | 19,223 | |
CURRENT LIABILITIES | ' | ' | |
Long-Term Debt Due Within One Year | 500 | 725 | |
Securitization Debt of VIEs Due Within One Year | 237 | 226 | |
Commercial Paper and Loans | 60 | 263 | |
Accounts Payable | 535 | 630 | |
Accounts Payable-Affiliated Companies, net | 190 | 73 | |
Accrued Interest | 67 | 65 | |
Deferred Income Taxes | 30 | 60 | |
Clean Energy Program | 142 | 153 | |
Obligation to Return Cash Collateral | 119 | 122 | |
Regulatory Liabilities | 43 | 67 | |
Other | 314 | 269 | |
Total Current Liabilities | 2,237 | 2,653 | |
NONCURRENT LIABILITIES | ' | ' | |
Deferred Income Taxes and Investment Tax Credits (ITC) | 4,406 | 4,223 | |
Regulatory Liabilities | 233 | 209 | |
Regulatory Liabilities of VIEs | 11 | 10 | |
Asset Retirement Obligations | 274 | 250 | |
Other Postretirement Benefit (OPEB) Costs | 839 | 1,011 | |
Accrued Pension Costs | 27 | 463 | |
Environmental Costs | 363 | 486 | |
Derivative Contracts | 0 | 107 | |
Long-Term Accrued Taxes | 72 | 32 | |
Other | 47 | 38 | |
Total Noncurrent Liabilities | 6,272 | 6,829 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 13) | ' | ' | |
LONG-TERM DEBT | ' | ' | |
Long-Term Debt | 5,066 | 4,070 | |
Securitization Debt of VIEs | 259 | 496 | |
Total Long-Term Debt | 5,325 | 4,566 | |
STOCKHOLDER'S EQUITY | ' | ' | |
Common Stock | 892 | 892 | |
Contributed Capital | 520 | 420 | |
Basis Adjustment | 986 | 986 | |
Retained Earnings | 3,487 | 2,875 | |
Accumulated Other Comprehensive Income | 1 | 2 | |
Total Stockholder's Equity | 5,886 | 5,175 | |
Total Capitalization | 11,211 | 9,741 | |
TOTAL LIABILITIES AND CAPITALIZATION | $19,720 | $19,223 | |
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Accounts Receivable,allowances | $56 | $56 |
Common Stock, issued | 533,556,660 | 533,556,660 |
Common Stock, authorized | 1,000,000,000 | 1,000,000,000 |
Treasury Stock, Shares | 27,699,398 | 27,664,188 |
PSE&G [Member] | ' | ' |
Accounts Receivable,allowances | $56 | $56 |
Common Stock, issued | 132,450,344 | 132,450,344 |
Common Stock, authorized | 150,000,000 | 150,000,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income | $1,243 | $1,275 | $1,503 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' | ' |
Gain on Disposal of Discontinued Operations | 0 | 0 | -122 |
Depreciation and Amortization | 1,178 | 1,054 | 982 |
Amortization of Nuclear Fuel | 192 | 173 | 153 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 270 | 721 | 811 |
Non-Cash Employee Benefit Plan Costs | 243 | 271 | 175 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | 31 | 93 | -55 |
Loss on Leases, net of tax | 0 | 0 | 170 |
Net (Gain) Loss on Lease Investments | 2 | -49 | -55 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 79 | 63 | -165 |
Change in Accrued Storm Costs | -90 | -90 | -60 |
Net Change in Regulatory Assets and Liabilities | 2 | -132 | -130 |
Cost of Removal | -93 | -116 | -62 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -104 | -118 | -117 |
Net Change in Certain Current Assets and Liabilities: | ' | ' | ' |
Net Change in Tax Receivable | 19 | -211 | 673 |
Net Change in Certain Current Assets and Liabilities | 299 | 97 | 247 |
Employee Benefit Plan Funding and Related Payments | -231 | -314 | -508 |
Other | 118 | 70 | 117 |
Net Cash Provided By (Used In) Operating Activities | 3,158 | 2,787 | 3,557 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to Property, Plant and Equipment | -2,811 | -2,574 | -2,083 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 687 |
Proceeds from Sale of Capital Leases and Investments | 50 | 58 | 179 |
Proceeds from Sale of Available-for-Sale Securities | 1,159 | 1,666 | 1,355 |
Investments in Available-for-Sale Securities | -1,170 | -1,700 | -1,386 |
Other | -29 | -75 | -21 |
Net Cash Provided By (Used In) Investing Activities | -2,801 | -2,625 | -1,269 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net Change in Commercial Paper and Loans | -203 | 263 | -64 |
Issuance of Long-Term Debt | 2,000 | 900 | 794 |
Redemption of Long-Term Debt | -1,025 | -787 | -1,514 |
Repayment of Non-Recourse Debt | 0 | -1 | -1 |
Redemption of Securitization Debt | -226 | -216 | -206 |
Cash Dividend Paid on Common Stock | -728 | -718 | -693 |
Other | -61 | -58 | -50 |
Net Cash Provided By (Used In) Financing Activities | -243 | -617 | -1,734 |
Net Increase (Decrease) In Cash and Cash Equivalents | 114 | -455 | 554 |
Cash and Cash Equivalents at Beginning of Period | 379 | 834 | 280 |
Cash and Cash Equivalents at End of Period | 493 | 379 | 834 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Income Taxes Paid (Received) | 241 | 121 | -219 |
Interest Paid, Net of Amounts Capitalized | 385 | 402 | 479 |
Accrued Property, Plant and Equipment Expenditures | 336 | 370 | 336 |
Power [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income | 644 | 666 | 1,109 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' | ' |
Gain on Disposal of Discontinued Operations | 0 | 0 | -122 |
Depreciation and Amortization | 273 | 242 | 235 |
Amortization of Nuclear Fuel | 192 | 173 | 153 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 122 | 397 | 237 |
Interest Accretion on Asset Retirement Obligation | 23 | 21 | 18 |
Non-Cash Employee Benefit Plan Costs | 66 | 70 | 41 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 79 | 63 | -165 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -104 | -118 | -117 |
Net Change in Certain Current Assets and Liabilities: | ' | ' | ' |
Fuel, Materials and Supplies | -8 | 47 | -26 |
Margin Deposit | -43 | -116 | 49 |
Accounts Receivable | -4 | 24 | 196 |
Accounts Payable | 28 | 93 | -156 |
Accounts Receivable/Payable-Affiliated Companies, net | 0 | -40 | 459 |
Accrued Interest Payable | 2 | -6 | -8 |
Other Current Assets and Liabilities | 70 | -17 | 34 |
Employee Benefit Plan Funding and Related Payments | -46 | -72 | -129 |
Other | 53 | 26 | 9 |
Net Cash Provided By (Used In) Operating Activities | 1,347 | 1,453 | 1,817 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to Property, Plant and Equipment | -609 | -770 | -757 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 687 |
Proceeds from Sale of Available-for-Sale Securities | 1,084 | 1,478 | 1,355 |
Investments in Available-for-Sale Securities | -1,102 | -1,506 | -1,380 |
Short-Term Loan-Affiliated Company, net | -216 | 333 | -509 |
Other | -18 | -7 | 26 |
Net Cash Provided By (Used In) Investing Activities | -861 | -472 | -578 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Issuance of Long-Term Debt | 500 | 0 | 544 |
Redemption of Long-Term Debt | -300 | -414 | -1,250 |
Contributed Capital | 24 | 69 | 6 |
Cash Payment on Debt Redemption/Exchange | 0 | -15 | -17 |
Cash Dividend Paid on Common Stock | -705 | -619 | -511 |
Other | -6 | -7 | -10 |
Net Cash Provided By (Used In) Financing Activities | -487 | -986 | -1,238 |
Net Increase (Decrease) In Cash and Cash Equivalents | -1 | -5 | 1 |
Cash and Cash Equivalents at Beginning of Period | 7 | 12 | 11 |
Cash and Cash Equivalents at End of Period | 6 | 7 | 12 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Income Taxes Paid (Received) | 291 | 81 | 172 |
Interest Paid, Net of Amounts Capitalized | 106 | 119 | 176 |
Accrued Property, Plant and Equipment Expenditures | 90 | 95 | 132 |
PSE&G [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net Income | 612 | 528 | 521 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' | ' |
Depreciation and Amortization | -872 | 778 | 719 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 198 | 442 | 571 |
Interest Accretion on Asset Retirement Obligation | 0 | 0 | ' |
Non-Cash Employee Benefit Plan Costs | 156 | 179 | 118 |
Change in Accrued Storm Costs | -90 | -90 | -60 |
Net Change in Regulatory Assets and Liabilities | 2 | -132 | -130 |
Cost of Removal | -93 | -116 | -62 |
Net Change in Certain Current Assets and Liabilities: | ' | ' | ' |
Accounts Receivable and Unbilled Revenues | -5 | -54 | 252 |
Fuel, Materials and Supplies | -1 | -20 | -4 |
Prepayments | 5 | 88 | 0 |
Net Change in Tax Receivable | 0 | 16 | -16 |
Accounts Payable | 19 | -25 | 9 |
Accounts Receivable/Payable-Affiliated Companies, net | 100 | -132 | 197 |
Other Current Assets and Liabilities | 40 | 37 | -49 |
Employee Benefit Plan Funding and Related Payments | -166 | -213 | -330 |
Other | -4 | -30 | 40 |
Net Cash Provided By (Used In) Operating Activities | 1,645 | 1,256 | 1,776 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to Property, Plant and Equipment | -2,175 | -1,770 | -1,302 |
Proceeds from Sale of Available-for-Sale Securities | 38 | 77 | 0 |
Investments in Available-for-Sale Securities | -20 | -77 | 0 |
Solar Loan Investments | -15 | -74 | -51 |
Other | 0 | -1 | -1 |
Net Cash Provided By (Used In) Investing Activities | -2,172 | -1,845 | -1,354 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net Change in Short-Term Debt | -203 | 263 | 0 |
Issuance of Long-Term Debt | 1,500 | 900 | 250 |
Redemption of Long-Term Debt | -725 | -373 | -264 |
Contributed Capital | 100 | 0 | 0 |
Redemption of Securitization Debt | -226 | -216 | -206 |
Cash Dividend Paid on Common Stock | 0 | 0 | -300 |
Other | -17 | -12 | -4 |
Net Cash Provided By (Used In) Financing Activities | 429 | 562 | -524 |
Net Increase (Decrease) In Cash and Cash Equivalents | -98 | -27 | -102 |
Cash and Cash Equivalents at Beginning of Period | 116 | 143 | 245 |
Cash and Cash Equivalents at End of Period | 18 | 116 | 143 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Income Taxes Paid (Received) | 84 | -30 | -514 |
Interest Paid, Net of Amounts Capitalized | 275 | 280 | 297 |
Accrued Property, Plant and Equipment Expenditures | $246 | $275 | $204 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] |
In Millions, unless otherwise specified | Contributed Capital [Member] | Basis Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock [Member] | Contributed Capital [Member] | Basis Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Beginning Balance (in value) at Dec. 31, 2010 | $9,641 | $4,807 | ($593) | $5,575 | ($156) | $8 | $5,143 | $2,115 | ($986) | $4,109 | ($95) | $4,424 | $892 | $420 | $986 | $2,126 | $0 |
Beginning Balance, shares at Dec. 31, 2010 | ' | 534 | -28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | 1,503 | ' | ' | 1,503 | ' | ' | 1,109 | ' | ' | 1,109 | ' | 521 | ' | ' | ' | 521 | ' |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), net of tax | -181 | ' | ' | ' | -181 | 0 | -181 | ' | ' | ' | -181 | 2 | ' | ' | ' | ' | 2 |
Comprehensive Income | 1,322 | ' | ' | ' | ' | ' | 928 | ' | ' | ' | ' | 523 | ' | ' | ' | ' | ' |
Contributed Capital | ' | ' | ' | ' | ' | ' | 6 | 6 | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash Dividends on Common Stock | -693 | ' | ' | -693 | 0 | 0 | -511 | ' | ' | -511 | ' | -300 | ' | ' | ' | -300 | ' |
Noncontrolling Interest in Losses of Consolidated Entity | -6 | ' | ' | ' | ' | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 8 | 16 | -8 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in value) at Dec. 31, 2011 | 10,272 | 4,823 | -601 | 6,385 | -337 | 2 | 5,566 | 2,121 | -986 | 4,707 | -276 | 4,647 | 892 | 420 | 986 | 2,347 | 2 |
Ending Balance, shares at Dec. 31, 2011 | ' | 534 | -28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | 1,275 | ' | ' | 1,275 | ' | ' | 666 | ' | ' | 666 | ' | 528 | ' | ' | ' | 528 | ' |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), net of tax | -51 | ' | ' | ' | -51 | ' | -52 | ' | ' | ' | -52 | 0 | ' | ' | ' | ' | 0 |
Comprehensive Income | 1,224 | ' | ' | ' | ' | ' | 614 | ' | ' | ' | ' | 528 | ' | ' | ' | ' | ' |
Contributed Capital | ' | ' | ' | ' | ' | ' | 69 | 69 | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Cash Dividends on Common Stock | -718 | ' | ' | -718 | ' | ' | -619 | ' | ' | -619 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest in Losses of Consolidated Entity | -1 | ' | ' | ' | ' | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 4 | 10 | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in value) at Dec. 31, 2012 | 10,781 | 4,833 | -607 | 6,942 | -388 | 1 | 5,630 | 2,190 | -986 | 4,754 | -328 | 5,175 | 892 | 420 | 986 | 2,875 | 2 |
Ending Balance, shares at Dec. 31, 2012 | ' | 534 | -28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | 1,243 | ' | ' | 1,243 | ' | ' | 644 | ' | ' | 644 | ' | 612 | ' | ' | ' | 612 | ' |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), net of tax | 293 | ' | ' | ' | 293 | ' | 265 | ' | ' | ' | 265 | -1 | ' | ' | ' | ' | -1 |
Comprehensive Income | 1,536 | ' | ' | ' | ' | ' | 909 | ' | ' | ' | ' | 611 | ' | ' | ' | ' | ' |
Contributed Capital | ' | ' | ' | ' | ' | ' | 24 | 24 | ' | ' | ' | 100 | ' | 100 | ' | ' | ' |
Cash Dividends on Common Stock | -728 | ' | ' | -728 | ' | ' | -705 | ' | ' | -705 | ' | ' | ' | ' | ' | ' | ' |
Other | 20 | 28 | -8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in value) at Dec. 31, 2013 | $11,609 | $4,861 | ($615) | $7,457 | ($95) | $1 | $5,858 | $2,214 | ($986) | $4,693 | ($63) | $5,886 | $892 | $520 | $986 | $3,487 | $1 |
Ending Balance, shares at Dec. 31, 2013 | ' | 534 | -28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), tax | ($219) | $26 | $141 |
Power [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), tax | -199 | 26 | 139 |
PSE&G [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), tax | $1 | $0 | ($1) |
Organization_Basis_Of_Presenta
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies | ' | |||||||||||||||||||||||
Organization, Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Public Service Enterprise Group Incorporated, (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: | ||||||||||||||||||||||||
• | PSEG Power LLC (Power)—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through three principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
• | Public Service Electric and Gas Company (PSE&G)—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |||||||||||||||||||||||
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's transmission and distribution system under a contractual agreement; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). | ||||||||||||||||||||||||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a noncash transfer of equity interest between entities under common control. Power recognized the related assets and liabilities at their carrying amounts (historical cost) at the date of transfer. In addition, as required under current guidance, Power accounted for the transaction to include the earnings and assets and liabilities related to the transfer as if the transfer had occurred at the beginning of the year, and prior years have been retrospectively adjusted to furnish comparative information. This resulted in an increase to Power’s Operating Revenues of $15 million, $8 million and $7 million for the years ended December 31, 2013, 2012 and 2011, respectively, with an increase to Power’s Net Income of $16 million, $19 million and $11 million for those years. The adjustments also resulted in an increase of $351 million and $291 million to Power’s Total Assets as of December 31, 2013 and 2012, respectively, primarily comprised of Property, Plant and Equipment of the transferred solar facilities and the partnership investment in the generation facility in Hawaii. | ||||||||||||||||||||||||
Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 3. Variable Interest Entities. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. For investments in which significant influence does not exist and the investor is not the primary beneficiary, the cost method of accounting is applied. All significant intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 24. Related-Party Transactions. | ||||||||||||||||||||||||
Power and PSE&G also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. Power and PSE&G consolidated their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories. | ||||||||||||||||||||||||
Accounting for the Effects of Regulation | ||||||||||||||||||||||||
In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements must reflect the economic effects of regulation. PSE&G is required to defer the recognition of costs (a Regulatory Asset) or record the recognition of obligations (a Regulatory Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities is no longer probable as a result of changes in regulation and/or competitive position, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s transmission and distribution businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk from changes in interest rates, commodity prices, congestion costs and emission credit prices, pursuant to its business plans and prudent practices. | ||||||||||||||||||||||||
Derivative instruments, not designated as normal purchases or sales, are recognized on the balance sheet at their fair value. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a fair value hedge, along with changes of the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a cash flow hedge are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is included in current period earnings. For derivative contracts that do not qualify nor are designated as cash flow or fair value hedges or as normal purchases or sales, changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||
Many non-trading contracts qualify for the normal purchases and normal sales exemption and are accounted for upon settlement. | ||||||||||||||||||||||||
For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of Power’s revenues relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. Power’s revenue also includes changes in the value of non-trading energy derivative contracts that are not designated as normal purchases or sales or as cash flow or fair value hedges of other positions. Power records margins from energy trading on a net basis. See Note 16. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSE&G’s revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Power calculates depreciation on generation-related assets under the straight-line method based on the assets’ estimated useful lives. The estimated useful lives are: | ||||||||||||||||||||||||
• | general plant assets—3 years to 20 years | |||||||||||||||||||||||
• | fossil production assets—19 years to 79 years | |||||||||||||||||||||||
• | nuclear generation assets—approximately 60 years | |||||||||||||||||||||||
• | pumped storage facilities—76 years | |||||||||||||||||||||||
• | solar assets—25 years | |||||||||||||||||||||||
PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of depreciable property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or the FERC. The depreciation rate stated as a percentage of original cost of depreciable property was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.48 | % | 2.48 | % | 2.46 | % | ||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. For the years ended December 31, 2013, 2012 and 2011, TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | $ | 146 | ||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | $ | 133 | ||||||||||||||||||
Interest Capitalized During Construction (IDC) and Allowance for Funds Used During Construction (AFUDC) | ||||||||||||||||||||||||
IDC represents the cost of debt used to finance construction at Power. AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. The amount of IDC or AFUDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate IDC or AFUDC for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||
IDC/AFUDC Capitalized | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
Power | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | $ | 30 | 5.91 | % | ||||||||||||
PSE&G | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | $ | 13 | 6.56 | % | ||||||||||||
Income Taxes | ||||||||||||||||||||||||
PSEG and its subsidiaries file a consolidated federal income tax return and income taxes are allocated to PSEG’s subsidiaries based on the taxable income or loss of each subsidiary. Investment tax credits deferred in prior years are being amortized over the useful lives of the related property. | ||||||||||||||||||||||||
Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. See Note 20. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with accounting guidance, management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset's carrying amount exceeds the undiscounted estimated future cash flows associated with the asset, the asset is considered impaired to the extent that the asset's fair value is less than its carrying amount. An impairment would result in a reduction of the long-lived asset value through a non-cash charge to earnings. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. | ||||||||||||||||||||||||
Accounts Receivable—Allowance for Doubtful Accounts | ||||||||||||||||||||||||
PSE&G’s accounts receivable are reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. The allowance for doubtful accounts reflects PSE&G’s best estimates of losses on the accounts receivable balances. The allowance is based on accounts receivable aging, historical experience, write-off forecasts and other currently available evidence. | ||||||||||||||||||||||||
Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received. | ||||||||||||||||||||||||
Materials and Supplies and Fuel | ||||||||||||||||||||||||
Materials and supplies for Power are valued at the lower of average cost or market. Fuel inventory at Power includes the weighted average costs of stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under Power’s gas supply contracts with PSE&G. The costs of fuel, including transportation costs, are included in inventory when purchased and charged at average cost to Energy Costs when used or sold. PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. | ||||||||||||||||||||||||
Restricted Funds | ||||||||||||||||||||||||
PSE&G’s restricted funds represent revenues collected from its retail electric customers that must be used to pay the principal, interest and other expenses associated with the securitization bonds of PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II). | ||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Power capitalizes costs which increase the capacity or extend the life of an existing asset, represent a newly acquired or constructed asset or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at original cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities are comprised of the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of Power’s nuclear facilities and amounts comprising Other Special Funds that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans. | ||||||||||||||||||||||||
Realized gains and losses on available-for-sale securities are recorded in earnings and unrealized gains and losses on such securities are recorded as a component of Accumulated Other Comprehensive Income (Loss) (except credit losses on debt securities which are recorded in earnings). Securities with unrealized losses that are deemed to be other-than-temporarily impaired are recorded in earnings. See Note 9. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plan Assets | ||||||||||||||||||||||||
The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement dates (December 31) for all plan assets. See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
Power and PSE&G have recorded a Basis Adjustment in their respective Consolidated Balance Sheets related to the generation assets that were transferred from PSE&G to Power in August 2000 at the price specified by the BPU. Because the transfer was between affiliates, the transaction was recorded at the net book value of the assets and liabilities rather than the transfer price. The difference between the total transfer price and the net book value of the generation-related assets and liabilities, $986 million, net of tax, was recorded as a Basis Adjustment on Power’s and PSE&G’s Consolidated Balance Sheets. The $986 million is a reduction of Power’s Member’s Equity and an addition to PSE&G’s Common Stockholder’s Equity. These amounts are eliminated on PSEG’s consolidated financial statements. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The process of preparing financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. | ||||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||||
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies | ' | |||||||||||||||||||||||
Organization, Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Public Service Enterprise Group Incorporated, (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: | ||||||||||||||||||||||||
• | PSEG Power LLC (Power)—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through three principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
• | Public Service Electric and Gas Company (PSE&G)—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |||||||||||||||||||||||
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's transmission and distribution system under a contractual agreement; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). | ||||||||||||||||||||||||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a noncash transfer of equity interest between entities under common control. Power recognized the related assets and liabilities at their carrying amounts (historical cost) at the date of transfer. In addition, as required under current guidance, Power accounted for the transaction to include the earnings and assets and liabilities related to the transfer as if the transfer had occurred at the beginning of the year, and prior years have been retrospectively adjusted to furnish comparative information. This resulted in an increase to Power’s Operating Revenues of $15 million, $8 million and $7 million for the years ended December 31, 2013, 2012 and 2011, respectively, with an increase to Power’s Net Income of $16 million, $19 million and $11 million for those years. The adjustments also resulted in an increase of $351 million and $291 million to Power’s Total Assets as of December 31, 2013 and 2012, respectively, primarily comprised of Property, Plant and Equipment of the transferred solar facilities and the partnership investment in the generation facility in Hawaii. | ||||||||||||||||||||||||
Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 3. Variable Interest Entities. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. For investments in which significant influence does not exist and the investor is not the primary beneficiary, the cost method of accounting is applied. All significant intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 24. Related-Party Transactions. | ||||||||||||||||||||||||
Power and PSE&G also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. Power and PSE&G consolidated their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories. | ||||||||||||||||||||||||
Accounting for the Effects of Regulation | ||||||||||||||||||||||||
In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements must reflect the economic effects of regulation. PSE&G is required to defer the recognition of costs (a Regulatory Asset) or record the recognition of obligations (a Regulatory Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities is no longer probable as a result of changes in regulation and/or competitive position, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s transmission and distribution businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk from changes in interest rates, commodity prices, congestion costs and emission credit prices, pursuant to its business plans and prudent practices. | ||||||||||||||||||||||||
Derivative instruments, not designated as normal purchases or sales, are recognized on the balance sheet at their fair value. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a fair value hedge, along with changes of the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a cash flow hedge are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is included in current period earnings. For derivative contracts that do not qualify nor are designated as cash flow or fair value hedges or as normal purchases or sales, changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||
Many non-trading contracts qualify for the normal purchases and normal sales exemption and are accounted for upon settlement. | ||||||||||||||||||||||||
For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of Power’s revenues relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. Power’s revenue also includes changes in the value of non-trading energy derivative contracts that are not designated as normal purchases or sales or as cash flow or fair value hedges of other positions. Power records margins from energy trading on a net basis. See Note 16. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSE&G’s revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Power calculates depreciation on generation-related assets under the straight-line method based on the assets’ estimated useful lives. The estimated useful lives are: | ||||||||||||||||||||||||
• | general plant assets—3 years to 20 years | |||||||||||||||||||||||
• | fossil production assets—19 years to 79 years | |||||||||||||||||||||||
• | nuclear generation assets—approximately 60 years | |||||||||||||||||||||||
• | pumped storage facilities—76 years | |||||||||||||||||||||||
• | solar assets—25 years | |||||||||||||||||||||||
PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of depreciable property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or the FERC. The depreciation rate stated as a percentage of original cost of depreciable property was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.48 | % | 2.48 | % | 2.46 | % | ||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. For the years ended December 31, 2013, 2012 and 2011, TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | $ | 146 | ||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | $ | 133 | ||||||||||||||||||
Interest Capitalized During Construction (IDC) and Allowance for Funds Used During Construction (AFUDC) | ||||||||||||||||||||||||
IDC represents the cost of debt used to finance construction at Power. AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. The amount of IDC or AFUDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate IDC or AFUDC for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||
IDC/AFUDC Capitalized | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
Power | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | $ | 30 | 5.91 | % | ||||||||||||
PSE&G | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | $ | 13 | 6.56 | % | ||||||||||||
Income Taxes | ||||||||||||||||||||||||
PSEG and its subsidiaries file a consolidated federal income tax return and income taxes are allocated to PSEG’s subsidiaries based on the taxable income or loss of each subsidiary. Investment tax credits deferred in prior years are being amortized over the useful lives of the related property. | ||||||||||||||||||||||||
Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. See Note 20. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with accounting guidance, management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset's carrying amount exceeds the undiscounted estimated future cash flows associated with the asset, the asset is considered impaired to the extent that the asset's fair value is less than its carrying amount. An impairment would result in a reduction of the long-lived asset value through a non-cash charge to earnings. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. | ||||||||||||||||||||||||
Accounts Receivable—Allowance for Doubtful Accounts | ||||||||||||||||||||||||
PSE&G’s accounts receivable are reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. The allowance for doubtful accounts reflects PSE&G’s best estimates of losses on the accounts receivable balances. The allowance is based on accounts receivable aging, historical experience, write-off forecasts and other currently available evidence. | ||||||||||||||||||||||||
Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received. | ||||||||||||||||||||||||
Materials and Supplies and Fuel | ||||||||||||||||||||||||
Materials and supplies for Power are valued at the lower of average cost or market. Fuel inventory at Power includes the weighted average costs of stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under Power’s gas supply contracts with PSE&G. The costs of fuel, including transportation costs, are included in inventory when purchased and charged at average cost to Energy Costs when used or sold. PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. | ||||||||||||||||||||||||
Restricted Funds | ||||||||||||||||||||||||
PSE&G’s restricted funds represent revenues collected from its retail electric customers that must be used to pay the principal, interest and other expenses associated with the securitization bonds of PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II). | ||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Power capitalizes costs which increase the capacity or extend the life of an existing asset, represent a newly acquired or constructed asset or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at original cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities are comprised of the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of Power’s nuclear facilities and amounts comprising Other Special Funds that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans. | ||||||||||||||||||||||||
Realized gains and losses on available-for-sale securities are recorded in earnings and unrealized gains and losses on such securities are recorded as a component of Accumulated Other Comprehensive Income (Loss) (except credit losses on debt securities which are recorded in earnings). Securities with unrealized losses that are deemed to be other-than-temporarily impaired are recorded in earnings. See Note 9. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plan Assets | ||||||||||||||||||||||||
The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement dates (December 31) for all plan assets. See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
Power and PSE&G have recorded a Basis Adjustment in their respective Consolidated Balance Sheets related to the generation assets that were transferred from PSE&G to Power in August 2000 at the price specified by the BPU. Because the transfer was between affiliates, the transaction was recorded at the net book value of the assets and liabilities rather than the transfer price. The difference between the total transfer price and the net book value of the generation-related assets and liabilities, $986 million, net of tax, was recorded as a Basis Adjustment on Power’s and PSE&G’s Consolidated Balance Sheets. The $986 million is a reduction of Power’s Member’s Equity and an addition to PSE&G’s Common Stockholder’s Equity. These amounts are eliminated on PSEG’s consolidated financial statements. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The process of preparing financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. | ||||||||||||||||||||||||
PSE&G [Member] | ' | |||||||||||||||||||||||
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies | ' | |||||||||||||||||||||||
Organization, Basis of Presentation and Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Public Service Enterprise Group Incorporated, (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: | ||||||||||||||||||||||||
• | PSEG Power LLC (Power)—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through three principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
• | Public Service Electric and Gas Company (PSE&G)—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |||||||||||||||||||||||
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's transmission and distribution system under a contractual agreement; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). | ||||||||||||||||||||||||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a noncash transfer of equity interest between entities under common control. Power recognized the related assets and liabilities at their carrying amounts (historical cost) at the date of transfer. In addition, as required under current guidance, Power accounted for the transaction to include the earnings and assets and liabilities related to the transfer as if the transfer had occurred at the beginning of the year, and prior years have been retrospectively adjusted to furnish comparative information. This resulted in an increase to Power’s Operating Revenues of $15 million, $8 million and $7 million for the years ended December 31, 2013, 2012 and 2011, respectively, with an increase to Power’s Net Income of $16 million, $19 million and $11 million for those years. The adjustments also resulted in an increase of $351 million and $291 million to Power’s Total Assets as of December 31, 2013 and 2012, respectively, primarily comprised of Property, Plant and Equipment of the transferred solar facilities and the partnership investment in the generation facility in Hawaii. | ||||||||||||||||||||||||
Significant Accounting Policies | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 3. Variable Interest Entities. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. For investments in which significant influence does not exist and the investor is not the primary beneficiary, the cost method of accounting is applied. All significant intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 24. Related-Party Transactions. | ||||||||||||||||||||||||
Power and PSE&G also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. Power and PSE&G consolidated their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories. | ||||||||||||||||||||||||
Accounting for the Effects of Regulation | ||||||||||||||||||||||||
In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements must reflect the economic effects of regulation. PSE&G is required to defer the recognition of costs (a Regulatory Asset) or record the recognition of obligations (a Regulatory Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities is no longer probable as a result of changes in regulation and/or competitive position, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s transmission and distribution businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk from changes in interest rates, commodity prices, congestion costs and emission credit prices, pursuant to its business plans and prudent practices. | ||||||||||||||||||||||||
Derivative instruments, not designated as normal purchases or sales, are recognized on the balance sheet at their fair value. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a fair value hedge, along with changes of the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a cash flow hedge are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is included in current period earnings. For derivative contracts that do not qualify nor are designated as cash flow or fair value hedges or as normal purchases or sales, changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||
Many non-trading contracts qualify for the normal purchases and normal sales exemption and are accounted for upon settlement. | ||||||||||||||||||||||||
For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of Power’s revenues relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. Power’s revenue also includes changes in the value of non-trading energy derivative contracts that are not designated as normal purchases or sales or as cash flow or fair value hedges of other positions. Power records margins from energy trading on a net basis. See Note 16. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSE&G’s revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Power calculates depreciation on generation-related assets under the straight-line method based on the assets’ estimated useful lives. The estimated useful lives are: | ||||||||||||||||||||||||
• | general plant assets—3 years to 20 years | |||||||||||||||||||||||
• | fossil production assets—19 years to 79 years | |||||||||||||||||||||||
• | nuclear generation assets—approximately 60 years | |||||||||||||||||||||||
• | pumped storage facilities—76 years | |||||||||||||||||||||||
• | solar assets—25 years | |||||||||||||||||||||||
PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of depreciable property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or the FERC. The depreciation rate stated as a percentage of original cost of depreciable property was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.48 | % | 2.48 | % | 2.46 | % | ||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. For the years ended December 31, 2013, 2012 and 2011, TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | $ | 146 | ||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | $ | 133 | ||||||||||||||||||
Interest Capitalized During Construction (IDC) and Allowance for Funds Used During Construction (AFUDC) | ||||||||||||||||||||||||
IDC represents the cost of debt used to finance construction at Power. AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. The amount of IDC or AFUDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate IDC or AFUDC for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||
IDC/AFUDC Capitalized | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
Power | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | $ | 30 | 5.91 | % | ||||||||||||
PSE&G | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | $ | 13 | 6.56 | % | ||||||||||||
Income Taxes | ||||||||||||||||||||||||
PSEG and its subsidiaries file a consolidated federal income tax return and income taxes are allocated to PSEG’s subsidiaries based on the taxable income or loss of each subsidiary. Investment tax credits deferred in prior years are being amortized over the useful lives of the related property. | ||||||||||||||||||||||||
Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. See Note 20. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with accounting guidance, management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset's carrying amount exceeds the undiscounted estimated future cash flows associated with the asset, the asset is considered impaired to the extent that the asset's fair value is less than its carrying amount. An impairment would result in a reduction of the long-lived asset value through a non-cash charge to earnings. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. | ||||||||||||||||||||||||
Accounts Receivable—Allowance for Doubtful Accounts | ||||||||||||||||||||||||
PSE&G’s accounts receivable are reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. The allowance for doubtful accounts reflects PSE&G’s best estimates of losses on the accounts receivable balances. The allowance is based on accounts receivable aging, historical experience, write-off forecasts and other currently available evidence. | ||||||||||||||||||||||||
Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received. | ||||||||||||||||||||||||
Materials and Supplies and Fuel | ||||||||||||||||||||||||
Materials and supplies for Power are valued at the lower of average cost or market. Fuel inventory at Power includes the weighted average costs of stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under Power’s gas supply contracts with PSE&G. The costs of fuel, including transportation costs, are included in inventory when purchased and charged at average cost to Energy Costs when used or sold. PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. | ||||||||||||||||||||||||
Restricted Funds | ||||||||||||||||||||||||
PSE&G’s restricted funds represent revenues collected from its retail electric customers that must be used to pay the principal, interest and other expenses associated with the securitization bonds of PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II). | ||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Power capitalizes costs which increase the capacity or extend the life of an existing asset, represent a newly acquired or constructed asset or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at original cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities are comprised of the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of Power’s nuclear facilities and amounts comprising Other Special Funds that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans. | ||||||||||||||||||||||||
Realized gains and losses on available-for-sale securities are recorded in earnings and unrealized gains and losses on such securities are recorded as a component of Accumulated Other Comprehensive Income (Loss) (except credit losses on debt securities which are recorded in earnings). Securities with unrealized losses that are deemed to be other-than-temporarily impaired are recorded in earnings. See Note 9. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plan Assets | ||||||||||||||||||||||||
The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement dates (December 31) for all plan assets. See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
Power and PSE&G have recorded a Basis Adjustment in their respective Consolidated Balance Sheets related to the generation assets that were transferred from PSE&G to Power in August 2000 at the price specified by the BPU. Because the transfer was between affiliates, the transaction was recorded at the net book value of the assets and liabilities rather than the transfer price. The difference between the total transfer price and the net book value of the generation-related assets and liabilities, $986 million, net of tax, was recorded as a Basis Adjustment on Power’s and PSE&G’s Consolidated Balance Sheets. The $986 million is a reduction of Power’s Member’s Equity and an addition to PSE&G’s Common Stockholder’s Equity. These amounts are eliminated on PSEG’s consolidated financial statements. | ||||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The process of preparing financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. |
Recent_Accounting_Standards
Recent Accounting Standards | 12 Months Ended | |
Dec. 31, 2013 | ||
Recent Accounting Standards | ' | |
Recent Accounting Standards | ||
New Standards Adopted during 2013 | ||
Disclosures about Offsetting Assets and Liabilities | ||
This accounting standard requires enhanced disclosures regarding assets and liabilities that are either offset in the financial statements, or are subject to an enforceable master netting arrangement or similar agreement. The guidance is applicable to certain financial instruments (e.g. derivatives) and securities borrowing and lending transactions. This standard requires entities: | ||
• | to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity's financial position, and | |
• | to present both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities. | |
We adopted this standard retrospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 16. Financial Risk Management Activities. | ||
Reclassification Adjustments out of Accumulated Other Comprehensive Income | ||
This accounting standard requires entities to disclose the following information about reclassification adjustments related to Accumulated Other Comprehensive Income: | ||
• | changes in Accumulated Other Comprehensive Income balances by component, and | |
• | significant amounts reclassified out of Accumulated Other Comprehensive Income by respective line items of net income (for amounts that are required by GAAP to be reclassified to net income in their entirety in the same reporting period). | |
We adopted this standard prospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 21. Accumulated Other Comprehensive Income (Loss), Net of Tax. | ||
New Accounting Standards Issued But Not Yet Adopted | ||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | ||
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | ||
The standard is effective for fiscal years and interim periods beginning after December 15, 2013. We believe the impact of adopting this standard will be immaterial. | ||
Power [Member] | ' | |
Recent Accounting Standards | ' | |
Recent Accounting Standards | ||
New Standards Adopted during 2013 | ||
Disclosures about Offsetting Assets and Liabilities | ||
This accounting standard requires enhanced disclosures regarding assets and liabilities that are either offset in the financial statements, or are subject to an enforceable master netting arrangement or similar agreement. The guidance is applicable to certain financial instruments (e.g. derivatives) and securities borrowing and lending transactions. This standard requires entities: | ||
• | to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity's financial position, and | |
• | to present both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities. | |
We adopted this standard retrospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 16. Financial Risk Management Activities. | ||
Reclassification Adjustments out of Accumulated Other Comprehensive Income | ||
This accounting standard requires entities to disclose the following information about reclassification adjustments related to Accumulated Other Comprehensive Income: | ||
• | changes in Accumulated Other Comprehensive Income balances by component, and | |
• | significant amounts reclassified out of Accumulated Other Comprehensive Income by respective line items of net income (for amounts that are required by GAAP to be reclassified to net income in their entirety in the same reporting period). | |
We adopted this standard prospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 21. Accumulated Other Comprehensive Income (Loss), Net of Tax. | ||
New Accounting Standards Issued But Not Yet Adopted | ||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | ||
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | ||
The standard is effective for fiscal years and interim periods beginning after December 15, 2013. We believe the impact of adopting this standard will be immaterial. | ||
PSE&G [Member] | ' | |
Recent Accounting Standards | ' | |
Recent Accounting Standards | ||
New Standards Adopted during 2013 | ||
Disclosures about Offsetting Assets and Liabilities | ||
This accounting standard requires enhanced disclosures regarding assets and liabilities that are either offset in the financial statements, or are subject to an enforceable master netting arrangement or similar agreement. The guidance is applicable to certain financial instruments (e.g. derivatives) and securities borrowing and lending transactions. This standard requires entities: | ||
• | to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on an entity's financial position, and | |
• | to present both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities. | |
We adopted this standard retrospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 16. Financial Risk Management Activities. | ||
Reclassification Adjustments out of Accumulated Other Comprehensive Income | ||
This accounting standard requires entities to disclose the following information about reclassification adjustments related to Accumulated Other Comprehensive Income: | ||
• | changes in Accumulated Other Comprehensive Income balances by component, and | |
• | significant amounts reclassified out of Accumulated Other Comprehensive Income by respective line items of net income (for amounts that are required by GAAP to be reclassified to net income in their entirety in the same reporting period). | |
We adopted this standard prospectively effective January 1, 2013. As this standard requires disclosures only, it did not have any impact on our consolidated financial position, results of operations or cash flows. For additional information, see Note 21. Accumulated Other Comprehensive Income (Loss), Net of Tax. | ||
New Accounting Standards Issued But Not Yet Adopted | ||
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | ||
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | ||
The standard is effective for fiscal years and interim periods beginning after December 15, 2013. We believe the impact of adopting this standard will be immaterial. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
VIEs for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary of and consolidates two marginally capitalized VIEs, Transition Funding and Transition Funding II, which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which is pledged as collateral to the trustee for these bonds. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds are remitted to the trustee for Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs. | |
The assets and liabilities of these VIEs are presented separately on the face of the Consolidated Balance Sheets of PSEG and PSE&G because the Transition Funding and Transition Funding II assets are restricted and can only be used to settle their respective obligations. The Transition Funding and Transition Funding II creditors do not have any recourse to the general credit of PSE&G in the event the transition charges are not sufficient to cover the bond principal and interest payments of Transition Funding and Transition Funding II, respectively. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of December 31, 2013 and 2012. PSE&G considers the risk of actual loss to be remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II in 2013 or 2012. Further, PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding and Transition Funding II. | |
PSE&G [Member] | ' |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
VIEs for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary of and consolidates two marginally capitalized VIEs, Transition Funding and Transition Funding II, which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which is pledged as collateral to the trustee for these bonds. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds are remitted to the trustee for Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs. | |
The assets and liabilities of these VIEs are presented separately on the face of the Consolidated Balance Sheets of PSEG and PSE&G because the Transition Funding and Transition Funding II assets are restricted and can only be used to settle their respective obligations. The Transition Funding and Transition Funding II creditors do not have any recourse to the general credit of PSE&G in the event the transition charges are not sufficient to cover the bond principal and interest payments of Transition Funding and Transition Funding II, respectively. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of December 31, 2013 and 2012. PSE&G considers the risk of actual loss to be remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II in 2013 or 2012. Further, PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding and Transition Funding II. |
Discontinued_Operations_and_Di
Discontinued Operations and Dispositions | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Discontinued Operations and Dispositions | ' | ||||||
Discontinued Operations and Dispositions | |||||||
Discontinued Operations | |||||||
Power | |||||||
In March 2011, Power completed the sale of its 1,000 MW gas-fired Guadalupe generating facility for a total sale price of $352 million, resulting in an after-tax gain of $54 million. | |||||||
In July 2011, Power completed the sale of its 1,000 MW gas-fired Odessa generating facility for a total sale price of $335 million, resulting in an after-tax gain of $25 million. | |||||||
PSEG Texas’ operating results for the year ended December 31, 2011, which were reclassified to Discontinued Operations, are summarized below: | |||||||
Year Ended December 31, 2011 | |||||||
Millions | |||||||
Operating Revenues | $ | 112 | |||||
Income Before Income Taxes | $ | 26 | |||||
Net Income (Loss) | $ | 17 | |||||
Dispositions | |||||||
Leveraged Leases | |||||||
For the year ended December 31, 2011, Energy Holdings sold its leveraged lease investment in an office building in Denver, Colorado for gross proceeds of $215 million. Proceeds net of sales costs were $175 million with an after-tax gain of $34 million. | |||||||
Other Leases | |||||||
In June 2013, Energy Holdings closed on the sale of its investments in a commercial office complex for proceeds of $41 million, resulting in an after-tax gain of $6 million. | |||||||
Power [Member] | ' | ||||||
Discontinued Operations and Dispositions | ' | ||||||
Discontinued Operations and Dispositions | |||||||
Discontinued Operations | |||||||
Power | |||||||
In March 2011, Power completed the sale of its 1,000 MW gas-fired Guadalupe generating facility for a total sale price of $352 million, resulting in an after-tax gain of $54 million. | |||||||
In July 2011, Power completed the sale of its 1,000 MW gas-fired Odessa generating facility for a total sale price of $335 million, resulting in an after-tax gain of $25 million. | |||||||
PSEG Texas’ operating results for the year ended December 31, 2011, which were reclassified to Discontinued Operations, are summarized below: | |||||||
Year Ended December 31, 2011 | |||||||
Millions | |||||||
Operating Revenues | $ | 112 | |||||
Income Before Income Taxes | $ | 26 | |||||
Net Income (Loss) | $ | 17 | |||||
Dispositions | |||||||
Leveraged Leases | |||||||
For the year ended December 31, 2011, Energy Holdings sold its leveraged lease investment in an office building in Denver, Colorado for gross proceeds of $215 million. Proceeds net of sales costs were $175 million with an after-tax gain of $34 million. | |||||||
Other Leases | |||||||
In June 2013, Energy Holdings closed on the sale of its investments in a commercial office complex for proceeds of $41 million, resulting in an after-tax gain of $6 million. |
Property_Plant_And_Equipment_A
Property, Plant And Equipment And Jointly-Owned Facilities | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Property Plant And Equipment And Jointly-Owned Facilities | ' | |||||||||||||||||||||
Property, Plant and Equipment and Jointly-Owned Facilities | ||||||||||||||||||||||
Information related to Property, Plant and Equipment as of December 31, 2013 and 2012 is detailed below: | ||||||||||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,924 | $ | — | $ | — | $ | 6,924 | ||||||||||||||
Nuclear Production | 1,636 | — | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | 857 | — | — | 857 | ||||||||||||||||||
Other Production-Solar | 273 | 469 | — | 742 | ||||||||||||||||||
Construction Work in Progress | 489 | — | — | 489 | ||||||||||||||||||
Total Generation | 10,179 | 469 | — | 10,648 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 4,037 | — | 4,037 | ||||||||||||||||||
Electric Distribution | — | 7,109 | — | 7,109 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,230 | — | 5,230 | ||||||||||||||||||
Construction Work in Progress | — | 1,605 | — | 1,605 | ||||||||||||||||||
Plant Held for Future Use | — | 3 | — | 3 | ||||||||||||||||||
Other | — | 372 | — | 372 | ||||||||||||||||||
Total Transmission and Distribution | — | 18,445 | — | 18,445 | ||||||||||||||||||
Other | 99 | 157 | 364 | 620 | ||||||||||||||||||
Total | $ | 10,278 | $ | 19,071 | $ | 364 | $ | 29,713 | ||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,886 | $ | — | $ | — | $ | 6,886 | ||||||||||||||
Nuclear Production | 1,415 | — | — | 1,415 | ||||||||||||||||||
Nuclear Fuel in Service | 853 | — | — | 853 | ||||||||||||||||||
Other Production-Solar | 217 | 434 | — | 651 | ||||||||||||||||||
Construction Work in Progress | 450 | 7 | — | 457 | ||||||||||||||||||
Total Generation | 9,821 | 441 | — | 10,262 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 3,053 | — | 3,053 | ||||||||||||||||||
Electric Distribution | — | 6,807 | — | 6,807 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,065 | — | 5,065 | ||||||||||||||||||
Construction Work in Progress | — | 1,048 | — | 1,048 | ||||||||||||||||||
Plant Held for Future Use | — | 6 | — | 6 | ||||||||||||||||||
Other | — | 380 | — | 380 | ||||||||||||||||||
Total Transmission and Distribution | — | 16,448 | — | 16,448 | ||||||||||||||||||
Other | 93 | 117 | 482 | 692 | ||||||||||||||||||
Total | $ | 9,914 | $ | 17,006 | $ | 482 | $ | 27,402 | ||||||||||||||
Power and PSE&G have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities. All amounts reflect the share of Power’s and PSE&G’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 374 | $ | 139 | $ | 321 | $ | 132 | ||||||||||||
Keystone | 23 | % | $ | 388 | $ | 140 | $ | 387 | $ | 128 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 886 | $ | 215 | $ | 730 | $ | 193 | ||||||||||||
Salem | 57 | % | $ | 897 | $ | 254 | $ | 865 | $ | 209 | ||||||||||||
Nuclear Support Facilities | Various | $ | 205 | $ | 37 | $ | 191 | $ | 29 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 36 | $ | 23 | $ | 35 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 161 | $ | 66 | $ | 156 | $ | 63 | |||||||||||||
Power holds undivided ownership interests in the jointly-owned facilities above. Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures. | ||||||||||||||||||||||
Power co-owns Salem and Peach Bottom with Exelon Generation. Power is the operator of Salem and Exelon Generation is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed Operation and Maintenance (O&M) budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
GenOn Northeast Management Company is a co-owner and the operator for Keystone Generating Station and Conemaugh Generating Station. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a co-owner in the Yards Creek Pumped Storage Generation Facility. Jersey Central Power & Light Company (JCP&L) is also a co-owner and the operator of this facility. JCP&L submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a minority owner in the Merrill Creek Reservoir and Environmental Preserve in Warren County, New Jersey. Merrill Creek Owners Group is the owner-operator of this facility. The operator submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. | ||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||
Property Plant And Equipment And Jointly-Owned Facilities | ' | |||||||||||||||||||||
Property, Plant and Equipment and Jointly-Owned Facilities | ||||||||||||||||||||||
Information related to Property, Plant and Equipment as of December 31, 2013 and 2012 is detailed below: | ||||||||||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,924 | $ | — | $ | — | $ | 6,924 | ||||||||||||||
Nuclear Production | 1,636 | — | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | 857 | — | — | 857 | ||||||||||||||||||
Other Production-Solar | 273 | 469 | — | 742 | ||||||||||||||||||
Construction Work in Progress | 489 | — | — | 489 | ||||||||||||||||||
Total Generation | 10,179 | 469 | — | 10,648 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 4,037 | — | 4,037 | ||||||||||||||||||
Electric Distribution | — | 7,109 | — | 7,109 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,230 | — | 5,230 | ||||||||||||||||||
Construction Work in Progress | — | 1,605 | — | 1,605 | ||||||||||||||||||
Plant Held for Future Use | — | 3 | — | 3 | ||||||||||||||||||
Other | — | 372 | — | 372 | ||||||||||||||||||
Total Transmission and Distribution | — | 18,445 | — | 18,445 | ||||||||||||||||||
Other | 99 | 157 | 364 | 620 | ||||||||||||||||||
Total | $ | 10,278 | $ | 19,071 | $ | 364 | $ | 29,713 | ||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,886 | $ | — | $ | — | $ | 6,886 | ||||||||||||||
Nuclear Production | 1,415 | — | — | 1,415 | ||||||||||||||||||
Nuclear Fuel in Service | 853 | — | — | 853 | ||||||||||||||||||
Other Production-Solar | 217 | 434 | — | 651 | ||||||||||||||||||
Construction Work in Progress | 450 | 7 | — | 457 | ||||||||||||||||||
Total Generation | 9,821 | 441 | — | 10,262 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 3,053 | — | 3,053 | ||||||||||||||||||
Electric Distribution | — | 6,807 | — | 6,807 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,065 | — | 5,065 | ||||||||||||||||||
Construction Work in Progress | — | 1,048 | — | 1,048 | ||||||||||||||||||
Plant Held for Future Use | — | 6 | — | 6 | ||||||||||||||||||
Other | — | 380 | — | 380 | ||||||||||||||||||
Total Transmission and Distribution | — | 16,448 | — | 16,448 | ||||||||||||||||||
Other | 93 | 117 | 482 | 692 | ||||||||||||||||||
Total | $ | 9,914 | $ | 17,006 | $ | 482 | $ | 27,402 | ||||||||||||||
Power and PSE&G have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities. All amounts reflect the share of Power’s and PSE&G’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 374 | $ | 139 | $ | 321 | $ | 132 | ||||||||||||
Keystone | 23 | % | $ | 388 | $ | 140 | $ | 387 | $ | 128 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 886 | $ | 215 | $ | 730 | $ | 193 | ||||||||||||
Salem | 57 | % | $ | 897 | $ | 254 | $ | 865 | $ | 209 | ||||||||||||
Nuclear Support Facilities | Various | $ | 205 | $ | 37 | $ | 191 | $ | 29 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 36 | $ | 23 | $ | 35 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 161 | $ | 66 | $ | 156 | $ | 63 | |||||||||||||
Power holds undivided ownership interests in the jointly-owned facilities above. Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures. | ||||||||||||||||||||||
Power co-owns Salem and Peach Bottom with Exelon Generation. Power is the operator of Salem and Exelon Generation is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed Operation and Maintenance (O&M) budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
GenOn Northeast Management Company is a co-owner and the operator for Keystone Generating Station and Conemaugh Generating Station. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a co-owner in the Yards Creek Pumped Storage Generation Facility. Jersey Central Power & Light Company (JCP&L) is also a co-owner and the operator of this facility. JCP&L submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a minority owner in the Merrill Creek Reservoir and Environmental Preserve in Warren County, New Jersey. Merrill Creek Owners Group is the owner-operator of this facility. The operator submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. | ||||||||||||||||||||||
PSE&G [Member] | ' | |||||||||||||||||||||
Property Plant And Equipment And Jointly-Owned Facilities | ' | |||||||||||||||||||||
Property, Plant and Equipment and Jointly-Owned Facilities | ||||||||||||||||||||||
Information related to Property, Plant and Equipment as of December 31, 2013 and 2012 is detailed below: | ||||||||||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,924 | $ | — | $ | — | $ | 6,924 | ||||||||||||||
Nuclear Production | 1,636 | — | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | 857 | — | — | 857 | ||||||||||||||||||
Other Production-Solar | 273 | 469 | — | 742 | ||||||||||||||||||
Construction Work in Progress | 489 | — | — | 489 | ||||||||||||||||||
Total Generation | 10,179 | 469 | — | 10,648 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 4,037 | — | 4,037 | ||||||||||||||||||
Electric Distribution | — | 7,109 | — | 7,109 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,230 | — | 5,230 | ||||||||||||||||||
Construction Work in Progress | — | 1,605 | — | 1,605 | ||||||||||||||||||
Plant Held for Future Use | — | 3 | — | 3 | ||||||||||||||||||
Other | — | 372 | — | 372 | ||||||||||||||||||
Total Transmission and Distribution | — | 18,445 | — | 18,445 | ||||||||||||||||||
Other | 99 | 157 | 364 | 620 | ||||||||||||||||||
Total | $ | 10,278 | $ | 19,071 | $ | 364 | $ | 29,713 | ||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,886 | $ | — | $ | — | $ | 6,886 | ||||||||||||||
Nuclear Production | 1,415 | — | — | 1,415 | ||||||||||||||||||
Nuclear Fuel in Service | 853 | — | — | 853 | ||||||||||||||||||
Other Production-Solar | 217 | 434 | — | 651 | ||||||||||||||||||
Construction Work in Progress | 450 | 7 | — | 457 | ||||||||||||||||||
Total Generation | 9,821 | 441 | — | 10,262 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 3,053 | — | 3,053 | ||||||||||||||||||
Electric Distribution | — | 6,807 | — | 6,807 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,065 | — | 5,065 | ||||||||||||||||||
Construction Work in Progress | — | 1,048 | — | 1,048 | ||||||||||||||||||
Plant Held for Future Use | — | 6 | — | 6 | ||||||||||||||||||
Other | — | 380 | — | 380 | ||||||||||||||||||
Total Transmission and Distribution | — | 16,448 | — | 16,448 | ||||||||||||||||||
Other | 93 | 117 | 482 | 692 | ||||||||||||||||||
Total | $ | 9,914 | $ | 17,006 | $ | 482 | $ | 27,402 | ||||||||||||||
Power and PSE&G have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities. All amounts reflect the share of Power’s and PSE&G’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 374 | $ | 139 | $ | 321 | $ | 132 | ||||||||||||
Keystone | 23 | % | $ | 388 | $ | 140 | $ | 387 | $ | 128 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 886 | $ | 215 | $ | 730 | $ | 193 | ||||||||||||
Salem | 57 | % | $ | 897 | $ | 254 | $ | 865 | $ | 209 | ||||||||||||
Nuclear Support Facilities | Various | $ | 205 | $ | 37 | $ | 191 | $ | 29 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 36 | $ | 23 | $ | 35 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 161 | $ | 66 | $ | 156 | $ | 63 | |||||||||||||
Power holds undivided ownership interests in the jointly-owned facilities above. Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures. | ||||||||||||||||||||||
Power co-owns Salem and Peach Bottom with Exelon Generation. Power is the operator of Salem and Exelon Generation is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed Operation and Maintenance (O&M) budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
GenOn Northeast Management Company is a co-owner and the operator for Keystone Generating Station and Conemaugh Generating Station. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a co-owner in the Yards Creek Pumped Storage Generation Facility. Jersey Central Power & Light Company (JCP&L) is also a co-owner and the operator of this facility. JCP&L submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. | ||||||||||||||||||||||
Power is a minority owner in the Merrill Creek Reservoir and Environmental Preserve in Warren County, New Jersey. Merrill Creek Owners Group is the owner-operator of this facility. The operator submits separate capital and O&M budgets, subject to Power's approval as part of the normal Power governance process. |
Regulatory_Assets_And_Liabilit
Regulatory Assets And Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Regulatory Assets And Liabilities | ' | ||||||||||||
Regulatory Assets and Liabilities | |||||||||||||
PSE&G prepares its financial statements in accordance with GAAP accounting for regulated utilities as described in Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. PSE&G has deferred certain costs based on rate orders issued by the BPU or the FERC or based on PSE&G’s experience with prior rate cases. Most of PSE&G’s Regulatory Assets and Liabilities as of December 31, 2013 are supported by written orders, either explicitly or implicitly through the BPU’s treatment of various cost items. These costs will be recovered and amortized over various future periods. | |||||||||||||
Regulatory Assets are subject to prudence reviews and can be disallowed in the future by regulatory authorities. PSE&G believes that all of its Regulatory Assets are probable of recovery. To the extent that collection of any Regulatory Assets or payments of Regulatory Liabilities is no longer probable, the amounts would be charged or credited to income. | |||||||||||||
PSE&G had the following Regulatory Assets and Liabilities: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | 6 | $ | — | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | 16 | 74 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 41 | 33 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | 12 | 14 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | 3 | 34 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | 20 | 30 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 154 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | 10 | Various | ||||||||||
Total Current Regulatory Assets | $ | 243 | $ | 349 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs To Be Recovered | $ | 701 | $ | 1,112 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 445 | 588 | Various (2) | ||||||||||
Pension and Other Postretirement Benefit Costs | 637 | 1,550 | Various | ||||||||||
Deferred Income Taxes | 444 | 405 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 144 | 88 | Through 2019 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | — | 107 | See MTM Contracts below | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 81 | 89 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 123 | 110 | Various | ||||||||||
Gas Margin Adjustment Clause | — | 7 | Through July 2015 (2) | ||||||||||
GPRC | 151 | 142 | Various (2) | ||||||||||
WNC | — | 27 | Annual filing for recovery (2) | ||||||||||
Storm Damage Deferral | 245 | 244 | To be determined | ||||||||||
Other | 117 | 74 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,088 | $ | 4,543 | |||||||||
Total Regulatory Assets | $ | 3,331 | $ | 4,892 | |||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 31 | $ | 32 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 9 | 21 | Annual filing for recovery (1) (2) | ||||||||||
FERC Formula Rate True-up | — | 5 | Annual filing for recovery (1) (2) | ||||||||||
NGC | — | 9 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | — | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 43 | $ | 67 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 137 | $ | 166 | Reduced as cost is incurred | ||||||||
MTM Contracts | 74 | 40 | Various | ||||||||||
Other | 33 | 13 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 244 | $ | 219 | |||||||||
Total Regulatory Liabilities | $ | 287 | $ | 286 | |||||||||
-1 | Recovered/Refunded with interest. | ||||||||||||
-2 | Recoverable/Refundable per specific rate order. | ||||||||||||
All Regulatory Assets and Liabilities are excluded from PSE&G’s rate base unless otherwise noted. The Regulatory Assets and Liabilities in the table above are defined as follows: | |||||||||||||
• | NGC: Represents the difference between the cost of non-utility generation and the amounts realized from selling that energy at market rates through PJM and ratepayer collections. | ||||||||||||
• | SBC: The SBC, as authorized by the BPU and the New Jersey Electric Discount and Energy Competition Act, includes costs related to PSE&G's electric and gas business as follows: (1) the USF; (2) Energy Efficiency and Renewable Energy Programs; (3) Electric bad debt expense; and (4) the RAC for incurred MGP remediation expenditures. All components accrue interest on both over and underrecoveries. | ||||||||||||
• | GPRC: These costs are amounts associated with various renewable energy and energy efficiency programs. Components of the GPRC include: Carbon Abatement, Energy Efficiency Economic Stimulus Program, Energy Efficiency Economic Extension Program, the Demand Response Program, Solar Generation Investment Program (Solar 4 All), Solar 4 All Extension, Solar Loan II Program and Solar Loan III Program. | ||||||||||||
• | SPRC: This charge is designed to recover the revenue requirements associated with the PSE&G Solar Pilot Program (Solar Loan I) per a BPU Order, less the net proceeds from the sale of associated Solar Renewable Energy Certificates (SRECs) or cash received in lieu of SRECs. The net recovery is subject to deferred accounting. Interest at the two-year constant maturity treasury rate plus 60 basis points will be accrued monthly on any under- or over-recovered balances. | ||||||||||||
• | Capital Stimulus Undercollection: PSE&G has received approval from the BPU for programs that provide for accelerated investment in utility infrastructure. The goal of these accelerated capital investments is to improve the reliability of PSE&G's infrastructure and New Jersey's economy through job creation. | ||||||||||||
• | WNC Deferral: This represents the over- or under- collection of gas margin refundable or recoverable under the BPU's weather normalization clause. The WNC requires PSE&G to calculate, at the end of each October-to-May period, the level by which margin revenues differed from what would have resulted if normal weather had occurred. | ||||||||||||
• | New Jersey Clean Energy Program: The BPU approved future funding requirements for Energy Efficiency and Renewable Energy Programs through the first half of 2013. Once the rates are measured, they are recovered through the SBC. | ||||||||||||
• | Stranded Costs To Be Recovered: This reflects deferred costs, which are being recovered through the securitization transition charges authorized by the BPU in irrevocable financing orders and being collected by PSE&G, as servicer on behalf of Transition Funding and Transition Funding II, respectively. Collected funds are remitted to Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs and taxes. | ||||||||||||
Transition Funding and Transition Funding II are wholly owned, bankruptcy-remote subsidiaries of PSE&G that purchased certain transition property from PSE&G and issued transition bonds secured by such property. The transition property consists principally of the rights to receive electricity consumption-based per kilowatt-hour (kWh) charges from PSE&G's electric distribution customers, which represent irrevocable rights to receive amounts sufficient to recover certain of PSE&G's transition costs related to deregulation, as approved by the BPU. | |||||||||||||
• | MGP Remediation Costs: Represents the low end of the range for the remaining environmental investigation and remediation program cleanup costs for manufactured gas plants that are probable of recovery in future rates. Once these costs are incurred, they are recovered through the RAC in the SBC. | ||||||||||||
• | Pension and Other Postretirement Benefit Costs: Pursuant to the adoption of accounting guidance for employers' defined benefit pension and OPEB plans, PSE&G recorded the unrecognized costs for defined benefit pension and other OPEB plans on the balance sheet as a Regulatory Asset. These costs represent actuarial gains or losses, prior service costs and transition obligations as a result of adoption, which have not been expensed. These costs are amortized and recovered in future rates. | ||||||||||||
• | Deferred Income Taxes: These amounts represent the portion of deferred income taxes that will be recovered or refunded through future rates, based upon established regulatory practices. | ||||||||||||
• | RAC (Other SBC): Costs incurred to clean up manufactured gas plants which are recovered over seven years. | ||||||||||||
• | MTM Contracts: The estimated fair value of gas hedge contracts, gas cogeneration supply contracts and long-term standard offer capacity agreements (SOCAs) as provided in New Jersey's Long-Term Capacity Agreement Pilot Program (LCAPP). The regulatory asset/liability is offset by a derivative asset/liability and, with respect to the gas hedge contracts only, an intercompany receivable/payable on the Consolidated Balance Sheets. As a result of a federal court ruling that held the LCAPP to be unconstitutional, the SOCAs were terminated and the related derivative liability and regulatory asset reversed in the fourth quarter of 2013. | ||||||||||||
• | Unamortized Loss on Reacquired Debt and Debt Expense: Represents losses on reacquired long-term debt and expenses associated with issuances of new debt, which are recovered through rates over the remaining life of the debt. | ||||||||||||
• | Conditional Asset Retirement Obligation: These costs represent the differences between rate regulated cost of removal accounting and asset retirement accounting under GAAP. These costs will be recovered in future rates. | ||||||||||||
• | Gas Margin Adjustment Clause: PSE&G defers the margin differential received from Transportation Gas Service Non-Firm Customers versus bill credits provided to BGSS-Firm customers. | ||||||||||||
• | Storm Damage Deferral: Costs incurred in the cleanup of major storms in 2012, 2011 and 2010, including Hurricane Irene and Superstorm Sandy under a BPU Order received in December 2012 authorizing the deferral of incremental and otherwise unreimbursed costs. | ||||||||||||
• | Overrecovered Gas and Electric Costs: These costs represent the net overrecovered amounts associated with BGSS and BGS, as approved by the BPU. For BGS, interest is accrued on both overrecovered and underrecovered balances. For BGSS, interest is accrued only on overrecovered balances from residential customers. | ||||||||||||
• | FERC Formula Rate True-up: Overcollection or undercollection of transmission earnings calculated using a FERC approved formula. | ||||||||||||
• | Electric Cost of Removal: PSE&G accrues and collects for cost of removal in rates. The liability for non-legally required cost of removal is classified as a Regulatory Liability. This liability is reduced as removal costs are incurred. Accumulated cost of removal is a reduction to the rate base. | ||||||||||||
Significant 2013 regulatory orders received from and currently pending rate filings with the FERC and the BPU are as follows: | |||||||||||||
• | Transmission Formula Rates—PSE&G’s 2013 Annual Formula Rate Update with the FERC provided for approximately $174 million in increased annual transmission revenues effective January 1, 2013. In October 2013, PSE&G filed its 2014 Annual Formula Rate Update with the FERC, which provided for approximately $176 million in increased annual transmission revenues effective January 1, 2014. PSE&G subsequently reached an agreement with certain customers providing for a downward adjustment of postretirement benefits other than pension included in its Formula Rate, and in December 2013 submitted to the FERC a Modified Annual Update for 2014 and a request that the FERC authorize the agreed-upon revenue decrease. Under this modified proposal, annual transmission revenues would increase by $171 million rather than $176 million, effective January 1, 2014. In mid-January 2014, the FERC issued an order authorizing the proposed tariff. | ||||||||||||
• | BGSS—In October 2013, PSE&G filed a self-implementing two-month BGSS residential customer bill credit with the BPU. This bill credit was 35 cents per therm for the months of November and December 2013 and provided approximately $115 million in total credits to residential customers over the two months, reducing the BGSS deferred balance. The BGSS rate reverted back to the current rate on January 1, 2014. In January 2014, PSE&G filed a self-implementing one-month BGSS residential customer bill credit with the BPU. This bill credit is 25 cents per therm for the month of February 2014 and is expected to provide approximately $50 million in total credits to residential customers over the month, reducing the BGSS deferred balance. In February 2014, PSE&G filed an additional self-implementing one-month BGSS residential customer bill credit with the BPU which will continue the 25 cents per therm credit through the month of March 2014. This additional credit is expected to provide approximately $43 million in total credits to residential customers, reducing the deferred BGSS balance. On April 1, 2014, the BGSS rate will revert back to the current rate. | ||||||||||||
• | RAC—On February 19, 2014, the BPU approved PSE&G's filing with respect to its RAC 20 petition allowing recovery of net MGP expenditures through July 31, 2012. | ||||||||||||
• | GPRC—In May 2013, PSE&G received BPU approval for recovery of GPRC program costs incurred through November 30, 2012. In July 2013, PSE&G filed a petition with the BPU to recover GPRC program costs incurred after November 2012. On February 19, 2014, the BPU approved that request which allowed recovery of GPRC program costs incurred through September 30, 2013. | ||||||||||||
• | WNC—In April 2013, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2011-2012 Winter Period. As a result, final rates were approved to recover $41 million from customers during the 2012-2013 Winter Period, with a carryover deficiency of $24 million to the 2013-2014 Winter Period. In September 2013, the BPU provisionally approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period, inclusive of the $24 million carryover deficiency from the 2011-2012 Winter Period. As a result, a total of $26 million of deficiency revenues will be recovered from customers during the 2013-2014 Winter Period (October 1 through May 31). | ||||||||||||
• | Universal Service Fund (USF)/Lifeline—The USF is an energy assistance program mandated by the BPU and funded through the SBC clause mechanism to provide payment assistance to low income customers. The Lifeline program is a separate mandated energy assistance program to provide payment assistance to elderly and disabled customers. In September 2013, the BPU approved rates set to recover costs incurred under the Program. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on Net Income. | ||||||||||||
• | Capital Stimulus Infrastructure Programs (CIP II)—In November 2013, PSE&G filed a petition with the BPU to recover program costs incurred for its CIP II investments through September 30, 2013. The discovery phase of this proceeding is underway. | ||||||||||||
• | SBC—In November 2013, PSE&G filed a petition with the BPU to recover NGC and SBC costs incurred through September 30, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. The discovery phase of this proceeding is underway. | ||||||||||||
PSE&G [Member] | ' | ||||||||||||
Regulatory Assets And Liabilities | ' | ||||||||||||
Regulatory Assets and Liabilities | |||||||||||||
PSE&G prepares its financial statements in accordance with GAAP accounting for regulated utilities as described in Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. PSE&G has deferred certain costs based on rate orders issued by the BPU or the FERC or based on PSE&G’s experience with prior rate cases. Most of PSE&G’s Regulatory Assets and Liabilities as of December 31, 2013 are supported by written orders, either explicitly or implicitly through the BPU’s treatment of various cost items. These costs will be recovered and amortized over various future periods. | |||||||||||||
Regulatory Assets are subject to prudence reviews and can be disallowed in the future by regulatory authorities. PSE&G believes that all of its Regulatory Assets are probable of recovery. To the extent that collection of any Regulatory Assets or payments of Regulatory Liabilities is no longer probable, the amounts would be charged or credited to income. | |||||||||||||
PSE&G had the following Regulatory Assets and Liabilities: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | 6 | $ | — | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | 16 | 74 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 41 | 33 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | 12 | 14 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | 3 | 34 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | 20 | 30 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 154 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | 10 | Various | ||||||||||
Total Current Regulatory Assets | $ | 243 | $ | 349 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs To Be Recovered | $ | 701 | $ | 1,112 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 445 | 588 | Various (2) | ||||||||||
Pension and Other Postretirement Benefit Costs | 637 | 1,550 | Various | ||||||||||
Deferred Income Taxes | 444 | 405 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 144 | 88 | Through 2019 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | — | 107 | See MTM Contracts below | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 81 | 89 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 123 | 110 | Various | ||||||||||
Gas Margin Adjustment Clause | — | 7 | Through July 2015 (2) | ||||||||||
GPRC | 151 | 142 | Various (2) | ||||||||||
WNC | — | 27 | Annual filing for recovery (2) | ||||||||||
Storm Damage Deferral | 245 | 244 | To be determined | ||||||||||
Other | 117 | 74 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,088 | $ | 4,543 | |||||||||
Total Regulatory Assets | $ | 3,331 | $ | 4,892 | |||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 31 | $ | 32 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 9 | 21 | Annual filing for recovery (1) (2) | ||||||||||
FERC Formula Rate True-up | — | 5 | Annual filing for recovery (1) (2) | ||||||||||
NGC | — | 9 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | — | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 43 | $ | 67 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 137 | $ | 166 | Reduced as cost is incurred | ||||||||
MTM Contracts | 74 | 40 | Various | ||||||||||
Other | 33 | 13 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 244 | $ | 219 | |||||||||
Total Regulatory Liabilities | $ | 287 | $ | 286 | |||||||||
-1 | Recovered/Refunded with interest. | ||||||||||||
-2 | Recoverable/Refundable per specific rate order. | ||||||||||||
All Regulatory Assets and Liabilities are excluded from PSE&G’s rate base unless otherwise noted. The Regulatory Assets and Liabilities in the table above are defined as follows: | |||||||||||||
• | NGC: Represents the difference between the cost of non-utility generation and the amounts realized from selling that energy at market rates through PJM and ratepayer collections. | ||||||||||||
• | SBC: The SBC, as authorized by the BPU and the New Jersey Electric Discount and Energy Competition Act, includes costs related to PSE&G's electric and gas business as follows: (1) the USF; (2) Energy Efficiency and Renewable Energy Programs; (3) Electric bad debt expense; and (4) the RAC for incurred MGP remediation expenditures. All components accrue interest on both over and underrecoveries. | ||||||||||||
• | GPRC: These costs are amounts associated with various renewable energy and energy efficiency programs. Components of the GPRC include: Carbon Abatement, Energy Efficiency Economic Stimulus Program, Energy Efficiency Economic Extension Program, the Demand Response Program, Solar Generation Investment Program (Solar 4 All), Solar 4 All Extension, Solar Loan II Program and Solar Loan III Program. | ||||||||||||
• | SPRC: This charge is designed to recover the revenue requirements associated with the PSE&G Solar Pilot Program (Solar Loan I) per a BPU Order, less the net proceeds from the sale of associated Solar Renewable Energy Certificates (SRECs) or cash received in lieu of SRECs. The net recovery is subject to deferred accounting. Interest at the two-year constant maturity treasury rate plus 60 basis points will be accrued monthly on any under- or over-recovered balances. | ||||||||||||
• | Capital Stimulus Undercollection: PSE&G has received approval from the BPU for programs that provide for accelerated investment in utility infrastructure. The goal of these accelerated capital investments is to improve the reliability of PSE&G's infrastructure and New Jersey's economy through job creation. | ||||||||||||
• | WNC Deferral: This represents the over- or under- collection of gas margin refundable or recoverable under the BPU's weather normalization clause. The WNC requires PSE&G to calculate, at the end of each October-to-May period, the level by which margin revenues differed from what would have resulted if normal weather had occurred. | ||||||||||||
• | New Jersey Clean Energy Program: The BPU approved future funding requirements for Energy Efficiency and Renewable Energy Programs through the first half of 2013. Once the rates are measured, they are recovered through the SBC. | ||||||||||||
• | Stranded Costs To Be Recovered: This reflects deferred costs, which are being recovered through the securitization transition charges authorized by the BPU in irrevocable financing orders and being collected by PSE&G, as servicer on behalf of Transition Funding and Transition Funding II, respectively. Collected funds are remitted to Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs and taxes. | ||||||||||||
Transition Funding and Transition Funding II are wholly owned, bankruptcy-remote subsidiaries of PSE&G that purchased certain transition property from PSE&G and issued transition bonds secured by such property. The transition property consists principally of the rights to receive electricity consumption-based per kilowatt-hour (kWh) charges from PSE&G's electric distribution customers, which represent irrevocable rights to receive amounts sufficient to recover certain of PSE&G's transition costs related to deregulation, as approved by the BPU. | |||||||||||||
• | MGP Remediation Costs: Represents the low end of the range for the remaining environmental investigation and remediation program cleanup costs for manufactured gas plants that are probable of recovery in future rates. Once these costs are incurred, they are recovered through the RAC in the SBC. | ||||||||||||
• | Pension and Other Postretirement Benefit Costs: Pursuant to the adoption of accounting guidance for employers' defined benefit pension and OPEB plans, PSE&G recorded the unrecognized costs for defined benefit pension and other OPEB plans on the balance sheet as a Regulatory Asset. These costs represent actuarial gains or losses, prior service costs and transition obligations as a result of adoption, which have not been expensed. These costs are amortized and recovered in future rates. | ||||||||||||
• | Deferred Income Taxes: These amounts represent the portion of deferred income taxes that will be recovered or refunded through future rates, based upon established regulatory practices. | ||||||||||||
• | RAC (Other SBC): Costs incurred to clean up manufactured gas plants which are recovered over seven years. | ||||||||||||
• | MTM Contracts: The estimated fair value of gas hedge contracts, gas cogeneration supply contracts and long-term standard offer capacity agreements (SOCAs) as provided in New Jersey's Long-Term Capacity Agreement Pilot Program (LCAPP). The regulatory asset/liability is offset by a derivative asset/liability and, with respect to the gas hedge contracts only, an intercompany receivable/payable on the Consolidated Balance Sheets. As a result of a federal court ruling that held the LCAPP to be unconstitutional, the SOCAs were terminated and the related derivative liability and regulatory asset reversed in the fourth quarter of 2013. | ||||||||||||
• | Unamortized Loss on Reacquired Debt and Debt Expense: Represents losses on reacquired long-term debt and expenses associated with issuances of new debt, which are recovered through rates over the remaining life of the debt. | ||||||||||||
• | Conditional Asset Retirement Obligation: These costs represent the differences between rate regulated cost of removal accounting and asset retirement accounting under GAAP. These costs will be recovered in future rates. | ||||||||||||
• | Gas Margin Adjustment Clause: PSE&G defers the margin differential received from Transportation Gas Service Non-Firm Customers versus bill credits provided to BGSS-Firm customers. | ||||||||||||
• | Storm Damage Deferral: Costs incurred in the cleanup of major storms in 2012, 2011 and 2010, including Hurricane Irene and Superstorm Sandy under a BPU Order received in December 2012 authorizing the deferral of incremental and otherwise unreimbursed costs. | ||||||||||||
• | Overrecovered Gas and Electric Costs: These costs represent the net overrecovered amounts associated with BGSS and BGS, as approved by the BPU. For BGS, interest is accrued on both overrecovered and underrecovered balances. For BGSS, interest is accrued only on overrecovered balances from residential customers. | ||||||||||||
• | FERC Formula Rate True-up: Overcollection or undercollection of transmission earnings calculated using a FERC approved formula. | ||||||||||||
• | Electric Cost of Removal: PSE&G accrues and collects for cost of removal in rates. The liability for non-legally required cost of removal is classified as a Regulatory Liability. This liability is reduced as removal costs are incurred. Accumulated cost of removal is a reduction to the rate base. | ||||||||||||
Significant 2013 regulatory orders received from and currently pending rate filings with the FERC and the BPU are as follows: | |||||||||||||
• | Transmission Formula Rates—PSE&G’s 2013 Annual Formula Rate Update with the FERC provided for approximately $174 million in increased annual transmission revenues effective January 1, 2013. In October 2013, PSE&G filed its 2014 Annual Formula Rate Update with the FERC, which provided for approximately $176 million in increased annual transmission revenues effective January 1, 2014. PSE&G subsequently reached an agreement with certain customers providing for a downward adjustment of postretirement benefits other than pension included in its Formula Rate, and in December 2013 submitted to the FERC a Modified Annual Update for 2014 and a request that the FERC authorize the agreed-upon revenue decrease. Under this modified proposal, annual transmission revenues would increase by $171 million rather than $176 million, effective January 1, 2014. In mid-January 2014, the FERC issued an order authorizing the proposed tariff. | ||||||||||||
• | BGSS—In October 2013, PSE&G filed a self-implementing two-month BGSS residential customer bill credit with the BPU. This bill credit was 35 cents per therm for the months of November and December 2013 and provided approximately $115 million in total credits to residential customers over the two months, reducing the BGSS deferred balance. The BGSS rate reverted back to the current rate on January 1, 2014. In January 2014, PSE&G filed a self-implementing one-month BGSS residential customer bill credit with the BPU. This bill credit is 25 cents per therm for the month of February 2014 and is expected to provide approximately $50 million in total credits to residential customers over the month, reducing the BGSS deferred balance. In February 2014, PSE&G filed an additional self-implementing one-month BGSS residential customer bill credit with the BPU which will continue the 25 cents per therm credit through the month of March 2014. This additional credit is expected to provide approximately $43 million in total credits to residential customers, reducing the deferred BGSS balance. On April 1, 2014, the BGSS rate will revert back to the current rate. | ||||||||||||
• | RAC—On February 19, 2014, the BPU approved PSE&G's filing with respect to its RAC 20 petition allowing recovery of net MGP expenditures through July 31, 2012. | ||||||||||||
• | GPRC—In May 2013, PSE&G received BPU approval for recovery of GPRC program costs incurred through November 30, 2012. In July 2013, PSE&G filed a petition with the BPU to recover GPRC program costs incurred after November 2012. On February 19, 2014, the BPU approved that request which allowed recovery of GPRC program costs incurred through September 30, 2013. | ||||||||||||
• | WNC—In April 2013, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2011-2012 Winter Period. As a result, final rates were approved to recover $41 million from customers during the 2012-2013 Winter Period, with a carryover deficiency of $24 million to the 2013-2014 Winter Period. In September 2013, the BPU provisionally approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period, inclusive of the $24 million carryover deficiency from the 2011-2012 Winter Period. As a result, a total of $26 million of deficiency revenues will be recovered from customers during the 2013-2014 Winter Period (October 1 through May 31). | ||||||||||||
• | Universal Service Fund (USF)/Lifeline—The USF is an energy assistance program mandated by the BPU and funded through the SBC clause mechanism to provide payment assistance to low income customers. The Lifeline program is a separate mandated energy assistance program to provide payment assistance to elderly and disabled customers. In September 2013, the BPU approved rates set to recover costs incurred under the Program. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on Net Income. | ||||||||||||
• | Capital Stimulus Infrastructure Programs (CIP II)—In November 2013, PSE&G filed a petition with the BPU to recover program costs incurred for its CIP II investments through September 30, 2013. The discovery phase of this proceeding is underway. | ||||||||||||
• | SBC—In November 2013, PSE&G filed a petition with the BPU to recover NGC and SBC costs incurred through September 30, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. The discovery phase of this proceeding is underway. |
LongTerm_Investments
Long-Term Investments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Long-Term Investments | ' | ||||||||||||||
Long-Term Investments | |||||||||||||||
Long-Term Investments as of December 31, 2013 and 2012 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | $ | 123 | $ | 125 | |||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | 158 | 161 | |||||||||||||
Solar Loan Investments | 196 | 180 | |||||||||||||
Other Investments | 7 | 7 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 825 | 840 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 3 | 9 | |||||||||||||
Cost Method Investments (B) | 1 | 2 | |||||||||||||
Total Long-Term Investments | $ | 1,313 | $ | 1,324 | |||||||||||
(A) | During the three years ended December 31, 2013, 2012 and 2011, the amount of dividends from these investments was $11 million, $17 million and $3 million, respectively. | ||||||||||||||
(B) | Reflects Energy Holdings' investments in certain companies in which it does not have the ability to exercise significant influence. Such investments are accounted for under the cost method. | ||||||||||||||
Leases | |||||||||||||||
Energy Holdings has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2013 and 2012, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 701 | $ | 721 | |||||||||||
Estimated Residual Value of Leased Assets | 529 | 535 | |||||||||||||
Total Investment in Rental Receivables | 1,230 | 1,256 | |||||||||||||
Unearned and Deferred Income | (405 | ) | (416 | ) | |||||||||||
Gross Investments in Leases | 825 | 840 | |||||||||||||
Deferred Tax Liabilities | (727 | ) | (723 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 117 | |||||||||||
The pre-tax income and income tax effects, excluding gains and losses on sales, related to investments in leases were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 11 | $ | 78 | $ | (228 | ) | ||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 6 | $ | 34 | $ | (77 | ) | ||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2013: | |||||||||||||||
% | |||||||||||||||
Name | Location | Owned | |||||||||||||
Power | |||||||||||||||
Keystone Fuels, LLC | PA | 23% | |||||||||||||
Conemaugh Fuels, LLC | PA | 23% | |||||||||||||
Kalaeloa | HI | 50% | |||||||||||||
Energy Holdings | |||||||||||||||
GWF | CA | 50% | |||||||||||||
Hanford L. P. (Hanford) | CA | 50% | |||||||||||||
Power [Member] | ' | ||||||||||||||
Long-Term Investments | ' | ||||||||||||||
Long-Term Investments | |||||||||||||||
Long-Term Investments as of December 31, 2013 and 2012 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | $ | 123 | $ | 125 | |||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | 158 | 161 | |||||||||||||
Solar Loan Investments | 196 | 180 | |||||||||||||
Other Investments | 7 | 7 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 825 | 840 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 3 | 9 | |||||||||||||
Cost Method Investments (B) | 1 | 2 | |||||||||||||
Total Long-Term Investments | $ | 1,313 | $ | 1,324 | |||||||||||
(A) | During the three years ended December 31, 2013, 2012 and 2011, the amount of dividends from these investments was $11 million, $17 million and $3 million, respectively. | ||||||||||||||
(B) | Reflects Energy Holdings' investments in certain companies in which it does not have the ability to exercise significant influence. Such investments are accounted for under the cost method. | ||||||||||||||
Leases | |||||||||||||||
Energy Holdings has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2013 and 2012, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 701 | $ | 721 | |||||||||||
Estimated Residual Value of Leased Assets | 529 | 535 | |||||||||||||
Total Investment in Rental Receivables | 1,230 | 1,256 | |||||||||||||
Unearned and Deferred Income | (405 | ) | (416 | ) | |||||||||||
Gross Investments in Leases | 825 | 840 | |||||||||||||
Deferred Tax Liabilities | (727 | ) | (723 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 117 | |||||||||||
The pre-tax income and income tax effects, excluding gains and losses on sales, related to investments in leases were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 11 | $ | 78 | $ | (228 | ) | ||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 6 | $ | 34 | $ | (77 | ) | ||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2013: | |||||||||||||||
% | |||||||||||||||
Name | Location | Owned | |||||||||||||
Power | |||||||||||||||
Keystone Fuels, LLC | PA | 23% | |||||||||||||
Conemaugh Fuels, LLC | PA | 23% | |||||||||||||
Kalaeloa | HI | 50% | |||||||||||||
Energy Holdings | |||||||||||||||
GWF | CA | 50% | |||||||||||||
Hanford L. P. (Hanford) | CA | 50% | |||||||||||||
PSE&G [Member] | ' | ||||||||||||||
Long-Term Investments | ' | ||||||||||||||
Long-Term Investments | |||||||||||||||
Long-Term Investments as of December 31, 2013 and 2012 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | $ | 123 | $ | 125 | |||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | 158 | 161 | |||||||||||||
Solar Loan Investments | 196 | 180 | |||||||||||||
Other Investments | 7 | 7 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 825 | 840 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 3 | 9 | |||||||||||||
Cost Method Investments (B) | 1 | 2 | |||||||||||||
Total Long-Term Investments | $ | 1,313 | $ | 1,324 | |||||||||||
(A) | During the three years ended December 31, 2013, 2012 and 2011, the amount of dividends from these investments was $11 million, $17 million and $3 million, respectively. | ||||||||||||||
(B) | Reflects Energy Holdings' investments in certain companies in which it does not have the ability to exercise significant influence. Such investments are accounted for under the cost method. | ||||||||||||||
Leases | |||||||||||||||
Energy Holdings has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets. The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2013 and 2012, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 701 | $ | 721 | |||||||||||
Estimated Residual Value of Leased Assets | 529 | 535 | |||||||||||||
Total Investment in Rental Receivables | 1,230 | 1,256 | |||||||||||||
Unearned and Deferred Income | (405 | ) | (416 | ) | |||||||||||
Gross Investments in Leases | 825 | 840 | |||||||||||||
Deferred Tax Liabilities | (727 | ) | (723 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 117 | |||||||||||
The pre-tax income and income tax effects, excluding gains and losses on sales, related to investments in leases were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 11 | $ | 78 | $ | (228 | ) | ||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 6 | $ | 34 | $ | (77 | ) | ||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2013: | |||||||||||||||
% | |||||||||||||||
Name | Location | Owned | |||||||||||||
Power | |||||||||||||||
Keystone Fuels, LLC | PA | 23% | |||||||||||||
Conemaugh Fuels, LLC | PA | 23% | |||||||||||||
Kalaeloa | HI | 50% | |||||||||||||
Energy Holdings | |||||||||||||||
GWF | CA | 50% | |||||||||||||
Hanford L. P. (Hanford) | CA | 50% | |||||||||||||
Financing_Receivables
Financing Receivables | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Financing Receivables | ' | ||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||
PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with SRECs generated from the installed solar electric system. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.” | |||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Consumer Loans | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 192 | $ | 174 | |||||||||||||||||
Residential | 15 | 15 | |||||||||||||||||||
$ | 207 | $ | 189 | ||||||||||||||||||
Energy Holdings | |||||||||||||||||||||
Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $98 million and $117 million as of December 31, 2013 and 2012, respectively (See Note 7. Long-Term Investments). | |||||||||||||||||||||
The corresponding receivables associated with the lease portfolio are reflected below, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. “Not Rated” counterparties represent investments in lease receivables related to coal-fired assets and commercial real estate properties. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2013 | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 19 | $ | 21 | |||||||||||||||||
AA- | 56 | 73 | |||||||||||||||||||
BBB+ - BB+ | 316 | 316 | |||||||||||||||||||
B | 166 | 166 | |||||||||||||||||||
Not Rated | 144 | 145 | |||||||||||||||||||
$ | 701 | $ | 721 | ||||||||||||||||||
The “B” rating and the "Not Rated" above include lease receivables related to coal-fired assets in Pennsylvania and Illinois, respectively. As of December 31, 2013, the gross investment in the leases of such assets, net of non-recourse debt, was $561 million ($7 million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. | |||||||||||||||||||||
Asset | Location | Gross | % | Total MW | Fuel | Counterparties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | |||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 116 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations. A bankruptcy of a lessee would likely delay any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service (IRS). | |||||||||||||||||||||
Indirect subsidiary companies of Energy Holdings lease three coal-fired generation facilities in Pennsylvania (Keystone, Conemaugh and Shawville) to GenOn REMA, LLC (GenOn REMA), a subsidiary of GenOn Energy Inc. (GenOn), which was acquired by NRG Energy, Inc. (NRG) in December 2012. With respect to addressing various environmental controls: Keystone has installed a flue gas desulfurization (FGD) system for sulfur dioxide (SO2), selective catalytic reduction (SCR) equipment for nitrogen oxide (NOX) and mercury control; Conemaugh has a FGD system, while SCR and mercury control equipment are scheduled to be installed and operational by the first quarter of 2015; and GenOn has disclosed its plan to place Shawville in a “long-term protective layup” by April 2015. GenOn has stated that it is evaluating whether to continue to pay the required rent and maintain the facility in accordance with the lease terms or terminate the lease for obsolescence in which case the lessee would be required, among other things, to pay the contractual termination value structured to recover Energy Holdings' indirect subsidiaries' lease investment as specified in the lease agreement. | |||||||||||||||||||||
Although all lease payments from the GenOn REMA leases are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. | |||||||||||||||||||||
Nesbitt Asset Recovery, LLC (Nesbitt), (an indirect, wholly owned subsidiary of Energy Holdings), owns approximately 64% of the lease interest in the Powerton and Joliet coal units in Illinois, with the balance held by Associates Capital Investments, L.L.P. (Associates) (an affiliate of Citigroup, and, together with Nesbitt, the "Equity Investors"). These facilities are leased to Midwest Generation (MWG), an indirect subsidiary of Edison Mission Energy (EME). | |||||||||||||||||||||
MWG has substantially completed investments in mercury removal (Activated Carbon Injection) and NOX emission controls (low NOX burners and Selective Non-Catalytic Reduction systems). In April 2013, MWG obtained approval from the Illinois Pollution Control Board to defer capital investments for up to two additional years to meet upcoming air emission compliance deadlines under Illinois law. Also, in July 2013, the U.S. Court of Appeals affirmed the judgment of the lower court dismissing claims brought by the U.S. Environmental Protection Agency (EPA) and the State of Illinois against EME and MWG for alleged violations of the Clean Air Act. | |||||||||||||||||||||
In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. Immediately prior to that filing, EME, MWG and the Equity Investors, as well as certain affiliated owner lessors, entered into a forbearance agreement with holders of a majority of the lease debt that financed the original sale-leaseback transaction. As part of this agreement, (i) MWG will make partial lease payments of $4 million each month during the extension period starting in July 2013, (ii) MWG will continue to make certain environmental capital expenditures at the units, and (iii) the parties reserve their rights, claims, and defenses with respect to whether the leases are secured financings, rent amounts due under the leases, and the classification of claims under the leases, among other things. | |||||||||||||||||||||
In October 2013, NRG, EME, MWG, the Equity Investors and other creditor parties involved in the bankruptcy executed a new agreement, which was approved by the Bankruptcy Court. The new agreement contains the terms and conditions under which NRG would acquire substantially all of EME’s assets, including the Powerton and Joliet leased assets. As part of the proposed transaction, (i) the leases for the Powerton and Joliet coal units would be assumed on their existing terms, (ii) all past due rent under the leases would be paid in full, (iii) NRG would assume EME’s tax indemnity and guarantee obligations, and (iv) NRG would invest up to $350 million in the Powerton and Joliet coal units so they could be operated in compliance with all environmental regulations. The proposed transaction also requires approval by the FERC and other regulatory bodies, and there can be no assurances that the above transaction will be consummated. NRG and EME have stated that they expect the transaction to close in March 2014. The terms of the aforementioned forbearance agreement remain in effect until such time as the NRG acquisition is consummated or terminated. | |||||||||||||||||||||
In December 2011, indirect subsidiary companies of Energy Holdings and Dynegy Incorporated (Dynegy) reached a settlement agreement resolving disputes that had arisen between them with regard to Dynegy Holding’s (DH) rejection of the Dynegy leases. The original terms of the settlement agreement included an allowed claim in Bankruptcy Court of $110 million against DH. In December 2011, upon the effective date of the court order authorizing the Dynegy lease rejections, the leases no longer qualified for leveraged lease accounting treatment under GAAP. As a result, Energy Holdings wrote off the $264 million gross lease investment against the previously recorded reserve. The Energy Holdings' indirect subsidiary companies that are owners/lessors of the two plants ceased leveraged lease accounting and recorded the generation assets and related nonrecourse project debt on their balance sheets at their respective fair values (See Note 17. Fair Value Measurements). | |||||||||||||||||||||
In June 2012, an amended and restated settlement agreement entered into by DH, Dynegy and their creditors (including indirect subsidiary companies of Energy Holdings) was approved by the Bankruptcy Court. In October 2012, Dynegy emerged from bankruptcy and distributed cash and stock settlements to the claimants. The total recovery of Energy Holdings' indirect subsidiary companies from the Dynegy leases was approximately $63 million, which was recorded in Operating Revenues in 2012. | |||||||||||||||||||||
In December 2013, Energy Holdings executed a lease extension for its share of the Grand Gulf nuclear unit in Mississippi with the lessee, System Energy Resources, Inc., an affiliate of Entergy Corporation. The lease terms are for $14 million of annual rent commencing at the end of the current lease in July 2015 and extending through July 2036. | |||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||
Financing Receivables | ' | ||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||
PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with SRECs generated from the installed solar electric system. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.” | |||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Consumer Loans | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 192 | $ | 174 | |||||||||||||||||
Residential | 15 | 15 | |||||||||||||||||||
$ | 207 | $ | 189 | ||||||||||||||||||
Energy Holdings | |||||||||||||||||||||
Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $98 million and $117 million as of December 31, 2013 and 2012, respectively (See Note 7. Long-Term Investments). | |||||||||||||||||||||
The corresponding receivables associated with the lease portfolio are reflected below, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. “Not Rated” counterparties represent investments in lease receivables related to coal-fired assets and commercial real estate properties. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2013 | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 19 | $ | 21 | |||||||||||||||||
AA- | 56 | 73 | |||||||||||||||||||
BBB+ - BB+ | 316 | 316 | |||||||||||||||||||
B | 166 | 166 | |||||||||||||||||||
Not Rated | 144 | 145 | |||||||||||||||||||
$ | 701 | $ | 721 | ||||||||||||||||||
The “B” rating and the "Not Rated" above include lease receivables related to coal-fired assets in Pennsylvania and Illinois, respectively. As of December 31, 2013, the gross investment in the leases of such assets, net of non-recourse debt, was $561 million ($7 million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. | |||||||||||||||||||||
Asset | Location | Gross | % | Total MW | Fuel | Counterparties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | |||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 116 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations. A bankruptcy of a lessee would likely delay any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service (IRS). | |||||||||||||||||||||
Indirect subsidiary companies of Energy Holdings lease three coal-fired generation facilities in Pennsylvania (Keystone, Conemaugh and Shawville) to GenOn REMA, LLC (GenOn REMA), a subsidiary of GenOn Energy Inc. (GenOn), which was acquired by NRG Energy, Inc. (NRG) in December 2012. With respect to addressing various environmental controls: Keystone has installed a flue gas desulfurization (FGD) system for sulfur dioxide (SO2), selective catalytic reduction (SCR) equipment for nitrogen oxide (NOX) and mercury control; Conemaugh has a FGD system, while SCR and mercury control equipment are scheduled to be installed and operational by the first quarter of 2015; and GenOn has disclosed its plan to place Shawville in a “long-term protective layup” by April 2015. GenOn has stated that it is evaluating whether to continue to pay the required rent and maintain the facility in accordance with the lease terms or terminate the lease for obsolescence in which case the lessee would be required, among other things, to pay the contractual termination value structured to recover Energy Holdings' indirect subsidiaries' lease investment as specified in the lease agreement. | |||||||||||||||||||||
Although all lease payments from the GenOn REMA leases are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. | |||||||||||||||||||||
Nesbitt Asset Recovery, LLC (Nesbitt), (an indirect, wholly owned subsidiary of Energy Holdings), owns approximately 64% of the lease interest in the Powerton and Joliet coal units in Illinois, with the balance held by Associates Capital Investments, L.L.P. (Associates) (an affiliate of Citigroup, and, together with Nesbitt, the "Equity Investors"). These facilities are leased to Midwest Generation (MWG), an indirect subsidiary of Edison Mission Energy (EME). | |||||||||||||||||||||
MWG has substantially completed investments in mercury removal (Activated Carbon Injection) and NOX emission controls (low NOX burners and Selective Non-Catalytic Reduction systems). In April 2013, MWG obtained approval from the Illinois Pollution Control Board to defer capital investments for up to two additional years to meet upcoming air emission compliance deadlines under Illinois law. Also, in July 2013, the U.S. Court of Appeals affirmed the judgment of the lower court dismissing claims brought by the U.S. Environmental Protection Agency (EPA) and the State of Illinois against EME and MWG for alleged violations of the Clean Air Act. | |||||||||||||||||||||
In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. Immediately prior to that filing, EME, MWG and the Equity Investors, as well as certain affiliated owner lessors, entered into a forbearance agreement with holders of a majority of the lease debt that financed the original sale-leaseback transaction. As part of this agreement, (i) MWG will make partial lease payments of $4 million each month during the extension period starting in July 2013, (ii) MWG will continue to make certain environmental capital expenditures at the units, and (iii) the parties reserve their rights, claims, and defenses with respect to whether the leases are secured financings, rent amounts due under the leases, and the classification of claims under the leases, among other things. | |||||||||||||||||||||
In October 2013, NRG, EME, MWG, the Equity Investors and other creditor parties involved in the bankruptcy executed a new agreement, which was approved by the Bankruptcy Court. The new agreement contains the terms and conditions under which NRG would acquire substantially all of EME’s assets, including the Powerton and Joliet leased assets. As part of the proposed transaction, (i) the leases for the Powerton and Joliet coal units would be assumed on their existing terms, (ii) all past due rent under the leases would be paid in full, (iii) NRG would assume EME’s tax indemnity and guarantee obligations, and (iv) NRG would invest up to $350 million in the Powerton and Joliet coal units so they could be operated in compliance with all environmental regulations. The proposed transaction also requires approval by the FERC and other regulatory bodies, and there can be no assurances that the above transaction will be consummated. NRG and EME have stated that they expect the transaction to close in March 2014. The terms of the aforementioned forbearance agreement remain in effect until such time as the NRG acquisition is consummated or terminated. | |||||||||||||||||||||
In December 2011, indirect subsidiary companies of Energy Holdings and Dynegy Incorporated (Dynegy) reached a settlement agreement resolving disputes that had arisen between them with regard to Dynegy Holding’s (DH) rejection of the Dynegy leases. The original terms of the settlement agreement included an allowed claim in Bankruptcy Court of $110 million against DH. In December 2011, upon the effective date of the court order authorizing the Dynegy lease rejections, the leases no longer qualified for leveraged lease accounting treatment under GAAP. As a result, Energy Holdings wrote off the $264 million gross lease investment against the previously recorded reserve. The Energy Holdings' indirect subsidiary companies that are owners/lessors of the two plants ceased leveraged lease accounting and recorded the generation assets and related nonrecourse project debt on their balance sheets at their respective fair values (See Note 17. Fair Value Measurements). | |||||||||||||||||||||
In June 2012, an amended and restated settlement agreement entered into by DH, Dynegy and their creditors (including indirect subsidiary companies of Energy Holdings) was approved by the Bankruptcy Court. In October 2012, Dynegy emerged from bankruptcy and distributed cash and stock settlements to the claimants. The total recovery of Energy Holdings' indirect subsidiary companies from the Dynegy leases was approximately $63 million, which was recorded in Operating Revenues in 2012. | |||||||||||||||||||||
In December 2013, Energy Holdings executed a lease extension for its share of the Grand Gulf nuclear unit in Mississippi with the lessee, System Energy Resources, Inc., an affiliate of Entergy Corporation. The lease terms are for $14 million of annual rent commencing at the end of the current lease in July 2015 and extending through July 2036. |
AvailableforSale_Securities
Available-for-Sale Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||||||||
NDT Fund | |||||||||||||||||||||||||||||||||||
In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. Power is required to file periodic reports with the NRC demonstrating that the NDT Fund meets the formula-based minimum NRC funding requirements. | |||||||||||||||||||||||||||||||||||
Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $2.2 billion and $2.4 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2013 was approximately $369 million and is included in the Asset Retirement Obligation. The trust funds are managed by third-party investment advisors who operate under investment guidelines developed by Power. | |||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | ||||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | ||||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | ||||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 648 | $ | 147 | $ | (6 | ) | $ | 789 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 274 | 11 | — | 285 | |||||||||||||||||||||||||||||||
Other Debt Securities | 320 | 22 | — | 342 | |||||||||||||||||||||||||||||||
Total Debt Securities | 594 | 33 | — | 627 | |||||||||||||||||||||||||||||||
Other Securities | 124 | — | — | 124 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,366 | $ | 180 | $ | (6 | ) | $ | 1,540 | ||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as shown in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 39 | $ | 18 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 36 | $ | 53 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | $ | 139 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 300 | (11 | ) | 1 | (1 | ) | 34 | — | 1 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 107 | (4 | ) | 3 | — | 31 | — | 6 | — | ||||||||||||||||||||||||||
Total Debt Securities | 407 | (15 | ) | 4 | (1 | ) | 65 | — | 7 | — | |||||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | $ | 204 | $ | (6 | ) | $ | 7 | $ | — | ||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over companies with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales | $ | 1,070 | $ | 1,433 | $ | 1,355 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 112 | $ | 153 | $ | 144 | |||||||||||||||||||||||||||||
Gross Realized Losses | (26 | ) | (52 | ) | (45 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 86 | $ | 101 | $ | 99 | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Consolidated Statements of Operations. Net unrealized gains of $141 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 44 | |||||||||||||||||||||||||||||||||
1 - 5 years | 180 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 180 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 45 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 26 | ||||||||||||||||||||||||||||||||||
Over 20 years | 245 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 720 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). In 2013, other-than-temporary impairments of $12 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | |||||||||||||||||||||||||||||||||||
Rabbi Trust | |||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | |||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost bases for the securities held in the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | ||||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | ||||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | ||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 13 | $ | 5 | $ | — | $ | 18 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 114 | 3 | — | 117 | |||||||||||||||||||||||||||||||
Other Debt Securities | 45 | 2 | — | 47 | |||||||||||||||||||||||||||||||
Total Debt Securities | 159 | 5 | — | 164 | |||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 175 | $ | 10 | $ | — | $ | 185 | |||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as show in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 4 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 47 | (2 | ) | 2 | — | — | — | — | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 18 | (1 | ) | 1 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Debt Securities | 65 | (3 | ) | 3 | — | — | — | — | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund is through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales | $ | 89 | $ | 233 | $ | — | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | — | — | |||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in the Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2013. The Rabbi Trust available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 58 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 30 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 7 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 4 | ||||||||||||||||||||||||||||||||||
Over 20 years | 54 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 153 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. In 2013, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Power | $ | 39 | $ | 36 | |||||||||||||||||||||||||||||||
PSE&G | 42 | 61 | |||||||||||||||||||||||||||||||||
Other | 98 | 88 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 179 | $ | 185 | |||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||||||||
NDT Fund | |||||||||||||||||||||||||||||||||||
In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. Power is required to file periodic reports with the NRC demonstrating that the NDT Fund meets the formula-based minimum NRC funding requirements. | |||||||||||||||||||||||||||||||||||
Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $2.2 billion and $2.4 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2013 was approximately $369 million and is included in the Asset Retirement Obligation. The trust funds are managed by third-party investment advisors who operate under investment guidelines developed by Power. | |||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | ||||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | ||||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | ||||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 648 | $ | 147 | $ | (6 | ) | $ | 789 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 274 | 11 | — | 285 | |||||||||||||||||||||||||||||||
Other Debt Securities | 320 | 22 | — | 342 | |||||||||||||||||||||||||||||||
Total Debt Securities | 594 | 33 | — | 627 | |||||||||||||||||||||||||||||||
Other Securities | 124 | — | — | 124 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,366 | $ | 180 | $ | (6 | ) | $ | 1,540 | ||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as shown in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 39 | $ | 18 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 36 | $ | 53 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | $ | 139 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 300 | (11 | ) | 1 | (1 | ) | 34 | — | 1 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 107 | (4 | ) | 3 | — | 31 | — | 6 | — | ||||||||||||||||||||||||||
Total Debt Securities | 407 | (15 | ) | 4 | (1 | ) | 65 | — | 7 | — | |||||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | $ | 204 | $ | (6 | ) | $ | 7 | $ | — | ||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over companies with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales | $ | 1,070 | $ | 1,433 | $ | 1,355 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 112 | $ | 153 | $ | 144 | |||||||||||||||||||||||||||||
Gross Realized Losses | (26 | ) | (52 | ) | (45 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 86 | $ | 101 | $ | 99 | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Consolidated Statements of Operations. Net unrealized gains of $141 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 44 | |||||||||||||||||||||||||||||||||
1 - 5 years | 180 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 180 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 45 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 26 | ||||||||||||||||||||||||||||||||||
Over 20 years | 245 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 720 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). In 2013, other-than-temporary impairments of $12 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | |||||||||||||||||||||||||||||||||||
Rabbi Trust | |||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | |||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost bases for the securities held in the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | ||||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | ||||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | ||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 13 | $ | 5 | $ | — | $ | 18 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 114 | 3 | — | 117 | |||||||||||||||||||||||||||||||
Other Debt Securities | 45 | 2 | — | 47 | |||||||||||||||||||||||||||||||
Total Debt Securities | 159 | 5 | — | 164 | |||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 175 | $ | 10 | $ | — | $ | 185 | |||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as show in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 4 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 47 | (2 | ) | 2 | — | — | — | — | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 18 | (1 | ) | 1 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Debt Securities | 65 | (3 | ) | 3 | — | — | — | — | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund is through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales | $ | 89 | $ | 233 | $ | — | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | — | — | |||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in the Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2013. The Rabbi Trust available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 58 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 30 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 7 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 4 | ||||||||||||||||||||||||||||||||||
Over 20 years | 54 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 153 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. In 2013, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Power | $ | 39 | $ | 36 | |||||||||||||||||||||||||||||||
PSE&G | 42 | 61 | |||||||||||||||||||||||||||||||||
Other | 98 | 88 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 179 | $ | 185 | |||||||||||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||||||||
NDT Fund | |||||||||||||||||||||||||||||||||||
In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. Power is required to file periodic reports with the NRC demonstrating that the NDT Fund meets the formula-based minimum NRC funding requirements. | |||||||||||||||||||||||||||||||||||
Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $2.2 billion and $2.4 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2013 was approximately $369 million and is included in the Asset Retirement Obligation. The trust funds are managed by third-party investment advisors who operate under investment guidelines developed by Power. | |||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | ||||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | ||||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | ||||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 648 | $ | 147 | $ | (6 | ) | $ | 789 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 274 | 11 | — | 285 | |||||||||||||||||||||||||||||||
Other Debt Securities | 320 | 22 | — | 342 | |||||||||||||||||||||||||||||||
Total Debt Securities | 594 | 33 | — | 627 | |||||||||||||||||||||||||||||||
Other Securities | 124 | — | — | 124 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,366 | $ | 180 | $ | (6 | ) | $ | 1,540 | ||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as shown in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 39 | $ | 18 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 36 | $ | 53 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | $ | 139 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 300 | (11 | ) | 1 | (1 | ) | 34 | — | 1 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 107 | (4 | ) | 3 | — | 31 | — | 6 | — | ||||||||||||||||||||||||||
Total Debt Securities | 407 | (15 | ) | 4 | (1 | ) | 65 | — | 7 | — | |||||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | $ | 204 | $ | (6 | ) | $ | 7 | $ | — | ||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over companies with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales | $ | 1,070 | $ | 1,433 | $ | 1,355 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 112 | $ | 153 | $ | 144 | |||||||||||||||||||||||||||||
Gross Realized Losses | (26 | ) | (52 | ) | (45 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 86 | $ | 101 | $ | 99 | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Consolidated Statements of Operations. Net unrealized gains of $141 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 44 | |||||||||||||||||||||||||||||||||
1 - 5 years | 180 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 180 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 45 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 26 | ||||||||||||||||||||||||||||||||||
Over 20 years | 245 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 720 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). In 2013, other-than-temporary impairments of $12 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | |||||||||||||||||||||||||||||||||||
Rabbi Trust | |||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | |||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost bases for the securities held in the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | ||||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | ||||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | ||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 13 | $ | 5 | $ | — | $ | 18 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 114 | 3 | — | 117 | |||||||||||||||||||||||||||||||
Other Debt Securities | 45 | 2 | — | 47 | |||||||||||||||||||||||||||||||
Total Debt Securities | 159 | 5 | — | 164 | |||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 175 | $ | 10 | $ | — | $ | 185 | |||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as show in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 4 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 47 | (2 | ) | 2 | — | — | — | — | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 18 | (1 | ) | 1 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Debt Securities | 65 | (3 | ) | 3 | — | — | — | — | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund is through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales | $ | 89 | $ | 233 | $ | — | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | — | — | |||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the above table were recognized in Other Income and Other Deductions, respectively, in the Consolidated Statements of Operations. Net unrealized gains of $4 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2013. The Rabbi Trust available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 58 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 30 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 7 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 4 | ||||||||||||||||||||||||||||||||||
Over 20 years | 54 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 153 | |||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | |||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. In 2013, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Power | $ | 39 | $ | 36 | |||||||||||||||||||||||||||||||
PSE&G | 42 | 61 | |||||||||||||||||||||||||||||||||
Other | 98 | 88 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 179 | $ | 185 | |||||||||||||||||||||||||||||||
Goodwill_And_Other_Intangibles
Goodwill And Other Intangibles | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill And Other Intangibles | ' | ||||||||||||||
Goodwill and Other Intangibles | |||||||||||||||
As of each of December 31, 2013 and 2012, Power had goodwill of $16 million related to the Bethlehem Energy Center facility. Power conducted an annual review for goodwill impairment as of October 31, 2013 and concluded that goodwill was not impaired. No events occurred subsequent to that date which would require a further review of goodwill for impairment. | |||||||||||||||
In addition to goodwill, as of December 31, 2013 and 2012, Power had intangible assets of $33 million and $34 million, respectively, related to emissions allowances and renewable energy credits. Emissions expense includes impairments of emissions allowances and costs for emissions, which is recorded as emissions occur. As load is served under contracts requiring energy from renewable sources, the related expense is recorded. Such expenses for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 6 | $ | 5 | $ | 35 | |||||||||
Renewable Energy Expense | $ | 26 | $ | 34 | $ | 43 | |||||||||
Power [Member] | ' | ||||||||||||||
Goodwill And Other Intangibles | ' | ||||||||||||||
Goodwill and Other Intangibles | |||||||||||||||
As of each of December 31, 2013 and 2012, Power had goodwill of $16 million related to the Bethlehem Energy Center facility. Power conducted an annual review for goodwill impairment as of October 31, 2013 and concluded that goodwill was not impaired. No events occurred subsequent to that date which would require a further review of goodwill for impairment. | |||||||||||||||
In addition to goodwill, as of December 31, 2013 and 2012, Power had intangible assets of $33 million and $34 million, respectively, related to emissions allowances and renewable energy credits. Emissions expense includes impairments of emissions allowances and costs for emissions, which is recorded as emissions occur. As load is served under contracts requiring energy from renewable sources, the related expense is recorded. Such expenses for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 6 | $ | 5 | $ | 35 | |||||||||
Renewable Energy Expense | $ | 26 | $ | 34 | $ | 43 | |||||||||
Asset_Retirement_Obligations_A
Asset Retirement Obligations (AROs) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Asset Retirement Obligations (AROs) | ' | ||||||||||||||||||
Asset Retirement Obligations (AROs) | |||||||||||||||||||
PSEG, Power and PSE&G have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. To estimate this decommissioning obligation related to its nuclear power plants, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units, including liabilities for | |||||||||||||||||||
• | removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, | ||||||||||||||||||
• | restoration of leased office space to rentable condition upon lease termination, | ||||||||||||||||||
• | permits and authorizations, | ||||||||||||||||||
• | restoration of an area occupied by a reservoir when the reservoir is no longer needed, and | ||||||||||||||||||
• | demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. | ||||||||||||||||||
PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G did not record an ARO for its protected steel and poly-based natural gas transmission lines, as management believes that these categories of transmission lines have an indeterminable life. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, Power and PSE&G during 2012 and 2013 are presented in the following table: | |||||||||||||||||||
PSEG | Power | PSE&G | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2012 | $ | 489 | $ | 261 | $ | 226 | $ | 2 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (5 | ) | 1 | ||||||||||||
Liabilities Incurred | 11 | 4 | 7 | — | |||||||||||||||
Accretion Expense | 21 | 21 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 14 | — | 14 | — | |||||||||||||||
Revisions to Present Values of Estimated Cash Flows | 97 | 89 | 8 | — | |||||||||||||||
ARO Liability as of December 31, 2012 | $ | 627 | $ | 374 | $ | 250 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (4 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 4 | 13 | — | |||||||||||||||
Accretion Expense | 23 | 23 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | — | 15 | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 400 | $ | 274 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations | ||||||||||||||||||
During 2012, Power recorded an increase in its ARO liabilities, primarily due to an increase in the estimated cost to decommission its nuclear power plants and increased accretion. The increase in the estimated costs to decommission Power's nuclear plants resulted primarily from the receipt of updated decommissioning cost studies in 2012 and the impact of lower discount rates. This change in the ARO did not result in any material impact in Power's Consolidated Statements of Operations. | |||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||
Asset Retirement Obligations (AROs) | ' | ||||||||||||||||||
Asset Retirement Obligations (AROs) | |||||||||||||||||||
PSEG, Power and PSE&G have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. To estimate this decommissioning obligation related to its nuclear power plants, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units, including liabilities for | |||||||||||||||||||
• | removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, | ||||||||||||||||||
• | restoration of leased office space to rentable condition upon lease termination, | ||||||||||||||||||
• | permits and authorizations, | ||||||||||||||||||
• | restoration of an area occupied by a reservoir when the reservoir is no longer needed, and | ||||||||||||||||||
• | demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. | ||||||||||||||||||
PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G did not record an ARO for its protected steel and poly-based natural gas transmission lines, as management believes that these categories of transmission lines have an indeterminable life. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, Power and PSE&G during 2012 and 2013 are presented in the following table: | |||||||||||||||||||
PSEG | Power | PSE&G | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2012 | $ | 489 | $ | 261 | $ | 226 | $ | 2 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (5 | ) | 1 | ||||||||||||
Liabilities Incurred | 11 | 4 | 7 | — | |||||||||||||||
Accretion Expense | 21 | 21 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 14 | — | 14 | — | |||||||||||||||
Revisions to Present Values of Estimated Cash Flows | 97 | 89 | 8 | — | |||||||||||||||
ARO Liability as of December 31, 2012 | $ | 627 | $ | 374 | $ | 250 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (4 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 4 | 13 | — | |||||||||||||||
Accretion Expense | 23 | 23 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | — | 15 | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 400 | $ | 274 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations | ||||||||||||||||||
During 2012, Power recorded an increase in its ARO liabilities, primarily due to an increase in the estimated cost to decommission its nuclear power plants and increased accretion. The increase in the estimated costs to decommission Power's nuclear plants resulted primarily from the receipt of updated decommissioning cost studies in 2012 and the impact of lower discount rates. This change in the ARO did not result in any material impact in Power's Consolidated Statements of Operations. | |||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Asset Retirement Obligations (AROs) | ' | ||||||||||||||||||
Asset Retirement Obligations (AROs) | |||||||||||||||||||
PSEG, Power and PSE&G have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. To estimate this decommissioning obligation related to its nuclear power plants, Power uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates. Power has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 9. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units, including liabilities for | |||||||||||||||||||
• | removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, | ||||||||||||||||||
• | restoration of leased office space to rentable condition upon lease termination, | ||||||||||||||||||
• | permits and authorizations, | ||||||||||||||||||
• | restoration of an area occupied by a reservoir when the reservoir is no longer needed, and | ||||||||||||||||||
• | demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. | ||||||||||||||||||
PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G did not record an ARO for its protected steel and poly-based natural gas transmission lines, as management believes that these categories of transmission lines have an indeterminable life. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, Power and PSE&G during 2012 and 2013 are presented in the following table: | |||||||||||||||||||
PSEG | Power | PSE&G | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2012 | $ | 489 | $ | 261 | $ | 226 | $ | 2 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (5 | ) | 1 | ||||||||||||
Liabilities Incurred | 11 | 4 | 7 | — | |||||||||||||||
Accretion Expense | 21 | 21 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 14 | — | 14 | — | |||||||||||||||
Revisions to Present Values of Estimated Cash Flows | 97 | 89 | 8 | — | |||||||||||||||
ARO Liability as of December 31, 2012 | $ | 627 | $ | 374 | $ | 250 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (4 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 4 | 13 | — | |||||||||||||||
Accretion Expense | 23 | 23 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | — | 15 | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 400 | $ | 274 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations | ||||||||||||||||||
During 2012, Power recorded an increase in its ARO liabilities, primarily due to an increase in the estimated cost to decommission its nuclear power plants and increased accretion. The increase in the estimated costs to decommission Power's nuclear plants resulted primarily from the receipt of updated decommissioning cost studies in 2012 and the impact of lower discount rates. This change in the ARO did not result in any material impact in Power's Consolidated Statements of Operations. |
Pension_OPEB_and_Savings_Plans
Pension, OPEB and Savings Plans | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | ' | ||||||||||||||||||||||||||
Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans | |||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Eligible employees participate in non-contributory pension and OPEB plans sponsored by PSEG and administered by Services. In addition, represented and nonrepresented employees are eligible for participation in PSEG’s two defined contribution plans described below. | |||||||||||||||||||||||||||
PSEG, Power and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of its respective year-end Consolidated Balance Sheets. For under funded plans, the liability is equal to the difference between the plan’s benefit obligation and the fair value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. For OPEB plans, the benefit obligation is the accumulated postretirement benefit obligation. In addition, accounting guidance requires that the total unrecognized costs for defined benefit pension and OPEB plans be recorded as an after-tax charge to Accumulated Other Comprehensive Income (Loss), a separate component of Stockholders’ Equity. However, for PSE&G, because the amortization of the unrecognized costs is being collected from customers, the accumulated unrecognized costs are recorded as a Regulatory Asset. The unrecognized costs represent actuarial gains or losses, prior service costs and transition obligations arising from the adoption of the revised accounting guidance for pensions and OPEB, which had not been expensed. | |||||||||||||||||||||||||||
For Power, the charge to Accumulated Other Comprehensive Income (Loss) is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. For PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2013 and 2012. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 5,235 | $ | 4,572 | $ | 1,538 | $ | 1,338 | |||||||||||||||||||
Service Cost | 116 | 101 | 21 | 17 | |||||||||||||||||||||||
Interest Cost | 215 | 223 | 63 | 65 | |||||||||||||||||||||||
Actuarial (Gain) Loss | (501 | ) | 586 | (144 | ) | 182 | |||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Special Termination Benefits | — | 1 | — | — | |||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 4,357 | $ | 3,831 | $ | 253 | $ | 211 | |||||||||||||||||||
Actual Return on Plan Assets | 857 | 541 | 52 | 31 | |||||||||||||||||||||||
Employer Contributions | 155 | 233 | 78 | 75 | |||||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets | $ | 434 | $ | 6 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (9 | ) | (8 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (121 | ) | (876 | ) | (1,095 | ) | (1,285 | ) | |||||||||||||||||||
Amounts Recognized | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (B) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (120 | ) | $ | (139 | ) | $ | (53 | ) | $ | (67 | ) | |||||||||||||||
Net Actuarial Loss | 977 | 2,174 | 310 | 527 | |||||||||||||||||||||||
Total | $ | 857 | $ | 2,035 | $ | 257 | $ | 460 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits. | ||||||||||||||||||||||||||
(B) | Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
The pension benefits table above provides information relating to the funded status of all qualified and nonqualified pension plans and OPEB plans on an aggregate basis. As of December 31, 2013, PSEG had funded approximately 106% of its projected benefit obligation. This percentage does not include $179 million of assets in the Rabbi Trust as of December 31, 2013 which were used partially to fund the nonqualified pension plans. As of December 31, 2013, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $130 million. The fair values of the Rabbi Trust assets are included in Other Special Funds on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||||||||||
The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.5 billion as of December 31, 2013 and $4.9 billion as of December 31, 2012. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||
Service Cost | $ | 116 | $ | 101 | $ | 92 | $ | 21 | $ | 17 | $ | 14 | |||||||||||||||
Interest Cost | 215 | 223 | 228 | 63 | 65 | 61 | |||||||||||||||||||||
Expected Return on Plan Assets | (348 | ) | (306 | ) | (334 | ) | (21 | ) | (17 | ) | (18 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | 2 | 4 | |||||||||||||||||||||
Prior Service Cost | (19 | ) | (18 | ) | (11 | ) | (14 | ) | (14 | ) | (13 | ) | |||||||||||||||
Actuarial Loss | 188 | 167 | 119 | 42 | 31 | 14 | |||||||||||||||||||||
Net Periodic Benefit Cost | $ | 152 | $ | 167 | $ | 94 | $ | 91 | $ | 84 | $ | 62 | |||||||||||||||
Special Termination Benefits | — | 1 | — | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | 19 | 19 | |||||||||||||||||||||
Total Benefit Costs, Including Effect of Regulatory Asset | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
Pension costs and OPEB costs for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 43 | $ | 52 | $ | 29 | $ | 23 | $ | 18 | $ | 12 | |||||||||||||||
PSE&G | 91 | 97 | 51 | 65 | 82 | 67 | |||||||||||||||||||||
Other | 18 | 19 | 14 | 3 | 3 | 2 | |||||||||||||||||||||
Total Benefit Costs | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | (1,009 | ) | $ | 350 | $ | (175 | ) | $ | 169 | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (188 | ) | (167 | ) | (42 | ) | (32 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 19 | 19 | 14 | 14 | |||||||||||||||||||||||
Amortization of Transition Asset | — | — | — | (2 | ) | ||||||||||||||||||||||
Total | $ | (1,178 | ) | $ | 202 | $ | (203 | ) | $ | 149 | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2014 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 56 | $ | 23 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.4 | % | 4.2 | % | 5 | % | 5.38 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8.5 | % | 8 | % | 8 | % | 8.5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31 | |||||||||||||||||||||||||||
Administrative Expense | 3 | % | 3 | % | 5 | % | |||||||||||||||||||||
Dental Costs | 5 | % | 6 | % | 6 | % | |||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | 8.88 | % | 8 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2023 | 2016 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.88 | % | 7.98 | % | 8.25 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2019 | 2017 | ||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 12 | $ | 12 | $ | 11 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 161 | $ | 180 | $ | 155 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (134 | ) | $ | (149 | ) | $ | (128 | ) | ||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of pension plans and OPEB plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. As of December 31, 2013, the pension plan interest and OPEB plan interest in such assets of the Master Trust were approximately 94% and 6%, respectively. | |||||||||||||||||||||||||||
The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 93 | $ | 52 | $ | 41 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,264 | 2,264 | — | — | |||||||||||||||||||||||
Commingled—International | 1,016 | 1,016 | — | — | |||||||||||||||||||||||
Other | 704 | 704 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 596 | — | 596 | — | |||||||||||||||||||||||
Other | 737 | — | 737 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 4,036 | $ | 1,374 | $ | 25 | |||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 67 | $ | — | $ | 67 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 1,928 | 1,928 | — | — | |||||||||||||||||||||||
Commingled—International | 839 | 839 | — | — | |||||||||||||||||||||||
Other | 431 | 431 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 623 | — | 623 | — | |||||||||||||||||||||||
Other | 691 | — | 691 | — | |||||||||||||||||||||||
Private Equity (D) | 31 | — | — | 31 | |||||||||||||||||||||||
Total | $ | 4,610 | $ | 3,198 | $ | 1,381 | $ | 31 | |||||||||||||||||||
(A) | Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||||||||||||||||||||||||
(B) | Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price. | ||||||||||||||||||||||||||
(C) | Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2). | ||||||||||||||||||||||||||
(D) | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). | ||||||||||||||||||||||||||
Reconciliations of the beginning and ending balances of the Pension and OPEB Plans’ Level 3 assets for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2013 | ||||||||||||||||||||||
1-Jan-13 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 31 | $ | (11 | ) | $ | — | $ | 11 | $ | (6 | ) | $ | 25 | |||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2012 | ||||||||||||||||||||||
1-Jan-12 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pooled Real Estate | $ | 36 | $ | (38 | ) | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||||
Private Equity | $ | 37 | $ | (6 | ) | $ | — | $ | 5 | $ | (5 | ) | $ | 31 | |||||||||||||
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31: | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Investments | 2013 | 2012 | |||||||||||||||||||||||||
Equity Securities | 73 | % | 69 | % | |||||||||||||||||||||||
Fixed Income Securities | 25 | 29 | |||||||||||||||||||||||||
Other Investments | 2 | 2 | |||||||||||||||||||||||||
Total Percentage | 100 | % | 100 | % | |||||||||||||||||||||||
PSEG utilizes forecasted returns, risk, and correlation of all asset classes in order to develop a portfolio designed to produce the maximum return opportunity per unit of risk. In 2011, PSEG completed its latest asset/liability study. The results from the study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. Derivative financial instruments are used by the plans’ investment managers primarily to adjust the fixed income duration of the portfolio and hedge the currency risk component of foreign investments. The expected long-term rate of return on plan assets was 8.00% as of December 31, 2013 and will remain unchanged for 2014. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ historical annualized rate of return since inception, which was 9.5%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
PSEG does not anticipate making additional contributions into its pension plans during 2014. PSEG may contribute up to $14 million into its OPEB plan during 2014. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to plan participants. | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 256 | $ | 77 | |||||||||||||||||||||||
2015 | 263 | 78 | |||||||||||||||||||||||||
2016 | 272 | 80 | |||||||||||||||||||||||||
2017 | 282 | 82 | |||||||||||||||||||||||||
2018 | 293 | 84 | |||||||||||||||||||||||||
2019-2023 | 1,647 | 458 | |||||||||||||||||||||||||
Total | $ | 3,013 | $ | 859 | |||||||||||||||||||||||
Long Island Electric Utility Servco LLC (ServCo) Pension and OPEB | |||||||||||||||||||||||||||
PSEG Long Island (PSEG LI) and the Long Island Power Authority (LIPA) entered into a twelve year Amended and Restated Operations Services Agreement (OSA) effective January 1, 2014 to operate LIPA’s electric transmission and distribution (T&D) system in Long Island, New York. ServCo, a wholly owned subsidiary of PSEG LI, has created benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D manager for LIPA. Such benefits include defined benefit and cash balance pension plans and health and welfare plans for union, nonunion and management employees. Since the vast majority of ServCo's employees had worked under NGES' T&D operations services arrangement with LIPA, ServCo's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The OSA provides for all of these employee benefit costs to be funded by LIPA. ServCo amounts are not included in any of the preceding pension and OPEB disclosures. | |||||||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act defined contribution retirement plans. Eligible represented employees of PSEG's subsidiaries participate in the PSEG Employee Savings Plan (Savings Plan), while eligible non-represented employees of PSEG's subsidiaries participate in the PSEG Thrift and Tax-Deferred Savings Plan (Thrift Plan). Eligible employees may contribute up to 50% of their compensation to these plans. PSEG matches 50% of such employee contributions up to 7% of pay for Savings Plan participants and up to 8% of pay for Thrift Plan participants. | |||||||||||||||||||||||||||
The amount paid for employer matching contributions to the plans for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 10 | $ | 10 | $ | 8 | |||||||||||||||||||||
PSE&G | 19 | 18 | 14 | ||||||||||||||||||||||||
Other | 4 | 4 | 2 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 33 | $ | 32 | $ | 24 | |||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | ' | ||||||||||||||||||||||||||
Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans | |||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Eligible employees participate in non-contributory pension and OPEB plans sponsored by PSEG and administered by Services. In addition, represented and nonrepresented employees are eligible for participation in PSEG’s two defined contribution plans described below. | |||||||||||||||||||||||||||
PSEG, Power and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of its respective year-end Consolidated Balance Sheets. For under funded plans, the liability is equal to the difference between the plan’s benefit obligation and the fair value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. For OPEB plans, the benefit obligation is the accumulated postretirement benefit obligation. In addition, accounting guidance requires that the total unrecognized costs for defined benefit pension and OPEB plans be recorded as an after-tax charge to Accumulated Other Comprehensive Income (Loss), a separate component of Stockholders’ Equity. However, for PSE&G, because the amortization of the unrecognized costs is being collected from customers, the accumulated unrecognized costs are recorded as a Regulatory Asset. The unrecognized costs represent actuarial gains or losses, prior service costs and transition obligations arising from the adoption of the revised accounting guidance for pensions and OPEB, which had not been expensed. | |||||||||||||||||||||||||||
For Power, the charge to Accumulated Other Comprehensive Income (Loss) is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. For PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2013 and 2012. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 5,235 | $ | 4,572 | $ | 1,538 | $ | 1,338 | |||||||||||||||||||
Service Cost | 116 | 101 | 21 | 17 | |||||||||||||||||||||||
Interest Cost | 215 | 223 | 63 | 65 | |||||||||||||||||||||||
Actuarial (Gain) Loss | (501 | ) | 586 | (144 | ) | 182 | |||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Special Termination Benefits | — | 1 | — | — | |||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 4,357 | $ | 3,831 | $ | 253 | $ | 211 | |||||||||||||||||||
Actual Return on Plan Assets | 857 | 541 | 52 | 31 | |||||||||||||||||||||||
Employer Contributions | 155 | 233 | 78 | 75 | |||||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets | $ | 434 | $ | 6 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (9 | ) | (8 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (121 | ) | (876 | ) | (1,095 | ) | (1,285 | ) | |||||||||||||||||||
Amounts Recognized | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (B) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (120 | ) | $ | (139 | ) | $ | (53 | ) | $ | (67 | ) | |||||||||||||||
Net Actuarial Loss | 977 | 2,174 | 310 | 527 | |||||||||||||||||||||||
Total | $ | 857 | $ | 2,035 | $ | 257 | $ | 460 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits. | ||||||||||||||||||||||||||
(B) | Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
The pension benefits table above provides information relating to the funded status of all qualified and nonqualified pension plans and OPEB plans on an aggregate basis. As of December 31, 2013, PSEG had funded approximately 106% of its projected benefit obligation. This percentage does not include $179 million of assets in the Rabbi Trust as of December 31, 2013 which were used partially to fund the nonqualified pension plans. As of December 31, 2013, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $130 million. The fair values of the Rabbi Trust assets are included in Other Special Funds on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||||||||||
The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.5 billion as of December 31, 2013 and $4.9 billion as of December 31, 2012. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||
Service Cost | $ | 116 | $ | 101 | $ | 92 | $ | 21 | $ | 17 | $ | 14 | |||||||||||||||
Interest Cost | 215 | 223 | 228 | 63 | 65 | 61 | |||||||||||||||||||||
Expected Return on Plan Assets | (348 | ) | (306 | ) | (334 | ) | (21 | ) | (17 | ) | (18 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | 2 | 4 | |||||||||||||||||||||
Prior Service Cost | (19 | ) | (18 | ) | (11 | ) | (14 | ) | (14 | ) | (13 | ) | |||||||||||||||
Actuarial Loss | 188 | 167 | 119 | 42 | 31 | 14 | |||||||||||||||||||||
Net Periodic Benefit Cost | $ | 152 | $ | 167 | $ | 94 | $ | 91 | $ | 84 | $ | 62 | |||||||||||||||
Special Termination Benefits | — | 1 | — | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | 19 | 19 | |||||||||||||||||||||
Total Benefit Costs, Including Effect of Regulatory Asset | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
Pension costs and OPEB costs for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 43 | $ | 52 | $ | 29 | $ | 23 | $ | 18 | $ | 12 | |||||||||||||||
PSE&G | 91 | 97 | 51 | 65 | 82 | 67 | |||||||||||||||||||||
Other | 18 | 19 | 14 | 3 | 3 | 2 | |||||||||||||||||||||
Total Benefit Costs | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | (1,009 | ) | $ | 350 | $ | (175 | ) | $ | 169 | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (188 | ) | (167 | ) | (42 | ) | (32 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 19 | 19 | 14 | 14 | |||||||||||||||||||||||
Amortization of Transition Asset | — | — | — | (2 | ) | ||||||||||||||||||||||
Total | $ | (1,178 | ) | $ | 202 | $ | (203 | ) | $ | 149 | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2014 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 56 | $ | 23 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.4 | % | 4.2 | % | 5 | % | 5.38 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8.5 | % | 8 | % | 8 | % | 8.5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31 | |||||||||||||||||||||||||||
Administrative Expense | 3 | % | 3 | % | 5 | % | |||||||||||||||||||||
Dental Costs | 5 | % | 6 | % | 6 | % | |||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | 8.88 | % | 8 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2023 | 2016 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.88 | % | 7.98 | % | 8.25 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2019 | 2017 | ||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 12 | $ | 12 | $ | 11 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 161 | $ | 180 | $ | 155 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (134 | ) | $ | (149 | ) | $ | (128 | ) | ||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of pension plans and OPEB plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. As of December 31, 2013, the pension plan interest and OPEB plan interest in such assets of the Master Trust were approximately 94% and 6%, respectively. | |||||||||||||||||||||||||||
The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 93 | $ | 52 | $ | 41 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,264 | 2,264 | — | — | |||||||||||||||||||||||
Commingled—International | 1,016 | 1,016 | — | — | |||||||||||||||||||||||
Other | 704 | 704 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 596 | — | 596 | — | |||||||||||||||||||||||
Other | 737 | — | 737 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 4,036 | $ | 1,374 | $ | 25 | |||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 67 | $ | — | $ | 67 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 1,928 | 1,928 | — | — | |||||||||||||||||||||||
Commingled—International | 839 | 839 | — | — | |||||||||||||||||||||||
Other | 431 | 431 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 623 | — | 623 | — | |||||||||||||||||||||||
Other | 691 | — | 691 | — | |||||||||||||||||||||||
Private Equity (D) | 31 | — | — | 31 | |||||||||||||||||||||||
Total | $ | 4,610 | $ | 3,198 | $ | 1,381 | $ | 31 | |||||||||||||||||||
(A) | Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||||||||||||||||||||||||
(B) | Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price. | ||||||||||||||||||||||||||
(C) | Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2). | ||||||||||||||||||||||||||
(D) | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). | ||||||||||||||||||||||||||
Reconciliations of the beginning and ending balances of the Pension and OPEB Plans’ Level 3 assets for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2013 | ||||||||||||||||||||||
1-Jan-13 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 31 | $ | (11 | ) | $ | — | $ | 11 | $ | (6 | ) | $ | 25 | |||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2012 | ||||||||||||||||||||||
1-Jan-12 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pooled Real Estate | $ | 36 | $ | (38 | ) | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||||
Private Equity | $ | 37 | $ | (6 | ) | $ | — | $ | 5 | $ | (5 | ) | $ | 31 | |||||||||||||
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31: | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Investments | 2013 | 2012 | |||||||||||||||||||||||||
Equity Securities | 73 | % | 69 | % | |||||||||||||||||||||||
Fixed Income Securities | 25 | 29 | |||||||||||||||||||||||||
Other Investments | 2 | 2 | |||||||||||||||||||||||||
Total Percentage | 100 | % | 100 | % | |||||||||||||||||||||||
PSEG utilizes forecasted returns, risk, and correlation of all asset classes in order to develop a portfolio designed to produce the maximum return opportunity per unit of risk. In 2011, PSEG completed its latest asset/liability study. The results from the study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. Derivative financial instruments are used by the plans’ investment managers primarily to adjust the fixed income duration of the portfolio and hedge the currency risk component of foreign investments. The expected long-term rate of return on plan assets was 8.00% as of December 31, 2013 and will remain unchanged for 2014. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ historical annualized rate of return since inception, which was 9.5%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
PSEG does not anticipate making additional contributions into its pension plans during 2014. PSEG may contribute up to $14 million into its OPEB plan during 2014. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to plan participants. | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 256 | $ | 77 | |||||||||||||||||||||||
2015 | 263 | 78 | |||||||||||||||||||||||||
2016 | 272 | 80 | |||||||||||||||||||||||||
2017 | 282 | 82 | |||||||||||||||||||||||||
2018 | 293 | 84 | |||||||||||||||||||||||||
2019-2023 | 1,647 | 458 | |||||||||||||||||||||||||
Total | $ | 3,013 | $ | 859 | |||||||||||||||||||||||
Long Island Electric Utility Servco LLC (ServCo) Pension and OPEB | |||||||||||||||||||||||||||
PSEG Long Island (PSEG LI) and the Long Island Power Authority (LIPA) entered into a twelve year Amended and Restated Operations Services Agreement (OSA) effective January 1, 2014 to operate LIPA’s electric transmission and distribution (T&D) system in Long Island, New York. ServCo, a wholly owned subsidiary of PSEG LI, has created benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D manager for LIPA. Such benefits include defined benefit and cash balance pension plans and health and welfare plans for union, nonunion and management employees. Since the vast majority of ServCo's employees had worked under NGES' T&D operations services arrangement with LIPA, ServCo's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The OSA provides for all of these employee benefit costs to be funded by LIPA. ServCo amounts are not included in any of the preceding pension and OPEB disclosures. | |||||||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act defined contribution retirement plans. Eligible represented employees of PSEG's subsidiaries participate in the PSEG Employee Savings Plan (Savings Plan), while eligible non-represented employees of PSEG's subsidiaries participate in the PSEG Thrift and Tax-Deferred Savings Plan (Thrift Plan). Eligible employees may contribute up to 50% of their compensation to these plans. PSEG matches 50% of such employee contributions up to 7% of pay for Savings Plan participants and up to 8% of pay for Thrift Plan participants. | |||||||||||||||||||||||||||
The amount paid for employer matching contributions to the plans for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 10 | $ | 10 | $ | 8 | |||||||||||||||||||||
PSE&G | 19 | 18 | 14 | ||||||||||||||||||||||||
Other | 4 | 4 | 2 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 33 | $ | 32 | $ | 24 | |||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | ' | ||||||||||||||||||||||||||
Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans | |||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Eligible employees participate in non-contributory pension and OPEB plans sponsored by PSEG and administered by Services. In addition, represented and nonrepresented employees are eligible for participation in PSEG’s two defined contribution plans described below. | |||||||||||||||||||||||||||
PSEG, Power and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of its respective year-end Consolidated Balance Sheets. For under funded plans, the liability is equal to the difference between the plan’s benefit obligation and the fair value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. For OPEB plans, the benefit obligation is the accumulated postretirement benefit obligation. In addition, accounting guidance requires that the total unrecognized costs for defined benefit pension and OPEB plans be recorded as an after-tax charge to Accumulated Other Comprehensive Income (Loss), a separate component of Stockholders’ Equity. However, for PSE&G, because the amortization of the unrecognized costs is being collected from customers, the accumulated unrecognized costs are recorded as a Regulatory Asset. The unrecognized costs represent actuarial gains or losses, prior service costs and transition obligations arising from the adoption of the revised accounting guidance for pensions and OPEB, which had not been expensed. | |||||||||||||||||||||||||||
For Power, the charge to Accumulated Other Comprehensive Income (Loss) is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. For PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2013 and 2012. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 5,235 | $ | 4,572 | $ | 1,538 | $ | 1,338 | |||||||||||||||||||
Service Cost | 116 | 101 | 21 | 17 | |||||||||||||||||||||||
Interest Cost | 215 | 223 | 63 | 65 | |||||||||||||||||||||||
Actuarial (Gain) Loss | (501 | ) | 586 | (144 | ) | 182 | |||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Special Termination Benefits | — | 1 | — | — | |||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 4,357 | $ | 3,831 | $ | 253 | $ | 211 | |||||||||||||||||||
Actual Return on Plan Assets | 857 | 541 | 52 | 31 | |||||||||||||||||||||||
Employer Contributions | 155 | 233 | 78 | 75 | |||||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets | $ | 434 | $ | 6 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (9 | ) | (8 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (121 | ) | (876 | ) | (1,095 | ) | (1,285 | ) | |||||||||||||||||||
Amounts Recognized | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (B) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (120 | ) | $ | (139 | ) | $ | (53 | ) | $ | (67 | ) | |||||||||||||||
Net Actuarial Loss | 977 | 2,174 | 310 | 527 | |||||||||||||||||||||||
Total | $ | 857 | $ | 2,035 | $ | 257 | $ | 460 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits. | ||||||||||||||||||||||||||
(B) | Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
The pension benefits table above provides information relating to the funded status of all qualified and nonqualified pension plans and OPEB plans on an aggregate basis. As of December 31, 2013, PSEG had funded approximately 106% of its projected benefit obligation. This percentage does not include $179 million of assets in the Rabbi Trust as of December 31, 2013 which were used partially to fund the nonqualified pension plans. As of December 31, 2013, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $130 million. The fair values of the Rabbi Trust assets are included in Other Special Funds on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||||||||||
The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.5 billion as of December 31, 2013 and $4.9 billion as of December 31, 2012. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||
Service Cost | $ | 116 | $ | 101 | $ | 92 | $ | 21 | $ | 17 | $ | 14 | |||||||||||||||
Interest Cost | 215 | 223 | 228 | 63 | 65 | 61 | |||||||||||||||||||||
Expected Return on Plan Assets | (348 | ) | (306 | ) | (334 | ) | (21 | ) | (17 | ) | (18 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | 2 | 4 | |||||||||||||||||||||
Prior Service Cost | (19 | ) | (18 | ) | (11 | ) | (14 | ) | (14 | ) | (13 | ) | |||||||||||||||
Actuarial Loss | 188 | 167 | 119 | 42 | 31 | 14 | |||||||||||||||||||||
Net Periodic Benefit Cost | $ | 152 | $ | 167 | $ | 94 | $ | 91 | $ | 84 | $ | 62 | |||||||||||||||
Special Termination Benefits | — | 1 | — | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | 19 | 19 | |||||||||||||||||||||
Total Benefit Costs, Including Effect of Regulatory Asset | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
Pension costs and OPEB costs for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 43 | $ | 52 | $ | 29 | $ | 23 | $ | 18 | $ | 12 | |||||||||||||||
PSE&G | 91 | 97 | 51 | 65 | 82 | 67 | |||||||||||||||||||||
Other | 18 | 19 | 14 | 3 | 3 | 2 | |||||||||||||||||||||
Total Benefit Costs | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | (1,009 | ) | $ | 350 | $ | (175 | ) | $ | 169 | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (188 | ) | (167 | ) | (42 | ) | (32 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 19 | 19 | 14 | 14 | |||||||||||||||||||||||
Amortization of Transition Asset | — | — | — | (2 | ) | ||||||||||||||||||||||
Total | $ | (1,178 | ) | $ | 202 | $ | (203 | ) | $ | 149 | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2014 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 56 | $ | 23 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.4 | % | 4.2 | % | 5 | % | 5.38 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8.5 | % | 8 | % | 8 | % | 8.5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31 | |||||||||||||||||||||||||||
Administrative Expense | 3 | % | 3 | % | 5 | % | |||||||||||||||||||||
Dental Costs | 5 | % | 6 | % | 6 | % | |||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | 8.88 | % | 8 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2023 | 2016 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.88 | % | 7.98 | % | 8.25 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2019 | 2017 | ||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 12 | $ | 12 | $ | 11 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 161 | $ | 180 | $ | 155 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (134 | ) | $ | (149 | ) | $ | (128 | ) | ||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of pension plans and OPEB plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of both plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. As of December 31, 2013, the pension plan interest and OPEB plan interest in such assets of the Master Trust were approximately 94% and 6%, respectively. | |||||||||||||||||||||||||||
The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 93 | $ | 52 | $ | 41 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,264 | 2,264 | — | — | |||||||||||||||||||||||
Commingled—International | 1,016 | 1,016 | — | — | |||||||||||||||||||||||
Other | 704 | 704 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 596 | — | 596 | — | |||||||||||||||||||||||
Other | 737 | — | 737 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 4,036 | $ | 1,374 | $ | 25 | |||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 67 | $ | — | $ | 67 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 1,928 | 1,928 | — | — | |||||||||||||||||||||||
Commingled—International | 839 | 839 | — | — | |||||||||||||||||||||||
Other | 431 | 431 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 623 | — | 623 | — | |||||||||||||||||||||||
Other | 691 | — | 691 | — | |||||||||||||||||||||||
Private Equity (D) | 31 | — | — | 31 | |||||||||||||||||||||||
Total | $ | 4,610 | $ | 3,198 | $ | 1,381 | $ | 31 | |||||||||||||||||||
(A) | Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||||||||||||||||||||||||
(B) | Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price. | ||||||||||||||||||||||||||
(C) | Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2). | ||||||||||||||||||||||||||
(D) | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). | ||||||||||||||||||||||||||
Reconciliations of the beginning and ending balances of the Pension and OPEB Plans’ Level 3 assets for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2013 | ||||||||||||||||||||||
1-Jan-13 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 31 | $ | (11 | ) | $ | — | $ | 11 | $ | (6 | ) | $ | 25 | |||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2012 | ||||||||||||||||||||||
1-Jan-12 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pooled Real Estate | $ | 36 | $ | (38 | ) | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||||
Private Equity | $ | 37 | $ | (6 | ) | $ | — | $ | 5 | $ | (5 | ) | $ | 31 | |||||||||||||
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31: | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Investments | 2013 | 2012 | |||||||||||||||||||||||||
Equity Securities | 73 | % | 69 | % | |||||||||||||||||||||||
Fixed Income Securities | 25 | 29 | |||||||||||||||||||||||||
Other Investments | 2 | 2 | |||||||||||||||||||||||||
Total Percentage | 100 | % | 100 | % | |||||||||||||||||||||||
PSEG utilizes forecasted returns, risk, and correlation of all asset classes in order to develop a portfolio designed to produce the maximum return opportunity per unit of risk. In 2011, PSEG completed its latest asset/liability study. The results from the study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. Derivative financial instruments are used by the plans’ investment managers primarily to adjust the fixed income duration of the portfolio and hedge the currency risk component of foreign investments. The expected long-term rate of return on plan assets was 8.00% as of December 31, 2013 and will remain unchanged for 2014. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ historical annualized rate of return since inception, which was 9.5%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
PSEG does not anticipate making additional contributions into its pension plans during 2014. PSEG may contribute up to $14 million into its OPEB plan during 2014. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to plan participants. | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 256 | $ | 77 | |||||||||||||||||||||||
2015 | 263 | 78 | |||||||||||||||||||||||||
2016 | 272 | 80 | |||||||||||||||||||||||||
2017 | 282 | 82 | |||||||||||||||||||||||||
2018 | 293 | 84 | |||||||||||||||||||||||||
2019-2023 | 1,647 | 458 | |||||||||||||||||||||||||
Total | $ | 3,013 | $ | 859 | |||||||||||||||||||||||
Long Island Electric Utility Servco LLC (ServCo) Pension and OPEB | |||||||||||||||||||||||||||
PSEG Long Island (PSEG LI) and the Long Island Power Authority (LIPA) entered into a twelve year Amended and Restated Operations Services Agreement (OSA) effective January 1, 2014 to operate LIPA’s electric transmission and distribution (T&D) system in Long Island, New York. ServCo, a wholly owned subsidiary of PSEG LI, has created benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D manager for LIPA. Such benefits include defined benefit and cash balance pension plans and health and welfare plans for union, nonunion and management employees. Since the vast majority of ServCo's employees had worked under NGES' T&D operations services arrangement with LIPA, ServCo's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The OSA provides for all of these employee benefit costs to be funded by LIPA. ServCo amounts are not included in any of the preceding pension and OPEB disclosures. | |||||||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act defined contribution retirement plans. Eligible represented employees of PSEG's subsidiaries participate in the PSEG Employee Savings Plan (Savings Plan), while eligible non-represented employees of PSEG's subsidiaries participate in the PSEG Thrift and Tax-Deferred Savings Plan (Thrift Plan). Eligible employees may contribute up to 50% of their compensation to these plans. PSEG matches 50% of such employee contributions up to 7% of pay for Savings Plan participants and up to 8% of pay for Thrift Plan participants. | |||||||||||||||||||||||||||
The amount paid for employer matching contributions to the plans for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 10 | $ | 10 | $ | 8 | |||||||||||||||||||||
PSE&G | 19 | 18 | 14 | ||||||||||||||||||||||||
Other | 4 | 4 | 2 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 33 | $ | 32 | $ | 24 | |||||||||||||||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||||||
Guaranteed Obligations | |||||||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||||||
• | obtain credit. | ||||||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||||||
Power is subject to | |||||||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||||||
The face value of outstanding guarantees, current exposure and margin positions as of December 31, 2013 and 2012 are shown below: | |||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,639 | $ | 1,508 | |||||||||||||||
Exposure under Current Guarantees | $ | 246 | $ | 226 | |||||||||||||||
Letters of Credit Margin Posted | $ | 132 | $ | 124 | |||||||||||||||
Letters of Credit Margin Received | $ | 25 | $ | 69 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | 15 | |||||||||||||||
Counterparty Cash Margin Received | $ | — | $ | (4 | ) | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 80 | $ | 26 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 691 | $ | 654 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,522 | $ | 3,531 | |||||||||||||||
Additional Amounts Posted | |||||||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 16. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See table above. | |||||||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for energy commodity swaps. | |||||||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See table above. | |||||||||||||||||||
Environmental Matters | |||||||||||||||||||
Passaic River | |||||||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed below. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
The EPA has determined that a 17-mile stretch of the Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||||||
The EPA has determined the need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||||||
Seventy-three Potentially Responsible Parties (PRPs), including Power and PSE&G, agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) and formed the Cooperating Parties Group (CPG) to divide the associated costs according to a mutually agreed upon formula. The CPG group, currently 67 members, is presently conducting the RI/FS. Approximately seven percent of the RI/FS costs are currently attributable to PSE&G’s former MGP sites and approximately one percent to Power’s generating stations. Power has provided notice to insurers concerning this potential claim. The RI/FS is expected to be completed by the end of 2014 at an estimated cost of approximately $125 million. | |||||||||||||||||||
In 2007, the EPA released a draft “Focused Feasibility Study” (FFS) that proposed six options to address the contamination cleanup of the lower eight miles of the Passaic River. The EPA estimated costs for the proposed remedy ranged from $1.3 billion to $3.7 billion. The work contemplated by the draft FFS is not subject to the cost sharing agreement discussed above. The EPA's revised proposed FFS is scheduled to be released for public comment in the first quarter of 2014. | |||||||||||||||||||
In June 2008, an agreement was announced between the EPA and Tierra Solutions, Inc. and Maxus Energy Corporation (Tierra/Maxus) for removal of a portion of the contaminated sediment in the Passaic River at an estimated cost of $80 million. Phase I of the removal work has been completed. Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. | |||||||||||||||||||
At the EPA's direction, the CPG, with the exception of Tierra and Maxus, which are no longer members, has commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. | |||||||||||||||||||
Except for the Passaic River 10.9 mile removal, Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to the Passaic River matters. | |||||||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
Newark Bay Study Area | |||||||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
MGP Remediation Program | |||||||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $445 million and $521 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $445 million as of December 31, 2013. Of this amount, $92 million was recorded in Other Current Liabilities and $353 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $445 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation on February 16, 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. Oral arguments were held in December 2013. A final decision remains pending and the impact on the implementation schedule is unknown at this time. | |||||||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls may be necessary at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction (SCR) systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be completed in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
NOx Regulation | |||||||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) and four older New Jersey steam electric generation units (approximately 400 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM. PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, a minimal investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||||||
In April 2011, the EPA published a proposed rule to establish marine life mortality standards for existing cooling water intake structures with a design flow of more than two million gallons per day. The EPA is currently scheduled to issue a final rule on April 17, 2014. | |||||||||||||||||||
Power is unable to predict the outcome of this proposed rulemaking, the final form that the proposed regulations may take and the effect, if any, that they may have on its future capital requirements, financial condition, results of operations or cash flows. The results of further proceedings on this matter could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
On October 1, 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division on December 16, 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||||||
(A) | Prices set in the 2014 BGS auction will become effective on June 1, 2014 when the 2011 BGS auction agreements expire. | ||||||||||||||||||
PSE&G has a full requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 24. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for supply of nuclear fuel for the Salem, Hope Creek and Peach Bottom nuclear generating stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2015 and a portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||||||
As of December 31, 2013, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 532 | |||||||||||||||||
Enrichment | $ | 454 | |||||||||||||||||
Fabrication | $ | 137 | |||||||||||||||||
Natural Gas | $ | 1,061 | |||||||||||||||||
Coal | $ | 405 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2013, the BPU established the funding level for fiscal 2014 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2014 aggregate funding for all EDCs is $345 million with PSE&G’s share of the funding at $200 million. PSE&G has a remaining current liability of $142 million as of December 31, 2013 for its outstanding share of the fiscal 2014 and remaining fiscal 2013 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||||||
Long-Term Capacity Agreement Pilot Program (LCAPP) | |||||||||||||||||||
In 2011, New Jersey enacted the LCAPP Act that resulted in the selection of three generators to build a total of approximately 2,000 MW of new combined-cycle generating facilities located in New Jersey. Each of the New Jersey EDCs, including PSE&G, was directed to execute a standard offer capacity agreement (SOCA) with the selected generators, providing for the EDCs to guarantee specified annual capacity payments to the generators subject to the terms and conditions of the agreement, but did so under protest preserving their legal rights. The SOCA contracts, which had a 15-year term, were for the aggregate notional amount of approximately 1,300 MW of installed capacity. PSE&G was to have been responsible for the positive difference of the contract price and the annual RPM clearing price for approximately 52% or 676 MW of this amount, assuming generator satisfaction of its contractual obligations. | |||||||||||||||||||
In July 2013, one of the SOCA contracts was terminated early as a result of a default by the generator. In November 2013, as a result of a federal court decision finding (i) the LCAPP Act to be unconstitutional and (ii) the SOCA contracts to be void, invalid and unenforceable, and a subsequent decision denying a request to stay this decision pending appeal, PSE&G terminated the other two SOCA contracts by providing written notice to both counterparties. The SOCA generators have appealed the federal court decision and this appeal remains pending. | |||||||||||||||||||
As a result of the federal court's decision and PSE&G's subsequent termination of the contracts, the estimated fair value of the SOCAs that had been recorded as a Derivative Asset or Liability with an offsetting Regulatory Asset or Liability on PSE&G’s Consolidated Balance Sheets were removed in the fourth quarter of 2013. See Note 17. Fair Value Measurements for additional information. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's transmission and distribution system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||||||
As of December 31, 2012, PSE&G had incurred approximately $295 million of costs to restore service to PSE&G's distribution and transmission systems and $5 million to repair its infrastructure and return it to pre-storm conditions. Of the costs incurred, approximately $40 million was recognized in Operation and Maintenance (O&M) Expense, $75 million was recorded as Property, Plant and Equipment and $180 million was recorded as a Regulatory Asset because such costs were deferred as approved by the BPU under an Order received in December 2012. PSE&G recognized $6 million of insurance proceeds. There were no significant changes to these amounts in 2013. PSE&G made a filing with the BPU to review the prudency of unreimbursed incremental storm restoration costs, including O&M and capital expenditures associated with certain extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. The BPU is currently conducting a review regarding the amount, prudency, cost effectiveness and cost efficiency of PSE&G's unreimbursed incremental storm restoration costs for extreme weather events from 2010-2012. | |||||||||||||||||||
Power incurred $79 million of storm-related expense for the year ended December 31, 2013 primarily for repairs at certain generating stations in Power's fossil fleet. Power had incurred $85 million of costs in 2012. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in the second quarter of 2013 and the fourth quarter of 2012, respectively. | |||||||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. PSEG is seeking recovery from its insurers for the property damage, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. PSEG has recorded proceeds of $50 million from its insurance carriers as advance payments, $25 million of which was recognized in 2013 and $25 million was recognized in 2012. PSEG does not believe that it has a basis for estimating additional probable insurance recoveries at this time. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against the insurance carriers seeking legal interpretation of certain terms in the insurance policies regarding losses resulting from damage caused by Superstorm Sandy's storm surge. The dispute concerns whether certain sub-limits in the policies apply to damage to property caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs required to restore damaged facilities to their pre-Superstorm Sandy condition was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. Discovery is ongoing. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the primary property and decontamination liability insurance at Salem, Hope Creek and Peach Bottom. NEIL also provides excess property insurance through its decontamination liability, decommissioning liability and excess property policy and replacement power coverage through its accidental outage policy. NEIL policies may make retrospective premium assessments in case of adverse loss experience. Power’s maximum potential liabilities under these assessments are included in the table and notes below. Certain provisions in the NEIL policies provide that the insurer may suspend coverage with respect to all nuclear units on a site without notice if the NRC suspends or revokes the operating license for any unit on that site, issues a shutdown order with respect to such unit or issues a confirmatory order keeping such unit down. | |||||||||||||||||||
The American Nuclear Insurers (ANI) and NEIL policies both include coverage for claims arising out of acts of terrorism. NEIL makes a distinction between certified and non-certified acts of terrorism, as defined under the Terrorism Risk Insurance Act, and thus its policies respond accordingly. For non-certified acts of terrorism, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus any amounts available through reinsurance or indemnity for non-certified acts of terrorism. For any act of terrorism, Power’s nuclear liability policies will respond similarly to other covered events. For certified acts, Power’s nuclear property NEIL policies will respond similarly to other covered events. | |||||||||||||||||||
The Price-Anderson Act sets the “limit of liability” for claims that could arise from an incident involving any licensed nuclear facility in the United States. The “limit of liability” is based on the number of licensed nuclear reactors and is adjusted at least every five years based on the Consumer Price Index. The current “limit of liability” is $13.6 billion. All owners of nuclear reactors, including Power, have provided for this exposure through a combination of private insurance and mandatory participation in a financial protection pool as established by the Price-Anderson Act. Under the Price-Anderson Act, each party with an ownership interest in a nuclear reactor can be assessed its share of $127 million per reactor per incident, payable at $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the President is to submit to Congress a plan for providing additional compensation to the injured parties. Congress could impose further revenue-raising measures on the nuclear industry to pay claims. Power’s maximum aggregate assessment per incident is $401 million (based on Power’s ownership interests in Hope Creek, Peach Bottom and Salem) and its maximum aggregate annual assessment per incident is $60 million. Further, a decision by the U.S. Supreme Court, not involving Power, has held that the Price-Anderson Act did not preclude awards based on state law claims for punitive damages. | |||||||||||||||||||
Power’s insurance coverages and maximum retrospective assessments for its nuclear operations are as follows: | |||||||||||||||||||
Type and Source of Coverages | Total Site | Retrospective | |||||||||||||||||
Coverage | Assessments | ||||||||||||||||||
Millions | |||||||||||||||||||
Public and Nuclear Worker Liability (Primary Layer): | |||||||||||||||||||
ANI | $ | 375 | (A) | $ | — | ||||||||||||||
Nuclear Liability (Excess Layer): | |||||||||||||||||||
Price-Anderson Act | 13,241 | (B) | 401 | ||||||||||||||||
Nuclear Liability Total | $ | 13,616 | (C) | $ | 401 | ||||||||||||||
Property Damage (Primary Layer): | |||||||||||||||||||
NEIL Primary (Salem/Hope Creek/Peach Bottom) | $ | 500 | $ | 24 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL II (Salem/Hope Creek/Peach Bottom) | 750 | 8 | |||||||||||||||||
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) | 850 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | (E) | $ | 37 | ||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (F) | $ | 6 | ||||||||||||||
NEIL I (Salem) | 281 | (F) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (F) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 19 | |||||||||||||||
(A) | The primary limit for Public Liability is a per site aggregate limit with no potential for assessment. The Nuclear Worker Liability represents the potential liability from workers claiming exposure to the hazard of nuclear radiation. This coverage is subject to an industry aggregate limit that is subject to reinstatement at ANI discretion. | ||||||||||||||||||
(B) | Retrospective premium program under the Price-Anderson Act liability provisions of the Atomic Energy Act of 1954, as amended. Power is subject to retrospective assessment with respect to loss from an incident at any licensed nuclear reactor in the United States that produces greater than 100 MW of electrical power. This retrospective assessment can be adjusted for inflation every five years. The last adjustment was effective as of September 10, 2013. The next adjustment is due on or before September 10, 2018. This retrospective program is in excess of the Public and Nuclear Worker Liability primary layers. | ||||||||||||||||||
(C) | Limit of liability under the Price-Anderson Act for each nuclear incident. | ||||||||||||||||||
(D) | For property limits in excess of $1.25 billion, Power participates in a Blanket Limit policy where the $850 million limit is shared by Power with Exelon Generation among the Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 facilities owned by Exelon Generation and the Peach Bottom, Salem and Hope Creek facilities. This limit is not subject to reinstatement in the event of a loss. Participation in this program materially reduces Power’s premium and the associated potential assessment. | ||||||||||||||||||
(E) | Power's property limits provide a $2.1 billion limit for a nuclear event, but provide a sublimit of $1.5 billion for conventional property losses that do not involve a nuclear event. | ||||||||||||||||||
(F) | Peach Bottom has an aggregate indemnity limit based on a weekly indemnity of $2.3 million for 52 weeks followed by 80% of the weekly indemnity for 68 weeks. Salem has an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 72 weeks. Hope Creek has an aggregate indemnity limit based on a weekly indemnity of $4.5 million for 52 weeks followed by 80% of the weekly indemnity for 71 weeks. | ||||||||||||||||||
Minimum Lease Payments | |||||||||||||||||||
The total future minimum payments under various operating leases as of December 31, 2013 are: | |||||||||||||||||||
Power | PSE&G | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2014 | $ | 1 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
2015 | 1 | 7 | 4 | 2 | |||||||||||||||
2016 | 1 | 6 | 12 | 1 | |||||||||||||||
2017 | 1 | 5 | 13 | 1 | |||||||||||||||
2018 | 2 | 4 | 13 | — | |||||||||||||||
Thereafter | 16 | 33 | 173 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 22 | $ | 64 | $ | 216 | $ | 6 | |||||||||||
Power [Member] | ' | ||||||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||||||
Guaranteed Obligations | |||||||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||||||
• | obtain credit. | ||||||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||||||
Power is subject to | |||||||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||||||
The face value of outstanding guarantees, current exposure and margin positions as of December 31, 2013 and 2012 are shown below: | |||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,639 | $ | 1,508 | |||||||||||||||
Exposure under Current Guarantees | $ | 246 | $ | 226 | |||||||||||||||
Letters of Credit Margin Posted | $ | 132 | $ | 124 | |||||||||||||||
Letters of Credit Margin Received | $ | 25 | $ | 69 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | 15 | |||||||||||||||
Counterparty Cash Margin Received | $ | — | $ | (4 | ) | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 80 | $ | 26 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 691 | $ | 654 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,522 | $ | 3,531 | |||||||||||||||
Additional Amounts Posted | |||||||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 16. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See table above. | |||||||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for energy commodity swaps. | |||||||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See table above. | |||||||||||||||||||
Environmental Matters | |||||||||||||||||||
Passaic River | |||||||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed below. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
The EPA has determined that a 17-mile stretch of the Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||||||
The EPA has determined the need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||||||
Seventy-three Potentially Responsible Parties (PRPs), including Power and PSE&G, agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) and formed the Cooperating Parties Group (CPG) to divide the associated costs according to a mutually agreed upon formula. The CPG group, currently 67 members, is presently conducting the RI/FS. Approximately seven percent of the RI/FS costs are currently attributable to PSE&G’s former MGP sites and approximately one percent to Power’s generating stations. Power has provided notice to insurers concerning this potential claim. The RI/FS is expected to be completed by the end of 2014 at an estimated cost of approximately $125 million. | |||||||||||||||||||
In 2007, the EPA released a draft “Focused Feasibility Study” (FFS) that proposed six options to address the contamination cleanup of the lower eight miles of the Passaic River. The EPA estimated costs for the proposed remedy ranged from $1.3 billion to $3.7 billion. The work contemplated by the draft FFS is not subject to the cost sharing agreement discussed above. The EPA's revised proposed FFS is scheduled to be released for public comment in the first quarter of 2014. | |||||||||||||||||||
In June 2008, an agreement was announced between the EPA and Tierra Solutions, Inc. and Maxus Energy Corporation (Tierra/Maxus) for removal of a portion of the contaminated sediment in the Passaic River at an estimated cost of $80 million. Phase I of the removal work has been completed. Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. | |||||||||||||||||||
At the EPA's direction, the CPG, with the exception of Tierra and Maxus, which are no longer members, has commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. | |||||||||||||||||||
Except for the Passaic River 10.9 mile removal, Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to the Passaic River matters. | |||||||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
Newark Bay Study Area | |||||||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
MGP Remediation Program | |||||||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $445 million and $521 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $445 million as of December 31, 2013. Of this amount, $92 million was recorded in Other Current Liabilities and $353 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $445 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation on February 16, 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. Oral arguments were held in December 2013. A final decision remains pending and the impact on the implementation schedule is unknown at this time. | |||||||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls may be necessary at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction (SCR) systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be completed in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
NOx Regulation | |||||||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) and four older New Jersey steam electric generation units (approximately 400 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM. PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, a minimal investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||||||
In April 2011, the EPA published a proposed rule to establish marine life mortality standards for existing cooling water intake structures with a design flow of more than two million gallons per day. The EPA is currently scheduled to issue a final rule on April 17, 2014. | |||||||||||||||||||
Power is unable to predict the outcome of this proposed rulemaking, the final form that the proposed regulations may take and the effect, if any, that they may have on its future capital requirements, financial condition, results of operations or cash flows. The results of further proceedings on this matter could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
On October 1, 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division on December 16, 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||||||
(A) | Prices set in the 2014 BGS auction will become effective on June 1, 2014 when the 2011 BGS auction agreements expire. | ||||||||||||||||||
PSE&G has a full requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 24. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for supply of nuclear fuel for the Salem, Hope Creek and Peach Bottom nuclear generating stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2015 and a portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||||||
As of December 31, 2013, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 532 | |||||||||||||||||
Enrichment | $ | 454 | |||||||||||||||||
Fabrication | $ | 137 | |||||||||||||||||
Natural Gas | $ | 1,061 | |||||||||||||||||
Coal | $ | 405 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2013, the BPU established the funding level for fiscal 2014 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2014 aggregate funding for all EDCs is $345 million with PSE&G’s share of the funding at $200 million. PSE&G has a remaining current liability of $142 million as of December 31, 2013 for its outstanding share of the fiscal 2014 and remaining fiscal 2013 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||||||
Long-Term Capacity Agreement Pilot Program (LCAPP) | |||||||||||||||||||
In 2011, New Jersey enacted the LCAPP Act that resulted in the selection of three generators to build a total of approximately 2,000 MW of new combined-cycle generating facilities located in New Jersey. Each of the New Jersey EDCs, including PSE&G, was directed to execute a standard offer capacity agreement (SOCA) with the selected generators, providing for the EDCs to guarantee specified annual capacity payments to the generators subject to the terms and conditions of the agreement, but did so under protest preserving their legal rights. The SOCA contracts, which had a 15-year term, were for the aggregate notional amount of approximately 1,300 MW of installed capacity. PSE&G was to have been responsible for the positive difference of the contract price and the annual RPM clearing price for approximately 52% or 676 MW of this amount, assuming generator satisfaction of its contractual obligations. | |||||||||||||||||||
In July 2013, one of the SOCA contracts was terminated early as a result of a default by the generator. In November 2013, as a result of a federal court decision finding (i) the LCAPP Act to be unconstitutional and (ii) the SOCA contracts to be void, invalid and unenforceable, and a subsequent decision denying a request to stay this decision pending appeal, PSE&G terminated the other two SOCA contracts by providing written notice to both counterparties. The SOCA generators have appealed the federal court decision and this appeal remains pending. | |||||||||||||||||||
As a result of the federal court's decision and PSE&G's subsequent termination of the contracts, the estimated fair value of the SOCAs that had been recorded as a Derivative Asset or Liability with an offsetting Regulatory Asset or Liability on PSE&G’s Consolidated Balance Sheets were removed in the fourth quarter of 2013. See Note 17. Fair Value Measurements for additional information. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's transmission and distribution system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||||||
As of December 31, 2012, PSE&G had incurred approximately $295 million of costs to restore service to PSE&G's distribution and transmission systems and $5 million to repair its infrastructure and return it to pre-storm conditions. Of the costs incurred, approximately $40 million was recognized in Operation and Maintenance (O&M) Expense, $75 million was recorded as Property, Plant and Equipment and $180 million was recorded as a Regulatory Asset because such costs were deferred as approved by the BPU under an Order received in December 2012. PSE&G recognized $6 million of insurance proceeds. There were no significant changes to these amounts in 2013. PSE&G made a filing with the BPU to review the prudency of unreimbursed incremental storm restoration costs, including O&M and capital expenditures associated with certain extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. The BPU is currently conducting a review regarding the amount, prudency, cost effectiveness and cost efficiency of PSE&G's unreimbursed incremental storm restoration costs for extreme weather events from 2010-2012. | |||||||||||||||||||
Power incurred $79 million of storm-related expense for the year ended December 31, 2013 primarily for repairs at certain generating stations in Power's fossil fleet. Power had incurred $85 million of costs in 2012. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in the second quarter of 2013 and the fourth quarter of 2012, respectively. | |||||||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. PSEG is seeking recovery from its insurers for the property damage, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. PSEG has recorded proceeds of $50 million from its insurance carriers as advance payments, $25 million of which was recognized in 2013 and $25 million was recognized in 2012. PSEG does not believe that it has a basis for estimating additional probable insurance recoveries at this time. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against the insurance carriers seeking legal interpretation of certain terms in the insurance policies regarding losses resulting from damage caused by Superstorm Sandy's storm surge. The dispute concerns whether certain sub-limits in the policies apply to damage to property caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs required to restore damaged facilities to their pre-Superstorm Sandy condition was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. Discovery is ongoing. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the primary property and decontamination liability insurance at Salem, Hope Creek and Peach Bottom. NEIL also provides excess property insurance through its decontamination liability, decommissioning liability and excess property policy and replacement power coverage through its accidental outage policy. NEIL policies may make retrospective premium assessments in case of adverse loss experience. Power’s maximum potential liabilities under these assessments are included in the table and notes below. Certain provisions in the NEIL policies provide that the insurer may suspend coverage with respect to all nuclear units on a site without notice if the NRC suspends or revokes the operating license for any unit on that site, issues a shutdown order with respect to such unit or issues a confirmatory order keeping such unit down. | |||||||||||||||||||
The American Nuclear Insurers (ANI) and NEIL policies both include coverage for claims arising out of acts of terrorism. NEIL makes a distinction between certified and non-certified acts of terrorism, as defined under the Terrorism Risk Insurance Act, and thus its policies respond accordingly. For non-certified acts of terrorism, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus any amounts available through reinsurance or indemnity for non-certified acts of terrorism. For any act of terrorism, Power’s nuclear liability policies will respond similarly to other covered events. For certified acts, Power’s nuclear property NEIL policies will respond similarly to other covered events. | |||||||||||||||||||
The Price-Anderson Act sets the “limit of liability” for claims that could arise from an incident involving any licensed nuclear facility in the United States. The “limit of liability” is based on the number of licensed nuclear reactors and is adjusted at least every five years based on the Consumer Price Index. The current “limit of liability” is $13.6 billion. All owners of nuclear reactors, including Power, have provided for this exposure through a combination of private insurance and mandatory participation in a financial protection pool as established by the Price-Anderson Act. Under the Price-Anderson Act, each party with an ownership interest in a nuclear reactor can be assessed its share of $127 million per reactor per incident, payable at $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the President is to submit to Congress a plan for providing additional compensation to the injured parties. Congress could impose further revenue-raising measures on the nuclear industry to pay claims. Power’s maximum aggregate assessment per incident is $401 million (based on Power’s ownership interests in Hope Creek, Peach Bottom and Salem) and its maximum aggregate annual assessment per incident is $60 million. Further, a decision by the U.S. Supreme Court, not involving Power, has held that the Price-Anderson Act did not preclude awards based on state law claims for punitive damages. | |||||||||||||||||||
Power’s insurance coverages and maximum retrospective assessments for its nuclear operations are as follows: | |||||||||||||||||||
Type and Source of Coverages | Total Site | Retrospective | |||||||||||||||||
Coverage | Assessments | ||||||||||||||||||
Millions | |||||||||||||||||||
Public and Nuclear Worker Liability (Primary Layer): | |||||||||||||||||||
ANI | $ | 375 | (A) | $ | — | ||||||||||||||
Nuclear Liability (Excess Layer): | |||||||||||||||||||
Price-Anderson Act | 13,241 | (B) | 401 | ||||||||||||||||
Nuclear Liability Total | $ | 13,616 | (C) | $ | 401 | ||||||||||||||
Property Damage (Primary Layer): | |||||||||||||||||||
NEIL Primary (Salem/Hope Creek/Peach Bottom) | $ | 500 | $ | 24 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL II (Salem/Hope Creek/Peach Bottom) | 750 | 8 | |||||||||||||||||
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) | 850 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | (E) | $ | 37 | ||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (F) | $ | 6 | ||||||||||||||
NEIL I (Salem) | 281 | (F) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (F) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 19 | |||||||||||||||
(A) | The primary limit for Public Liability is a per site aggregate limit with no potential for assessment. The Nuclear Worker Liability represents the potential liability from workers claiming exposure to the hazard of nuclear radiation. This coverage is subject to an industry aggregate limit that is subject to reinstatement at ANI discretion. | ||||||||||||||||||
(B) | Retrospective premium program under the Price-Anderson Act liability provisions of the Atomic Energy Act of 1954, as amended. Power is subject to retrospective assessment with respect to loss from an incident at any licensed nuclear reactor in the United States that produces greater than 100 MW of electrical power. This retrospective assessment can be adjusted for inflation every five years. The last adjustment was effective as of September 10, 2013. The next adjustment is due on or before September 10, 2018. This retrospective program is in excess of the Public and Nuclear Worker Liability primary layers. | ||||||||||||||||||
(C) | Limit of liability under the Price-Anderson Act for each nuclear incident. | ||||||||||||||||||
(D) | For property limits in excess of $1.25 billion, Power participates in a Blanket Limit policy where the $850 million limit is shared by Power with Exelon Generation among the Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 facilities owned by Exelon Generation and the Peach Bottom, Salem and Hope Creek facilities. This limit is not subject to reinstatement in the event of a loss. Participation in this program materially reduces Power’s premium and the associated potential assessment. | ||||||||||||||||||
(E) | Power's property limits provide a $2.1 billion limit for a nuclear event, but provide a sublimit of $1.5 billion for conventional property losses that do not involve a nuclear event. | ||||||||||||||||||
(F) | Peach Bottom has an aggregate indemnity limit based on a weekly indemnity of $2.3 million for 52 weeks followed by 80% of the weekly indemnity for 68 weeks. Salem has an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 72 weeks. Hope Creek has an aggregate indemnity limit based on a weekly indemnity of $4.5 million for 52 weeks followed by 80% of the weekly indemnity for 71 weeks. | ||||||||||||||||||
Minimum Lease Payments | |||||||||||||||||||
The total future minimum payments under various operating leases as of December 31, 2013 are: | |||||||||||||||||||
Power | PSE&G | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2014 | $ | 1 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
2015 | 1 | 7 | 4 | 2 | |||||||||||||||
2016 | 1 | 6 | 12 | 1 | |||||||||||||||
2017 | 1 | 5 | 13 | 1 | |||||||||||||||
2018 | 2 | 4 | 13 | — | |||||||||||||||
Thereafter | 16 | 33 | 173 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 22 | $ | 64 | $ | 216 | $ | 6 | |||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||||||
Guaranteed Obligations | |||||||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||||||
• | obtain credit. | ||||||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||||||
Power is subject to | |||||||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||||||
The face value of outstanding guarantees, current exposure and margin positions as of December 31, 2013 and 2012 are shown below: | |||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,639 | $ | 1,508 | |||||||||||||||
Exposure under Current Guarantees | $ | 246 | $ | 226 | |||||||||||||||
Letters of Credit Margin Posted | $ | 132 | $ | 124 | |||||||||||||||
Letters of Credit Margin Received | $ | 25 | $ | 69 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | 15 | |||||||||||||||
Counterparty Cash Margin Received | $ | — | $ | (4 | ) | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 80 | $ | 26 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 691 | $ | 654 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,522 | $ | 3,531 | |||||||||||||||
Additional Amounts Posted | |||||||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 16. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See table above. | |||||||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for energy commodity swaps. | |||||||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See table above. | |||||||||||||||||||
Environmental Matters | |||||||||||||||||||
Passaic River | |||||||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed below. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
The EPA has determined that a 17-mile stretch of the Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||||||
The EPA has determined the need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||||||
Seventy-three Potentially Responsible Parties (PRPs), including Power and PSE&G, agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) and formed the Cooperating Parties Group (CPG) to divide the associated costs according to a mutually agreed upon formula. The CPG group, currently 67 members, is presently conducting the RI/FS. Approximately seven percent of the RI/FS costs are currently attributable to PSE&G’s former MGP sites and approximately one percent to Power’s generating stations. Power has provided notice to insurers concerning this potential claim. The RI/FS is expected to be completed by the end of 2014 at an estimated cost of approximately $125 million. | |||||||||||||||||||
In 2007, the EPA released a draft “Focused Feasibility Study” (FFS) that proposed six options to address the contamination cleanup of the lower eight miles of the Passaic River. The EPA estimated costs for the proposed remedy ranged from $1.3 billion to $3.7 billion. The work contemplated by the draft FFS is not subject to the cost sharing agreement discussed above. The EPA's revised proposed FFS is scheduled to be released for public comment in the first quarter of 2014. | |||||||||||||||||||
In June 2008, an agreement was announced between the EPA and Tierra Solutions, Inc. and Maxus Energy Corporation (Tierra/Maxus) for removal of a portion of the contaminated sediment in the Passaic River at an estimated cost of $80 million. Phase I of the removal work has been completed. Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. | |||||||||||||||||||
At the EPA's direction, the CPG, with the exception of Tierra and Maxus, which are no longer members, has commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. | |||||||||||||||||||
Except for the Passaic River 10.9 mile removal, Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to the Passaic River matters. | |||||||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
Newark Bay Study Area | |||||||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||||||
MGP Remediation Program | |||||||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $445 million and $521 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $445 million as of December 31, 2013. Of this amount, $92 million was recorded in Other Current Liabilities and $353 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $445 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation on February 16, 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. Oral arguments were held in December 2013. A final decision remains pending and the impact on the implementation schedule is unknown at this time. | |||||||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls may be necessary at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction (SCR) systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be completed in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
NOx Regulation | |||||||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) and four older New Jersey steam electric generation units (approximately 400 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM. PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, a minimal investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||||||
In April 2011, the EPA published a proposed rule to establish marine life mortality standards for existing cooling water intake structures with a design flow of more than two million gallons per day. The EPA is currently scheduled to issue a final rule on April 17, 2014. | |||||||||||||||||||
Power is unable to predict the outcome of this proposed rulemaking, the final form that the proposed regulations may take and the effect, if any, that they may have on its future capital requirements, financial condition, results of operations or cash flows. The results of further proceedings on this matter could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
On October 1, 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division on December 16, 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||||||
(A) | Prices set in the 2014 BGS auction will become effective on June 1, 2014 when the 2011 BGS auction agreements expire. | ||||||||||||||||||
PSE&G has a full requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 24. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for supply of nuclear fuel for the Salem, Hope Creek and Peach Bottom nuclear generating stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2015 and a portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||||||
As of December 31, 2013, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 532 | |||||||||||||||||
Enrichment | $ | 454 | |||||||||||||||||
Fabrication | $ | 137 | |||||||||||||||||
Natural Gas | $ | 1,061 | |||||||||||||||||
Coal | $ | 405 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2013, the BPU established the funding level for fiscal 2014 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2014 aggregate funding for all EDCs is $345 million with PSE&G’s share of the funding at $200 million. PSE&G has a remaining current liability of $142 million as of December 31, 2013 for its outstanding share of the fiscal 2014 and remaining fiscal 2013 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||||||
Long-Term Capacity Agreement Pilot Program (LCAPP) | |||||||||||||||||||
In 2011, New Jersey enacted the LCAPP Act that resulted in the selection of three generators to build a total of approximately 2,000 MW of new combined-cycle generating facilities located in New Jersey. Each of the New Jersey EDCs, including PSE&G, was directed to execute a standard offer capacity agreement (SOCA) with the selected generators, providing for the EDCs to guarantee specified annual capacity payments to the generators subject to the terms and conditions of the agreement, but did so under protest preserving their legal rights. The SOCA contracts, which had a 15-year term, were for the aggregate notional amount of approximately 1,300 MW of installed capacity. PSE&G was to have been responsible for the positive difference of the contract price and the annual RPM clearing price for approximately 52% or 676 MW of this amount, assuming generator satisfaction of its contractual obligations. | |||||||||||||||||||
In July 2013, one of the SOCA contracts was terminated early as a result of a default by the generator. In November 2013, as a result of a federal court decision finding (i) the LCAPP Act to be unconstitutional and (ii) the SOCA contracts to be void, invalid and unenforceable, and a subsequent decision denying a request to stay this decision pending appeal, PSE&G terminated the other two SOCA contracts by providing written notice to both counterparties. The SOCA generators have appealed the federal court decision and this appeal remains pending. | |||||||||||||||||||
As a result of the federal court's decision and PSE&G's subsequent termination of the contracts, the estimated fair value of the SOCAs that had been recorded as a Derivative Asset or Liability with an offsetting Regulatory Asset or Liability on PSE&G’s Consolidated Balance Sheets were removed in the fourth quarter of 2013. See Note 17. Fair Value Measurements for additional information. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's transmission and distribution system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||||||
As of December 31, 2012, PSE&G had incurred approximately $295 million of costs to restore service to PSE&G's distribution and transmission systems and $5 million to repair its infrastructure and return it to pre-storm conditions. Of the costs incurred, approximately $40 million was recognized in Operation and Maintenance (O&M) Expense, $75 million was recorded as Property, Plant and Equipment and $180 million was recorded as a Regulatory Asset because such costs were deferred as approved by the BPU under an Order received in December 2012. PSE&G recognized $6 million of insurance proceeds. There were no significant changes to these amounts in 2013. PSE&G made a filing with the BPU to review the prudency of unreimbursed incremental storm restoration costs, including O&M and capital expenditures associated with certain extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. The BPU is currently conducting a review regarding the amount, prudency, cost effectiveness and cost efficiency of PSE&G's unreimbursed incremental storm restoration costs for extreme weather events from 2010-2012. | |||||||||||||||||||
Power incurred $79 million of storm-related expense for the year ended December 31, 2013 primarily for repairs at certain generating stations in Power's fossil fleet. Power had incurred $85 million of costs in 2012. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in the second quarter of 2013 and the fourth quarter of 2012, respectively. | |||||||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. PSEG is seeking recovery from its insurers for the property damage, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. PSEG has recorded proceeds of $50 million from its insurance carriers as advance payments, $25 million of which was recognized in 2013 and $25 million was recognized in 2012. PSEG does not believe that it has a basis for estimating additional probable insurance recoveries at this time. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against the insurance carriers seeking legal interpretation of certain terms in the insurance policies regarding losses resulting from damage caused by Superstorm Sandy's storm surge. The dispute concerns whether certain sub-limits in the policies apply to damage to property caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs required to restore damaged facilities to their pre-Superstorm Sandy condition was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. Discovery is ongoing. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the primary property and decontamination liability insurance at Salem, Hope Creek and Peach Bottom. NEIL also provides excess property insurance through its decontamination liability, decommissioning liability and excess property policy and replacement power coverage through its accidental outage policy. NEIL policies may make retrospective premium assessments in case of adverse loss experience. Power’s maximum potential liabilities under these assessments are included in the table and notes below. Certain provisions in the NEIL policies provide that the insurer may suspend coverage with respect to all nuclear units on a site without notice if the NRC suspends or revokes the operating license for any unit on that site, issues a shutdown order with respect to such unit or issues a confirmatory order keeping such unit down. | |||||||||||||||||||
The American Nuclear Insurers (ANI) and NEIL policies both include coverage for claims arising out of acts of terrorism. NEIL makes a distinction between certified and non-certified acts of terrorism, as defined under the Terrorism Risk Insurance Act, and thus its policies respond accordingly. For non-certified acts of terrorism, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus any amounts available through reinsurance or indemnity for non-certified acts of terrorism. For any act of terrorism, Power’s nuclear liability policies will respond similarly to other covered events. For certified acts, Power’s nuclear property NEIL policies will respond similarly to other covered events. | |||||||||||||||||||
The Price-Anderson Act sets the “limit of liability” for claims that could arise from an incident involving any licensed nuclear facility in the United States. The “limit of liability” is based on the number of licensed nuclear reactors and is adjusted at least every five years based on the Consumer Price Index. The current “limit of liability” is $13.6 billion. All owners of nuclear reactors, including Power, have provided for this exposure through a combination of private insurance and mandatory participation in a financial protection pool as established by the Price-Anderson Act. Under the Price-Anderson Act, each party with an ownership interest in a nuclear reactor can be assessed its share of $127 million per reactor per incident, payable at $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the President is to submit to Congress a plan for providing additional compensation to the injured parties. Congress could impose further revenue-raising measures on the nuclear industry to pay claims. Power’s maximum aggregate assessment per incident is $401 million (based on Power’s ownership interests in Hope Creek, Peach Bottom and Salem) and its maximum aggregate annual assessment per incident is $60 million. Further, a decision by the U.S. Supreme Court, not involving Power, has held that the Price-Anderson Act did not preclude awards based on state law claims for punitive damages. | |||||||||||||||||||
Power’s insurance coverages and maximum retrospective assessments for its nuclear operations are as follows: | |||||||||||||||||||
Type and Source of Coverages | Total Site | Retrospective | |||||||||||||||||
Coverage | Assessments | ||||||||||||||||||
Millions | |||||||||||||||||||
Public and Nuclear Worker Liability (Primary Layer): | |||||||||||||||||||
ANI | $ | 375 | (A) | $ | — | ||||||||||||||
Nuclear Liability (Excess Layer): | |||||||||||||||||||
Price-Anderson Act | 13,241 | (B) | 401 | ||||||||||||||||
Nuclear Liability Total | $ | 13,616 | (C) | $ | 401 | ||||||||||||||
Property Damage (Primary Layer): | |||||||||||||||||||
NEIL Primary (Salem/Hope Creek/Peach Bottom) | $ | 500 | $ | 24 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL II (Salem/Hope Creek/Peach Bottom) | 750 | 8 | |||||||||||||||||
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) | 850 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | (E) | $ | 37 | ||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (F) | $ | 6 | ||||||||||||||
NEIL I (Salem) | 281 | (F) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (F) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 19 | |||||||||||||||
(A) | The primary limit for Public Liability is a per site aggregate limit with no potential for assessment. The Nuclear Worker Liability represents the potential liability from workers claiming exposure to the hazard of nuclear radiation. This coverage is subject to an industry aggregate limit that is subject to reinstatement at ANI discretion. | ||||||||||||||||||
(B) | Retrospective premium program under the Price-Anderson Act liability provisions of the Atomic Energy Act of 1954, as amended. Power is subject to retrospective assessment with respect to loss from an incident at any licensed nuclear reactor in the United States that produces greater than 100 MW of electrical power. This retrospective assessment can be adjusted for inflation every five years. The last adjustment was effective as of September 10, 2013. The next adjustment is due on or before September 10, 2018. This retrospective program is in excess of the Public and Nuclear Worker Liability primary layers. | ||||||||||||||||||
(C) | Limit of liability under the Price-Anderson Act for each nuclear incident. | ||||||||||||||||||
(D) | For property limits in excess of $1.25 billion, Power participates in a Blanket Limit policy where the $850 million limit is shared by Power with Exelon Generation among the Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 facilities owned by Exelon Generation and the Peach Bottom, Salem and Hope Creek facilities. This limit is not subject to reinstatement in the event of a loss. Participation in this program materially reduces Power’s premium and the associated potential assessment. | ||||||||||||||||||
(E) | Power's property limits provide a $2.1 billion limit for a nuclear event, but provide a sublimit of $1.5 billion for conventional property losses that do not involve a nuclear event. | ||||||||||||||||||
(F) | Peach Bottom has an aggregate indemnity limit based on a weekly indemnity of $2.3 million for 52 weeks followed by 80% of the weekly indemnity for 68 weeks. Salem has an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 72 weeks. Hope Creek has an aggregate indemnity limit based on a weekly indemnity of $4.5 million for 52 weeks followed by 80% of the weekly indemnity for 71 weeks. | ||||||||||||||||||
Minimum Lease Payments | |||||||||||||||||||
The total future minimum payments under various operating leases as of December 31, 2013 are: | |||||||||||||||||||
Power | PSE&G | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2014 | $ | 1 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
2015 | 1 | 7 | 4 | 2 | |||||||||||||||
2016 | 1 | 6 | 12 | 1 | |||||||||||||||
2017 | 1 | 5 | 13 | 1 | |||||||||||||||
2018 | 2 | 4 | 13 | — | |||||||||||||||
Thereafter | 16 | 33 | 173 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 22 | $ | 64 | $ | 216 | $ | 6 | |||||||||||
Schedule_Of_Consolidated_Debt
Schedule Of Consolidated Debt | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Schedule Of Consolidated Debt | ' | ||||||||||||||||||||||||||
Schedule of Consolidated Debt | |||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 38 | $ | 57 | |||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (14 | ) | (19 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 24 | $ | 38 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
2.50% | 2013 | $ | — | $ | 300 | ||||||||||||||||||||||
5.50% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | — | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | — | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,309 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (C) | 2014 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,353 | |||||||||||||||||||||||||
Amounts Due Within One Year | (44 | ) | (300 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (12 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,497 | $ | 2,040 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (D): | |||||||||||||||||||||||||||
6.75% | 2016 | $ | 171 | $ | 171 | ||||||||||||||||||||||
9.25% | 2021 | 134 | 134 | ||||||||||||||||||||||||
8.00% | 2037 | 7 | 7 | ||||||||||||||||||||||||
5.00% | 2037 | 8 | 8 | ||||||||||||||||||||||||
Total First and Refunding Mortgage Bonds | 320 | 320 | |||||||||||||||||||||||||
Pollution Control Bonds (D): | |||||||||||||||||||||||||||
Floating rate (C) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (C) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (D): | |||||||||||||||||||||||||||
5.00% | 2013 | — | 150 | ||||||||||||||||||||||||
5.38% | 2013 | — | 300 | ||||||||||||||||||||||||
6.33% | 2013 | — | 275 | ||||||||||||||||||||||||
0.85% | 2014 | 250 | 250 | ||||||||||||||||||||||||
5.00% | 2014 | 250 | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | — | ||||||||||||||||||||||||
3.75% | 2024 | 250 | — | ||||||||||||||||||||||||
5.25% | 2035 | 250 | 250 | ||||||||||||||||||||||||
5.70% | 2036 | 250 | 250 | ||||||||||||||||||||||||
5.80% | 2037 | 350 | 350 | ||||||||||||||||||||||||
5.38% | 2039 | 250 | 250 | ||||||||||||||||||||||||
5.50% | 2040 | 300 | 300 | ||||||||||||||||||||||||
3.95% | 2042 | 450 | 450 | ||||||||||||||||||||||||
3.65% | 2042 | 350 | 350 | ||||||||||||||||||||||||
3.80% | 2043 | 400 | — | ||||||||||||||||||||||||
Total MTNs | 5,159 | 4,384 | |||||||||||||||||||||||||
Principal Amount Outstanding | 5,579 | 4,804 | |||||||||||||||||||||||||
Amounts Due Within One Year | (500 | ) | (725 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (13 | ) | (9 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 5,066 | $ | 4,070 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.61% | 2013 | $ | — | $ | 100 | ||||||||||||||||||||||
6.75% | 2013-2014 | 106 | 220 | ||||||||||||||||||||||||
6.89% | 2014-2015 | 370 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 476 | 690 | |||||||||||||||||||||||||
Amounts Due Within One Year | (225 | ) | (214 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | 251 | 476 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.49% | 2013 | — | 9 | ||||||||||||||||||||||||
4.57% | 2013-2015 | 20 | 23 | ||||||||||||||||||||||||
Principal Amount Outstanding | 20 | 32 | |||||||||||||||||||||||||
Amounts Due Within One Year | (12 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | 8 | 20 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 5,325 | $ | 4,566 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2013-2015 | $ | 16 | $ | 44 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 44 | |||||||||||||||||||||||||
Amounts Due Within One Year | — | (1 | ) | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | 16 | 43 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | 16 | $ | 43 | |||||||||||||||||||||||
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||||
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||
(C) | The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds that are serviced and secured by Power Pollution Control Notes and PSE&G Pollution Control Bonds, respectively, are variable rate bonds that are in weekly reset mode. The PEDFA bond is backed by a three-year letter of credit that expires in November 2014. The Power Pollution Control Note backing the PEDFA bond has been reclassified as debt due within the year. | ||||||||||||||||||||||||||
(D) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(E) | Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent. | ||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||
The aggregate principal amounts of maturities for each of the five years following December 31, 2013 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | Power | PSE&G | Transition | Transition | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 44 | $ | 500 | $ | 225 | $ | 12 | $ | — | $ | 781 | |||||||||||||||
2015 | 300 | 300 | 251 | 8 | 16 | 875 | |||||||||||||||||||||
2016 | 553 | 171 | — | — | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 250 | 750 | — | — | — | 1,000 | |||||||||||||||||||||
Thereafter | 1,406 | 3,858 | — | — | — | 5,264 | |||||||||||||||||||||
Total | $ | 2,553 | $ | 5,579 | $ | 476 | $ | 20 | $ | 16 | $ | 8,644 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2013, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | issued $250 million of 4.30% Senior Notes, due November 2023, | ||||||||||||||||||||||||||
• | issued $250 million of 2.45% Senior Notes, due November 2018, and | ||||||||||||||||||||||||||
• | paid $300 million of 2.50% Senior Notes at maturity. | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | paid $275 million of 6.33% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $350 million of 2.30% Secured Medium-Term Notes, Series I due September 2018, | ||||||||||||||||||||||||||
• | issued $250 million of 3.75% Secured Medium-Term Notes, Series I due March 2024, | ||||||||||||||||||||||||||
• | paid $300 million of 5.375% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $500 million of 2.375% Secured Medium-Term Notes, Series I due May 2023, | ||||||||||||||||||||||||||
• | paid $150 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $400 million of 3.80% Secured Medium-Term Notes, Series H due January 2043, | ||||||||||||||||||||||||||
• | paid $214 million of Transition Funding’s securitization debt, and | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II’s securitization debt. | ||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
• | reclassified $9 million of non-recourse long-term debt associated with a commercial real estate property held for sale to Other Current Liabilities, and | ||||||||||||||||||||||||||
• | defeased approximately $19 million of non-recourse long-term debt in order to sell a commercial real estate property. | ||||||||||||||||||||||||||
Short-Term Liquidity | |||||||||||||||||||||||||||
PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. | |||||||||||||||||||||||||||
The commitments under our credit facilities are provided by a diverse bank group. In March 2013, Power, PSEG and PSE&G amended their respective 5-year credit agreements, extending the expiration dates from April 2016 to March 2018. Of the total commitments of $2.1 billion under these agreements, $2.0 billion has been extended until 2018. The commitments for the $100 million balance will terminate in 2016. As of December 31, 2013, the total credit capacity was $4.3 billion. | |||||||||||||||||||||||||||
As of December 31, 2013, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2013, our total credit capacity was in excess of our anticipated maximum liquidity requirements. | |||||||||||||||||||||||||||
Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. Our total credit facilities and available liquidity as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | (D) | $ | 492 | Mar-17 | Commercial Paper (CP) Support/Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (A) | 500 | — | 500 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||||||
Total PSEG | $ | 1,000 | $ | 8 | $ | 992 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 70 | (D) | $ | 1,530 | Mar-17 | Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (B) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | (D) | — | Sep-15 | Letters of Credit | |||||||||||||||||||||
Total Power | $ | 2,700 | $ | 170 | $ | 2,530 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (C) | $ | 600 | $ | 73 | (D) | $ | 527 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||
Total PSE&G | $ | 600 | $ | 73 | $ | 527 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 251 | $ | 4,049 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(D) | Includes amounts related to letters of credit outstanding. | ||||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||
The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2013 and 2012. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 24 | $ | 38 | $ | 38 | $ | 57 | |||||||||||||||||||
Power - Recourse Debt (B) | 2,541 | 2,846 | 2,340 | 2,818 | |||||||||||||||||||||||
PSE&G (B) | 5,566 | 5,629 | 4,795 | 5,606 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 476 | 511 | 690 | 765 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 20 | 21 | 32 | 34 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 44 | 44 | |||||||||||||||||||||||
$ | 8,643 | $ | 9,061 | $ | 7,939 | $ | 9,324 | ||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | ||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||
Schedule Of Consolidated Debt | ' | ||||||||||||||||||||||||||
Schedule of Consolidated Debt | |||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 38 | $ | 57 | |||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (14 | ) | (19 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 24 | $ | 38 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
2.50% | 2013 | $ | — | $ | 300 | ||||||||||||||||||||||
5.50% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | — | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | — | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,309 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (C) | 2014 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,353 | |||||||||||||||||||||||||
Amounts Due Within One Year | (44 | ) | (300 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (12 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,497 | $ | 2,040 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (D): | |||||||||||||||||||||||||||
6.75% | 2016 | $ | 171 | $ | 171 | ||||||||||||||||||||||
9.25% | 2021 | 134 | 134 | ||||||||||||||||||||||||
8.00% | 2037 | 7 | 7 | ||||||||||||||||||||||||
5.00% | 2037 | 8 | 8 | ||||||||||||||||||||||||
Total First and Refunding Mortgage Bonds | 320 | 320 | |||||||||||||||||||||||||
Pollution Control Bonds (D): | |||||||||||||||||||||||||||
Floating rate (C) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (C) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (D): | |||||||||||||||||||||||||||
5.00% | 2013 | — | 150 | ||||||||||||||||||||||||
5.38% | 2013 | — | 300 | ||||||||||||||||||||||||
6.33% | 2013 | — | 275 | ||||||||||||||||||||||||
0.85% | 2014 | 250 | 250 | ||||||||||||||||||||||||
5.00% | 2014 | 250 | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | — | ||||||||||||||||||||||||
3.75% | 2024 | 250 | — | ||||||||||||||||||||||||
5.25% | 2035 | 250 | 250 | ||||||||||||||||||||||||
5.70% | 2036 | 250 | 250 | ||||||||||||||||||||||||
5.80% | 2037 | 350 | 350 | ||||||||||||||||||||||||
5.38% | 2039 | 250 | 250 | ||||||||||||||||||||||||
5.50% | 2040 | 300 | 300 | ||||||||||||||||||||||||
3.95% | 2042 | 450 | 450 | ||||||||||||||||||||||||
3.65% | 2042 | 350 | 350 | ||||||||||||||||||||||||
3.80% | 2043 | 400 | — | ||||||||||||||||||||||||
Total MTNs | 5,159 | 4,384 | |||||||||||||||||||||||||
Principal Amount Outstanding | 5,579 | 4,804 | |||||||||||||||||||||||||
Amounts Due Within One Year | (500 | ) | (725 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (13 | ) | (9 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 5,066 | $ | 4,070 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.61% | 2013 | $ | — | $ | 100 | ||||||||||||||||||||||
6.75% | 2013-2014 | 106 | 220 | ||||||||||||||||||||||||
6.89% | 2014-2015 | 370 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 476 | 690 | |||||||||||||||||||||||||
Amounts Due Within One Year | (225 | ) | (214 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | 251 | 476 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.49% | 2013 | — | 9 | ||||||||||||||||||||||||
4.57% | 2013-2015 | 20 | 23 | ||||||||||||||||||||||||
Principal Amount Outstanding | 20 | 32 | |||||||||||||||||||||||||
Amounts Due Within One Year | (12 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | 8 | 20 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 5,325 | $ | 4,566 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2013-2015 | $ | 16 | $ | 44 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 44 | |||||||||||||||||||||||||
Amounts Due Within One Year | — | (1 | ) | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | 16 | 43 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | 16 | $ | 43 | |||||||||||||||||||||||
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||||
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||
(C) | The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds that are serviced and secured by Power Pollution Control Notes and PSE&G Pollution Control Bonds, respectively, are variable rate bonds that are in weekly reset mode. The PEDFA bond is backed by a three-year letter of credit that expires in November 2014. The Power Pollution Control Note backing the PEDFA bond has been reclassified as debt due within the year. | ||||||||||||||||||||||||||
(D) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(E) | Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent. | ||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||
The aggregate principal amounts of maturities for each of the five years following December 31, 2013 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | Power | PSE&G | Transition | Transition | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 44 | $ | 500 | $ | 225 | $ | 12 | $ | — | $ | 781 | |||||||||||||||
2015 | 300 | 300 | 251 | 8 | 16 | 875 | |||||||||||||||||||||
2016 | 553 | 171 | — | — | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 250 | 750 | — | — | — | 1,000 | |||||||||||||||||||||
Thereafter | 1,406 | 3,858 | — | — | — | 5,264 | |||||||||||||||||||||
Total | $ | 2,553 | $ | 5,579 | $ | 476 | $ | 20 | $ | 16 | $ | 8,644 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2013, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | issued $250 million of 4.30% Senior Notes, due November 2023, | ||||||||||||||||||||||||||
• | issued $250 million of 2.45% Senior Notes, due November 2018, and | ||||||||||||||||||||||||||
• | paid $300 million of 2.50% Senior Notes at maturity. | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | paid $275 million of 6.33% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $350 million of 2.30% Secured Medium-Term Notes, Series I due September 2018, | ||||||||||||||||||||||||||
• | issued $250 million of 3.75% Secured Medium-Term Notes, Series I due March 2024, | ||||||||||||||||||||||||||
• | paid $300 million of 5.375% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $500 million of 2.375% Secured Medium-Term Notes, Series I due May 2023, | ||||||||||||||||||||||||||
• | paid $150 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $400 million of 3.80% Secured Medium-Term Notes, Series H due January 2043, | ||||||||||||||||||||||||||
• | paid $214 million of Transition Funding’s securitization debt, and | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II’s securitization debt. | ||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
• | reclassified $9 million of non-recourse long-term debt associated with a commercial real estate property held for sale to Other Current Liabilities, and | ||||||||||||||||||||||||||
• | defeased approximately $19 million of non-recourse long-term debt in order to sell a commercial real estate property. | ||||||||||||||||||||||||||
Short-Term Liquidity | |||||||||||||||||||||||||||
PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. | |||||||||||||||||||||||||||
The commitments under our credit facilities are provided by a diverse bank group. In March 2013, Power, PSEG and PSE&G amended their respective 5-year credit agreements, extending the expiration dates from April 2016 to March 2018. Of the total commitments of $2.1 billion under these agreements, $2.0 billion has been extended until 2018. The commitments for the $100 million balance will terminate in 2016. As of December 31, 2013, the total credit capacity was $4.3 billion. | |||||||||||||||||||||||||||
As of December 31, 2013, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2013, our total credit capacity was in excess of our anticipated maximum liquidity requirements. | |||||||||||||||||||||||||||
Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. Our total credit facilities and available liquidity as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | (D) | $ | 492 | Mar-17 | Commercial Paper (CP) Support/Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (A) | 500 | — | 500 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||||||
Total PSEG | $ | 1,000 | $ | 8 | $ | 992 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 70 | (D) | $ | 1,530 | Mar-17 | Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (B) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | (D) | — | Sep-15 | Letters of Credit | |||||||||||||||||||||
Total Power | $ | 2,700 | $ | 170 | $ | 2,530 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (C) | $ | 600 | $ | 73 | (D) | $ | 527 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||
Total PSE&G | $ | 600 | $ | 73 | $ | 527 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 251 | $ | 4,049 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(D) | Includes amounts related to letters of credit outstanding. | ||||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||
The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2013 and 2012. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 24 | $ | 38 | $ | 38 | $ | 57 | |||||||||||||||||||
Power - Recourse Debt (B) | 2,541 | 2,846 | 2,340 | 2,818 | |||||||||||||||||||||||
PSE&G (B) | 5,566 | 5,629 | 4,795 | 5,606 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 476 | 511 | 690 | 765 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 20 | 21 | 32 | 34 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 44 | 44 | |||||||||||||||||||||||
$ | 8,643 | $ | 9,061 | $ | 7,939 | $ | 9,324 | ||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | ||||||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||
Schedule Of Consolidated Debt | ' | ||||||||||||||||||||||||||
Schedule of Consolidated Debt | |||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 38 | $ | 57 | |||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (14 | ) | (19 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 24 | $ | 38 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
2.50% | 2013 | $ | — | $ | 300 | ||||||||||||||||||||||
5.50% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | — | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | — | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,309 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (C) | 2014 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,353 | |||||||||||||||||||||||||
Amounts Due Within One Year | (44 | ) | (300 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (12 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,497 | $ | 2,040 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (D): | |||||||||||||||||||||||||||
6.75% | 2016 | $ | 171 | $ | 171 | ||||||||||||||||||||||
9.25% | 2021 | 134 | 134 | ||||||||||||||||||||||||
8.00% | 2037 | 7 | 7 | ||||||||||||||||||||||||
5.00% | 2037 | 8 | 8 | ||||||||||||||||||||||||
Total First and Refunding Mortgage Bonds | 320 | 320 | |||||||||||||||||||||||||
Pollution Control Bonds (D): | |||||||||||||||||||||||||||
Floating rate (C) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (C) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (D): | |||||||||||||||||||||||||||
5.00% | 2013 | — | 150 | ||||||||||||||||||||||||
5.38% | 2013 | — | 300 | ||||||||||||||||||||||||
6.33% | 2013 | — | 275 | ||||||||||||||||||||||||
0.85% | 2014 | 250 | 250 | ||||||||||||||||||||||||
5.00% | 2014 | 250 | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | — | ||||||||||||||||||||||||
3.75% | 2024 | 250 | — | ||||||||||||||||||||||||
5.25% | 2035 | 250 | 250 | ||||||||||||||||||||||||
5.70% | 2036 | 250 | 250 | ||||||||||||||||||||||||
5.80% | 2037 | 350 | 350 | ||||||||||||||||||||||||
5.38% | 2039 | 250 | 250 | ||||||||||||||||||||||||
5.50% | 2040 | 300 | 300 | ||||||||||||||||||||||||
3.95% | 2042 | 450 | 450 | ||||||||||||||||||||||||
3.65% | 2042 | 350 | 350 | ||||||||||||||||||||||||
3.80% | 2043 | 400 | — | ||||||||||||||||||||||||
Total MTNs | 5,159 | 4,384 | |||||||||||||||||||||||||
Principal Amount Outstanding | 5,579 | 4,804 | |||||||||||||||||||||||||
Amounts Due Within One Year | (500 | ) | (725 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (13 | ) | (9 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 5,066 | $ | 4,070 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.61% | 2013 | $ | — | $ | 100 | ||||||||||||||||||||||
6.75% | 2013-2014 | 106 | 220 | ||||||||||||||||||||||||
6.89% | 2014-2015 | 370 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 476 | 690 | |||||||||||||||||||||||||
Amounts Due Within One Year | (225 | ) | (214 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | 251 | 476 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.49% | 2013 | — | 9 | ||||||||||||||||||||||||
4.57% | 2013-2015 | 20 | 23 | ||||||||||||||||||||||||
Principal Amount Outstanding | 20 | 32 | |||||||||||||||||||||||||
Amounts Due Within One Year | (12 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | 8 | 20 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 5,325 | $ | 4,566 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2013-2015 | $ | 16 | $ | 44 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 44 | |||||||||||||||||||||||||
Amounts Due Within One Year | — | (1 | ) | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | 16 | 43 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | 16 | $ | 43 | |||||||||||||||||||||||
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||||
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||
(C) | The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds that are serviced and secured by Power Pollution Control Notes and PSE&G Pollution Control Bonds, respectively, are variable rate bonds that are in weekly reset mode. The PEDFA bond is backed by a three-year letter of credit that expires in November 2014. The Power Pollution Control Note backing the PEDFA bond has been reclassified as debt due within the year. | ||||||||||||||||||||||||||
(D) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(E) | Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent. | ||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||
The aggregate principal amounts of maturities for each of the five years following December 31, 2013 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | Power | PSE&G | Transition | Transition | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 44 | $ | 500 | $ | 225 | $ | 12 | $ | — | $ | 781 | |||||||||||||||
2015 | 300 | 300 | 251 | 8 | 16 | 875 | |||||||||||||||||||||
2016 | 553 | 171 | — | — | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 250 | 750 | — | — | — | 1,000 | |||||||||||||||||||||
Thereafter | 1,406 | 3,858 | — | — | — | 5,264 | |||||||||||||||||||||
Total | $ | 2,553 | $ | 5,579 | $ | 476 | $ | 20 | $ | 16 | $ | 8,644 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2013, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | issued $250 million of 4.30% Senior Notes, due November 2023, | ||||||||||||||||||||||||||
• | issued $250 million of 2.45% Senior Notes, due November 2018, and | ||||||||||||||||||||||||||
• | paid $300 million of 2.50% Senior Notes at maturity. | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | paid $275 million of 6.33% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $350 million of 2.30% Secured Medium-Term Notes, Series I due September 2018, | ||||||||||||||||||||||||||
• | issued $250 million of 3.75% Secured Medium-Term Notes, Series I due March 2024, | ||||||||||||||||||||||||||
• | paid $300 million of 5.375% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $500 million of 2.375% Secured Medium-Term Notes, Series I due May 2023, | ||||||||||||||||||||||||||
• | paid $150 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | issued $400 million of 3.80% Secured Medium-Term Notes, Series H due January 2043, | ||||||||||||||||||||||||||
• | paid $214 million of Transition Funding’s securitization debt, and | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II’s securitization debt. | ||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
• | reclassified $9 million of non-recourse long-term debt associated with a commercial real estate property held for sale to Other Current Liabilities, and | ||||||||||||||||||||||||||
• | defeased approximately $19 million of non-recourse long-term debt in order to sell a commercial real estate property. | ||||||||||||||||||||||||||
Short-Term Liquidity | |||||||||||||||||||||||||||
PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. | |||||||||||||||||||||||||||
The commitments under our credit facilities are provided by a diverse bank group. In March 2013, Power, PSEG and PSE&G amended their respective 5-year credit agreements, extending the expiration dates from April 2016 to March 2018. Of the total commitments of $2.1 billion under these agreements, $2.0 billion has been extended until 2018. The commitments for the $100 million balance will terminate in 2016. As of December 31, 2013, the total credit capacity was $4.3 billion. | |||||||||||||||||||||||||||
As of December 31, 2013, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2013, our total credit capacity was in excess of our anticipated maximum liquidity requirements. | |||||||||||||||||||||||||||
Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. Our total credit facilities and available liquidity as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | (D) | $ | 492 | Mar-17 | Commercial Paper (CP) Support/Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (A) | 500 | — | 500 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||||||
Total PSEG | $ | 1,000 | $ | 8 | $ | 992 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 70 | (D) | $ | 1,530 | Mar-17 | Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (B) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | (D) | — | Sep-15 | Letters of Credit | |||||||||||||||||||||
Total Power | $ | 2,700 | $ | 170 | $ | 2,530 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (C) | $ | 600 | $ | 73 | (D) | $ | 527 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||
Total PSE&G | $ | 600 | $ | 73 | $ | 527 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 251 | $ | 4,049 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(D) | Includes amounts related to letters of credit outstanding. | ||||||||||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||||||||||
The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2013 and 2012. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 24 | $ | 38 | $ | 38 | $ | 57 | |||||||||||||||||||
Power - Recourse Debt (B) | 2,541 | 2,846 | 2,340 | 2,818 | |||||||||||||||||||||||
PSE&G (B) | 5,566 | 5,629 | 4,795 | 5,606 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 476 | 511 | 690 | 765 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 20 | 21 | 32 | 34 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 44 | 44 | |||||||||||||||||||||||
$ | 8,643 | $ | 9,061 | $ | 7,939 | $ | 9,324 | ||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Schedule_Of_Consolidated_Capit
Schedule Of Consolidated Capital Stock | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule Of Consolidated Capital Stock | ' | ||||||||||||||||
Schedule of Consolidated Capital Stock | |||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,857,262 | 505,892,472 | $ | 4,246 | $ | 4,226 | |||||||||||
(A) | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. | ||||||||||||||||
As of December 31, 2013, there was an aggregate of 7.5 million shares of $100 par value and 10 million shares of $25 par value Cumulative Preferred Stock, which were authorized and unissued and which, upon issuance, may or may not provide for mandatory sinking fund redemption. | |||||||||||||||||
Schedule Of Consolidated Capital Stock | ' | ||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,857,262 | 505,892,472 | $ | 4,246 | $ | 4,226 | |||||||||||
(A) | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. | ||||||||||||||||
Power [Member] | ' | ||||||||||||||||
Schedule Of Consolidated Capital Stock | ' | ||||||||||||||||
Schedule of Consolidated Capital Stock | |||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,857,262 | 505,892,472 | $ | 4,246 | $ | 4,226 | |||||||||||
(A) | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. | ||||||||||||||||
As of December 31, 2013, there was an aggregate of 7.5 million shares of $100 par value and 10 million shares of $25 par value Cumulative Preferred Stock, which were authorized and unissued and which, upon issuance, may or may not provide for mandatory sinking fund redemption. | |||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||
Schedule Of Consolidated Capital Stock | ' | ||||||||||||||||
Schedule of Consolidated Capital Stock | |||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,857,262 | 505,892,472 | $ | 4,246 | $ | 4,226 | |||||||||||
(A) | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. | ||||||||||||||||
As of December 31, 2013, there was an aggregate of 7.5 million shares of $100 par value and 10 million shares of $25 par value Cumulative Preferred Stock, which were authorized and unissued and which, upon issuance, may or may not provide for mandatory sinking fund redemption. |
Financial_Risk_Management_Acti
Financial Risk Management Activities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions, transmission availability and other events. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are MTM with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | (4 | ) | $ | 3 | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | (1 | ) | $ | 9 | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in 2014. Power’s after-tax unrealized losses on these derivatives that are expected to be reclassified to earnings during the next 12 months are $1 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Trading Derivatives | |||||||||||||||||||||||||||||||||||||||||
The primary purpose of Power’s wholesale marketing operation is to optimize the value of the output of the generating facilities via various products and services available in the markets it serves. Historically, Power engaged in trading of electricity and energy-related products where such transactions were not associated with the output or fuel purchase requirements of its facilities. This trading consisted mostly of energy supply contracts where Power secured sales commitments with the intent to supply the energy services from purchases in the market rather than from its owned generation. Such trading activities were marked to market through the Consolidated Statement of Operations and represented less than one percent of gross margin (revenues less energy costs) on an annual basis. Power has not entered into any trading derivative contracts since June 2011 and anticipates that it will not do so in the future. | |||||||||||||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. | |||||||||||||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2013, PSEG had seven interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of December 31, 2013 and 2012, the fair value of all the underlying hedges was $38 million and $57 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was $(1) million and $(2) million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||
The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. See Note 2. Recent Accounting Standards. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with our accounting policy, these positions have been offset on the Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 3 | $ | 332 | $ | (217 | ) | $ | 118 | $ | 5 | $ | 15 | $ | 138 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 75 | (26 | ) | 49 | 62 | 42 | 153 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 3 | $ | 407 | $ | (243 | ) | $ | 167 | $ | 67 | $ | 57 | $ | 291 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (265 | ) | $ | 219 | $ | (46 | ) | $ | — | $ | — | $ | (46 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (41 | ) | 26 | (15 | ) | (107 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (306 | ) | $ | 245 | $ | (61 | ) | $ | (107 | ) | $ | — | $ | (168 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | 101 | $ | 2 | $ | 106 | $ | (40 | ) | $ | 57 | $ | 123 | ||||||||||||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013 and 2012, net cash collateral paid of $2 million was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. Of the $2 million as of December 31, 2012, cash collateral of $(3) million and $5 million were netted against current assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $91 million and $98 million as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, Power had the contractual right of offset of $39 million and $61 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $52 million and $37 million as of December 31, 2013 and 2012, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $691 million and $654 million as of December 31, 2013 and 2012, respectively, discussed in Note 13. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Amount of Pre-Tax | Location of | Amount of Pre-Tax | Amount of Pre-Tax | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Pre-Tax | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||
Recognized in AOCI on Derivatives | Gain (Loss) | Reclassified from | Recognized in Income on Derivatives | ||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified from | AOCI into Income | (Ineffective Portion) | ||||||||||||||||||||||||||||||||||||||
AOCI into Income | (Effective Portion) | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 28 | $ | 80 | $ | 12 | $ | 70 | $ | 214 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Total Power | $ | (4 | ) | $ | 28 | $ | 80 | $ | 13 | $ | 70 | $ | 215 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
(A) | Includes amounts for PSEG parent. | ||||||||||||||||||||||||||||||||||||||||
The following reconciles the AOCI for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis: | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 54 | $ | 31 | |||||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 28 | 17 | |||||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (70 | ) | (41 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Recognized in Income | ||||||||||||||||||||||||||||||||||||||||
Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (128 | ) | $ | 232 | $ | 205 | |||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 106 | (19 | ) | (42 | ) | |||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (22 | ) | $ | 213 | $ | 163 | ||||||||||||||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $19 million, $22 million and $25 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 596 | — | 404 | 192 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 208 | — | 208 | — | ||||||||||||||||||||||||||||||||||||
Capacity | MW days | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 19 | — | 19 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
Coal | Tons | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, 97% of the credit for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of December 31, 2013. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||||||||||||
Exposure | held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 331 | $ | 14 | $ | 331 | 1 | $ | 251 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | 7 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 345 | $ | 14 | $ | 345 | 1 | $ | 251 | ||||||||||||||||||||||||||||||||
(A) | Represents net exposure with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
The net exposure listed above, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of December 31, 2013, Power had 154 active counterparties. | |||||||||||||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions, transmission availability and other events. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are MTM with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | (4 | ) | $ | 3 | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | (1 | ) | $ | 9 | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in 2014. Power’s after-tax unrealized losses on these derivatives that are expected to be reclassified to earnings during the next 12 months are $1 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Trading Derivatives | |||||||||||||||||||||||||||||||||||||||||
The primary purpose of Power’s wholesale marketing operation is to optimize the value of the output of the generating facilities via various products and services available in the markets it serves. Historically, Power engaged in trading of electricity and energy-related products where such transactions were not associated with the output or fuel purchase requirements of its facilities. This trading consisted mostly of energy supply contracts where Power secured sales commitments with the intent to supply the energy services from purchases in the market rather than from its owned generation. Such trading activities were marked to market through the Consolidated Statement of Operations and represented less than one percent of gross margin (revenues less energy costs) on an annual basis. Power has not entered into any trading derivative contracts since June 2011 and anticipates that it will not do so in the future. | |||||||||||||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. | |||||||||||||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2013, PSEG had seven interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of December 31, 2013 and 2012, the fair value of all the underlying hedges was $38 million and $57 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was $(1) million and $(2) million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||
The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. See Note 2. Recent Accounting Standards. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with our accounting policy, these positions have been offset on the Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 3 | $ | 332 | $ | (217 | ) | $ | 118 | $ | 5 | $ | 15 | $ | 138 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 75 | (26 | ) | 49 | 62 | 42 | 153 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 3 | $ | 407 | $ | (243 | ) | $ | 167 | $ | 67 | $ | 57 | $ | 291 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (265 | ) | $ | 219 | $ | (46 | ) | $ | — | $ | — | $ | (46 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (41 | ) | 26 | (15 | ) | (107 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (306 | ) | $ | 245 | $ | (61 | ) | $ | (107 | ) | $ | — | $ | (168 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | 101 | $ | 2 | $ | 106 | $ | (40 | ) | $ | 57 | $ | 123 | ||||||||||||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013 and 2012, net cash collateral paid of $2 million was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. Of the $2 million as of December 31, 2012, cash collateral of $(3) million and $5 million were netted against current assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $91 million and $98 million as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, Power had the contractual right of offset of $39 million and $61 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $52 million and $37 million as of December 31, 2013 and 2012, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $691 million and $654 million as of December 31, 2013 and 2012, respectively, discussed in Note 13. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Amount of Pre-Tax | Location of | Amount of Pre-Tax | Amount of Pre-Tax | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Pre-Tax | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||
Recognized in AOCI on Derivatives | Gain (Loss) | Reclassified from | Recognized in Income on Derivatives | ||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified from | AOCI into Income | (Ineffective Portion) | ||||||||||||||||||||||||||||||||||||||
AOCI into Income | (Effective Portion) | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 28 | $ | 80 | $ | 12 | $ | 70 | $ | 214 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Total Power | $ | (4 | ) | $ | 28 | $ | 80 | $ | 13 | $ | 70 | $ | 215 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
(A) | Includes amounts for PSEG parent. | ||||||||||||||||||||||||||||||||||||||||
The following reconciles the AOCI for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis: | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 54 | $ | 31 | |||||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 28 | 17 | |||||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (70 | ) | (41 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Recognized in Income | ||||||||||||||||||||||||||||||||||||||||
Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (128 | ) | $ | 232 | $ | 205 | |||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 106 | (19 | ) | (42 | ) | |||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (22 | ) | $ | 213 | $ | 163 | ||||||||||||||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $19 million, $22 million and $25 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 596 | — | 404 | 192 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 208 | — | 208 | — | ||||||||||||||||||||||||||||||||||||
Capacity | MW days | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 19 | — | 19 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
Coal | Tons | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, 97% of the credit for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of December 31, 2013. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||||||||||||
Exposure | held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 331 | $ | 14 | $ | 331 | 1 | $ | 251 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | 7 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 345 | $ | 14 | $ | 345 | 1 | $ | 251 | ||||||||||||||||||||||||||||||||
(A) | Represents net exposure with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
The net exposure listed above, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of December 31, 2013, Power had 154 active counterparties. | |||||||||||||||||||||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions, transmission availability and other events. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are MTM with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | (4 | ) | $ | 3 | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | (1 | ) | $ | 9 | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in 2014. Power’s after-tax unrealized losses on these derivatives that are expected to be reclassified to earnings during the next 12 months are $1 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
Trading Derivatives | |||||||||||||||||||||||||||||||||||||||||
The primary purpose of Power’s wholesale marketing operation is to optimize the value of the output of the generating facilities via various products and services available in the markets it serves. Historically, Power engaged in trading of electricity and energy-related products where such transactions were not associated with the output or fuel purchase requirements of its facilities. This trading consisted mostly of energy supply contracts where Power secured sales commitments with the intent to supply the energy services from purchases in the market rather than from its owned generation. Such trading activities were marked to market through the Consolidated Statement of Operations and represented less than one percent of gross margin (revenues less energy costs) on an annual basis. Power has not entered into any trading derivative contracts since June 2011 and anticipates that it will not do so in the future. | |||||||||||||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. | |||||||||||||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2013, PSEG had seven interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of December 31, 2013 and 2012, the fair value of all the underlying hedges was $38 million and $57 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was $(1) million and $(2) million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||
The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. See Note 2. Recent Accounting Standards. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with our accounting policy, these positions have been offset on the Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 3 | $ | 332 | $ | (217 | ) | $ | 118 | $ | 5 | $ | 15 | $ | 138 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 75 | (26 | ) | 49 | 62 | 42 | 153 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 3 | $ | 407 | $ | (243 | ) | $ | 167 | $ | 67 | $ | 57 | $ | 291 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (265 | ) | $ | 219 | $ | (46 | ) | $ | — | $ | — | $ | (46 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (41 | ) | 26 | (15 | ) | (107 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (306 | ) | $ | 245 | $ | (61 | ) | $ | (107 | ) | $ | — | $ | (168 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | 101 | $ | 2 | $ | 106 | $ | (40 | ) | $ | 57 | $ | 123 | ||||||||||||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013 and 2012, net cash collateral paid of $2 million was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. Of the $2 million as of December 31, 2012, cash collateral of $(3) million and $5 million were netted against current assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $91 million and $98 million as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, Power had the contractual right of offset of $39 million and $61 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $52 million and $37 million as of December 31, 2013 and 2012, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $691 million and $654 million as of December 31, 2013 and 2012, respectively, discussed in Note 13. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Amount of Pre-Tax | Location of | Amount of Pre-Tax | Amount of Pre-Tax | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Pre-Tax | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||
Recognized in AOCI on Derivatives | Gain (Loss) | Reclassified from | Recognized in Income on Derivatives | ||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified from | AOCI into Income | (Ineffective Portion) | ||||||||||||||||||||||||||||||||||||||
AOCI into Income | (Effective Portion) | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 28 | $ | 80 | $ | 12 | $ | 70 | $ | 214 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Total Power | $ | (4 | ) | $ | 28 | $ | 80 | $ | 13 | $ | 70 | $ | 215 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
(A) | Includes amounts for PSEG parent. | ||||||||||||||||||||||||||||||||||||||||
The following reconciles the AOCI for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis: | |||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 54 | $ | 31 | |||||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 28 | 17 | |||||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (70 | ) | (41 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Recognized in Income | ||||||||||||||||||||||||||||||||||||||||
Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (128 | ) | $ | 232 | $ | 205 | |||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 106 | (19 | ) | (42 | ) | |||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (22 | ) | $ | 213 | $ | 163 | ||||||||||||||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $19 million, $22 million and $25 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 596 | — | 404 | 192 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 208 | — | 208 | — | ||||||||||||||||||||||||||||||||||||
Capacity | MW days | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 19 | — | 19 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
Coal | Tons | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, 97% of the credit for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of December 31, 2013. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||||||||||||
Exposure | held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 331 | $ | 14 | $ | 331 | 1 | $ | 251 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | 7 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 345 | $ | 14 | $ | 345 | 1 | $ | 251 | ||||||||||||||||||||||||||||||||
(A) | Represents net exposure with PSE&G. | ||||||||||||||||||||||||||||||||||||||||
The net exposure listed above, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of December 31, 2013, Power had 154 active counterparties. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of December 31, 2013, these consisted primarily of electric swaps whose basis is deemed significant to the fair value measurement, electric load deals and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||||||
Description | Total | Netting (F) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 287 | $ | — | $ | 287 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 234 | $ | (3 | ) | $ | — | $ | 157 | $ | 80 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 57 | $ | — | $ | — | $ | 57 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 18 | $ | — | $ | 18 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 117 | $ | — | $ | — | $ | 117 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 47 | $ | — | $ | — | $ | 47 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (168 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (111 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 167 | $ | (3 | ) | $ | — | $ | 157 | $ | 13 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (61 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (4 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 65 | $ | — | $ | 65 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 67 | $ | — | $ | — | $ | — | $ | 67 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 39 | $ | — | $ | — | $ | 39 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | (107 | ) | $ | — | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||
(A) | Represents money market mutual funds | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
(F) | Cash collateral netting represents collateral amounts netted against derivative assets and liabilities as permitted under the accounting guidance for Offsetting of Amounts Related to Certain Contracts. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. For PSE&G, long-term electric capacity contracts are measured at fair value using both observable capacity auction prices and unobservable future long-term capacity prices as of December 31, 2012. The measurement of these contracts includes adjustments for contingencies, such as the potential outcome of litigation specifically related to the contract and the risk related to the construction of the specified capacity facilities. Accordingly, the fair value measurements are classified as Level 3. There is no liability associated with these contracts as of December 31, 2013 as these contracts were terminated. For additional information see Note 13. Commitments and Contingent Liabilities. The following table provides detail surrounding significant Level 3 valuations as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-13 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted cash flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-12 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 7 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | 1 | (2 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 5 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 13 | $ | (4 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas and Capacity | Forward Contracts (B) | $ | 67 | $ | (107 | ) | Discounted Cash Flow | Long-Term Gas Basis and Capacity Prices | (B) | ||||||||||||||||||||||
Total PSE&G | $ | 67 | $ | (107 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 80 | $ | (111 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions which are immaterial as of December 31, 2013 and 2012. Also includes long-term electric capacity positions which are immaterial as of December 31, 2012. | ||||||||||||||||||||||||||||||
(B) | Includes long-term electric capacity and long-term gas supply positions with various unobservable inputs. Unobservable inputs for the long-term electric capacity contracts include forecasted capacity prices in the range of $100 to $400/MW day. Significant unobservable inputs for the gas supply contracts include long-term basis prices in the range of $0 to $4/MMBTU of natural gas. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For long-term electric capacity contracts where PSE&G is a buyer, an increase in the capacity price would increase the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2013 and 2012, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2012 | ||||||||||||||||||||||||
1-Jan-12 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 21 | $ | 42 | $ | (37 | ) | $ | — | $ | (57 | ) | $ | — | $ | (31 | ) | ||||||||||||||
Non-Recourse Debt | $ | (50 | ) | $ | 50 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 24 | $ | 42 | $ | — | $ | — | $ | (57 | ) | $ | — | $ | 9 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (3 | ) | $ | — | $ | (37 | ) | $ | — | $ | — | $ | — | $ | (40 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(27) million and $42 million in Operating Income in 2013 and 2012, respectively. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. Of the $42 million in Operating Income in 2012, $(15) million is unrealized. Energy Holdings' release from its obligations under the non-recourse debt is included in PSEG's Operating Income and is offset by the write-off of the related assets. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or OCI, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. As discussed in Note 13. Commitments and Contingent Liabilities, PSE&G’s long-term electric capacity positions represented by the SOCA contracts have been terminated and the related derivative asset or liability and regulatory asset and liability reversed in the fourth quarter of 2013. | ||||||||||||||||||||||||||||||
(C) | Represents $8 million and $(57) million in settlements for derivative contracts in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
(D) | During the year ended December 31, 2013, $4 million of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters (i.e. the quarter in which the transfers occurred), as per PSEG’s policy. During the year ended December 31, 2012, there were no transfers among levels. | ||||||||||||||||||||||||||||||
As of December 31, 2013, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $88 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of December 31, 2012, PSEG carried $2.1 billion of net assets that are measured at fair value on a recurring basis, of which $31 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of December 31, 2013, these consisted primarily of electric swaps whose basis is deemed significant to the fair value measurement, electric load deals and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||||||
Description | Total | Netting (F) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 287 | $ | — | $ | 287 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 234 | $ | (3 | ) | $ | — | $ | 157 | $ | 80 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 57 | $ | — | $ | — | $ | 57 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 18 | $ | — | $ | 18 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 117 | $ | — | $ | — | $ | 117 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 47 | $ | — | $ | — | $ | 47 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (168 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (111 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 167 | $ | (3 | ) | $ | — | $ | 157 | $ | 13 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (61 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (4 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 65 | $ | — | $ | 65 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 67 | $ | — | $ | — | $ | — | $ | 67 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 39 | $ | — | $ | — | $ | 39 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | (107 | ) | $ | — | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||
(A) | Represents money market mutual funds | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
(F) | Cash collateral netting represents collateral amounts netted against derivative assets and liabilities as permitted under the accounting guidance for Offsetting of Amounts Related to Certain Contracts. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. For PSE&G, long-term electric capacity contracts are measured at fair value using both observable capacity auction prices and unobservable future long-term capacity prices as of December 31, 2012. The measurement of these contracts includes adjustments for contingencies, such as the potential outcome of litigation specifically related to the contract and the risk related to the construction of the specified capacity facilities. Accordingly, the fair value measurements are classified as Level 3. There is no liability associated with these contracts as of December 31, 2013 as these contracts were terminated. For additional information see Note 13. Commitments and Contingent Liabilities. The following table provides detail surrounding significant Level 3 valuations as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-13 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted cash flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-12 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 7 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | 1 | (2 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 5 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 13 | $ | (4 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas and Capacity | Forward Contracts (B) | $ | 67 | $ | (107 | ) | Discounted Cash Flow | Long-Term Gas Basis and Capacity Prices | (B) | ||||||||||||||||||||||
Total PSE&G | $ | 67 | $ | (107 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 80 | $ | (111 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions which are immaterial as of December 31, 2013 and 2012. Also includes long-term electric capacity positions which are immaterial as of December 31, 2012. | ||||||||||||||||||||||||||||||
(B) | Includes long-term electric capacity and long-term gas supply positions with various unobservable inputs. Unobservable inputs for the long-term electric capacity contracts include forecasted capacity prices in the range of $100 to $400/MW day. Significant unobservable inputs for the gas supply contracts include long-term basis prices in the range of $0 to $4/MMBTU of natural gas. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For long-term electric capacity contracts where PSE&G is a buyer, an increase in the capacity price would increase the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2013 and 2012, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2012 | ||||||||||||||||||||||||
1-Jan-12 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 21 | $ | 42 | $ | (37 | ) | $ | — | $ | (57 | ) | $ | — | $ | (31 | ) | ||||||||||||||
Non-Recourse Debt | $ | (50 | ) | $ | 50 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 24 | $ | 42 | $ | — | $ | — | $ | (57 | ) | $ | — | $ | 9 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (3 | ) | $ | — | $ | (37 | ) | $ | — | $ | — | $ | — | $ | (40 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(27) million and $42 million in Operating Income in 2013 and 2012, respectively. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. Of the $42 million in Operating Income in 2012, $(15) million is unrealized. Energy Holdings' release from its obligations under the non-recourse debt is included in PSEG's Operating Income and is offset by the write-off of the related assets. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or OCI, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. As discussed in Note 13. Commitments and Contingent Liabilities, PSE&G’s long-term electric capacity positions represented by the SOCA contracts have been terminated and the related derivative asset or liability and regulatory asset and liability reversed in the fourth quarter of 2013. | ||||||||||||||||||||||||||||||
(C) | Represents $8 million and $(57) million in settlements for derivative contracts in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
(D) | During the year ended December 31, 2013, $4 million of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters (i.e. the quarter in which the transfers occurred), as per PSEG’s policy. During the year ended December 31, 2012, there were no transfers among levels. | ||||||||||||||||||||||||||||||
As of December 31, 2013, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $88 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of December 31, 2012, PSEG carried $2.1 billion of net assets that are measured at fair value on a recurring basis, of which $31 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of December 31, 2013, these consisted primarily of electric swaps whose basis is deemed significant to the fair value measurement, electric load deals and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||||||
Description | Total | Netting (F) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 287 | $ | — | $ | 287 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 234 | $ | (3 | ) | $ | — | $ | 157 | $ | 80 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 57 | $ | — | $ | — | $ | 57 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 18 | $ | — | $ | 18 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 117 | $ | — | $ | — | $ | 117 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 47 | $ | — | $ | — | $ | 47 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (168 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (111 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 167 | $ | (3 | ) | $ | — | $ | 157 | $ | 13 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (61 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (4 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 65 | $ | — | $ | 65 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 67 | $ | — | $ | — | $ | — | $ | 67 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 39 | $ | — | $ | — | $ | 39 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | (107 | ) | $ | — | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||
(A) | Represents money market mutual funds | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
(F) | Cash collateral netting represents collateral amounts netted against derivative assets and liabilities as permitted under the accounting guidance for Offsetting of Amounts Related to Certain Contracts. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval, and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. For PSE&G, long-term electric capacity contracts are measured at fair value using both observable capacity auction prices and unobservable future long-term capacity prices as of December 31, 2012. The measurement of these contracts includes adjustments for contingencies, such as the potential outcome of litigation specifically related to the contract and the risk related to the construction of the specified capacity facilities. Accordingly, the fair value measurements are classified as Level 3. There is no liability associated with these contracts as of December 31, 2013 as these contracts were terminated. For additional information see Note 13. Commitments and Contingent Liabilities. The following table provides detail surrounding significant Level 3 valuations as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-13 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted cash flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-12 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 7 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | 1 | (2 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 5 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 13 | $ | (4 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas and Capacity | Forward Contracts (B) | $ | 67 | $ | (107 | ) | Discounted Cash Flow | Long-Term Gas Basis and Capacity Prices | (B) | ||||||||||||||||||||||
Total PSE&G | $ | 67 | $ | (107 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 80 | $ | (111 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions which are immaterial as of December 31, 2013 and 2012. Also includes long-term electric capacity positions which are immaterial as of December 31, 2012. | ||||||||||||||||||||||||||||||
(B) | Includes long-term electric capacity and long-term gas supply positions with various unobservable inputs. Unobservable inputs for the long-term electric capacity contracts include forecasted capacity prices in the range of $100 to $400/MW day. Significant unobservable inputs for the gas supply contracts include long-term basis prices in the range of $0 to $4/MMBTU of natural gas. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For long-term electric capacity contracts where PSE&G is a buyer, an increase in the capacity price would increase the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2013 and 2012, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2012 | ||||||||||||||||||||||||
1-Jan-12 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 21 | $ | 42 | $ | (37 | ) | $ | — | $ | (57 | ) | $ | — | $ | (31 | ) | ||||||||||||||
Non-Recourse Debt | $ | (50 | ) | $ | 50 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 24 | $ | 42 | $ | — | $ | — | $ | (57 | ) | $ | — | $ | 9 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (3 | ) | $ | — | $ | (37 | ) | $ | — | $ | — | $ | — | $ | (40 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(27) million and $42 million in Operating Income in 2013 and 2012, respectively. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. Of the $42 million in Operating Income in 2012, $(15) million is unrealized. Energy Holdings' release from its obligations under the non-recourse debt is included in PSEG's Operating Income and is offset by the write-off of the related assets. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or OCI, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. As discussed in Note 13. Commitments and Contingent Liabilities, PSE&G’s long-term electric capacity positions represented by the SOCA contracts have been terminated and the related derivative asset or liability and regulatory asset and liability reversed in the fourth quarter of 2013. | ||||||||||||||||||||||||||||||
(C) | Represents $8 million and $(57) million in settlements for derivative contracts in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
(D) | During the year ended December 31, 2013, $4 million of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters (i.e. the quarter in which the transfers occurred), as per PSEG’s policy. During the year ended December 31, 2012, there were no transfers among levels. | ||||||||||||||||||||||||||||||
As of December 31, 2013, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $88 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of December 31, 2012, PSEG carried $2.1 billion of net assets that are measured at fair value on a recurring basis, of which $31 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Stock Based Compensation | ' | |||||||||||||||
Stock Based Compensation | ||||||||||||||||
PSEG's Amended and Restated 2004 Long-Term Incentive Plan (LTIP) is a broad-based equity compensation program that provides for grants of various long-term incentive compensation awards, such as stock options, stock appreciation rights, performance units, restricted stock, restricted stock units, cash awards or any combination thereof. The types of long-term incentive awards that have been granted and remain outstanding under the LTIP are non-qualified options to purchase shares of PSEG's common stock, restricted stock awards, restricted stock unit awards and performance unit awards. The type of equity award that is granted and the details of that award may vary from time to time and is subject to the approval of the Organization and Compensation Committee of PSEG's Board of Directors (OCC), the plan's administrative committee. | ||||||||||||||||
The LTIP currently provides for the issuance of equity awards with respect to approximately 26 million shares of common stock. As of December 31, 2013, there were approximately 17 million shares available for future awards under the LTIP. | ||||||||||||||||
Stock Options | ||||||||||||||||
Under the LTIP, non-qualified options to acquire shares of PSEG common stock may be granted to officers and other key employees selected by the OCC. Option awards are granted with an exercise price equal to the market price of PSEG's common stock at the grant date. The options generally vest over four years of continuous service. Vesting schedules may be accelerated upon the occurrence of certain events, such as a change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. Options are exercisable over a period of time designated by the OCC (but not prior to one year or longer than ten years from the date of grant) and are subject to such other terms and conditions as the OCC determines. Payment by option holders upon exercise of an option may be made in cash or, with the consent of the OCC, by delivering previously acquired shares of PSEG common stock. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock awards to officers and other key employees. These shares are subject to risk of forfeiture until vested by continued employment. Restricted stock generally vests annually over three or four years, but is considered outstanding at the time of grant, as the recipients are entitled to dividends and voting rights. Vesting may be accelerated upon certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock unit awards to officers and other key employees. These awards, which are bookkeeping entries only, are subject to risk of forfeiture until vested by continued employment. Until vested, the units are credited with dividend equivalents proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. The restricted stock unit grants for 2013 and 2012 generally vest at the end of three years. Vesting may be accelerated upon certain events such as change-in-control or death. Prior to 2011, restricted stock unit grants generally vested over four years. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Under the LTIP, PSEG has granted performance share units to officers and other key employees. These provide for payment in shares of PSEG common stock based on achievement of certain financial goals over a three-year performance period. The payout varies from 0% to 200% of the number of performance units granted depending on PSEG's performance with respect to certain financial targets, including targets related to comparative performance against other companies in a peer group of energy companies. The performance share units are credited with dividend equivalents in an amount equal to dividends paid on PSEG common stock up until the shares are distributed. Vesting may be pro-rated for the employee's service during the performance period as a result of certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
All outstanding unvested stock options are being expensed based on their grant date fair values, which were determined using the Black-Scholes option-pricing model. Stock option awards are expensed on a tranche-specific basis over the requisite service period of the award. Ultimately, compensation expense for stock options is recognized for awards that vest. | ||||||||||||||||
PSEG recognizes compensation expense for restricted stock and restricted stock units over the vesting period based on the grant date fair market value of the shares, which is equal to the market price of PSEG's common stock on the date of the grant. | ||||||||||||||||
PSEG recognizes compensation expense for performance share units based on the grant date fair values of the award, which were determined using the Monte Carlo model. The accrual of compensation cost was based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. The accrual during the year of grant is estimated at 100% of the original grant. The accrual may be adjusted for subsequent changes in the estimated or actual outcome. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 25 | $ | 23 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 10 | $ | 10 | ||||||||||
There was no excess tax benefit for 2013. There was less than $1 million of excess tax benefits for 2012. There was $1 million of excess tax benefits included as financing cash flows on the Consolidated Statements of Cash Flow for the year ended December 31, 2011. | ||||||||||||||||
PSEG recognizes compensation cost of awards issued over the shorter of the original vesting period or the period beginning on the date of grant and ending on the date an individual is eligible for retirement and the award vests. | ||||||||||||||||
Stock Options | ||||||||||||||||
Changes in stock options for 2013 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2013 | 2,945,400 | $ | 34.19 | |||||||||||||
Exercised | 229,700 | $ | 28.3 | |||||||||||||
Canceled/Forfeited | 100,534 | $ | 41.44 | |||||||||||||
Outstanding as of December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
Exercisable at December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no option grants in 2013, 2012 and 2011. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 1 | $ | 4 | $ | 2 | ||||||||||
Cash Received from Options Exercised | $ | 7 | $ | 7 | $ | 6 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | 1 | $ | 1 | ||||||||||
Less than one million options vested during each of the years ended December 31, 2013, 2012 and 2011. The total fair value of the stock options vested during the years ended December 31, 2013, 2012 and 2011 was $1 million, $3 million and $5 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 68,800 | $ | 32.57 | |||||||||||||
Vested | 60,000 | $ | 32.93 | |||||||||||||
Non-vested as of December 31, 2013 | 8,800 | $ | 30.18 | 0.3 | $ | 281,952 | ||||||||||
There were no restricted stock awards granted in 2013, 2012 and 2011. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2013, 2012 and 2011 was $2 million, $1 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 834,527 | $ | 31.12 | |||||||||||||
Granted | 325,035 | $ | 31.41 | |||||||||||||
Vested | 109,691 | $ | 30.25 | |||||||||||||
Canceled/Forfeited | 2,302 | $ | 31.49 | |||||||||||||
Non-vested as of December 31, 2013 | 1,047,569 | $ | 31.3 | 1.1 | $ | 33,564,117 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2013, 2012 and 2011 was $31.41, $30.95 and $32.03 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $4 million, $5 million and $7 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $7 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 48,861 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in Performance Share Units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average | Remaining Years | Intrinsic Value | ||||||||||||||
Grant Date | Contractual Term | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested as of January 1, 2013 | 749,993 | $ | 32.7 | |||||||||||||
Granted | 420,385 | $ | 35.07 | |||||||||||||
Vested | 270,140 | $ | 34.26 | |||||||||||||
Canceled/Forfeited | 98,120 | $ | 34.1 | |||||||||||||
Non-vested as of December 31, 2013 | 802,118 | $ | 33.25 | 1.5 | $ | 25,699,861 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2013, 2012 and 2011 was $35.07, $31.25 and $35.33 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2013, 2012 and 2011 was $5 million, $4 million and $9 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $13 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 54,124 accrued on the performance share units during the year. | ||||||||||||||||
Outside Directors | ||||||||||||||||
Under the Directors Equity Plan, annually, on the first business day of May, each non-employee member of the Board of Directors is awarded stock units based on amount of annual compensation to be paid at the closing price of PSEG common stock on that date. Dividend equivalents are credited quarterly and distributions will commence upon the director leaving the Board as specified by him/her in accordance with the provisions of the plan. | ||||||||||||||||
The fair value of these awards is recorded as compensation expense in the Consolidated Statements of Operations. Compensation expense for the plan for each of the years ended December 31, 2013, 2012 and 2011 was approximately $1 million. | ||||||||||||||||
Employee Stock Purchase Plan (ESPP) | ||||||||||||||||
PSEG maintains an ESPP for all eligible employees of PSEG and its subsidiaries. Under the ESPP, shares of PSEG common stock may be purchased at 95% of the fair market value for Represented Employees and 90% for Non-Represented Employees through payroll deductions. Dividends will be reinvested for all employees at 95% of the fair market price unless the participant elects to receive a cash dividend. All employees are required to hold the shares purchased under the ESPP for at least three months from the purchase date. In any year, employees may purchase shares having a value not exceeding 10% of their base pay. | ||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, employees purchased 257,513 shares, 191,572 shares and 183,338 shares at an average price of $30.57, $31.32 and $30.69 per share, respectively. As of December 31, 2013, 3.6 million shares were available for future issuance under this plan. | ||||||||||||||||
Power [Member] | ' | |||||||||||||||
Stock Based Compensation | ' | |||||||||||||||
Stock Based Compensation | ||||||||||||||||
PSEG's Amended and Restated 2004 Long-Term Incentive Plan (LTIP) is a broad-based equity compensation program that provides for grants of various long-term incentive compensation awards, such as stock options, stock appreciation rights, performance units, restricted stock, restricted stock units, cash awards or any combination thereof. The types of long-term incentive awards that have been granted and remain outstanding under the LTIP are non-qualified options to purchase shares of PSEG's common stock, restricted stock awards, restricted stock unit awards and performance unit awards. The type of equity award that is granted and the details of that award may vary from time to time and is subject to the approval of the Organization and Compensation Committee of PSEG's Board of Directors (OCC), the plan's administrative committee. | ||||||||||||||||
The LTIP currently provides for the issuance of equity awards with respect to approximately 26 million shares of common stock. As of December 31, 2013, there were approximately 17 million shares available for future awards under the LTIP. | ||||||||||||||||
Stock Options | ||||||||||||||||
Under the LTIP, non-qualified options to acquire shares of PSEG common stock may be granted to officers and other key employees selected by the OCC. Option awards are granted with an exercise price equal to the market price of PSEG's common stock at the grant date. The options generally vest over four years of continuous service. Vesting schedules may be accelerated upon the occurrence of certain events, such as a change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. Options are exercisable over a period of time designated by the OCC (but not prior to one year or longer than ten years from the date of grant) and are subject to such other terms and conditions as the OCC determines. Payment by option holders upon exercise of an option may be made in cash or, with the consent of the OCC, by delivering previously acquired shares of PSEG common stock. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock awards to officers and other key employees. These shares are subject to risk of forfeiture until vested by continued employment. Restricted stock generally vests annually over three or four years, but is considered outstanding at the time of grant, as the recipients are entitled to dividends and voting rights. Vesting may be accelerated upon certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock unit awards to officers and other key employees. These awards, which are bookkeeping entries only, are subject to risk of forfeiture until vested by continued employment. Until vested, the units are credited with dividend equivalents proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. The restricted stock unit grants for 2013 and 2012 generally vest at the end of three years. Vesting may be accelerated upon certain events such as change-in-control or death. Prior to 2011, restricted stock unit grants generally vested over four years. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Under the LTIP, PSEG has granted performance share units to officers and other key employees. These provide for payment in shares of PSEG common stock based on achievement of certain financial goals over a three-year performance period. The payout varies from 0% to 200% of the number of performance units granted depending on PSEG's performance with respect to certain financial targets, including targets related to comparative performance against other companies in a peer group of energy companies. The performance share units are credited with dividend equivalents in an amount equal to dividends paid on PSEG common stock up until the shares are distributed. Vesting may be pro-rated for the employee's service during the performance period as a result of certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
All outstanding unvested stock options are being expensed based on their grant date fair values, which were determined using the Black-Scholes option-pricing model. Stock option awards are expensed on a tranche-specific basis over the requisite service period of the award. Ultimately, compensation expense for stock options is recognized for awards that vest. | ||||||||||||||||
PSEG recognizes compensation expense for restricted stock and restricted stock units over the vesting period based on the grant date fair market value of the shares, which is equal to the market price of PSEG's common stock on the date of the grant. | ||||||||||||||||
PSEG recognizes compensation expense for performance share units based on the grant date fair values of the award, which were determined using the Monte Carlo model. The accrual of compensation cost was based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. The accrual during the year of grant is estimated at 100% of the original grant. The accrual may be adjusted for subsequent changes in the estimated or actual outcome. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 25 | $ | 23 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 10 | $ | 10 | ||||||||||
There was no excess tax benefit for 2013. There was less than $1 million of excess tax benefits for 2012. There was $1 million of excess tax benefits included as financing cash flows on the Consolidated Statements of Cash Flow for the year ended December 31, 2011. | ||||||||||||||||
PSEG recognizes compensation cost of awards issued over the shorter of the original vesting period or the period beginning on the date of grant and ending on the date an individual is eligible for retirement and the award vests. | ||||||||||||||||
Stock Options | ||||||||||||||||
Changes in stock options for 2013 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2013 | 2,945,400 | $ | 34.19 | |||||||||||||
Exercised | 229,700 | $ | 28.3 | |||||||||||||
Canceled/Forfeited | 100,534 | $ | 41.44 | |||||||||||||
Outstanding as of December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
Exercisable at December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no option grants in 2013, 2012 and 2011. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 1 | $ | 4 | $ | 2 | ||||||||||
Cash Received from Options Exercised | $ | 7 | $ | 7 | $ | 6 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | 1 | $ | 1 | ||||||||||
Less than one million options vested during each of the years ended December 31, 2013, 2012 and 2011. The total fair value of the stock options vested during the years ended December 31, 2013, 2012 and 2011 was $1 million, $3 million and $5 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 68,800 | $ | 32.57 | |||||||||||||
Vested | 60,000 | $ | 32.93 | |||||||||||||
Non-vested as of December 31, 2013 | 8,800 | $ | 30.18 | 0.3 | $ | 281,952 | ||||||||||
There were no restricted stock awards granted in 2013, 2012 and 2011. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2013, 2012 and 2011 was $2 million, $1 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 834,527 | $ | 31.12 | |||||||||||||
Granted | 325,035 | $ | 31.41 | |||||||||||||
Vested | 109,691 | $ | 30.25 | |||||||||||||
Canceled/Forfeited | 2,302 | $ | 31.49 | |||||||||||||
Non-vested as of December 31, 2013 | 1,047,569 | $ | 31.3 | 1.1 | $ | 33,564,117 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2013, 2012 and 2011 was $31.41, $30.95 and $32.03 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $4 million, $5 million and $7 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $7 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 48,861 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in Performance Share Units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average | Remaining Years | Intrinsic Value | ||||||||||||||
Grant Date | Contractual Term | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested as of January 1, 2013 | 749,993 | $ | 32.7 | |||||||||||||
Granted | 420,385 | $ | 35.07 | |||||||||||||
Vested | 270,140 | $ | 34.26 | |||||||||||||
Canceled/Forfeited | 98,120 | $ | 34.1 | |||||||||||||
Non-vested as of December 31, 2013 | 802,118 | $ | 33.25 | 1.5 | $ | 25,699,861 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2013, 2012 and 2011 was $35.07, $31.25 and $35.33 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2013, 2012 and 2011 was $5 million, $4 million and $9 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $13 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 54,124 accrued on the performance share units during the year. | ||||||||||||||||
Outside Directors | ||||||||||||||||
Under the Directors Equity Plan, annually, on the first business day of May, each non-employee member of the Board of Directors is awarded stock units based on amount of annual compensation to be paid at the closing price of PSEG common stock on that date. Dividend equivalents are credited quarterly and distributions will commence upon the director leaving the Board as specified by him/her in accordance with the provisions of the plan. | ||||||||||||||||
The fair value of these awards is recorded as compensation expense in the Consolidated Statements of Operations. Compensation expense for the plan for each of the years ended December 31, 2013, 2012 and 2011 was approximately $1 million. | ||||||||||||||||
Employee Stock Purchase Plan (ESPP) | ||||||||||||||||
PSEG maintains an ESPP for all eligible employees of PSEG and its subsidiaries. Under the ESPP, shares of PSEG common stock may be purchased at 95% of the fair market value for Represented Employees and 90% for Non-Represented Employees through payroll deductions. Dividends will be reinvested for all employees at 95% of the fair market price unless the participant elects to receive a cash dividend. All employees are required to hold the shares purchased under the ESPP for at least three months from the purchase date. In any year, employees may purchase shares having a value not exceeding 10% of their base pay. | ||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, employees purchased 257,513 shares, 191,572 shares and 183,338 shares at an average price of $30.57, $31.32 and $30.69 per share, respectively. As of December 31, 2013, 3.6 million shares were available for future issuance under this plan. | ||||||||||||||||
PSE&G [Member] | ' | |||||||||||||||
Stock Based Compensation | ' | |||||||||||||||
Stock Based Compensation | ||||||||||||||||
PSEG's Amended and Restated 2004 Long-Term Incentive Plan (LTIP) is a broad-based equity compensation program that provides for grants of various long-term incentive compensation awards, such as stock options, stock appreciation rights, performance units, restricted stock, restricted stock units, cash awards or any combination thereof. The types of long-term incentive awards that have been granted and remain outstanding under the LTIP are non-qualified options to purchase shares of PSEG's common stock, restricted stock awards, restricted stock unit awards and performance unit awards. The type of equity award that is granted and the details of that award may vary from time to time and is subject to the approval of the Organization and Compensation Committee of PSEG's Board of Directors (OCC), the plan's administrative committee. | ||||||||||||||||
The LTIP currently provides for the issuance of equity awards with respect to approximately 26 million shares of common stock. As of December 31, 2013, there were approximately 17 million shares available for future awards under the LTIP. | ||||||||||||||||
Stock Options | ||||||||||||||||
Under the LTIP, non-qualified options to acquire shares of PSEG common stock may be granted to officers and other key employees selected by the OCC. Option awards are granted with an exercise price equal to the market price of PSEG's common stock at the grant date. The options generally vest over four years of continuous service. Vesting schedules may be accelerated upon the occurrence of certain events, such as a change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. Options are exercisable over a period of time designated by the OCC (but not prior to one year or longer than ten years from the date of grant) and are subject to such other terms and conditions as the OCC determines. Payment by option holders upon exercise of an option may be made in cash or, with the consent of the OCC, by delivering previously acquired shares of PSEG common stock. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock awards to officers and other key employees. These shares are subject to risk of forfeiture until vested by continued employment. Restricted stock generally vests annually over three or four years, but is considered outstanding at the time of grant, as the recipients are entitled to dividends and voting rights. Vesting may be accelerated upon certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Under the LTIP, PSEG has granted restricted stock unit awards to officers and other key employees. These awards, which are bookkeeping entries only, are subject to risk of forfeiture until vested by continued employment. Until vested, the units are credited with dividend equivalents proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. The restricted stock unit grants for 2013 and 2012 generally vest at the end of three years. Vesting may be accelerated upon certain events such as change-in-control or death. Prior to 2011, restricted stock unit grants generally vested over four years. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Under the LTIP, PSEG has granted performance share units to officers and other key employees. These provide for payment in shares of PSEG common stock based on achievement of certain financial goals over a three-year performance period. The payout varies from 0% to 200% of the number of performance units granted depending on PSEG's performance with respect to certain financial targets, including targets related to comparative performance against other companies in a peer group of energy companies. The performance share units are credited with dividend equivalents in an amount equal to dividends paid on PSEG common stock up until the shares are distributed. Vesting may be pro-rated for the employee's service during the performance period as a result of certain events, such as change-in-control (unless substituted with an equity award of equal value), retirement, death or disability. | ||||||||||||||||
Stock-Based Compensation | ||||||||||||||||
All outstanding unvested stock options are being expensed based on their grant date fair values, which were determined using the Black-Scholes option-pricing model. Stock option awards are expensed on a tranche-specific basis over the requisite service period of the award. Ultimately, compensation expense for stock options is recognized for awards that vest. | ||||||||||||||||
PSEG recognizes compensation expense for restricted stock and restricted stock units over the vesting period based on the grant date fair market value of the shares, which is equal to the market price of PSEG's common stock on the date of the grant. | ||||||||||||||||
PSEG recognizes compensation expense for performance share units based on the grant date fair values of the award, which were determined using the Monte Carlo model. The accrual of compensation cost was based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. The accrual during the year of grant is estimated at 100% of the original grant. The accrual may be adjusted for subsequent changes in the estimated or actual outcome. | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 25 | $ | 23 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 10 | $ | 10 | ||||||||||
There was no excess tax benefit for 2013. There was less than $1 million of excess tax benefits for 2012. There was $1 million of excess tax benefits included as financing cash flows on the Consolidated Statements of Cash Flow for the year ended December 31, 2011. | ||||||||||||||||
PSEG recognizes compensation cost of awards issued over the shorter of the original vesting period or the period beginning on the date of grant and ending on the date an individual is eligible for retirement and the award vests. | ||||||||||||||||
Stock Options | ||||||||||||||||
Changes in stock options for 2013 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2013 | 2,945,400 | $ | 34.19 | |||||||||||||
Exercised | 229,700 | $ | 28.3 | |||||||||||||
Canceled/Forfeited | 100,534 | $ | 41.44 | |||||||||||||
Outstanding as of December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
Exercisable at December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no option grants in 2013, 2012 and 2011. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 1 | $ | 4 | $ | 2 | ||||||||||
Cash Received from Options Exercised | $ | 7 | $ | 7 | $ | 6 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | 1 | $ | 1 | ||||||||||
Less than one million options vested during each of the years ended December 31, 2013, 2012 and 2011. The total fair value of the stock options vested during the years ended December 31, 2013, 2012 and 2011 was $1 million, $3 million and $5 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 68,800 | $ | 32.57 | |||||||||||||
Vested | 60,000 | $ | 32.93 | |||||||||||||
Non-vested as of December 31, 2013 | 8,800 | $ | 30.18 | 0.3 | $ | 281,952 | ||||||||||
There were no restricted stock awards granted in 2013, 2012 and 2011. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2013, 2012 and 2011 was $2 million, $1 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 834,527 | $ | 31.12 | |||||||||||||
Granted | 325,035 | $ | 31.41 | |||||||||||||
Vested | 109,691 | $ | 30.25 | |||||||||||||
Canceled/Forfeited | 2,302 | $ | 31.49 | |||||||||||||
Non-vested as of December 31, 2013 | 1,047,569 | $ | 31.3 | 1.1 | $ | 33,564,117 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2013, 2012 and 2011 was $31.41, $30.95 and $32.03 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $4 million, $5 million and $7 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $7 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 48,861 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in Performance Share Units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average | Remaining Years | Intrinsic Value | ||||||||||||||
Grant Date | Contractual Term | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested as of January 1, 2013 | 749,993 | $ | 32.7 | |||||||||||||
Granted | 420,385 | $ | 35.07 | |||||||||||||
Vested | 270,140 | $ | 34.26 | |||||||||||||
Canceled/Forfeited | 98,120 | $ | 34.1 | |||||||||||||
Non-vested as of December 31, 2013 | 802,118 | $ | 33.25 | 1.5 | $ | 25,699,861 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2013, 2012 and 2011 was $35.07, $31.25 and $35.33 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2013, 2012 and 2011 was $5 million, $4 million and $9 million, respectively. | ||||||||||||||||
As of December 31, 2013, there was approximately $13 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of 1.0 year. Dividend equivalents units of 54,124 accrued on the performance share units during the year. | ||||||||||||||||
Outside Directors | ||||||||||||||||
Under the Directors Equity Plan, annually, on the first business day of May, each non-employee member of the Board of Directors is awarded stock units based on amount of annual compensation to be paid at the closing price of PSEG common stock on that date. Dividend equivalents are credited quarterly and distributions will commence upon the director leaving the Board as specified by him/her in accordance with the provisions of the plan. | ||||||||||||||||
The fair value of these awards is recorded as compensation expense in the Consolidated Statements of Operations. Compensation expense for the plan for each of the years ended December 31, 2013, 2012 and 2011 was approximately $1 million. | ||||||||||||||||
Employee Stock Purchase Plan (ESPP) | ||||||||||||||||
PSEG maintains an ESPP for all eligible employees of PSEG and its subsidiaries. Under the ESPP, shares of PSEG common stock may be purchased at 95% of the fair market value for Represented Employees and 90% for Non-Represented Employees through payroll deductions. Dividends will be reinvested for all employees at 95% of the fair market price unless the participant elects to receive a cash dividend. All employees are required to hold the shares purchased under the ESPP for at least three months from the purchase date. In any year, employees may purchase shares having a value not exceeding 10% of their base pay. | ||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, employees purchased 257,513 shares, 191,572 shares and 183,338 shares at an average price of $30.57, $31.32 and $30.69 per share, respectively. As of December 31, 2013, 3.6 million shares were available for future issuance under this plan. |
Other_Income_and_Deductions
Other Income and Deductions | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Other Income and Deductions | ' | ||||||||||||||||||
Other Income and Deductions | |||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 152 | $ | — | $ | — | $ | 152 | |||||||||||
Allowance of Funds Used During Construction | — | 24 | — | 24 | |||||||||||||||
Solar Loan Interest | — | 23 | — | 23 | |||||||||||||||
Other | 2 | 7 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 154 | $ | 54 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||
Allowance of Funds Used During Construction | — | 23 | — | 23 | |||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | |||||||||||||||
Other | 7 | 11 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 201 | $ | 52 | $ | 7 | $ | 260 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||
Allowance of Funds Used During Construction | — | 9 | — | 9 | |||||||||||||||
Solar Loan Interest | — | 10 | — | 10 | |||||||||||||||
Other | 4 | 6 | 5 | 15 | |||||||||||||||
Total Other Income | $ | 190 | $ | 25 | $ | 5 | $ | 220 | |||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||
Other | 15 | 3 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 58 | $ | — | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | 15 | — | — | 15 | |||||||||||||||
Other | 17 | 5 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 90 | $ | 5 | $ | 3 | $ | 98 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 50 | $ | — | $ | — | $ | 50 | |||||||||||
Loss on Early Extinguishment of Debt | 17 | — | — | 17 | |||||||||||||||
Other | 12 | 4 | 2 | 18 | |||||||||||||||
Total Other Deductions | $ | 79 | $ | 4 | $ | 2 | $ | 85 | |||||||||||
(A) | Other primarily consists of activity at PSEG (parent company), Energy Holdings, Services and intercompany eliminations. | ||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||
Other Income and Deductions | ' | ||||||||||||||||||
Other Income and Deductions | |||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 152 | $ | — | $ | — | $ | 152 | |||||||||||
Allowance of Funds Used During Construction | — | 24 | — | 24 | |||||||||||||||
Solar Loan Interest | — | 23 | — | 23 | |||||||||||||||
Other | 2 | 7 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 154 | $ | 54 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||
Allowance of Funds Used During Construction | — | 23 | — | 23 | |||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | |||||||||||||||
Other | 7 | 11 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 201 | $ | 52 | $ | 7 | $ | 260 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||
Allowance of Funds Used During Construction | — | 9 | — | 9 | |||||||||||||||
Solar Loan Interest | — | 10 | — | 10 | |||||||||||||||
Other | 4 | 6 | 5 | 15 | |||||||||||||||
Total Other Income | $ | 190 | $ | 25 | $ | 5 | $ | 220 | |||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||
Other | 15 | 3 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 58 | $ | — | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | 15 | — | — | 15 | |||||||||||||||
Other | 17 | 5 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 90 | $ | 5 | $ | 3 | $ | 98 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 50 | $ | — | $ | — | $ | 50 | |||||||||||
Loss on Early Extinguishment of Debt | 17 | — | — | 17 | |||||||||||||||
Other | 12 | 4 | 2 | 18 | |||||||||||||||
Total Other Deductions | $ | 79 | $ | 4 | $ | 2 | $ | 85 | |||||||||||
(A) | Other primarily consists of activity at PSEG (parent company), Energy Holdings, Services and intercompany eliminations. | ||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Other Income and Deductions | ' | ||||||||||||||||||
Other Income and Deductions | |||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 152 | $ | — | $ | — | $ | 152 | |||||||||||
Allowance of Funds Used During Construction | — | 24 | — | 24 | |||||||||||||||
Solar Loan Interest | — | 23 | — | 23 | |||||||||||||||
Other | 2 | 7 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 154 | $ | 54 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||
Allowance of Funds Used During Construction | — | 23 | — | 23 | |||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | |||||||||||||||
Other | 7 | 11 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 201 | $ | 52 | $ | 7 | $ | 260 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||
Allowance of Funds Used During Construction | — | 9 | — | 9 | |||||||||||||||
Solar Loan Interest | — | 10 | — | 10 | |||||||||||||||
Other | 4 | 6 | 5 | 15 | |||||||||||||||
Total Other Income | $ | 190 | $ | 25 | $ | 5 | $ | 220 | |||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||
Other | 15 | 3 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 58 | $ | — | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | 15 | — | — | 15 | |||||||||||||||
Other | 17 | 5 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 90 | $ | 5 | $ | 3 | $ | 98 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 50 | $ | — | $ | — | $ | 50 | |||||||||||
Loss on Early Extinguishment of Debt | 17 | — | — | 17 | |||||||||||||||
Other | 12 | 4 | 2 | 18 | |||||||||||||||
Total Other Deductions | $ | 79 | $ | 4 | $ | 2 | $ | 85 | |||||||||||
(A) | Other primarily consists of activity at PSEG (parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,275 | $ | 1,503 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 1,243 | $ | 1,275 | $ | 1,407 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 487 | $ | (204 | ) | $ | 258 | ||||||||||||
State | 42 | (2 | ) | 32 | |||||||||||||||
Total Current | 529 | (206 | ) | 290 | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 147 | 758 | 501 | ||||||||||||||||
State | 118 | 125 | 191 | ||||||||||||||||
Total Deferred | 265 | 883 | 692 | ||||||||||||||||
Investment Tax Credit | 18 | 59 | (5 | ) | |||||||||||||||
Total Income Taxes | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Pre-Tax Income | $ | 2,055 | $ | 2,011 | $ | 2,384 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 719 | $ | 704 | $ | 834 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 108 | 115 | 146 | ||||||||||||||||
Uncertain Tax Positions | 10 | 4 | 19 | ||||||||||||||||
Manufacturing Deduction | (9 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Plant-Related Items | (14 | ) | (5 | ) | (6 | ) | |||||||||||||
Tax Credits | (9 | ) | (10 | ) | (5 | ) | |||||||||||||
Audit Settlement | — | (71 | ) | — | |||||||||||||||
Other | (5 | ) | (11 | ) | (10 | ) | |||||||||||||
Sub-Total | 93 | 32 | 143 | ||||||||||||||||
Total Income Tax Provision | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Effective Income Tax Rate | 39.5 | % | 36.6 | % | 41 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 49 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 280 | $ | 200 | |||||||||||||||
Related to Uncertain Tax Position | 201 | 75 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3 | 40 | |||||||||||||||||
Other | 124 | 262 | |||||||||||||||||
Total Noncurrent Assets | $ | 608 | $ | 577 | |||||||||||||||
Total Assets | $ | 632 | $ | 626 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 72 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 4,865 | $ | 4,685 | |||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
New Jersey Corporate Business Tax | 534 | 343 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Leasing Activities | 639 | 656 | |||||||||||||||||
Pension Costs | 288 | 180 | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 293 | $ | 118 | ||||||||||||||||
Total Noncurrent Liabilities | $ | 7,602 | $ | 7,024 | |||||||||||||||
Total Liabilities | $ | 7,602 | $ | 7,096 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | — | $ | 72 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 6,994 | $ | 6,447 | |||||||||||||||
Investment Tax Credit (ITC) | 113 | 95 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,107 | $ | 6,542 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
A reconciliation of reported income tax expense for Power with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Power | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 644 | $ | 666 | $ | 1,109 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 644 | $ | 666 | $ | 1,013 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 262 | $ | 30 | $ | 400 | |||||||||||||
State | 40 | 51 | 39 | ||||||||||||||||
Total Current | 302 | 81 | 439 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 69 | 279 | 156 | ||||||||||||||||
State | 35 | 37 | 95 | ||||||||||||||||
Total Deferred | 104 | 316 | 251 | ||||||||||||||||
Investment Tax Credit | 13 | 36 | — | ||||||||||||||||
Total Income Taxes | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Pre-Tax Income | $ | 1,063 | $ | 1,099 | $ | 1,703 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 372 | $ | 385 | $ | 596 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 51 | 55 | 90 | ||||||||||||||||
Manufacturing Deduction | (10 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Tax Credits | (2 | ) | (7 | ) | (1 | ) | |||||||||||||
Uncertain Tax Positions | 3 | (6 | ) | 11 | |||||||||||||||
Audit Settlement | — | (1 | ) | — | |||||||||||||||
Other | (7 | ) | (3 | ) | (5 | ) | |||||||||||||
Sub-Total | 47 | 48 | 94 | ||||||||||||||||
Total Income Tax Provision | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Effective Income Tax Rate | 39.4 | % | 39.4 | % | 40.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | 30 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | — | $ | 38 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 40 | |||||||||||||||||
Contractual Liabilities & Environmental Costs | 35 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 32 | 27 | |||||||||||||||||
Other | 91 | 61 | |||||||||||||||||
Total Noncurrent Assets | $ | 158 | $ | 201 | |||||||||||||||
Total Assets | $ | 188 | $ | 201 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,416 | $ | 1,291 | |||||||||||||||
New Jersey Corporate Business Tax | 81 | 32 | |||||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
Pension Costs | 77 | — | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 2 | — | |||||||||||||||||
Other | 36 | — | |||||||||||||||||
Total Noncurrent Liabilities | 2,135 | $ | 1,829 | ||||||||||||||||
Total Liabilities | $ | 2,135 | $ | 1,845 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 30 | $ | — | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | — | $ | 16 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 1,977 | $ | 1,628 | |||||||||||||||
Investment Tax Credit (ITC) | 54 | 41 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,031 | $ | 1,669 | |||||||||||||||
A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 612 | $ | 528 | $ | 521 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 183 | $ | (217 | ) | $ | (225 | ) | |||||||||||
State | — | 9 | (6 | ) | |||||||||||||||
Total Current | 183 | (208 | ) | (231 | ) | ||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 101 | 409 | 483 | ||||||||||||||||
State | 92 | 83 | 92 | ||||||||||||||||
Total Deferred | 193 | 492 | 575 | ||||||||||||||||
Investment Tax Credit | 5 | 23 | (4 | ) | |||||||||||||||
Total Income Taxes | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Pre-Tax Income | $ | 993 | $ | 835 | $ | 861 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 348 | $ | 292 | $ | 301 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 59 | 52 | 56 | ||||||||||||||||
Uncertain Tax Positions | — | 7 | (1 | ) | |||||||||||||||
Plant-Related Items | (14 | ) | (4 | ) | (6 | ) | |||||||||||||
Tax Credits | (6 | ) | (3 | ) | (4 | ) | |||||||||||||
Audit Settlement | — | (31 | ) | — | |||||||||||||||
Other | (6 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 33 | 15 | 39 | ||||||||||||||||
Total Income Tax Provision | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Effective Income Tax Rate | 38.4 | % | 36.8 | % | 39.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 16 | $ | 49 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 182 | $ | 189 | |||||||||||||||
Other | — | 93 | |||||||||||||||||
Total Noncurrent Assets | $ | 182 | $ | 282 | |||||||||||||||
Total Assets | $ | 198 | $ | 331 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 30 | $ | 60 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,439 | $ | 3,374 | |||||||||||||||
New Jersey Corporate Business Tax | 340 | 253 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Conservation Costs | 52 | 101 | |||||||||||||||||
Pension Costs | 171 | 189 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 68 | — | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,530 | $ | 4,453 | |||||||||||||||
Total Liabilities | $ | 4,560 | $ | 4,513 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 16 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | 30 | $ | 60 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liability | $ | 4,348 | $ | 4,171 | |||||||||||||||
Investment Tax Credit (ITC) | 58 | 52 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,406 | $ | 4,223 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
As of December 31, 2013, PSEG had a federal net operating loss (NOL) of $243 million and PSE&G had a New Jersey State NOL carryforward of $731 million. The federal loss will expire in 2033, while the New Jersey loss will expire between 2031 and 2033. PSEG and PSE&G believe that it is more-likely-than-not that the federal and the state benefits from the NOL will be realized. | |||||||||||||||||||
Each of PSEG, Power and PSE&G provide deferred taxes at the enacted statutory tax rate for all temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities irrespective of the treatment for rate-making purposes. Management believes that it is probable that the accumulated tax benefits that previously have been treated as a flow-through item to PSE&G customers will be recovered from or refunded to PSE&G’s customers in the future. These amounts were determined using the enacted federal income tax rate of 35% and state income tax rate of 9%. For additional information, see Note 6. Regulatory Assets and Liabilities. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. These regulations become effective in 2014 and their implementation is not expected to have a material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | |||||||||||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 that further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
With respect to ITC, for financial statement periods including 2010 and 2011, the law provided an option to claim either a grant or the ITC. Accordingly, in those periods, the ITC was accounted for as a reduction of the book basis of the related assets as opposed to being recorded in tax expense. In 2012 the law changed and the grant option is no longer available; as such, the accumulated deferred ITC generated in 2012 and thereafter has been recorded as a noncurrent deferred tax liability, which was included in Deferred Income Taxes and ITC on PSEG's and PSE&G's Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which was primarily comprised of amounts recorded for Power, PSE&G and Energy Holdings: | |||||||||||||||||||
2013 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 33 | 39 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (19 | ) | (9 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 8 | 15 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2013 | $ | 478 | $ | 156 | $ | 208 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (105 | ) | (177 | ) | (37 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 128 | $ | 51 | $ | 1 | $ | 73 | |||||||||||
2012 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 27 | 55 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (7 | ) | (47 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 3 | 42 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (389 | ) | (10 | ) | — | (344 | ) | ||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2012 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (93 | ) | (133 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 108 | $ | 41 | $ | — | $ | 66 | |||||||||||
2011 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2011 | $ | 756 | $ | 101 | $ | 82 | $ | 539 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 58 | 24 | 14 | 17 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (22 | ) | (9 | ) | — | (12 | ) | ||||||||||||
Increases as a Result of Positions Taken during the Current Period | 37 | 8 | 18 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (4 | ) | (3 | ) | (1 | ) | — | ||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2011 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (379 | ) | (77 | ) | (65 | ) | (213 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (20 | ) | — | (20 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 426 | $ | 44 | $ | 28 | $ | 342 | |||||||||||
On January 31, 2012, PSEG signed a specific matter closing agreement with the IRS regarding disputed tax assessments associated with certain lease investments. On the same date, PSEG signed a Form 870-AD settlement agreement covering all audit issues for tax years 1997 through 2003. In March 2012, PSEG executed a Form 870-AD settlement agreement covering all audit issues for tax years 2004 through 2006. These agreements concluded the audits for these years for PSEG and the leasing issue for all tax years. The financial statement impacts of these agreements, net of existing financial statement reserves, was a net decrease in tax expense in the first quarter of 2012 of $71 million for PSEG, including $30 million and $1 million for PSE&G and Power, respectively. | |||||||||||||||||||
PSEG and its subsidiaries include all accrued interest and penalties related to uncertain tax positions required to be recorded, as income tax expense. Interest and penalties on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Millions | |||||||||||||||||||
Power | $ | (2 | ) | $ | (2 | ) | $ | (11 | ) | ||||||||||
PSE&G | 6 | 1 | (24 | ) | |||||||||||||||
Energy Holdings | 44 | 39 | 420 | ||||||||||||||||
Other | — | — | 10 | ||||||||||||||||
Total | $ | 48 | $ | 38 | $ | 395 | |||||||||||||
It is reasonably possible that total unrecognized tax benefits will decrease within the next twelve months due to either agreements with various taxing authorities upon audit or the expiration of the Statute of Limitations. These potential decreases are as follows: | |||||||||||||||||||
Possible Decrease in Total Unrecognized | Over the next | ||||||||||||||||||
Tax Benefits including Interest | 12 Months | ||||||||||||||||||
Millions | |||||||||||||||||||
PSEG | $ | 157 | |||||||||||||||||
Power | $ | 71 | |||||||||||||||||
PSE&G | $ | 11 | |||||||||||||||||
As a result of a change in accounting method for the capitalization of indirect costs, PSEG reduced the net amount of its uncertain tax positions (including interest) by $97 million, approximately $43 million of which related to PSE&G. Pursuant to an agreement signed with the IRS on January 31, 2012, this matter is settled and there is a resulting increase in uncertain tax positions. These amounts are not included in the table above. | |||||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | Power | PSE&G | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2007-2012 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2012 | N/A | 2006-2012 | ||||||||||||||||
Pennsylvania | 2001-2012 | N/A | 2000-2012 | ||||||||||||||||
Connecticut | 2002-2012 | N/A | N/A | ||||||||||||||||
Texas | 2007-2012 | N/A | N/A | ||||||||||||||||
California | 2003-2012 | N/A | N/A | ||||||||||||||||
New York | 2009-2012 | 2009-2012 | N/A | ||||||||||||||||
Power [Member] | ' | ||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,275 | $ | 1,503 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 1,243 | $ | 1,275 | $ | 1,407 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 487 | $ | (204 | ) | $ | 258 | ||||||||||||
State | 42 | (2 | ) | 32 | |||||||||||||||
Total Current | 529 | (206 | ) | 290 | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 147 | 758 | 501 | ||||||||||||||||
State | 118 | 125 | 191 | ||||||||||||||||
Total Deferred | 265 | 883 | 692 | ||||||||||||||||
Investment Tax Credit | 18 | 59 | (5 | ) | |||||||||||||||
Total Income Taxes | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Pre-Tax Income | $ | 2,055 | $ | 2,011 | $ | 2,384 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 719 | $ | 704 | $ | 834 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 108 | 115 | 146 | ||||||||||||||||
Uncertain Tax Positions | 10 | 4 | 19 | ||||||||||||||||
Manufacturing Deduction | (9 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Plant-Related Items | (14 | ) | (5 | ) | (6 | ) | |||||||||||||
Tax Credits | (9 | ) | (10 | ) | (5 | ) | |||||||||||||
Audit Settlement | — | (71 | ) | — | |||||||||||||||
Other | (5 | ) | (11 | ) | (10 | ) | |||||||||||||
Sub-Total | 93 | 32 | 143 | ||||||||||||||||
Total Income Tax Provision | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Effective Income Tax Rate | 39.5 | % | 36.6 | % | 41 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 49 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 280 | $ | 200 | |||||||||||||||
Related to Uncertain Tax Position | 201 | 75 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3 | 40 | |||||||||||||||||
Other | 124 | 262 | |||||||||||||||||
Total Noncurrent Assets | $ | 608 | $ | 577 | |||||||||||||||
Total Assets | $ | 632 | $ | 626 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 72 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 4,865 | $ | 4,685 | |||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
New Jersey Corporate Business Tax | 534 | 343 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Leasing Activities | 639 | 656 | |||||||||||||||||
Pension Costs | 288 | 180 | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 293 | $ | 118 | ||||||||||||||||
Total Noncurrent Liabilities | $ | 7,602 | $ | 7,024 | |||||||||||||||
Total Liabilities | $ | 7,602 | $ | 7,096 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | — | $ | 72 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 6,994 | $ | 6,447 | |||||||||||||||
Investment Tax Credit (ITC) | 113 | 95 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,107 | $ | 6,542 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
A reconciliation of reported income tax expense for Power with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Power | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 644 | $ | 666 | $ | 1,109 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 644 | $ | 666 | $ | 1,013 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 262 | $ | 30 | $ | 400 | |||||||||||||
State | 40 | 51 | 39 | ||||||||||||||||
Total Current | 302 | 81 | 439 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 69 | 279 | 156 | ||||||||||||||||
State | 35 | 37 | 95 | ||||||||||||||||
Total Deferred | 104 | 316 | 251 | ||||||||||||||||
Investment Tax Credit | 13 | 36 | — | ||||||||||||||||
Total Income Taxes | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Pre-Tax Income | $ | 1,063 | $ | 1,099 | $ | 1,703 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 372 | $ | 385 | $ | 596 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 51 | 55 | 90 | ||||||||||||||||
Manufacturing Deduction | (10 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Tax Credits | (2 | ) | (7 | ) | (1 | ) | |||||||||||||
Uncertain Tax Positions | 3 | (6 | ) | 11 | |||||||||||||||
Audit Settlement | — | (1 | ) | — | |||||||||||||||
Other | (7 | ) | (3 | ) | (5 | ) | |||||||||||||
Sub-Total | 47 | 48 | 94 | ||||||||||||||||
Total Income Tax Provision | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Effective Income Tax Rate | 39.4 | % | 39.4 | % | 40.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | 30 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | — | $ | 38 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 40 | |||||||||||||||||
Contractual Liabilities & Environmental Costs | 35 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 32 | 27 | |||||||||||||||||
Other | 91 | 61 | |||||||||||||||||
Total Noncurrent Assets | $ | 158 | $ | 201 | |||||||||||||||
Total Assets | $ | 188 | $ | 201 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,416 | $ | 1,291 | |||||||||||||||
New Jersey Corporate Business Tax | 81 | 32 | |||||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
Pension Costs | 77 | — | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 2 | — | |||||||||||||||||
Other | 36 | — | |||||||||||||||||
Total Noncurrent Liabilities | 2,135 | $ | 1,829 | ||||||||||||||||
Total Liabilities | $ | 2,135 | $ | 1,845 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 30 | $ | — | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | — | $ | 16 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 1,977 | $ | 1,628 | |||||||||||||||
Investment Tax Credit (ITC) | 54 | 41 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,031 | $ | 1,669 | |||||||||||||||
A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 612 | $ | 528 | $ | 521 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 183 | $ | (217 | ) | $ | (225 | ) | |||||||||||
State | — | 9 | (6 | ) | |||||||||||||||
Total Current | 183 | (208 | ) | (231 | ) | ||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 101 | 409 | 483 | ||||||||||||||||
State | 92 | 83 | 92 | ||||||||||||||||
Total Deferred | 193 | 492 | 575 | ||||||||||||||||
Investment Tax Credit | 5 | 23 | (4 | ) | |||||||||||||||
Total Income Taxes | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Pre-Tax Income | $ | 993 | $ | 835 | $ | 861 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 348 | $ | 292 | $ | 301 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 59 | 52 | 56 | ||||||||||||||||
Uncertain Tax Positions | — | 7 | (1 | ) | |||||||||||||||
Plant-Related Items | (14 | ) | (4 | ) | (6 | ) | |||||||||||||
Tax Credits | (6 | ) | (3 | ) | (4 | ) | |||||||||||||
Audit Settlement | — | (31 | ) | — | |||||||||||||||
Other | (6 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 33 | 15 | 39 | ||||||||||||||||
Total Income Tax Provision | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Effective Income Tax Rate | 38.4 | % | 36.8 | % | 39.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 16 | $ | 49 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 182 | $ | 189 | |||||||||||||||
Other | — | 93 | |||||||||||||||||
Total Noncurrent Assets | $ | 182 | $ | 282 | |||||||||||||||
Total Assets | $ | 198 | $ | 331 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 30 | $ | 60 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,439 | $ | 3,374 | |||||||||||||||
New Jersey Corporate Business Tax | 340 | 253 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Conservation Costs | 52 | 101 | |||||||||||||||||
Pension Costs | 171 | 189 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 68 | — | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,530 | $ | 4,453 | |||||||||||||||
Total Liabilities | $ | 4,560 | $ | 4,513 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 16 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | 30 | $ | 60 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liability | $ | 4,348 | $ | 4,171 | |||||||||||||||
Investment Tax Credit (ITC) | 58 | 52 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,406 | $ | 4,223 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
As of December 31, 2013, PSEG had a federal net operating loss (NOL) of $243 million and PSE&G had a New Jersey State NOL carryforward of $731 million. The federal loss will expire in 2033, while the New Jersey loss will expire between 2031 and 2033. PSEG and PSE&G believe that it is more-likely-than-not that the federal and the state benefits from the NOL will be realized. | |||||||||||||||||||
Each of PSEG, Power and PSE&G provide deferred taxes at the enacted statutory tax rate for all temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities irrespective of the treatment for rate-making purposes. Management believes that it is probable that the accumulated tax benefits that previously have been treated as a flow-through item to PSE&G customers will be recovered from or refunded to PSE&G’s customers in the future. These amounts were determined using the enacted federal income tax rate of 35% and state income tax rate of 9%. For additional information, see Note 6. Regulatory Assets and Liabilities. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. These regulations become effective in 2014 and their implementation is not expected to have a material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | |||||||||||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 that further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
With respect to ITC, for financial statement periods including 2010 and 2011, the law provided an option to claim either a grant or the ITC. Accordingly, in those periods, the ITC was accounted for as a reduction of the book basis of the related assets as opposed to being recorded in tax expense. In 2012 the law changed and the grant option is no longer available; as such, the accumulated deferred ITC generated in 2012 and thereafter has been recorded as a noncurrent deferred tax liability, which was included in Deferred Income Taxes and ITC on PSEG's and PSE&G's Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which was primarily comprised of amounts recorded for Power, PSE&G and Energy Holdings: | |||||||||||||||||||
2013 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 33 | 39 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (19 | ) | (9 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 8 | 15 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2013 | $ | 478 | $ | 156 | $ | 208 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (105 | ) | (177 | ) | (37 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 128 | $ | 51 | $ | 1 | $ | 73 | |||||||||||
2012 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 27 | 55 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (7 | ) | (47 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 3 | 42 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (389 | ) | (10 | ) | — | (344 | ) | ||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2012 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (93 | ) | (133 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 108 | $ | 41 | $ | — | $ | 66 | |||||||||||
2011 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2011 | $ | 756 | $ | 101 | $ | 82 | $ | 539 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 58 | 24 | 14 | 17 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (22 | ) | (9 | ) | — | (12 | ) | ||||||||||||
Increases as a Result of Positions Taken during the Current Period | 37 | 8 | 18 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (4 | ) | (3 | ) | (1 | ) | — | ||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2011 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (379 | ) | (77 | ) | (65 | ) | (213 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (20 | ) | — | (20 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 426 | $ | 44 | $ | 28 | $ | 342 | |||||||||||
On January 31, 2012, PSEG signed a specific matter closing agreement with the IRS regarding disputed tax assessments associated with certain lease investments. On the same date, PSEG signed a Form 870-AD settlement agreement covering all audit issues for tax years 1997 through 2003. In March 2012, PSEG executed a Form 870-AD settlement agreement covering all audit issues for tax years 2004 through 2006. These agreements concluded the audits for these years for PSEG and the leasing issue for all tax years. The financial statement impacts of these agreements, net of existing financial statement reserves, was a net decrease in tax expense in the first quarter of 2012 of $71 million for PSEG, including $30 million and $1 million for PSE&G and Power, respectively. | |||||||||||||||||||
PSEG and its subsidiaries include all accrued interest and penalties related to uncertain tax positions required to be recorded, as income tax expense. Interest and penalties on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Millions | |||||||||||||||||||
Power | $ | (2 | ) | $ | (2 | ) | $ | (11 | ) | ||||||||||
PSE&G | 6 | 1 | (24 | ) | |||||||||||||||
Energy Holdings | 44 | 39 | 420 | ||||||||||||||||
Other | — | — | 10 | ||||||||||||||||
Total | $ | 48 | $ | 38 | $ | 395 | |||||||||||||
It is reasonably possible that total unrecognized tax benefits will decrease within the next twelve months due to either agreements with various taxing authorities upon audit or the expiration of the Statute of Limitations. These potential decreases are as follows: | |||||||||||||||||||
Possible Decrease in Total Unrecognized | Over the next | ||||||||||||||||||
Tax Benefits including Interest | 12 Months | ||||||||||||||||||
Millions | |||||||||||||||||||
PSEG | $ | 157 | |||||||||||||||||
Power | $ | 71 | |||||||||||||||||
PSE&G | $ | 11 | |||||||||||||||||
As a result of a change in accounting method for the capitalization of indirect costs, PSEG reduced the net amount of its uncertain tax positions (including interest) by $97 million, approximately $43 million of which related to PSE&G. Pursuant to an agreement signed with the IRS on January 31, 2012, this matter is settled and there is a resulting increase in uncertain tax positions. These amounts are not included in the table above. | |||||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | Power | PSE&G | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2007-2012 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2012 | N/A | 2006-2012 | ||||||||||||||||
Pennsylvania | 2001-2012 | N/A | 2000-2012 | ||||||||||||||||
Connecticut | 2002-2012 | N/A | N/A | ||||||||||||||||
Texas | 2007-2012 | N/A | N/A | ||||||||||||||||
California | 2003-2012 | N/A | N/A | ||||||||||||||||
New York | 2009-2012 | 2009-2012 | N/A | ||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,275 | $ | 1,503 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 1,243 | $ | 1,275 | $ | 1,407 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 487 | $ | (204 | ) | $ | 258 | ||||||||||||
State | 42 | (2 | ) | 32 | |||||||||||||||
Total Current | 529 | (206 | ) | 290 | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 147 | 758 | 501 | ||||||||||||||||
State | 118 | 125 | 191 | ||||||||||||||||
Total Deferred | 265 | 883 | 692 | ||||||||||||||||
Investment Tax Credit | 18 | 59 | (5 | ) | |||||||||||||||
Total Income Taxes | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Pre-Tax Income | $ | 2,055 | $ | 2,011 | $ | 2,384 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 719 | $ | 704 | $ | 834 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 108 | 115 | 146 | ||||||||||||||||
Uncertain Tax Positions | 10 | 4 | 19 | ||||||||||||||||
Manufacturing Deduction | (9 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Plant-Related Items | (14 | ) | (5 | ) | (6 | ) | |||||||||||||
Tax Credits | (9 | ) | (10 | ) | (5 | ) | |||||||||||||
Audit Settlement | — | (71 | ) | — | |||||||||||||||
Other | (5 | ) | (11 | ) | (10 | ) | |||||||||||||
Sub-Total | 93 | 32 | 143 | ||||||||||||||||
Total Income Tax Provision | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Effective Income Tax Rate | 39.5 | % | 36.6 | % | 41 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 49 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 280 | $ | 200 | |||||||||||||||
Related to Uncertain Tax Position | 201 | 75 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3 | 40 | |||||||||||||||||
Other | 124 | 262 | |||||||||||||||||
Total Noncurrent Assets | $ | 608 | $ | 577 | |||||||||||||||
Total Assets | $ | 632 | $ | 626 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 72 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 4,865 | $ | 4,685 | |||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
New Jersey Corporate Business Tax | 534 | 343 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Leasing Activities | 639 | 656 | |||||||||||||||||
Pension Costs | 288 | 180 | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 293 | $ | 118 | ||||||||||||||||
Total Noncurrent Liabilities | $ | 7,602 | $ | 7,024 | |||||||||||||||
Total Liabilities | $ | 7,602 | $ | 7,096 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | — | $ | 72 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 6,994 | $ | 6,447 | |||||||||||||||
Investment Tax Credit (ITC) | 113 | 95 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,107 | $ | 6,542 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
A reconciliation of reported income tax expense for Power with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Power | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 644 | $ | 666 | $ | 1,109 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 644 | $ | 666 | $ | 1,013 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 262 | $ | 30 | $ | 400 | |||||||||||||
State | 40 | 51 | 39 | ||||||||||||||||
Total Current | 302 | 81 | 439 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 69 | 279 | 156 | ||||||||||||||||
State | 35 | 37 | 95 | ||||||||||||||||
Total Deferred | 104 | 316 | 251 | ||||||||||||||||
Investment Tax Credit | 13 | 36 | — | ||||||||||||||||
Total Income Taxes | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Pre-Tax Income | $ | 1,063 | $ | 1,099 | $ | 1,703 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 372 | $ | 385 | $ | 596 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 51 | 55 | 90 | ||||||||||||||||
Manufacturing Deduction | (10 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Tax Credits | (2 | ) | (7 | ) | (1 | ) | |||||||||||||
Uncertain Tax Positions | 3 | (6 | ) | 11 | |||||||||||||||
Audit Settlement | — | (1 | ) | — | |||||||||||||||
Other | (7 | ) | (3 | ) | (5 | ) | |||||||||||||
Sub-Total | 47 | 48 | 94 | ||||||||||||||||
Total Income Tax Provision | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Effective Income Tax Rate | 39.4 | % | 39.4 | % | 40.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | 30 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | — | $ | 38 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 40 | |||||||||||||||||
Contractual Liabilities & Environmental Costs | 35 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 32 | 27 | |||||||||||||||||
Other | 91 | 61 | |||||||||||||||||
Total Noncurrent Assets | $ | 158 | $ | 201 | |||||||||||||||
Total Assets | $ | 188 | $ | 201 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,416 | $ | 1,291 | |||||||||||||||
New Jersey Corporate Business Tax | 81 | 32 | |||||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
Pension Costs | 77 | — | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 2 | — | |||||||||||||||||
Other | 36 | — | |||||||||||||||||
Total Noncurrent Liabilities | 2,135 | $ | 1,829 | ||||||||||||||||
Total Liabilities | $ | 2,135 | $ | 1,845 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 30 | $ | — | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | — | $ | 16 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 1,977 | $ | 1,628 | |||||||||||||||
Investment Tax Credit (ITC) | 54 | 41 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,031 | $ | 1,669 | |||||||||||||||
A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 35% is as follows: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 612 | $ | 528 | $ | 521 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 183 | $ | (217 | ) | $ | (225 | ) | |||||||||||
State | — | 9 | (6 | ) | |||||||||||||||
Total Current | 183 | (208 | ) | (231 | ) | ||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 101 | 409 | 483 | ||||||||||||||||
State | 92 | 83 | 92 | ||||||||||||||||
Total Deferred | 193 | 492 | 575 | ||||||||||||||||
Investment Tax Credit | 5 | 23 | (4 | ) | |||||||||||||||
Total Income Taxes | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Pre-Tax Income | $ | 993 | $ | 835 | $ | 861 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 348 | $ | 292 | $ | 301 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 59 | 52 | 56 | ||||||||||||||||
Uncertain Tax Positions | — | 7 | (1 | ) | |||||||||||||||
Plant-Related Items | (14 | ) | (4 | ) | (6 | ) | |||||||||||||
Tax Credits | (6 | ) | (3 | ) | (4 | ) | |||||||||||||
Audit Settlement | — | (31 | ) | — | |||||||||||||||
Other | (6 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 33 | 15 | 39 | ||||||||||||||||
Total Income Tax Provision | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Effective Income Tax Rate | 38.4 | % | 36.8 | % | 39.5 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 16 | $ | 49 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 182 | $ | 189 | |||||||||||||||
Other | — | 93 | |||||||||||||||||
Total Noncurrent Assets | $ | 182 | $ | 282 | |||||||||||||||
Total Assets | $ | 198 | $ | 331 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 30 | $ | 60 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,439 | $ | 3,374 | |||||||||||||||
New Jersey Corporate Business Tax | 340 | 253 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Conservation Costs | 52 | 101 | |||||||||||||||||
Pension Costs | 171 | 189 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 68 | — | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,530 | $ | 4,453 | |||||||||||||||
Total Liabilities | $ | 4,560 | $ | 4,513 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 16 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | 30 | $ | 60 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liability | $ | 4,348 | $ | 4,171 | |||||||||||||||
Investment Tax Credit (ITC) | 58 | 52 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,406 | $ | 4,223 | |||||||||||||||
The deferred tax effect of certain assets and liabilities are presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals. | |||||||||||||||||||
As of December 31, 2013, PSEG had a federal net operating loss (NOL) of $243 million and PSE&G had a New Jersey State NOL carryforward of $731 million. The federal loss will expire in 2033, while the New Jersey loss will expire between 2031 and 2033. PSEG and PSE&G believe that it is more-likely-than-not that the federal and the state benefits from the NOL will be realized. | |||||||||||||||||||
Each of PSEG, Power and PSE&G provide deferred taxes at the enacted statutory tax rate for all temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities irrespective of the treatment for rate-making purposes. Management believes that it is probable that the accumulated tax benefits that previously have been treated as a flow-through item to PSE&G customers will be recovered from or refunded to PSE&G’s customers in the future. These amounts were determined using the enacted federal income tax rate of 35% and state income tax rate of 9%. For additional information, see Note 6. Regulatory Assets and Liabilities. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. These regulations become effective in 2014 and their implementation is not expected to have a material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | |||||||||||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 that further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
With respect to ITC, for financial statement periods including 2010 and 2011, the law provided an option to claim either a grant or the ITC. Accordingly, in those periods, the ITC was accounted for as a reduction of the book basis of the related assets as opposed to being recorded in tax expense. In 2012 the law changed and the grant option is no longer available; as such, the accumulated deferred ITC generated in 2012 and thereafter has been recorded as a noncurrent deferred tax liability, which was included in Deferred Income Taxes and ITC on PSEG's and PSE&G's Consolidated Balance Sheets as of December 31, 2013. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which was primarily comprised of amounts recorded for Power, PSE&G and Energy Holdings: | |||||||||||||||||||
2013 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 33 | 39 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (19 | ) | (9 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 8 | 15 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2013 | $ | 478 | $ | 156 | $ | 208 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (105 | ) | (177 | ) | (37 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 128 | $ | 51 | $ | 1 | $ | 73 | |||||||||||
2012 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 27 | 55 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (7 | ) | (47 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 3 | 42 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (389 | ) | (10 | ) | — | (344 | ) | ||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2012 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (93 | ) | (133 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 108 | $ | 41 | $ | — | $ | 66 | |||||||||||
2011 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2011 | $ | 756 | $ | 101 | $ | 82 | $ | 539 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 58 | 24 | 14 | 17 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (22 | ) | (9 | ) | — | (12 | ) | ||||||||||||
Increases as a Result of Positions Taken during the Current Period | 37 | 8 | 18 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (4 | ) | (3 | ) | (1 | ) | — | ||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2011 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (379 | ) | (77 | ) | (65 | ) | (213 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (20 | ) | — | (20 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 426 | $ | 44 | $ | 28 | $ | 342 | |||||||||||
On January 31, 2012, PSEG signed a specific matter closing agreement with the IRS regarding disputed tax assessments associated with certain lease investments. On the same date, PSEG signed a Form 870-AD settlement agreement covering all audit issues for tax years 1997 through 2003. In March 2012, PSEG executed a Form 870-AD settlement agreement covering all audit issues for tax years 2004 through 2006. These agreements concluded the audits for these years for PSEG and the leasing issue for all tax years. The financial statement impacts of these agreements, net of existing financial statement reserves, was a net decrease in tax expense in the first quarter of 2012 of $71 million for PSEG, including $30 million and $1 million for PSE&G and Power, respectively. | |||||||||||||||||||
PSEG and its subsidiaries include all accrued interest and penalties related to uncertain tax positions required to be recorded, as income tax expense. Interest and penalties on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Millions | |||||||||||||||||||
Power | $ | (2 | ) | $ | (2 | ) | $ | (11 | ) | ||||||||||
PSE&G | 6 | 1 | (24 | ) | |||||||||||||||
Energy Holdings | 44 | 39 | 420 | ||||||||||||||||
Other | — | — | 10 | ||||||||||||||||
Total | $ | 48 | $ | 38 | $ | 395 | |||||||||||||
It is reasonably possible that total unrecognized tax benefits will decrease within the next twelve months due to either agreements with various taxing authorities upon audit or the expiration of the Statute of Limitations. These potential decreases are as follows: | |||||||||||||||||||
Possible Decrease in Total Unrecognized | Over the next | ||||||||||||||||||
Tax Benefits including Interest | 12 Months | ||||||||||||||||||
Millions | |||||||||||||||||||
PSEG | $ | 157 | |||||||||||||||||
Power | $ | 71 | |||||||||||||||||
PSE&G | $ | 11 | |||||||||||||||||
As a result of a change in accounting method for the capitalization of indirect costs, PSEG reduced the net amount of its uncertain tax positions (including interest) by $97 million, approximately $43 million of which related to PSE&G. Pursuant to an agreement signed with the IRS on January 31, 2012, this matter is settled and there is a resulting increase in uncertain tax positions. These amounts are not included in the table above. | |||||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | Power | PSE&G | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2007-2012 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2012 | N/A | 2006-2012 | ||||||||||||||||
Pennsylvania | 2001-2012 | N/A | 2000-2012 | ||||||||||||||||
Connecticut | 2002-2012 | N/A | N/A | ||||||||||||||||
Texas | 2007-2012 | N/A | N/A | ||||||||||||||||
California | 2003-2012 | N/A | N/A | ||||||||||||||||
New York | 2009-2012 | 2009-2012 | N/A | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 210 | 91 | 299 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 37 | (36 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 247 | 55 | 293 | ||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 185 | 93 | 276 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (8 | ) | 33 | (36 | ) | (11 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (10 | ) | 218 | 57 | 265 | ||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Interest Rate Swaps | Interest Expense | (1 | ) | — | $ | (1 | ) | ||||||||||||
Total Cash Flow Hedges | 12 | (5 | ) | 7 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (75 | ) | 31 | (44 | ) | |||||||||||||
Total Pension and OPEB Plans | (64 | ) | 27 | (37 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 116 | (59 | ) | 57 | ||||||||||||||
Realized Losses | Other Deductions | (29 | ) | 14 | (15 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Total Cash Flow Hedges | 13 | (5 | ) | 8 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (64 | ) | 26 | (38 | ) | |||||||||||||
Total Pension and OPEB Plans | (55 | ) | 22 | (33 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 112 | (57 | ) | 55 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Power [Member] | ' | ||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 210 | 91 | 299 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 37 | (36 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 247 | 55 | 293 | ||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 185 | 93 | 276 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (8 | ) | 33 | (36 | ) | (11 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (10 | ) | 218 | 57 | 265 | ||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Interest Rate Swaps | Interest Expense | (1 | ) | — | $ | (1 | ) | ||||||||||||
Total Cash Flow Hedges | 12 | (5 | ) | 7 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (75 | ) | 31 | (44 | ) | |||||||||||||
Total Pension and OPEB Plans | (64 | ) | 27 | (37 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 116 | (59 | ) | 57 | ||||||||||||||
Realized Losses | Other Deductions | (29 | ) | 14 | (15 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Total Cash Flow Hedges | 13 | (5 | ) | 8 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (64 | ) | 26 | (38 | ) | |||||||||||||
Total Pension and OPEB Plans | (55 | ) | 22 | (33 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 112 | (57 | ) | 55 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 210 | 91 | 299 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 37 | (36 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 247 | 55 | 293 | ||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 185 | 93 | 276 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (8 | ) | 33 | (36 | ) | (11 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (10 | ) | 218 | 57 | 265 | ||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Interest Rate Swaps | Interest Expense | (1 | ) | — | $ | (1 | ) | ||||||||||||
Total Cash Flow Hedges | 12 | (5 | ) | 7 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (75 | ) | 31 | (44 | ) | |||||||||||||
Total Pension and OPEB Plans | (64 | ) | 27 | (37 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 116 | (59 | ) | 57 | ||||||||||||||
Realized Losses | Other Deductions | (29 | ) | 14 | (15 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Total Cash Flow Hedges | 13 | (5 | ) | 8 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (64 | ) | 26 | (38 | ) | |||||||||||||
Total Pension and OPEB Plans | (55 | ) | 22 | (33 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 112 | (57 | ) | 55 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Earnings_Per_Share_EPS_and_Div
Earnings Per Share (EPS) and Dividends | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Earnings Per Share (EPS) And Dividends [Abstract] | ' | ||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends | ' | ||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends | |||||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||
Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, including shares issuable upon exercise of stock options outstanding or vesting of restricted stock awards granted under our stock compensation plans and upon payment of performance units or restricted stock units. The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
EPS Numerator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Continuing Operations | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | $ | 1,407 | $ | 1,407 | |||||||||||||||
Discontinued Operations | — | — | — | — | 96 | 96 | |||||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | $ | 1,503 | $ | 1,503 | |||||||||||||||
EPS Denominator: | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505,889 | 505,889 | 505,933 | 505,933 | 505,949 | 505,949 | |||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 1,636 | — | 1,153 | — | 1,033 | |||||||||||||||||||||
Total Shares | 505,889 | 507,525 | 505,933 | 507,086 | 505,949 | 506,982 | |||||||||||||||||||||
EPS: | |||||||||||||||||||||||||||
Continuing Operations | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | $ | 2.78 | $ | 2.77 | |||||||||||||||
Discontinued Operations | — | — | — | — | 0.19 | 0.19 | |||||||||||||||||||||
Net Income | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | $ | 2.97 | $ | 2.96 | |||||||||||||||
There were approximately 1.6 million, 1.8 million and 1.8 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the years ended December 31, 2013, 2012 and 2011, respectively. No other stock options had an antidilutive effect for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Per Share | $ | 1.44 | $ | 1.42 | $ | 1.37 | |||||||||||||||||||||
in Millions | $ | 728 | $ | 718 | $ | 693 | |||||||||||||||||||||
On February 18, 2014, PSEG’s Board of Directors approved a $0.37 per share common stock dividend for the first quarter of 2014. |
Financial_Information_By_Busin
Financial Information By Business Segments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Financial Information By Business Segments | ' | ||||||||||||||||||||||
Financial Information by Business Segment | |||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are Power and PSE&G. The operating segments were determined by management in accordance with GAAP—Disclosures about Segments of an Enterprise and Related Information. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how it allocates resources to each business. | |||||||||||||||||||||||
On December 31, 2013, Energy Holdings' solar generation facilities and its interest in a generation facility in Hawaii were transferred to Power. As a result, the earnings, assets and liabilities related to this transfer are presented as if the transfer occurred at the beginning of the year and prior years have been retrospectively adjusted to furnish comparative information. See Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies for additional information. | |||||||||||||||||||||||
Power | |||||||||||||||||||||||
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. Power also enters into contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. | |||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by the FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services. | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. | |||||||||||||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 5,063 | $ | 6,655 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 273 | 872 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,070 | 1,235 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | 16 | — | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 1 | 25 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 116 | 293 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,063 | 993 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 419 | 381 | 12 | — | 812 | ||||||||||||||||||
Income (Loss) from Continuing Operations | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Net Income (Loss) | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 609 | $ | 2,175 | $ | 27 | — | $ | 2,811 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 4,873 | $ | 6,626 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 242 | 778 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,123 | 1,083 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | 15 | — | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 3 | 20 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 132 | 295 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,099 | 835 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 433 | 307 | (4 | ) | — | 736 | |||||||||||||||||
Income (Loss) from Continuing Operations | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Net Income (Loss) | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 770 | $ | 1,770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 11,323 | $ | 19,223 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 125 | $ | — | $ | 9 | $ | — | $ | 134 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | 6,150 | $ | 7,326 | $ | (149 | ) | $ | (2,248 | ) | $ | 11,079 | |||||||||||
Depreciation and Amortization | 228 | 719 | 29 | — | 976 | ||||||||||||||||||
Operating Income (Loss) | 1,773 | 1,151 | (182 | ) | — | 2,742 | |||||||||||||||||
Income from Equity Method Investments | 14 | — | (10 | ) | — | 4 | |||||||||||||||||
Interest Income | 4 | 12 | 20 | (17 | ) | 19 | |||||||||||||||||
Interest Expense | 175 | 310 | 7 | (17 | ) | 475 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,703 | 861 | (180 | ) | — | 2,384 | |||||||||||||||||
Income Tax Expense (Benefit) | 690 | 340 | (53 | ) | — | 977 | |||||||||||||||||
Income (Loss) from Continuing Operations | 1,013 | 521 | (127 | ) | — | 1,407 | |||||||||||||||||
Income from Discontinued Operations, net of tax | 96 | — | — | — | 96 | ||||||||||||||||||
Net Income (Loss) | 1,109 | 521 | (127 | ) | — | 1,503 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 757 | $ | 1,302 | $ | 24 | $ | — | $ | 2,083 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 24. Related-Party Transactions. | ||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||
Financial Information By Business Segments | ' | ||||||||||||||||||||||
Financial Information by Business Segment | |||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are Power and PSE&G. The operating segments were determined by management in accordance with GAAP—Disclosures about Segments of an Enterprise and Related Information. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how it allocates resources to each business. | |||||||||||||||||||||||
On December 31, 2013, Energy Holdings' solar generation facilities and its interest in a generation facility in Hawaii were transferred to Power. As a result, the earnings, assets and liabilities related to this transfer are presented as if the transfer occurred at the beginning of the year and prior years have been retrospectively adjusted to furnish comparative information. See Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies for additional information. | |||||||||||||||||||||||
Power | |||||||||||||||||||||||
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. Power also enters into contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. | |||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by the FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services. | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. | |||||||||||||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 5,063 | $ | 6,655 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 273 | 872 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,070 | 1,235 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | 16 | — | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 1 | 25 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 116 | 293 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,063 | 993 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 419 | 381 | 12 | — | 812 | ||||||||||||||||||
Income (Loss) from Continuing Operations | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Net Income (Loss) | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 609 | $ | 2,175 | $ | 27 | — | $ | 2,811 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 4,873 | $ | 6,626 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 242 | 778 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,123 | 1,083 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | 15 | — | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 3 | 20 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 132 | 295 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,099 | 835 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 433 | 307 | (4 | ) | — | 736 | |||||||||||||||||
Income (Loss) from Continuing Operations | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Net Income (Loss) | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 770 | $ | 1,770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 11,323 | $ | 19,223 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 125 | $ | — | $ | 9 | $ | — | $ | 134 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | 6,150 | $ | 7,326 | $ | (149 | ) | $ | (2,248 | ) | $ | 11,079 | |||||||||||
Depreciation and Amortization | 228 | 719 | 29 | — | 976 | ||||||||||||||||||
Operating Income (Loss) | 1,773 | 1,151 | (182 | ) | — | 2,742 | |||||||||||||||||
Income from Equity Method Investments | 14 | — | (10 | ) | — | 4 | |||||||||||||||||
Interest Income | 4 | 12 | 20 | (17 | ) | 19 | |||||||||||||||||
Interest Expense | 175 | 310 | 7 | (17 | ) | 475 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,703 | 861 | (180 | ) | — | 2,384 | |||||||||||||||||
Income Tax Expense (Benefit) | 690 | 340 | (53 | ) | — | 977 | |||||||||||||||||
Income (Loss) from Continuing Operations | 1,013 | 521 | (127 | ) | — | 1,407 | |||||||||||||||||
Income from Discontinued Operations, net of tax | 96 | — | — | — | 96 | ||||||||||||||||||
Net Income (Loss) | 1,109 | 521 | (127 | ) | — | 1,503 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 757 | $ | 1,302 | $ | 24 | $ | — | $ | 2,083 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 24. Related-Party Transactions. | ||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||
Financial Information By Business Segments | ' | ||||||||||||||||||||||
Financial Information by Business Segment | |||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are Power and PSE&G. The operating segments were determined by management in accordance with GAAP—Disclosures about Segments of an Enterprise and Related Information. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how it allocates resources to each business. | |||||||||||||||||||||||
On December 31, 2013, Energy Holdings' solar generation facilities and its interest in a generation facility in Hawaii were transferred to Power. As a result, the earnings, assets and liabilities related to this transfer are presented as if the transfer occurred at the beginning of the year and prior years have been retrospectively adjusted to furnish comparative information. See Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies for additional information. | |||||||||||||||||||||||
Power | |||||||||||||||||||||||
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. Power also enters into contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. | |||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by the FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services. | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. | |||||||||||||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 5,063 | $ | 6,655 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 273 | 872 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,070 | 1,235 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | 16 | — | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 1 | 25 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 116 | 293 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,063 | 993 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 419 | 381 | 12 | — | 812 | ||||||||||||||||||
Income (Loss) from Continuing Operations | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Net Income (Loss) | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 609 | $ | 2,175 | $ | 27 | — | $ | 2,811 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 4,873 | $ | 6,626 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 242 | 778 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,123 | 1,083 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | 15 | — | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 3 | 20 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 132 | 295 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,099 | 835 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 433 | 307 | (4 | ) | — | 736 | |||||||||||||||||
Income (Loss) from Continuing Operations | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Net Income (Loss) | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 770 | $ | 1,770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 11,323 | $ | 19,223 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 125 | $ | — | $ | 9 | $ | — | $ | 134 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | 6,150 | $ | 7,326 | $ | (149 | ) | $ | (2,248 | ) | $ | 11,079 | |||||||||||
Depreciation and Amortization | 228 | 719 | 29 | — | 976 | ||||||||||||||||||
Operating Income (Loss) | 1,773 | 1,151 | (182 | ) | — | 2,742 | |||||||||||||||||
Income from Equity Method Investments | 14 | — | (10 | ) | — | 4 | |||||||||||||||||
Interest Income | 4 | 12 | 20 | (17 | ) | 19 | |||||||||||||||||
Interest Expense | 175 | 310 | 7 | (17 | ) | 475 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,703 | 861 | (180 | ) | — | 2,384 | |||||||||||||||||
Income Tax Expense (Benefit) | 690 | 340 | (53 | ) | — | 977 | |||||||||||||||||
Income (Loss) from Continuing Operations | 1,013 | 521 | (127 | ) | — | 1,407 | |||||||||||||||||
Income from Discontinued Operations, net of tax | 96 | — | — | — | 96 | ||||||||||||||||||
Net Income (Loss) | 1,109 | 521 | (127 | ) | — | 1,503 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 757 | $ | 1,302 | $ | 24 | $ | — | $ | 2,083 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 24. Related-Party Transactions. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Related-Party Transactions | ' | ||||||||||||||
Related-Party Transactions | |||||||||||||||
The majority of the following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. | |||||||||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G through BGSS and BGS (A) | $ | 1,797 | $ | 1,802 | $ | 2,215 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Total Expense Billings from Affiliates | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 267 | $ | 265 | |||||||||||
Receivable from (Payable to) Services (B) | (31 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 97 | 106 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 333 | $ | 340 | |||||||||||
Short-Term Loan to (from) Affiliate (demand Note to (from) PSEG) (D) | $ | 790 | $ | 574 | |||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (53 | ) | $ | (50 | ) | |||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (267 | ) | $ | (265 | ) | |||||||||
Payable to Power from SREC Liability (F) | — | (7 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (73 | ) | (65 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 150 | 262 | |||||||||||||
Receivable from Energy Holdings | — | 2 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (190 | ) | $ | (73 | ) | |||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (72 | ) | $ | (32 | ) | |||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | ||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||||||||||||||
(C) | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||||||||||||||
(D) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | ||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. | ||||||||||||||
(F) | Pursuant to a 2008 BPU Order, certain BGS suppliers, including Power, would be reimbursed for the cost they incurred above $300 per Solar Renewable Energy Certificate (SREC) or per Solar Alternative Compliance Payment during the period June 1, 2008 through May 31, 2010 and such excess cost would be passed onto ratepayers. In accordance with a Stipulation of Settlement approved by the BPU in a December 2012 Order describing the mechanism for BGS suppliers to recover these costs, PSE&G, as a New Jersey EDC, estimated and accrued a total liability for the excess SREC cost expected to be recovered from ratepayers of $17 million, including approximately $7 million for Power’s share which was included in PSE&G’s Accounts Receivable (Payable)—Affiliated Companies, as of December 31, 2012. Under current accounting guidance, Power was unable to record the related intercompany receivable on its Consolidated Balance Sheet until the BPU issued an Order approving such payments. As a result, PSE&G’s liability to Power was not eliminated in consolidation and was included in Other Current Liabilities on PSEG’s Consolidated Balance Sheet as of December 31, 2012. In May 2013, the BPU issued an Order approving the BGS payments for these SRECs. This Order was not appealed and went into effect in July 2013. As a result, Power recorded its $9 million then outstanding receivable from PSE&G. In August 2013, PSE&G reimbursed Power and its other BGS suppliers for the excess SREC costs. | ||||||||||||||
Power [Member] | ' | ||||||||||||||
Related-Party Transactions | ' | ||||||||||||||
Related-Party Transactions | |||||||||||||||
The majority of the following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. | |||||||||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G through BGSS and BGS (A) | $ | 1,797 | $ | 1,802 | $ | 2,215 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Total Expense Billings from Affiliates | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 267 | $ | 265 | |||||||||||
Receivable from (Payable to) Services (B) | (31 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 97 | 106 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 333 | $ | 340 | |||||||||||
Short-Term Loan to (from) Affiliate (demand Note to (from) PSEG) (D) | $ | 790 | $ | 574 | |||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (53 | ) | $ | (50 | ) | |||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (267 | ) | $ | (265 | ) | |||||||||
Payable to Power from SREC Liability (F) | — | (7 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (73 | ) | (65 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 150 | 262 | |||||||||||||
Receivable from Energy Holdings | — | 2 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (190 | ) | $ | (73 | ) | |||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (72 | ) | $ | (32 | ) | |||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | ||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||||||||||||||
(C) | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||||||||||||||
(D) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | ||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. | ||||||||||||||
(F) | Pursuant to a 2008 BPU Order, certain BGS suppliers, including Power, would be reimbursed for the cost they incurred above $300 per Solar Renewable Energy Certificate (SREC) or per Solar Alternative Compliance Payment during the period June 1, 2008 through May 31, 2010 and such excess cost would be passed onto ratepayers. In accordance with a Stipulation of Settlement approved by the BPU in a December 2012 Order describing the mechanism for BGS suppliers to recover these costs, PSE&G, as a New Jersey EDC, estimated and accrued a total liability for the excess SREC cost expected to be recovered from ratepayers of $17 million, including approximately $7 million for Power’s share which was included in PSE&G’s Accounts Receivable (Payable)—Affiliated Companies, as of December 31, 2012. Under current accounting guidance, Power was unable to record the related intercompany receivable on its Consolidated Balance Sheet until the BPU issued an Order approving such payments. As a result, PSE&G’s liability to Power was not eliminated in consolidation and was included in Other Current Liabilities on PSEG’s Consolidated Balance Sheet as of December 31, 2012. In May 2013, the BPU issued an Order approving the BGS payments for these SRECs. This Order was not appealed and went into effect in July 2013. As a result, Power recorded its $9 million then outstanding receivable from PSE&G. In August 2013, PSE&G reimbursed Power and its other BGS suppliers for the excess SREC costs. | ||||||||||||||
PSE&G [Member] | ' | ||||||||||||||
Related-Party Transactions | ' | ||||||||||||||
Related-Party Transactions | |||||||||||||||
The majority of the following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. | |||||||||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G through BGSS and BGS (A) | $ | 1,797 | $ | 1,802 | $ | 2,215 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Total Expense Billings from Affiliates | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 267 | $ | 265 | |||||||||||
Receivable from (Payable to) Services (B) | (31 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 97 | 106 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 333 | $ | 340 | |||||||||||
Short-Term Loan to (from) Affiliate (demand Note to (from) PSEG) (D) | $ | 790 | $ | 574 | |||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (53 | ) | $ | (50 | ) | |||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (267 | ) | $ | (265 | ) | |||||||||
Payable to Power from SREC Liability (F) | — | (7 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (73 | ) | (65 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 150 | 262 | |||||||||||||
Receivable from Energy Holdings | — | 2 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (190 | ) | $ | (73 | ) | |||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (72 | ) | $ | (32 | ) | |||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | ||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||||||||||||||
(C) | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||||||||||||||
(D) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | ||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. | ||||||||||||||
(F) | Pursuant to a 2008 BPU Order, certain BGS suppliers, including Power, would be reimbursed for the cost they incurred above $300 per Solar Renewable Energy Certificate (SREC) or per Solar Alternative Compliance Payment during the period June 1, 2008 through May 31, 2010 and such excess cost would be passed onto ratepayers. In accordance with a Stipulation of Settlement approved by the BPU in a December 2012 Order describing the mechanism for BGS suppliers to recover these costs, PSE&G, as a New Jersey EDC, estimated and accrued a total liability for the excess SREC cost expected to be recovered from ratepayers of $17 million, including approximately $7 million for Power’s share which was included in PSE&G’s Accounts Receivable (Payable)—Affiliated Companies, as of December 31, 2012. Under current accounting guidance, Power was unable to record the related intercompany receivable on its Consolidated Balance Sheet until the BPU issued an Order approving such payments. As a result, PSE&G’s liability to Power was not eliminated in consolidation and was included in Other Current Liabilities on PSEG’s Consolidated Balance Sheet as of December 31, 2012. In May 2013, the BPU issued an Order approving the BGS payments for these SRECs. This Order was not appealed and went into effect in July 2013. As a result, Power recorded its $9 million then outstanding receivable from PSE&G. In August 2013, PSE&G reimbursed Power and its other BGS suppliers for the excess SREC costs. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||||
Valuation And Qualifying Accounts | ' | ||||||||||||||||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |||||||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2013—December 31, 2011 | |||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions- | Balance at | ||||||||||||||||||||||
Beginning of | cost and | other | describe | End of | |||||||||||||||||||||||
Period | expenses | accounts- | Period | ||||||||||||||||||||||||
describe | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 90 | $ | — | $ | 90 | (A) | $ | 56 | ||||||||||||||||
Materials and Supplies Valuation Reserve | 22 | 2 | — | 16 | (B) | 8 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 96 | $ | — | $ | 96 | (A) | $ | 56 | ||||||||||||||||
Materials and Supplies Valuation Reserve | 3 | 21 | — | 2 | (B) | 22 | |||||||||||||||||||||
2011 | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 68 | $ | 102 | $ | — | $ | 114 | (A) | $ | 56 | ||||||||||||||||
Materials and Supplies Valuation Reserve | 4 | 2 | — | 3 | (B) | 3 | |||||||||||||||||||||
(A) | Accounts Receivable written off. | ||||||||||||||||||||||||||
(B) | Reduced reserve to appropriate level and to remove obsolete inventory. | ||||||||||||||||||||||||||
PSEG POWER LLC | |||||||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2013—December 31, 2011 | |||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions- | Balance at | ||||||||||||||||||||||
Beginning | cost and | other | describe | End of | |||||||||||||||||||||||
of Period | expenses | accounts- | Period | ||||||||||||||||||||||||
describe | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 22 | $ | 2 | $ | — | $ | 16 | (A) | $ | 8 | ||||||||||||||||
2012 | |||||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 3 | $ | 21 | $ | — | $ | 2 | (A) | $ | 22 | ||||||||||||||||
2011 | |||||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 4 | $ | 2 | $ | — | $ | 3 | (A) | $ | 3 | ||||||||||||||||
(A) | Reduced reserve to appropriate level and to remove obsolete inventory. | ||||||||||||||||||||||||||
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |||||||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2013—December 31, 2011 | |||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions- | Balance at | ||||||||||||||||||||||
Beginning | cost and | other | describe | End of | |||||||||||||||||||||||
of Period | expenses | accounts- | Period | ||||||||||||||||||||||||
describe | |||||||||||||||||||||||||||
2013 | Millions | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 90 | $ | — | $ | 90 | (A) | $ | 56 | ||||||||||||||||
2012 | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 96 | $ | — | $ | 96 | (A) | $ | 56 | ||||||||||||||||
2011 | |||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 67 | $ | 102 | $ | — | $ | 113 | (A) | $ | 56 | ||||||||||||||||
(A) | Accounts Receivable written off. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,786 | $ | 2,875 | $ | 2,310 | $ | 2,098 | $ | 2,554 | $ | 2,402 | $ | 2,318 | $ | 2,406 | |||||||||||||||||||
Operating Income | $ | 610 | $ | 783 | $ | 612 | $ | 433 | $ | 712 | $ | 594 | $ | 365 | $ | 468 | |||||||||||||||||||
Net Income (Loss) | $ | 320 | $ | 493 | $ | 333 | $ | 211 | $ | 390 | $ | 347 | $ | 200 | $ | 224 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.69 | $ | 0.4 | $ | 0.44 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.68 | $ | 0.39 | $ | 0.44 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 507 | 507 | 507 | 507 | 508 | 507 | 508 | 507 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Power: (A) | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,451 | $ | 1,563 | $ | 1,193 | $ | 987 | $ | 1,174 | $ | 1,041 | $ | 1,245 | $ | 1,282 | |||||||||||||||||||
Operating Income | $ | 242 | $ | 441 | $ | 351 | $ | 198 | $ | 370 | $ | 268 | $ | 107 | $ | 216 | |||||||||||||||||||
Net Income (Loss) | $ | 141 | $ | 257 | $ | 210 | $ | 109 | $ | 226 | $ | 187 | $ | 67 | $ | 113 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,995 | $ | 1,939 | $ | 1,423 | $ | 1,407 | $ | 1,666 | $ | 1,683 | $ | 1,571 | $ | 1,597 | |||||||||||||||||||
Operating Income | $ | 365 | $ | 342 | $ | 253 | $ | 227 | $ | 346 | $ | 321 | $ | 271 | $ | 193 | |||||||||||||||||||
Net Income (Loss) | $ | 179 | $ | 197 | $ | 121 | $ | 101 | $ | 168 | $ | 155 | $ | 144 | $ | 75 | |||||||||||||||||||
(A) Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. | |||||||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||||||
Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Selected Quarterly Data (Unaudited) | |||||||||||||||||||||||||||||||||||
The information shown in the following tables, in the opinion of PSEG, Power and PSE&G includes all adjustments, consisting only of normal recurring accruals, necessary to fairly present such amounts. | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,786 | $ | 2,875 | $ | 2,310 | $ | 2,098 | $ | 2,554 | $ | 2,402 | $ | 2,318 | $ | 2,406 | |||||||||||||||||||
Operating Income | $ | 610 | $ | 783 | $ | 612 | $ | 433 | $ | 712 | $ | 594 | $ | 365 | $ | 468 | |||||||||||||||||||
Net Income (Loss) | $ | 320 | $ | 493 | $ | 333 | $ | 211 | $ | 390 | $ | 347 | $ | 200 | $ | 224 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.69 | $ | 0.4 | $ | 0.44 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.68 | $ | 0.39 | $ | 0.44 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 507 | 507 | 507 | 507 | 508 | 507 | 508 | 507 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Power: (A) | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,451 | $ | 1,563 | $ | 1,193 | $ | 987 | $ | 1,174 | $ | 1,041 | $ | 1,245 | $ | 1,282 | |||||||||||||||||||
Operating Income | $ | 242 | $ | 441 | $ | 351 | $ | 198 | $ | 370 | $ | 268 | $ | 107 | $ | 216 | |||||||||||||||||||
Net Income (Loss) | $ | 141 | $ | 257 | $ | 210 | $ | 109 | $ | 226 | $ | 187 | $ | 67 | $ | 113 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,995 | $ | 1,939 | $ | 1,423 | $ | 1,407 | $ | 1,666 | $ | 1,683 | $ | 1,571 | $ | 1,597 | |||||||||||||||||||
Operating Income | $ | 365 | $ | 342 | $ | 253 | $ | 227 | $ | 346 | $ | 321 | $ | 271 | $ | 193 | |||||||||||||||||||
Net Income (Loss) | $ | 179 | $ | 197 | $ | 121 | $ | 101 | $ | 168 | $ | 155 | $ | 144 | $ | 75 | |||||||||||||||||||
(A) Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. | |||||||||||||||||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||||||||||
Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Selected Quarterly Data (Unaudited) | |||||||||||||||||||||||||||||||||||
The information shown in the following tables, in the opinion of PSEG, Power and PSE&G includes all adjustments, consisting only of normal recurring accruals, necessary to fairly present such amounts. | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,786 | $ | 2,875 | $ | 2,310 | $ | 2,098 | $ | 2,554 | $ | 2,402 | $ | 2,318 | $ | 2,406 | |||||||||||||||||||
Operating Income | $ | 610 | $ | 783 | $ | 612 | $ | 433 | $ | 712 | $ | 594 | $ | 365 | $ | 468 | |||||||||||||||||||
Net Income (Loss) | $ | 320 | $ | 493 | $ | 333 | $ | 211 | $ | 390 | $ | 347 | $ | 200 | $ | 224 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.69 | $ | 0.4 | $ | 0.44 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.68 | $ | 0.39 | $ | 0.44 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 507 | 507 | 507 | 507 | 508 | 507 | 508 | 507 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Power: (A) | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,451 | $ | 1,563 | $ | 1,193 | $ | 987 | $ | 1,174 | $ | 1,041 | $ | 1,245 | $ | 1,282 | |||||||||||||||||||
Operating Income | $ | 242 | $ | 441 | $ | 351 | $ | 198 | $ | 370 | $ | 268 | $ | 107 | $ | 216 | |||||||||||||||||||
Net Income (Loss) | $ | 141 | $ | 257 | $ | 210 | $ | 109 | $ | 226 | $ | 187 | $ | 67 | $ | 113 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,995 | $ | 1,939 | $ | 1,423 | $ | 1,407 | $ | 1,666 | $ | 1,683 | $ | 1,571 | $ | 1,597 | |||||||||||||||||||
Operating Income | $ | 365 | $ | 342 | $ | 253 | $ | 227 | $ | 346 | $ | 321 | $ | 271 | $ | 193 | |||||||||||||||||||
Net Income (Loss) | $ | 179 | $ | 197 | $ | 121 | $ | 101 | $ | 168 | $ | 155 | $ | 144 | $ | 75 | |||||||||||||||||||
(A) Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. |
Guarantees_of_Debt
Guarantees of Debt | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Guarantees of Debt | ' | ||||||||||||||||||||||
Guarantees of Debt | |||||||||||||||||||||||
Power’s Senior Notes are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following table presents financial information for the guarantor subsidiaries as well as Power’s non-guarantor subsidiaries as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,490 | $ | 190 | $ | (1,617 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 5,413 | 174 | (1,617 | ) | 3,993 | |||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | ||||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | |||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | ||||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | ||||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | ||||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 4,160 | $ | 8,916 | $ | 944 | $ | (11,544 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 729 | — | (5,374 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 444 | $ | 10,919 | $ | 982 | $ | (11,545 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 940 | (5,374 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 193 | $ | (1,092 | ) | $ | (71 | ) | $ | 109 | $ | (861 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (481 | ) | $ | (412 | ) | $ | (11 | ) | $ | 417 | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,238 | $ | 135 | $ | (1,500 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 5,118 | 125 | (1,500 | ) | 3,750 | |||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | ||||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | |||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | ||||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | |||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | ||||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Current Assets | $ | 3,922 | $ | 8,084 | $ | 942 | $ | (10,712 | ) | $ | 2,236 | ||||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | ||||||||||||||||||
Investment in Subsidiaries | 4,508 | 733 | — | (5,241 | ) | — | |||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | |||||||||||||||||
Total Assets | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Current Liabilities | $ | 482 | $ | 10,187 | $ | 1,011 | $ | (10,712 | ) | $ | 968 | ||||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | |||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | ||||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 924 | (5,242 | ) | 5,630 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 715 | $ | (1,206 | ) | $ | (151 | ) | $ | 170 | $ | (472 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (963 | ) | $ | (361 | ) | $ | 83 | $ | 255 | $ | (986 | ) | ||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 7,452 | $ | 155 | $ | (1,457 | ) | $ | 6,150 | ||||||||||||
Operating Expenses | 5 | 5,673 | 157 | (1,458 | ) | 4,377 | |||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | |||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | |||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | |||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | |||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | ||||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | |||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | ||||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 596 | $ | (1,171 | ) | $ | 594 | $ | (597 | ) | $ | (578 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (1,210 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 1,542 | $ | (1,238 | ) | |||||||||
Power [Member] | ' | ||||||||||||||||||||||
Guarantees of Debt | ' | ||||||||||||||||||||||
Guarantees of Debt | |||||||||||||||||||||||
Power’s Senior Notes are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following table presents financial information for the guarantor subsidiaries as well as Power’s non-guarantor subsidiaries as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,490 | $ | 190 | $ | (1,617 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 5,413 | 174 | (1,617 | ) | 3,993 | |||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | ||||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | |||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | ||||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | ||||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | ||||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 4,160 | $ | 8,916 | $ | 944 | $ | (11,544 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 729 | — | (5,374 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 444 | $ | 10,919 | $ | 982 | $ | (11,545 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 940 | (5,374 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 193 | $ | (1,092 | ) | $ | (71 | ) | $ | 109 | $ | (861 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (481 | ) | $ | (412 | ) | $ | (11 | ) | $ | 417 | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,238 | $ | 135 | $ | (1,500 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 5,118 | 125 | (1,500 | ) | 3,750 | |||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | ||||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | |||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | ||||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | |||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | ||||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Current Assets | $ | 3,922 | $ | 8,084 | $ | 942 | $ | (10,712 | ) | $ | 2,236 | ||||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | ||||||||||||||||||
Investment in Subsidiaries | 4,508 | 733 | — | (5,241 | ) | — | |||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | |||||||||||||||||
Total Assets | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Current Liabilities | $ | 482 | $ | 10,187 | $ | 1,011 | $ | (10,712 | ) | $ | 968 | ||||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | |||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | ||||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 924 | (5,242 | ) | 5,630 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 715 | $ | (1,206 | ) | $ | (151 | ) | $ | 170 | $ | (472 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (963 | ) | $ | (361 | ) | $ | 83 | $ | 255 | $ | (986 | ) | ||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 7,452 | $ | 155 | $ | (1,457 | ) | $ | 6,150 | ||||||||||||
Operating Expenses | 5 | 5,673 | 157 | (1,458 | ) | 4,377 | |||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | |||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | |||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | |||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | |||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | ||||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | |||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | ||||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 596 | $ | (1,171 | ) | $ | 594 | $ | (597 | ) | $ | (578 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (1,210 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 1,542 | $ | (1,238 | ) | |||||||||
Organization_Basis_Of_Presenta1
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Basis Of Presentation | ' | |||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). | ||||||||||||||||||||||||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a noncash transfer of equity interest between entities under common control. Power recognized the related assets and liabilities at their carrying amounts (historical cost) at the date of transfer. In addition, as required under current guidance, Power accounted for the transaction to include the earnings and assets and liabilities related to the transfer as if the transfer had occurred at the beginning of the year, and prior years have been retrospectively adjusted to furnish comparative information. This resulted in an increase to Power’s Operating Revenues of $15 million, $8 million and $7 million for the years ended December 31, 2013, 2012 and 2011, respectively, with an increase to Power’s Net Income of $16 million, $19 million and $11 million for those years. The adjustments also resulted in an increase of $351 million and $291 million to Power’s Total Assets as of December 31, 2013 and 2012, respectively, primarily comprised of Property, Plant and Equipment of the transferred solar facilities and the partnership investment in the generation facility in Hawaii. | ||||||||||||||||||||||||
Principles Of Consolidation | ' | |||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 3. Variable Interest Entities. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. For investments in which significant influence does not exist and the investor is not the primary beneficiary, the cost method of accounting is applied. All significant intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 24. Related-Party Transactions. | ||||||||||||||||||||||||
Power and PSE&G also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. Power and PSE&G consolidated their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories. | ||||||||||||||||||||||||
Accounting For The Effects Of Regulation | ' | |||||||||||||||||||||||
Accounting for the Effects of Regulation | ||||||||||||||||||||||||
In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements must reflect the economic effects of regulation. PSE&G is required to defer the recognition of costs (a Regulatory Asset) or record the recognition of obligations (a Regulatory Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities is no longer probable as a result of changes in regulation and/or competitive position, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s transmission and distribution businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk from changes in interest rates, commodity prices, congestion costs and emission credit prices, pursuant to its business plans and prudent practices. | ||||||||||||||||||||||||
Derivative instruments, not designated as normal purchases or sales, are recognized on the balance sheet at their fair value. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a fair value hedge, along with changes of the fair value of the hedged asset or liability that are attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as and that is designated and qualifies as a cash flow hedge are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. Any hedge ineffectiveness is included in current period earnings. For derivative contracts that do not qualify nor are designated as cash flow or fair value hedges or as normal purchases or sales, changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||
Many non-trading contracts qualify for the normal purchases and normal sales exemption and are accounted for upon settlement. | ||||||||||||||||||||||||
For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ' | |||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
The majority of Power’s revenues relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. Power’s revenue also includes changes in the value of non-trading energy derivative contracts that are not designated as normal purchases or sales or as cash flow or fair value hedges of other positions. Power records margins from energy trading on a net basis. See Note 16. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSE&G’s revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms. | ||||||||||||||||||||||||
Depreciation And Amortization | ' | |||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
Power calculates depreciation on generation-related assets under the straight-line method based on the assets’ estimated useful lives. The estimated useful lives are: | ||||||||||||||||||||||||
• | general plant assets—3 years to 20 years | |||||||||||||||||||||||
• | fossil production assets—19 years to 79 years | |||||||||||||||||||||||
• | nuclear generation assets—approximately 60 years | |||||||||||||||||||||||
• | pumped storage facilities—76 years | |||||||||||||||||||||||
• | solar assets—25 years | |||||||||||||||||||||||
PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of depreciable property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or the FERC. The depreciation rate stated as a percentage of original cost of depreciable property was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.48 | % | 2.48 | % | 2.46 | % | ||||||||||||||||||
Taxes Other Than Income Taxes | ' | |||||||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. For the years ended December 31, 2013, 2012 and 2011, TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | $ | 146 | ||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | $ | 133 | ||||||||||||||||||
Interest Capitalized During Construction (IDC) And Allowance For Funds Used During Construction (AFUDC) | ' | |||||||||||||||||||||||
Interest Capitalized During Construction (IDC) and Allowance for Funds Used During Construction (AFUDC) | ||||||||||||||||||||||||
IDC represents the cost of debt used to finance construction at Power. AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. The amount of IDC or AFUDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate IDC or AFUDC for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||
IDC/AFUDC Capitalized | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
Power | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | $ | 30 | 5.91 | % | ||||||||||||
PSE&G | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | $ | 13 | 6.56 | % | ||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
PSEG and its subsidiaries file a consolidated federal income tax return and income taxes are allocated to PSEG’s subsidiaries based on the taxable income or loss of each subsidiary. Investment tax credits deferred in prior years are being amortized over the useful lives of the related property. | ||||||||||||||||||||||||
Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. See Note 20. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment Of Long-Lived Assets | ' | |||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with accounting guidance, management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset's carrying amount exceeds the undiscounted estimated future cash flows associated with the asset, the asset is considered impaired to the extent that the asset's fair value is less than its carrying amount. An impairment would result in a reduction of the long-lived asset value through a non-cash charge to earnings. | ||||||||||||||||||||||||
Cash And Cash Equivalents | ' | |||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. | ||||||||||||||||||||||||
Accounts Receivable-Allowance for Doubtful Accounts | ' | |||||||||||||||||||||||
Accounts Receivable—Allowance for Doubtful Accounts | ||||||||||||||||||||||||
PSE&G’s accounts receivable are reported in the balance sheet as gross outstanding amounts adjusted for doubtful accounts. The allowance for doubtful accounts reflects PSE&G’s best estimates of losses on the accounts receivable balances. The allowance is based on accounts receivable aging, historical experience, write-off forecasts and other currently available evidence. | ||||||||||||||||||||||||
Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received. | ||||||||||||||||||||||||
Materials And Supplies And Fuel | ' | |||||||||||||||||||||||
Materials and Supplies and Fuel | ||||||||||||||||||||||||
Materials and supplies for Power are valued at the lower of average cost or market. Fuel inventory at Power includes the weighted average costs of stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under Power’s gas supply contracts with PSE&G. The costs of fuel, including transportation costs, are included in inventory when purchased and charged at average cost to Energy Costs when used or sold. PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. | ||||||||||||||||||||||||
Restricted Funds | ' | |||||||||||||||||||||||
Restricted Funds | ||||||||||||||||||||||||
PSE&G’s restricted funds represent revenues collected from its retail electric customers that must be used to pay the principal, interest and other expenses associated with the securitization bonds of PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II). | ||||||||||||||||||||||||
Property, Plant And Equipment | ' | |||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Power capitalizes costs which increase the capacity or extend the life of an existing asset, represent a newly acquired or constructed asset or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at original cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation. | ||||||||||||||||||||||||
Available-For-Sale Securities | ' | |||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities are comprised of the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of Power’s nuclear facilities and amounts comprising Other Special Funds that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans. | ||||||||||||||||||||||||
Realized gains and losses on available-for-sale securities are recorded in earnings and unrealized gains and losses on such securities are recorded as a component of Accumulated Other Comprehensive Income (Loss) (except credit losses on debt securities which are recorded in earnings). Securities with unrealized losses that are deemed to be other-than-temporarily impaired are recorded in earnings. See Note 9. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension And Other Postretirement Benefits (OPEB) Plan Assets | ' | |||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plan Assets | ||||||||||||||||||||||||
The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement dates (December 31) for all plan assets. See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ' | |||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
Power and PSE&G have recorded a Basis Adjustment in their respective Consolidated Balance Sheets related to the generation assets that were transferred from PSE&G to Power in August 2000 at the price specified by the BPU. Because the transfer was between affiliates, the transaction was recorded at the net book value of the assets and liabilities rather than the transfer price. The difference between the total transfer price and the net book value of the generation-related assets and liabilities, $986 million, net of tax, was recorded as a Basis Adjustment on Power’s and PSE&G’s Consolidated Balance Sheets. The $986 million is a reduction of Power’s Member’s Equity and an addition to PSE&G’s Common Stockholder’s Equity. These amounts are eliminated on PSEG’s consolidated financial statements. | ||||||||||||||||||||||||
Use Of Estimates | ' | |||||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||||||
The process of preparing financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. |
Organization_Basis_Of_Presenta2
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Depreciation Rate Stated Percentage | ' | |||||||||||||||||||||||
The depreciation rate stated as a percentage of original cost of depreciable property was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.48 | % | 2.48 | % | 2.46 | % | ||||||||||||||||||
Schedule Of Excise And Gross Receipts Tax Information | ' | |||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | $ | 146 | ||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | $ | 133 | ||||||||||||||||||
Amounts And Average Rates Used To Calculate IDC Or AFUDC | ' | |||||||||||||||||||||||
The amounts and average rates used to calculate IDC or AFUDC for the years ended December 31, 2013, 2012 and 2011 were as follows: | ||||||||||||||||||||||||
IDC/AFUDC Capitalized | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
Power | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | $ | 30 | 5.91 | % | ||||||||||||
PSE&G | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | $ | 13 | 6.56 | % | ||||||||||||
Discontinued_Operations_and_Di1
Discontinued Operations and Dispositions (Tables) (PSEG Texas [Member]) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
PSEG Texas [Member] | ' | ||||||
Operating Results Reclassified To Discontinued Operations | ' | ||||||
Year Ended December 31, 2011 | |||||||
Millions | |||||||
Operating Revenues | $ | 112 | |||||
Income Before Income Taxes | $ | 26 | |||||
Net Income (Loss) | $ | 17 | |||||
Property_Plant_And_Equipment_A1
Property, Plant And Equipment And Jointly-Owned Facilities (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||||||||
Schedule Of Property, Plant And Equipment | ' | |||||||||||||||||||||
Information related to Property, Plant and Equipment as of December 31, 2013 and 2012 is detailed below: | ||||||||||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,924 | $ | — | $ | — | $ | 6,924 | ||||||||||||||
Nuclear Production | 1,636 | — | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | 857 | — | — | 857 | ||||||||||||||||||
Other Production-Solar | 273 | 469 | — | 742 | ||||||||||||||||||
Construction Work in Progress | 489 | — | — | 489 | ||||||||||||||||||
Total Generation | 10,179 | 469 | — | 10,648 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 4,037 | — | 4,037 | ||||||||||||||||||
Electric Distribution | — | 7,109 | — | 7,109 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,230 | — | 5,230 | ||||||||||||||||||
Construction Work in Progress | — | 1,605 | — | 1,605 | ||||||||||||||||||
Plant Held for Future Use | — | 3 | — | 3 | ||||||||||||||||||
Other | — | 372 | — | 372 | ||||||||||||||||||
Total Transmission and Distribution | — | 18,445 | — | 18,445 | ||||||||||||||||||
Other | 99 | 157 | 364 | 620 | ||||||||||||||||||
Total | $ | 10,278 | $ | 19,071 | $ | 364 | $ | 29,713 | ||||||||||||||
Power | PSE&G | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | $ | 6,886 | $ | — | $ | — | $ | 6,886 | ||||||||||||||
Nuclear Production | 1,415 | — | — | 1,415 | ||||||||||||||||||
Nuclear Fuel in Service | 853 | — | — | 853 | ||||||||||||||||||
Other Production-Solar | 217 | 434 | — | 651 | ||||||||||||||||||
Construction Work in Progress | 450 | 7 | — | 457 | ||||||||||||||||||
Total Generation | 9,821 | 441 | — | 10,262 | ||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | — | 3,053 | — | 3,053 | ||||||||||||||||||
Electric Distribution | — | 6,807 | — | 6,807 | ||||||||||||||||||
Gas Transmission | — | 89 | — | 89 | ||||||||||||||||||
Gas Distribution | — | 5,065 | — | 5,065 | ||||||||||||||||||
Construction Work in Progress | — | 1,048 | — | 1,048 | ||||||||||||||||||
Plant Held for Future Use | — | 6 | — | 6 | ||||||||||||||||||
Other | — | 380 | — | 380 | ||||||||||||||||||
Total Transmission and Distribution | — | 16,448 | — | 16,448 | ||||||||||||||||||
Other | 93 | 117 | 482 | 692 | ||||||||||||||||||
Total | $ | 9,914 | $ | 17,006 | $ | 482 | $ | 27,402 | ||||||||||||||
Schedule Of Jointly-Owned Facilities | ' | |||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 374 | $ | 139 | $ | 321 | $ | 132 | ||||||||||||
Keystone | 23 | % | $ | 388 | $ | 140 | $ | 387 | $ | 128 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 886 | $ | 215 | $ | 730 | $ | 193 | ||||||||||||
Salem | 57 | % | $ | 897 | $ | 254 | $ | 865 | $ | 209 | ||||||||||||
Nuclear Support Facilities | Various | $ | 205 | $ | 37 | $ | 191 | $ | 29 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 36 | $ | 23 | $ | 35 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 161 | $ | 66 | $ | 156 | $ | 63 | |||||||||||||
Power holds undivided ownership interests in the jointly-owned facilities above. |
Regulatory_Assets_And_Liabilit1
Regulatory Assets And Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Regulatory Assets And Liabilities | ' | ||||||||||||
PSE&G had the following Regulatory Assets and Liabilities: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | 6 | $ | — | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | 16 | 74 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 41 | 33 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | 12 | 14 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | 3 | 34 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | 20 | 30 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 154 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | 10 | Various | ||||||||||
Total Current Regulatory Assets | $ | 243 | $ | 349 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs To Be Recovered | $ | 701 | $ | 1,112 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 445 | 588 | Various (2) | ||||||||||
Pension and Other Postretirement Benefit Costs | 637 | 1,550 | Various | ||||||||||
Deferred Income Taxes | 444 | 405 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 144 | 88 | Through 2019 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | — | 107 | See MTM Contracts below | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 81 | 89 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 123 | 110 | Various | ||||||||||
Gas Margin Adjustment Clause | — | 7 | Through July 2015 (2) | ||||||||||
GPRC | 151 | 142 | Various (2) | ||||||||||
WNC | — | 27 | Annual filing for recovery (2) | ||||||||||
Storm Damage Deferral | 245 | 244 | To be determined | ||||||||||
Other | 117 | 74 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,088 | $ | 4,543 | |||||||||
Total Regulatory Assets | $ | 3,331 | $ | 4,892 | |||||||||
As of December 31, | |||||||||||||
2013 | 2012 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 31 | $ | 32 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 9 | 21 | Annual filing for recovery (1) (2) | ||||||||||
FERC Formula Rate True-up | — | 5 | Annual filing for recovery (1) (2) | ||||||||||
NGC | — | 9 | Annual filing for recovery (1) (2) | ||||||||||
Other | 3 | — | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 43 | $ | 67 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 137 | $ | 166 | Reduced as cost is incurred | ||||||||
MTM Contracts | 74 | 40 | Various | ||||||||||
Other | 33 | 13 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 244 | $ | 219 | |||||||||
Total Regulatory Liabilities | $ | 287 | $ | 286 | |||||||||
-1 | Recovered/Refunded with interest. | ||||||||||||
-2 | Recoverable/Refundable per specific rate order. |
LongTerm_Investments_Tables
Long-Term Investments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Long-term Investments [Abstract] | ' | ||||||||||||||
Schedule of Long Term Investments | ' | ||||||||||||||
Long-Term Investments as of December 31, 2013 and 2012 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | $ | 123 | $ | 125 | |||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | 158 | 161 | |||||||||||||
Solar Loan Investments | 196 | 180 | |||||||||||||
Other Investments | 7 | 7 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 825 | 840 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 3 | 9 | |||||||||||||
Cost Method Investments (B) | 1 | 2 | |||||||||||||
Total Long-Term Investments | $ | 1,313 | $ | 1,324 | |||||||||||
(A) | During the three years ended December 31, 2013, 2012 and 2011, the amount of dividends from these investments was $11 million, $17 million and $3 million, respectively. | ||||||||||||||
(B) | Reflects Energy Holdings' investments in certain companies in which it does not have the ability to exercise significant influence. Such investments are accounted for under the cost method. | ||||||||||||||
Schedule Of Net Investment In Leveraged Leases | ' | ||||||||||||||
The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2013 and 2012, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 701 | $ | 721 | |||||||||||
Estimated Residual Value of Leased Assets | 529 | 535 | |||||||||||||
Total Investment in Rental Receivables | 1,230 | 1,256 | |||||||||||||
Unearned and Deferred Income | (405 | ) | (416 | ) | |||||||||||
Gross Investments in Leases | 825 | 840 | |||||||||||||
Deferred Tax Liabilities | (727 | ) | (723 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 117 | |||||||||||
Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases | ' | ||||||||||||||
The pre-tax income and income tax effects, excluding gains and losses on sales, related to investments in leases were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 11 | $ | 78 | $ | (228 | ) | ||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 6 | $ | 34 | $ | (77 | ) | ||||||||
Equity Method Investments | ' | ||||||||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2013: | |||||||||||||||
% | |||||||||||||||
Name | Location | Owned | |||||||||||||
Power | |||||||||||||||
Keystone Fuels, LLC | PA | 23% | |||||||||||||
Conemaugh Fuels, LLC | PA | 23% | |||||||||||||
Kalaeloa | HI | 50% | |||||||||||||
Energy Holdings | |||||||||||||||
GWF | CA | 50% | |||||||||||||
Hanford L. P. (Hanford) | CA | 50% | |||||||||||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||
Schedule Of Credit Risk Profile Based On Payment Activity | ' | ||||||||||||||||||||
The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.” | |||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Consumer Loans | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 192 | $ | 174 | |||||||||||||||||
Residential | 15 | 15 | |||||||||||||||||||
$ | 207 | $ | 189 | ||||||||||||||||||
Energy Holdings [Member] | ' | ||||||||||||||||||||
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | ' | ||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2013 | 2013 | 2012 | |||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 19 | $ | 21 | |||||||||||||||||
AA- | 56 | 73 | |||||||||||||||||||
BBB+ - BB+ | 316 | 316 | |||||||||||||||||||
B | 166 | 166 | |||||||||||||||||||
Not Rated | 144 | 145 | |||||||||||||||||||
$ | 701 | $ | 721 | ||||||||||||||||||
Schedule Of Assets Under Lease Receivables | ' | ||||||||||||||||||||
Asset | Location | Gross | % | Total MW | Fuel | Counterparties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | |||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | Not Rated | Edison Mission Energy | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 116 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||||||||||||||||
The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | ||||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | ||||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | ||||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 648 | $ | 147 | $ | (6 | ) | $ | 789 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 274 | 11 | — | 285 | |||||||||||||||||||||||||||||||
Other Debt Securities | 320 | 22 | — | 342 | |||||||||||||||||||||||||||||||
Total Debt Securities | 594 | 33 | — | 627 | |||||||||||||||||||||||||||||||
Other Securities | 124 | — | — | 124 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,366 | $ | 180 | $ | (6 | ) | $ | 1,540 | ||||||||||||||||||||||||||
Schedule Of Accounts Receivable And Accounts Payable | ' | ||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 39 | $ | 18 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 36 | $ | 53 | |||||||||||||||||||||||||||||||
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | ' | ||||||||||||||||||||||||||||||||||
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | $ | 139 | $ | (6 | ) | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 300 | (11 | ) | 1 | (1 | ) | 34 | — | 1 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 107 | (4 | ) | 3 | — | 31 | — | 6 | — | ||||||||||||||||||||||||||
Total Debt Securities | 407 | (15 | ) | 4 | (1 | ) | 65 | — | 7 | — | |||||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | $ | 204 | $ | (6 | ) | $ | 7 | $ | — | ||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over companies with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | ' | ||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 44 | |||||||||||||||||||||||||||||||||
1 - 5 years | 180 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 180 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 45 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 26 | ||||||||||||||||||||||||||||||||||
Over 20 years | 245 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 720 | |||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales | $ | 1,070 | $ | 1,433 | $ | 1,355 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 112 | $ | 153 | $ | 144 | |||||||||||||||||||||||||||||
Gross Realized Losses | (26 | ) | (52 | ) | (45 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 86 | $ | 101 | $ | 99 | |||||||||||||||||||||||||||||
Rabbi Trust [Member] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||||||||||||||||
The following tables show the fair values, gross unrealized gains and losses and amortized cost bases for the securities held in the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | ||||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | ||||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | ||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 13 | $ | 5 | $ | — | $ | 18 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 114 | 3 | — | 117 | |||||||||||||||||||||||||||||||
Other Debt Securities | 45 | 2 | — | 47 | |||||||||||||||||||||||||||||||
Total Debt Securities | 159 | 5 | — | 164 | |||||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 175 | $ | 10 | $ | — | $ | 185 | |||||||||||||||||||||||||||
Schedule Of Accounts Receivable And Accounts Payable | ' | ||||||||||||||||||||||||||||||||||
These amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets as show in the following table. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 4 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 5 | |||||||||||||||||||||||||||||||
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | ' | ||||||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | ||||||||||||||||||||||||||||||||
Months | Months | Months | Months | ||||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 47 | (2 | ) | 2 | — | — | — | — | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 18 | (1 | ) | 1 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Debt Securities | 65 | (3 | ) | 3 | — | — | — | — | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund is through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | ||||||||||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | ' | ||||||||||||||||||||||||||||||||||
The Rabbi Trust available-for-sale debt securities held as of December 31, 2013 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 58 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 30 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 7 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 4 | ||||||||||||||||||||||||||||||||||
Over 20 years | 54 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 153 | |||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales | $ | 89 | $ | 233 | $ | — | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | — | — | |||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 6 | $ | — | |||||||||||||||||||||||||||||
Rabbi Trust Fair Value by Company [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Power | $ | 39 | $ | 36 | |||||||||||||||||||||||||||||||
PSE&G | 42 | 61 | |||||||||||||||||||||||||||||||||
Other | 98 | 88 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 179 | $ | 185 | |||||||||||||||||||||||||||||||
Goodwill_And_Other_Intangibles1
Goodwill And Other Intangibles (Tables) (Power [Member]) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Power [Member] | ' | ||||||||||||||
Expenses Related To Emissions And Renewable Energy Requirements | ' | ||||||||||||||
Such expenses for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 6 | $ | 5 | $ | 35 | |||||||||
Renewable Energy Expense | $ | 26 | $ | 34 | $ | 43 | |||||||||
Asset_Retirement_Obligations_A1
Asset Retirement Obligations (AROs) (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Asset Retirement Obligation [Abstract] | ' | ||||||||||||||||||
Impact Of The Revisions On Asset Retirement Obligation | ' | ||||||||||||||||||
The changes to the ARO liabilities for PSEG, Power and PSE&G during 2012 and 2013 are presented in the following table: | |||||||||||||||||||
PSEG | Power | PSE&G | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2012 | $ | 489 | $ | 261 | $ | 226 | $ | 2 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (5 | ) | 1 | ||||||||||||
Liabilities Incurred | 11 | 4 | 7 | — | |||||||||||||||
Accretion Expense | 21 | 21 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 14 | — | 14 | — | |||||||||||||||
Revisions to Present Values of Estimated Cash Flows | 97 | 89 | 8 | — | |||||||||||||||
ARO Liability as of December 31, 2012 | $ | 627 | $ | 374 | $ | 250 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (1 | ) | (4 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 4 | 13 | — | |||||||||||||||
Accretion Expense | 23 | 23 | — | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | — | 15 | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 400 | $ | 274 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations |
Pension_OPEB_and_Savings_Plans1
Pension, OPEB and Savings Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 5,235 | $ | 4,572 | $ | 1,538 | $ | 1,338 | |||||||||||||||||||
Service Cost | 116 | 101 | 21 | 17 | |||||||||||||||||||||||
Interest Cost | 215 | 223 | 63 | 65 | |||||||||||||||||||||||
Actuarial (Gain) Loss | (501 | ) | 586 | (144 | ) | 182 | |||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Special Termination Benefits | — | 1 | — | — | |||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 4,357 | $ | 3,831 | $ | 253 | $ | 211 | |||||||||||||||||||
Actual Return on Plan Assets | 857 | 541 | 52 | 31 | |||||||||||||||||||||||
Employer Contributions | 155 | 233 | 78 | 75 | |||||||||||||||||||||||
Gross Benefits Paid | (253 | ) | (248 | ) | (64 | ) | (69 | ) | |||||||||||||||||||
Medicare Subsidy Receipts | — | — | — | 5 | |||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets | $ | 434 | $ | 6 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (9 | ) | (8 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (121 | ) | (876 | ) | (1,095 | ) | (1,285 | ) | |||||||||||||||||||
Amounts Recognized | $ | 304 | $ | (878 | ) | $ | (1,095 | ) | $ | (1,285 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (B) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (120 | ) | $ | (139 | ) | $ | (53 | ) | $ | (67 | ) | |||||||||||||||
Net Actuarial Loss | 977 | 2,174 | 310 | 527 | |||||||||||||||||||||||
Total | $ | 857 | $ | 2,035 | $ | 257 | $ | 460 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits. | ||||||||||||||||||||||||||
(B) | Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||
Service Cost | $ | 116 | $ | 101 | $ | 92 | $ | 21 | $ | 17 | $ | 14 | |||||||||||||||
Interest Cost | 215 | 223 | 228 | 63 | 65 | 61 | |||||||||||||||||||||
Expected Return on Plan Assets | (348 | ) | (306 | ) | (334 | ) | (21 | ) | (17 | ) | (18 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | 2 | 4 | |||||||||||||||||||||
Prior Service Cost | (19 | ) | (18 | ) | (11 | ) | (14 | ) | (14 | ) | (13 | ) | |||||||||||||||
Actuarial Loss | 188 | 167 | 119 | 42 | 31 | 14 | |||||||||||||||||||||
Net Periodic Benefit Cost | $ | 152 | $ | 167 | $ | 94 | $ | 91 | $ | 84 | $ | 62 | |||||||||||||||
Special Termination Benefits | — | 1 | — | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | 19 | 19 | |||||||||||||||||||||
Total Benefit Costs, Including Effect of Regulatory Asset | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
Schedule Of Pension And OPEB Costs | ' | ||||||||||||||||||||||||||
Pension costs and OPEB costs for PSEG, Power and PSE&G are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 43 | $ | 52 | $ | 29 | $ | 23 | $ | 18 | $ | 12 | |||||||||||||||
PSE&G | 91 | 97 | 51 | 65 | 82 | 67 | |||||||||||||||||||||
Other | 18 | 19 | 14 | 3 | 3 | 2 | |||||||||||||||||||||
Total Benefit Costs | $ | 152 | $ | 168 | $ | 94 | $ | 91 | $ | 103 | $ | 81 | |||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | (1,009 | ) | $ | 350 | $ | (175 | ) | $ | 169 | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (188 | ) | (167 | ) | (42 | ) | (32 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 19 | 19 | 14 | 14 | |||||||||||||||||||||||
Amortization of Transition Asset | — | — | — | (2 | ) | ||||||||||||||||||||||
Total | $ | (1,178 | ) | $ | 202 | $ | (203 | ) | $ | 149 | |||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | ||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 56 | $ | 23 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 5.4 | % | 4.2 | % | 5 | % | 5.38 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8.5 | % | 8 | % | 8 | % | 8.5 | % | |||||||||||||||
Rate of Compensation Increase | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31 | |||||||||||||||||||||||||||
Administrative Expense | 3 | % | 3 | % | 5 | % | |||||||||||||||||||||
Dental Costs | 5 | % | 6 | % | 6 | % | |||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | 8.88 | % | 8 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2023 | 2016 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.88 | % | 7.98 | % | 8.25 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2021 | 2019 | 2017 | ||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 12 | $ | 12 | $ | 11 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 161 | $ | 180 | $ | 155 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (134 | ) | $ | (149 | ) | $ | (128 | ) | ||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 93 | $ | 52 | $ | 41 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,264 | 2,264 | — | — | |||||||||||||||||||||||
Commingled—International | 1,016 | 1,016 | — | — | |||||||||||||||||||||||
Other | 704 | 704 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 596 | — | 596 | — | |||||||||||||||||||||||
Other | 737 | — | 737 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,435 | $ | 4,036 | $ | 1,374 | $ | 25 | |||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||
Quoted Market Prices | Significant Other | Significant | |||||||||||||||||||||||||
for Identical Assets | Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Temporary Investment Funds (A) | $ | 67 | $ | — | $ | 67 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 1,928 | 1,928 | — | — | |||||||||||||||||||||||
Commingled—International | 839 | 839 | — | — | |||||||||||||||||||||||
Other | 431 | 431 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 623 | — | 623 | — | |||||||||||||||||||||||
Other | 691 | — | 691 | — | |||||||||||||||||||||||
Private Equity (D) | 31 | — | — | 31 | |||||||||||||||||||||||
Total | $ | 4,610 | $ | 3,198 | $ | 1,381 | $ | 31 | |||||||||||||||||||
(A) | Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||||||||||||||||||||||||
(B) | Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price. | ||||||||||||||||||||||||||
(C) | Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2). | ||||||||||||||||||||||||||
(D) | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). | ||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | ' | ||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2013 | ||||||||||||||||||||||
1-Jan-13 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 31 | $ | (11 | ) | $ | — | $ | 11 | $ | (6 | ) | $ | 25 | |||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2012 | ||||||||||||||||||||||
1-Jan-12 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pooled Real Estate | $ | 36 | $ | (38 | ) | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||||
Private Equity | $ | 37 | $ | (6 | ) | $ | — | $ | 5 | $ | (5 | ) | $ | 31 | |||||||||||||
Schedule Of Percentage Of Fair Value Of Total Plan Assets | ' | ||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Investments | 2013 | 2012 | |||||||||||||||||||||||||
Equity Securities | 73 | % | 69 | % | |||||||||||||||||||||||
Fixed Income Securities | 25 | 29 | |||||||||||||||||||||||||
Other Investments | 2 | 2 | |||||||||||||||||||||||||
Total Percentage | 100 | % | 100 | % | |||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 256 | $ | 77 | |||||||||||||||||||||||
2015 | 263 | 78 | |||||||||||||||||||||||||
2016 | 272 | 80 | |||||||||||||||||||||||||
2017 | 282 | 82 | |||||||||||||||||||||||||
2018 | 293 | 84 | |||||||||||||||||||||||||
2019-2023 | 1,647 | 458 | |||||||||||||||||||||||||
Total | $ | 3,013 | $ | 859 | |||||||||||||||||||||||
Schedule Of Amount Paid For Employer Matching Contributions | ' | ||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | $ | 10 | $ | 10 | $ | 8 | |||||||||||||||||||||
PSE&G | 19 | 18 | 14 | ||||||||||||||||||||||||
Other | 4 | 4 | 2 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 33 | $ | 32 | $ | 24 | |||||||||||||||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Future Minimum Rental Payments | ' | ||||||||||||||||||
Power | PSE&G | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2014 | $ | 1 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
2015 | 1 | 7 | 4 | 2 | |||||||||||||||
2016 | 1 | 6 | 12 | 1 | |||||||||||||||
2017 | 1 | 5 | 13 | 1 | |||||||||||||||
2018 | 2 | 4 | 13 | — | |||||||||||||||
Thereafter | 16 | 33 | 173 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 22 | $ | 64 | $ | 216 | $ | 6 | |||||||||||
Power [Member] | ' | ||||||||||||||||||
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | ' | ||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,639 | $ | 1,508 | |||||||||||||||
Exposure under Current Guarantees | $ | 246 | $ | 226 | |||||||||||||||
Letters of Credit Margin Posted | $ | 132 | $ | 124 | |||||||||||||||
Letters of Credit Margin Received | $ | 25 | $ | 69 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | 15 | |||||||||||||||
Counterparty Cash Margin Received | $ | — | $ | (4 | ) | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 80 | $ | 26 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 691 | $ | 654 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,522 | $ | 3,531 | |||||||||||||||
Additional Amounts Posted | |||||||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||||||
Total Minimum Purchase Commitments | ' | ||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 532 | |||||||||||||||||
Enrichment | $ | 454 | |||||||||||||||||
Fabrication | $ | 137 | |||||||||||||||||
Natural Gas | $ | 1,061 | |||||||||||||||||
Coal | $ | 405 | |||||||||||||||||
Insurance coverages and maximum retrospective assessments for its nuclear operations | ' | ||||||||||||||||||
Type and Source of Coverages | Total Site | Retrospective | |||||||||||||||||
Coverage | Assessments | ||||||||||||||||||
Millions | |||||||||||||||||||
Public and Nuclear Worker Liability (Primary Layer): | |||||||||||||||||||
ANI | $ | 375 | (A) | $ | — | ||||||||||||||
Nuclear Liability (Excess Layer): | |||||||||||||||||||
Price-Anderson Act | 13,241 | (B) | 401 | ||||||||||||||||
Nuclear Liability Total | $ | 13,616 | (C) | $ | 401 | ||||||||||||||
Property Damage (Primary Layer): | |||||||||||||||||||
NEIL Primary (Salem/Hope Creek/Peach Bottom) | $ | 500 | $ | 24 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL II (Salem/Hope Creek/Peach Bottom) | 750 | 8 | |||||||||||||||||
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) | 850 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | (E) | $ | 37 | ||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (F) | $ | 6 | ||||||||||||||
NEIL I (Salem) | 281 | (F) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (F) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 19 | |||||||||||||||
(A) | The primary limit for Public Liability is a per site aggregate limit with no potential for assessment. The Nuclear Worker Liability represents the potential liability from workers claiming exposure to the hazard of nuclear radiation. This coverage is subject to an industry aggregate limit that is subject to reinstatement at ANI discretion. | ||||||||||||||||||
(B) | Retrospective premium program under the Price-Anderson Act liability provisions of the Atomic Energy Act of 1954, as amended. Power is subject to retrospective assessment with respect to loss from an incident at any licensed nuclear reactor in the United States that produces greater than 100 MW of electrical power. This retrospective assessment can be adjusted for inflation every five years. The last adjustment was effective as of September 10, 2013. The next adjustment is due on or before September 10, 2018. This retrospective program is in excess of the Public and Nuclear Worker Liability primary layers. | ||||||||||||||||||
(C) | Limit of liability under the Price-Anderson Act for each nuclear incident. | ||||||||||||||||||
(D) | For property limits in excess of $1.25 billion, Power participates in a Blanket Limit policy where the $850 million limit is shared by Power with Exelon Generation among the Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 facilities owned by Exelon Generation and the Peach Bottom, Salem and Hope Creek facilities. This limit is not subject to reinstatement in the event of a loss. Participation in this program materially reduces Power’s premium and the associated potential assessment. | ||||||||||||||||||
(E) | Power's property limits provide a $2.1 billion limit for a nuclear event, but provide a sublimit of $1.5 billion for conventional property losses that do not involve a nuclear event. | ||||||||||||||||||
(F) | Peach Bottom has an aggregate indemnity limit based on a weekly indemnity of $2.3 million for 52 weeks followed by 80% of the weekly indemnity for 68 weeks. Salem has an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 72 weeks. Hope Creek has an aggregate indemnity limit based on a weekly indemnity of $4.5 million for 52 weeks followed by 80% of the weekly indemnity for 71 weeks. | ||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Contract For Anticipated BGS-Fixed Price Eligible Load | ' | ||||||||||||||||||
Auction Year | |||||||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||||||
Future Minimum Rental Payments | ' | ||||||||||||||||||
Power | PSE&G | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2014 | $ | 1 | $ | 9 | $ | 1 | $ | 2 | |||||||||||
2015 | 1 | 7 | 4 | 2 | |||||||||||||||
2016 | 1 | 6 | 12 | 1 | |||||||||||||||
2017 | 1 | 5 | 13 | 1 | |||||||||||||||
2018 | 2 | 4 | 13 | — | |||||||||||||||
Thereafter | 16 | 33 | 173 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 22 | $ | 64 | $ | 216 | $ | 6 | |||||||||||
Schedule_Of_Consolidated_Debt_
Schedule Of Consolidated Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 38 | $ | 57 | |||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (14 | ) | (19 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 24 | $ | 38 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
2.50% | 2013 | $ | — | $ | 300 | ||||||||||||||||||||||
5.50% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | — | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | — | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,309 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (C) | 2014 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,353 | |||||||||||||||||||||||||
Amounts Due Within One Year | (44 | ) | (300 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (12 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,497 | $ | 2,040 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (D): | |||||||||||||||||||||||||||
6.75% | 2016 | $ | 171 | $ | 171 | ||||||||||||||||||||||
9.25% | 2021 | 134 | 134 | ||||||||||||||||||||||||
8.00% | 2037 | 7 | 7 | ||||||||||||||||||||||||
5.00% | 2037 | 8 | 8 | ||||||||||||||||||||||||
Total First and Refunding Mortgage Bonds | 320 | 320 | |||||||||||||||||||||||||
Pollution Control Bonds (D): | |||||||||||||||||||||||||||
Floating rate (C) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (C) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (D): | |||||||||||||||||||||||||||
5.00% | 2013 | — | 150 | ||||||||||||||||||||||||
5.38% | 2013 | — | 300 | ||||||||||||||||||||||||
6.33% | 2013 | — | 275 | ||||||||||||||||||||||||
0.85% | 2014 | 250 | 250 | ||||||||||||||||||||||||
5.00% | 2014 | 250 | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | — | ||||||||||||||||||||||||
3.75% | 2024 | 250 | — | ||||||||||||||||||||||||
5.25% | 2035 | 250 | 250 | ||||||||||||||||||||||||
5.70% | 2036 | 250 | 250 | ||||||||||||||||||||||||
5.80% | 2037 | 350 | 350 | ||||||||||||||||||||||||
5.38% | 2039 | 250 | 250 | ||||||||||||||||||||||||
5.50% | 2040 | 300 | 300 | ||||||||||||||||||||||||
3.95% | 2042 | 450 | 450 | ||||||||||||||||||||||||
3.65% | 2042 | 350 | 350 | ||||||||||||||||||||||||
3.80% | 2043 | 400 | — | ||||||||||||||||||||||||
Total MTNs | 5,159 | 4,384 | |||||||||||||||||||||||||
Principal Amount Outstanding | 5,579 | 4,804 | |||||||||||||||||||||||||
Amounts Due Within One Year | (500 | ) | (725 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (13 | ) | (9 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 5,066 | $ | 4,070 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.61% | 2013 | $ | — | $ | 100 | ||||||||||||||||||||||
6.75% | 2013-2014 | 106 | 220 | ||||||||||||||||||||||||
6.89% | 2014-2015 | 370 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 476 | 690 | |||||||||||||||||||||||||
Amounts Due Within One Year | (225 | ) | (214 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | 251 | 476 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.49% | 2013 | — | 9 | ||||||||||||||||||||||||
4.57% | 2013-2015 | 20 | 23 | ||||||||||||||||||||||||
Principal Amount Outstanding | 20 | 32 | |||||||||||||||||||||||||
Amounts Due Within One Year | (12 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | 8 | 20 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 5,325 | $ | 4,566 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2013-2015 | $ | 16 | $ | 44 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 44 | |||||||||||||||||||||||||
Amounts Due Within One Year | — | (1 | ) | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | 16 | 43 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | 16 | $ | 43 | |||||||||||||||||||||||
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities. | ||||||||||||||||||||||||||
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||
(C) | The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds that are serviced and secured by Power Pollution Control Notes and PSE&G Pollution Control Bonds, respectively, are variable rate bonds that are in weekly reset mode. The PEDFA bond is backed by a three-year letter of credit that expires in November 2014. The Power Pollution Control Note backing the PEDFA bond has been reclassified as debt due within the year. | ||||||||||||||||||||||||||
(D) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(E) | Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent. | ||||||||||||||||||||||||||
Aggregate Principal Amounts Of Maturities | ' | ||||||||||||||||||||||||||
The aggregate principal amounts of maturities for each of the five years following December 31, 2013 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | Power | PSE&G | Transition | Transition | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2014 | $ | 44 | $ | 500 | $ | 225 | $ | 12 | $ | — | $ | 781 | |||||||||||||||
2015 | 300 | 300 | 251 | 8 | 16 | 875 | |||||||||||||||||||||
2016 | 553 | 171 | — | — | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 250 | 750 | — | — | — | 1,000 | |||||||||||||||||||||
Thereafter | 1,406 | 3,858 | — | — | — | 5,264 | |||||||||||||||||||||
Total | $ | 2,553 | $ | 5,579 | $ | 476 | $ | 20 | $ | 16 | $ | 8,644 | |||||||||||||||
Short-Term Liquidity | ' | ||||||||||||||||||||||||||
t our subsidiaries’ liquidity needs. Our total credit facilities and available liquidity as of December 31, 2013 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | (D) | $ | 492 | Mar-17 | Commercial Paper (CP) Support/Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (A) | 500 | — | 500 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||||||
Total PSEG | $ | 1,000 | $ | 8 | $ | 992 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 70 | (D) | $ | 1,530 | Mar-17 | Funding/Letters of Credit | ||||||||||||||||||
5-year Credit Facility (B) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | (D) | — | Sep-15 | Letters of Credit | |||||||||||||||||||||
Total Power | $ | 2,700 | $ | 170 | $ | 2,530 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (C) | $ | 600 | $ | 73 | (D) | $ | 527 | Mar-18 | CP Support/Funding/Letters of Credit | ||||||||||||||||||
Total PSE&G | $ | 600 | $ | 73 | $ | 527 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 251 | $ | 4,049 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(D) | Includes amounts related to letters of credit outstanding. | ||||||||||||||||||||||||||
Estimated Fair Values | ' | ||||||||||||||||||||||||||
lue measurements into three levels. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 24 | $ | 38 | $ | 38 | $ | 57 | |||||||||||||||||||
Power - Recourse Debt (B) | 2,541 | 2,846 | 2,340 | 2,818 | |||||||||||||||||||||||
PSE&G (B) | 5,566 | 5,629 | 4,795 | 5,606 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 476 | 511 | 690 | 765 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 20 | 21 | 32 | 34 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 44 | 44 | |||||||||||||||||||||||
$ | 8,643 | $ | 9,061 | $ | 7,939 | $ | 9,324 | ||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Schedule_Of_Consolidated_Capit1
Schedule Of Consolidated Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Class of Stock Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Consolidated Capital Stock | ' | ||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,857,262 | 505,892,472 | $ | 4,246 | $ | 4,226 | |||||||||||
(A) | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. |
Financial_Risk_Management_Acti1
Financial Risk Management Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | (4 | ) | $ | 3 | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | (1 | ) | $ | 9 | ||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Fair Value In Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 3 | $ | 332 | $ | (217 | ) | $ | 118 | $ | 5 | $ | 15 | $ | 138 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 75 | (26 | ) | 49 | 62 | 42 | 153 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 3 | $ | 407 | $ | (243 | ) | $ | 167 | $ | 67 | $ | 57 | $ | 291 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (265 | ) | $ | 219 | $ | (46 | ) | $ | — | $ | — | $ | (46 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (41 | ) | 26 | (15 | ) | (107 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (306 | ) | $ | 245 | $ | (61 | ) | $ | (107 | ) | $ | — | $ | (168 | ) | |||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | 101 | $ | 2 | $ | 106 | $ | (40 | ) | $ | 57 | $ | 123 | ||||||||||||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013 and 2012, net cash collateral paid of $2 million was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. Of the $2 million as of December 31, 2012, cash collateral of $(3) million and $5 million were netted against current assets and current liabilities, respectivel | ||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Designated As Cash Flow Hedges | ' | ||||||||||||||||||||||||||||||||||||||||
Amount of Pre-Tax | Location of | Amount of Pre-Tax | Amount of Pre-Tax | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Pre-Tax | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||||||||||
Recognized in AOCI on Derivatives | Gain (Loss) | Reclassified from | Recognized in Income on Derivatives | ||||||||||||||||||||||||||||||||||||||
(Effective Portion) | Reclassified from | AOCI into Income | (Ineffective Portion) | ||||||||||||||||||||||||||||||||||||||
AOCI into Income | (Effective Portion) | ||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | (1 | ) | — | (1 | ) | — | — | — | |||||||||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 28 | $ | 80 | $ | 12 | $ | 70 | $ | 214 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 32 | $ | 84 | Operating Revenues | $ | 13 | $ | 79 | $ | 213 | $ | (1 | ) | $ | 1 | $ | (2 | ) | |||||||||||||||||||
Energy-Related Contracts | — | (4 | ) | (4 | ) | Energy Costs | — | (9 | ) | 2 | — | — | — | ||||||||||||||||||||||||||||
Total Power | $ | (4 | ) | $ | 28 | $ | 80 | $ | 13 | $ | 70 | $ | 215 | $ | (1 | ) | $ | 1 | $ | (2 | ) | ||||||||||||||||||||
(A) | Includes amounts for PSEG paren | ||||||||||||||||||||||||||||||||||||||||
Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 54 | $ | 31 | |||||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 28 | 17 | |||||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (70 | ) | (41 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Recognized in Income | ||||||||||||||||||||||||||||||||||||||||
Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (128 | ) | $ | 232 | $ | 205 | |||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 106 | (19 | ) | (42 | ) | |||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (22 | ) | $ | 213 | $ | 163 | ||||||||||||||||||||||||||||||||||
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | ' | ||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 596 | — | 404 | 192 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 208 | — | 208 | — | ||||||||||||||||||||||||||||||||||||
Capacity | MW days | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||
FTRs | MWh | 19 | — | 19 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
Coal | Tons | 1 | — | 1 | — | ||||||||||||||||||||||||||||||||||||
Schedule Providing Credit Risk From Others, Net Of Collateral | ' | ||||||||||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of December 31, 2013. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||||||||||||
Exposure | held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 331 | $ | 14 | $ | 331 | 1 | $ | 251 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | 7 | — | 7 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 345 | $ | 14 | $ | 345 | 1 | $ | 251 | ||||||||||||||||||||||||||||||||
(A) | Represents net exposure with PSE&G. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2012 | |||||||||||||||||||||||||||||||
Description | Total | Netting (F) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 287 | $ | — | $ | 287 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 234 | $ | (3 | ) | $ | — | $ | 157 | $ | 80 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 57 | $ | — | $ | — | $ | 57 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 18 | $ | — | $ | 18 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 117 | $ | — | $ | — | $ | 117 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 47 | $ | — | $ | — | $ | 47 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (168 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (111 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 167 | $ | (3 | ) | $ | — | $ | 157 | $ | 13 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 789 | $ | — | $ | 789 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 285 | $ | — | $ | — | $ | 285 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 342 | $ | — | $ | — | $ | 342 | $ | — | |||||||||||||||||||||
Other Securities | $ | 124 | $ | — | $ | — | $ | 124 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 3 | $ | — | $ | 3 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 9 | $ | — | $ | — | $ | 9 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (61 | ) | $ | 5 | $ | — | $ | (62 | ) | $ | (4 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 65 | $ | — | $ | 65 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 67 | $ | — | $ | — | $ | — | $ | 67 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 6 | $ | — | $ | 6 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 39 | $ | — | $ | — | $ | 39 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 15 | $ | — | $ | — | $ | 15 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | (107 | ) | $ | — | $ | — | $ | — | $ | (107 | ) | |||||||||||||||||||
(A) | Represents money market mutual funds | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
Schedule Of Quantitative Information About Level 3 Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-13 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted cash flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of | Valuation | Significant | Range | ||||||||||||||||||||||||||
31-Dec-12 | Technique(s) | Unobservable Input | |||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 7 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | 1 | (2 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (A) | 5 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 13 | $ | (4 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas and Capacity | Forward Contracts (B) | $ | 67 | $ | (107 | ) | Discounted Cash Flow | Long-Term Gas Basis and Capacity Prices | (B) | ||||||||||||||||||||||
Total PSE&G | $ | 67 | $ | (107 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 80 | $ | (111 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions which are immaterial as of December 31, 2013 and 2012. Also includes long-term electric capacity positions which are immaterial as of December 31, 2012. | ||||||||||||||||||||||||||||||
(B) | Includes long-term electric capacity and long-term gas supply positions with various unobservable inputs. Unobservable inputs for the long-term electric capacity contracts include forecasted capacity prices in the range of $100 to $400/MW day. Significant unobservable inputs for the gas supply contracts include long-term basis prices in the range of $0 to $4/MMBTU of natural gas. | ||||||||||||||||||||||||||||||
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||||||||
hanges in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2012 | ||||||||||||||||||||||||
1-Jan-12 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 21 | $ | 42 | $ | (37 | ) | $ | — | $ | (57 | ) | $ | — | $ | (31 | ) | ||||||||||||||
Non-Recourse Debt | $ | (50 | ) | $ | 50 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 24 | $ | 42 | $ | — | $ | — | $ | (57 | ) | $ | — | $ | 9 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (3 | ) | $ | — | $ | (37 | ) | $ | — | $ | — | $ | — | $ | (40 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(27) million and $42 million in Operating Income in 2013 and 2012, respectively. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. Of the $42 million in Operating Income in 2012, $(15) million is unrealized. Energy Holdings' release from its obligations under the non-recourse debt is included in PSEG's Operating Income and is offset by the write-off of the related assets. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or OCI, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. As discussed in Note 13. Commitments and Contingent Liabilities, PSE&G’s long-term electric capacity positions represented by the SOCA contracts have been terminated and the related derivative asset or liability and regulatory asset and liability reversed in the fourth quarter of 2013. | ||||||||||||||||||||||||||||||
(C) | Represents $8 million and $(57) million in settlements for derivative contracts in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
(D) | During the year ended December 31, 2013, $4 million of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters (i.e. the quarter in which the transfers occurred), as per PSEG’s policy. During the year ended December 31, 2012, there were no transfers among levels. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Accrual Adjustments | ' | |||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 25 | $ | 23 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 10 | $ | 10 | ||||||||||
Stock Options Activity | ' | |||||||||||||||
Changes in stock options for 2013 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2013 | 2,945,400 | $ | 34.19 | |||||||||||||
Exercised | 229,700 | $ | 28.3 | |||||||||||||
Canceled/Forfeited | 100,534 | $ | 41.44 | |||||||||||||
Outstanding as of December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
Exercisable at December 31, 2013 | 2,615,166 | $ | 34.43 | 4.7 | $ | 2,311,503 | ||||||||||
Activity For Options Exercised | ' | |||||||||||||||
Activity for options exercised for the years ended December 31, 2013, 2012 and 2011 is shown below: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 1 | $ | 4 | $ | 2 | ||||||||||
Cash Received from Options Exercised | $ | 7 | $ | 7 | $ | 6 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | 1 | $ | 1 | ||||||||||
Restricted Stock Activity | ' | |||||||||||||||
Changes in restricted stock for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 68,800 | $ | 32.57 | |||||||||||||
Vested | 60,000 | $ | 32.93 | |||||||||||||
Non-vested as of December 31, 2013 | 8,800 | $ | 30.18 | 0.3 | $ | 281,952 | ||||||||||
Restricted Stock Units Activity | ' | |||||||||||||||
Changes in restricted stock units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average Grant | Remaining Years | Intrinsic Value | ||||||||||||||
Date Fair Value | Contractual Term | |||||||||||||||
Non-vested as of January 1, 2013 | 834,527 | $ | 31.12 | |||||||||||||
Granted | 325,035 | $ | 31.41 | |||||||||||||
Vested | 109,691 | $ | 30.25 | |||||||||||||
Canceled/Forfeited | 2,302 | $ | 31.49 | |||||||||||||
Non-vested as of December 31, 2013 | 1,047,569 | $ | 31.3 | 1.1 | $ | 33,564,117 | ||||||||||
Performance Units Information | ' | |||||||||||||||
Changes in Performance Share Units for the year ended December 31, 2013 are summarized as follows: | ||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | |||||||||||||
Average | Remaining Years | Intrinsic Value | ||||||||||||||
Grant Date | Contractual Term | |||||||||||||||
Fair Value | ||||||||||||||||
Non-vested as of January 1, 2013 | 749,993 | $ | 32.7 | |||||||||||||
Granted | 420,385 | $ | 35.07 | |||||||||||||
Vested | 270,140 | $ | 34.26 | |||||||||||||
Canceled/Forfeited | 98,120 | $ | 34.1 | |||||||||||||
Non-vested as of December 31, 2013 | 802,118 | $ | 33.25 | 1.5 | $ | 25,699,861 | ||||||||||
Other_Income_and_Deductions_Ta
Other Income and Deductions (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Schedule Of Other Income | ' | ||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 152 | $ | — | $ | — | $ | 152 | |||||||||||
Allowance of Funds Used During Construction | — | 24 | — | 24 | |||||||||||||||
Solar Loan Interest | — | 23 | — | 23 | |||||||||||||||
Other | 2 | 7 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 154 | $ | 54 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||
Allowance of Funds Used During Construction | — | 23 | — | 23 | |||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | |||||||||||||||
Other | 7 | 11 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 201 | $ | 52 | $ | 7 | $ | 260 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 186 | $ | — | $ | — | $ | 186 | |||||||||||
Allowance of Funds Used During Construction | — | 9 | — | 9 | |||||||||||||||
Solar Loan Interest | — | 10 | — | 10 | |||||||||||||||
Other | 4 | 6 | 5 | 15 | |||||||||||||||
Total Other Income | $ | 190 | $ | 25 | $ | 5 | $ | 220 | |||||||||||
Schedule Of Other Deductions | ' | ||||||||||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Millions | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 34 | $ | — | $ | — | $ | 34 | |||||||||||
Other | 15 | 3 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 58 | $ | — | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | 15 | — | — | 15 | |||||||||||||||
Other | 17 | 5 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 90 | $ | 5 | $ | 3 | $ | 98 | |||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | 50 | $ | — | $ | — | $ | 50 | |||||||||||
Loss on Early Extinguishment of Debt | 17 | — | — | 17 | |||||||||||||||
Other | 12 | 4 | 2 | 18 | |||||||||||||||
Total Other Deductions | $ | 79 | $ | 4 | $ | 2 | $ | 85 | |||||||||||
(A) | Other primarily consists of activity at PSEG (parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Unrecognized Tax Benefits | ' | ||||||||||||||||||
2013 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 33 | 39 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (19 | ) | (9 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 8 | 15 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2013 | $ | 478 | $ | 156 | $ | 208 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (105 | ) | (177 | ) | (37 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 128 | $ | 51 | $ | 1 | $ | 73 | |||||||||||
2012 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 27 | 55 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (7 | ) | (47 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 3 | 42 | — | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | — | — | — | — | |||||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (389 | ) | (10 | ) | — | (344 | ) | ||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2012 | $ | 402 | $ | 134 | $ | 163 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (93 | ) | (133 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (30 | ) | — | (30 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 108 | $ | 41 | $ | — | $ | 66 | |||||||||||
2011 | PSEG | Power | PSE&G | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2011 | $ | 756 | $ | 101 | $ | 82 | $ | 539 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 58 | 24 | 14 | 17 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (22 | ) | (9 | ) | — | (12 | ) | ||||||||||||
Increases as a Result of Positions Taken during the Current Period | 37 | 8 | 18 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (4 | ) | (3 | ) | (1 | ) | — | ||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | — | — | — | — | |||||||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2011 | $ | 825 | $ | 121 | $ | 113 | $ | 555 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (379 | ) | (77 | ) | (65 | ) | (213 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (20 | ) | — | (20 | ) | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 426 | $ | 44 | $ | 28 | $ | 342 | |||||||||||
Interest And Penalties Related To Uncertain Tax Positions | ' | ||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Millions | |||||||||||||||||||
Power | $ | (2 | ) | $ | (2 | ) | $ | (11 | ) | ||||||||||
PSE&G | 6 | 1 | (24 | ) | |||||||||||||||
Energy Holdings | 44 | 39 | 420 | ||||||||||||||||
Other | — | — | 10 | ||||||||||||||||
Total | $ | 48 | $ | 38 | $ | 395 | |||||||||||||
Possible Decrease In Total Unrecognized Tax Benefits Including Interest | ' | ||||||||||||||||||
Possible Decrease in Total Unrecognized | Over the next | ||||||||||||||||||
Tax Benefits including Interest | 12 Months | ||||||||||||||||||
Millions | |||||||||||||||||||
PSEG | $ | 157 | |||||||||||||||||
Power | $ | 71 | |||||||||||||||||
PSE&G | $ | 11 | |||||||||||||||||
Description Of Income Tax Years By Material Jurisdictions | ' | ||||||||||||||||||
PSEG | Power | PSE&G | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2007-2012 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2012 | N/A | 2006-2012 | ||||||||||||||||
Pennsylvania | 2001-2012 | N/A | 2000-2012 | ||||||||||||||||
Connecticut | 2002-2012 | N/A | N/A | ||||||||||||||||
Texas | 2007-2012 | N/A | N/A | ||||||||||||||||
California | 2003-2012 | N/A | N/A | ||||||||||||||||
New York | 2009-2012 | 2009-2012 | N/A | ||||||||||||||||
PSEG [Member] | ' | ||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,275 | $ | 1,503 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 1,243 | $ | 1,275 | $ | 1,407 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 487 | $ | (204 | ) | $ | 258 | ||||||||||||
State | 42 | (2 | ) | 32 | |||||||||||||||
Total Current | 529 | (206 | ) | 290 | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 147 | 758 | 501 | ||||||||||||||||
State | 118 | 125 | 191 | ||||||||||||||||
Total Deferred | 265 | 883 | 692 | ||||||||||||||||
Investment Tax Credit | 18 | 59 | (5 | ) | |||||||||||||||
Total Income Taxes | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Pre-Tax Income | $ | 2,055 | $ | 2,011 | $ | 2,384 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 719 | $ | 704 | $ | 834 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 108 | 115 | 146 | ||||||||||||||||
Uncertain Tax Positions | 10 | 4 | 19 | ||||||||||||||||
Manufacturing Deduction | (9 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Plant-Related Items | (14 | ) | (5 | ) | (6 | ) | |||||||||||||
Tax Credits | (9 | ) | (10 | ) | (5 | ) | |||||||||||||
Audit Settlement | — | (71 | ) | — | |||||||||||||||
Other | (5 | ) | (11 | ) | (10 | ) | |||||||||||||
Sub-Total | 93 | 32 | 143 | ||||||||||||||||
Total Income Tax Provision | $ | 812 | $ | 736 | $ | 977 | |||||||||||||
Effective Income Tax Rate | 39.5 | % | 36.6 | % | 41 | % | |||||||||||||
Deferred Income Taxes | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 49 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 280 | $ | 200 | |||||||||||||||
Related to Uncertain Tax Position | 201 | 75 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3 | 40 | |||||||||||||||||
Other | 124 | 262 | |||||||||||||||||
Total Noncurrent Assets | $ | 608 | $ | 577 | |||||||||||||||
Total Assets | $ | 632 | $ | 626 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 72 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 4,865 | $ | 4,685 | |||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
New Jersey Corporate Business Tax | 534 | 343 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Leasing Activities | 639 | 656 | |||||||||||||||||
Pension Costs | 288 | 180 | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 293 | $ | 118 | ||||||||||||||||
Total Noncurrent Liabilities | $ | 7,602 | $ | 7,024 | |||||||||||||||
Total Liabilities | $ | 7,602 | $ | 7,096 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | — | $ | 72 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 6,994 | $ | 6,447 | |||||||||||||||
Investment Tax Credit (ITC) | 113 | 95 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,107 | $ | 6,542 | |||||||||||||||
Power [Member] | ' | ||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Power | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 644 | $ | 666 | $ | 1,109 | |||||||||||||
Income (Loss) from Discontinued Operations, net of tax | — | — | 96 | ||||||||||||||||
Income from Continuing Operations | $ | 644 | $ | 666 | $ | 1,013 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 262 | $ | 30 | $ | 400 | |||||||||||||
State | 40 | 51 | 39 | ||||||||||||||||
Total Current | 302 | 81 | 439 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 69 | 279 | 156 | ||||||||||||||||
State | 35 | 37 | 95 | ||||||||||||||||
Total Deferred | 104 | 316 | 251 | ||||||||||||||||
Investment Tax Credit | 13 | 36 | — | ||||||||||||||||
Total Income Taxes | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Pre-Tax Income | $ | 1,063 | $ | 1,099 | $ | 1,703 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 372 | $ | 385 | $ | 596 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 51 | 55 | 90 | ||||||||||||||||
Manufacturing Deduction | (10 | ) | — | (15 | ) | ||||||||||||||
Nuclear Decommissioning Trust | 12 | 10 | 14 | ||||||||||||||||
Tax Credits | (2 | ) | (7 | ) | (1 | ) | |||||||||||||
Uncertain Tax Positions | 3 | (6 | ) | 11 | |||||||||||||||
Audit Settlement | — | (1 | ) | — | |||||||||||||||
Other | (7 | ) | (3 | ) | (5 | ) | |||||||||||||
Sub-Total | 47 | 48 | 94 | ||||||||||||||||
Total Income Tax Provision | $ | 419 | $ | 433 | $ | 690 | |||||||||||||
Effective Income Tax Rate | 39.4 | % | 39.4 | % | 40.5 | % | |||||||||||||
Deferred Income Taxes | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | 30 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | — | $ | 38 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 40 | |||||||||||||||||
Contractual Liabilities & Environmental Costs | 35 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 32 | 27 | |||||||||||||||||
Other | 91 | 61 | |||||||||||||||||
Total Noncurrent Assets | $ | 158 | $ | 201 | |||||||||||||||
Total Assets | $ | 188 | $ | 201 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | — | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,416 | $ | 1,291 | |||||||||||||||
New Jersey Corporate Business Tax | 81 | 32 | |||||||||||||||||
Nuclear Decommissioning | 282 | 209 | |||||||||||||||||
Pension Costs | 77 | — | |||||||||||||||||
AROs | 241 | 297 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 2 | — | |||||||||||||||||
Other | 36 | — | |||||||||||||||||
Total Noncurrent Liabilities | 2,135 | $ | 1,829 | ||||||||||||||||
Total Liabilities | $ | 2,135 | $ | 1,845 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 30 | $ | — | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | — | $ | 16 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 1,977 | $ | 1,628 | |||||||||||||||
Investment Tax Credit (ITC) | 54 | 41 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,031 | $ | 1,669 | |||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | 2011 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 612 | $ | 528 | $ | 521 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 183 | $ | (217 | ) | $ | (225 | ) | |||||||||||
State | — | 9 | (6 | ) | |||||||||||||||
Total Current | 183 | (208 | ) | (231 | ) | ||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 101 | 409 | 483 | ||||||||||||||||
State | 92 | 83 | 92 | ||||||||||||||||
Total Deferred | 193 | 492 | 575 | ||||||||||||||||
Investment Tax Credit | 5 | 23 | (4 | ) | |||||||||||||||
Total Income Taxes | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Pre-Tax Income | $ | 993 | $ | 835 | $ | 861 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 348 | $ | 292 | $ | 301 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 59 | 52 | 56 | ||||||||||||||||
Uncertain Tax Positions | — | 7 | (1 | ) | |||||||||||||||
Plant-Related Items | (14 | ) | (4 | ) | (6 | ) | |||||||||||||
Tax Credits | (6 | ) | (3 | ) | (4 | ) | |||||||||||||
Audit Settlement | — | (31 | ) | — | |||||||||||||||
Other | (6 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 33 | 15 | 39 | ||||||||||||||||
Total Income Tax Provision | $ | 381 | $ | 307 | $ | 340 | |||||||||||||
Effective Income Tax Rate | 38.4 | % | 36.8 | % | 39.5 | % | |||||||||||||
Deferred Income Taxes | ' | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 16 | $ | 49 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 182 | $ | 189 | |||||||||||||||
Other | — | 93 | |||||||||||||||||
Total Noncurrent Assets | $ | 182 | $ | 282 | |||||||||||||||
Total Assets | $ | 198 | $ | 331 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 30 | $ | 60 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,439 | $ | 3,374 | |||||||||||||||
New Jersey Corporate Business Tax | 340 | 253 | |||||||||||||||||
Securitization | 279 | 371 | |||||||||||||||||
Conservation Costs | 52 | 101 | |||||||||||||||||
Pension Costs | 171 | 189 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 181 | 165 | |||||||||||||||||
Other | 68 | — | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,530 | $ | 4,453 | |||||||||||||||
Total Liabilities | $ | 4,560 | $ | 4,513 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 16 | $ | 49 | |||||||||||||||
Net Current Deferred Income Tax Liability | $ | 30 | $ | 60 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liability | $ | 4,348 | $ | 4,171 | |||||||||||||||
Investment Tax Credit (ITC) | 58 | 52 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,406 | $ | 4,223 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 210 | 91 | 299 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 37 | (36 | ) | (6 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 247 | 55 | 293 | ||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for -Sale Securities | Total | |||||||||||||||
Millions | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | 185 | 93 | 276 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (8 | ) | 33 | (36 | ) | (11 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (10 | ) | 218 | 57 | 265 | ||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
PSEG | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Interest Rate Swaps | Interest Expense | (1 | ) | — | $ | (1 | ) | ||||||||||||
Total Cash Flow Hedges | 12 | (5 | ) | 7 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (75 | ) | 31 | (44 | ) | |||||||||||||
Total Pension and OPEB Plans | (64 | ) | 27 | (37 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 116 | (59 | ) | 57 | ||||||||||||||
Realized Losses | Other Deductions | (29 | ) | 14 | (15 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||
Power | Year Ended December 31, 2013 | ||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||
Millions | |||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 13 | $ | (5 | ) | $ | 8 | |||||||||||
Total Cash Flow Hedges | 13 | (5 | ) | 8 | |||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Operation and Maintenance Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | Operation and Maintenance Expense | (64 | ) | 26 | (38 | ) | |||||||||||||
Total Pension and OPEB Plans | (55 | ) | 22 | (33 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 112 | (57 | ) | 55 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
Other-Than-Temporary Impairments | Other-Than-Temporary Impairments | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Earnings_Per_Share_EPS_and_Div1
Earnings Per Share (EPS) and Dividends (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Earnings Per Share (EPS) And Dividends [Abstract] | ' | ||||||||||||||||||||||||||
Basic And Diluted Earnings Per Share Computation | ' | ||||||||||||||||||||||||||
The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
EPS Numerator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Continuing Operations | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | $ | 1,407 | $ | 1,407 | |||||||||||||||
Discontinued Operations | — | — | — | — | 96 | 96 | |||||||||||||||||||||
Net Income | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | $ | 1,503 | $ | 1,503 | |||||||||||||||
EPS Denominator: | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505,889 | 505,889 | 505,933 | 505,933 | 505,949 | 505,949 | |||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 1,636 | — | 1,153 | — | 1,033 | |||||||||||||||||||||
Total Shares | 505,889 | 507,525 | 505,933 | 507,086 | 505,949 | 506,982 | |||||||||||||||||||||
EPS: | |||||||||||||||||||||||||||
Continuing Operations | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | $ | 2.78 | $ | 2.77 | |||||||||||||||
Discontinued Operations | — | — | — | — | 0.19 | 0.19 | |||||||||||||||||||||
Net Income | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | $ | 2.97 | $ | 2.96 | |||||||||||||||
Dividend Payments On Common Stock | ' | ||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Per Share | $ | 1.44 | $ | 1.42 | $ | 1.37 | |||||||||||||||||||||
in Millions | $ | 728 | $ | 718 | $ | 693 | |||||||||||||||||||||
Financial_Information_By_Busin1
Financial Information By Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||
Financial Information By Business Segments | ' | ||||||||||||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 5,063 | $ | 6,655 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 273 | 872 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,070 | 1,235 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | 16 | — | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 1 | 25 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 116 | 293 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,063 | 993 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 419 | 381 | 12 | — | 812 | ||||||||||||||||||
Income (Loss) from Continuing Operations | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Net Income (Loss) | 644 | 612 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 609 | $ | 2,175 | $ | 27 | — | $ | 2,811 | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 4,873 | $ | 6,626 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 242 | 778 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,123 | 1,083 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | 15 | — | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 3 | 20 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 132 | 295 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,099 | 835 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 433 | 307 | (4 | ) | — | 736 | |||||||||||||||||
Income (Loss) from Continuing Operations | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Net Income (Loss) | 666 | 528 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 770 | $ | 1,770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 11,323 | $ | 19,223 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | 125 | $ | — | $ | 9 | $ | — | $ | 134 | |||||||||||||
Power | PSE&G | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | 6,150 | $ | 7,326 | $ | (149 | ) | $ | (2,248 | ) | $ | 11,079 | |||||||||||
Depreciation and Amortization | 228 | 719 | 29 | — | 976 | ||||||||||||||||||
Operating Income (Loss) | 1,773 | 1,151 | (182 | ) | — | 2,742 | |||||||||||||||||
Income from Equity Method Investments | 14 | — | (10 | ) | — | 4 | |||||||||||||||||
Interest Income | 4 | 12 | 20 | (17 | ) | 19 | |||||||||||||||||
Interest Expense | 175 | 310 | 7 | (17 | ) | 475 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,703 | 861 | (180 | ) | — | 2,384 | |||||||||||||||||
Income Tax Expense (Benefit) | 690 | 340 | (53 | ) | — | 977 | |||||||||||||||||
Income (Loss) from Continuing Operations | 1,013 | 521 | (127 | ) | — | 1,407 | |||||||||||||||||
Income from Discontinued Operations, net of tax | 96 | — | — | — | 96 | ||||||||||||||||||
Net Income (Loss) | 1,109 | 521 | (127 | ) | — | 1,503 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 757 | $ | 1,302 | $ | 24 | $ | — | $ | 2,083 | |||||||||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Schedule Of Related Party Transactions, Revenue | ' | ||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G through BGSS and BGS (A) | $ | 1,797 | $ | 1,802 | $ | 2,215 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Total Expense Billings from Affiliates | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
Schedule Of Related Party Transactions, Payables | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (267 | ) | $ | (265 | ) | |||||||||
Payable to Power from SREC Liability (F) | — | (7 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (73 | ) | (65 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 150 | 262 | |||||||||||||
Receivable from Energy Holdings | — | 2 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (190 | ) | $ | (73 | ) | |||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (72 | ) | $ | (32 | ) | |||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | ||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||||||||||||||
(C) | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||||||||||||||
(D) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | ||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. | ||||||||||||||
(F) | Pursuant to a 2008 BPU Order, certain BGS suppliers, including Power, would be reimbursed for the cost they incurred above $300 per Solar Renewable Energy Certificate (SREC) or per Solar Alternative Compliance Payment during the period June 1, 2008 through May 31, 2010 and such excess cost would be passed onto ratepayers. In accordance with a Stipulation of Settlement approved by the BPU in a December 2012 Order describing the mechanism for BGS suppliers to recover these costs, PSE&G, as a New Jersey EDC, estimated and accrued a total liability for the excess SREC cost expected to be recovered from ratepayers of $17 million, including approximate | ||||||||||||||
Power [Member] | ' | ||||||||||||||
Schedule Of Related Party Transactions, Revenue | ' | ||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G through BGSS and BGS (A) | $ | 1,797 | $ | 1,802 | $ | 2,215 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Total Expense Billings from Affiliates | $ | (178 | ) | $ | (154 | ) | $ | (147 | ) | ||||||
Schedule Of Related Party Transactions, Receivables | ' | ||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 267 | $ | 265 | |||||||||||
Receivable from (Payable to) Services (B) | (31 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 97 | 106 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 333 | $ | 340 | |||||||||||
Short-Term Loan to (from) Affiliate (demand Note to (from) PSEG) (D) | $ | 790 | $ | 574 | |||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (53 | ) | $ | (50 | ) | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 267 | $ | 265 | |||||||||||
Receivable from (Payable to) Services (B) | (31 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 97 | 106 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 333 | $ | 340 | |||||||||||
Short-Term Loan to (from) Affiliate (demand Note to (from) PSEG) (D) | $ | 790 | $ | 574 | |||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (53 | ) | $ | (50 | ) | |||||||||
PSE&G [Member] | ' | ||||||||||||||
Schedule Of Related Party Transactions, Revenue | ' | ||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2013 | 2012 | 2011 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power through BGSS and BGS (A) | $ | (1,797 | ) | $ | (1,802 | ) | $ | (2,215 | ) | ||||||
Administrative Billings from Services (B) | (255 | ) | (230 | ) | (210 | ) | |||||||||
Total Expense Billings from Affiliates | $ | (2,052 | ) | $ | (2,032 | ) | $ | (2,425 | ) | ||||||
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,786 | $ | 2,875 | $ | 2,310 | $ | 2,098 | $ | 2,554 | $ | 2,402 | $ | 2,318 | $ | 2,406 | |||||||||||||||||||
Operating Income | $ | 610 | $ | 783 | $ | 612 | $ | 433 | $ | 712 | $ | 594 | $ | 365 | $ | 468 | |||||||||||||||||||
Net Income (Loss) | $ | 320 | $ | 493 | $ | 333 | $ | 211 | $ | 390 | $ | 347 | $ | 200 | $ | 224 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.69 | $ | 0.4 | $ | 0.44 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.63 | $ | 0.97 | $ | 0.66 | $ | 0.42 | $ | 0.77 | $ | 0.68 | $ | 0.39 | $ | 0.44 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 507 | 507 | 507 | 507 | 508 | 507 | 508 | 507 | |||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Power: (A) | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,451 | $ | 1,563 | $ | 1,193 | $ | 987 | $ | 1,174 | $ | 1,041 | $ | 1,245 | $ | 1,282 | |||||||||||||||||||
Operating Income | $ | 242 | $ | 441 | $ | 351 | $ | 198 | $ | 370 | $ | 268 | $ | 107 | $ | 216 | |||||||||||||||||||
Net Income (Loss) | $ | 141 | $ | 257 | $ | 210 | $ | 109 | $ | 226 | $ | 187 | $ | 67 | $ | 113 | |||||||||||||||||||
PSE&G [Member] | ' | ||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | ' | ||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,995 | $ | 1,939 | $ | 1,423 | $ | 1,407 | $ | 1,666 | $ | 1,683 | $ | 1,571 | $ | 1,597 | |||||||||||||||||||
Operating Income | $ | 365 | $ | 342 | $ | 253 | $ | 227 | $ | 346 | $ | 321 | $ | 271 | $ | 193 | |||||||||||||||||||
Net Income (Loss) | $ | 179 | $ | 197 | $ | 121 | $ | 101 | $ | 168 | $ | 155 | $ | 144 | $ | 75 | |||||||||||||||||||
(A) Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. |
Guarantees_of_Debt_Tables
Guarantees of Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Schedule Of Financial Statements Of Guarantors | ' | ||||||||||||||||||||||
The following table presents financial information for the guarantor subsidiaries as well as Power’s non-guarantor subsidiaries as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,490 | $ | 190 | $ | (1,617 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 5,413 | 174 | (1,617 | ) | 3,993 | |||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | ||||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | |||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | ||||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | ||||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | ||||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 4,160 | $ | 8,916 | $ | 944 | $ | (11,544 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 729 | — | (5,374 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 444 | $ | 10,919 | $ | 982 | $ | (11,545 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 940 | (5,374 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,108 | $ | 17,600 | $ | 2,260 | $ | (16,966 | ) | $ | 12,002 | ||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 193 | $ | (1,092 | ) | $ | (71 | ) | $ | 109 | $ | (861 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (481 | ) | $ | (412 | ) | $ | (11 | ) | $ | 417 | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,238 | $ | 135 | $ | (1,500 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 5,118 | 125 | (1,500 | ) | 3,750 | |||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | ||||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | |||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | ||||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | |||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | ||||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | ||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Current Assets | $ | 3,922 | $ | 8,084 | $ | 942 | $ | (10,712 | ) | $ | 2,236 | ||||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | ||||||||||||||||||
Investment in Subsidiaries | 4,508 | 733 | — | (5,241 | ) | — | |||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | |||||||||||||||||
Total Assets | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Current Liabilities | $ | 482 | $ | 10,187 | $ | 1,011 | $ | (10,712 | ) | $ | 968 | ||||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | |||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | ||||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 924 | (5,242 | ) | 5,630 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 8,711 | $ | 16,465 | $ | 2,241 | $ | (16,094 | ) | $ | 11,323 | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 715 | $ | (1,206 | ) | $ | (151 | ) | $ | 170 | $ | (472 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (963 | ) | $ | (361 | ) | $ | 83 | $ | 255 | $ | (986 | ) | ||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 7,452 | $ | 155 | $ | (1,457 | ) | $ | 6,150 | ||||||||||||
Operating Expenses | 5 | 5,673 | 157 | (1,458 | ) | 4,377 | |||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | |||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | |||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | |||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | |||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | ||||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | |||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | ||||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 596 | $ | (1,171 | ) | $ | 594 | $ | (597 | ) | $ | (578 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (1,210 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 1,542 | $ | (1,238 | ) | |||||||||
Organization_Basis_Of_Presenta3
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $2,318 | $2,554 | $2,310 | $2,786 | $2,406 | $2,402 | $2,098 | $2,875 | $9,968 | $9,781 | $11,079 |
Basis Adjustment | 986 | ' | ' | ' | ' | ' | ' | ' | 986 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 |
Total Assets | 32,522 | ' | ' | ' | 31,725 | ' | ' | ' | 32,522 | 31,725 | ' |
Nuclear Production [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '60 years | ' | ' |
Pumped Storage Facilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '76 years | ' | ' |
Solar Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' |
Minimum [Member] | General Plant Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum [Member] | Fossil Production [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Maximum [Member] | General Plant Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Maximum [Member] | Fossil Production [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | '79 years | ' | ' |
Solar Source and Kalaeloa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 8 | 7 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 19 | 11 |
Total Assets | $351 | ' | ' | ' | $291 | ' | ' | ' | $351 | $291 | ' |
Organization_Basis_Of_Presenta4
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Depreciation Rate Stated Percentage) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Depreciation Rate | 2.48% | 2.48% | 2.46% |
Organization_Basis_Of_Presenta5
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Schedule Of Excise And Gross Receipts Tax Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
TEFA | $68 | $98 | $133 |
PSE&G [Member] | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
TEFA | 68 | 98 | 133 |
Operating Revenues [Member] | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
TEFA | 74 | 108 | 146 |
TEFA And GRT [Member] | ' | ' | ' |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
TEFA | $68 | $98 | $133 |
Organization_Basis_Of_Presenta6
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Amounts And Average Rates Used To Calculate IDC Or AFUDC) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PSE&G [Member] | ' | ' | ' |
IDC/AFUDC | $34 | $33 | $13 |
Average Rate | 8.11% | 8.43% | 6.56% |
Power [Member] | ' | ' | ' |
IDC/AFUDC | $23 | $29 | $30 |
Average Rate | 5.36% | 5.16% | 5.91% |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Detail) (PSE&G [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
PSE&G [Member] | ' | ' |
Maximum exposure to loss | $16 | $16 |
Discontinued_Operations_and_Di2
Discontinued Operations and Dispositions (Narrative) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2011 | Jul. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2011 |
Power [Member] | Power [Member] | Leveraged Leases [Member] | |||
MW | MW | ||||
Gain (Loss) on Sale of Loans and Leases | ' | ' | ' | ' | $34 |
Proceeds from Sale of Loans and Leases Held-for-investment | ' | 215 | ' | ' | 175 |
Proceeds from Sale of Other Investments | 41 | ' | ' | ' | ' |
Sale of gas-fired generation facilities | ' | ' | 1,000 | 1,000 | ' |
Total purchase price of plant sale | ' | ' | 335 | 352 | ' |
Gain on disposal of discontinued operations, after tax | ' | ' | 25 | 54 | ' |
Gain (Loss) on Sale of Other Investments | $6 | ' | ' | ' | ' |
Discontinued_Operations_and_Di3
Discontinued Operations and Dispositions (Operating Results Reclassified To Discontinued Operations) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income (Loss) on Discontinued Operations, net of tax | $0 | $0 | $96 |
PSEG Texas [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Operating Revenues | ' | ' | 112 |
Income Before Income Taxes | ' | ' | 26 |
Income (Loss) on Discontinued Operations, net of tax | ' | ' | $17 |
Property_Plant_And_Equipment_A2
Property, Plant And Equipment And Jointly-Owned Facilities (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | $10,648 | $10,262 |
Total Transmission and Distribution | 18,445 | 16,448 |
Other | 620 | 692 |
Total | 29,713 | 27,402 |
Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 10,179 | 9,821 |
Total Transmission and Distribution | 0 | 0 |
Other | 99 | 93 |
Total | 10,278 | 9,914 |
PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 469 | 441 |
Total Transmission and Distribution | 18,445 | 16,448 |
Other | 157 | 117 |
Total | 19,071 | 17,006 |
Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Total Transmission and Distribution | 0 | 0 |
Other | 364 | 482 |
Total | 364 | 482 |
Fossil Production [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 6,924 | 6,886 |
Fossil Production [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 6,924 | 6,886 |
Fossil Production [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Fossil Production [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Nuclear Production [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 1,636 | 1,415 |
Nuclear Production [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 1,636 | 1,415 |
Nuclear Production [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Nuclear Production [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Nuclear Fuel In Service [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 857 | 853 |
Nuclear Fuel In Service [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 857 | 853 |
Nuclear Fuel In Service [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Nuclear Fuel In Service [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Other Production-Solar [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 742 | 651 |
Other Production-Solar [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 273 | 217 |
Other Production-Solar [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 469 | 434 |
Other Production-Solar [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Construction Work In Progress [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 489 | 457 |
Total Transmission and Distribution | 1,605 | 1,048 |
Construction Work In Progress [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 489 | 450 |
Total Transmission and Distribution | 0 | 0 |
Construction Work In Progress [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 7 |
Total Transmission and Distribution | 1,605 | 1,048 |
Construction Work In Progress [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Generation | 0 | 0 |
Total Transmission and Distribution | 0 | 0 |
Electric Transmission [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 4,037 | 3,053 |
Electric Transmission [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Electric Transmission [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 4,037 | 3,053 |
Electric Transmission [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Electric Distribution [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 7,109 | 6,807 |
Electric Distribution [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Electric Distribution [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 7,109 | 6,807 |
Electric Distribution [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Gas Transmission [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 89 | 89 |
Gas Transmission [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Gas Transmission [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 89 | 89 |
Gas Transmission [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Gas Distribution [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 5,230 | 5,065 |
Gas Distribution [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Gas Distribution [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 5,230 | 5,065 |
Gas Distribution [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Plant Held For Future Use [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 3 | 6 |
Plant Held For Future Use [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Plant Held For Future Use [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 3 | 6 |
Plant Held For Future Use [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Other Plant [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 372 | 380 |
Other Plant [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 0 | 0 |
Other Plant [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | 372 | 380 |
Other Plant [Member] | Other [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Total Transmission and Distribution | $0 | $0 |
Property_Plant_And_Equipment_A3
Property, Plant And Equipment And Jointly-Owned Facilities (Schedule Of Jointly-Owned Facilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Conemaugh [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 23.00% | ' |
Plant | $374 | $321 |
Accumulated Depreciation | 139 | 132 |
Keystone [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 23.00% | ' |
Plant | 388 | 387 |
Accumulated Depreciation | 140 | 128 |
Peach Bottom [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 50.00% | ' |
Plant | 886 | 730 |
Accumulated Depreciation | 215 | 193 |
Salem [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 57.00% | ' |
Plant | 897 | 865 |
Accumulated Depreciation | 254 | 209 |
Nuclear Support Facilities [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Plant | 205 | 191 |
Accumulated Depreciation | 37 | 29 |
Yards Creek [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 50.00% | ' |
Plant | 36 | 35 |
Accumulated Depreciation | 23 | 23 |
Merrill Creek Reservoir [Member] | Power [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Ownership Interest | 14.00% | ' |
Plant | 1 | 1 |
Accumulated Depreciation | 0 | 0 |
Transmission Facilities [Member] | PSE&G [Member] | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' |
Plant | 161 | 156 |
Accumulated Depreciation | $66 | $63 |
Regulatory_Assets_And_Liabilit2
Regulatory Assets And Liabilities (Schedule Of Regulatory Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | $243 | $349 | ||
Regulatory Assets, Noncurrent | 2,612 | 3,830 | ||
Regulatory Assets Of Consolidated Variable Interest Entity Noncurrent | 476 | 713 | ||
Regulatory Liability, Current | 43 | 67 | ||
Regulatory Liabilities, Noncurrent | 233 | 209 | ||
Regulatory Liabilities Of Consolidated Variable Interest Entity Noncurrent | 11 | 10 | ||
PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 243 | 349 | ||
Regulatory Assets, Noncurrent | 2,612 | 3,830 | ||
Regulatory Assets Of Consolidated Variable Interest Entity Noncurrent | 476 | 713 | ||
Total Noncurrent Regulatory Assets | 3,088 | 4,543 | ||
Total Regulatory Assets | 3,331 | 4,892 | ||
Regulatory Liability, Current | 43 | 67 | ||
Regulatory Liabilities, Noncurrent | 233 | 209 | ||
Regulatory Liabilities Of Consolidated Variable Interest Entity Noncurrent | 11 | 10 | ||
Total Noncurrent Regulatory Liabilities | 244 | 219 | ||
Total Regulatory Liabilities | 287 | 286 | ||
Deferred Income Taxes [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liability, Current | 31 | 32 | ||
Overrecovered Gas and Electric Costs - BGSS and BGS [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liability, Current | 9 | [1],[2] | 21 | [1],[2] |
FERC Formula Rate True-Up [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liability, Current | 0 | [1],[2] | 5 | [1],[2] |
Non-Utility Generation Charge [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liability, Current | 0 | [1],[2] | 9 | [1],[2] |
Other [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liability, Current | 3 | 0 | ||
Regulatory Liabilities, Noncurrent | 33 | 13 | ||
Electric Cost Of Removal [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liabilities, Noncurrent | 137 | 166 | ||
Mark-To-Market Contracts [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Liabilities, Noncurrent | 74 | 40 | ||
Non-Utility Generation Charge [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 6 | [1],[2] | 0 | [1],[2] |
Societal Benefits Charges (SBC) [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 16 | [1],[2] | 74 | [1],[2] |
Solar and EE Recovery Charge formerly RRC and currently Green Program Recovery Charges (GPRC) [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 41 | [1],[2] | 33 | [1],[2] |
Regulatory Assets, Noncurrent | 151 | [1] | 142 | [1] |
Solar Pilot Revoery Charge (SPRC) [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 12 | [1],[2] | 14 | [1],[2] |
Capital Stimulus Undercollection [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 3 | [1],[2] | 34 | [1],[2] |
Weather Normalization Clause [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 20 | [1] | 30 | [1] |
Regulatory Assets, Noncurrent | 0 | 27 | ||
New Jersey Clean Energy Program [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 142 | [1],[2] | 154 | [1],[2] |
Other [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Current | 3 | 10 | ||
Regulatory Assets, Noncurrent | 117 | 74 | ||
Stranded Costs To Be Recovered [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 701 | [1],[2] | 1,112 | [1],[2] |
Manufactured Gas Plant (MGP) Remediation Costs [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 445 | [1] | 588 | [1] |
Pension and Other Postretirement Benefit Costs [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 637 | 1,550 | ||
Deferred Income Taxes [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 444 | 405 | ||
Remediation Adjustment Charge (Other SBC) [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 144 | [1],[2] | 88 | [1],[2] |
Mark-To-Market Contracts [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 0 | 107 | ||
Unamortized Loss On Reacquired Debt And Debt Expense [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 81 | [2] | 89 | [2] |
Conditional Asset Retirement Obligation [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 123 | 110 | ||
Gas Margin Adjustment Clause [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | 0 | [1] | 7 | [1] |
Storm Damage Deferral [Member] | PSE&G [Member] | ' | ' | ||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ||
Regulatory Assets, Noncurrent | $245 | $244 | ||
[1] | Recoverable/Refundable per specific rate order. | |||
[2] | Recovered/Refunded with interest. |
Regulatory_Assets_And_Liabilit3
Regulatory Assets And Liabilities (Significant 2013 Orders and Pending Filings) (Details) (PSE&G [Member], USD $) | 1 Months Ended | 2 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Apr. 29, 2013 | Dec. 31, 2012 | Dec. 11, 2012 |
PSE&G [Member] | ' | ' | ' | ' | ' | ' | ' |
Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Approved Increase for Transmission Revenues | ' | ' | $171 | ' | ' | $174 | ' |
Request for increased transmission revenues | ' | ' | ' | 176 | ' | ' | ' |
Self Implementing Bill Credit per therm | 0.25 | 0.25 | 0.35 | ' | ' | ' | ' |
Self Implementing BGSS rate credit to residential customers | 43 | 50 | 115 | ' | ' | ' | ' |
Request for WNC deficiency revenues recovery | ' | ' | ' | ' | 41 | ' | ' |
Request for WNC carryover deficiency revenues recovery | ' | ' | ' | ' | ' | 24 | 24 |
Supplemental Request for WNC Carryover Deficiency Revenues Recovery | ' | ' | $26 | ' | ' | ' | ' |
LongTerm_Investments_Schedule_
Long-Term Investments (Schedule Of Long Term Investments) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | $1,313 | $1,324 | ' | ||
Dividends in equity method investments | 11 | 17 | 3 | ||
Power [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 123 | 125 | ' | ||
PSE&G [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 361 | 348 | ' | ||
Life Insurance And Supplemental Benefits [Member] | PSE&G [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 158 | 161 | ' | ||
Solar Loan Investments [Member] | PSE&G [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 196 | 180 | ' | ||
Lease Investments [Member] | Energy Holdings [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 825 | 840 | ' | ||
Partnerships And Corporate Joint Ventures [Member] | Power [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 123 | [1] | 125 | [1] | ' |
Other Investments [Member] | PSE&G [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 7 | 7 | ' | ||
Equity Method Investments [Member] | Partnerships And Corporate Joint Ventures [Member] | Energy Holdings [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | 3 | [1] | 9 | [1] | ' |
Cost Method Investments [Member] | Partnerships And Corporate Joint Ventures [Member] | Energy Holdings [Member] | ' | ' | ' | ||
Long-Term Investments [Line Items] | ' | ' | ' | ||
Total Long-Term Investments | $1 | [2] | $2 | [2] | ' |
[1] | During the three years ended December 31, 2013, 2012 and 2011, the amount of dividends from these investments was $11 million, $17 million and $3 million, respectively. | ||||
[2] | Reflects Energy Holdings' investments in certain companies in which it does not have the ability to exercise significant influence. Such investments are accounted for under the cost method. |
LongTerm_Investments_Schedule_1
Long-Term Investments (Schedule Of Net Investment In Leveraged Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Long-term Investments [Abstract] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | $701 | $721 |
Estimated Residual Value of Leased Assets | 529 | 535 |
Subtotal | 1,230 | 1,256 |
Unearned and Deferred Income | -405 | -416 |
Gross Investment in Leases | 825 | 840 |
Deferred Tax Liabilities | -727 | -723 |
Net Investments in Leases | $98 | $117 |
LongTerm_Investments_Schedule_2
Long-Term Investments (Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long-term Investments [Abstract] | ' | ' | ' |
Pre-Tax Income (Loss) from Leases | $11 | $78 | ($228) |
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $6 | $34 | ($77) |
LongTerm_Investments_Equity_Me
Long-Term Investments (Equity Method Investments) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Keystone [Member] | ' |
Long-Term Investments [Line Items] | ' |
Location of the affiliated companies, equity method investments | 'PA |
Owned percentage | 23.00% |
Conemaugh [Member] | ' |
Long-Term Investments [Line Items] | ' |
Location of the affiliated companies, equity method investments | 'PA |
Owned percentage | 23.00% |
Kalaeloa [Member] | ' |
Long-Term Investments [Line Items] | ' |
Location of the affiliated companies, equity method investments | 'HI |
Owned percentage | 50.00% |
Gwf Energy Llc [Member] | ' |
Long-Term Investments [Line Items] | ' |
Location of the affiliated companies, equity method investments | 'CA |
Owned percentage | 50.00% |
Hanford L. P. (Hanford) [Member] | ' |
Long-Term Investments [Line Items] | ' |
Location of the affiliated companies, equity method investments | 'CA |
Owned percentage | 50.00% |
Financing_Receivables_Schedule
Financing Receivables (Schedule Of Credit Risk Profile Based On Payment Activity) (Detail) (PSE&G [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | $207 | $189 |
Commercial/Industrial [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | 192 | 174 |
Residential [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | $15 | $15 |
Financing_Receivables_Schedule1
Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | $1,230 | $1,256 |
Energy Holdings [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | 701 | 721 |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P), AA [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | 19 | 21 |
Energy Holdings [Member] | Standard & Poor's, AA- Rating [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | 56 | 73 |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P), BBB - BB [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | 316 | 316 |
Energy Holdings [Member] | Standard & Poor's, B Rating [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | 166 | 166 |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P) Not Rated [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Lease Receivables, Net of Non-Recourse Debt | $144 | $145 |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Net Investments in Leases | $117 | ' | $98 |
Lease investment with non-investment grade counterparties, gross | ' | ' | 561 |
Lease investment with non-investment grade counterparties, net of deferred taxes | ' | ' | 7 |
Partial Rental Payment | ' | ' | 4 |
NRG commitment to invest | ' | ' | 350 |
Claim payable | ' | 110 | ' |
Write off of gross lease investment | ' | 264 | ' |
Remaining recovery recorded in Operating Revenues in 2012 | 63 | ' | ' |
Annual Rent commencing in July 2015 | ' | ' | $14 |
Powerton Station [Member] | ' | ' | ' |
Lease Receivable Percent Owned | ' | ' | 64.00% |
Financing_Receivables_Schedule2
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
MW | |
Powerton Station Units 5 And 6 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'IL |
Lease Receivable, Gross Investment | $134 |
Lease Receivable, % Owned | 64.00% |
Lease Receivable, Total, MW | 1,538 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'Not Rated |
Lease Receivable, Counterparty | 'Edison Mission Energy |
Joliet Station Units 7 And 8 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'IL |
Lease Receivable, Gross Investment | 84 |
Lease Receivable, % Owned | 64.00% |
Lease Receivable, Total, MW | 1,044 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'Not Rated |
Lease Receivable, Counterparty | 'Edison Mission Energy |
Keystone Station Units 1 And 2 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | 116 |
Lease Receivable, % Owned | 17.00% |
Lease Receivable, Total, MW | 1,711 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
Conemaugh Station Units 1 And 2 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | 117 |
Lease Receivable, % Owned | 17.00% |
Lease Receivable, Total, MW | 1,711 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
Shawville Station Units 1, 2, 3 And 4 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | $110 |
Lease Receivable, % Owned | 100.00% |
Lease Receivable, Total, MW | 603 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
AvailableForSale_Securities_Fa
Available-For-Sale Securities (Fair Values And Gross Unrealized Gains And Losses For The Securities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $1,416 | $1,366 |
Gross Unrealized Gains | 303 | 180 |
Gross Unrealized Losses | -18 | -6 |
Fair Value | 1,701 | 1,540 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 609 | 648 |
Gross Unrealized Gains | 290 | 147 |
Gross Unrealized Losses | -2 | -6 |
Fair Value | 897 | 789 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 438 | 274 |
Gross Unrealized Gains | 3 | 11 |
Gross Unrealized Losses | -12 | 0 |
Fair Value | 429 | 285 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 285 | 320 |
Gross Unrealized Gains | 10 | 22 |
Gross Unrealized Losses | -4 | 0 |
Fair Value | 291 | 342 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 723 | 594 |
Gross Unrealized Gains | 13 | 33 |
Gross Unrealized Losses | -16 | 0 |
Fair Value | 720 | 627 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 84 | 124 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 84 | 124 |
Rabbi Trusts [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 172 | 175 |
Gross Unrealized Gains | 10 | 10 |
Gross Unrealized Losses | -3 | 0 |
Fair Value | 179 | 185 |
Rabbi Trusts [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 14 | 13 |
Gross Unrealized Gains | 9 | 5 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 23 | 18 |
Rabbi Trusts [Member] | Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 109 | 114 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | -2 | 0 |
Fair Value | 107 | 117 |
Rabbi Trusts [Member] | Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 46 | 45 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | -1 | 0 |
Fair Value | 46 | 47 |
Rabbi Trusts [Member] | Total Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 155 | 159 |
Gross Unrealized Gains | 1 | 5 |
Gross Unrealized Losses | -3 | 0 |
Fair Value | 153 | 164 |
Rabbi Trusts [Member] | Other Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3 | 3 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $3 | $3 |
AvailableForSale_Securities_Sc
Available-For-Sale Securities (Schedule Of Accounts Receivable And Accounts Payable) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' |
Accounts Receivable | $39 | $18 |
Accounts Payable | 36 | 53 |
Rabbi Trusts [Member] | ' | ' |
Accounts Receivable | 1 | 4 |
Accounts Payable | $2 | $5 |
AvailableForSale_Securities_Va
Available-For-Sale Securities (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | $437 | $204 | ||
Gross Unrealized Losses, Less than 12 Months | -17 | -6 | ||
Fair Value, Greater Than 12 Months | 6 | 7 | ||
Gross Unrealized Losses, Greater Than 12 Months | -1 | 0 | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 30 | [1] | 139 | [1] |
Gross Unrealized Losses, Less than 12 Months | -2 | [1] | -6 | [1] |
Fair Value, Greater Than 12 Months | 2 | [1] | 0 | [1] |
Gross Unrealized Losses, Greater Than 12 Months | 0 | [1] | 0 | [1] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 300 | [2] | 34 | [2] |
Gross Unrealized Losses, Less than 12 Months | -11 | [2] | 0 | [2] |
Fair Value, Greater Than 12 Months | 1 | [2] | 1 | [2] |
Gross Unrealized Losses, Greater Than 12 Months | -1 | [2] | 0 | [2] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 107 | [3] | 31 | [3] |
Gross Unrealized Losses, Less than 12 Months | -4 | [3] | 0 | [3] |
Fair Value, Greater Than 12 Months | 3 | [3] | 6 | [3] |
Gross Unrealized Losses, Greater Than 12 Months | 0 | [3] | 0 | [3] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 407 | 65 | ||
Gross Unrealized Losses, Less than 12 Months | -15 | 0 | ||
Fair Value, Greater Than 12 Months | 4 | 7 | ||
Gross Unrealized Losses, Greater Than 12 Months | -1 | 0 | ||
Rabbi Trust [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 65 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | -3 | 0 | ||
Fair Value, Greater Than 12 Months | 3 | 0 | ||
Gross Unrealized Losses, Greater Than 12 Months | 0 | 0 | ||
Rabbi Trust [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 0 | [4] | 0 | [4] |
Gross Unrealized Losses, Less than 12 Months | 0 | [4] | 0 | [4] |
Fair Value, Greater Than 12 Months | 0 | [4] | 0 | [4] |
Gross Unrealized Losses, Greater Than 12 Months | 0 | [4] | 0 | [4] |
Rabbi Trust [Member] | Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 47 | [5] | 0 | [5] |
Gross Unrealized Losses, Less than 12 Months | -2 | [5] | 0 | [5] |
Fair Value, Greater Than 12 Months | 2 | [5] | 0 | [5] |
Gross Unrealized Losses, Greater Than 12 Months | 0 | [5] | 0 | [5] |
Rabbi Trust [Member] | Other Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 18 | [6] | 0 | [6] |
Gross Unrealized Losses, Less than 12 Months | -1 | [6] | 0 | [6] |
Fair Value, Greater Than 12 Months | 1 | [6] | 0 | [6] |
Gross Unrealized Losses, Greater Than 12 Months | 0 | [6] | 0 | [6] |
Rabbi Trust [Member] | Total Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Fair Value, Less Than 12 Months | 65 | 0 | ||
Gross Unrealized Losses, Less than 12 Months | -3 | 0 | ||
Fair Value, Greater Than 12 Months | 3 | 0 | ||
Gross Unrealized Losses, Greater Than 12 Months | $0 | $0 | ||
[1] | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over companies with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | |||
[2] | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | |||
[3] | Debt Securities (Corporate)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. | |||
[4] | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund is through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | |||
[5] | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of December 31, 2013. | |||
[6] | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of December 31, 2013. |
AvailableForSale_Securities_Pr
Available-For-Sale Securities (Proceeds From The Sales Of And The Net Realized Gains On Securities) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from Sale and Maturity of Available-for-sale Securities | $1,070 | $1,433 | $1,355 |
Gross Realized Gains | 112 | 153 | 144 |
Gross Realized Losses | -26 | -52 | -45 |
Net Realized Gains (Losses) | 86 | 101 | 99 |
Rabbi Trusts [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from Sale and Maturity of Available-for-sale Securities | 89 | 233 | 0 |
Gross Realized Gains | 4 | 6 | 0 |
Gross Realized Losses | -3 | 0 | 0 |
Net Realized Gains (Losses) | $1 | $6 | $0 |
AvailableForSale_Securities_Na
Available-For-Sale Securities (Narrative) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available For Sale Securities Impairment Charge | $12,000,000 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Decommissioning Liability, Noncurrent | 369,000,000 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Minimum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Decommissioning Costs Including Contingencies | 2,200,000,000 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Maximum [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Decommissioning Costs Including Contingencies | 2,400,000,000 |
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | 141,000,000 |
Debt Securities [Member] | Rabbi Trusts [Member] | Power [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $4,000,000 |
AvailableForSale_Securities_Am
Available-For-Sale Securities (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale debt securities, Less than one year | $44 |
Available-for-sale debt securities, 1-5 years | 180 |
Available-for-sale debt securities, 6-10 years | 180 |
Available-for-sale debt securities, 11-15 years | 45 |
Available-for-sale debt securities, 16-20 years | 26 |
Available-for-sale debt securities, Over 20 years | 245 |
Total Available-for-Sale Debt Securities | 720 |
Rabbi Trusts [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale debt securities, Less than one year | 0 |
Available-for-sale debt securities, 1-5 years | 58 |
Available-for-sale debt securities, 6-10 years | 30 |
Available-for-sale debt securities, 11-15 years | 7 |
Available-for-sale debt securities, 16-20 years | 4 |
Available-for-sale debt securities, Over 20 years | 54 |
Total Available-for-Sale Debt Securities | $153 |
AvailableForSale_Securities_Fa1
Available-For-Sale Securities (Fair Value Of Rabbi Trust) (Detail) (Rabbi Trust [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Total Rabbi Trust Available-for-Sale Securities | $179 | $185 |
Power [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | 39 | 36 |
PSE&G [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | 42 | 61 |
Other [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | $98 | $88 |
Goodwill_And_Other_Intangibles2
Goodwill And Other Intangibles (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill | $16 | $16 |
Intangible assets | 33 | 34 |
Power [Member] | ' | ' |
Goodwill | 16 | 16 |
Intangible assets | $33 | $34 |
Goodwill_And_Other_Intangibles3
Goodwill And Other Intangibles (Expenses Related To Emissions And Renewable Energy Requirements) (Details) (Power [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Power [Member] | ' | ' | ' |
Emissions Expense | $6 | $5 | $35 |
Renewable Energy Expense | $26 | $34 | $43 |
Asset_Retirement_Obligations_A2
Asset Retirement Obligations (AROs) (Impact Of The Revisions On Asset Retirement Obligation) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
PSEG [Member] | ' | ' | ' | ||
ARO Liability, Beginning Balance | $627 | $489 | ' | ||
Liabilities Settled | -5 | -5 | ' | ||
Liabilities Incurred | 17 | 11 | ' | ||
Accretion Expense | 23 | 21 | ' | ||
Accretion Expense Deferred and Recovered in Rate Base | 15 | [1] | 14 | [1] | ' |
Revision to Present Values of Estimated Cash Flows | ' | 97 | ' | ||
ARO Liability, Ending Balance | 677 | 627 | ' | ||
Power [Member] | ' | ' | ' | ||
ARO Liability, Beginning Balance | 374 | 261 | ' | ||
Liabilities Settled | -1 | -1 | ' | ||
Liabilities Incurred | 4 | 4 | ' | ||
Accretion Expense | 23 | 21 | 18 | ||
Accretion Expense Deferred and Recovered in Rate Base | 0 | [1] | 0 | [1] | ' |
Revision to Present Values of Estimated Cash Flows | ' | 89 | ' | ||
ARO Liability, Ending Balance | 400 | 374 | 261 | ||
PSE&G [Member] | ' | ' | ' | ||
ARO Liability, Beginning Balance | 250 | 226 | ' | ||
Liabilities Settled | -4 | -5 | ' | ||
Liabilities Incurred | 13 | 7 | ' | ||
Accretion Expense | 0 | 0 | ' | ||
Accretion Expense Deferred and Recovered in Rate Base | 15 | [1] | 14 | [1] | ' |
Revision to Present Values of Estimated Cash Flows | ' | 8 | ' | ||
ARO Liability, Ending Balance | 274 | 250 | ' | ||
Other [Member] | ' | ' | ' | ||
ARO Liability, Beginning Balance | 3 | 2 | ' | ||
Liabilities Settled | 0 | 1 | ' | ||
Liabilities Incurred | 0 | 0 | ' | ||
Accretion Expense | 0 | 0 | ' | ||
Accretion Expense Deferred and Recovered in Rate Base | ' | 0 | [1] | ' | |
Revision to Present Values of Estimated Cash Flows | 0 | [1] | 0 | ' | |
ARO Liability, Ending Balance | $3 | $3 | ' | ||
[1] | Not reflected as expense in Consolidated Statements of Operations |
Pension_OPEB_and_Savings_Plans2
Pension, OPEB and Savings Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of PSEG's defined contribution plans | 2 | ' | ' |
Historical annualized rate of return | 9.50% | ' | ' |
Defined benefit plan funded status of plan percentage | 106.00% | ' | ' |
Rabbi trust assets used to fund nonqualified pension plans | 179,000,000 | ' | ' |
Defined benefit plans, projected benefit and accumulated benefit obligations | 4,500,000,000 | 4,900,000,000 | ' |
PSEG expected contribution to postretirement healthcare plan for calendar year 2014 | 14,000,000 | ' | ' |
Maximum annual 401(k) contribution per employee, percent | 50.00% | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 121,000,000 | 876,000,000 | ' |
Interest in Master Trust assets percentage | 94.00% | ' | ' |
Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1,095,000,000 | 1,285,000,000 | ' |
Interest in Master Trust assets percentage | ' | 6.00% | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation percentage of assets | 70.00% | ' | ' |
Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation percentage of assets | 30.00% | ' | ' |
Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution, percent | 7.00% | ' | ' |
Thrift Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching contribution, percent | 8.00% | ' | ' |
Net Periodic Benefit Cost [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.50% |
Net Periodic Benefit Cost [Member] | Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.50% |
Pension_OPEB_and_Savings_Plans3
Pension, OPEB and Savings Plans (Changes In The Benefit Obligation And The Fair Value Of Plan Assets) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | |||
Fair Value of Assets at End of Year | $5,435 | $4,610 | ' | |||
Pension Benefits [Member] | ' | ' | ' | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |||
Benefit Obligation at Beginning of Year | 5,235 | [1] | 4,572 | [1] | ' | |
Service Cost | 116 | 101 | 92 | |||
Interest Cost | 215 | 223 | 228 | |||
Actuarial (Gain) Loss | -501 | 586 | ' | |||
Gross Benefits Paid | -253 | -248 | ' | |||
Medicare Subsidy Receipts | 0 | 0 | ' | |||
Special Termination Benefits | 0 | 1 | ' | |||
Benefit Obligation at End of Year | 4,812 | [1] | 5,235 | [1] | 4,572 | [1] |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | |||
Fair Value of Assets at Beginning of Year | 4,357 | 3,831 | ' | |||
Actual Return on Plan Assets | 857 | 541 | ' | |||
Employer Contributions | 155 | 233 | ' | |||
Gross Benefits Paid | -253 | -248 | ' | |||
Medicare Subsidy Receipts | 0 | 0 | ' | |||
Fair Value of Assets at End of Year | 5,116 | 4,357 | 3,831 | |||
Funded Status (Plan Assets less Benefit Obligation) | 304 | -878 | ' | |||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' | |||
Noncurrent Assets | -434 | -6 | ' | |||
Current Accrued Benefit Cost | -9 | -8 | ' | |||
Noncurrent Accrued Benefit Cost | -121 | -876 | ' | |||
Amounts Recognized | 304 | -878 | ' | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | |||
Prior Service Cost | -120 | [2] | -139 | [2] | ' | |
Net Actuarial Loss | 977 | [2] | 2,174 | [2] | ' | |
Total | -857 | -2,035 | ' | |||
Accumulated Other Comprehensive Loss related to Pension and OPEB, before tax | 408 | 827 | ' | |||
Accumulated Other Comprehensive Loss related to Pension and OPEB, after tax | 238 | 485 | ' | |||
Other Benefits [Member] | ' | ' | ' | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' | ' | |||
Benefit Obligation at Beginning of Year | 1,538 | [1] | 1,338 | [1] | ' | |
Service Cost | 21 | 17 | 14 | |||
Interest Cost | 63 | 65 | 61 | |||
Actuarial (Gain) Loss | -144 | 182 | ' | |||
Gross Benefits Paid | -64 | -69 | ' | |||
Medicare Subsidy Receipts | 0 | 5 | ' | |||
Special Termination Benefits | 0 | 0 | ' | |||
Benefit Obligation at End of Year | 1,414 | [1] | 1,538 | [1] | 1,338 | [1] |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | |||
Fair Value of Assets at Beginning of Year | 253 | 211 | ' | |||
Actual Return on Plan Assets | 52 | 31 | ' | |||
Employer Contributions | 78 | 75 | ' | |||
Gross Benefits Paid | -64 | -69 | ' | |||
Medicare Subsidy Receipts | 0 | 5 | ' | |||
Fair Value of Assets at End of Year | 319 | 253 | 211 | |||
Funded Status (Plan Assets less Benefit Obligation) | -1,095 | -1,285 | ' | |||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' | |||
Noncurrent Assets | 0 | 0 | ' | |||
Current Accrued Benefit Cost | 0 | 0 | ' | |||
Noncurrent Accrued Benefit Cost | -1,095 | -1,285 | ' | |||
Amounts Recognized | -1,095 | -1,285 | ' | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | |||
Prior Service Cost | -53 | [2] | -67 | [2] | ' | |
Net Actuarial Loss | 310 | [2] | 527 | [2] | ' | |
Total | ($257) | ($460) | ' | |||
[1] | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for Other benefits. | |||||
[2] | Includes $408 million ($238 million, after-tax) and $827 million ($485 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2013 and 2012, respectively. |
Pension_OPEB_and_Savings_Plans4
Pension, OPEB and Savings Plans (Components Of Net Periodic Benefit Cost) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | $116 | $101 | $92 |
Interest Cost | 215 | 223 | 228 |
Expected Return on Plan Assets | -348 | -306 | -334 |
Amortization of Net Transition Obligation | 0 | 0 | 0 |
Amortization of Prior Service Cost | -19 | -18 | -11 |
Amortization of Actuarial Loss | 188 | 167 | 119 |
Net Periodic Benefit Cost | 152 | 167 | 94 |
Special Termination Benefits | 0 | 1 | ' |
Effect of Regulatory Asset | 0 | 0 | ' |
Total Benefit Costs, Including Effect of Regulatory Asset | 152 | 168 | 94 |
Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | 21 | 17 | 14 |
Interest Cost | 63 | 65 | 61 |
Expected Return on Plan Assets | -21 | -17 | -18 |
Amortization of Net Transition Obligation | 0 | 2 | 4 |
Amortization of Prior Service Cost | -14 | -14 | -13 |
Amortization of Actuarial Loss | 42 | 31 | 14 |
Net Periodic Benefit Cost | 91 | 84 | 62 |
Effect of Regulatory Asset | 0 | 19 | 19 |
Total Benefit Costs, Including Effect of Regulatory Asset | $91 | $103 | $81 |
Pension_OPEB_and_Savings_Plans5
Pension, OPEB and Savings Plans (Schedule Of Pension And OPEB Costs) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | $152 | $168 | $94 |
Pension Benefits [Member] | Power [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 43 | 52 | 29 |
Pension Benefits [Member] | PSE&G [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 91 | 97 | 51 |
Pension Benefits [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 18 | 19 | 14 |
Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 91 | 103 | 81 |
Other Benefits [Member] | Power [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 23 | 18 | 12 |
Other Benefits [Member] | PSE&G [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | 65 | 82 | 67 |
Other Benefits [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Benefit Costs | $3 | $3 | $2 |
Pension_OPEB_and_Savings_Plans6
Pension, OPEB and Savings Plans (Pre-Tax Changes Recognized In Accumulated Other Comprehensive Income (Loss), Regulatory Assets And Deferred Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net Actuarial (Gain) Loss in Current Period | ($1,009) | $350 |
Amortization of Net Actuarial Gain (Loss) | -188 | -167 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 19 | 19 |
Amortization of Prior Service Credit | 19 | ' |
Amortization of Transition Asset | 0 | 0 |
Total | -1,178 | 202 |
Other Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net Actuarial (Gain) Loss in Current Period | -175 | 169 |
Amortization of Net Actuarial Gain (Loss) | -42 | -32 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 14 | 14 |
Amortization of Prior Service Credit | 14 | ' |
Amortization of Transition Asset | 0 | 2 |
Total | ($203) | $149 |
Pension_OPEB_and_Savings_Plans7
Pension, OPEB and Savings Plans (Amounts Expected To Be Amortized From Accumulated OCL, Regulatory Assets And Deferred Assets Into Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial (Gain) Loss | $56 |
Prior Service Cost | -19 |
Other Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial (Gain) Loss | 23 |
Prior Service Cost | ($14) |
Pension_OPEB_and_Savings_Plans8
Pension, OPEB and Savings Plans (Assumptions Used To Determine The Benefit Obligations And Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 5.00% | 4.20% | 5.00% |
Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 5.01% | 4.20% | 5.00% |
Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Administrative Expense | 3.00% | 3.00% | 5.00% |
Dental Costs | 5.00% | 6.00% | 6.00% |
Total of Service Cost and Interest Cost | $12 | $12 | $11 |
Postretirement Benefit Obligation | 161 | 180 | 155 |
Total of Service Cost and Interest Cost | -9 | -9 | -9 |
Postretirement Benefit Obligation | ($134) | ($149) | ($128) |
Other Benefits [Member] | Pre-65 Medical Costs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Immediate Rate | 8.00% | 8.88% | 8.00% |
Ultimate Rate | 5.00% | 5.00% | 5.00% |
Year Ultimate Rate Reached | '2021 | '2023 | '2016 |
Other Benefits [Member] | Post-65 Medical Costs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Immediate Rate | 7.88% | 7.98% | 8.25% |
Ultimate Rate | 5.00% | 5.00% | 5.00% |
Year Ultimate Rate Reached | '2021 | '2019 | '2017 |
Net Periodic Benefit Cost [Member] | Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 4.20% | 5.00% | 5.40% |
Expected Return on Plan Assets | 8.00% | 8.00% | 8.50% |
Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Net Periodic Benefit Cost [Member] | Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 4.20% | 5.00% | 5.38% |
Expected Return on Plan Assets | 8.00% | 8.00% | 8.50% |
Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Pension_OPEB_and_Savings_Plans9
Pension, OPEB and Savings Plans (Fair Value Measurements And The Levels Of Inputs Used In Determining Fair Values) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $5,435 | $4,610 | ' | ||
Temporary Investment Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 93 | 67 | ' | ||
Common Stocks Commingled - US [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,264 | 1,928 | ' | ||
Common Stocks Commingled - International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,016 | 839 | ' | ||
Common Stocks Other [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 704 | 431 | ' | ||
Commingled Bonds - US [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Government (US & Foreign) Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 596 | 623 | ' | ||
Other Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 737 | 691 | ' | ||
Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 25 | 31 | ' | ||
Quoted Market Prices for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 4,036 | 3,198 | ' | ||
Quoted Market Prices for Identical Assets (Level 1) [Member] | Temporary Investment Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 52 | [1] | 0 | [1] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Common Stocks Commingled - US [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,264 | [2] | 1,928 | [2] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Common Stocks Commingled - International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,016 | [2] | 839 | [2] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Common Stocks Other [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 704 | [2] | 431 | [2] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Government (US & Foreign) Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Other Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,374 | 1,381 | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | Temporary Investment Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 41 | [1] | 67 | [1] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common Stocks Commingled - US [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common Stocks Commingled - International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common Stocks Other [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Government (US & Foreign) Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 596 | [3] | 623 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 737 | [3] | 691 | [3] | ' |
Significant Other Observable Inputs (Level 2) [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] | ' |
Pension And OPEB Plans Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 25 | 31 | ' | ||
Pension And OPEB Plans Level 3 [Member] | Temporary Investment Funds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Pension And OPEB Plans Level 3 [Member] | Common Stocks Commingled - US [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Pension And OPEB Plans Level 3 [Member] | Common Stocks Commingled - International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Pension And OPEB Plans Level 3 [Member] | Common Stocks Other [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Pension And OPEB Plans Level 3 [Member] | Government (US & Foreign) Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Pension And OPEB Plans Level 3 [Member] | Other Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] | ' |
Pension And OPEB Plans Level 3 [Member] | Pooled Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | 36 | ||
Pension And OPEB Plans Level 3 [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $25 | [4] | $31 | [4] | $37 |
[1] | Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active market (Level 1). Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||
[2] | Wherever possible, fair values of equity investments in stocks and in commingled funds are derived from quoted market prices as substantially all of these instruments have active markets (primarily Level 1). Most investments in stocks are priced utilizing the principal market close price or in some cases midpoint, bid or ask price. | ||||
[3] | Investments in fixed income securities including bond funds are priced using an evaluated pricing approach or the most recent exchange or quoted bid (primarily Level 2). | ||||
[4] | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). |
Recovered_Sheet1
Pension, OPEB and Savings Plans (Reconciliations Of The Beginning And Ending Balances Of Pension And OPEB Plans' Level 3 Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair Value of Assets at End of Year | $5,435 | $4,610 | ||
Pension And OPEB Plans Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair Value of Assets at End of Year | 25 | 31 | ||
Pooled Real Estate [Member] | Pension And OPEB Plans Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair Value of Assets at Beginning of Year | ' | 36 | ||
Purchases/(Sales) | ' | -38 | ||
Transfer In/ (Out) | ' | 0 | ||
Actual Return on Asset Sales | ' | 2 | ||
Actual Return on Assets Still Held | ' | 0 | ||
Fair Value of Assets at End of Year | ' | 0 | ||
Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair Value of Assets at End of Year | 25 | 31 | ||
Private Equity [Member] | Pension And OPEB Plans Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair Value of Assets at Beginning of Year | 31 | [1] | 37 | |
Purchases/(Sales) | -11 | -6 | ||
Transfer In/ (Out) | 0 | 0 | ||
Actual Return on Asset Sales | 11 | 5 | ||
Actual Return on Assets Still Held | -6 | -5 | ||
Fair Value of Assets at End of Year | $25 | [1] | $31 | [1] |
[1] | Limited partnership interests in private equity funds are valued using significant unobservable inputs as there is little, if any, market activity. In addition, there may be transfer restrictions on private equity securities. The process for determining the fair value of such securities relied on commonly accepted valuation techniques, including the use of earnings multiples based on comparable public securities, industry-specific non-earnings-based multiples and discounted cash flow models. These inputs require significant management judgment or estimation (primarily Level 3). |
Recovered_Sheet2
Pension, OPEB and Savings Plans (Schedule Of Percentage Of Fair Value Of Total Plan Assets) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual plan asset allocation, percent | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual plan asset allocation, percent | 73.00% | 69.00% |
Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual plan asset allocation, percent | 25.00% | 29.00% |
Other Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual plan asset allocation, percent | 2.00% | 2.00% |
Recovered_Sheet3
Pension, OPEB and Savings Plans (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $256 |
2015 | 263 |
2016 | 272 |
2017 | 282 |
2018 | 293 |
2019-2023 | 1,647 |
Total Estimated Future Benefit Payments | 3,013 |
Other Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 77 |
2015 | 78 |
2016 | 80 |
2017 | 82 |
2018 | 84 |
2019-2023 | 458 |
Total Estimated Future Benefit Payments | $859 |
Recovered_Sheet4
Pension, OPEB and Savings Plans (Schedule Of Amount Paid For Employer Matching Contributions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Employer Matching Contributions | $33 | $32 | $24 |
Power [Member] | ' | ' | ' |
Total Employer Matching Contributions | 10 | 10 | 8 |
PSE&G [Member] | ' | ' | ' |
Total Employer Matching Contributions | 19 | 18 | 14 |
Other [Member] | ' | ' | ' |
Total Employer Matching Contributions | $4 | $4 | $2 |
Recovered_Sheet5
Commitments And Contingent Liabilities (Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions) (Detail) (Power [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Power [Member] | ' | ' |
Face Value of Outstanding Guarantees | $1,639 | $1,508 |
Exposure under Current Guarantees | 246 | 226 |
Letters of Credit Margin Posted | 132 | 124 |
Letters of Credit Margin Received | 25 | 69 |
Counterparty Cash Margin Deposited | 0 | 15 |
Counterparty Cash Margin Received | 0 | -4 |
Net Broker Balance Deposited (Received) | 80 | 26 |
Additional Collateral that could be Required | 691 | 654 |
Liquidity Available under PSEG's and Power's Credit Facilities to Post Collateral | 3,522 | 3,531 |
Other Letters of Credit | $45 | $45 |
Recovered_Sheet6
Commitments And Contingent Liabilities (Environmental Matters) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||
31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2009 | |
site | MW | Turbines | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | Power [Member] | Power [Member] | Power [Member] | PSEG [Member] | PSE&G's Former MGP Sites [Member] | PSE&G's Former MGP Sites [Member] | New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | PSD NSR Regulations Site Contingency [Member] | MGP Remediation Site Contingency [Member] | Remedial Investigation And Feasibility Study [Member] | PSE&G's Former MGP Sites [Member] | PSE&G's Former MGP Sites [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | |||
Station | MW | PSE&G [Member] | Power [Member] | PSE&G [Member] | Power [Member] | PSE&G [Member] | site | PSE&G [Member] | Potentially_Responsible_Party | Transferred To Power From PSE&G [Member] | PSE&G [Member] | Power [Member] | |||||||||||||||
entity | Potentially_Responsible_Party | Plant | Plant | Defendant | |||||||||||||||||||||||
mi | Person | ||||||||||||||||||||||||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $345,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of miles related to the Passaic River constituting a facility as determined by the US Environmental Protection Agency | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of miles on Passaic River tidal reach required to be studied as determined by the US Environmental Protection Agency | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating electric generating station (Essex Site) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Number of former generating electric station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Number of former Manufactured Gas Plant (MGP) sites | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Estimated, total cost of the study | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 125,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate number Of defendants In New Jersey Department Of Environmental Protection complaint | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320 |
Number of potentially responsible parties ("PRPs") in connection with environmental liabilities for operations conducted near Passaic River | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73 | ' | ' | ' | ' | ' | ' |
Number of current potentially responsible parties ("PRPs") in connection with environmental liabilities for operations conducted near Passaic River | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67 | ' | ' | ' | ' | ' | ' |
Percentage of cost attributable to potentially responsible party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cleanup costs-low estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' |
Estimated cleanup costs-high estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000,000 | ' | ' | ' | ' |
Estimated cleanup costs agreed to by two potentially responsible parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' |
Estimated Total Cost Of Study Low End of Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of PRPs directed by the NJDEP to arrange for natural resource damage assessment and interim compensatory restoration along the lower Passaic River | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' |
Estimated cost of interim natural resource injury restoration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' |
Number of legal entities contacted by EPA in conjunction with Newark Bay study area contamination | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating electric generating stations located on Hackensack River | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former MGP contamination sites located on Hackensack river in conjunction with Newark Bay study area contamination | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of MGP sites identified by registrant and the NJDEP requiring some level of remedial action | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' |
Estimated expenditures, low end of range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated expenditures, high end of range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued environmental costs | ' | 414,000,000 | 537,000,000 | ' | ' | 363,000,000 | 486,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remediation liability recorded as other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remediation liability recorded as environmental costs in noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets | ' | ' | ' | ' | ' | 3,331,000,000 | 4,892,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty per day from date of violation-minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty per day from date of violation-maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage Of Keystone Coal Fired Plant In Pennsylvania | ' | ' | ' | ' | ' | ' | ' | ' | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent companies share of investment in Clean Air Act requirements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of combustion turbines required to be retired to meet NOx emission reduction requirements | ' | ' | ' | ' | 86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of MW required to be retired to meet NOx emission reduction requirements | ' | ' | ' | ' | 1,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of steam electric generation units requiring significant capital investment for additional controls or retirement as determined by NJDEP | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of MW requiring significant capital investment for additional controls or retirement as determined by NJDEP | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Salem facility cooling towers estimated cost total | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted liability recorded-current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Combined Cycle Generating Facilities To Be Built Under Lcapp | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SOCA payments term | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operation and Maintenance | ' | $2,887,000,000 | $2,632,000,000 | $2,481,000,000 | ' | $1,639,000,000 | $1,508,000,000 | $1,372,000,000 | $1,224,000,000 | $1,127,000,000 | $1,105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingent_Lia2
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | ||
MW | ||
Long-term Purchase Commitment [Line Items] | ' | |
Number of cubic feet in gas hedging permitted to be recovered by BPU | 115,000,000,000 | |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80.00% | |
Percentage of annual residential gas supply requirements to be hedged | 50.00% | |
Number of cubic feet to be hedged | 70,000,000,000 | |
PSE&G [Member] | Auction Year 2011 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-14 | |
Load (MW) | 2,800 | |
$ per kWh | 0.0943 | |
PSE&G [Member] | Auction Year 2012 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-15 | |
Load (MW) | 2,900 | |
$ per kWh | 0.08388 | |
PSE&G [Member] | Auction Year 2013 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-16 | |
Load (MW) | 2,800 | |
$ per kWh | 0.09218 | |
PSE&G [Member] | Auction Year 2014 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-17 | [1] |
Load (MW) | 2,800 | |
$ per kWh | 0.09739 | |
[1] | Prices set in the 2014 BGS auction will become effective on June 1, 2014 when the 2011 BGS auction agreements expire. |
Commitments_And_Contingent_Lia3
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) (Power [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Long-term Purchase Commitment [Line Items] | ' |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Commitments Through 2017 [Member] | Nuclear Fuel Uranium [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | $532 |
Commitments Through 2017 [Member] | Nuclear Fuel Enrichment [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 454 |
Commitments Through 2017 [Member] | Nuclear Fuel Fabrication [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 137 |
Commitments Through 2017 [Member] | Natural Gas [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 1,061 |
Commitments Through 2017 [Member] | Coal [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | $405 |
Commitments_And_Contingent_Lia4
Commitments And Contingent Liabilities (Regulatory Proceedings) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
MW | New Jersey Clean Energy Program [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | ||||
Generator | Superstorm Sandy [Member] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | MW | New Jersey Clean Energy Program [Member] | Superstorm Sandy [Member] | ||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate funding for New Jersey Clean Energy Program | ' | ' | ' | ' | $345 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200 | ' |
Discounted liability recorded-current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142 | ' |
Number of Generators selected under LCAPP | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional amount of MW capacity | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SOCA payments term | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of installed capacity under LCAPP PSE&G will be serving | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' |
Number of installed capacity under LCAPP PSE&G will be serving | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | ' | ' | ' | ' |
Costs recognized in Operation and Maintenance Expense | ' | 2,887 | 2,632 | 2,481 | ' | ' | ' | ' | 1,224 | 1,127 | 1,105 | 79 | 85 | 1,639 | 1,508 | 1,372 | ' | 40 |
Costs incurred to restore service | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295 |
Cost recorded as Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 |
Costs recorded as Regulatory Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180 |
Proceeds from insurance recoveries | ' | ' | ' | ' | ' | 25 | 25 | 50 | ' | ' | ' | 25 | 19 | ' | ' | ' | ' | 6 |
Estimate of Total Costs required to restore damaged facilities | ' | $426 | ' | ' | ' | ' | ' | ' | $364 | ' | ' | ' | ' | $62 | ' | ' | ' | ' |
Commitments_And_Contingent_Lia5
Commitments And Contingent Liabilities (Nuclear Insurance Coverages and Assessments) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
MW | ||
Retrospective Assessment Power Generation | 100 | |
Inflation Adjustment For Assessment Years | '5 years | |
Nuclear Insurance Aggregate Limit | $3,200,000,000 | |
Limit Of Liability Per Price Anderson Act | 13,600,000,000 | |
Ownership Interest Per Reactor Per Incident | 127,000,000 | |
Ownership Interest Payable Per Reactor Per Incident Per Year | 19,000,000 | |
Maximum Aggregate Assessment Per Incident | 401,000,000 | |
Maximum Aggregate Annual Assessment | 60,000,000 | |
Property limit in excess | 1,250,000,000 | |
Property limit for a nuclear incident | 2,100,000,000 | |
Property sublimit for losses not involving a nuclear incident | 1,500,000,000 | |
Total Site Coverage [Member] | ' | |
Nuclear Liability, Total | 13,616,000,000 | [1] |
Property Damage, Total | 2,100,000,000 | |
Replacement Power Total | 1,016,000,000 | |
Retrospective Assessments [Member] | ' | |
Nuclear Liability, Total | 401,000,000 | |
Property Damage, Total | 37,000,000 | |
Replacement Power Total | 19,000,000 | |
Power With Exelon Generation [Member] | ' | |
Blanket limit shared | 850,000,000 | |
ANI [Member] | Total Site Coverage [Member] | ' | |
Public and Nuclear Worker Liability, Primary Layer | 375,000,000 | [2] |
ANI [Member] | Retrospective Assessments [Member] | ' | |
Public and Nuclear Worker Liability, Primary Layer | 0 | |
Price-Anderson Act [Member] | Total Site Coverage [Member] | ' | |
Nuclear Liability, Excess Layer | 13,241,000,000 | [3] |
Price-Anderson Act [Member] | Retrospective Assessments [Member] | ' | |
Nuclear Liability, Excess Layer | 401,000,000 | |
NEIL II (Salem/Hope Creek/Peach Bottom) [Member] | Total Site Coverage [Member] | ' | |
Property Damage, Primary Layer | 500,000,000 | |
Property Damage, Excess Layers | 750,000,000 | |
NEIL II (Salem/Hope Creek/Peach Bottom) [Member] | Retrospective Assessments [Member] | ' | |
Property Damage, Primary Layer | 24,000,000 | |
Property Damage, Excess Layers | 8,000,000 | |
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) [Member] | Total Site Coverage [Member] | ' | |
Property Damage, Excess Layers | 850,000,000 | [4] |
NEIL Blanket Excess (Salem/Hope Creek/Peach Bottom) [Member] | Retrospective Assessments [Member] | ' | |
Property Damage, Excess Layers | 5,000,000 | |
NEIL I (Peach Bottom) [Member] | ' | |
Indemnity limit on weekly indemnity | 2,300,000 | |
Weekly indemnity, time period | '364 days | |
Indemnity period, after initial period, percentage | 80.00% | |
Indemnity period, after initial period, time period | '476 days | |
NEIL I (Peach Bottom) [Member] | Total Site Coverage [Member] | ' | |
Accidental Outage | 245,000,000 | [5] |
NEIL I (Peach Bottom) [Member] | Retrospective Assessments [Member] | ' | |
Accidental Outage | 6,000,000 | |
NEIL I (Salem) [Member] | ' | |
Indemnity limit on weekly indemnity | 2,500,000 | |
Weekly indemnity, time period | '364 days | |
Indemnity period, after initial period, percentage | 80.00% | |
Indemnity period, after initial period, time period | '504 days | |
NEIL I (Salem) [Member] | Total Site Coverage [Member] | ' | |
Accidental Outage | 281,000,000 | [5] |
NEIL I (Salem) [Member] | Retrospective Assessments [Member] | ' | |
Accidental Outage | 7,000,000 | |
NEIL I (Hope Creek) [Member] | ' | |
Indemnity limit on weekly indemnity | 4,500,000 | |
Weekly indemnity, time period | '364 days | |
Indemnity period, after initial period, percentage | 80.00% | |
Indemnity period, after initial period, time period | '497 days | |
NEIL I (Hope Creek) [Member] | Total Site Coverage [Member] | ' | |
Accidental Outage | 490,000,000 | [5] |
NEIL I (Hope Creek) [Member] | Retrospective Assessments [Member] | ' | |
Accidental Outage | $6,000,000 | |
[1] | Limit of liability under the Price-Anderson Act for each nuclear incident. | |
[2] | The primary limit for Public Liability is a per site aggregate limit with no potential for assessment. The Nuclear Worker Liability represents the potential liability from workers claiming exposure to the hazard of nuclear radiation. This coverage is subject to an industry aggregate limit that is subject to reinstatement at ANI discretion. | |
[3] | Retrospective premium program under the Price-Anderson Act liability provisions of the Atomic Energy Act of 1954, as amended. Power is subject to retrospective assessment with respect to loss from an incident at any licensed nuclear reactor in the United States that produces greater than 100 MW of electrical power. This retrospective assessment can be adjusted for inflation every five years. The last adjustment was effective as of September 10, 2013. The next adjustment is due on or before September 10, 2018. This retrospective program is in excess of the Public and Nuclear Worker Liability primary layers. | |
[4] | For property limits in excess of $1.25 billion, Power participates in a Blanket Limit policy where the $850 million limit is shared by Power with Exelon Generation among the Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 facilities owned by Exelon Generation and the Peach Bottom, Salem and Hope Creek facilities. This limit is not subject to reinstatement in the event of a loss. Participation in this program materially reduces Power’s premium and the associated potential assessment. | |
[5] | Peach Bottom has an aggregate indemnity limit based on a weekly indemnity of $2.3 million for 52 weeks followed by 80% of the weekly indemnity for 68 weeks. Salem has an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 72 weeks. Hope Creek has an aggregate indemnity limit based on a weekly indemnity of $4.5 million for 52 weeks followed by 80% of the weekly indemnity for 71 weeks. |
Commitments_And_Contingent_Lia6
Commitments And Contingent Liabilities (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Power [Member] | ' |
2014 | $1 |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 2 |
Thereafter | 16 |
Capital Leases, Future Minimum Payments Due | 22 |
PSE&G [Member] | ' |
2014 | 9 |
2015 | 7 |
2016 | 6 |
2017 | 5 |
2018 | 4 |
Thereafter | 33 |
Capital Leases, Future Minimum Payments Due | 64 |
Services [Member] | ' |
2014 | 1 |
2015 | 4 |
2016 | 12 |
2017 | 13 |
2018 | 13 |
Thereafter | 173 |
Capital Leases, Future Minimum Payments Due | 216 |
Other [Member] | ' |
2014 | 2 |
2015 | 2 |
2016 | 1 |
2017 | 1 |
2018 | 0 |
Thereafter | 0 |
Capital Leases, Future Minimum Payments Due | $6 |
Schedule_Of_Consolidated_Debt_1
Schedule Of Consolidated Debt (Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | PSEG [Member] | PSEG [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | PSE&G Excluding Transition Funding and Transition Funding II [Member] | PSE&G Excluding Transition Funding and Transition Funding II [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | Energy Holdings [Member] | Energy Holdings [Member] | Energy Holdings [Member] | Energy Holdings [Member] | Energy Holdings [Member] | Senior Notes 8.50% Due On 2011 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Two Point Five Zero Percentage Due Two Thousand Thirteen [Member] | Senior Notes Two Point Five Zero Percentage Due Two Thousand Thirteen [Member] | Senior Notes Five Point Five Zero Percentage Due Two Thousand Fifteen [Member] | Senior Notes Five Point Five Zero Percentage Due Two Thousand Fifteen [Member] | Senior Notes Five Point Three Two Percentage Due Two Thousand Sixteen [Member] | Senior Notes Five Point Three Two Percentage Due Two Thousand Sixteen [Member] | Senior Notes Two Point Seven Five Percentage Due Two Thousand Sixteen [Member] | Senior Notes Two Point Seven Five Percentage Due Two Thousand Sixteen [Member] | Senior Notes Two Point Four Five Percentage Due Two Thousand Eighteen [Member] | Senior Notes Two Point Four Five Percentage Due Two Thousand Eighteen [Member] | Senior Notes Five Point One Three Percentage Due Two Thousand Twenty [Member] | Senior Notes Five Point One Three Percentage Due Two Thousand Twenty [Member] | Senior Notes Four Point One Five Percentage Due Two Thousand Twenty One [Member] | Senior Notes Four Point One Five Percentage Due Two Thousand Twenty One [Member] | Senior Notes Four Point Three Percent Due Two Thousand Twenty Three [Member] | Senior Notes Four Point Three Percent Due Two Thousand Twenty Three [Member] | Senior Notes863 Due On2031 [Member] | Senior Notes863 Due On2031 [Member] | Senior Notes [Member] | Senior Notes [Member] | Pollution Control Notes Floating Rate Due On Two Thousand Fourteen [Member] | Pollution Control Notes Floating Rate Due On Two Thousand Fourteen [Member] | Pollution Control Notes [Member] | Pollution Control Notes [Member] | Securitization Bonds Six Point Six One Percentage Due On Two Thousand Eleven To Two Thousand Thirteen [Member] | Securitization Bonds Six Point Six One Percentage Due On Two Thousand Eleven To Two Thousand Thirteen [Member] | First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | First And Refunding Mortgage Bonds Nine Point Two Five Percentage Due On Two Twenty One [Member] | First And Refunding Mortgage Bonds Nine Point Two Five Percentage Due On Two Twenty One [Member] | First And Refunding Mortgage Bonds Eight Point Zero Zero Percentage Due On Two Thirty Seven [Member] | First And Refunding Mortgage Bonds Eight Point Zero Zero Percentage Due On Two Thirty Seven [Member] | First And Refunding Mortgage Bonds Five Point Zero Zero Percentage Due On Two Thirty Seven [Member] | First And Refunding Mortgage Bonds Five Point Zero Zero Percentage Due On Two Thirty Seven [Member] | First And Refunding Mortgage Bonds [Member] | First And Refunding Mortgage Bonds [Member] | Pollution Control Bonds Due On 2033 [Member] | Pollution Control Bonds Due On 2033 [Member] | Pollution Control Bonds Due On 2046 [Member] | Pollution Control Bonds Due On 2046 [Member] | Pollution Control Bonds [Member] | Pollution Control Bonds [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Six Point Three Three Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Six Point Three Three Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Zero Point Eight Five Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes Zero Point Eight Five Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes Two Point Seven Zero Percentage Due On Two Thousand Fifteen [Member] | Medium Term Notes Two Point Seven Zero Percentage Due On Two Thousand Fifteen [Member] | Medium Term Notes Five Point Three Zero Percentage Due On Two Thousand Eighteen [Member] | Medium Term Notes Five Point Three Zero Percentage Due On Two Thousand Eighteen [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | Medium Term Notes Seven Point Zero Four Percentage Due On Two Thousand Twenty [Member] | Medium Term Notes Seven Point Zero Four Percentage Due On Two Thousand Twenty [Member] | Medium Term Notes Three Point Five Zero Percentage Due On Two Thousand Twenty [Member] | Medium Term Notes Three Point Five Zero Percentage Due On Two Thousand Twenty [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | Medium Term Notes Five Point Two Five Percentage Due On Two Thousand Thirty Five [Member] | Medium Term Notes Five Point Two Five Percentage Due On Two Thousand Thirty Five [Member] | Medium Term Notes Five Point Seven Zero Percentage Due On Two Thousand Thirty Six [Member] | Medium Term Notes Five Point Seven Zero Percentage Due On Two Thousand Thirty Six [Member] | Medium Term Notes Five Point Eight Zero Percentage Due On Two Thousand Thirty Seven [Member] | Medium Term Notes Five Point Eight Zero Percentage Due On Two Thousand Thirty Seven [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirty Nine [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirty Nine [Member] | Medium Term Notes Five Point Five Zero Percentage Due On Two Thousand Forty [Member] | Medium Term Notes Five Point Five Zero Percentage Due On Two Thousand Forty [Member] | Medium-Term Notes 3.95% Due On 2042 [Member] | Medium-Term Notes 3.95% Due On 2042 [Member] | Medium-Term Notes 3.65% Due On 2042 [Member] | Medium-Term Notes 3.65% Due On 2042 [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | Total Medium Term Notes [Member] | Total Medium Term Notes [Member] | Securitization Bonds Six Point Seven Five Percentage Due On Two Thousand Thirteen To Two Thousand Fourteen [Member] | Securitization Bonds Six Point Seven Five Percentage Due On Two Thousand Thirteen To Two Thousand Fourteen [Member] | Securitization Bonds Six Point Eight Nine Percentage Due On Two Thousand Fourteen To Two Thousand Fifteen [Member] | Securitization Bonds Six Point Eight Nine Percentage Due On Two Thousand Fourteen To Two Thousand Fifteen [Member] | Transition Funding [Member] | Transition Funding [Member] | Securitization Bonds Four Point Four Nine Percentage Due On Two Thousand Twelve To Two Thousand Thirteen [Member] | Securitization Bonds Four Point Four Nine Percentage Due On Two Thousand Twelve To Two Thousand Thirteen [Member] | Securitization Bonds Four Point Five Seven Percentage Due On Two Thousand Thirteen To Two Thousand Fifteen [Member] | Securitization Bonds Four Point Five Seven Percentage Due On Two Thousand Thirteen To Two Thousand Fifteen [Member] | Transition Funding II [Member] | Transition Funding II [Member] | Non Recourse Project Debt Resources From Five Point Zero Zero To Eight Point Seven Five Due From Two Thousand Eleven To Two Thousand Twenty [Member] | Non Recourse Project Debt Resources From Five Point Zero Zero To Eight Point Seven Five Due From Two Thousand Eleven To Two Thousand Twenty [Member] | Non Recourse Project Debt [Member] | Non Recourse Project Debt [Member] | Energy Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Amount Outstanding | $8,644 | ' | ' | ' | $2,553 | $2,353 | $0 | $300 | $300 | $300 | $303 | $303 | $250 | $250 | $250 | $0 | $406 | $406 | $250 | $250 | $250 | $0 | $500 | $500 | $2,509 | $2,309 | $44 | [1] | $44 | [1] | $44 | $44 | $5,579 | $4,804 | ' | ' | $0 | $100 | $171 | [2] | $171 | [2] | $134 | [2] | $134 | [2] | $7 | [2] | $7 | [2] | $8 | [2] | $8 | [2] | $320 | $320 | $50 | [1],[2] | $50 | [1],[2] | $50 | [1],[2] | $50 | [1],[2] | $100 | $100 | $0 | [2] | $150 | [2] | $0 | [2] | $300 | [2] | $0 | [2] | $275 | [2] | $250 | [2] | $250 | [2] | $250 | [2] | $250 | [2] | $300 | [2] | $300 | [2] | $400 | [2] | $400 | [2] | $350 | [2] | $0 | [2] | $9 | [2] | $9 | [2] | $250 | [2] | $250 | [2] | $500 | [2] | $0 | [2] | $250 | [2] | $0 | [2] | $250 | [2] | $250 | [2] | $250 | [2] | $250 | [2] | $350 | [2] | $350 | [2] | $250 | [2] | $250 | [2] | $300 | [2] | $300 | [2] | $450 | [2] | $450 | [2] | $350 | [2] | $350 | [2] | $400 | [2] | $0 | [2] | $5,159 | $4,384 | $106 | $220 | $370 | $370 | $476 | $690 | $0 | $9 | $20 | $23 | $20 | $32 | $16 | $16 | [3] | $44 | [3] | $16 | $44 | ' | ||
Amounts Due Within One Year | -544 | -1,026 | ' | ' | -44 | -300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -500 | -725 | -500 | -725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -225 | -214 | ' | ' | ' | ' | -12 | -12 | ' | ' | ' | 0 | -1 | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated interest rate of debt instrument | ' | ' | ' | ' | ' | ' | 2.50% | ' | 5.50% | ' | 5.32% | ' | 2.75% | ' | 2.45% | ' | 5.13% | ' | 4.15% | ' | 4.30% | ' | 8.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.61% | ' | 6.75% | ' | 9.25% | ' | 8.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.38% | ' | 6.33% | ' | 0.85% | ' | 5.00% | ' | 2.70% | ' | 5.30% | ' | 2.30% | ' | 7.04% | ' | 3.50% | ' | 2.38% | ' | 3.75% | ' | 5.25% | ' | 5.70% | ' | 5.80% | ' | 5.38% | ' | 5.50% | ' | 3.95% | ' | 3.65% | ' | 3.80% | ' | ' | ' | 6.75% | ' | 6.89% | ' | ' | ' | 4.49% | ' | 4.57% | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity Year | ' | ' | ' | ' | ' | ' | '2013 | ' | '2015 | ' | '2016 | ' | '2016 | ' | '2018 | ' | '2020 | ' | '2021 | ' | '2023 | ' | '2031 | ' | ' | ' | '2014 | [1] | ' | ' | ' | ' | ' | ' | ' | '2013 | ' | '2016 | [2] | ' | '2021 | [2] | ' | '2037 | [2] | ' | '2037 | [2] | ' | ' | ' | '2033 | [1],[2] | ' | '2046 | [1],[2] | ' | ' | ' | '2013 | [2] | ' | '2013 | [2] | ' | '2013 | [2] | ' | '2014 | [2] | ' | '2014 | [2] | ' | '2015 | [2] | ' | '2018 | [2] | ' | '2018 | [2] | ' | '2020 | [2] | ' | '2020 | [2] | ' | '2023 | [2] | ' | '2024 | [2] | ' | '2035 | [2] | ' | '2036 | [2] | ' | '2037 | [2] | ' | '2039 | [2] | ' | '2040 | [2] | ' | '2042 | [2] | ' | '2042 | [2] | ' | '2043 | [2] | ' | ' | ' | '2013-2014 | ' | '2014-2015 | ' | ' | ' | '2013 | ' | '2013-2015 | ' | ' | ' | ' | '2013-2015 | [3] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Fair Value Of Swaps | ' | ' | 38 | [4] | 57 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Unamortized Discount | ' | ' | -14 | [5] | -19 | [5] | -12 | -13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13 | -9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-Term Debt | $7,862 | $6,687 | ' | ' | $2,497 | $2,040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,066 | $4,070 | $5,325 | $4,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $251 | $476 | ' | ' | ' | ' | $8 | $20 | ' | ' | ' | $16 | $43 | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds that are serviced and secured by Power Pollution Control Notes and PSE&G Pollution Control Bonds, respectively, are variable rate bonds that are in weekly reset mode. The PEDFA bond is backed by a three-year letter of credit that expires in November 2014. The Power Pollution Control Note backing the PEDFA bond has been reclassified as debt due within the year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets. |
Schedule_Of_Consolidated_Debt_2
Schedule Of Consolidated Debt (Long-Term Debt Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $781 | ' |
2015 | 875 | ' |
2016 | 724 | ' |
2017 | 0 | ' |
2018 | 1,000 | ' |
Thereafter | 5,264 | ' |
Total | 8,644 | ' |
Power [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 44 | ' |
2015 | 300 | ' |
2016 | 553 | ' |
2017 | 0 | ' |
2018 | 250 | ' |
Thereafter | 1,406 | ' |
Total | 2,553 | 2,353 |
PSE&G | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 500 | ' |
2015 | 300 | ' |
2016 | 171 | ' |
2017 | 0 | ' |
2018 | 750 | ' |
Thereafter | 3,858 | ' |
Total | 5,579 | 4,804 |
Transition Funding [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 225 | ' |
2015 | 251 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Total | 476 | ' |
Transition Funding II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 12 | ' |
2015 | 8 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Total | 20 | ' |
Energy Holdings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 0 | ' |
2015 | 16 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Total | $16 | ' |
Schedule_Of_Consolidated_Debt_3
Schedule Of Consolidated Debt (Long-Term Debt Financing Transactions) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Power [Member] | Power [Member] | Power [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | Transition Funding [Member] | Transition Funding II [Member] | Energy Holdings [Member] | ||
Senior Notes Four Point Three Percent Due Two Thousand Twenty Three [Member] | Senior Notes Two Point Four Five Percentage Due Two Thousand Eighteen [Member] | Senior Notes Two Point Five Zero Percentage Due Two Thousand Thirteen [Member] | Medium Term Notes Six Point Three Three Percentage Due On Two Thousand Thirteen [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | Five Point Three Seven Five Percent Secured Medium Term Notes [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | Five Point Zero Secured MTN [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | Securitization Debt [Member] | Securitization Debt [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | $250 | $250 | ' | ' | $350 | ' | $250 | ' | ' | $500 | ' | ' | $400 | ' | ' | ' | ' |
Stated interest rate of debt instrument | ' | 4.30% | 2.45% | 2.50% | 6.33% | ' | 2.30% | ' | 3.75% | 5.38% | ' | 2.38% | 5.00% | ' | 3.80% | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | 300 | 275 | ' | ' | ' | ' | 300 | ' | ' | 150 | ' | ' | 214 | 12 | ' |
Reclassification of Non-Recourse Debt to Current Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 |
Defeasance of Non Recourse Debt | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_Of_Consolidated_Debt_4
Schedule Of Consolidated Debt (Short-Term Liquidity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | |
Short-term Debt [Line Items] | ' | |
Usage | $251 | |
Available Liquidity | 4,049 | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,300 | |
Commitments of single institution as percentage of total commitments | 8.00% | |
PSEG [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 8 | |
Available Liquidity | 992 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Power [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 170 | |
Available Liquidity | 2,530 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,700 | |
PSE&G [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 73 | |
Available Liquidity | 527 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |
Five Year Credit Facility Maturing on March 2018 Capacity through April 2016 [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | |
5-year Credit Facility, Mar 2017 [Member] | PSEG [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 8 | [1] |
Available Liquidity | 492 | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Expiration Date | 'Mar 2017 | |
5-year Credit Facility, Mar 2017 [Member] | Power [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 70 | [1] |
Available Liquidity | 1,530 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,600 | |
Expiration Date | 'Mar 2017 | |
Five Year Credit Facility Maturing on March 2018 [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | |
Credit Facility Reduction in April 2016 | 100 | [2] |
Five Year Credit Facility Maturing on March 2018 [Member] | PSEG [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 0 | |
Available Liquidity | 500 | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 | [3] |
Expiration Date | 'Mar 2018 | |
Credit Facility Reduction in April 2016 | 23 | [2] |
Five Year Credit Facility Maturing on March 2018 [Member] | Power [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 0 | |
Available Liquidity | 1,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | [2] |
Expiration Date | 'Mar 2018 | |
Credit Facility Reduction in April 2016 | 48 | [2] |
Five Year Credit Facility Maturing on March 2018 [Member] | PSE&G [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 73 | [1] |
Available Liquidity | 527 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | [4] |
Expiration Date | 'Mar 2018 | |
Credit Facility Reduction in April 2016 | 29 | [2] |
Bilateral Credit Facility [Member] | Power [Member] | ' | |
Short-term Debt [Line Items] | ' | |
Usage | 100 | [1] |
Available Liquidity | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $100 | |
Expiration Date | 'Sept 2015 | |
[1] | Includes amounts related to letters of credit outstanding. | |
[2] | In April 2016, this facility will be reduced by $48 million. | |
[3] | In April 2016, this facility will be reduced by $23 million. | |
[4] | In April 2016, this facility will be reduced by $29 million. |
Schedule_Of_Consolidated_Debt_5
Schedule Of Consolidated Debt (Fair Value of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | $8,643 | $7,939 | ||
Long-term Debt, Fair Value | 9,061 | 9,324 | ||
PSEG [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 24 | 38 | ||
Long-term Debt, Fair Value | 38 | [1] | 57 | [1] |
Power [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 2,541 | 2,340 | ||
Long-term Debt, Fair Value | 2,846 | [2] | 2,818 | [2] |
PSE&G | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 5,566 | 4,795 | ||
Long-term Debt, Fair Value | 5,629 | [2] | 5,606 | [2] |
Transition Funding [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 476 | 690 | ||
Long-term Debt, Fair Value | 511 | [2] | 765 | [2] |
Transition Funding II [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 20 | 32 | ||
Long-term Debt, Fair Value | 21 | [2] | 34 | [2] |
Energy Holdings [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term Debt | 16 | 44 | ||
Long-term Debt, Fair Value | $16 | [3] | $44 | [3] |
[1] | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | |||
[2] | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements).(C)Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | |||
[3] | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Schedule_Of_Consolidated_Capit2
Schedule Of Consolidated Capital Stock (Consolidated Capital Stock) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, except Share data, unless otherwise specified | ||||
Common Stock, authorized | 1,000,000,000 | 1,000,000,000 | ||
Common Stock, Shares, outstanding | 505,857,262 | [1] | 505,892,472 | [1] |
Common Stock, book value | $4,246 | [1] | $4,226 | [1] |
Common stock available for issuance through PSEG's DRASPP, ESPP and various employee benefit plans | 7,000,000 | ' | ||
Preferred Stock [Member] | ' | ' | ||
Common Stock, authorized | 7,500,000 | ' | ||
Preferred stock, par value | $100 | ' | ||
Cumulative Preferred Stock [Member] | ' | ' | ||
Common Stock, authorized | 10,000,000 | ' | ||
Preferred stock, par value | $25 | ' | ||
[1] | PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan (DRASPP) or the Employee Stock Purchase Plan (ESPP) in 2013 or 2012. Total authorized and unissued shares of common stock available for issuance through PSEG’s DRASPP, ESPP and various employee benefit plans amounted to approximately 7 million shares as of December 31, 2013. |
Financial_Risk_Management_Acti2
Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) (Power [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Power [Member] | ' | ' |
Fair Value of Cash Flow Hedges | ($4) | $3 |
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | ($1) | $9 |
Financial_Risk_Management_Acti3
Financial Risk Management Activities (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Percent of gross margin, less than | 1.00% | ' | ' |
Aggregate amount of accumulated other comprehensive income (loss) attributed to interest rate derivatives designated as cash flow hedges | ($1) | ($2) | ' |
Net cash collateral received in connection with net derivative contracts | 2 | 2 | ' |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 91 | 98 | ' |
Additional collateral aggregate fair value | 691 | 654 | ' |
PSEG [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Senior Notes converted into variable rate debt | 303 | ' | ' |
Number of interest rate swaps outstanding, total | 7 | ' | ' |
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 850 | ' | ' |
Fair value of interest rate swaps designated as underlying hedges | 38 | 57 | ' |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 39 | 61 | ' |
Additional collateral aggregate fair value | 52 | 37 | ' |
Amount of reduction in interest expense attributed to interest rate swaps designated as fair value hedges | 19 | 22 | 25 |
PSEG [Member] | Senior Notes 5.5% Due December 2015 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Senior Notes converted into variable rate debt | 300 | ' | ' |
Stated interest rate of debt instrument | 5.50% | ' | ' |
PSEG [Member] | Senior Notes 5.32% Due September 2016 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Senior Notes converted into variable rate debt | 300 | ' | ' |
Stated interest rate of debt instrument | 5.32% | ' | ' |
PSEG [Member] | Senior Notes 2.75% Due September 2016 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Senior Notes converted into variable rate debt | 250 | ' | ' |
Stated interest rate of debt instrument | 2.75% | ' | ' |
Power [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Amount of after-tax gains on derivatives designated and effective as cash flow hedges expected to be reclassified to earnings during the 12 months following period end | 1 | ' | ' |
Non Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net cash collateral received in connection with net derivative contracts | -3 | ' | ' |
Current Liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net cash collateral received in connection with net derivative contracts | 5 | 5 | ' |
Current Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net cash collateral received in connection with net derivative contracts | ' | ($3) | ' |
Financial_Risk_Management_Acti4
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | $98 | $138 | |
Derivative Contracts, Noncurrent Assets | 163 | 153 | |
Total Mark-to-Market Derivative Assets | 261 | 291 | |
Derivative Contracts, Current Liabilities | -76 | -46 | |
Derivative Contracts, Noncurrent Liabilities | -31 | -122 | |
Total Mark-to-Market Derivative (Liabilities) | -107 | -168 | |
Net Mark-to-Market Derivative Assets (Liabilities) | 154 | 123 | |
Power [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 57 | 118 | [1] |
Derivative Contracts, Noncurrent Assets | 72 | 49 | [1] |
Total Mark-to-Market Derivative Assets | 129 | 167 | [1] |
Derivative Contracts, Current Liabilities | -76 | -46 | [1] |
Derivative Contracts, Noncurrent Liabilities | -31 | -15 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -107 | -61 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 22 | 106 | [1] |
Power [Member] | Netting [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | -266 | -217 | [1],[2] |
Derivative Contracts, Noncurrent Assets | -83 | -26 | [1],[2] |
Total Mark-to-Market Derivative Assets | -349 | -243 | [1],[2] |
Derivative Contracts, Current Liabilities | 271 | 219 | [1],[2] |
Derivative Contracts, Noncurrent Liabilities | 80 | 26 | [1],[2] |
Total Mark-to-Market Derivative (Liabilities) | 351 | 245 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 2 | 2 | [1],[2] |
Power [Member] | Energy-Related Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 0 | 3 | [1] |
Derivative Contracts, Noncurrent Assets | 0 | 0 | [1] |
Total Mark-to-Market Derivative Assets | 0 | 3 | [1] |
Derivative Contracts, Current Liabilities | -4 | 0 | [1] |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -4 | 0 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | -4 | 3 | [1] |
PSE&G [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 25 | 5 | |
Derivative Contracts, Noncurrent Assets | 69 | 62 | |
Derivative Contracts, Noncurrent Liabilities | 0 | -107 | |
PSEG [Member] | Interest Rate Swaps [Member] | Fair Value Hedging [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 16 | 15 | [1] |
Derivative Contracts, Noncurrent Assets | 22 | 42 | [1] |
Total Mark-to-Market Derivative Assets | 38 | 57 | [1] |
Derivative Contracts, Current Liabilities | 0 | 0 | [1] |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] |
Total Mark-to-Market Derivative (Liabilities) | 0 | 0 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 38 | 57 | [1] |
Not Designated as Hedging Instrument [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 323 | 332 | [1] |
Derivative Contracts, Noncurrent Assets | 155 | 75 | [1] |
Total Mark-to-Market Derivative Assets | 478 | 407 | [1] |
Derivative Contracts, Current Liabilities | -343 | -265 | [1] |
Derivative Contracts, Noncurrent Liabilities | -111 | -41 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -454 | -306 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 24 | 101 | [1] |
Not Designated as Hedging Instrument [Member] | PSE&G [Member] | Energy-Related Contracts [Member] | ' | ' | |
Derivatives, Fair Value [Line Items] | ' | ' | |
Derivative Contracts, Current Assets | 25 | 5 | [1] |
Derivative Contracts, Noncurrent Assets | 69 | 62 | [1] |
Total Mark-to-Market Derivative Assets | 94 | 67 | [1] |
Derivative Contracts, Current Liabilities | 0 | 0 | [1] |
Derivative Contracts, Noncurrent Liabilities | 0 | -107 | [1] |
Total Mark-to-Market Derivative (Liabilities) | 0 | -107 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | $94 | ($40) | [1] |
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||
[2] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013 and 2012, net cash collateral paid of $2 million was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. Of the $2 million as of December 31, 2012, cash collateral of $(3) million and $5 million were netted against current assets and current liabilities, respectively. |
Financial_Risk_Management_Acti5
Financial Risk Management Activities (Schedule Of Derivative Instruments Designated As Cash Flow Hedges) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | $2,318 | $2,554 | $2,310 | $2,786 | $2,406 | $2,402 | $2,098 | $2,875 | $9,968 | $9,781 | $11,079 | |||||||||||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | 402 | 423 | 475 | |||||||||||
PSEG [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 28 | 80 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | -2 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 70 | 214 | |||||||||||
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 28 | 80 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | -2 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | 1,245 | [1] | 1,174 | [1] | 1,193 | [1] | 1,451 | [1] | 1,282 | [1] | 1,041 | [1] | 987 | [1] | 1,563 | [1] | 5,063 | 4,873 | 6,150 | |||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | 116 | 132 | 175 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 70 | 215 | |||||||||||
Operating Revenues [Member] | PSEG [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 32 | 84 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | -2 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 79 | 213 | |||||||||||
Operating Revenues [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 32 | 84 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | -2 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 79 | 213 | |||||||||||
Energy Costs [Member] | PSEG [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -4 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -9 | 2 | |||||||||||
Energy Costs [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -4 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -9 | 2 | |||||||||||
Interest Expense [Member] | PSEG [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | ($1) | [2] | $0 | [2] | ($1) | [2] | ||||||||
[1] | Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. | |||||||||||||||||||||
[2] | Includes amounts for PSEG parent. |
Financial_Risk_Management_Acti6
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Less: Gain Reclassified to Income, After-Tax | $6 | ' |
PSEG [Member] | ' | ' |
Gain (Loss) Recognized in AOCI, After-Tax | -299 | ' |
Less: Gain Reclassified to Income, After-Tax | 6 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Less: Gain Reclassified into Income, Pre-Tax | -12 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | PSEG [Member] | ' | ' |
Balance as of Beginning of Year | 12 | 54 |
Gain (Loss) Recognized in AOCI, Pre-Tax | -4 | 28 |
Less: Gain Reclassified into Income, Pre-Tax | -12 | -70 |
Balance as of End of Year | -4 | 12 |
Balance as of Beginning of Year | 7 | 31 |
Gain (Loss) Recognized in AOCI, After-Tax | 2 | -17 |
Less: Gain Reclassified to Income, After-Tax | 7 | 41 |
Balance as of End of Year | ($2) | $7 |
Financial_Risk_Management_Acti7
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | ($22) | $213 | $163 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | -128 | 232 | 205 |
Energy Costs [Member] | Energy-Related Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $106 | ($19) | ($42) |
Financial_Risk_Management_Acti8
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Natural Gas Dth [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 614,000,000 | 596,000,000 |
Electricity MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 243,000,000 | 208,000,000 |
Capacity MW Days [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 4,000,000 |
FTRs MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 16,000,000 | 19,000,000 |
Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 850,000,000 | 850,000,000 |
Coal Tons [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 1,000,000 |
PSEG [Member] | Natural Gas Dth [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | ' |
PSEG [Member] | Electricity MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
PSEG [Member] | FTRs MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
PSEG [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 850,000,000 | 850,000,000 |
PSEG [Member] | Coal Tons [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 0 |
Power [Member] | Natural Gas Dth [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 466,000,000 | 404,000,000 |
Power [Member] | Electricity MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 243,000,000 | 208,000,000 |
Power [Member] | Capacity MW Days [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 0 |
Power [Member] | FTRs MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 16,000,000 | 19,000,000 |
Power [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
Power [Member] | Coal Tons [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 1,000,000 |
PSE&G [Member] | Natural Gas Dth [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 148,000,000 | 192,000,000 |
PSE&G [Member] | Electricity MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
PSE&G [Member] | Capacity MW Days [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 4,000,000 |
PSE&G [Member] | FTRs MWh [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
PSE&G [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | 0 | 0 |
PSE&G [Member] | Coal Tons [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross volume of derivative on absolute value basis | ' | 0 |
Financial_Risk_Management_Acti9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) (Power [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | |
Counterparty | ||
Derivative [Line Items] | ' | |
Credit exposure, percentage | 97.00% | |
Current Exposure | $345 | |
Securities held as Collateral | 14 | |
Net Credit Exposure With Counterparties After Applying Collateral | 345 | |
Number of Counterparties greater than 10% | 1 | |
Net Exposure of Counterparties greater than 10% | 251 | |
Number of active counterparties on credit risk derivatives | 154 | |
Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 331 | |
Securities held as Collateral | 14 | |
Net Credit Exposure With Counterparties After Applying Collateral | 331 | |
Number of Counterparties greater than 10% | 1 | |
Net Exposure of Counterparties greater than 10% | 251 | [1] |
Non-Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 1 | |
Securities held as Collateral | 0 | |
Net Credit Exposure With Counterparties After Applying Collateral | 1 | |
Number of Counterparties greater than 10% | 0 | |
Net Exposure of Counterparties greater than 10% | 0 | |
Investment Grade - No External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 6 | |
Securities held as Collateral | 0 | |
Net Credit Exposure With Counterparties After Applying Collateral | 6 | |
Number of Counterparties greater than 10% | 0 | |
Net Exposure of Counterparties greater than 10% | 0 | |
Non-Investment Grade - No External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 7 | |
Securities held as Collateral | 0 | |
Net Credit Exposure With Counterparties After Applying Collateral | 7 | |
Number of Counterparties greater than 10% | 0 | |
Net Exposure of Counterparties greater than 10% | $0 | |
[1] | Represents net exposure with PSE&G. |
Fair_Value_Measurements_PSEGs_
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | $261 | $291 | ||
Total Mark-to-Market Derivative (Liabilities) | -107 | -168 | ||
Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 129 | 167 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | -107 | -61 | [1] | |
Total Estimate Of Fair Value [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 439 | [2] | 287 | [2] |
Total Mark-to-Market Derivative Assets | 38 | [3] | ' | |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 897 | [4] | 789 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 429 | [4] | 285 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 291 | [4] | 342 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 84 | [4] | 124 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trusts - Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | ' | ' | ||
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 23 | [4] | 18 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 107 | [4] | 117 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 46 | [4] | 47 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 3 | [4] | 3 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 897 | [4] | 789 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 429 | [4] | 285 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 291 | [4] | 342 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 84 | [4] | 124 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 3 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 23 | [4] | 23 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 10 | [4] | 9 | [4] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | [4] | 1 | [4] |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 65 | [2] | |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 6 | [4] |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 25 | [4] | 39 | [4] |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 11 | [4] | 15 | [4] |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | [4] | 1 | [4] |
Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [2],[5] | 0 | [2],[6] |
Total Mark-to-Market Derivative Assets | 0 | [3],[5] | ' | |
Cash Collateral Netting [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 0 | [2],[6] | |
Cash Collateral Netting [Member] | PSE&G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Cash Collateral Netting [Member] | PSE&G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4],[5] | 0 | [4],[6] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 439 | [2] | 287 | [2] |
Total Mark-to-Market Derivative Assets | 0 | [3] | ' | |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 892 | [4] | 789 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 57 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 23 | [4] | 18 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 892 | [4] | 789 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 57 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 3 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 65 | [2] | |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 6 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [2] | 0 | [2] |
Total Mark-to-Market Derivative Assets | 38 | [3] | ' | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 429 | [4] | 285 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 291 | [4] | 342 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 27 | [4] | 124 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 107 | [4] | 117 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 46 | [4] | 47 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 3 | [4] | 3 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 429 | [4] | 285 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 291 | [4] | 342 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 27 | [4] | 124 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 23 | [4] | 23 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 10 | [4] | 9 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | [4] | 1 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 0 | [2] | |
Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 25 | [4] | 39 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 11 | [4] | 15 | [4] |
Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | [4] | 1 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | 0 | [2] | 0 | [2] |
Total Mark-to-Market Derivative Assets | 0 | [3] | ' | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash Equivalents | ' | 0 | [2] | |
Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [4] | 0 | [4] |
Interest Rate Swaps [Member] | Total Estimate Of Fair Value [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | ' | 57 | [3] | |
Interest Rate Swaps [Member] | Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | ' | 0 | [3],[6] | |
Interest Rate Swaps [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | ' | 0 | [3] | |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | ' | 57 | [3] | |
Interest Rate Swaps [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | ' | 0 | [3] | |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 223 | [7] | 234 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 107 | [7] | 168 | [7] |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 129 | [7] | 167 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 107 | [7] | 61 | [7] |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 94 | [7] | 67 | [7] |
Total Mark-to-Market Derivative (Liabilities) | ' | 107 | [7] | |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | -349 | [5],[7] | -3 | [6],[7] |
Total Mark-to-Market Derivative (Liabilities) | 351 | [5],[7] | 5 | [6],[7] |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | -349 | [5],[7] | -3 | [6],[7] |
Total Mark-to-Market Derivative (Liabilities) | 351 | [5],[7] | 5 | [6],[7] |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [5],[7] | 0 | [6],[7] |
Total Mark-to-Market Derivative (Liabilities) | ' | 0 | [6],[7] | |
Energy-Related Contracts [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [7] | 0 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 0 | [7] | 0 | [7] |
Energy-Related Contracts [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [7] | 0 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 0 | [7] | 0 | [7] |
Energy-Related Contracts [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [7] | 0 | [7] |
Total Mark-to-Market Derivative (Liabilities) | ' | 0 | [7] | |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 474 | [7] | 157 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 448 | [7] | 62 | [7] |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 474 | [7] | 157 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 448 | [7] | 62 | [7] |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [7] | 0 | [7] |
Total Mark-to-Market Derivative (Liabilities) | ' | 0 | [7] | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 98 | [7] | 80 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 10 | [7] | 111 | [7] |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 4 | [7] | 13 | [7] |
Total Mark-to-Market Derivative (Liabilities) | 10 | [7] | 4 | [7] |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 94 | [7] | 67 | [7] |
Total Mark-to-Market Derivative (Liabilities) | ' | $107 | [7] | |
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2013 and 2012. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | |||
[2] | Represents money market mutual funds | |||
[3] | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | |||
[4] | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.†The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.â€Â These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market.Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||
[5] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheet. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | |||
[6] | Cash collateral netting represents collateral amounts netted against derivative assets and liabilities as permitted under the accounting guidance for Offsetting of Amounts Related to Certain Contracts. | |||
[7] | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
PSEG [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | $98 | $80 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10 | 111 | ||
Power [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 4 | 13 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 10 | 4 | ||
Power [Member] | Electric Swaps [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 3 | 7 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | 1 | ||
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow | 'Discounted Cash Flow | ||
Fair Value Measurement With Significant Unobservable Inputs | 'Power Basis | 'Power Basis | ||
Power [Member] | Electric Swaps [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Power Basis Range | 0 | 0 | ||
Power [Member] | Electric Swaps [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Power Basis Range | 10 | 10 | ||
Power [Member] | Electric Load Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 0 | 1 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 8 | 2 | ||
Fair Value Measurements, Valuation Techniques | 'Discounted cash flow | 'Discounted Cash Flow | ||
Fair Value Measurement With Significant Unobservable Inputs | 'Historic Load Variability | 'Historic Load Variability | ||
Power [Member] | Electric Load Contracts [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Historic Load Variability | -5.00% | -5.00% | ||
Power [Member] | Electric Load Contracts [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Historic Load Variability | 10.00% | 10.00% | ||
Power [Member] | Various [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 1 | [1] | 5 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | [1] | 1 | [1] |
PSE&G [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 94 | 67 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 107 | ||
PSE&G [Member] | Forward Contracts [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure | 94 | 67 | [2] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $0 | $107 | [2] | |
Fair Value Measurements, Valuation Techniques | 'Discounted Cash Flow | 'Discounted Cash Flow | ||
Fair Value Measurement With Significant Unobservable Inputs | 'Transportation Costs | 'Long-Term Gas Basis and Capacity Prices | ||
Megawatt Day [Member] | Long Term Electric Capacity [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Forecasted Capacity Prices Range | 100 | ' | ||
Megawatt Day [Member] | Long Term Electric Capacity [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Forecasted Capacity Prices Range | 400 | ' | ||
Mmbtu [Member] | Long Term Gas Supply [Member] | Minimum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Longer Term Basis Range | 0 | ' | ||
Mmbtu [Member] | Long Term Gas Supply [Member] | Maximum [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Longer Term Basis Range | 4 | ' | ||
[1] | Includes gas supply positions which are immaterial as of December 31, 2013 and 2012. Also includes long-term electric capacity positions which are immaterial as of December 31, 2012. | |||
[2] | Includes long-term electric capacity and long-term gas supply positions with various unobservable inputs. Unobservable inputs for the long-term electric capacity contracts include forecasted capacity prices in the range of $100 to $400/MW day. Significant unobservable inputs for the gas supply contracts include long-term basis prices in the range of $0 to $4/MMBTU of natural gas. |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Settlements | $8 | ($57) | ||
Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Gains and losses attributable to changes in net derivative assets and liabilities, included in Operating Income | -27 | 42 | ||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | -19 | -15 | ||
Derivative [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Transfers In (Out) | -4 | ' | ||
Net Derivative Assets (Liabilities) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Opening Balance | -31 | 21 | ||
Included in Income | -27 | [1] | 42 | [1] |
Included in Regulatory Assets/Liabilities | 134 | [2] | -37 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | 8 | [3] | -57 | [3] |
Transfers In (Out) | 4 | [4] | 0 | [4] |
Closing Balance | ' | -31 | ||
Net Derivative Assets (Liabilities) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Closing Balance | 88 | -31 | ||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Opening Balance | 9 | 24 | ||
Included in Income | -27 | [1] | 42 | [1] |
Included in Regulatory Assets/Liabilities | 0 | [2] | 0 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | 8 | [3] | -57 | [3] |
Transfers In (Out) | 4 | [4] | 0 | [4] |
Closing Balance | -6 | 9 | ||
Net Derivative Assets (Liabilities) [Member] | PSE&G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Opening Balance | -40 | -3 | ||
Included in Income | 0 | [1] | 0 | [1] |
Included in Regulatory Assets/Liabilities | 134 | [2] | -37 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | 0 | [3] | 0 | [3] |
Transfers In (Out) | 0 | [4] | 0 | [4] |
Closing Balance | 94 | -40 | ||
Non Recourse Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Opening Balance | ' | -50 | ||
Included in Income | ' | 50 | [1] | |
Included in Regulatory Assets/Liabilities | ' | 0 | [2] | |
Purchases, (Sales) | ' | 0 | ||
Issuances (Settlements) | ' | 0 | [3] | |
Transfers In (Out) | ' | 0 | [4] | |
Non Recourse Debt [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Closing Balance | ' | $0 | ||
[1] | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(27) million and $42 million in Operating Income in 2013 and 2012, respectively. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. Of the $42 million in Operating Income in 2012, $(15) million is unrealized. Energy Holdings' release from its obligations under the non-recourse debt is included in PSEG's Operating Income and is offset by the write-off of the related assets. | |||
[2] | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or OCI, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. As discussed in Note 13. Commitments and Contingent Liabilities, PSE&G’s long-term electric capacity positions represented by the SOCA contracts have been terminated and the related derivative asset or liability and regulatory asset and liability reversed in the fourth quarter of 2013. | |||
[3] | Represents $8 million and $(57) million in settlements for derivative contracts in 2013 and 2012, respectively. | |||
[4] | During the year ended December 31, 2013, $4 million of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters (i.e. the quarter in which the transfers occurred), as per PSEG’s policy. During the year ended December 31, 2012, there were no transfers among levels. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Fair Value Measurements Narrative [Abstract] | ' | ' |
Net Assets Measured At Fair Value On A Recurring Basis | $2,500,000,000 | $2,100,000,000 |
Net Assets Measured At Fair Value On A Recurring Basis Measured Using Unobservable Input And Classified As Level3 | $88,000,000 | ($31,000,000) |
Stock_Based_Compensation_Accru
Stock Based Compensation (Accrual Adjustments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Compensation Cost included in Operation and Maintenance Expense | $32 | $25 | $23 |
Income Tax Benefit Recognized in Consolidated Statement of Operations | $13 | $10 | $10 |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options, Beginning of Year | 2,945,400 |
Options, Exercised | 229,700 |
Options, Canceled/Forfeited | 100,534 |
Options, End of Year | 2,615,166 |
Options, Exercisable at End of Year | 2,615,166 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Options, Beginning of Year, Weighted Average Exercise Price | $34.19 |
Options, Exercised, Weighted Average Exercise Price | $28.30 |
Options, Canceled/Forfeited, Weighted Average Exercise Price | $41.44 |
Options, End of Year, Weighted Average Exercise Price | $34.43 |
Options, Exercisable at End of Year, Weighted Average Exercise Price | $34.43 |
Options, Outstanding at December 31, 2013, Weighted Average Remaining Years Contractual Term | '4 years 8 months 13 days |
Options, Exercisable at December 31, 2013, Weighted Average Remaining Years Contractual Term | '4 years 8 months 13 days |
Options, Outstanding at December 31, 2013, Aggregate Intrinsic Value | $2,311,503 |
Options, Exercisable at December 31, 2013, Aggregate Intrinsic Value | $2,311,503 |
Stock_Based_Compensation_Optio
Stock Based Compensation (Options Exercised) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Total Intrinsic Value of Options Exercised | $1 | $4 | $2 |
Cash Received from Options Exercised | 7 | 7 | 6 |
Tax Benefit Realized from Options Exercised | $0 | $1 | $1 |
Stock_Based_Compensation_Restr
Stock Based Compensation (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Shares, Outstanding at January 1, 2013 | 68,800 |
Shares, Vested | 60,000 |
Shares, Outstanding at December 31, 2013 | 8,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Shares, Outstanding at January 1, 2012, Weighted Average Grant Date Fair Value | $32.57 |
Shares, Vested, Weighted Average Grant Date Fair Value | $32.93 |
Shares, Outstanding at December 31, 2012, Weighted Average Grant Date Fair Value | $30.18 |
Shares, Outstanding at December 31, 2013, Weighted Average Remaining Years Contractual Term | '0 years 3 months 18 days |
Shares, Outstanding at December 31, 2013, Aggregate Intrinsic Value | $281,952 |
Stock_Based_Compensation_Restr1
Stock Based Compensation (Restricted Stock Units Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Shares, Outstanding at January 1, 2013 | 834,527 | ' | ' |
Shares, Granted | 325,035 | ' | ' |
Shares, Vested | -109,691 | ' | ' |
Shares, Canceled | -2,302 | ' | ' |
Shares, Outstanding at December 31, 2013 | 1,047,569 | 834,527 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Shares, Outstanding at January 1, 2012, Weighted Average Grant Date Fair Value | $31.12 | ' | ' |
Shares, Granted, Weighted Average Grant Date Fair Value | $31.41 | $30.95 | $32.03 |
Shares, Vested, Weighted Average Grant Date Fair Value | $30.25 | ' | ' |
Shares, Canceled, Weighted Average Grant Date Fair Value | $31.49 | ' | ' |
Shares, Outstanding at December 31, 2012, Weighted Average Grant Date Fair Value | $31.30 | $31.12 | ' |
Shares, Outstanding at December 31, 2013, Weighted Average Remaining Years Contractual Term | '1 year 1 month 5 days | ' | ' |
Shares, Outstanding at December 31, 2013, Aggregate Intrinsic Value | $33,564,117 | ' | ' |
Stock_Based_Compensation_Perfo
Stock Based Compensation (Performance Units Information) (Details) (Performance Units [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Shares, Outstanding at January 1, 2013 | 749,993 | ' | ' |
Shares, Granted | 420,385 | ' | ' |
Shares, Vested | -270,140 | ' | ' |
Shares, Canceled | -98,120 | ' | ' |
Shares, Outstanding at December 31, 2013 | 802,118 | 749,993 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Shares, Outstanding at January 1, 2012, Weighted Average Grant Date Fair Value | $32.70 | ' | ' |
Shares, Granted, Weighted Average Grant Date Fair Value | $35.07 | $31.25 | $35.33 |
Shares, Vested, Weighted Average Grant Date Fair Value | $34.26 | ' | ' |
Shares, Cancelled, Weighted Average Grant Date Fair Value | $34.10 | ' | ' |
Shares, Outstanding at December 31, 2012, Weighted Average Grant Date Fair Value | $33.25 | $32.70 | ' |
Shares, Outstanding at December 31, 2013, Weighted Average Remaining Years Contractual Term | '1 year 6 months 6 days | ' | ' |
Shares, Outstanding at December 31, 2013, Aggregate Intrinsic Value | $25,699,861 | ' | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 26,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,000,000 | ' | ' |
Excess tax benefits | ' | $1 | $1 |
Stock options vested during period | 1,000,000 | ' | ' |
Total Fair Value of stock options vested | 1 | 3 | 5 |
Compensation expense | 1 | 1 | 1 |
Percentage Of Fair Market Value Being Expected Purchase Price Of Employee Stock Purchase Plan | 95.00% | ' | ' |
Minimum Holding Period for Stock Purchased through Employee Stock Purchase Plan | '3 months | ' | ' |
Percentage Of Fair Market Value Being Expected Purchase Price Of Employee Stock Purchase Plan Non Represented | 90.00% | ' | ' |
Maximum Percentage Limit Of Base Pay For Employees For Purchasing Shares | 10.00% | ' | ' |
Shares issued under employee stock purchase plan | 257,513 | 191,572 | 183,338 |
Shares issued under employee purchase plan, Average price per share | $30.57 | $31.32 | $30.69 |
Various [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 17,000,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of restricted stock units vested | 2 | 1 | 1 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value of granted shares | $31.41 | $30.95 | $32.03 |
Unrecognized compensation cost related to stock options expected to be recognized | 7 | ' | ' |
Weighted average period for recognizing unrecognized compensation cost | '1 year | ' | ' |
Total intrinsic value of restricted stock units vested | 4 | 5 | 7 |
Dividend equivalents accrued on stock units | 48,861 | ' | ' |
Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant date fair value of granted shares | $35.07 | $31.25 | $35.33 |
Total intrinsic value of performance units vested | 5 | 4 | 9 |
Unrecognized compensation cost related to stock options expected to be recognized | $13 | ' | ' |
Weighted average period for recognizing unrecognized compensation cost | '1 year | ' | ' |
Dividend equivalents accrued on stock units | 54,124 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ' | ' |
Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,600,000 | ' | ' |
Minimum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '1 year | ' | ' |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options vesting period | '3 years | ' | ' |
Minimum [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ' | ' |
Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options vesting period | '4 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options vesting period | '4 years | ' | ' |
Maximum [Member] | Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options vesting period | '3 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ' | ' |
Other_Income_And_Deductions_Sc
Other Income And Deductions (Schedule Of Other Income) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Other Income [Line Items] | ' | ' | ' |
NDT Fund Gains, Interest, Dividend and Other Income | $152 | $194 | $186 |
Allowance for Funds Used During Construction | 24 | 23 | 9 |
Solar Loan Interest | 23 | 18 | 10 |
Other | -14 | -25 | -15 |
Total Other Income | 213 | 260 | 220 |
Power [Member] | ' | ' | ' |
Component of Other Income [Line Items] | ' | ' | ' |
NDT Fund Gains, Interest, Dividend and Other Income | 152 | 194 | 186 |
Allowance for Funds Used During Construction | 0 | 0 | 0 |
Solar Loan Interest | 0 | 0 | 0 |
Other | -2 | -7 | -4 |
Total Other Income | 154 | 201 | 190 |
PSE&G [Member] | ' | ' | ' |
Component of Other Income [Line Items] | ' | ' | ' |
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 |
Allowance for Funds Used During Construction | 24 | 23 | 9 |
Solar Loan Interest | 23 | 18 | 10 |
Other | -7 | -11 | -6 |
Total Other Income | 54 | 52 | 25 |
Other Segments [Member] | ' | ' | ' |
Component of Other Income [Line Items] | ' | ' | ' |
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 |
Allowance for Funds Used During Construction | 0 | 0 | 0 |
Solar Loan Interest | 0 | 0 | 0 |
Other | -5 | -7 | -5 |
Total Other Income | $5 | $7 | $5 |
Other_Income_And_Deductions_Sc1
Other Income And Deductions (Schedule Of Other Deductions) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Component of Other Deductions [Line Items] | ' | ' | ' | |||
NDT Fund Realized Losses and Expenses | $34 | $58 | $50 | |||
Gains (Losses) on Extinguishment of Debt | ' | 15 | 17 | |||
Other | 20 | 25 | 18 | |||
Total Other Deductions | 54 | 98 | 85 | |||
Power [Member] | ' | ' | ' | |||
Component of Other Deductions [Line Items] | ' | ' | ' | |||
NDT Fund Realized Losses and Expenses | 34 | 58 | 50 | |||
Gains (Losses) on Extinguishment of Debt | ' | 15 | 17 | |||
Other | 15 | 17 | 12 | |||
Total Other Deductions | 49 | 90 | 79 | |||
PSE&G [Member] | ' | ' | ' | |||
Component of Other Deductions [Line Items] | ' | ' | ' | |||
NDT Fund Realized Losses and Expenses | 0 | 0 | 0 | |||
Gains (Losses) on Extinguishment of Debt | ' | 0 | 0 | |||
Other | 3 | 5 | 4 | |||
Total Other Deductions | 3 | 5 | 4 | |||
Other Segments [Member] | ' | ' | ' | |||
Component of Other Deductions [Line Items] | ' | ' | ' | |||
NDT Fund Realized Losses and Expenses | 0 | [1] | 0 | [1] | 0 | [1] |
Gains (Losses) on Extinguishment of Debt | ' | 0 | 0 | [1] | ||
Other | 2 | [1] | 3 | [1] | 2 | [1] |
Total Other Deductions | $2 | [1] | $3 | [1] | $2 | [1] |
[1] | Other primarily consists of activity at PSEG (parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Reported Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Net Income | $200 | $390 | $333 | $320 | $224 | $347 | $211 | $493 | ' | ' | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 | ||||||||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,407 | ||||||||
Total Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 812 | 736 | 977 | ||||||||
PSEG [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,407 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 487 | -204 | 258 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 42 | -2 | 32 | ||||||||
Total Current | ' | ' | ' | ' | ' | ' | ' | ' | 529 | -206 | 290 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 147 | 758 | 501 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 125 | 191 | ||||||||
Total Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 265 | 883 | 692 | ||||||||
Investment tax credit | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 59 | -5 | ||||||||
Total Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 812 | 736 | 977 | ||||||||
Pre-Tax Income | ' | ' | ' | ' | ' | ' | ' | ' | 2,055 | 2,011 | 2,384 | ||||||||
Tax Computed at Statutory Rate @ 35% | ' | ' | ' | ' | ' | ' | ' | ' | 719 | 704 | 834 | ||||||||
State Income Taxes (net of federal income tax) | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 115 | 146 | ||||||||
Uncertain Tax Positions | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 4 | 19 | ||||||||
Manufacturing Deduction | ' | ' | ' | ' | ' | ' | ' | ' | -9 | 0 | -15 | ||||||||
Nuclear Decommissioning Trust | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 10 | 14 | ||||||||
Plant-Related Items | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -5 | -6 | ||||||||
Tax Credits | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -10 | -5 | ||||||||
Audit Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -71 | 0 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -11 | -10 | ||||||||
Sub-Total | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 32 | 143 | ||||||||
Total Income Tax Provision | ' | ' | ' | ' | ' | ' | ' | ' | 812 | 736 | 977 | ||||||||
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 39.50% | 36.60% | 41.00% | ||||||||
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net Income | 67 | [1] | 226 | [1] | 210 | [1] | 141 | [1] | 113 | [1] | 187 | [1] | 109 | [1] | 257 | [1] | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 | ||||||||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,013 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 262 | 30 | 400 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 51 | 39 | ||||||||
Total Current | ' | ' | ' | ' | ' | ' | ' | ' | 302 | 81 | 439 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 69 | 279 | 156 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 37 | 95 | ||||||||
Total Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 104 | 316 | 251 | ||||||||
Investment tax credit | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 36 | 0 | ||||||||
Total Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 419 | 433 | 690 | ||||||||
Pre-Tax Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,063 | 1,099 | 1,703 | ||||||||
Tax Computed at Statutory Rate @ 35% | ' | ' | ' | ' | ' | ' | ' | ' | 372 | 385 | 596 | ||||||||
State Income Taxes (net of federal income tax) | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 55 | 90 | ||||||||
Uncertain Tax Positions | ' | ' | ' | ' | ' | ' | ' | ' | 3 | -6 | 11 | ||||||||
Manufacturing Deduction | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -15 | ||||||||
Nuclear Decommissioning Trust | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 10 | 14 | ||||||||
Tax Credits | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -7 | -1 | ||||||||
Audit Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | 0 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -3 | -5 | ||||||||
Sub-Total | ' | ' | ' | ' | ' | ' | ' | ' | 47 | 48 | 94 | ||||||||
Total Income Tax Provision | ' | ' | ' | ' | ' | ' | ' | ' | 419 | 433 | 690 | ||||||||
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 39.40% | 39.40% | 40.50% | ||||||||
PSE&G [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net Income | 144 | 168 | 121 | 179 | 75 | 155 | 101 | 197 | ' | ' | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 612 | 528 | 521 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 183 | -217 | -225 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 9 | -6 | ||||||||
Total Current | ' | ' | ' | ' | ' | ' | ' | ' | 183 | -208 | -231 | ||||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 101 | 409 | 483 | ||||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 83 | 92 | ||||||||
Total Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 193 | 492 | 575 | ||||||||
Investment tax credit | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 23 | -4 | ||||||||
Total Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 307 | 340 | ||||||||
Pre-Tax Income | ' | ' | ' | ' | ' | ' | ' | ' | 993 | 835 | 861 | ||||||||
Tax Computed at Statutory Rate @ 35% | ' | ' | ' | ' | ' | ' | ' | ' | 348 | 292 | 301 | ||||||||
State Income Taxes (net of federal income tax) | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 52 | 56 | ||||||||
Uncertain Tax Positions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7 | -1 | ||||||||
Plant-Related Items | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -4 | -6 | ||||||||
Tax Credits | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -3 | -4 | ||||||||
Audit Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -31 | 0 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -6 | -6 | ||||||||
Sub-Total | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 15 | 39 | ||||||||
Total Income Tax Provision | ' | ' | ' | ' | ' | ' | ' | ' | $381 | $307 | $340 | ||||||||
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 38.40% | 36.80% | 39.50% | ||||||||
[1] | Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Current (net) | $24 | $49 |
Current (net) | 0 | 72 |
Net Total Noncurrent Deferred Income Taxes and ITC | 7,107 | 6,542 |
PSE&G [Member] | ' | ' |
Current (net) | 16 | 49 |
OPEB | 182 | 189 |
Other | 0 | 93 |
Total Noncurrent Assets | 182 | 282 |
Total Assets | 198 | 331 |
Current (net) | 30 | 60 |
Plant-Related Items | 3,439 | 3,374 |
New Jersey Corporate Business Tax | 340 | 253 |
Securitization | 279 | 371 |
Conservation Costs | 52 | 101 |
Pension Costs | 171 | 189 |
Taxes Recoverable Through Future Rate (net) | 181 | 165 |
Deferred Tax Liabilities, Other | 68 | 0 |
Total Non-Current Liabilities | 4,530 | 4,453 |
Total Liabilities | 4,560 | 4,513 |
Net Current Deferred Tax Assets | 16 | 49 |
Net Current Deferred Income Tax Liabilities | 30 | 60 |
Net Noncurrent Deferred Income Tax Liabilities | 4,348 | 4,171 |
Investment Tax Credit (ITC) | 58 | 52 |
Net Total Noncurrent Deferred Income Taxes and ITC | 4,406 | 4,223 |
PSEG [Member] | ' | ' |
Current (net) | 24 | 49 |
Accumulated Other Comprehensive Income (Loss) | 3 | 40 |
OPEB | 280 | 200 |
Related to Uncertain Tax Positions | 201 | 75 |
Other | 124 | 262 |
Total Noncurrent Assets | 608 | 577 |
Total Assets | 632 | 626 |
Current (net) | 0 | 72 |
Plant-Related Items | 4,865 | 4,685 |
New Jersey Corporate Business Tax | 534 | 343 |
Nuclear Decommissioning | 282 | 209 |
Securitization | 279 | 371 |
Leasing Activities | 639 | 656 |
Pension Costs | 288 | 180 |
AROs | 241 | 297 |
Taxes Recoverable Through Future Rate (net) | 181 | 165 |
Deferred Tax Liabilities, Other | 293 | 118 |
Total Non-Current Liabilities | 7,602 | 7,024 |
Total Liabilities | 7,602 | 7,096 |
Net Current Deferred Tax Assets | 24 | 49 |
Net Current Deferred Income Tax Liabilities | 0 | 72 |
Net Noncurrent Deferred Income Tax Liabilities | 6,994 | 6,447 |
Investment Tax Credit (ITC) | 113 | 95 |
Net Total Noncurrent Deferred Income Taxes and ITC | 7,107 | 6,542 |
Power [Member] | ' | ' |
Current (net) | 30 | 0 |
Accumulated Other Comprehensive Income (Loss) | 0 | 40 |
Pension Costs | 0 | 38 |
Contractual Liabilities & Environmental Costs | 35 | 35 |
Related to Uncertain Tax Positions | 32 | 27 |
Other | 91 | 61 |
Total Noncurrent Assets | 158 | 201 |
Total Assets | 188 | 201 |
Current (net) | 0 | 16 |
Plant-Related Items | 1,416 | 1,291 |
New Jersey Corporate Business Tax | 81 | 32 |
Nuclear Decommissioning | 282 | 209 |
Pension Costs | 77 | ' |
AROs | 241 | 297 |
Deferred Tax Liabilities, Other Comprehensive Income | 2 | 0 |
Deferred Tax Liabilities, Other | 36 | 0 |
Total Non-Current Liabilities | 2,135 | 1,829 |
Total Liabilities | 2,135 | 1,845 |
Net Current Deferred Income Tax Liabilities | 0 | 16 |
Net Noncurrent Deferred Income Tax Liabilities | 1,977 | 1,628 |
Investment Tax Credit (ITC) | 54 | 41 |
Net Total Noncurrent Deferred Income Taxes and ITC | $2,031 | $1,669 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 12 Months Ended | 16 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
PSEG [Member] | PSEG [Member] | PSEG [Member] | Power [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | New Jersey [Member] | Power [Member] | ||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | $97 | $157 | ' | ' | $71 | $43 | ' | $11 | ' | ' |
Unrecognized Tax Benefit Potential Decrease On Settlement With IRS | ' | ' | 71 | ' | ' | ' | 30 | ' | ' | 1 |
Net operating loss carryforwards | $243 | ' | ' | ' | ' | ' | ' | ' | $731 | ' |
Federal income tax rate | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Bonus depreciation for tax purposes | ' | 50.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PSEG [Member] | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Total Amount of Unrecognized Tax Benefits at January | $402 | $825 | $756 |
Increases as a Result of Positions Taken in a Prior Period | 83 | 92 | 58 |
Decreases as a Result of Positions Taken in a Prior Period | -30 | -173 | -22 |
Increases as a Result of Positions Taken during the Current Period | 23 | 47 | 37 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | -4 |
Decreases as a Result of Settlements with Taxing Authorities | 0 | -389 | 0 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 478 | 402 | 825 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -320 | -264 | -379 |
Regulatory Asset-Unrecognized Tax Benefits | -30 | -30 | -20 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 128 | 108 | 426 |
Power [Member] | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Total Amount of Unrecognized Tax Benefits at January | 134 | 121 | 101 |
Increases as a Result of Positions Taken in a Prior Period | 33 | 27 | 24 |
Decreases as a Result of Positions Taken in a Prior Period | -19 | -7 | -9 |
Increases as a Result of Positions Taken during the Current Period | 8 | 3 | 8 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | -3 |
Decreases as a Result of Settlements with Taxing Authorities | 0 | -10 | 0 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 156 | 134 | 121 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -105 | -93 | -77 |
Regulatory Asset-Unrecognized Tax Benefits | 0 | 0 | 0 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 51 | 41 | 44 |
PSE&G [Member] | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Total Amount of Unrecognized Tax Benefits at January | 163 | 113 | 82 |
Increases as a Result of Positions Taken in a Prior Period | 39 | 55 | 14 |
Decreases as a Result of Positions Taken in a Prior Period | -9 | -47 | 0 |
Increases as a Result of Positions Taken during the Current Period | 15 | 42 | 18 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | -1 |
Decreases as a Result of Settlements with Taxing Authorities | 0 | 0 | 0 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 208 | 163 | 113 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -177 | -133 | -65 |
Regulatory Asset-Unrecognized Tax Benefits | -30 | -30 | -20 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 1 | 0 | 28 |
Energy Holdings [Member] | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Total Amount of Unrecognized Tax Benefits at January | 101 | 555 | 539 |
Increases as a Result of Positions Taken in a Prior Period | 11 | 9 | 17 |
Decreases as a Result of Positions Taken in a Prior Period | -2 | -119 | -12 |
Increases as a Result of Positions Taken during the Current Period | 0 | 0 | 11 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | 0 |
Decreases as a Result of Settlements with Taxing Authorities | 0 | -344 | 0 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 110 | 101 | 555 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -37 | -35 | -213 |
Regulatory Asset-Unrecognized Tax Benefits | 0 | 0 | 0 |
Amount of unrecognized tax benefits that would affect the effective tax rate | $73 | $66 | $342 |
Income_Taxes_Interest_And_Pena
Income Taxes (Interest And Penalties Related To Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and Penalties on Uncertain Tax Positions | $48 | $38 | $395 |
PSE&G [Member] | ' | ' | ' |
Interest and Penalties on Uncertain Tax Positions | 6 | 1 | -24 |
Power [Member] | ' | ' | ' |
Interest and Penalties on Uncertain Tax Positions | -2 | -2 | -11 |
Energy Holdings [Member] | ' | ' | ' |
Interest and Penalties on Uncertain Tax Positions | 44 | 39 | 420 |
Other Subsidiaries [Member] | ' | ' | ' |
Interest and Penalties on Uncertain Tax Positions | $0 | $0 | $10 |
Income_Taxes_Possible_Decrease
Income Taxes (Possible Decrease In Total Unrecognized Tax Benefits Including Interest) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
PSEG [Member] | Power [Member] | PSE&G [Member] | PSE&G [Member] | ||
Possible Decrease in Total Unrecognized Tax Benefits including Interest | $97 | $157 | $71 | $43 | $11 |
Income_Taxes_Description_Of_In
Income Taxes (Description Of Income Tax Years By Material Jurisdictions) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Federal [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2007-2012 |
Federal [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Federal [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
New Jersey [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2006-2012 |
New Jersey [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
New Jersey [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2006-2012 |
Pennsylvania [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2001-2012 |
Pennsylvania [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Pennsylvania [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2000-2012 |
Connecticut [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2002-2012 |
Connecticut [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Connecticut [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Texas [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2007-2012 |
Texas [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Texas [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
California [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2003-2012 |
California [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
California [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
New York [Member] | PSEG [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2009-2012 |
New York [Member] | Power [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | '2009-2012 |
New York [Member] | PSE&G [Member] | ' |
Income Taxes [Line Items] | ' |
Income Tax Year Subject to Examination by Material Jurisdictions | 'N/A |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes in AOCI) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($95) | ($388) | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 6 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 293 | -51 | -181 |
PSEG [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -95 | -388 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 299 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 6 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 293 | ' | ' |
Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -63 | -328 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 276 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 11 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 265 | -52 | -181 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | PSEG [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2 | 7 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -2 | 17 | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 7 | 41 | ' |
Other Comprehensive Income (Loss), Net of Tax | 9 | ' | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1 | 9 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -2 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 8 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -10 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | PSEG [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -238 | -485 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 210 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -37 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -247 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -204 | -422 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 185 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -33 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 218 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | PSEG [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 145 | 90 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 91 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 36 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -55 | ' | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 142 | 85 | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 93 | ' | ' |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 36 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $57 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications out of AOCI) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Amount Reclassified from AOCI for Pension and OPEB Plans, After-Tax | ($37) |
Amount Reclassified from Accumulated Other Comprehensive Income, Pre-Tax | 23 |
Amount Reclassified from Accumulated Other Comprehensive Income, Tax | -17 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 6 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 75 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -39 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 36 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Amount Reclassified from AOCI for Pension and OPEB Plans, Pre-Tax | -64 |
Amount Reclassified from AOCI for Pension and OPEB Plans, Tax | 27 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | 12 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | 7 |
Operating Revenues [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | 8 |
Operation and Maintenance Expense [Member] | ' |
Amortization of Prior Service (Cost) Credit, After-Tax | 7 |
Amortization of Actuarial Loss, After-Tax | -44 |
Operation and Maintenance Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Amortization of Prior Service (Cost) Credit, Pre-Tax | 11 |
Amortization of Prior Service (Cost) Credit, Tax | 4 |
Amortization of Actuartial Loss, Pre-Tax | -75 |
Amortization of Actuarial Loss, Tax | 31 |
Other Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 116 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -59 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 57 |
Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | -1 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | 0 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | -1 |
Other Deductions [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 29 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -14 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 15 |
Other-Than-Temporary Impairments [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 12 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -6 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 6 |
Power [Member] | ' |
Amortization of Actuarial Loss, After-Tax | -38 |
Amount Reclassified from AOCI for Pension and OPEB Plans, After-Tax | -33 |
Amount Reclassified from Accumulated Other Comprehensive Income, Pre-Tax | 32 |
Amount Reclassified from Accumulated Other Comprehensive Income, Tax | -21 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 11 |
Power [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 74 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -38 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 36 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 36 |
Power [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Amount Reclassified from AOCI for Pension and OPEB Plans, Pre-Tax | -55 |
Amount Reclassified from AOCI for Pension and OPEB Plans, Tax | 22 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -33 |
Power [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | 8 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 8 |
Power [Member] | Operating Revenues [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' |
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | 8 |
Power [Member] | Operation and Maintenance Expense [Member] | ' |
Amortization of Prior Service (Cost) Credit, After-Tax | 5 |
Power [Member] | Operation and Maintenance Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' |
Amortization of Prior Service (Cost) Credit, Pre-Tax | 9 |
Amortization of Prior Service (Cost) Credit, Tax | 4 |
Amortization of Actuartial Loss, Pre-Tax | -64 |
Amortization of Actuarial Loss, Tax | 26 |
Power [Member] | Other Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 112 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -57 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 55 |
Power [Member] | Other Deductions [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 26 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -13 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 13 |
Power [Member] | Other-Than-Temporary Impairments [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 12 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -6 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | $6 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax (Schedule of AOCI) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Net of Tax | $293 | ($51) | ($181) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -95 | -388 | ' |
PSE&G [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -1 | 0 | 2 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1 | 2 | ' |
Power [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 265 | -52 | -181 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -63 | -328 | ' |
Power [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 57 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 142 | 85 | ' |
Power [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 218 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -204 | -422 | ' |
Power [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -10 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($1) | $9 | ' |
Recovered_Sheet7
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | $1,243 | $1,275 | $1,407 |
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 |
Effect of Stock Based Compensation Awards, Basic | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Shares, Basic | 506,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 506,000,000 | 505,889,000 | 505,933,000 | 505,949,000 |
Continuing Operations, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $2.46 | $2.52 | $2.78 |
Net Income, Basic | $0.40 | $0.77 | $0.66 | $0.63 | $0.44 | $0.69 | $0.42 | $0.97 | $2.46 | $2.52 | $2.97 |
Effect of Stock Based Compensation Awards, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 1,636,000 | 1,153,000 | 1,033,000 |
Total Shares, Diluted | 508,000,000 | 508,000,000 | 507,000,000 | 507,000,000 | 507,000,000 | 507,000,000 | 507,000,000 | 507,000,000 | 507,525,000 | 507,086,000 | 506,982,000 |
Continuing Operations, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $2.45 | $2.51 | $2.77 |
Net Income, Diluted | $0.39 | $0.77 | $0.66 | $0.63 | $0.44 | $0.68 | $0.42 | $0.97 | $2.45 | $2.51 | $2.96 |
Weighted Average Common Shares Outstanding Before Various Effects Basic | ' | ' | ' | ' | ' | ' | ' | ' | 505,889,000 | 505,933,000 | 505,949,000 |
Weighted Average Common Shares Outstanding Before Various Effects Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 505,889,000 | 505,933,000 | 505,949,000 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.19 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.19 |
Stock Options Excluded from Weighted Average Common Shares used for diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,800,000 | 1,800,000 |
PSEG [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | $1,243 | $1,275 | $1,407 |
Recovered_Sheet8
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 19, 2013 |
Subsequent Event [Member] | ||||
Dividend Payments on Common Stock, Per Share | $1.44 | $1.42 | $1.37 | ' |
Dividend Payments on Common Stock | $728 | $718 | $693 | ' |
Common stock dividends per share | ' | ' | ' | $0.37 |
Financial_Information_By_Busin2
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | $2,318 | $2,554 | $2,310 | $2,786 | $2,406 | $2,402 | $2,098 | $2,875 | $9,968 | $9,781 | $11,079 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,178 | 1,054 | 976 | |||||
Operating Income (Loss) | 365 | 712 | 612 | 610 | 468 | 594 | 433 | 783 | 2,299 | 2,278 | 2,742 | |||||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 12 | 4 | |||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -402 | -423 | -475 | |||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 812 | 736 | 977 | |||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 | |||||
Total Assets | 32,522 | ' | ' | ' | 31,725 | ' | ' | ' | 32,522 | 31,725 | ' | |||||
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,063 | 4,873 | 6,150 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 273 | 242 | 228 | |||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,070 | 1,123 | 1,773 | |||||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 14 | |||||
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 3 | 4 | |||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -116 | -132 | -175 | |||||
Income (Loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,063 | 1,099 | 1,703 | |||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 419 | 433 | 690 | |||||
Income (Loss) From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,013 | |||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | |||||
Gross Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 609 | 770 | 757 | |||||
Total Assets | 12,002 | ' | ' | ' | 11,323 | ' | ' | ' | 12,002 | 11,323 | ' | |||||
Investments in Equity Method Subsidiaries | 123 | ' | ' | ' | 125 | ' | ' | ' | 123 | 125 | ' | |||||
PSE&G [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,655 | 6,626 | 7,326 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 872 | 778 | 719 | |||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,235 | 1,083 | 1,151 | |||||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 20 | 12 | |||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -293 | -295 | -310 | |||||
Income (Loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 993 | 835 | 861 | |||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 307 | 340 | |||||
Income (Loss) From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 612 | 528 | 521 | |||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 612 | 528 | 521 | |||||
Gross Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,175 | 1,770 | 1,302 | |||||
Total Assets | 19,720 | ' | ' | ' | 19,223 | ' | ' | ' | 19,720 | 19,223 | ' | |||||
Investments in Equity Method Subsidiaries | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | |||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 103 | -149 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 34 | 29 | |||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 72 | -182 | |||||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -3 | -10 | |||||
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 25 | 20 | |||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -15 | -17 | -7 | |||||
Income (Loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 77 | -180 | |||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -4 | -53 | |||||
Income (Loss) From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | -13 | 81 | -127 | |||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -13 | 81 | -127 | |||||
Gross Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 34 | 24 | |||||
Total Assets | 4,025 | ' | ' | ' | 4,161 | ' | ' | ' | 4,025 | 4,161 | ' | |||||
Investments in Equity Method Subsidiaries | 3 | ' | ' | ' | 9 | ' | ' | ' | 3 | 9 | ' | |||||
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,802 | [1] | -1,821 | [1] | -2,248 | [1] | ||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | -22 | [1] | -21 | [1] | -17 | [1] | ||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 22 | [1] | 21 | [1] | 17 | [1] | ||
Income (Loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Income (Loss) From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Gross Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [1] | ||
Total Assets | -3,225 | [1] | ' | ' | ' | -2,982 | [1] | ' | ' | ' | -3,225 | [1] | -2,982 | [1] | ' | |
Investments in Equity Method Subsidiaries | 0 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | 0 | [1] | 0 | [1] | ' | |
Consolidated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,968 | 9,781 | 11,079 | |||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,178 | 1,054 | 976 | |||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,299 | 2,278 | 2,742 | |||||
Income from Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 12 | 4 | |||||
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 27 | 19 | |||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -402 | -423 | -475 | |||||
Income (Loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,055 | 2,011 | 2,384 | |||||
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 812 | 736 | 977 | |||||
Income (Loss) From Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,407 | |||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 | |||||
Gross Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,811 | 2,574 | 2,083 | |||||
Total Assets | 32,522 | ' | ' | ' | 31,725 | ' | ' | ' | 32,522 | 31,725 | ' | |||||
Investments in Equity Method Subsidiaries | 126 | ' | ' | ' | 134 | ' | ' | ' | 126 | 134 | ' | |||||
Retained Earnings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | $1,243 | $1,275 | $1,503 | |||||
[1] | Intercompany eliminations, primarily relate to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 24. Related-Party Transactions. |
RelatedParty_Transactions_Sche
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Power [Member] | ' | ' | ' | |||
Total Revenue from Affiliates | $1,797 | [1] | $1,802 | [1] | $2,215 | [1] |
Administrative Billings from Services | -178 | [2] | -154 | [2] | -147 | [2] |
Affiliate Costs | -178 | -154 | -147 | |||
PSE&G [Member] | ' | ' | ' | |||
Billings for BGS and BGSS | -1,797 | [1] | -1,802 | [1] | -2,215 | [1] |
Administrative Billings from Services | 255 | [2] | 230 | [2] | 210 | [2] |
Affiliate Costs | ($2,052) | ($2,032) | ($2,425) | |||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||
[2] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
RelatedParty_Transactions_Sche1
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) (Power [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Power [Member] | ' | ' | ||
Receivables from PSE&G through BGS and BGSS Contracts | $267 | [1] | $265 | [1] |
Receivable from (Payable to) Services | -31 | [2] | -31 | [2] |
Receivable from (Payable to) PSEG | 97 | [3] | 106 | [3] |
Accounts Receivable-Affiliated Companies, net | 333 | 340 | ||
Short-Term Loan to Affiliate (Demand Note to PSEG) | 790 | [4] | 574 | [4] |
Working Capital Advances to Services | 17 | [5] | 17 | [5] |
Long-Term Accrued Taxes Receivable (Payable) | ($53) | ($50) | ||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||
[2] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||
[3] | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | |||
[4] | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | |||
[5] | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. |
RelatedParty_Transactions_Sche2
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
PSE&G [Member] | ' | ' | ||
Payable to Power through BGS and BGSS Contracts | $267 | [1] | $265 | [1] |
Payable to Power for SREC Liability | 0 | [2] | -7 | [2] |
Receivable from (Payable to) Services | -73 | [3] | -65 | [3] |
Receivable From Parent | 150 | [4] | 262 | [4] |
Receivable from Energy Holdings | 0 | 2 | ||
Due from Affiliate, Current | -190 | -73 | ||
Working Capital Advances to Services | 33 | [5] | 33 | [5] |
Long-Term Accrued Taxes Payable | -72 | -32 | ||
Accrued Liability for Excess SREC costs | ' | 17 | ||
Power's Share Of PSE&G's Liability [Member] | ' | ' | ||
Accrued Liability for Excess SREC costs | ' | 7 | ||
Power [Member] | ' | ' | ||
Receivable from (Payable to) Services | -31 | [3] | -31 | [3] |
Receivable from Energy Holdings | 333 | 340 | ||
Working Capital Advances to Services | 17 | [5] | 17 | [5] |
Long-Term Accrued Taxes Payable | 53 | 50 | ||
SREC Reimbursement | $9 | ' | ||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||
[2] | Pursuant to a 2008 BPU Order, certain BGS suppliers, including Power, would be reimbursed for the cost they incurred above $300 per Solar Renewable Energy Certificate (SREC) or per Solar Alternative Compliance Payment during the period June 1, 2008 through May 31, 2010 and such excess cost would be passed onto ratepayers. In accordance with a Stipulation of Settlement approved by the BPU in a December 2012 Order describing the mechanism for BGS suppliers to recover these costs, PSE&G, as a New Jersey EDC, estimated and accrued a total liability for the excess SREC cost expected to be recovered from ratepayers of $17 million, including approximately $7 million for Power’s share which was included in PSE&G’s Accounts Receivable (Payable)—Affiliated Companies, as of December 31, 2012. Under current accounting guidance, Power was unable to record the related intercompany receivable on its Consolidated Balance Sheet until the BPU issued an Order approving such payments. As a result, PSE&G’s liability to Power was not eliminated in consolidation and was included in Other Current Liabilities on PSEG’s Consolidated Balance Sheet as of December 31, 2012. In May 2013, the BPU issued an Order approving the BGS payments for these SRECs. This Order was not appealed and went into effect in July 2013. As a result, Power recorded its $9 million then outstanding receivable from PSE&G. In August 2013, PSE&G reimbursed Power and its other BGS suppliers for the excess SREC costs. | |||
[3] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||
[4] | Receivable primarily relates to tax amounts due to PSEG from its affiliates as PSEG files a consolidated federal income tax return together with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | |||
[5] | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Consolidated Balance Sheets. |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Schedule Of Valuation And Qualifying Accounts) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
PSEG [Member] | Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $56 | $56 | $68 | |||
Additions, Charged to cost and expenses | 90 | 96 | 102 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 90 | [1] | 96 | [1] | 114 | [1] |
Balance at End of Period | 56 | 56 | 56 | |||
PSEG [Member] | Materials And Supplies Valuation Reserve [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 22 | 3 | 4 | |||
Additions, Charged to cost and expenses | 2 | 21 | 2 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 16 | [2] | 2 | [2] | 3 | [2] |
Balance at End of Period | 8 | 22 | 3 | |||
Power [Member] | Materials And Supplies Valuation Reserve [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 22 | 3 | 4 | |||
Additions, Charged to cost and expenses | 2 | 21 | 2 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 16 | [2] | 2 | [2] | 3 | [2] |
Balance at End of Period | 8 | 22 | 3 | |||
PSE&G [Member] | Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 56 | 56 | 67 | |||
Additions, Charged to cost and expenses | 90 | 96 | 102 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 90 | [1] | 96 | [1] | 113 | [1] |
Balance at End of Period | $56 | $56 | $56 | |||
[1] | Accounts Receivable written off. | |||||
[2] | Reduced reserve to appropriate level and to remove obsolete inventory. |
Selected_Quarterly_Data_Schedu
Selected Quarterly Data (Schedule Of Selected Quarterly Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Operating Revenues | $2,318 | $2,554 | $2,310 | $2,786 | $2,406 | $2,402 | $2,098 | $2,875 | $9,968 | $9,781 | $11,079 | ||||||||
Operating Income (Loss) | 365 | 712 | 612 | 610 | 468 | 594 | 433 | 783 | 2,299 | 2,278 | 2,742 | ||||||||
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,055 | 2,011 | 2,384 | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 | ||||||||
Net Income (Loss) | 200 | 390 | 333 | 320 | 224 | 347 | 211 | 493 | ' | ' | ' | ||||||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 | ||||||||
Basic | 506,000 | 506,000 | 506,000 | 506,000 | 506,000 | 506,000 | 506,000 | 506,000 | 505,889 | 505,933 | 505,949 | ||||||||
Diluted | 508,000 | 508,000 | 507,000 | 507,000 | 507,000 | 507,000 | 507,000 | 507,000 | 507,525 | 507,086 | 506,982 | ||||||||
Net Income (Loss) | $0.40 | $0.77 | $0.66 | $0.63 | $0.44 | $0.69 | $0.42 | $0.97 | $2.46 | $2.52 | $2.97 | ||||||||
Net Income (Loss) | $0.39 | $0.77 | $0.66 | $0.63 | $0.44 | $0.68 | $0.42 | $0.97 | $2.45 | $2.51 | $2.96 | ||||||||
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | 1,245 | [1] | 1,174 | [1] | 1,193 | [1] | 1,451 | [1] | 1,282 | [1] | 1,041 | [1] | 987 | [1] | 1,563 | [1] | 5,063 | 4,873 | 6,150 |
Operating Income (Loss) | 107 | [1] | 370 | [1] | 351 | [1] | 242 | [1] | 216 | [1] | 268 | [1] | 198 | [1] | 441 | [1] | 1,070 | 1,123 | 1,773 |
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,063 | 1,099 | 1,703 | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 96 | ||||||||
Net Income (Loss) | 67 | [1] | 226 | [1] | 210 | [1] | 141 | [1] | 113 | [1] | 187 | [1] | 109 | [1] | 257 | [1] | ' | ' | ' |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | ||||||||
PSE&G [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | 1,571 | 1,666 | 1,423 | 1,995 | 1,597 | 1,683 | 1,407 | 1,939 | 6,655 | 6,626 | 7,326 | ||||||||
Operating Income (Loss) | 271 | 346 | 253 | 365 | 193 | 321 | 227 | 342 | 1,235 | 1,083 | 1,151 | ||||||||
Income (Loss) from Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | 993 | 835 | 861 | ||||||||
Net Income (Loss) | 144 | 168 | 121 | 179 | 75 | 155 | 101 | 197 | ' | ' | ' | ||||||||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | $612 | $528 | $521 | ||||||||
[1] | Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. |
Guarantees_Of_Debt_Schedule_Of
Guarantees Of Debt (Schedule Of Financial Statements Of Guarantors) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||
Operating Revenues | $2,318 | $2,554 | $2,310 | $2,786 | $2,406 | $2,402 | $2,098 | $2,875 | $9,968 | $9,781 | $11,079 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,669 | 7,503 | 8,337 | ' | ||||||||
Operating Income (Loss) | 365 | 712 | 612 | 610 | 468 | 594 | 433 | 783 | 2,299 | 2,278 | 2,742 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 12 | 4 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 213 | 260 | 220 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -54 | -98 | -85 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -18 | -22 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -402 | -423 | -475 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -812 | -736 | -977 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -96 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,243 | 1,275 | 1,503 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 3,158 | 2,787 | 3,557 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -2,801 | -2,625 | -1,269 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -243 | -617 | -1,734 | ' | ||||||||
Current Assets | 3,614 | ' | ' | ' | 3,869 | ' | ' | ' | 3,614 | 3,869 | ' | ' | ||||||||
Property, Plant and Equipment, net | 21,645 | ' | ' | ' | 19,736 | ' | ' | ' | 21,645 | 19,736 | ' | ' | ||||||||
Noncurrent Assets | 7,263 | ' | ' | ' | 8,120 | ' | ' | ' | 7,263 | 8,120 | ' | ' | ||||||||
Total Assets | 32,522 | ' | ' | ' | 31,725 | ' | ' | ' | 32,522 | 31,725 | ' | ' | ||||||||
Current Liabilities | 3,063 | ' | ' | ' | 3,777 | ' | ' | ' | 3,063 | 3,777 | ' | ' | ||||||||
Noncurrent Liabilities | 9,988 | ' | ' | ' | 10,480 | ' | ' | ' | 9,988 | 10,480 | ' | ' | ||||||||
Total Long-Term Debt | 7,862 | ' | ' | ' | 6,687 | ' | ' | ' | 7,862 | 6,687 | ' | ' | ||||||||
Member's Equity | 11,609 | ' | ' | ' | 10,781 | ' | ' | ' | 11,609 | 10,781 | 10,272 | 9,641 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 32,522 | ' | ' | ' | 31,725 | ' | ' | ' | 32,522 | 31,725 | ' | ' | ||||||||
Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | 1,245 | [1] | 1,174 | [1] | 1,193 | [1] | 1,451 | [1] | 1,282 | [1] | 1,041 | [1] | 987 | [1] | 1,563 | [1] | 5,063 | 4,873 | 6,150 | ' |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,993 | 3,750 | 4,377 | ' | ||||||||
Operating Income (Loss) | 107 | [1] | 370 | [1] | 351 | [1] | 242 | [1] | 216 | [1] | 268 | [1] | 198 | [1] | 441 | [1] | 1,070 | 1,123 | 1,773 | ' |
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 14 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 154 | 201 | 190 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -90 | -79 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -18 | -20 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -116 | -132 | -175 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -419 | -433 | -690 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -96 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,347 | 1,453 | 1,817 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -861 | -472 | -578 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -487 | -986 | -1,238 | ' | ||||||||
Current Assets | 2,476 | ' | ' | ' | 2,236 | ' | ' | ' | 2,476 | 2,236 | ' | ' | ||||||||
Property, Plant and Equipment, net | 7,367 | ' | ' | ' | 7,222 | ' | ' | ' | 7,367 | 7,222 | ' | ' | ||||||||
Noncurrent Assets | 2,159 | ' | ' | ' | 1,865 | ' | ' | ' | 2,159 | 1,865 | ' | ' | ||||||||
Total Assets | 12,002 | ' | ' | ' | 11,323 | ' | ' | ' | 12,002 | 11,323 | ' | ' | ||||||||
Current Liabilities | 800 | ' | ' | ' | 968 | ' | ' | ' | 800 | 968 | ' | ' | ||||||||
Noncurrent Liabilities | 2,847 | ' | ' | ' | 2,685 | ' | ' | ' | 2,847 | 2,685 | ' | ' | ||||||||
Total Long-Term Debt | 2,497 | ' | ' | ' | 2,040 | ' | ' | ' | 2,497 | 2,040 | ' | ' | ||||||||
Member's Equity | 5,858 | ' | ' | ' | 5,630 | ' | ' | ' | 5,858 | 5,630 | 5,566 | 5,143 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 12,002 | ' | ' | ' | 11,323 | ' | ' | ' | 12,002 | 11,323 | ' | ' | ||||||||
Power Senior Notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,063 | 4,873 | 6,150 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,993 | 3,750 | 4,377 | ' | ||||||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,070 | 1,123 | 1,773 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 14 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 154 | 201 | 190 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -49 | -90 | -79 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -18 | -20 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -116 | -132 | -175 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -419 | -433 | -690 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 909 | 614 | 928 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,347 | 1,453 | 1,817 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -861 | -472 | -578 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -487 | -986 | -1,238 | ' | ||||||||
Current Assets | 2,476 | ' | ' | ' | 2,236 | ' | ' | ' | 2,476 | 2,236 | ' | ' | ||||||||
Property, Plant and Equipment, net | 7,367 | ' | ' | ' | 7,222 | ' | ' | ' | 7,367 | 7,222 | ' | ' | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Noncurrent Assets | 2,159 | ' | ' | ' | 1,865 | ' | ' | ' | 2,159 | 1,865 | ' | ' | ||||||||
Total Assets | 12,002 | ' | ' | ' | 11,323 | ' | ' | ' | 12,002 | 11,323 | ' | ' | ||||||||
Current Liabilities | 800 | ' | ' | ' | 968 | ' | ' | ' | 800 | 968 | ' | ' | ||||||||
Noncurrent Liabilities | 2,847 | ' | ' | ' | 2,685 | ' | ' | ' | 2,847 | 2,685 | ' | ' | ||||||||
Total Long-Term Debt | 2,497 | ' | ' | ' | 2,040 | ' | ' | ' | 2,497 | 2,040 | ' | ' | ||||||||
Member's Equity | 5,858 | ' | ' | ' | 5,630 | ' | ' | ' | 5,858 | 5,630 | ' | ' | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 12,002 | ' | ' | ' | 11,323 | ' | ' | ' | 12,002 | 11,323 | ' | ' | ||||||||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,490 | 6,238 | 7,452 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,413 | 5,118 | 5,673 | ' | ||||||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,077 | 1,120 | 1,779 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -10 | 92 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 206 | 195 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -35 | -59 | -51 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -18 | -19 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -51 | -56 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -474 | -501 | -762 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 666 | 687 | 1,178 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 713 | 681 | 1,055 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,503 | 1,562 | 2,427 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -1,092 | -1,206 | -1,171 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -412 | -361 | -1,256 | ' | ||||||||
Current Assets | 8,916 | ' | ' | ' | 8,084 | ' | ' | ' | 8,916 | 8,084 | ' | ' | ||||||||
Property, Plant and Equipment, net | 6,108 | ' | ' | ' | 5,988 | ' | ' | ' | 6,108 | 5,988 | ' | ' | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 729 | ' | ' | ' | 733 | ' | ' | ' | 729 | 733 | ' | ' | ||||||||
Noncurrent Assets | 1,847 | ' | ' | ' | 1,660 | ' | ' | ' | 1,847 | 1,660 | ' | ' | ||||||||
Total Assets | 17,600 | ' | ' | ' | 16,465 | ' | ' | ' | 17,600 | 16,465 | ' | ' | ||||||||
Current Liabilities | 10,919 | ' | ' | ' | 10,187 | ' | ' | ' | 10,919 | 10,187 | ' | ' | ||||||||
Noncurrent Liabilities | 2,247 | ' | ' | ' | 1,960 | ' | ' | ' | 2,247 | 1,960 | ' | ' | ||||||||
Total Long-Term Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Member's Equity | 4,434 | ' | ' | ' | 4,318 | ' | ' | ' | 4,434 | 4,318 | ' | ' | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 17,600 | ' | ' | ' | 16,465 | ' | ' | ' | 17,600 | 16,465 | ' | ' | ||||||||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 190 | 135 | 155 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 125 | 157 | ' | ||||||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 10 | -2 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 15 | 14 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 0 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -19 | -16 | -18 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2 | 9 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -97 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 9 | 100 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 9 | 100 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 67 | -279 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -71 | -151 | 594 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -11 | 83 | -314 | ' | ||||||||
Current Assets | 944 | ' | ' | ' | 942 | ' | ' | ' | 944 | 942 | ' | ' | ||||||||
Property, Plant and Equipment, net | 1,178 | ' | ' | ' | 1,154 | ' | ' | ' | 1,178 | 1,154 | ' | ' | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Noncurrent Assets | 138 | ' | ' | ' | 145 | ' | ' | ' | 138 | 145 | ' | ' | ||||||||
Total Assets | 2,260 | ' | ' | ' | 2,241 | ' | ' | ' | 2,260 | 2,241 | ' | ' | ||||||||
Current Liabilities | 982 | ' | ' | ' | 1,011 | ' | ' | ' | 982 | 1,011 | ' | ' | ||||||||
Noncurrent Liabilities | 338 | ' | ' | ' | 306 | ' | ' | ' | 338 | 306 | ' | ' | ||||||||
Total Long-Term Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Member's Equity | 940 | ' | ' | ' | 924 | ' | ' | ' | 940 | 924 | ' | ' | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 2,260 | ' | ' | ' | 2,241 | ' | ' | ' | 2,260 | 2,241 | ' | ' | ||||||||
Power Senior Notes [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,617 | -1,500 | -1,457 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1,617 | -1,500 | -1,458 | ' | ||||||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -679 | -697 | -1,278 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | -38 | -52 | -45 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 53 | 45 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 696 | 1 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | -679 | ' | -1,278 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -724 | -690 | -1,155 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | -526 | -474 | -940 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 109 | 170 | -597 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 417 | 255 | 1,542 | ' | ||||||||
Current Assets | -11,544 | ' | ' | ' | -10,712 | ' | ' | ' | -11,544 | -10,712 | ' | ' | ||||||||
Property, Plant and Equipment, net | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -5,374 | ' | ' | ' | -5,241 | ' | ' | ' | -5,374 | -5,241 | ' | ' | ||||||||
Noncurrent Assets | -48 | ' | ' | ' | -141 | ' | ' | ' | -48 | -141 | ' | ' | ||||||||
Total Assets | -16,966 | ' | ' | ' | -16,094 | ' | ' | ' | -16,966 | -16,094 | ' | ' | ||||||||
Current Liabilities | -11,545 | ' | ' | ' | -10,712 | ' | ' | ' | -11,545 | -10,712 | ' | ' | ||||||||
Noncurrent Liabilities | -47 | ' | ' | ' | -140 | ' | ' | ' | -47 | -140 | ' | ' | ||||||||
Total Long-Term Debt | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ||||||||
Member's Equity | -5,374 | ' | ' | ' | -5,242 | ' | ' | ' | -5,374 | -5,242 | ' | ' | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | -16,966 | ' | ' | ' | -16,094 | ' | ' | ' | -16,966 | -16,094 | ' | ' | ||||||||
Power Senior Notes [Member] | Power Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Operating Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ||||||||
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 7 | 5 | ' | ||||||||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -23 | -7 | -5 | ' | ||||||||
Equity Earnings (Losses) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 684 | 707 | 1,186 | ' | ||||||||
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 45 | 40 | ' | ||||||||
Other Deductions | ' | ' | ' | ' | ' | ' | ' | ' | -14 | -31 | -28 | ' | ||||||||
Other-Than-Temporary Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | ' | ||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -93 | -118 | -146 | ' | ||||||||
Income Tax Benefit (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 70 | 63 | ' | ||||||||
Income (Loss) on Discontinued Operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ||||||||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 644 | 666 | 1,109 | ' | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 909 | 614 | 928 | ' | ||||||||
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | ' | ' | ' | ' | 288 | 298 | 609 | ' | ||||||||
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | ' | ' | ' | ' | 193 | 715 | 596 | ' | ||||||||
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | ' | ' | ' | ' | -481 | -963 | -1,210 | ' | ||||||||
Current Assets | 4,160 | ' | ' | ' | 3,922 | ' | ' | ' | 4,160 | 3,922 | ' | ' | ||||||||
Property, Plant and Equipment, net | 81 | ' | ' | ' | 80 | ' | ' | ' | 81 | 80 | ' | ' | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,645 | ' | ' | ' | 4,508 | ' | ' | ' | 4,645 | 4,508 | ' | ' | ||||||||
Noncurrent Assets | 222 | ' | ' | ' | 201 | ' | ' | ' | 222 | 201 | ' | ' | ||||||||
Total Assets | 9,108 | ' | ' | ' | 8,711 | ' | ' | ' | 9,108 | 8,711 | ' | ' | ||||||||
Current Liabilities | 444 | ' | ' | ' | 482 | ' | ' | ' | 444 | 482 | ' | ' | ||||||||
Noncurrent Liabilities | 309 | ' | ' | ' | 559 | ' | ' | ' | 309 | 559 | ' | ' | ||||||||
Total Long-Term Debt | 2,497 | ' | ' | ' | 2,040 | ' | ' | ' | 2,497 | 2,040 | ' | ' | ||||||||
Member's Equity | 5,858 | ' | ' | ' | 5,630 | ' | ' | ' | 5,858 | 5,630 | ' | ' | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $9,108 | ' | ' | ' | $8,711 | ' | ' | ' | $9,108 | $8,711 | ' | ' | ||||||||
[1] | Power's information has been restated for all periods presented to reflect the transfer of certain of Energy Holdings' equity investments to Power on December 31, 2013. For additional information see Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. |