Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PEG | ||
Entity Registrant Name | PUBLIC SERVICE ENTERPRISE GROUP INC | ||
Entity Central Index Key | 788784 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 506,179,029 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $20,598,517,672 | ||
Power [Member] | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PSEG POWER LLC | ||
Entity Central Index Key | 1158659 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
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-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PUBLIC SERVICE ELECTRIC & GAS CO | ||
Entity Central Index Key | 81033 | ||
Current Fiscal Year End Date | -19 | ||
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 Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues | $10,886 | $9,968 | $9,781 |
Operating Expenses [Abstract] | |||
Energy Costs | 3,886 | 3,536 | 3,719 |
Operation and Maintenance | 3,150 | 2,887 | 2,632 |
Depreciation and Amortization | 1,227 | 1,178 | 1,054 |
Taxes Other Than Income Taxes | 0 | 68 | 98 |
Total Operating Expenses | 8,263 | 7,669 | 7,503 |
OPERATING INCOME | 2,623 | 2,299 | 2,278 |
Income from Equity Method Investments | 13 | 11 | 12 |
Other Income | 290 | 213 | 260 |
Other Deductions | -61 | -54 | -98 |
Other than Temporary Impairments | 20 | 12 | 18 |
Interest Expense | -389 | -402 | -423 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,456 | 2,055 | 2,011 |
Income Tax (Expense) Benefit | -938 | -812 | -736 |
Net Income | 1,518 | 1,243 | 1,275 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
BASIC | 506 | 506 | 506 |
DILUTED | 508 | 508 | 507 |
EARNINGS PER SHARE: | |||
NET INCOME, BASIC | $3 | $2.46 | $2.52 |
NET INCOME, DILUTED | $2.99 | $2.45 | $2.51 |
PSE&G [Member] | |||
Operating Revenues | 6,766 | 6,655 | 6,626 |
Operating Expenses [Abstract] | |||
Energy Costs | 2,909 | 2,841 | 3,159 |
Operation and Maintenance | 1,558 | 1,639 | 1,508 |
Depreciation and Amortization | 906 | 872 | 778 |
Taxes Other Than Income Taxes | 0 | 68 | 98 |
Total Operating Expenses | 5,373 | 5,420 | 5,543 |
OPERATING INCOME | 1,393 | 1,235 | 1,083 |
Other Income | 61 | 54 | 52 |
Other Deductions | -3 | -3 | -5 |
Interest Expense | -277 | -293 | -295 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,174 | 993 | 835 |
Income Tax (Expense) Benefit | -449 | -381 | -307 |
Net Income | 725 | 612 | 528 |
Power [Member] | |||
Operating Revenues | 5,434 | 5,063 | 4,873 |
Operating Expenses [Abstract] | |||
Energy Costs | 2,747 | 2,496 | 2,381 |
Operation and Maintenance | 1,186 | 1,224 | 1,127 |
Depreciation and Amortization | 292 | 273 | 242 |
Total Operating Expenses | 4,225 | 3,993 | 3,750 |
OPERATING INCOME | 1,209 | 1,070 | 1,123 |
Income from Equity Method Investments | 14 | 16 | 15 |
Other Income | 222 | 154 | 201 |
Other Deductions | -52 | -49 | -90 |
Other than Temporary Impairments | 20 | 12 | 18 |
Interest Expense | -122 | -116 | -132 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,251 | 1,063 | 1,099 |
Income Tax (Expense) Benefit | -491 | -419 | -433 |
Net Income | $760 | $644 | $666 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income | $1,518 | $1,243 | $1,275 |
Other Comprehensive Income (Loss), net of tax | |||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended | -27 | 55 | 19 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit for the years ended | 12 | -9 | -24 |
Pension/OPEB adjustment, net of tax (expense) benefit for the years ended | -173 | 247 | -46 |
Other Comprehensive Income (Loss), net of tax | -188 | 293 | -51 |
Comprehensive Income | 1,330 | 1,536 | 1,224 |
PSE&G [Member] | |||
Net Income | 725 | 612 | 528 |
Other Comprehensive Income (Loss), net of tax | |||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended | 1 | -1 | 0 |
Other Comprehensive Income (Loss), net of tax | 1 | -1 | 0 |
Comprehensive Income | 726 | 611 | 528 |
Power [Member] | |||
Net Income | 760 | 644 | 666 |
Other Comprehensive Income (Loss), net of tax | |||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended | -30 | 57 | 18 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit for the years ended | 12 | -10 | -24 |
Pension/OPEB adjustment, net of tax (expense) benefit for the years ended | -147 | 218 | -46 |
Other Comprehensive Income (Loss), net of tax | -165 | 265 | -52 |
Comprehensive Income | $595 | $909 | $614 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-Sale Securities, tax | $26 | ($54) | ($24) |
Change in Fair Value of Derivative Instruments, tax | -8 | 7 | 18 |
Pension/OPEB adjustment, tax | 120 | -172 | 32 |
PSE&G [Member] | |||
Available-for-Sale Securities, tax | 0 | 1 | 0 |
Power [Member] | |||
Available-for-Sale Securities, tax | 28 | -55 | -24 |
Change in Fair Value of Derivative Instruments, tax | -8 | 7 | 18 |
Pension/OPEB adjustment, tax | $101 | ($151) | $32 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | $402 | $493 | |
Accounts Receivable, net of allowances | 1,254 | 1,203 | |
Tax Receivable | 211 | 109 | |
Unbilled Revenues | 284 | 300 | |
Fuel | 538 | 545 | |
Materials and Supplies, net | 484 | 479 | |
Prepayments | 108 | 89 | |
Derivative Contracts | 240 | 98 | |
Deferred Income Taxes | 11 | 24 | |
Regulatory Assets | 323 | 243 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 249 | 0 | |
Other | 15 | 31 | |
Total Current Assets | 4,119 | 3,614 | |
PROPERTY, PLANT AND EQUIPMENT | 32,196 | 29,713 | |
Less: Accumulated Depreciation and Amortization | -8,607 | -8,068 | |
Net Property, Plant and Equipment | 23,589 | 21,645 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,192 | 2,612 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 0 | 476 | |
Long-Term Investments | 1,307 | 1,313 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,780 | 1,701 | |
Long-Term Receivable of VIEs | 580 | 0 | |
Other Special Funds | 212 | 613 | |
Goodwill | 16 | 16 | |
Other Intangibles | 84 | 33 | |
Derivative Contracts | 77 | 163 | |
Restricted Cash of VIEs | 24 | 24 | |
Other | 353 | 312 | |
Total Noncurrent Assets | 7,625 | 7,263 | |
Total Assets | 35,333 | 32,522 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 624 | 544 | |
Securitization Debt of VIEs Due Within One Year | 259 | 237 | |
Commercial Paper and Loans | 0 | 60 | |
Accounts Payable | 1,178 | 1,222 | |
Derivative Contracts | 132 | 76 | |
Accrued Interest | 95 | 95 | |
Accrued Taxes | 21 | 37 | |
Deferred Income Taxes | 173 | 0 | |
Clean Energy Program | 142 | 142 | |
Obligation to Return Cash Collateral | 121 | 119 | |
Regulatory Liabilities | 186 | 43 | |
Other | 547 | 488 | |
Total Current Liabilities | 3,478 | 3,063 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 7,303 | 7,107 | |
Regulatory Liabilities | 258 | 233 | |
Regulatory Liabilities of VIEs | 39 | 11 | |
Asset Retirement Obligations | 743 | 677 | |
Other Postretirement Benefit (OPEB) Costs | 1,277 | 1,095 | |
OPEB Costs of Servco | 452 | 0 | |
Accrued Pension Costs | 440 | 121 | |
Accrued Pension Costs of Servco | 126 | 0 | |
Environmental Costs | 417 | 414 | |
Derivative Contracts | 33 | 31 | |
Long-Term Accrued Taxes | 208 | 180 | |
Other | 112 | 119 | |
Total Noncurrent Liabilities | 11,408 | 9,988 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 12) | |||
LONG-TERM DEBT | |||
Long-Term Debt | 8,261 | 7,587 | |
Securitization Debt of VIEs | 0 | 259 | |
Project Level, Non-Recourse Debt | 0 | 16 | |
Total Long-Term Debt | 8,261 | 7,862 | |
STOCKHOLDER'S EQUITY | |||
Common Stock | 4,876 | 4,861 | |
Treasury Stock, at cost | -635 | -615 | |
Basis Adjustment | 986 | ||
Retained Earnings | 8,227 | 7,457 | |
Accumulated Other Comprehensive Income | -283 | -95 | |
Total Common Stockholders' Equity | 12,185 | 11,608 | |
Noncontrolling Interest | 1 | 1 | |
Total Stockholder's Equity | 12,186 | 11,609 | |
Total Capitalization | 20,447 | 19,471 | |
TOTAL LIABILITIES AND CAPITALIZATION | 35,333 | 32,522 | |
PSE&G [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 310 | 18 | |
Accounts Receivable, net of allowances | 864 | 832 | |
Accounts Receivable-Affiliated Companies | 274 | 0 | |
Unbilled Revenues | 284 | 300 | |
Materials and Supplies, net | 133 | 115 | |
Prepayments | 42 | 24 | |
Derivative Contracts | 18 | 25 | |
Deferred Income Taxes | 24 | 16 | |
Regulatory Assets | 323 | 243 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 249 | 0 | |
Other | 7 | 12 | |
Total Current Assets | 2,528 | 1,585 | |
PROPERTY, PLANT AND EQUIPMENT | 21,103 | 19,071 | |
Less: Accumulated Depreciation and Amortization | -5,183 | -4,964 | |
Net Property, Plant and Equipment | 15,920 | 14,107 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,192 | 2,612 | |
Regulatory Assets of Variable Interest Entities (VIEs) | 0 | 476 | |
Long-Term Investments | 348 | 361 | |
Other Special Funds | 53 | 354 | |
Derivative Contracts | 8 | 69 | |
Restricted Cash of VIEs | 24 | 24 | |
Other | 150 | 132 | |
Total Noncurrent Assets | 3,775 | 4,028 | |
Total Assets | 22,223 | 19,720 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 300 | 500 | |
Securitization Debt of VIEs Due Within One Year | 259 | 237 | |
Commercial Paper and Loans | 0 | 60 | |
Accounts Payable | 574 | 535 | |
Accounts Payable-Affiliated Companies | 379 | 190 | |
Accrued Interest | 68 | 67 | |
Deferred Income Taxes | 165 | 30 | |
Clean Energy Program | 142 | 142 | |
Obligation to Return Cash Collateral | 121 | 119 | |
Regulatory Liabilities | 186 | 43 | |
Other | 381 | 314 | |
Total Current Liabilities | 2,575 | 2,237 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 4,575 | 4,406 | |
Regulatory Liabilities | 258 | 233 | |
Regulatory Liabilities of VIEs | 39 | 11 | |
Asset Retirement Obligations | 290 | 274 | |
Other Postretirement Benefit (OPEB) Costs | 967 | 839 | |
Accrued Pension Costs | 173 | 27 | |
Environmental Costs | 364 | 363 | |
Long-Term Accrued Taxes | 116 | 72 | |
Other | 67 | 47 | |
Total Noncurrent Liabilities | 6,849 | 6,272 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 12) | |||
LONG-TERM DEBT | |||
Long-Term Debt | 6,012 | 5,066 | |
Securitization Debt of VIEs | 0 | 259 | |
Total Long-Term Debt | 6,012 | 5,325 | |
STOCKHOLDER'S EQUITY | |||
Common Stock | 892 | 892 | |
Contributed Capital | 695 | 520 | |
Basis Adjustment | 986 | 986 | |
Retained Earnings | 4,212 | 3,487 | |
Accumulated Other Comprehensive Income | 2 | 1 | |
Total Stockholder's Equity | 6,787 | 5,886 | |
Total Capitalization | 12,799 | 11,211 | |
TOTAL LIABILITIES AND CAPITALIZATION | 22,223 | 19,720 | |
Power [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 9 | 6 | |
Accounts Receivable, net of allowances | 334 | 338 | |
Tax Receivable | 3 | 0 | |
Accounts Receivable-Affiliated Companies | 313 | 333 | |
Short-Term Loan to Affiliate | 584 | 790 | |
Fuel | 538 | 545 | |
Materials and Supplies, net | 350 | 362 | |
Prepayments | 17 | 13 | |
Derivative Contracts | 207 | 57 | [1] |
Deferred Income Taxes | 0 | 30 | |
Other | 4 | 2 | |
Total Current Assets | 2,359 | 2,476 | |
PROPERTY, PLANT AND EQUIPMENT | 10,732 | 10,278 | |
Less: Accumulated Depreciation and Amortization | -3,217 | -2,911 | |
Net Property, Plant and Equipment | 7,515 | 7,367 | |
NONCURRENT ASSETS | |||
Long-Term Investments | 121 | 123 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,780 | 1,701 | |
Other Special Funds | 49 | 139 | |
Goodwill | 16 | 16 | |
Other Intangibles | 84 | 33 | |
Derivative Contracts | 62 | 72 | [1] |
Other | 60 | 75 | |
Total Noncurrent Assets | 2,172 | 2,159 | |
Total Assets | 12,046 | 12,002 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 300 | 44 | |
Accounts Payable | 424 | 516 | |
Derivative Contracts | 132 | 76 | [1] |
Accounts Payable-Affiliated Companies | 118 | 0 | |
Accrued Interest | 27 | 28 | |
Deferred Income Taxes | 43 | 0 | |
Other | 140 | 136 | |
Total Current Liabilities | 1,184 | 800 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 2,065 | 2,031 | |
Asset Retirement Obligations | 450 | 400 | |
Other Postretirement Benefit (OPEB) Costs | 248 | 206 | |
Accrued Pension Costs | 153 | 35 | |
Derivative Contracts | 33 | 31 | [1] |
Long-Term Accrued Taxes | 41 | 53 | |
Other | 71 | 91 | |
Total Noncurrent Liabilities | 3,061 | 2,847 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 12) | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 2,243 | 2,497 | |
STOCKHOLDER'S EQUITY | |||
Contributed Capital | 2,214 | 2,214 | |
Basis Adjustment | -986 | -986 | |
Retained Earnings | 4,558 | 4,693 | |
Accumulated Other Comprehensive Income | -228 | -63 | |
Total Stockholder's Equity | 5,558 | 5,858 | |
TOTAL LIABILITIES AND CAPITALIZATION | $12,046 | $12,002 | |
[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, 2014 and 2013. 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, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts Receivable,allowances | $52 | $56 |
Common Stock, issued | 533,556,660 | 533,556,660 |
Common Stock, authorized | 1,000,000,000 | 1,000,000,000 |
Treasury Stock, Shares | 27,720,068 | 27,699,398 |
PSE&G [Member] | ||
Accounts Receivable,allowances | $52 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $1,518 | $1,243 | $1,275 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 1,227 | 1,178 | 1,054 |
Amortization of Nuclear Fuel | 200 | 192 | 173 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 515 | 270 | 721 |
Non-Cash Employee Benefit Plan Costs | 47 | 243 | 271 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | -4 | 31 | 93 |
Net (Gain) Loss on Lease Investments | -3 | 2 | -49 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | -93 | 79 | 63 |
Change in Accrued Storm Costs | -3 | -90 | -90 |
Net Change in Regulatory Assets and Liabilities | 190 | 2 | -132 |
Cost of Removal | -98 | -93 | -116 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -166 | -104 | -118 |
Net Change in Certain Current Assets and Liabilities: | |||
Net Change in Tax Receivable | 30 | 19 | -211 |
Net Change in Certain Current Assets and Liabilities | -209 | 299 | 97 |
Employee Benefit Plan Funding and Related Payments | -95 | -231 | -314 |
Other | 104 | 118 | 70 |
Net Cash Provided By (Used In) Operating Activities | 3,160 | 3,158 | 2,787 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | -2,820 | -2,811 | -2,574 |
Proceeds from Sale of Capital Leases and Investments | 25 | 50 | 58 |
Proceeds from Sale of Available-for-Sale Securities | 1,915 | 1,159 | 1,666 |
Investments in Available-for-Sale Securities | -1,934 | -1,170 | -1,700 |
Other | -78 | -29 | -75 |
Net Cash Provided By (Used In) Investing Activities | -2,892 | -2,801 | -2,625 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Change in Commercial Paper and Loans | -60 | -203 | 263 |
Issuance of Long-Term Debt | 1,250 | 2,000 | 900 |
Redemption of Long-Term Debt | -500 | -1,025 | -787 |
Repayment of Non-Recourse Debt | 0 | 0 | -1 |
Redemption of Securitization Debt | -237 | -226 | -216 |
Cash Dividend Paid on Common Stock | -748 | -728 | -718 |
Other | -64 | -61 | -58 |
Net Cash Provided By (Used In) Financing Activities | -359 | -243 | -617 |
Net Increase (Decrease) In Cash and Cash Equivalents | -91 | 114 | -455 |
Cash and Cash Equivalents at Beginning of Period | 493 | 379 | 834 |
Cash and Cash Equivalents at End of Period | 402 | 493 | 379 |
Supplemental Disclosure of Cash Flow Information: | |||
Income Taxes Paid (Received) | 538 | 241 | 121 |
Interest Paid, Net of Amounts Capitalized | 382 | 385 | 402 |
Accrued Property, Plant and Equipment Expenditures | 382 | 336 | 370 |
PSE&G [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 725 | 612 | 528 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 906 | 872 | 778 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 310 | 198 | 442 |
Interest Accretion on Asset Retirement Obligation | 0 | 0 | |
Non-Cash Employee Benefit Plan Costs | 27 | 156 | 179 |
Change in Accrued Storm Costs | -3 | -90 | -90 |
Net Change in Regulatory Assets and Liabilities | 190 | 2 | -132 |
Cost of Removal | -98 | -93 | -116 |
Net Change in Certain Current Assets and Liabilities: | |||
Accounts Receivable and Unbilled Revenues | 63 | -5 | -54 |
Fuel, Materials and Supplies | -18 | -1 | -20 |
Prepayments | -18 | 5 | 88 |
Net Change in Tax Receivable | 0 | 0 | 16 |
Accounts Payable | -3 | 19 | -25 |
Accounts Receivable/Payable-Affiliated Companies, net | -167 | 100 | -132 |
Other Current Assets and Liabilities | 6 | 40 | 37 |
Employee Benefit Plan Funding and Related Payments | -83 | -166 | -213 |
Other | -4 | -4 | -30 |
Net Cash Provided By (Used In) Operating Activities | 1,833 | 1,645 | 1,256 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | -2,164 | -2,175 | -1,770 |
Proceeds from Sale of Available-for-Sale Securities | 103 | 38 | 77 |
Investments in Available-for-Sale Securities | -101 | -20 | -77 |
Solar Loan Investments | 7 | -15 | -74 |
Other | 0 | 0 | -1 |
Net Cash Provided By (Used In) Investing Activities | -2,155 | -2,172 | -1,845 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Change in Short-Term Debt | -60 | -203 | 263 |
Issuance of Long-Term Debt | 1,250 | 1,500 | 900 |
Redemption of Long-Term Debt | -500 | -725 | -373 |
Contributed Capital | 175 | 100 | 0 |
Redemption of Securitization Debt | -237 | -226 | -216 |
Other | -14 | -17 | -12 |
Net Cash Provided By (Used In) Financing Activities | 614 | 429 | 562 |
Net Increase (Decrease) In Cash and Cash Equivalents | 292 | -98 | -27 |
Cash and Cash Equivalents at Beginning of Period | 18 | 116 | 143 |
Cash and Cash Equivalents at End of Period | 310 | 18 | 116 |
Supplemental Disclosure of Cash Flow Information: | |||
Income Taxes Paid (Received) | 283 | 84 | -30 |
Interest Paid, Net of Amounts Capitalized | 259 | 275 | 280 |
Accrued Property, Plant and Equipment Expenditures | 292 | 246 | 275 |
Power [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 760 | 644 | 666 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 292 | 273 | 242 |
Amortization of Nuclear Fuel | 200 | 192 | 173 |
Provision for Deferred Income Taxes (Other than Leases) and ITC | 221 | 122 | 397 |
Interest Accretion on Asset Retirement Obligation | 30 | 23 | 21 |
Non-Cash Employee Benefit Plan Costs | 13 | 66 | 70 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | -93 | 79 | 63 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -166 | -104 | -118 |
Net Change in Certain Current Assets and Liabilities: | |||
Fuel, Materials and Supplies | 19 | -8 | 47 |
Margin Deposits | -22 | -43 | -116 |
Accounts Receivable | -15 | -4 | 24 |
Accounts Payable | -59 | 28 | 93 |
Accounts Receivable/Payable-Affiliated Companies, net | 220 | 0 | -40 |
Accrued Interest Payable | 0 | 2 | -6 |
Other Current Assets and Liabilities | -6 | 70 | -17 |
Employee Benefit Plan Funding and Related Payments | -7 | -46 | -72 |
Other | 38 | 53 | 26 |
Net Cash Provided By (Used In) Operating Activities | 1,425 | 1,347 | 1,453 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | -626 | -609 | -770 |
Proceeds from Sale of Available-for-Sale Securities | 1,557 | 1,084 | 1,478 |
Investments in Available-for-Sale Securities | -1,573 | -1,102 | -1,506 |
Short-Term Loan-Affiliated Company, net | 206 | -216 | 333 |
Other | -88 | -18 | -7 |
Net Cash Provided By (Used In) Investing Activities | -524 | -861 | -472 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuance of Long-Term Debt | 0 | 500 | 0 |
Redemption of Long-Term Debt | 0 | -300 | -414 |
Contributed Capital | 0 | 24 | 69 |
Cash Payment on Debt Redemption/Exchange | 0 | 0 | -15 |
Cash Dividend Paid on Common Stock | -895 | -705 | -619 |
Other | -3 | -6 | -7 |
Net Cash Provided By (Used In) Financing Activities | -898 | -487 | -986 |
Net Increase (Decrease) In Cash and Cash Equivalents | 3 | -1 | -5 |
Cash and Cash Equivalents at Beginning of Period | 6 | 7 | 12 |
Cash and Cash Equivalents at End of Period | 9 | 6 | 7 |
Supplemental Disclosure of Cash Flow Information: | |||
Income Taxes Paid (Received) | 68 | 291 | 81 |
Interest Paid, Net of Amounts Capitalized | 119 | 106 | 119 |
Accrued Property, Plant and Equipment Expenditures | $91 | $90 | $95 |
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] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | PSE&G [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] |
In Millions, unless otherwise specified | Common Stock [Member] | Contributed Capital [Member] | Basis Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Contributed Capital [Member] | Basis Adjustment [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Beginning Balance (in value) at Dec. 31, 2011 | $10,272 | $4,823 | ($601) | $6,385 | ($337) | $2 | $4,647 | $892 | $420 | $986 | $2,347 | $2 | $5,566 | $2,121 | ($986) | $4,707 | ($276) |
Beginning Balance, shares at Dec. 31, 2011 | 534 | -28 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income | 1,275 | 1,275 | 528 | 528 | 666 | 666 | |||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax | -51 | -51 | 0 | 0 | 0 | -52 | -52 | ||||||||||
Comprehensive Income | 1,224 | 528 | 614 | ||||||||||||||
Contributed Capital | 0 | 69 | 69 | ||||||||||||||
Cash Dividends on Common Stock | -718 | -718 | 0 | 0 | -619 | -619 | |||||||||||
Noncontrolling Interest in Losses of Consolidated Entity | -1 | -1 | |||||||||||||||
Other | 4 | 10 | -6 | 0 | 0 | 0 | |||||||||||
Ending Balance (in value) at Dec. 31, 2012 | 10,781 | 4,833 | -607 | 6,942 | -388 | 1 | 5,175 | 892 | 420 | 986 | 2,875 | 2 | 5,630 | 2,190 | -986 | 4,754 | -328 |
Ending Balance, shares at Dec. 31, 2012 | 534 | -28 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income | 1,243 | 1,243 | 612 | 612 | 644 | 644 | |||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax | 293 | 293 | -1 | -1 | 265 | 265 | |||||||||||
Comprehensive Income | 1,536 | 611 | 909 | ||||||||||||||
Contributed Capital | 100 | 100 | 24 | 24 | |||||||||||||
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 | 5,886 | 892 | 520 | 986 | 3,487 | 1 | 5,858 | 2,214 | -986 | 4,693 | -63 |
Ending Balance, shares at Dec. 31, 2013 | 534 | -28 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income | 1,518 | 1,518 | 725 | 725 | 760 | 760 | |||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax | -188 | -188 | 1 | 1 | -165 | -165 | |||||||||||
Comprehensive Income | 1,330 | 726 | 595 | ||||||||||||||
Contributed Capital | 175 | 175 | 0 | ||||||||||||||
Cash Dividends on Common Stock | -748 | -748 | -895 | -895 | |||||||||||||
Other | -5 | 15 | -20 | ||||||||||||||
Ending Balance (in value) at Dec. 31, 2014 | $12,186 | $4,876 | ($635) | $8,227 | ($283) | $1 | $6,787 | $892 | $695 | $986 | $4,212 | $2 | $5,558 | $2,214 | ($986) | $4,558 | ($228) |
Ending Balance, shares at Dec. 31, 2014 | 534 | -28 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), tax | $138 | ($219) | $26 |
PSE&G [Member] | |||
Other Comprehensive Income (Loss), tax | 0 | 1 | 0 |
Power [Member] | |||
Other Comprehensive Income (Loss), tax | $121 | ($199) | $26 |
Organization_Basis_Of_Presenta
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
• | 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 Federal Energy Regulatory Commission (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 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 its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the FERC, the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
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 (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); 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). | ||||||||||||||||||||||||
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 intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 23. Related-Party Transactions. | ||||||||||||||||||||||||
PSE&G and Power 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. PSE&G and Power 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 reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records 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 becomes 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 5. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk 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 or are not 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 15. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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. See Note 15. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. See Note 3. Variable Interest Entities for further information. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.47 | % | 2.48 | % | 2.48 | % | ||||||||||||||||||
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 | |||||||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and the transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. Effective January 1, 2014, the TEFA was eliminated. For the years ended December 31, 2013 and 2012, the TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | ||||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | ||||||||||||||||||||
Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC) | ||||||||||||||||||||||||
AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at Power. The amount of AFUDC or IDC 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 AFUDC or IDC for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
AFUDC/IDC Capitalized | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
PSE&G | $ | 44 | 8.09 | % | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | ||||||||||||
Power | $ | 24 | 5.14 | % | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | ||||||||||||
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 19. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with GAAP, 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 | ||||||||||||||||||||||||
PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. Materials and supplies for Power are valued at cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at Power is valued at the lower of average cost or market and includes 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 to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the unit-of-production method. | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at 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. | ||||||||||||||||||||||||
Power capitalizes costs, including those related to its jointly-owned facilities, 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. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities comprise 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 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 8. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plans | ||||||||||||||||||||||||
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 date (December 31) for all plan assets. | ||||||||||||||||||||||||
PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. | ||||||||||||||||||||||||
Pursuant to the OSA, Servco records expense only to the extent of its contributions to its pension plan trusts and for OPEB payments made to retirees. | ||||||||||||||||||||||||
See Note 11. Pension and Other Postretirement Benefits for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
PSE&G and Power 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 PSE&G’s and Power's Consolidated Balance Sheets. The $986 million is an addition to PSE&G’s Common Stockholder’s Equity and a reduction of Power’s Member’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: | ||||||||||||||||||||||||
• | 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 Federal Energy Regulatory Commission (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 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 its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the FERC, the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
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 (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); 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). | ||||||||||||||||||||||||
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 intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 23. Related-Party Transactions. | ||||||||||||||||||||||||
PSE&G and Power 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. PSE&G and Power 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 reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records 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 becomes 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 5. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk 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 or are not 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 15. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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. See Note 15. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. See Note 3. Variable Interest Entities for further information. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.47 | % | 2.48 | % | 2.48 | % | ||||||||||||||||||
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 | |||||||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and the transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. Effective January 1, 2014, the TEFA was eliminated. For the years ended December 31, 2013 and 2012, the TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | ||||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | ||||||||||||||||||||
Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC) | ||||||||||||||||||||||||
AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at Power. The amount of AFUDC or IDC 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 AFUDC or IDC for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
AFUDC/IDC Capitalized | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
PSE&G | $ | 44 | 8.09 | % | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | ||||||||||||
Power | $ | 24 | 5.14 | % | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | ||||||||||||
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 19. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with GAAP, 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 | ||||||||||||||||||||||||
PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. Materials and supplies for Power are valued at cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at Power is valued at the lower of average cost or market and includes 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 to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the unit-of-production method. | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at 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. | ||||||||||||||||||||||||
Power capitalizes costs, including those related to its jointly-owned facilities, 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. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities comprise 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 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 8. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plans | ||||||||||||||||||||||||
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 date (December 31) for all plan assets. | ||||||||||||||||||||||||
PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. | ||||||||||||||||||||||||
Pursuant to the OSA, Servco records expense only to the extent of its contributions to its pension plan trusts and for OPEB payments made to retirees. | ||||||||||||||||||||||||
See Note 11. Pension and Other Postretirement Benefits for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
PSE&G and Power 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 PSE&G’s and Power's Consolidated Balance Sheets. The $986 million is an addition to PSE&G’s Common Stockholder’s Equity and a reduction of Power’s Member’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: | ||||||||||||||||||||||||
• | 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 Federal Energy Regulatory Commission (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 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 its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the FERC, the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |||||||||||||||||||||||
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 (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); 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). | ||||||||||||||||||||||||
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 intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 23. Related-Party Transactions. | ||||||||||||||||||||||||
PSE&G and Power 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. PSE&G and Power 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 reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records 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 becomes 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 5. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk 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 or are not 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 15. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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. See Note 15. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. See Note 3. Variable Interest Entities for further information. | ||||||||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.47 | % | 2.48 | % | 2.48 | % | ||||||||||||||||||
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 | |||||||||||||||||||||||
Taxes Other Than Income Taxes | ||||||||||||||||||||||||
Excise taxes and the transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. Effective January 1, 2014, the TEFA was eliminated. For the years ended December 31, 2013 and 2012, the TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | ||||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | ||||||||||||||||||||
Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC) | ||||||||||||||||||||||||
AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at Power. The amount of AFUDC or IDC 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 AFUDC or IDC for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
AFUDC/IDC Capitalized | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
PSE&G | $ | 44 | 8.09 | % | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | ||||||||||||
Power | $ | 24 | 5.14 | % | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | ||||||||||||
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 19. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||||||||
In accordance with GAAP, 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 | ||||||||||||||||||||||||
PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. Materials and supplies for Power are valued at cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at Power is valued at the lower of average cost or market and includes 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 to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the unit-of-production method. | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at 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. | ||||||||||||||||||||||||
Power capitalizes costs, including those related to its jointly-owned facilities, 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. | ||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||
These securities comprise 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 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 8. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) Plans | ||||||||||||||||||||||||
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 date (December 31) for all plan assets. | ||||||||||||||||||||||||
PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. | ||||||||||||||||||||||||
Pursuant to the OSA, Servco records expense only to the extent of its contributions to its pension plan trusts and for OPEB payments made to retirees. | ||||||||||||||||||||||||
See Note 11. Pension and Other Postretirement Benefits for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | ||||||||||||||||||||||||
PSE&G and Power 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 PSE&G’s and Power's Consolidated Balance Sheets. The $986 million is an addition to PSE&G’s Common Stockholder’s Equity and a reduction of Power’s Member’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, 2014 | |
New Accounting Pronouncement [Line Items] | |
Recent Accounting Standards [Text Block] | Recent Accounting Standards |
New Standards Adopted during 2014 | |
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 was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
Business Combinations: Pushdown Accounting | |
The amendments in this standard provide an acquired entity with an option to apply pushdown accounting in its separate financial statements when an acquirer obtains control of the acquired entity. Pushdown accounting provides for the use of the acquirer’s basis, including fair value adjustments and goodwill as applicable, in the preparation of the acquiree’s separate financial statements. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity can elect whether to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period. | |
The update became effective on November 18, 2014. We will evaluate all future acquisitions under the new guidance. | |
New Standards Issued but Not Yet Required to be Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. | |
PSE&G [Member] | |
New Accounting Pronouncement [Line Items] | |
Recent Accounting Standards [Text Block] | Recent Accounting Standards |
New Standards Adopted during 2014 | |
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 was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
Business Combinations: Pushdown Accounting | |
The amendments in this standard provide an acquired entity with an option to apply pushdown accounting in its separate financial statements when an acquirer obtains control of the acquired entity. Pushdown accounting provides for the use of the acquirer’s basis, including fair value adjustments and goodwill as applicable, in the preparation of the acquiree’s separate financial statements. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity can elect whether to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period. | |
The update became effective on November 18, 2014. We will evaluate all future acquisitions under the new guidance. | |
New Standards Issued but Not Yet Required to be Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. | |
Power [Member] | |
New Accounting Pronouncement [Line Items] | |
Recent Accounting Standards [Text Block] | Recent Accounting Standards |
New Standards Adopted during 2014 | |
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 was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
Business Combinations: Pushdown Accounting | |
The amendments in this standard provide an acquired entity with an option to apply pushdown accounting in its separate financial statements when an acquirer obtains control of the acquired entity. Pushdown accounting provides for the use of the acquirer’s basis, including fair value adjustments and goodwill as applicable, in the preparation of the acquiree’s separate financial statements. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity can elect whether to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period. | |
The update became effective on November 18, 2014. We will evaluate all future acquisitions under the new guidance. | |
New Standards Issued but Not Yet Required to be Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) [Text Block] | Variable Interest Entities (VIEs) |
VIEs for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary 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 a trustee. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These 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. | |
The assets and liabilities of Transition Funding and Transition Funding II are presented separately on the face of the Consolidated Balance Sheets of PSEG and PSE&G because the assets of these VIEs are restricted and can only be used to settle their respective obligations. No Transition Funding or Transition Funding II creditor has 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 or Transition Funding II. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of December 31, 2014 and 2013. The risk of actual loss to PSE&G is considered remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II in 2014 or 2013. PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding and Transition Funding II. | |
VIE for which PSEG LI is the Primary Beneficiary | |
PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA's T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco's economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. | |
Pursuant to the OSA, Servco's operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI's risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco's annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. | |
For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and O&M Expense, respectively. In 2014, Servco recorded $389 million of O&M costs, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG's Consolidated Statement of Operations. | |
PSE&G [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) [Text Block] | Variable Interest Entities (VIEs) |
VIEs for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary 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 a trustee. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These 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. | |
The assets and liabilities of Transition Funding and Transition Funding II are presented separately on the face of the Consolidated Balance Sheets of PSEG and PSE&G because the assets of these VIEs are restricted and can only be used to settle their respective obligations. No Transition Funding or Transition Funding II creditor has 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 or Transition Funding II. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of December 31, 2014 and 2013. The risk of actual loss to PSE&G is considered remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II in 2014 or 2013. PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding and Transition Funding II. | |
VIE for which PSEG LI is the Primary Beneficiary | |
PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA's T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco's economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. | |
Pursuant to the OSA, Servco's operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI's risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco's annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. | |
For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and O&M Expense, respectively. In 2014, Servco recorded $389 million of O&M costs, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG's Consolidated Statement of Operations. |
Property_Plant_And_Equipment_A
Property, Plant And Equipment And Jointly-Owned Facilities | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
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, 2014 and 2013 is detailed below: | ||||||||||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | $ | 5,845 | $ | — | $ | — | $ | 5,845 | ||||||||||||||
Electric Distribution | 7,295 | — | — | 7,295 | ||||||||||||||||||
Gas Transmission | 89 | — | — | 89 | ||||||||||||||||||
Gas Distribution | 5,479 | — | — | 5,479 | ||||||||||||||||||
Construction Work in Progress | 1,304 | — | — | 1,304 | ||||||||||||||||||
Plant Held for Future Use | 15 | — | — | 15 | ||||||||||||||||||
Other | 401 | — | — | 401 | ||||||||||||||||||
Total Transmission and Distribution | 20,428 | — | — | 20,428 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,964 | — | 6,964 | ||||||||||||||||||
Nuclear Production | — | 1,751 | — | 1,751 | ||||||||||||||||||
Nuclear Fuel in Service | — | 889 | — | 889 | ||||||||||||||||||
Other Production-Solar | 521 | 314 | — | 835 | ||||||||||||||||||
Construction Work in Progress | — | 714 | — | 714 | ||||||||||||||||||
Total Generation | 521 | 10,632 | — | 11,153 | ||||||||||||||||||
Other | 154 | 100 | 361 | 615 | ||||||||||||||||||
Total | $ | 21,103 | $ | 10,732 | $ | 361 | $ | 32,196 | ||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
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 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,924 | — | 6,924 | ||||||||||||||||||
Nuclear Production | — | 1,636 | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | — | 857 | — | 857 | ||||||||||||||||||
Other Production-Solar | 469 | 273 | — | 742 | ||||||||||||||||||
Construction Work in Progress | — | 489 | — | 489 | ||||||||||||||||||
Total Generation | 469 | 10,179 | — | 10,648 | ||||||||||||||||||
Other | 157 | 99 | 364 | 620 | ||||||||||||||||||
Total | $ | 19,071 | $ | 10,278 | $ | 364 | $ | 29,713 | ||||||||||||||
PSE&G and Power 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 PSE&G’s and Power’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 162 | $ | 69 | $ | 161 | $ | 66 | |||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 397 | $ | 142 | $ | 374 | $ | 139 | ||||||||||||
Keystone | 23 | % | $ | 396 | $ | 151 | $ | 388 | $ | 140 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 1,087 | $ | 236 | $ | 886 | $ | 215 | ||||||||||||
Salem | 57 | % | $ | 916 | $ | 236 | $ | 897 | $ | 254 | ||||||||||||
Nuclear Support Facilities | Various | $ | 218 | $ | 49 | $ | 205 | $ | 37 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 41 | $ | 24 | $ | 36 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
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 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 [Line Items] | ||||||||||||||||||||||
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, 2014 and 2013 is detailed below: | ||||||||||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | $ | 5,845 | $ | — | $ | — | $ | 5,845 | ||||||||||||||
Electric Distribution | 7,295 | — | — | 7,295 | ||||||||||||||||||
Gas Transmission | 89 | — | — | 89 | ||||||||||||||||||
Gas Distribution | 5,479 | — | — | 5,479 | ||||||||||||||||||
Construction Work in Progress | 1,304 | — | — | 1,304 | ||||||||||||||||||
Plant Held for Future Use | 15 | — | — | 15 | ||||||||||||||||||
Other | 401 | — | — | 401 | ||||||||||||||||||
Total Transmission and Distribution | 20,428 | — | — | 20,428 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,964 | — | 6,964 | ||||||||||||||||||
Nuclear Production | — | 1,751 | — | 1,751 | ||||||||||||||||||
Nuclear Fuel in Service | — | 889 | — | 889 | ||||||||||||||||||
Other Production-Solar | 521 | 314 | — | 835 | ||||||||||||||||||
Construction Work in Progress | — | 714 | — | 714 | ||||||||||||||||||
Total Generation | 521 | 10,632 | — | 11,153 | ||||||||||||||||||
Other | 154 | 100 | 361 | 615 | ||||||||||||||||||
Total | $ | 21,103 | $ | 10,732 | $ | 361 | $ | 32,196 | ||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
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 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,924 | — | 6,924 | ||||||||||||||||||
Nuclear Production | — | 1,636 | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | — | 857 | — | 857 | ||||||||||||||||||
Other Production-Solar | 469 | 273 | — | 742 | ||||||||||||||||||
Construction Work in Progress | — | 489 | — | 489 | ||||||||||||||||||
Total Generation | 469 | 10,179 | — | 10,648 | ||||||||||||||||||
Other | 157 | 99 | 364 | 620 | ||||||||||||||||||
Total | $ | 19,071 | $ | 10,278 | $ | 364 | $ | 29,713 | ||||||||||||||
PSE&G and Power 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 PSE&G’s and Power’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 162 | $ | 69 | $ | 161 | $ | 66 | |||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 397 | $ | 142 | $ | 374 | $ | 139 | ||||||||||||
Keystone | 23 | % | $ | 396 | $ | 151 | $ | 388 | $ | 140 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 1,087 | $ | 236 | $ | 886 | $ | 215 | ||||||||||||
Salem | 57 | % | $ | 916 | $ | 236 | $ | 897 | $ | 254 | ||||||||||||
Nuclear Support Facilities | Various | $ | 218 | $ | 49 | $ | 205 | $ | 37 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 41 | $ | 24 | $ | 36 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
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 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 [Line Items] | ||||||||||||||||||||||
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, 2014 and 2013 is detailed below: | ||||||||||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | $ | 5,845 | $ | — | $ | — | $ | 5,845 | ||||||||||||||
Electric Distribution | 7,295 | — | — | 7,295 | ||||||||||||||||||
Gas Transmission | 89 | — | — | 89 | ||||||||||||||||||
Gas Distribution | 5,479 | — | — | 5,479 | ||||||||||||||||||
Construction Work in Progress | 1,304 | — | — | 1,304 | ||||||||||||||||||
Plant Held for Future Use | 15 | — | — | 15 | ||||||||||||||||||
Other | 401 | — | — | 401 | ||||||||||||||||||
Total Transmission and Distribution | 20,428 | — | — | 20,428 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,964 | — | 6,964 | ||||||||||||||||||
Nuclear Production | — | 1,751 | — | 1,751 | ||||||||||||||||||
Nuclear Fuel in Service | — | 889 | — | 889 | ||||||||||||||||||
Other Production-Solar | 521 | 314 | — | 835 | ||||||||||||||||||
Construction Work in Progress | — | 714 | — | 714 | ||||||||||||||||||
Total Generation | 521 | 10,632 | — | 11,153 | ||||||||||||||||||
Other | 154 | 100 | 361 | 615 | ||||||||||||||||||
Total | $ | 21,103 | $ | 10,732 | $ | 361 | $ | 32,196 | ||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
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 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,924 | — | 6,924 | ||||||||||||||||||
Nuclear Production | — | 1,636 | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | — | 857 | — | 857 | ||||||||||||||||||
Other Production-Solar | 469 | 273 | — | 742 | ||||||||||||||||||
Construction Work in Progress | — | 489 | — | 489 | ||||||||||||||||||
Total Generation | 469 | 10,179 | — | 10,648 | ||||||||||||||||||
Other | 157 | 99 | 364 | 620 | ||||||||||||||||||
Total | $ | 19,071 | $ | 10,278 | $ | 364 | $ | 29,713 | ||||||||||||||
PSE&G and Power 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 PSE&G’s and Power’s jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as operating expenses. | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 162 | $ | 69 | $ | 161 | $ | 66 | |||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 397 | $ | 142 | $ | 374 | $ | 139 | ||||||||||||
Keystone | 23 | % | $ | 396 | $ | 151 | $ | 388 | $ | 140 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 1,087 | $ | 236 | $ | 886 | $ | 215 | ||||||||||||
Salem | 57 | % | $ | 916 | $ | 236 | $ | 897 | $ | 254 | ||||||||||||
Nuclear Support Facilities | Various | $ | 218 | $ | 49 | $ | 205 | $ | 37 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 41 | $ | 24 | $ | 36 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
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 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, 2014 | |||||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||||
Regulatory Assets And Liabilities | Regulatory Assets and Liabilities | ||||||||||||
PSE&G prepares its financial statements in accordance with GAAP for regulated utilities as described in Note 1. Organization and 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, 2014 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, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | — | $ | 6 | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | — | 16 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 13 | 41 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | — | 12 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | — | 3 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | — | 20 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 142 | Annual filing for recovery (1) (2) | ||||||||||
Stranded Costs (including $249 in 2014 related to VIEs) | 412 | — | Through December 2015 (2) | ||||||||||
Other | 5 | 3 | Various | ||||||||||
Total Current Regulatory Assets | $ | 572 | $ | 243 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs (including $476 in 2013 related to VIEs) | $ | — | $ | 701 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 434 | 445 | Various (2) | ||||||||||
Pension and OPEB Costs | 1,265 | 637 | Various | ||||||||||
Deferred Income Taxes | 473 | 444 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 164 | 144 | Through 2021 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | 75 | — | Through 2017 | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 74 | 81 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 138 | 123 | Various | ||||||||||
GPRC | 134 | 151 | Various (2) | ||||||||||
Electric Cost of Removal | 91 | 23 | Reduced as cost is incurred | ||||||||||
Storm Damage Deferrals | 245 | 245 | To be determined | ||||||||||
Other | 99 | 94 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,192 | $ | 3,088 | |||||||||
Total Regulatory Assets | $ | 3,764 | $ | 3,331 | |||||||||
As of December 31, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 28 | $ | 31 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 80 | 9 | Annual filing for recovery (1) (2) | ||||||||||
WNC | 31 | — | Annual filing for recovery (2) | ||||||||||
Gas Margin Adjustment Clause | 28 | — | Annual filing for recovery (1) (2) | ||||||||||
Other | 19 | 3 | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 186 | $ | 43 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 133 | $ | 137 | Reduced as cost is incurred | ||||||||
MTM Contracts | — | 74 | Various | ||||||||||
Stranded Costs (including $39 and $11 in 2014 and 2013, respectively, related to VIEs) | 134 | 11 | Through December 2016 (1) (2) | ||||||||||
FERC Formula Rate True-up | 26 | — | Through December 2016 (1) (2) | ||||||||||
Other | 4 | 22 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 297 | $ | 244 | |||||||||
Total Regulatory Liabilities | $ | 483 | $ | 287 | |||||||||
-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 Interconnection, L.L.C. (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 Universal Service Fund (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: 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 OPEB 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. | ||||||||||||
• | Remediation Adjustment Charge (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 and gas cogeneration supply contracts.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. | ||||||||||||
• | 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. | ||||||||||||
• | Storm Damage Deferrals: Costs incurred in the cleanup of major storms in 2010 through 2014. This includes $240 million of storm costs, primarily as a result of Hurricane Irene and Superstorm Sandy, approved for future recovery under a BPU Order received in September 2014. | ||||||||||||
• | 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. | ||||||||||||
• | Gas Margin Adjustment Clause: This mechanism credits Firm delivery customers for net distribution margin revenue collected from Transportation Gas Service Non-Firm (TSG-NF) delivery customers. The balance represents the difference between the net margin collected from the TSG-NF Customers versus bill credits provided to Firm delivery customers. | ||||||||||||
• | 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. | ||||||||||||
• | FERC Formula Rate True-up: Overcollection or undercollection of transmission earnings calculated using a FERC approved formula. | ||||||||||||
Significant 2014 regulatory orders received and currently pending rate filings with the FERC and the BPU by PSE&G are as follows: | |||||||||||||
• | RAC—On February 11, 2015, the BPU approved PSE&G’s filing with respect to its RAC 21 petition allowing recovery of $66 million related to net MGP expenditures from August 1, 2012 through July 31, 2013. | ||||||||||||
• | BGSS—In January and February 2014, PSE&G filed self-implementing one-month BGSS residential customer bill credits with the BPU for 25 cents per therm for the months of February and March 2014. These credits provided approximately $93 million in total credits to residential customers, reducing the BGSS deferred balance. On April 1, 2014, the BGSS rate reverted back to the current rate. | ||||||||||||
In May 2014, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $112 million in annual BGSS revenues. In September 2014, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 54 cents to 45 cents per therm effective October 1, 2014. | |||||||||||||
In October 2014, PSE&G filed a self-implementing three-month bill credit for residential customers to be effective during November and December 2014 and January 2015. This credit is 28 cents per therm for the three-month period and is estimated to provide approximately $160 million to customers. In January 2015, PSE&G filed a letter with the BPU to extend the three-month bill credit for two additional months through February and March 2015 which is estimated to provide an additional approximate $100 million to customers. The specific amount returned will depend on actual usage over that period. | |||||||||||||
• | Storm Damage Deferrals—In September 2014, the BPU approved a Stipulation finding that PSE&G's 2010 through 2012 major storm incremental O&M costs of $240 million (deferred as Regulatory Assets) and capital expenditures of $126 million were prudent and recoverable in a future base rate proceeding, subject to offset for the amount of insurance proceeds received. | ||||||||||||
• | WNC—In April 2014, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period. The BPU’s approval of a final WNC resulted in no change to the provisional rate previously approved by the BPU and implemented effective October 1, 2013, which was set to recover $26 million from customers during the 2013-2014 Winter Period (October 1, 2013 through May 31, 2014). | ||||||||||||
In September 2014, the BPU provisionally approved PSE&G’s filing with respect to excess revenues collected during the colder than normal 2013-2014 Winter Period. Effective October 1, 2014, PSE&G is returning $45 million in revenues to its customers during the 2014-2015 Winter Period as a result of excess revenues collected during the colder than normal 2013-2014 Winter Period (October 1, 2014 through May 31, 2015). | |||||||||||||
• | 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 2014, the BPU approved rates set to recover costs incurred under the USF/Lifeline energy assistance programs effective October 1, 2014. 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 June 2014, the BPU approved PSE&G’s petition to recover annual revenue requirements of approximately $28 million for program costs incurred for its CIP II investments through September 30, 2013, which represents the final phase of the program. Base rates were adjusted effective July 1, 2014 to reflect the recovery. | ||||||||||||
• | SBC and NGC—In May 2014, the BPU approved PSE&G’s petition to recover actual SBC and NGC costs incurred through December 31, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. New rates were implemented on June 1, 2014 to recover approximately $400 million over the succeeding 12 months. | ||||||||||||
• | Transmission Formula Rate Filings—In May 2014, PSE&G filed its 2014 True-Up Adjustment pertaining to its formula rates in effect for 2013, which resulted in an adjustment of $5 million above the 2013 filed revenues. In accordance with PSE&G’s formula rate protocols, this Rate Year 2013 True-Up Adjustment has been incorporated into its Annual Formula Rate Update for the 2015 Rate Year. The 2015 Formula Rate Update filed with the FERC in October 2014 for approximately $182 million in increased annual transmission revenues went into effect on January 1, 2015. | ||||||||||||
• | Energy Strong Recovery Filing—In December 2014, PSE&G updated its initial Energy Strong cost recovery petition, seeking BPU approval to recover in base rates an estimated annual revenue increase of $1.1 million effective March 1, 2015. This increase represents capitalized Energy Strong electric investment costs in service through November 30, 2014. Pursuant to a Stipulation, the BPU approved PSE&G’s request on February 11, 2015. | ||||||||||||
• | GPRC—In June 2014, PSE&G filed a petition with the BPU requesting recovery of costs and investments in the combined eight components of the electric and gas GPRC for the period October 1, 2014 through September 30, 2015. The rates proposed in our filing are designed to recover $111 million and $18 million in electric and gas revenues, respectively, on an annual basis. This matter is currently pending. | ||||||||||||
• | RAC—In December 2014, PSE&G filed a petition with the BPU requesting recovery of $86 million related to RAC 22 net MGP expenditures from August 1, 2013 through July 31, 2014. This matter is currently pending. | ||||||||||||
PSE&G [Member] | |||||||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||||||
Regulatory Assets And Liabilities | Regulatory Assets and Liabilities | ||||||||||||
PSE&G prepares its financial statements in accordance with GAAP for regulated utilities as described in Note 1. Organization and 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, 2014 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, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | — | $ | 6 | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | — | 16 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 13 | 41 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | — | 12 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | — | 3 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | — | 20 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 142 | Annual filing for recovery (1) (2) | ||||||||||
Stranded Costs (including $249 in 2014 related to VIEs) | 412 | — | Through December 2015 (2) | ||||||||||
Other | 5 | 3 | Various | ||||||||||
Total Current Regulatory Assets | $ | 572 | $ | 243 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs (including $476 in 2013 related to VIEs) | $ | — | $ | 701 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 434 | 445 | Various (2) | ||||||||||
Pension and OPEB Costs | 1,265 | 637 | Various | ||||||||||
Deferred Income Taxes | 473 | 444 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 164 | 144 | Through 2021 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | 75 | — | Through 2017 | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 74 | 81 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 138 | 123 | Various | ||||||||||
GPRC | 134 | 151 | Various (2) | ||||||||||
Electric Cost of Removal | 91 | 23 | Reduced as cost is incurred | ||||||||||
Storm Damage Deferrals | 245 | 245 | To be determined | ||||||||||
Other | 99 | 94 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,192 | $ | 3,088 | |||||||||
Total Regulatory Assets | $ | 3,764 | $ | 3,331 | |||||||||
As of December 31, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 28 | $ | 31 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 80 | 9 | Annual filing for recovery (1) (2) | ||||||||||
WNC | 31 | — | Annual filing for recovery (2) | ||||||||||
Gas Margin Adjustment Clause | 28 | — | Annual filing for recovery (1) (2) | ||||||||||
Other | 19 | 3 | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 186 | $ | 43 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 133 | $ | 137 | Reduced as cost is incurred | ||||||||
MTM Contracts | — | 74 | Various | ||||||||||
Stranded Costs (including $39 and $11 in 2014 and 2013, respectively, related to VIEs) | 134 | 11 | Through December 2016 (1) (2) | ||||||||||
FERC Formula Rate True-up | 26 | — | Through December 2016 (1) (2) | ||||||||||
Other | 4 | 22 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 297 | $ | 244 | |||||||||
Total Regulatory Liabilities | $ | 483 | $ | 287 | |||||||||
-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 Interconnection, L.L.C. (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 Universal Service Fund (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: 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 OPEB 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. | ||||||||||||
• | Remediation Adjustment Charge (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 and gas cogeneration supply contracts.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. | ||||||||||||
• | 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. | ||||||||||||
• | Storm Damage Deferrals: Costs incurred in the cleanup of major storms in 2010 through 2014. This includes $240 million of storm costs, primarily as a result of Hurricane Irene and Superstorm Sandy, approved for future recovery under a BPU Order received in September 2014. | ||||||||||||
• | 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. | ||||||||||||
• | Gas Margin Adjustment Clause: This mechanism credits Firm delivery customers for net distribution margin revenue collected from Transportation Gas Service Non-Firm (TSG-NF) delivery customers. The balance represents the difference between the net margin collected from the TSG-NF Customers versus bill credits provided to Firm delivery customers. | ||||||||||||
• | 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. | ||||||||||||
• | FERC Formula Rate True-up: Overcollection or undercollection of transmission earnings calculated using a FERC approved formula. | ||||||||||||
Significant 2014 regulatory orders received and currently pending rate filings with the FERC and the BPU by PSE&G are as follows: | |||||||||||||
• | RAC—On February 11, 2015, the BPU approved PSE&G’s filing with respect to its RAC 21 petition allowing recovery of $66 million related to net MGP expenditures from August 1, 2012 through July 31, 2013. | ||||||||||||
• | BGSS—In January and February 2014, PSE&G filed self-implementing one-month BGSS residential customer bill credits with the BPU for 25 cents per therm for the months of February and March 2014. These credits provided approximately $93 million in total credits to residential customers, reducing the BGSS deferred balance. On April 1, 2014, the BGSS rate reverted back to the current rate. | ||||||||||||
In May 2014, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $112 million in annual BGSS revenues. In September 2014, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 54 cents to 45 cents per therm effective October 1, 2014. | |||||||||||||
In October 2014, PSE&G filed a self-implementing three-month bill credit for residential customers to be effective during November and December 2014 and January 2015. This credit is 28 cents per therm for the three-month period and is estimated to provide approximately $160 million to customers. In January 2015, PSE&G filed a letter with the BPU to extend the three-month bill credit for two additional months through February and March 2015 which is estimated to provide an additional approximate $100 million to customers. The specific amount returned will depend on actual usage over that period. | |||||||||||||
• | Storm Damage Deferrals—In September 2014, the BPU approved a Stipulation finding that PSE&G's 2010 through 2012 major storm incremental O&M costs of $240 million (deferred as Regulatory Assets) and capital expenditures of $126 million were prudent and recoverable in a future base rate proceeding, subject to offset for the amount of insurance proceeds received. | ||||||||||||
• | WNC—In April 2014, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period. The BPU’s approval of a final WNC resulted in no change to the provisional rate previously approved by the BPU and implemented effective October 1, 2013, which was set to recover $26 million from customers during the 2013-2014 Winter Period (October 1, 2013 through May 31, 2014). | ||||||||||||
In September 2014, the BPU provisionally approved PSE&G’s filing with respect to excess revenues collected during the colder than normal 2013-2014 Winter Period. Effective October 1, 2014, PSE&G is returning $45 million in revenues to its customers during the 2014-2015 Winter Period as a result of excess revenues collected during the colder than normal 2013-2014 Winter Period (October 1, 2014 through May 31, 2015). | |||||||||||||
• | 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 2014, the BPU approved rates set to recover costs incurred under the USF/Lifeline energy assistance programs effective October 1, 2014. 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 June 2014, the BPU approved PSE&G’s petition to recover annual revenue requirements of approximately $28 million for program costs incurred for its CIP II investments through September 30, 2013, which represents the final phase of the program. Base rates were adjusted effective July 1, 2014 to reflect the recovery. | ||||||||||||
• | SBC and NGC—In May 2014, the BPU approved PSE&G’s petition to recover actual SBC and NGC costs incurred through December 31, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. New rates were implemented on June 1, 2014 to recover approximately $400 million over the succeeding 12 months. | ||||||||||||
• | Transmission Formula Rate Filings—In May 2014, PSE&G filed its 2014 True-Up Adjustment pertaining to its formula rates in effect for 2013, which resulted in an adjustment of $5 million above the 2013 filed revenues. In accordance with PSE&G’s formula rate protocols, this Rate Year 2013 True-Up Adjustment has been incorporated into its Annual Formula Rate Update for the 2015 Rate Year. The 2015 Formula Rate Update filed with the FERC in October 2014 for approximately $182 million in increased annual transmission revenues went into effect on January 1, 2015. | ||||||||||||
• | Energy Strong Recovery Filing—In December 2014, PSE&G updated its initial Energy Strong cost recovery petition, seeking BPU approval to recover in base rates an estimated annual revenue increase of $1.1 million effective March 1, 2015. This increase represents capitalized Energy Strong electric investment costs in service through November 30, 2014. Pursuant to a Stipulation, the BPU approved PSE&G’s request on February 11, 2015. | ||||||||||||
• | GPRC—In June 2014, PSE&G filed a petition with the BPU requesting recovery of costs and investments in the combined eight components of the electric and gas GPRC for the period October 1, 2014 through September 30, 2015. The rates proposed in our filing are designed to recover $111 million and $18 million in electric and gas revenues, respectively, on an annual basis. This matter is currently pending. | ||||||||||||
• | RAC—In December 2014, PSE&G filed a petition with the BPU requesting recovery of $86 million related to RAC 22 net MGP expenditures from August 1, 2013 through July 31, 2014. This matter is currently pending. |
LongTerm_Investments
Long-Term Investments | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Long-Term Investments [Line Items] | |||||||||||||||
Long-Term Investments [Text Block] | Long-Term Investments | ||||||||||||||
Long-Term Investments as of December 31, 2014 and 2013 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | $ | 156 | $ | 158 | |||||||||||
Solar Loans | 187 | 196 | |||||||||||||
Other Investments | 5 | 7 | |||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | 121 | 123 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 836 | 825 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 2 | 3 | |||||||||||||
Cost Method Investments (B) | — | 1 | |||||||||||||
Total Long-Term Investments | $ | 1,307 | $ | 1,313 | |||||||||||
(A) | During the three years ended December 31, 2014, 2013 and 2012, the amount of dividends from these investments was $17 million, $11 million and $17 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, 2014 and 2013, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 691 | $ | 701 | |||||||||||
Estimated Residual Value of Leased Assets | 525 | 529 | |||||||||||||
Total Investment in Rental Receivables | 1,216 | 1,230 | |||||||||||||
Unearned and Deferred Income | (380 | ) | (405 | ) | |||||||||||
Gross Investments in Leases | 836 | 825 | |||||||||||||
Deferred Tax Liabilities | (738 | ) | (727 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 98 | |||||||||||
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, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 24 | $ | 11 | $ | 78 | |||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 32 | $ | 6 | $ | 34 | |||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2014: | |||||||||||||||
% | |||||||||||||||
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 [Line Items] | |||||||||||||||
Long-Term Investments [Text Block] | Long-Term Investments | ||||||||||||||
Long-Term Investments as of December 31, 2014 and 2013 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | $ | 156 | $ | 158 | |||||||||||
Solar Loans | 187 | 196 | |||||||||||||
Other Investments | 5 | 7 | |||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | 121 | 123 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 836 | 825 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 2 | 3 | |||||||||||||
Cost Method Investments (B) | — | 1 | |||||||||||||
Total Long-Term Investments | $ | 1,307 | $ | 1,313 | |||||||||||
(A) | During the three years ended December 31, 2014, 2013 and 2012, the amount of dividends from these investments was $17 million, $11 million and $17 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, 2014 and 2013, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 691 | $ | 701 | |||||||||||
Estimated Residual Value of Leased Assets | 525 | 529 | |||||||||||||
Total Investment in Rental Receivables | 1,216 | 1,230 | |||||||||||||
Unearned and Deferred Income | (380 | ) | (405 | ) | |||||||||||
Gross Investments in Leases | 836 | 825 | |||||||||||||
Deferred Tax Liabilities | (738 | ) | (727 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 98 | |||||||||||
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, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 24 | $ | 11 | $ | 78 | |||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 32 | $ | 6 | $ | 34 | |||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2014: | |||||||||||||||
% | |||||||||||||||
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 [Line Items] | |||||||||||||||
Long-Term Investments [Text Block] | Long-Term Investments | ||||||||||||||
Long-Term Investments as of December 31, 2014 and 2013 included the following: | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | $ | 156 | $ | 158 | |||||||||||
Solar Loans | 187 | 196 | |||||||||||||
Other Investments | 5 | 7 | |||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | 121 | 123 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 836 | 825 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 2 | 3 | |||||||||||||
Cost Method Investments (B) | — | 1 | |||||||||||||
Total Long-Term Investments | $ | 1,307 | $ | 1,313 | |||||||||||
(A) | During the three years ended December 31, 2014, 2013 and 2012, the amount of dividends from these investments was $17 million, $11 million and $17 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, 2014 and 2013, respectively. | |||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 691 | $ | 701 | |||||||||||
Estimated Residual Value of Leased Assets | 525 | 529 | |||||||||||||
Total Investment in Rental Receivables | 1,216 | 1,230 | |||||||||||||
Unearned and Deferred Income | (380 | ) | (405 | ) | |||||||||||
Gross Investments in Leases | 836 | 825 | |||||||||||||
Deferred Tax Liabilities | (738 | ) | (727 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 98 | |||||||||||
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, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 24 | $ | 11 | $ | 78 | |||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 32 | $ | 6 | $ | 34 | |||||||||
Equity Method Investments | |||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2014: | |||||||||||||||
% | |||||||||||||||
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, 2014 | |||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||||||
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, including the noncurrent portion reported in Note 6. Long-Term Investments, 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 | 2014 | 2013 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 188 | $ | 192 | |||||||||||||||||
Residential | 13 | 15 | |||||||||||||||||||
$ | 201 | $ | 207 | ||||||||||||||||||
Energy Holdings | |||||||||||||||||||||
Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $98 million as of December 31, 2014 and 2013 (See Note 6. 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. The “Not Rated” counterparty represents an investment in lease receivable related to a commercial real estate property. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2014 | As of December 31, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 317 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B- | 164 | ||||||||||||||||||||
Not Rated | 2 | ||||||||||||||||||||
$ | 691 | ||||||||||||||||||||
The “BB-” and the "B-" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of December 31, 2014, the gross investment in the leases of such assets, net of non-recourse debt, was $572 million, ($(20) 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 | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 112 | 100 | % | 603 | Coal | B- | NRG 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). | |||||||||||||||||||||
Although all lease payments 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. | |||||||||||||||||||||
NRG REMA LLC, an indirect subsidiary of NRG Energy, Inc. (NRG) notified PJM that it no longer intends to place the coal-fired units at the Shawville generating facility in long-term protective layup. Instead, those units will be shut down temporarily beginning in April 2015, with an expected return to service no later than June 2016 using an alternative fuel. | |||||||||||||||||||||
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. These facilities are leased to Midwest Generation (MWG), which was an indirect subsidiary of Edison Mission Energy (EME). In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. In October 2013, NRG, EME, MWG, Nesbitt and other creditor parties involved in the bankruptcy executed a new agreement under which NRG acquired substantially all of EME’s assets, including the Powerton and Joliet leased assets. In March 2014, the Bankruptcy Court approved the transaction. As part of the transaction, (i) the leases for the Powerton and Joliet coal units were assumed on their existing terms, (ii) all past due rent under the leases was paid in full, (iii) NRG assumed EME’s tax indemnity and guarantee obligations, and (iv) NRG agreed to invest up to $350 million in the Powerton and Joliet coal units so they can be operated in compliance with environmental regulations. On April 1, 2014, NRG and EME closed on the transaction in accordance with these terms, bringing the lease payments current. | |||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||||||
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, including the noncurrent portion reported in Note 6. Long-Term Investments, 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 | 2014 | 2013 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 188 | $ | 192 | |||||||||||||||||
Residential | 13 | 15 | |||||||||||||||||||
$ | 201 | $ | 207 | ||||||||||||||||||
Energy Holdings | |||||||||||||||||||||
Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $98 million as of December 31, 2014 and 2013 (See Note 6. 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. The “Not Rated” counterparty represents an investment in lease receivable related to a commercial real estate property. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2014 | As of December 31, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 317 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B- | 164 | ||||||||||||||||||||
Not Rated | 2 | ||||||||||||||||||||
$ | 691 | ||||||||||||||||||||
The “BB-” and the "B-" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of December 31, 2014, the gross investment in the leases of such assets, net of non-recourse debt, was $572 million, ($(20) 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 | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 112 | 100 | % | 603 | Coal | B- | NRG 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). | |||||||||||||||||||||
Although all lease payments 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. | |||||||||||||||||||||
NRG REMA LLC, an indirect subsidiary of NRG Energy, Inc. (NRG) notified PJM that it no longer intends to place the coal-fired units at the Shawville generating facility in long-term protective layup. Instead, those units will be shut down temporarily beginning in April 2015, with an expected return to service no later than June 2016 using an alternative fuel. | |||||||||||||||||||||
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. These facilities are leased to Midwest Generation (MWG), which was an indirect subsidiary of Edison Mission Energy (EME). In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. In October 2013, NRG, EME, MWG, Nesbitt and other creditor parties involved in the bankruptcy executed a new agreement under which NRG acquired substantially all of EME’s assets, including the Powerton and Joliet leased assets. In March 2014, the Bankruptcy Court approved the transaction. As part of the transaction, (i) the leases for the Powerton and Joliet coal units were assumed on their existing terms, (ii) all past due rent under the leases was paid in full, (iii) NRG assumed EME’s tax indemnity and guarantee obligations, and (iv) NRG agreed to invest up to $350 million in the Powerton and Joliet coal units so they can be operated in compliance with environmental regulations. On April 1, 2014, NRG and EME closed on the transaction in accordance with these terms, bringing the lease payments current. |
AvailableforSale_Securities
Available-for-Sale Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||
Available-for-Sale Securities [Text Block] | 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 its 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, 2014 was approximately $419 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 685 | $ | 220 | $ | (8 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 430 | 9 | (1 | ) | 438 | ||||||||||||||||||||||||||||||
Other Debt Securities | 333 | 9 | (3 | ) | 339 | ||||||||||||||||||||||||||||||
Total Debt Securities | 763 | 18 | (4 | ) | 777 | ||||||||||||||||||||||||||||||
Other Securities | 106 | — | — | 106 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,554 | $ | 238 | $ | (12 | ) | $ | 1,780 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 10 | $ | 39 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 36 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | $ | 162 | $ | (8 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 95 | — | 28 | (1 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Other Debt Securities (C) | 99 | (1 | ) | 30 | (2 | ) | 107 | (4 | ) | 3 | — | ||||||||||||||||||||||||
Total Debt Securities | 194 | (1 | ) | 58 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | |||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 356 | $ | (9 | ) | $ | 59 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | |||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales (A) | $ | 1,448 | $ | 1,070 | $ | 1,433 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 177 | $ | 112 | $ | 153 | |||||||||||||||||||||||||||||
Gross Realized Losses | (23 | ) | (26 | ) | (52 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 154 | $ | 86 | $ | 101 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||||||||||||||||||||||||||||||||||
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 $110 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 10 | |||||||||||||||||||||||||||||||||
1 - 5 years | 271 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 179 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 54 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 49 | ||||||||||||||||||||||||||||||||||
Over 20 years | 214 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 777 | |||||||||||||||||||||||||||||||||
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 2014, other-than-temporary impairments of $20 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 11 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 89 | 2 | — | 91 | |||||||||||||||||||||||||||||||
Other Debt Securities | 74 | 1 | — | 75 | |||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 3 | — | 166 | |||||||||||||||||||||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 177 | $ | 14 | $ | — | $ | 191 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 2 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | 2 | — | — | — | 47 | (2 | ) | 2 | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 24 | — | — | — | 18 | (1 | ) | 1 | — | ||||||||||||||||||||||||||
Total Debt Securities | 26 | — | — | — | 65 | (3 | ) | 3 | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 26 | $ | — | $ | — | $ | — | $ | 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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 467 | $ | 89 | $ | 233 | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 4 | $ | 6 | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (3 | ) | — | ||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | ||||||||||||||||||||||||||||||||||
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 $8 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2014. The Rabbi Trust available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 49 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 31 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 9 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 7 | ||||||||||||||||||||||||||||||||||
Over 20 years | 70 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 166 | |||||||||||||||||||||||||||||||||
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 2014, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
PSE&G | $ | 41 | $ | 42 | |||||||||||||||||||||||||||||||
Power | 45 | 39 | |||||||||||||||||||||||||||||||||
Other | 105 | 98 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 191 | $ | 179 | |||||||||||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||
Available-for-Sale Securities [Text Block] | 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 its 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, 2014 was approximately $419 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 685 | $ | 220 | $ | (8 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 430 | 9 | (1 | ) | 438 | ||||||||||||||||||||||||||||||
Other Debt Securities | 333 | 9 | (3 | ) | 339 | ||||||||||||||||||||||||||||||
Total Debt Securities | 763 | 18 | (4 | ) | 777 | ||||||||||||||||||||||||||||||
Other Securities | 106 | — | — | 106 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,554 | $ | 238 | $ | (12 | ) | $ | 1,780 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 10 | $ | 39 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 36 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | $ | 162 | $ | (8 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 95 | — | 28 | (1 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Other Debt Securities (C) | 99 | (1 | ) | 30 | (2 | ) | 107 | (4 | ) | 3 | — | ||||||||||||||||||||||||
Total Debt Securities | 194 | (1 | ) | 58 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | |||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 356 | $ | (9 | ) | $ | 59 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | |||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales (A) | $ | 1,448 | $ | 1,070 | $ | 1,433 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 177 | $ | 112 | $ | 153 | |||||||||||||||||||||||||||||
Gross Realized Losses | (23 | ) | (26 | ) | (52 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 154 | $ | 86 | $ | 101 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||||||||||||||||||||||||||||||||||
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 $110 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 10 | |||||||||||||||||||||||||||||||||
1 - 5 years | 271 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 179 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 54 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 49 | ||||||||||||||||||||||||||||||||||
Over 20 years | 214 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 777 | |||||||||||||||||||||||||||||||||
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 2014, other-than-temporary impairments of $20 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 11 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 89 | 2 | — | 91 | |||||||||||||||||||||||||||||||
Other Debt Securities | 74 | 1 | — | 75 | |||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 3 | — | 166 | |||||||||||||||||||||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 177 | $ | 14 | $ | — | $ | 191 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 2 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | 2 | — | — | — | 47 | (2 | ) | 2 | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 24 | — | — | — | 18 | (1 | ) | 1 | — | ||||||||||||||||||||||||||
Total Debt Securities | 26 | — | — | — | 65 | (3 | ) | 3 | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 26 | $ | — | $ | — | $ | — | $ | 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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 467 | $ | 89 | $ | 233 | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 4 | $ | 6 | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (3 | ) | — | ||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | ||||||||||||||||||||||||||||||||||
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 $8 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2014. The Rabbi Trust available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 49 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 31 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 9 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 7 | ||||||||||||||||||||||||||||||||||
Over 20 years | 70 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 166 | |||||||||||||||||||||||||||||||||
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 2014, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
PSE&G | $ | 41 | $ | 42 | |||||||||||||||||||||||||||||||
Power | 45 | 39 | |||||||||||||||||||||||||||||||||
Other | 105 | 98 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 191 | $ | 179 | |||||||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||
Available-for-Sale Securities [Text Block] | 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 its 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, 2014 was approximately $419 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 685 | $ | 220 | $ | (8 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 430 | 9 | (1 | ) | 438 | ||||||||||||||||||||||||||||||
Other Debt Securities | 333 | 9 | (3 | ) | 339 | ||||||||||||||||||||||||||||||
Total Debt Securities | 763 | 18 | (4 | ) | 777 | ||||||||||||||||||||||||||||||
Other Securities | 106 | — | — | 106 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,554 | $ | 238 | $ | (12 | ) | $ | 1,780 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 10 | $ | 39 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 36 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | $ | 162 | $ | (8 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 95 | — | 28 | (1 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Other Debt Securities (C) | 99 | (1 | ) | 30 | (2 | ) | 107 | (4 | ) | 3 | — | ||||||||||||||||||||||||
Total Debt Securities | 194 | (1 | ) | 58 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | |||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 356 | $ | (9 | ) | $ | 59 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | |||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales (A) | $ | 1,448 | $ | 1,070 | $ | 1,433 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 177 | $ | 112 | $ | 153 | |||||||||||||||||||||||||||||
Gross Realized Losses | (23 | ) | (26 | ) | (52 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 154 | $ | 86 | $ | 101 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||||||||||||||||||||||||||||||||||
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 $110 million (after-tax) are included in Accumulated Other Comprehensive Loss on PSEG's and Power’s Consolidated Balance Sheets as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
The available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 10 | |||||||||||||||||||||||||||||||||
1 - 5 years | 271 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 179 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 54 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 49 | ||||||||||||||||||||||||||||||||||
Over 20 years | 214 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 777 | |||||||||||||||||||||||||||||||||
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 2014, other-than-temporary impairments of $20 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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 11 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 89 | 2 | — | 91 | |||||||||||||||||||||||||||||||
Other Debt Securities | 74 | 1 | — | 75 | |||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 3 | — | 166 | |||||||||||||||||||||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 177 | $ | 14 | $ | — | $ | 191 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 2 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | 2 | — | — | — | 47 | (2 | ) | 2 | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 24 | — | — | — | 18 | (1 | ) | 1 | — | ||||||||||||||||||||||||||
Total Debt Securities | 26 | — | — | — | 65 | (3 | ) | 3 | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 26 | $ | — | $ | — | $ | — | $ | 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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 467 | $ | 89 | $ | 233 | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 4 | $ | 6 | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (3 | ) | — | ||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | ||||||||||||||||||||||||||||||||||
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 $8 million (after-tax) were recognized in Accumulated Other Comprehensive Loss on the Consolidated Balance Sheets as of December 31, 2014. The Rabbi Trust available-for-sale debt securities held as of December 31, 2014 had the following maturities: | |||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 49 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 31 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 9 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 7 | ||||||||||||||||||||||||||||||||||
Over 20 years | 70 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 166 | |||||||||||||||||||||||||||||||||
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 2014, there were no other-than-temporary impairments recognized on investments of the Rabbi Trust. | |||||||||||||||||||||||||||||||||||
The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
PSE&G | $ | 41 | $ | 42 | |||||||||||||||||||||||||||||||
Power | 45 | 39 | |||||||||||||||||||||||||||||||||
Other | 105 | 98 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 191 | $ | 179 | |||||||||||||||||||||||||||||||
Goodwill_And_Other_Intangibles
Goodwill And Other Intangibles | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill And Other Intangibles | Goodwill and Other Intangibles | ||||||||||||||
As of December 31, 2014 and 2013, 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, 2014 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, 2014 and 2013, Power had intangible assets of $84 million and $33 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, 2014, 2013 and 2012 were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 10 | $ | 6 | $ | 5 | |||||||||
Renewable Energy Expense | $ | 59 | $ | 26 | $ | 34 | |||||||||
Power [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill And Other Intangibles | Goodwill and Other Intangibles | ||||||||||||||
As of December 31, 2014 and 2013, 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, 2014 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, 2014 and 2013, Power had intangible assets of $84 million and $33 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, 2014, 2013 and 2012 were as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 10 | $ | 6 | $ | 5 | |||||||||
Renewable Energy Expense | $ | 59 | $ | 26 | $ | 34 | |||||||||
Asset_Retirement_Obligations_A
Asset Retirement Obligations (AROs) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Asset Retirement Obligation [Line Items] | |||||||||||||||||||
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) | ||||||||||||||||||
PSEG, PSE&G and Power have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
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 does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. 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 8. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, 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. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, PSE&G and Power during 2013 and 2014 are presented in the following table: | |||||||||||||||||||
PSEG | PSE&G | Power | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2013 | $ | 627 | $ | 250 | $ | 374 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (4 | ) | (1 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 13 | 4 | — | |||||||||||||||
Accretion Expense | 23 | — | 23 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 274 | $ | 400 | $ | 3 | |||||||||||
Liabilities Settled | (2 | ) | (2 | ) | — | — | |||||||||||||
Liabilities Incurred | 23 | 3 | 20 | — | |||||||||||||||
Accretion Expense | 30 | — | 30 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2014 | $ | 743 | $ | 290 | $ | 450 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations | ||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||
Asset Retirement Obligation [Line Items] | |||||||||||||||||||
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) | ||||||||||||||||||
PSEG, PSE&G and Power have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
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 does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. 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 8. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, 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. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, PSE&G and Power during 2013 and 2014 are presented in the following table: | |||||||||||||||||||
PSEG | PSE&G | Power | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2013 | $ | 627 | $ | 250 | $ | 374 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (4 | ) | (1 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 13 | 4 | — | |||||||||||||||
Accretion Expense | 23 | — | 23 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 274 | $ | 400 | $ | 3 | |||||||||||
Liabilities Settled | (2 | ) | (2 | ) | — | — | |||||||||||||
Liabilities Incurred | 23 | 3 | 20 | — | |||||||||||||||
Accretion Expense | 30 | — | 30 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2014 | $ | 743 | $ | 290 | $ | 450 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations | ||||||||||||||||||
Power [Member] | |||||||||||||||||||
Asset Retirement Obligation [Line Items] | |||||||||||||||||||
Asset Retirement Obligations (AROs) | Asset Retirement Obligations (AROs) | ||||||||||||||||||
PSEG, PSE&G and Power have recorded various AROs which represent legal obligations to remove or dispose of an asset or some component of an asset at retirement. | |||||||||||||||||||
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 does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life. | |||||||||||||||||||
Power’s ARO liability primarily relates to the decommissioning of its nuclear power plants in accordance with NRC requirements. 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 8. Available-for-Sale Securities. Power also identified conditional AROs primarily related to Power’s fossil generation units and solar facilities, including liabilities for removal of asbestos, stored hazardous liquid material and underground storage tanks from industrial power sites, and demolition of certain plants, and the restoration of the sites at which they reside, when the plants are no longer in service. To estimate the fair value of its AROs, 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. | |||||||||||||||||||
The changes to the ARO liabilities for PSEG, PSE&G and Power during 2013 and 2014 are presented in the following table: | |||||||||||||||||||
PSEG | PSE&G | Power | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2013 | $ | 627 | $ | 250 | $ | 374 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (4 | ) | (1 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 13 | 4 | — | |||||||||||||||
Accretion Expense | 23 | — | 23 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 274 | $ | 400 | $ | 3 | |||||||||||
Liabilities Settled | (2 | ) | (2 | ) | — | — | |||||||||||||
Liabilities Incurred | 23 | 3 | 20 | — | |||||||||||||||
Accretion Expense | 30 | — | 30 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2014 | $ | 743 | $ | 290 | $ | 450 | $ | 3 | |||||||||||
(A) | Not reflected as expense in Consolidated Statements of Operations |
Pension_OPEB_and_Savings_Plans
Pension, OPEB and Savings Plans | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | 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, PSE&G and Power 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, GAAP 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 PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. 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. | |||||||||||||||||||||||||||
Amounts for Servco are not included in any of the following pension and OPEB benefit information for PSEG and its affiliates but rather are separately disclosed later in this note. | |||||||||||||||||||||||||||
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, 2014 and 2013. 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 | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Service Cost | 104 | 116 | 18 | 21 | |||||||||||||||||||||||
Interest Cost | 234 | 215 | 69 | 63 | |||||||||||||||||||||||
Actuarial (Gain) Loss (B) | 838 | (501 | ) | 210 | (144 | ) | |||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Benefit Obligation at End of Year (A) (B) | $ | 5,722 | $ | 4,812 | $ | 1,638 | $ | 1,414 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Actual Return on Plan Assets | 433 | 857 | 28 | 52 | |||||||||||||||||||||||
Employer Contributions | 10 | 155 | 87 | 78 | |||||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,293 | $ | 5,116 | $ | 361 | $ | 319 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets (included in Other Special Funds) | $ | 21 | $ | 434 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (10 | ) | (9 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (440 | ) | (121 | ) | (1,277 | ) | (1,095 | ) | |||||||||||||||||||
Amounts Recognized | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (102 | ) | $ | (120 | ) | $ | (39 | ) | $ | (53 | ) | |||||||||||||||
Net Actuarial Loss | 1,724 | 977 | 495 | 310 | |||||||||||||||||||||||
Total | $ | 1,622 | $ | 857 | $ | 456 | $ | 257 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013. | ||||||||||||||||||||||||||
(C) | Includes $702 million ($411 million, after-tax) and $408 million ($238 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2014 and 2013, 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, 2014, PSEG had funded approximately 93% of its projected benefit obligation. This percentage does not include $191 million of assets in the Rabbi Trust as of December 31, 2014 which were used partially to fund the nonqualified pension plans. As of December 31, 2014, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $161 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 $5.5 billion as of December 31, 2014 and $4.5 billion as of December 31, 2013. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | |||||||||||||||||||||||||||
Service Cost | $ | 104 | $ | 116 | $ | 101 | $ | 18 | $ | 21 | $ | 17 | |||||||||||||||
Interest Cost | 234 | 215 | 223 | 69 | 63 | 65 | |||||||||||||||||||||
Expected Return on Plan Assets | (399 | ) | (348 | ) | (306 | ) | (26 | ) | (21 | ) | (17 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | — | 2 | |||||||||||||||||||||
Prior Service Cost | (18 | ) | (19 | ) | (18 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||||||||||
Actuarial Loss | 56 | 188 | 167 | 23 | 42 | 31 | |||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (23 | ) | $ | 152 | $ | 167 | $ | 70 | $ | 91 | $ | 84 | ||||||||||||||
Special Termination Benefits | — | — | 1 | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | — | 19 | |||||||||||||||||||||
Total Benefit Costs (Credit), Including Effect of Regulatory Asset | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
Pension costs and OPEB costs for PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | (19 | ) | $ | 91 | $ | 97 | $ | 46 | $ | 65 | $ | 82 | ||||||||||||||
Power | (7 | ) | 43 | 52 | 20 | 23 | 18 | ||||||||||||||||||||
Other | 3 | 18 | 19 | 4 | 3 | 3 | |||||||||||||||||||||
Total Benefit Costs (Credit) | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | 803 | $ | (1,009 | ) | $ | 208 | $ | (175 | ) | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (56 | ) | (188 | ) | (23 | ) | (42 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 18 | 19 | 14 | 14 | |||||||||||||||||||||||
Total | $ | 765 | $ | (1,178 | ) | $ | 199 | $ | (203 | ) | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2015 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 150 | $ | 43 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 4.2 | % | 4.21 | % | 5.01 | % | 4.2 | % | |||||||||||||||
Rate of Compensation Increase | 3.61 | % | 4.61 | % | 4.61 | % | 3.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||
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 | % | 3 | % | |||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 5.25 | % | 5.5 | % | 6 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2016 | 2016 | 2013 | ||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | 8 | % | 8.88 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2023 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.25 | % | 7.88 | % | 7.98 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2019 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 13 | $ | 12 | $ | 12 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 201 | $ | 161 | $ | 180 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (10 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (165 | ) | $ | (134 | ) | $ | (149 | ) | ||||||||||||||||||
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 16. 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 the 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, 2014, 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, 2014 and 2013, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 153 | $ | 92 | $ | 61 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,292 | 2,292 | — | — | |||||||||||||||||||||||
Commingled—International | 1,005 | 1,005 | — | — | |||||||||||||||||||||||
Other | 727 | 727 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 509 | — | 509 | — | |||||||||||||||||||||||
Other | 943 | — | 943 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,654 | $ | 4,116 | $ | 1,513 | $ | 25 | |||||||||||||||||||
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 | |||||||||||||||||||
(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, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2014 | ||||||||||||||||||||||
1-Jan-14 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 25 | $ | (5 | ) | $ | — | $ | 3 | $ | 2 | $ | 25 | ||||||||||||||
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 | |||||||||||||
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 | 2014 | 2013 | |||||||||||||||||||||||||
Equity Securities | 71 | % | 73 | % | |||||||||||||||||||||||
Fixed Income Securities | 26 | 25 | |||||||||||||||||||||||||
Other Investments | 3 | 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. PSEG's latest asset/liability study indicates 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, 2014 and will remain unchanged for 2015. 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 may contribute up to $25 million into its pension plans and up to $14 million into its OPEB plan, respectively, during 2015. | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2015 | $ | 282 | $ | 79 | |||||||||||||||||||||||
2016 | 283 | 82 | |||||||||||||||||||||||||
2017 | 294 | 84 | |||||||||||||||||||||||||
2018 | 305 | 87 | |||||||||||||||||||||||||
2019 | 318 | 90 | |||||||||||||||||||||||||
2020-2024 | 1,770 | 495 | |||||||||||||||||||||||||
Total | $ | 3,252 | $ | 917 | |||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act (ERISA) 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, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | 20 | $ | 19 | $ | 18 | |||||||||||||||||||||
Power | 11 | $ | 10 | 10 | |||||||||||||||||||||||
Other | 5 | 4 | 4 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 36 | $ | 33 | $ | 32 | |||||||||||||||||||||
Servco Pension and OPEB | |||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established 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 system manager for LIPA. 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 benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Consolidated Balance Sheet of PSEG. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in Servco's benefit obligation and the fair value of its plan assets during the year ended December 31, 2014. 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 2014. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Service | 20 | 13 | |||||||||||||||||||||||||
Interest | 7 | 17 | |||||||||||||||||||||||||
Differences in Actuarial Assumptions versus Actual Experience | 42 | 107 | |||||||||||||||||||||||||
Plan Amendments | 126 | 315 | |||||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 195 | $ | 452 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Actual Return on Plan Assets | 2 | — | |||||||||||||||||||||||||
Employer Contributions | 67 | — | |||||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 69 | $ | — | |||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Accrued Pension Costs of Servco | $ | (126 | ) | $ | — | ||||||||||||||||||||||
OPEB Costs of Servco | — | (452 | ) | ||||||||||||||||||||||||
Amounts Recognized (B) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet. | ||||||||||||||||||||||||||
Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2014 were $67 million. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. The OPEB-related revenues earned or costs incurred in 2014 were immaterial. | |||||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligations of Servco: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31, 2014 | |||||||||||||||||||||||||||
Discount Rate | 4.5 | % | 4.6 | % | |||||||||||||||||||||||
Rate of Compensation Increase | 3.25 | % | 3.25 | % | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31, 2014 | |||||||||||||||||||||||||||
Administrative Expense | 5 | % | |||||||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2018 | ||||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.44 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | 160 | |||||||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | (106 | ) | ||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of Servco's pension 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 are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 16. Fair Value Measurements for more information on fair value guidance. The Actuary 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 Actuary to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. | |||||||||||||||||||||||||||
The following table presents information about Servco's investments measured at fair value on a recurring basis as of December 31, 2014, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 48 | 48 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Other | 20 | — | 20 | — | |||||||||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 21 | $ | — | |||||||||||||||||||
(A) | 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 commingled stock 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). | ||||||||||||||||||||||||||
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 of Servco as of the measurement date, December 31: | |||||||||||||||||||||||||||
Investments | As of December 31, 2014 | ||||||||||||||||||||||||||
Equity Securities | 70 | % | |||||||||||||||||||||||||
Fixed Income Securities | 29 | ||||||||||||||||||||||||||
Other Investments | 1 | ||||||||||||||||||||||||||
Total Percentage | 100 | % | |||||||||||||||||||||||||
Servco 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. The results from Servco's latest asset/liability study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. The expected long-term rate of return on plan assets was 7.70% as of December 31, 2014 and will remain unchanged for 2015. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ 2014 rate of return, which was 6.3%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
Servco may contribute up to $30 million into its pension plan during 2015. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to Servco's plan participants: | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | — | $ | 2 | |||||||||||||||||||||||
2016 | 1 | 4 | |||||||||||||||||||||||||
2017 | 2 | 6 | |||||||||||||||||||||||||
2018 | 3 | 7 | |||||||||||||||||||||||||
2019 | 4 | 9 | |||||||||||||||||||||||||
2020-2024 | 49 | 74 | |||||||||||||||||||||||||
Total | $ | 59 | $ | 102 | |||||||||||||||||||||||
Servco 401(k) Plans | |||||||||||||||||||||||||||
Servco sponsors two 401(k) plans, which are defined contribution retirement plans subject to the ERISA. Eligible non-represented employees of Servco participate in the Servco Incentive Thrift Plan I (Thrift Plan I), and eligible represented employees of Servco participate in the Servco Incentive Thrift Plan II. Eligible employees may contribute up to 50% of their compensation to these plans. For employees in Thrift Plan I, Servco matches 50% of such employee contributions up to 8% and provides core contributions (based on years of service and age) to employees who do not participate in Servco's pension plan. | |||||||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | 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, PSE&G and Power 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, GAAP 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 PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. 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. | |||||||||||||||||||||||||||
Amounts for Servco are not included in any of the following pension and OPEB benefit information for PSEG and its affiliates but rather are separately disclosed later in this note. | |||||||||||||||||||||||||||
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, 2014 and 2013. 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 | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Service Cost | 104 | 116 | 18 | 21 | |||||||||||||||||||||||
Interest Cost | 234 | 215 | 69 | 63 | |||||||||||||||||||||||
Actuarial (Gain) Loss (B) | 838 | (501 | ) | 210 | (144 | ) | |||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Benefit Obligation at End of Year (A) (B) | $ | 5,722 | $ | 4,812 | $ | 1,638 | $ | 1,414 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Actual Return on Plan Assets | 433 | 857 | 28 | 52 | |||||||||||||||||||||||
Employer Contributions | 10 | 155 | 87 | 78 | |||||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,293 | $ | 5,116 | $ | 361 | $ | 319 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets (included in Other Special Funds) | $ | 21 | $ | 434 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (10 | ) | (9 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (440 | ) | (121 | ) | (1,277 | ) | (1,095 | ) | |||||||||||||||||||
Amounts Recognized | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (102 | ) | $ | (120 | ) | $ | (39 | ) | $ | (53 | ) | |||||||||||||||
Net Actuarial Loss | 1,724 | 977 | 495 | 310 | |||||||||||||||||||||||
Total | $ | 1,622 | $ | 857 | $ | 456 | $ | 257 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013. | ||||||||||||||||||||||||||
(C) | Includes $702 million ($411 million, after-tax) and $408 million ($238 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2014 and 2013, 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, 2014, PSEG had funded approximately 93% of its projected benefit obligation. This percentage does not include $191 million of assets in the Rabbi Trust as of December 31, 2014 which were used partially to fund the nonqualified pension plans. As of December 31, 2014, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $161 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 $5.5 billion as of December 31, 2014 and $4.5 billion as of December 31, 2013. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | |||||||||||||||||||||||||||
Service Cost | $ | 104 | $ | 116 | $ | 101 | $ | 18 | $ | 21 | $ | 17 | |||||||||||||||
Interest Cost | 234 | 215 | 223 | 69 | 63 | 65 | |||||||||||||||||||||
Expected Return on Plan Assets | (399 | ) | (348 | ) | (306 | ) | (26 | ) | (21 | ) | (17 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | — | 2 | |||||||||||||||||||||
Prior Service Cost | (18 | ) | (19 | ) | (18 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||||||||||
Actuarial Loss | 56 | 188 | 167 | 23 | 42 | 31 | |||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (23 | ) | $ | 152 | $ | 167 | $ | 70 | $ | 91 | $ | 84 | ||||||||||||||
Special Termination Benefits | — | — | 1 | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | — | 19 | |||||||||||||||||||||
Total Benefit Costs (Credit), Including Effect of Regulatory Asset | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
Pension costs and OPEB costs for PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | (19 | ) | $ | 91 | $ | 97 | $ | 46 | $ | 65 | $ | 82 | ||||||||||||||
Power | (7 | ) | 43 | 52 | 20 | 23 | 18 | ||||||||||||||||||||
Other | 3 | 18 | 19 | 4 | 3 | 3 | |||||||||||||||||||||
Total Benefit Costs (Credit) | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | 803 | $ | (1,009 | ) | $ | 208 | $ | (175 | ) | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (56 | ) | (188 | ) | (23 | ) | (42 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 18 | 19 | 14 | 14 | |||||||||||||||||||||||
Total | $ | 765 | $ | (1,178 | ) | $ | 199 | $ | (203 | ) | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2015 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 150 | $ | 43 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 4.2 | % | 4.21 | % | 5.01 | % | 4.2 | % | |||||||||||||||
Rate of Compensation Increase | 3.61 | % | 4.61 | % | 4.61 | % | 3.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||
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 | % | 3 | % | |||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 5.25 | % | 5.5 | % | 6 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2016 | 2016 | 2013 | ||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | 8 | % | 8.88 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2023 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.25 | % | 7.88 | % | 7.98 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2019 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 13 | $ | 12 | $ | 12 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 201 | $ | 161 | $ | 180 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (10 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (165 | ) | $ | (134 | ) | $ | (149 | ) | ||||||||||||||||||
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 16. 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 the 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, 2014, 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, 2014 and 2013, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 153 | $ | 92 | $ | 61 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,292 | 2,292 | — | — | |||||||||||||||||||||||
Commingled—International | 1,005 | 1,005 | — | — | |||||||||||||||||||||||
Other | 727 | 727 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 509 | — | 509 | — | |||||||||||||||||||||||
Other | 943 | — | 943 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,654 | $ | 4,116 | $ | 1,513 | $ | 25 | |||||||||||||||||||
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 | |||||||||||||||||||
(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, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2014 | ||||||||||||||||||||||
1-Jan-14 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 25 | $ | (5 | ) | $ | — | $ | 3 | $ | 2 | $ | 25 | ||||||||||||||
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 | |||||||||||||
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 | 2014 | 2013 | |||||||||||||||||||||||||
Equity Securities | 71 | % | 73 | % | |||||||||||||||||||||||
Fixed Income Securities | 26 | 25 | |||||||||||||||||||||||||
Other Investments | 3 | 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. PSEG's latest asset/liability study indicates 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, 2014 and will remain unchanged for 2015. 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 may contribute up to $25 million into its pension plans and up to $14 million into its OPEB plan, respectively, during 2015. | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2015 | $ | 282 | $ | 79 | |||||||||||||||||||||||
2016 | 283 | 82 | |||||||||||||||||||||||||
2017 | 294 | 84 | |||||||||||||||||||||||||
2018 | 305 | 87 | |||||||||||||||||||||||||
2019 | 318 | 90 | |||||||||||||||||||||||||
2020-2024 | 1,770 | 495 | |||||||||||||||||||||||||
Total | $ | 3,252 | $ | 917 | |||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act (ERISA) 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, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | 20 | $ | 19 | $ | 18 | |||||||||||||||||||||
Power | 11 | $ | 10 | 10 | |||||||||||||||||||||||
Other | 5 | 4 | 4 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 36 | $ | 33 | $ | 32 | |||||||||||||||||||||
Servco Pension and OPEB | |||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established 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 system manager for LIPA. 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 benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Consolidated Balance Sheet of PSEG. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in Servco's benefit obligation and the fair value of its plan assets during the year ended December 31, 2014. 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 2014. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Service | 20 | 13 | |||||||||||||||||||||||||
Interest | 7 | 17 | |||||||||||||||||||||||||
Differences in Actuarial Assumptions versus Actual Experience | 42 | 107 | |||||||||||||||||||||||||
Plan Amendments | 126 | 315 | |||||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 195 | $ | 452 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Actual Return on Plan Assets | 2 | — | |||||||||||||||||||||||||
Employer Contributions | 67 | — | |||||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 69 | $ | — | |||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Accrued Pension Costs of Servco | $ | (126 | ) | $ | — | ||||||||||||||||||||||
OPEB Costs of Servco | — | (452 | ) | ||||||||||||||||||||||||
Amounts Recognized (B) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet. | ||||||||||||||||||||||||||
Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2014 were $67 million. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. The OPEB-related revenues earned or costs incurred in 2014 were immaterial. | |||||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligations of Servco: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31, 2014 | |||||||||||||||||||||||||||
Discount Rate | 4.5 | % | 4.6 | % | |||||||||||||||||||||||
Rate of Compensation Increase | 3.25 | % | 3.25 | % | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31, 2014 | |||||||||||||||||||||||||||
Administrative Expense | 5 | % | |||||||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2018 | ||||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.44 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | 160 | |||||||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | (106 | ) | ||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of Servco's pension 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 are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 16. Fair Value Measurements for more information on fair value guidance. The Actuary 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 Actuary to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. | |||||||||||||||||||||||||||
The following table presents information about Servco's investments measured at fair value on a recurring basis as of December 31, 2014, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 48 | 48 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Other | 20 | — | 20 | — | |||||||||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 21 | $ | — | |||||||||||||||||||
(A) | 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 commingled stock 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). | ||||||||||||||||||||||||||
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 of Servco as of the measurement date, December 31: | |||||||||||||||||||||||||||
Investments | As of December 31, 2014 | ||||||||||||||||||||||||||
Equity Securities | 70 | % | |||||||||||||||||||||||||
Fixed Income Securities | 29 | ||||||||||||||||||||||||||
Other Investments | 1 | ||||||||||||||||||||||||||
Total Percentage | 100 | % | |||||||||||||||||||||||||
Servco 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. The results from Servco's latest asset/liability study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. The expected long-term rate of return on plan assets was 7.70% as of December 31, 2014 and will remain unchanged for 2015. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ 2014 rate of return, which was 6.3%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
Servco may contribute up to $30 million into its pension plan during 2015. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to Servco's plan participants: | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | — | $ | 2 | |||||||||||||||||||||||
2016 | 1 | 4 | |||||||||||||||||||||||||
2017 | 2 | 6 | |||||||||||||||||||||||||
2018 | 3 | 7 | |||||||||||||||||||||||||
2019 | 4 | 9 | |||||||||||||||||||||||||
2020-2024 | 49 | 74 | |||||||||||||||||||||||||
Total | $ | 59 | $ | 102 | |||||||||||||||||||||||
Servco 401(k) Plans | |||||||||||||||||||||||||||
Servco sponsors two 401(k) plans, which are defined contribution retirement plans subject to the ERISA. Eligible non-represented employees of Servco participate in the Servco Incentive Thrift Plan I (Thrift Plan I), and eligible represented employees of Servco participate in the Servco Incentive Thrift Plan II. Eligible employees may contribute up to 50% of their compensation to these plans. For employees in Thrift Plan I, Servco matches 50% of such employee contributions up to 8% and provides core contributions (based on years of service and age) to employees who do not participate in Servco's pension plan. | |||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||
Pension, OPEB and Savings Plans | Note 11. 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, PSE&G and Power 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, GAAP 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 PSE&G, the Regulatory Asset is amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations. 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. | |||||||||||||||||||||||||||
Amounts for Servco are not included in any of the following pension and OPEB benefit information for PSEG and its affiliates but rather are separately disclosed later in this note. | |||||||||||||||||||||||||||
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, 2014 and 2013. 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 | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Service Cost | 104 | 116 | 18 | 21 | |||||||||||||||||||||||
Interest Cost | 234 | 215 | 69 | 63 | |||||||||||||||||||||||
Actuarial (Gain) Loss (B) | 838 | (501 | ) | 210 | (144 | ) | |||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Benefit Obligation at End of Year (A) (B) | $ | 5,722 | $ | 4,812 | $ | 1,638 | $ | 1,414 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Actual Return on Plan Assets | 433 | 857 | 28 | 52 | |||||||||||||||||||||||
Employer Contributions | 10 | 155 | 87 | 78 | |||||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,293 | $ | 5,116 | $ | 361 | $ | 319 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets (included in Other Special Funds) | $ | 21 | $ | 434 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (10 | ) | (9 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (440 | ) | (121 | ) | (1,277 | ) | (1,095 | ) | |||||||||||||||||||
Amounts Recognized | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (102 | ) | $ | (120 | ) | $ | (39 | ) | $ | (53 | ) | |||||||||||||||
Net Actuarial Loss | 1,724 | 977 | 495 | 310 | |||||||||||||||||||||||
Total | $ | 1,622 | $ | 857 | $ | 456 | $ | 257 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013. | ||||||||||||||||||||||||||
(C) | Includes $702 million ($411 million, after-tax) and $408 million ($238 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2014 and 2013, 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, 2014, PSEG had funded approximately 93% of its projected benefit obligation. This percentage does not include $191 million of assets in the Rabbi Trust as of December 31, 2014 which were used partially to fund the nonqualified pension plans. As of December 31, 2014, the nonqualified pension plans included in the benefit obligation in the above table and in the projected benefit obligation were $161 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 $5.5 billion as of December 31, 2014 and $4.5 billion as of December 31, 2013. | |||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | |||||||||||||||||||||||||||
Service Cost | $ | 104 | $ | 116 | $ | 101 | $ | 18 | $ | 21 | $ | 17 | |||||||||||||||
Interest Cost | 234 | 215 | 223 | 69 | 63 | 65 | |||||||||||||||||||||
Expected Return on Plan Assets | (399 | ) | (348 | ) | (306 | ) | (26 | ) | (21 | ) | (17 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | — | 2 | |||||||||||||||||||||
Prior Service Cost | (18 | ) | (19 | ) | (18 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||||||||||
Actuarial Loss | 56 | 188 | 167 | 23 | 42 | 31 | |||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (23 | ) | $ | 152 | $ | 167 | $ | 70 | $ | 91 | $ | 84 | ||||||||||||||
Special Termination Benefits | — | — | 1 | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | — | 19 | |||||||||||||||||||||
Total Benefit Costs (Credit), Including Effect of Regulatory Asset | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
Pension costs and OPEB costs for PSEG, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | (19 | ) | $ | 91 | $ | 97 | $ | 46 | $ | 65 | $ | 82 | ||||||||||||||
Power | (7 | ) | 43 | 52 | 20 | 23 | 18 | ||||||||||||||||||||
Other | 3 | 18 | 19 | 4 | 3 | 3 | |||||||||||||||||||||
Total Benefit Costs (Credit) | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | |||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | 803 | $ | (1,009 | ) | $ | 208 | $ | (175 | ) | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (56 | ) | (188 | ) | (23 | ) | (42 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 18 | 19 | 14 | 14 | |||||||||||||||||||||||
Total | $ | 765 | $ | (1,178 | ) | $ | 199 | $ | (203 | ) | |||||||||||||||||
Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2015 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 150 | $ | 43 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 4.2 | % | 4.21 | % | 5.01 | % | 4.2 | % | |||||||||||||||
Rate of Compensation Increase | 3.61 | % | 4.61 | % | 4.61 | % | 3.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||
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 | % | 3 | % | |||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 5.25 | % | 5.5 | % | 6 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2016 | 2016 | 2013 | ||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | 8 | % | 8.88 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2023 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.25 | % | 7.88 | % | 7.98 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2019 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 13 | $ | 12 | $ | 12 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 201 | $ | 161 | $ | 180 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (10 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (165 | ) | $ | (134 | ) | $ | (149 | ) | ||||||||||||||||||
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 16. 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 the 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, 2014, 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, 2014 and 2013, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 153 | $ | 92 | $ | 61 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,292 | 2,292 | — | — | |||||||||||||||||||||||
Commingled—International | 1,005 | 1,005 | — | — | |||||||||||||||||||||||
Other | 727 | 727 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 509 | — | 509 | — | |||||||||||||||||||||||
Other | 943 | — | 943 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,654 | $ | 4,116 | $ | 1,513 | $ | 25 | |||||||||||||||||||
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 | |||||||||||||||||||
(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, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2014 | ||||||||||||||||||||||
1-Jan-14 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 25 | $ | (5 | ) | $ | — | $ | 3 | $ | 2 | $ | 25 | ||||||||||||||
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 | |||||||||||||
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 | 2014 | 2013 | |||||||||||||||||||||||||
Equity Securities | 71 | % | 73 | % | |||||||||||||||||||||||
Fixed Income Securities | 26 | 25 | |||||||||||||||||||||||||
Other Investments | 3 | 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. PSEG's latest asset/liability study indicates 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, 2014 and will remain unchanged for 2015. 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 may contribute up to $25 million into its pension plans and up to $14 million into its OPEB plan, respectively, during 2015. | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2015 | $ | 282 | $ | 79 | |||||||||||||||||||||||
2016 | 283 | 82 | |||||||||||||||||||||||||
2017 | 294 | 84 | |||||||||||||||||||||||||
2018 | 305 | 87 | |||||||||||||||||||||||||
2019 | 318 | 90 | |||||||||||||||||||||||||
2020-2024 | 1,770 | 495 | |||||||||||||||||||||||||
Total | $ | 3,252 | $ | 917 | |||||||||||||||||||||||
401(k) Plans | |||||||||||||||||||||||||||
PSEG sponsors two 401(k) plans, which are Employee Retirement Income Security Act (ERISA) 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, PSE&G and Power are detailed as follows: | |||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | 20 | $ | 19 | $ | 18 | |||||||||||||||||||||
Power | 11 | $ | 10 | 10 | |||||||||||||||||||||||
Other | 5 | 4 | 4 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 36 | $ | 33 | $ | 32 | |||||||||||||||||||||
Servco Pension and OPEB | |||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established 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 system manager for LIPA. 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 benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Consolidated Balance Sheet of PSEG. | |||||||||||||||||||||||||||
The following table provides a roll-forward of the changes in Servco's benefit obligation and the fair value of its plan assets during the year ended December 31, 2014. 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 2014. | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Service | 20 | 13 | |||||||||||||||||||||||||
Interest | 7 | 17 | |||||||||||||||||||||||||
Differences in Actuarial Assumptions versus Actual Experience | 42 | 107 | |||||||||||||||||||||||||
Plan Amendments | 126 | 315 | |||||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 195 | $ | 452 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Actual Return on Plan Assets | 2 | — | |||||||||||||||||||||||||
Employer Contributions | 67 | — | |||||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 69 | $ | — | |||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Accrued Pension Costs of Servco | $ | (126 | ) | $ | — | ||||||||||||||||||||||
OPEB Costs of Servco | — | (452 | ) | ||||||||||||||||||||||||
Amounts Recognized (B) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet. | ||||||||||||||||||||||||||
Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2014 were $67 million. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. The OPEB-related revenues earned or costs incurred in 2014 were immaterial. | |||||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligations of Servco: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31, 2014 | |||||||||||||||||||||||||||
Discount Rate | 4.5 | % | 4.6 | % | |||||||||||||||||||||||
Rate of Compensation Increase | 3.25 | % | 3.25 | % | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31, 2014 | |||||||||||||||||||||||||||
Administrative Expense | 5 | % | |||||||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2018 | ||||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.44 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | 160 | |||||||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | (106 | ) | ||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||
All the investments of Servco's pension 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 are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 16. Fair Value Measurements for more information on fair value guidance. The Actuary 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 Actuary to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. | |||||||||||||||||||||||||||
The following table presents information about Servco's investments measured at fair value on a recurring basis as of December 31, 2014, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 48 | 48 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Other | 20 | — | 20 | — | |||||||||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 21 | $ | — | |||||||||||||||||||
(A) | 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 commingled stock 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). | ||||||||||||||||||||||||||
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 of Servco as of the measurement date, December 31: | |||||||||||||||||||||||||||
Investments | As of December 31, 2014 | ||||||||||||||||||||||||||
Equity Securities | 70 | % | |||||||||||||||||||||||||
Fixed Income Securities | 29 | ||||||||||||||||||||||||||
Other Investments | 1 | ||||||||||||||||||||||||||
Total Percentage | 100 | % | |||||||||||||||||||||||||
Servco 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. The results from Servco's latest asset/liability study indicated that a long-term target asset allocation of 70% equities and 30% fixed income is consistent with the funds’ financial objectives. The expected long-term rate of return on plan assets was 7.70% as of December 31, 2014 and will remain unchanged for 2015. This expected return was determined based on the study discussed above, including a premium for active management and considered the plans’ 2014 rate of return, which was 6.3%. | |||||||||||||||||||||||||||
Plan Contributions | |||||||||||||||||||||||||||
Servco may contribute up to $30 million into its pension plan during 2015. | |||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to Servco's plan participants: | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | — | $ | 2 | |||||||||||||||||||||||
2016 | 1 | 4 | |||||||||||||||||||||||||
2017 | 2 | 6 | |||||||||||||||||||||||||
2018 | 3 | 7 | |||||||||||||||||||||||||
2019 | 4 | 9 | |||||||||||||||||||||||||
2020-2024 | 49 | 74 | |||||||||||||||||||||||||
Total | $ | 59 | $ | 102 | |||||||||||||||||||||||
Servco 401(k) Plans | |||||||||||||||||||||||||||
Servco sponsors two 401(k) plans, which are defined contribution retirement plans subject to the ERISA. Eligible non-represented employees of Servco participate in the Servco Incentive Thrift Plan I (Thrift Plan I), and eligible represented employees of Servco participate in the Servco Incentive Thrift Plan II. Eligible employees may contribute up to 50% of their compensation to these plans. For employees in Thrift Plan I, Servco matches 50% of such employee contributions up to 8% and provides core contributions (based on years of service and age) to employees who do not participate in Servco's pension plan. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
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, 2014 and 2013 are shown below: | |||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,814 | $ | 1,639 | |||||||||||||||
Exposure under Current Guarantees | $ | 273 | $ | 246 | |||||||||||||||
Letters of Credit Margin Posted | $ | 159 | $ | 132 | |||||||||||||||
Letters of Credit Margin Received | $ | 40 | $ | 25 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||||||
Counterparty Cash Margin Received | $ | (13 | ) | $ | — | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 115 | $ | 80 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 945 | $ | 691 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,495 | $ | 3,522 | |||||||||||||||
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 15. 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 physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||||||
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 preceding table. PSEG had also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, this guarantee would have to be replaced by a letter of credit. | |||||||||||||||||||
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 as follows. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower 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 further determined that there was a 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. | |||||||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||||||
The CPG, which consisted of 61 members as of December 31, 2014, continues to conduct the RI/FS which is expected to be completed during the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of December 31, 2014, the CPG Group had spent approximately $130 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||||||
In June 2008, the EPA, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement among the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including PSE&G and Power. This agreement and the work undertaken pursuant to the early action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17-mile stretch of the lower Passaic River. | |||||||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, 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. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. | |||||||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, PSE&G and Power believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) PSE&G's and Power’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the New Jersey Department of Environmental Protection (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 New Jersey Spill Compensation and Control 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. PSE&G and Power 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 $434 million and $505 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $434 million as of December 31, 2014. Of this amount, $79 million was recorded in Other Current Liabilities and $355 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $434 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 in February 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. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. On November 25, 2014, the U.S. Supreme Court issued an order granting review solely of the issue as to whether the EPA was unreasonable in its refusal to consider the materiality of costs in determining whether it is appropriate to regulate the emission of hazardous air pollutants by electric utilities. | |||||||||||||||||||
Power believes that it will not be necessary to install any material new controls at its New Jersey facilities. Dry sorbent injection to control acid gases was installed at Power’s Bridgeport Harbor coal-fired unit in the fourth quarter of 2014 at an immaterial cost. This system is currently undergoing operational verification testing. 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 was completed in November 2014. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System 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 NJDEP 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 more 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 October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court of New Jersey seeking to force 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 comment. An application for renewal of the permit was submitted in January 2006 and the NJDEP had delayed action pending the EPA’s finalization of the Clean Water Act 316 (b) regulations. In November 2014, the environmental groups announced settlement of the lawsuit filed with the NJDEP and that the NJDEP had committed to issue a draft permit by June 30, 2015. | |||||||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||||||
State permitting decisions 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. Action on the issuance of a draft permit for Salem is anticipated by June 30, 2015. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, are residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category are larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Pricing (CIEP)). 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 winning BGS suppliers, including Power, 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. | |||||||||||||||||||
The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2015 is $272.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2015 of $282.04 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. | |||||||||||||||||||
PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||
36-Month Terms Ending | May-15 | May-16 | May-17 | May-18 | (A) | ||||||||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | |||||||||||||||
$ per MWh | $83.88 | $92.18 | $97.39 | $99.54 | |||||||||||||||
(A) | Prices set in the 2015 BGS auction will become effective on June 1, 2015 when the 2012 BGS auction agreements expire. | ||||||||||||||||||
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 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 23. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power’s nuclear 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 2017 and a significant portion through 2019 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2017 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s various multi-year contracts for natural gas and 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, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2019 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 439 | |||||||||||||||||
Enrichment | $ | 431 | |||||||||||||||||
Fabrication | $ | 208 | |||||||||||||||||
Natural Gas | $ | 1,186 | |||||||||||||||||
Coal | $ | 306 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
FERC Compliance | |||||||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power has an ongoing process of implementing improved procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||||||
On September 2, 2014, the FERC Staff initiated a preliminary, non-public staff investigation into the matter, which is ongoing. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2014, the BPU established the funding level for fiscal 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 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, 2014 for its outstanding share of the fiscal 2015 and remaining fiscal 2014 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 SBC. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D 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 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 since 2012. 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 Superstorm Sandy and certain other extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. In September 2014, the BPU approved our filing. See Note 5. Regulatory Assets and Liabilities for additional information. | |||||||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. Power incurred an additional $27 million of O&M costs in 2014 primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||||||
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. As previously reported, PSEG continues to seek recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, PSE&G and Power filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In December 2014, PSEG notified the insurance carriers of an estimate of $564 million for total costs related to damaged facilities, of which $88 million and $476 million related to PSE&G and Power, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment and those motions are scheduled to be argued on March 20, 2015. We cannot predict the outcome of this proceeding. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the property, decontamination and decommissioning liability insurance at the Salem/Hope Creek and Peach Bottom sites. NEIL also provides 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 all include coverage for claims arising out of acts of terrorism, however, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus such additional amounts as NEIL recovers for such losses from reinsurance, indemnity and any other source applicable to such losses. | |||||||||||||||||||
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 licensee can be assessed $127 million per reactor per incident, payable at not more than $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the 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 and Peach Bottom) | $ | 1,500 | $ | 38 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL Excess (Salem/Hope Creek and Peach Bottom) | 600 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | $ | 43 | |||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (E) | $ | 7 | ||||||||||||||
NEIL I (Salem) | 281 | (E) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (E) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 20 | |||||||||||||||
(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 third party workers claiming exposure to the nuclear energy hazard. 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 nuclear event property limits in excess of $1.5 billion, Power participates in a $600 million nuclear event Blanket Limit Policy. The blanket limit policy is shared with Exelon Generation and covers the following facilities: Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 Peach Bottom, Salem and Hope Creek. This limit is not subject to reinstatement in the event of a loss. Participation in this program reduces Power’s premium and the associated potential assessment. In addition, for non-nuclear event limits in excess of $1.5 billion, Power maintains a $600 million limit shared by the Salem and Hope Creek facilities. Exelon maintains a $600 million non-nuclear event limit shared by Peach Bottom, Braidwood, Byron, Clinton, Dresden, LaSalle, Limerick, Oyster Creek, Quad Cities, and the TMI-1 facilities. | ||||||||||||||||||
(E) | Peach Bottom 2 and 3 have 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 1 and 2 have an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 76 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, 2014 are: | |||||||||||||||||||
PSE&G | Power | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2015 | $ | 12 | $ | 2 | $ | 5 | $ | 2 | |||||||||||
2016 | 9 | 2 | 12 | 1 | |||||||||||||||
2017 | 7 | 1 | 13 | 1 | |||||||||||||||
2018 | 6 | 2 | 13 | — | |||||||||||||||
2019 | 6 | 2 | 13 | — | |||||||||||||||
Thereafter | 55 | 23 | 159 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 95 | $ | 32 | $ | 215 | $ | 4 | |||||||||||
PSE&G [Member] | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
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, 2014 and 2013 are shown below: | |||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,814 | $ | 1,639 | |||||||||||||||
Exposure under Current Guarantees | $ | 273 | $ | 246 | |||||||||||||||
Letters of Credit Margin Posted | $ | 159 | $ | 132 | |||||||||||||||
Letters of Credit Margin Received | $ | 40 | $ | 25 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||||||
Counterparty Cash Margin Received | $ | (13 | ) | $ | — | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 115 | $ | 80 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 945 | $ | 691 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,495 | $ | 3,522 | |||||||||||||||
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 15. 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 physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||||||
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 preceding table. PSEG had also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, this guarantee would have to be replaced by a letter of credit. | |||||||||||||||||||
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 as follows. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower 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 further determined that there was a 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. | |||||||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||||||
The CPG, which consisted of 61 members as of December 31, 2014, continues to conduct the RI/FS which is expected to be completed during the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of December 31, 2014, the CPG Group had spent approximately $130 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||||||
In June 2008, the EPA, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement among the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including PSE&G and Power. This agreement and the work undertaken pursuant to the early action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17-mile stretch of the lower Passaic River. | |||||||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, 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. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. | |||||||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, PSE&G and Power believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) PSE&G's and Power’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the New Jersey Department of Environmental Protection (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 New Jersey Spill Compensation and Control 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. PSE&G and Power 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 $434 million and $505 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $434 million as of December 31, 2014. Of this amount, $79 million was recorded in Other Current Liabilities and $355 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $434 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 in February 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. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. On November 25, 2014, the U.S. Supreme Court issued an order granting review solely of the issue as to whether the EPA was unreasonable in its refusal to consider the materiality of costs in determining whether it is appropriate to regulate the emission of hazardous air pollutants by electric utilities. | |||||||||||||||||||
Power believes that it will not be necessary to install any material new controls at its New Jersey facilities. Dry sorbent injection to control acid gases was installed at Power’s Bridgeport Harbor coal-fired unit in the fourth quarter of 2014 at an immaterial cost. This system is currently undergoing operational verification testing. 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 was completed in November 2014. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System 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 NJDEP 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 more 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 October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court of New Jersey seeking to force 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 comment. An application for renewal of the permit was submitted in January 2006 and the NJDEP had delayed action pending the EPA’s finalization of the Clean Water Act 316 (b) regulations. In November 2014, the environmental groups announced settlement of the lawsuit filed with the NJDEP and that the NJDEP had committed to issue a draft permit by June 30, 2015. | |||||||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||||||
State permitting decisions 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. Action on the issuance of a draft permit for Salem is anticipated by June 30, 2015. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, are residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category are larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Pricing (CIEP)). 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 winning BGS suppliers, including Power, 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. | |||||||||||||||||||
The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2015 is $272.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2015 of $282.04 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. | |||||||||||||||||||
PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||
36-Month Terms Ending | May-15 | May-16 | May-17 | May-18 | (A) | ||||||||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | |||||||||||||||
$ per MWh | $83.88 | $92.18 | $97.39 | $99.54 | |||||||||||||||
(A) | Prices set in the 2015 BGS auction will become effective on June 1, 2015 when the 2012 BGS auction agreements expire. | ||||||||||||||||||
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 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 23. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power’s nuclear 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 2017 and a significant portion through 2019 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2017 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s various multi-year contracts for natural gas and 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, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2019 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 439 | |||||||||||||||||
Enrichment | $ | 431 | |||||||||||||||||
Fabrication | $ | 208 | |||||||||||||||||
Natural Gas | $ | 1,186 | |||||||||||||||||
Coal | $ | 306 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
FERC Compliance | |||||||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power has an ongoing process of implementing improved procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||||||
On September 2, 2014, the FERC Staff initiated a preliminary, non-public staff investigation into the matter, which is ongoing. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2014, the BPU established the funding level for fiscal 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 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, 2014 for its outstanding share of the fiscal 2015 and remaining fiscal 2014 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 SBC. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D 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 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 since 2012. 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 Superstorm Sandy and certain other extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. In September 2014, the BPU approved our filing. See Note 5. Regulatory Assets and Liabilities for additional information. | |||||||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. Power incurred an additional $27 million of O&M costs in 2014 primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||||||
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. As previously reported, PSEG continues to seek recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, PSE&G and Power filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In December 2014, PSEG notified the insurance carriers of an estimate of $564 million for total costs related to damaged facilities, of which $88 million and $476 million related to PSE&G and Power, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment and those motions are scheduled to be argued on March 20, 2015. We cannot predict the outcome of this proceeding. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the property, decontamination and decommissioning liability insurance at the Salem/Hope Creek and Peach Bottom sites. NEIL also provides 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 all include coverage for claims arising out of acts of terrorism, however, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus such additional amounts as NEIL recovers for such losses from reinsurance, indemnity and any other source applicable to such losses. | |||||||||||||||||||
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 licensee can be assessed $127 million per reactor per incident, payable at not more than $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the 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 and Peach Bottom) | $ | 1,500 | $ | 38 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL Excess (Salem/Hope Creek and Peach Bottom) | 600 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | $ | 43 | |||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (E) | $ | 7 | ||||||||||||||
NEIL I (Salem) | 281 | (E) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (E) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 20 | |||||||||||||||
(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 third party workers claiming exposure to the nuclear energy hazard. 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 nuclear event property limits in excess of $1.5 billion, Power participates in a $600 million nuclear event Blanket Limit Policy. The blanket limit policy is shared with Exelon Generation and covers the following facilities: Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 Peach Bottom, Salem and Hope Creek. This limit is not subject to reinstatement in the event of a loss. Participation in this program reduces Power’s premium and the associated potential assessment. In addition, for non-nuclear event limits in excess of $1.5 billion, Power maintains a $600 million limit shared by the Salem and Hope Creek facilities. Exelon maintains a $600 million non-nuclear event limit shared by Peach Bottom, Braidwood, Byron, Clinton, Dresden, LaSalle, Limerick, Oyster Creek, Quad Cities, and the TMI-1 facilities. | ||||||||||||||||||
(E) | Peach Bottom 2 and 3 have 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 1 and 2 have an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 76 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, 2014 are: | |||||||||||||||||||
PSE&G | Power | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2015 | $ | 12 | $ | 2 | $ | 5 | $ | 2 | |||||||||||
2016 | 9 | 2 | 12 | 1 | |||||||||||||||
2017 | 7 | 1 | 13 | 1 | |||||||||||||||
2018 | 6 | 2 | 13 | — | |||||||||||||||
2019 | 6 | 2 | 13 | — | |||||||||||||||
Thereafter | 55 | 23 | 159 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 95 | $ | 32 | $ | 215 | $ | 4 | |||||||||||
Power [Member] | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
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, 2014 and 2013 are shown below: | |||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,814 | $ | 1,639 | |||||||||||||||
Exposure under Current Guarantees | $ | 273 | $ | 246 | |||||||||||||||
Letters of Credit Margin Posted | $ | 159 | $ | 132 | |||||||||||||||
Letters of Credit Margin Received | $ | 40 | $ | 25 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||||||
Counterparty Cash Margin Received | $ | (13 | ) | $ | — | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 115 | $ | 80 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 945 | $ | 691 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,495 | $ | 3,522 | |||||||||||||||
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 15. 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 physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||||||
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 preceding table. PSEG had also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, this guarantee would have to be replaced by a letter of credit. | |||||||||||||||||||
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 as follows. | |||||||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower 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 further determined that there was a 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. | |||||||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||||||
The CPG, which consisted of 61 members as of December 31, 2014, continues to conduct the RI/FS which is expected to be completed during the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of December 31, 2014, the CPG Group had spent approximately $130 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||||||
In June 2008, the EPA, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement among the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including PSE&G and Power. This agreement and the work undertaken pursuant to the early action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17-mile stretch of the lower Passaic River. | |||||||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, 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. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. | |||||||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, PSE&G and Power believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) PSE&G's and Power’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||||||
Natural Resource Damage Claims | |||||||||||||||||||
In 2003, the New Jersey Department of Environmental Protection (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 New Jersey Spill Compensation and Control 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. PSE&G and Power 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 $434 million and $505 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $434 million as of December 31, 2014. Of this amount, $79 million was recorded in Other Current Liabilities and $355 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $434 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 in February 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. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. On November 25, 2014, the U.S. Supreme Court issued an order granting review solely of the issue as to whether the EPA was unreasonable in its refusal to consider the materiality of costs in determining whether it is appropriate to regulate the emission of hazardous air pollutants by electric utilities. | |||||||||||||||||||
Power believes that it will not be necessary to install any material new controls at its New Jersey facilities. Dry sorbent injection to control acid gases was installed at Power’s Bridgeport Harbor coal-fired unit in the fourth quarter of 2014 at an immaterial cost. This system is currently undergoing operational verification testing. 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 was completed in November 2014. Power's share of this investment is approximately $110 million. | |||||||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System 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 NJDEP 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 more 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 October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court of New Jersey seeking to force 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 comment. An application for renewal of the permit was submitted in January 2006 and the NJDEP had delayed action pending the EPA’s finalization of the Clean Water Act 316 (b) regulations. In November 2014, the environmental groups announced settlement of the lawsuit filed with the NJDEP and that the NJDEP had committed to issue a draft permit by June 30, 2015. | |||||||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||||||
State permitting decisions 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. Action on the issuance of a draft permit for Salem is anticipated by June 30, 2015. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||||||
PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, are residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category are larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Pricing (CIEP)). 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 winning BGS suppliers, including Power, 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. | |||||||||||||||||||
The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2015 is $272.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2015 of $282.04 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. | |||||||||||||||||||
PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||
36-Month Terms Ending | May-15 | May-16 | May-17 | May-18 | (A) | ||||||||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | |||||||||||||||
$ per MWh | $83.88 | $92.18 | $97.39 | $99.54 | |||||||||||||||
(A) | Prices set in the 2015 BGS auction will become effective on June 1, 2015 when the 2012 BGS auction agreements expire. | ||||||||||||||||||
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 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 23. Related-Party Transactions. | |||||||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||||||
Power’s nuclear 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 2017 and a significant portion through 2019 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2017 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||||||
Power’s various multi-year contracts for natural gas and 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, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2019 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 439 | |||||||||||||||||
Enrichment | $ | 431 | |||||||||||||||||
Fabrication | $ | 208 | |||||||||||||||||
Natural Gas | $ | 1,186 | |||||||||||||||||
Coal | $ | 306 | |||||||||||||||||
Regulatory Proceedings | |||||||||||||||||||
FERC Compliance | |||||||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power has an ongoing process of implementing improved procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||||||
On September 2, 2014, the FERC Staff initiated a preliminary, non-public staff investigation into the matter, which is ongoing. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||
In June 2014, the BPU established the funding level for fiscal 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 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, 2014 for its outstanding share of the fiscal 2015 and remaining fiscal 2014 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 SBC. | |||||||||||||||||||
Superstorm Sandy | |||||||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D 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 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 since 2012. 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 Superstorm Sandy and certain other extreme weather events, for recovery in our next base rate case or sooner through a BPU-approved cost recovery mechanism. In September 2014, the BPU approved our filing. See Note 5. Regulatory Assets and Liabilities for additional information. | |||||||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. Power incurred an additional $27 million of O&M costs in 2014 primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||||||
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. As previously reported, PSEG continues to seek recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, PSE&G and Power filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In December 2014, PSEG notified the insurance carriers of an estimate of $564 million for total costs related to damaged facilities, of which $88 million and $476 million related to PSE&G and Power, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment and those motions are scheduled to be argued on March 20, 2015. We cannot predict the outcome of this proceeding. | |||||||||||||||||||
Nuclear Insurance Coverages and Assessments | |||||||||||||||||||
Power is a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the property, decontamination and decommissioning liability insurance at the Salem/Hope Creek and Peach Bottom sites. NEIL also provides 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 all include coverage for claims arising out of acts of terrorism, however, NEIL policies are subject to an industry aggregate limit of $3.2 billion plus such additional amounts as NEIL recovers for such losses from reinsurance, indemnity and any other source applicable to such losses. | |||||||||||||||||||
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 licensee can be assessed $127 million per reactor per incident, payable at not more than $19 million per reactor per incident per year. If the damages exceed the “limit of liability,” the 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 and Peach Bottom) | $ | 1,500 | $ | 38 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL Excess (Salem/Hope Creek and Peach Bottom) | 600 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | $ | 43 | |||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (E) | $ | 7 | ||||||||||||||
NEIL I (Salem) | 281 | (E) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (E) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 20 | |||||||||||||||
(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 third party workers claiming exposure to the nuclear energy hazard. 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 nuclear event property limits in excess of $1.5 billion, Power participates in a $600 million nuclear event Blanket Limit Policy. The blanket limit policy is shared with Exelon Generation and covers the following facilities: Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 Peach Bottom, Salem and Hope Creek. This limit is not subject to reinstatement in the event of a loss. Participation in this program reduces Power’s premium and the associated potential assessment. In addition, for non-nuclear event limits in excess of $1.5 billion, Power maintains a $600 million limit shared by the Salem and Hope Creek facilities. Exelon maintains a $600 million non-nuclear event limit shared by Peach Bottom, Braidwood, Byron, Clinton, Dresden, LaSalle, Limerick, Oyster Creek, Quad Cities, and the TMI-1 facilities. | ||||||||||||||||||
(E) | Peach Bottom 2 and 3 have 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 1 and 2 have an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 76 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, 2014 are: | |||||||||||||||||||
PSE&G | Power | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2015 | $ | 12 | $ | 2 | $ | 5 | $ | 2 | |||||||||||
2016 | 9 | 2 | 12 | 1 | |||||||||||||||
2017 | 7 | 1 | 13 | 1 | |||||||||||||||
2018 | 6 | 2 | 13 | — | |||||||||||||||
2019 | 6 | 2 | 13 | — | |||||||||||||||
Thereafter | 55 | 23 | 159 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 95 | $ | 32 | $ | 215 | $ | 4 | |||||||||||
Schedule_Of_Consolidated_Debt
Schedule Of Consolidated Debt | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Schedule Of Consolidated Debt | Schedule of Consolidated Debt | ||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 22 | $ | 38 | |||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | — | ||||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (8 | ) | (14 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 6 | $ | 24 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (C): | |||||||||||||||||||||||||||
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 (C): | |||||||||||||||||||||||||||
Floating rate (D) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (D) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (C): | |||||||||||||||||||||||||||
0.85% | 2014 | — | 250 | ||||||||||||||||||||||||
5.00% | 2014 | — | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | 350 | ||||||||||||||||||||||||
1.80% | 2019 | 250 | — | ||||||||||||||||||||||||
2.00% | 2019 | 250 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | 500 | ||||||||||||||||||||||||
3.75% | 2024 | 250 | 250 | ||||||||||||||||||||||||
3.15% | 2024 | 250 | — | ||||||||||||||||||||||||
3.05% | 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 | 400 | ||||||||||||||||||||||||
4.00% | 2044 | 250 | — | ||||||||||||||||||||||||
Total MTNs | 5,909 | 5,159 | |||||||||||||||||||||||||
Principal Amount Outstanding | 6,329 | 5,579 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (500 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (17 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 6,012 | $ | 5,066 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.75% | 2014 | $ | — | $ | 106 | ||||||||||||||||||||||
6.89% | 2014-2015 | 251 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 251 | 476 | |||||||||||||||||||||||||
Amounts Due Within One Year | (251 | ) | (225 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | — | 251 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.57% | 2014-2015 | 8 | 20 | ||||||||||||||||||||||||
Principal Amount Outstanding | 8 | 20 | |||||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | — | 8 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 6,012 | $ | 5,325 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
5.50% | 2015 | $ | 300 | $ | 300 | ||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | 250 | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | 250 | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,509 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (D) | 2019 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,553 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (44 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (10 | ) | (12 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,243 | $ | 2,497 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2014-2015 | $ | 16 | $ | 16 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 16 | |||||||||||||||||||||||||
Amounts Due Within One Year | (16 | ) | — | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | — | 16 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | — | $ | 16 | |||||||||||||||||||||||
(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 Sheets. For additional information, see Note 15. 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) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019. | ||||||||||||||||||||||||||
(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, 2014 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | PSE&G | Transition | Transition | Power | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | 300 | $ | 251 | $ | 8 | $ | 300 | $ | 16 | $ | 875 | |||||||||||||||
2016 | 171 | — | — | 553 | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 750 | — | — | 250 | — | 1,000 | |||||||||||||||||||||
2019 | 500 | — | — | 44 | — | 544 | |||||||||||||||||||||
Thereafter | 4,608 | — | — | 1,406 | — | 6,014 | |||||||||||||||||||||
Total | $ | 6,329 | $ | 251 | $ | 8 | $ | 2,553 | $ | 16 | $ | 9,157 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | ||||||||||||||||||||||||||
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | ||||||||||||||||||||||||||
• | issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024, | ||||||||||||||||||||||||||
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $225 million of Transition Funding's securitization debt, | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II's securitization debt, and | ||||||||||||||||||||||||||
• | received $175 million capital contribution from PSEG. | ||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | paid cash dividends of $895 million to PSEG. | ||||||||||||||||||||||||||
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 $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion. | |||||||||||||||||||||||||||
As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2014, 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 in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019. | |||||||||||||||||||||||||||
Our total credit facilities and available liquidity as of December 31, 2014 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | $ | 492 | Apr-19 | 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 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 14 | $ | 586 | Mar-18 | CP Support/Funding/Letters of Credit | |||||||||||||||||||
Total PSE&G | $ | 600 | $ | 14 | $ | 586 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 97 | $ | 1,503 | Apr-19 | Funding/Letters of Credit | |||||||||||||||||||
5-year Credit Facility (C) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | — | Sep-15 | Letters of Credit | ||||||||||||||||||||||
Total Power | $ | 2,700 | $ | 197 | $ | 2,503 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 219 | $ | 4,081 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
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, 2014 and 2013. See Note 16. 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-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 14 | $ | 22 | $ | 24 | $ | 38 | |||||||||||||||||||
PSE&G (B) | 6,312 | 6,912 | 5,566 | 5,629 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 251 | 261 | 476 | 511 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 8 | 8 | 20 | 21 | |||||||||||||||||||||||
Power - Recourse Debt (B) | 2,543 | 2,930 | 2,541 | 2,846 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||
$ | 9,144 | $ | 10,149 | $ | 8,643 | $ | 9,061 | ||||||||||||||||||||
(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] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Schedule Of Consolidated Debt | Schedule of Consolidated Debt | ||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 22 | $ | 38 | |||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | — | ||||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (8 | ) | (14 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 6 | $ | 24 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (C): | |||||||||||||||||||||||||||
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 (C): | |||||||||||||||||||||||||||
Floating rate (D) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (D) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (C): | |||||||||||||||||||||||||||
0.85% | 2014 | — | 250 | ||||||||||||||||||||||||
5.00% | 2014 | — | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | 350 | ||||||||||||||||||||||||
1.80% | 2019 | 250 | — | ||||||||||||||||||||||||
2.00% | 2019 | 250 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | 500 | ||||||||||||||||||||||||
3.75% | 2024 | 250 | 250 | ||||||||||||||||||||||||
3.15% | 2024 | 250 | — | ||||||||||||||||||||||||
3.05% | 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 | 400 | ||||||||||||||||||||||||
4.00% | 2044 | 250 | — | ||||||||||||||||||||||||
Total MTNs | 5,909 | 5,159 | |||||||||||||||||||||||||
Principal Amount Outstanding | 6,329 | 5,579 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (500 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (17 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 6,012 | $ | 5,066 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.75% | 2014 | $ | — | $ | 106 | ||||||||||||||||||||||
6.89% | 2014-2015 | 251 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 251 | 476 | |||||||||||||||||||||||||
Amounts Due Within One Year | (251 | ) | (225 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | — | 251 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.57% | 2014-2015 | 8 | 20 | ||||||||||||||||||||||||
Principal Amount Outstanding | 8 | 20 | |||||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | — | 8 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 6,012 | $ | 5,325 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
5.50% | 2015 | $ | 300 | $ | 300 | ||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | 250 | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | 250 | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,509 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (D) | 2019 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,553 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (44 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (10 | ) | (12 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,243 | $ | 2,497 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2014-2015 | $ | 16 | $ | 16 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 16 | |||||||||||||||||||||||||
Amounts Due Within One Year | (16 | ) | — | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | — | 16 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | — | $ | 16 | |||||||||||||||||||||||
(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 Sheets. For additional information, see Note 15. 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) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019. | ||||||||||||||||||||||||||
(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, 2014 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | PSE&G | Transition | Transition | Power | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | 300 | $ | 251 | $ | 8 | $ | 300 | $ | 16 | $ | 875 | |||||||||||||||
2016 | 171 | — | — | 553 | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 750 | — | — | 250 | — | 1,000 | |||||||||||||||||||||
2019 | 500 | — | — | 44 | — | 544 | |||||||||||||||||||||
Thereafter | 4,608 | — | — | 1,406 | — | 6,014 | |||||||||||||||||||||
Total | $ | 6,329 | $ | 251 | $ | 8 | $ | 2,553 | $ | 16 | $ | 9,157 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | ||||||||||||||||||||||||||
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | ||||||||||||||||||||||||||
• | issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024, | ||||||||||||||||||||||||||
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $225 million of Transition Funding's securitization debt, | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II's securitization debt, and | ||||||||||||||||||||||||||
• | received $175 million capital contribution from PSEG. | ||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | paid cash dividends of $895 million to PSEG. | ||||||||||||||||||||||||||
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 $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion. | |||||||||||||||||||||||||||
As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2014, 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 in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019. | |||||||||||||||||||||||||||
Our total credit facilities and available liquidity as of December 31, 2014 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | $ | 492 | Apr-19 | 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 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 14 | $ | 586 | Mar-18 | CP Support/Funding/Letters of Credit | |||||||||||||||||||
Total PSE&G | $ | 600 | $ | 14 | $ | 586 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 97 | $ | 1,503 | Apr-19 | Funding/Letters of Credit | |||||||||||||||||||
5-year Credit Facility (C) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | — | Sep-15 | Letters of Credit | ||||||||||||||||||||||
Total Power | $ | 2,700 | $ | 197 | $ | 2,503 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 219 | $ | 4,081 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
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, 2014 and 2013. See Note 16. 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-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 14 | $ | 22 | $ | 24 | $ | 38 | |||||||||||||||||||
PSE&G (B) | 6,312 | 6,912 | 5,566 | 5,629 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 251 | 261 | 476 | 511 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 8 | 8 | 20 | 21 | |||||||||||||||||||||||
Power - Recourse Debt (B) | 2,543 | 2,930 | 2,541 | 2,846 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||
$ | 9,144 | $ | 10,149 | $ | 8,643 | $ | 9,061 | ||||||||||||||||||||
(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] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Schedule Of Consolidated Debt | Schedule of Consolidated Debt | ||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 22 | $ | 38 | |||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | — | ||||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (8 | ) | (14 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 6 | $ | 24 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (C): | |||||||||||||||||||||||||||
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 (C): | |||||||||||||||||||||||||||
Floating rate (D) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (D) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (C): | |||||||||||||||||||||||||||
0.85% | 2014 | — | 250 | ||||||||||||||||||||||||
5.00% | 2014 | — | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | 350 | ||||||||||||||||||||||||
1.80% | 2019 | 250 | — | ||||||||||||||||||||||||
2.00% | 2019 | 250 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | 500 | ||||||||||||||||||||||||
3.75% | 2024 | 250 | 250 | ||||||||||||||||||||||||
3.15% | 2024 | 250 | — | ||||||||||||||||||||||||
3.05% | 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 | 400 | ||||||||||||||||||||||||
4.00% | 2044 | 250 | — | ||||||||||||||||||||||||
Total MTNs | 5,909 | 5,159 | |||||||||||||||||||||||||
Principal Amount Outstanding | 6,329 | 5,579 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (500 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (17 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 6,012 | $ | 5,066 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.75% | 2014 | $ | — | $ | 106 | ||||||||||||||||||||||
6.89% | 2014-2015 | 251 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 251 | 476 | |||||||||||||||||||||||||
Amounts Due Within One Year | (251 | ) | (225 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | — | 251 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.57% | 2014-2015 | 8 | 20 | ||||||||||||||||||||||||
Principal Amount Outstanding | 8 | 20 | |||||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | — | 8 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 6,012 | $ | 5,325 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
5.50% | 2015 | $ | 300 | $ | 300 | ||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | 250 | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | 250 | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,509 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (D) | 2019 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,553 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (44 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (10 | ) | (12 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,243 | $ | 2,497 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2014-2015 | $ | 16 | $ | 16 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 16 | |||||||||||||||||||||||||
Amounts Due Within One Year | (16 | ) | — | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | — | 16 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | — | $ | 16 | |||||||||||||||||||||||
(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 Sheets. For additional information, see Note 15. 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) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019. | ||||||||||||||||||||||||||
(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, 2014 are as follows: | |||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | PSE&G | Transition | Transition | Power | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | 300 | $ | 251 | $ | 8 | $ | 300 | $ | 16 | $ | 875 | |||||||||||||||
2016 | 171 | — | — | 553 | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 750 | — | — | 250 | — | 1,000 | |||||||||||||||||||||
2019 | 500 | — | — | 44 | — | 544 | |||||||||||||||||||||
Thereafter | 4,608 | — | — | 1,406 | — | 6,014 | |||||||||||||||||||||
Total | $ | 6,329 | $ | 251 | $ | 8 | $ | 2,553 | $ | 16 | $ | 9,157 | |||||||||||||||
Long-Term Debt Financing Transactions | |||||||||||||||||||||||||||
During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | ||||||||||||||||||||||||||
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | ||||||||||||||||||||||||||
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | ||||||||||||||||||||||||||
• | issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024, | ||||||||||||||||||||||||||
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | ||||||||||||||||||||||||||
• | paid $225 million of Transition Funding's securitization debt, | ||||||||||||||||||||||||||
• | paid $12 million of Transition Funding II's securitization debt, and | ||||||||||||||||||||||||||
• | received $175 million capital contribution from PSEG. | ||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
• | paid cash dividends of $895 million to PSEG. | ||||||||||||||||||||||||||
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 $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion. | |||||||||||||||||||||||||||
As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities. | |||||||||||||||||||||||||||
As of December 31, 2014, 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 in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019. | |||||||||||||||||||||||||||
Our total credit facilities and available liquidity as of December 31, 2014 were as follows: | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | $ | 492 | Apr-19 | 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 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 14 | $ | 586 | Mar-18 | CP Support/Funding/Letters of Credit | |||||||||||||||||||
Total PSE&G | $ | 600 | $ | 14 | $ | 586 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 97 | $ | 1,503 | Apr-19 | Funding/Letters of Credit | |||||||||||||||||||
5-year Credit Facility (C) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | — | Sep-15 | Letters of Credit | ||||||||||||||||||||||
Total Power | $ | 2,700 | $ | 197 | $ | 2,503 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 219 | $ | 4,081 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
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, 2014 and 2013. See Note 16. 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-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 14 | $ | 22 | $ | 24 | $ | 38 | |||||||||||||||||||
PSE&G (B) | 6,312 | 6,912 | 5,566 | 5,629 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 251 | 261 | 476 | 511 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 8 | 8 | 20 | 21 | |||||||||||||||||||||||
Power - Recourse Debt (B) | 2,543 | 2,930 | 2,541 | 2,846 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||
$ | 9,144 | $ | 10,149 | $ | 8,643 | $ | 9,061 | ||||||||||||||||||||
(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, 2014 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Schedule Of Consolidated Capital Stock | Schedule of Consolidated Capital Stock | ||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,836,592 | 505,857,262 | $ | 4,241 | $ | 4,246 | |||||||||||
(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 2014 or 2013. 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, 2014. | ||||||||||||||||
As of December 31, 2014, PSE&G had 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 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,836,592 | 505,857,262 | $ | 4,241 | $ | 4,246 | |||||||||||
(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 2014 or 2013. 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, 2014. | ||||||||||||||||
PSE&G [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Schedule Of Consolidated Capital Stock | Schedule of Consolidated Capital Stock | ||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,836,592 | 505,857,262 | $ | 4,241 | $ | 4,246 | |||||||||||
(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 2014 or 2013. 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, 2014. | ||||||||||||||||
As of December 31, 2014, PSE&G had 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. | |||||||||||||||||
Power [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Schedule Of Consolidated Capital Stock | Schedule of Consolidated Capital Stock | ||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,836,592 | 505,857,262 | $ | 4,241 | $ | 4,246 | |||||||||||
(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 2014 or 2013. 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, 2014. | ||||||||||||||||
As of December 31, 2014, PSE&G had 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, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but do not qualify for or are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and changes in the fair value of these contracts are recorded in earnings each period. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. 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 | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power use forward sale and purchase contracts, swaps and futures contracts to hedge certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | |||||||||||||||||||||||||||||||||||||||||
These derivative transactions qualify and are designated as cash flow hedges. During the second quarter of 2012, Power de-designated commodity derivative transactions related to the hedging of forecasted energy sales from its generation stations 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, 2014 and 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 18 | $ | (4 | ) | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 10 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in December 2015. Power’s after-tax unrealized gains on these derivatives that are expected to be reclassified to earnings during the next 12 months are $10 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power enter into derivative contracts that do not qualify or are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. Changes in the fair market value of these contracts are recorded in earnings. | |||||||||||||||||||||||||||||||||||||||||
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 and interest rate swaps. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2014, PSEG had 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, 2014 and 2013, the fair value of all the underlying hedges was $22 million and $38 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 immaterial as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||
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. 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, 2014 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | $ | 18 | $ | 597 | $ | (408 | ) | $ | 207 | $ | 18 | $ | 15 | $ | 240 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 171 | (109 | ) | 62 | 8 | 7 | 77 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 18 | $ | 768 | $ | (517 | ) | $ | 269 | $ | 26 | $ | 22 | $ | 317 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (568 | ) | $ | 436 | $ | (132 | ) | $ | — | $ | — | $ | (132 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (138 | ) | 105 | (33 | ) | — | — | (33 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (706 | ) | $ | 541 | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | ||||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 18 | $ | 62 | $ | 24 | $ | 104 | $ | 26 | $ | 22 | $ | 152 | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
(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, 2014 and 2013. 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 Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent 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 to a below investment grade 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 $127 million and $91 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Power had the contractual right of offset of $18 million and $39 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 to a below investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of December 31, 2014 and 2013, 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 $945 million and $691 million as of December 31, 2014 and 2013, respectively, discussed in Note 12. 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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total PSEG | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 12 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 13 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
(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, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 12 | 7 | |||||||||||||||||||||||||||||||||||||||
Plus: Loss Reclassified into Income | 9 | 5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 17 | $ | 10 | |||||||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (348 | ) | $ | (128 | ) | $ | 232 | ||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 32 | 106 | (19 | ) | ||||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (316 | ) | $ | (22 | ) | $ | 213 | |||||||||||||||||||||||||||||||||
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. 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 $20 million, $19 million and $22 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 274 | — | 216 | 58 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 310 | — | 310 | — | ||||||||||||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||||||||
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, 2014, 99.7% 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, 2014. 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 | $ | 436 | $ | 51 | $ | 425 | 2 | $ | 259 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 2 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 444 | $ | 51 | $ | 432 | 2 | $ | 259 | ||||||||||||||||||||||||||||||||
(A) | Includes net exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||||||||||||
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, 2014, Power had 148 active counterparties. | |||||||||||||||||||||||||||||||||||||||||
PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of December 31, 2014, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of December 31, 2014, PSE&G had no net credit exposure with suppliers, including Power. | |||||||||||||||||||||||||||||||||||||||||
PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. | |||||||||||||||||||||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but do not qualify for or are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and changes in the fair value of these contracts are recorded in earnings each period. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. 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 | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power use forward sale and purchase contracts, swaps and futures contracts to hedge certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | |||||||||||||||||||||||||||||||||||||||||
These derivative transactions qualify and are designated as cash flow hedges. During the second quarter of 2012, Power de-designated commodity derivative transactions related to the hedging of forecasted energy sales from its generation stations 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, 2014 and 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 18 | $ | (4 | ) | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 10 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in December 2015. Power’s after-tax unrealized gains on these derivatives that are expected to be reclassified to earnings during the next 12 months are $10 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power enter into derivative contracts that do not qualify or are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. Changes in the fair market value of these contracts are recorded in earnings. | |||||||||||||||||||||||||||||||||||||||||
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 and interest rate swaps. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2014, PSEG had 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, 2014 and 2013, the fair value of all the underlying hedges was $22 million and $38 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 immaterial as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||
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. 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, 2014 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | $ | 18 | $ | 597 | $ | (408 | ) | $ | 207 | $ | 18 | $ | 15 | $ | 240 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 171 | (109 | ) | 62 | 8 | 7 | 77 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 18 | $ | 768 | $ | (517 | ) | $ | 269 | $ | 26 | $ | 22 | $ | 317 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (568 | ) | $ | 436 | $ | (132 | ) | $ | — | $ | — | $ | (132 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (138 | ) | 105 | (33 | ) | — | — | (33 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (706 | ) | $ | 541 | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | ||||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 18 | $ | 62 | $ | 24 | $ | 104 | $ | 26 | $ | 22 | $ | 152 | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
(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, 2014 and 2013. 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 Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent 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 to a below investment grade 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 $127 million and $91 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Power had the contractual right of offset of $18 million and $39 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 to a below investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of December 31, 2014 and 2013, 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 $945 million and $691 million as of December 31, 2014 and 2013, respectively, discussed in Note 12. 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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total PSEG | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 12 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 13 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
(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, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 12 | 7 | |||||||||||||||||||||||||||||||||||||||
Plus: Loss Reclassified into Income | 9 | 5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 17 | $ | 10 | |||||||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (348 | ) | $ | (128 | ) | $ | 232 | ||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 32 | 106 | (19 | ) | ||||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (316 | ) | $ | (22 | ) | $ | 213 | |||||||||||||||||||||||||||||||||
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. 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 $20 million, $19 million and $22 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 274 | — | 216 | 58 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 310 | — | 310 | — | ||||||||||||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||||||||
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, 2014, 99.7% 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, 2014. 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 | $ | 436 | $ | 51 | $ | 425 | 2 | $ | 259 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 2 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 444 | $ | 51 | $ | 432 | 2 | $ | 259 | ||||||||||||||||||||||||||||||||
(A) | Includes net exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||||||||||||
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, 2014, Power had 148 active counterparties. | |||||||||||||||||||||||||||||||||||||||||
PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of December 31, 2014, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of December 31, 2014, PSE&G had no net credit exposure with suppliers, including Power. | |||||||||||||||||||||||||||||||||||||||||
PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. | |||||||||||||||||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||
Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but do not qualify for or are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and changes in the fair value of these contracts are recorded in earnings each period. | |||||||||||||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||||||||||||
Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. 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 | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power use forward sale and purchase contracts, swaps and futures contracts to hedge certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | |||||||||||||||||||||||||||||||||||||||||
These derivative transactions qualify and are designated as cash flow hedges. During the second quarter of 2012, Power de-designated commodity derivative transactions related to the hedging of forecasted energy sales from its generation stations 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, 2014 and 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity was as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 18 | $ | (4 | ) | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 10 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in December 2015. Power’s after-tax unrealized gains on these derivatives that are expected to be reclassified to earnings during the next 12 months are $10 million. There was no ineffectiveness associated with qualifying hedges as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
Economic Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power enter into derivative contracts that do not qualify or are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. Changes in the fair market value of these contracts are recorded in earnings. | |||||||||||||||||||||||||||||||||||||||||
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 and interest rate swaps. | |||||||||||||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of December 31, 2014, PSEG had 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, 2014 and 2013, the fair value of all the underlying hedges was $22 million and $38 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 immaterial as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||
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. 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, 2014 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | $ | 18 | $ | 597 | $ | (408 | ) | $ | 207 | $ | 18 | $ | 15 | $ | 240 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 171 | (109 | ) | 62 | 8 | 7 | 77 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 18 | $ | 768 | $ | (517 | ) | $ | 269 | $ | 26 | $ | 22 | $ | 317 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (568 | ) | $ | 436 | $ | (132 | ) | $ | — | $ | — | $ | (132 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (138 | ) | 105 | (33 | ) | — | — | (33 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (706 | ) | $ | 541 | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | ||||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 18 | $ | 62 | $ | 24 | $ | 104 | $ | 26 | $ | 22 | $ | 152 | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
(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, 2014 and 2013. 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 Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent 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 to a below investment grade 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 $127 million and $91 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, Power had the contractual right of offset of $18 million and $39 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 to a below investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of December 31, 2014 and 2013, 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 $945 million and $691 million as of December 31, 2014 and 2013, respectively, discussed in Note 12. 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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total PSEG | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 12 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 13 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
(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, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 12 | 7 | |||||||||||||||||||||||||||||||||||||||
Plus: Loss Reclassified into Income | 9 | 5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 17 | $ | 10 | |||||||||||||||||||||||||||||||||||||
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, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (348 | ) | $ | (128 | ) | $ | 232 | ||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 32 | 106 | (19 | ) | ||||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (316 | ) | $ | (22 | ) | $ | 213 | |||||||||||||||||||||||||||||||||
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. 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 $20 million, $19 million and $22 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 274 | — | 216 | 58 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 310 | — | 310 | — | ||||||||||||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||||||||
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, 2014, 99.7% 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, 2014. 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 | $ | 436 | $ | 51 | $ | 425 | 2 | $ | 259 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 2 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 444 | $ | 51 | $ | 432 | 2 | $ | 259 | ||||||||||||||||||||||||||||||||
(A) | Includes net exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||||||||||||
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, 2014, Power had 148 active counterparties. | |||||||||||||||||||||||||||||||||||||||||
PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of December 31, 2014, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of December 31, 2014, PSE&G had no net credit exposure with suppliers, including Power. | |||||||||||||||||||||||||||||||||||||||||
PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||
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, 2014, these consisted primarily of electric load contracts whose basis is deemed significant to the fair value measurement and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013, 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, 2014 | |||||||||||||||||||||||||||||||
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) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 295 | $ | (517 | ) | $ | — | $ | 774 | $ | 38 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 91 | $ | — | $ | — | $ | 91 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 75 | $ | — | $ | — | $ | 75 | $ | — | |||||||||||||||||||||
Other Securities | $ | 2 | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 294 | $ | — | $ | 294 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 26 | $ | — | $ | — | $ | — | $ | 26 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 20 | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 269 | $ | (517 | ) | $ | — | $ | 774 | $ | 12 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
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 | $ | — | |||||||||||||||||||||
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 | ) | ||||||||||||||||||
(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, 2014, net cash collateral (received) paid of $24 million was netted against the corresponding net derivative contract positions. Of the $24 million of cash collateral as of December 31, 2014, $(12) million was netted against assets, and $36 million was netted against liabilities. 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 of cash collateral as of December 31, 2013, $(3) million was netted against assets and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
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 PSE&G and Power, 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 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 additional information see Note 12. Commitments and Contingent Liabilities. The following tables provide detail surrounding significant Level 3 valuations as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2014 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 26 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 26 | $ | — | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | 12 | $ | (1 | ) | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (1 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 38 | $ | (1 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2013 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
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 (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of December 31, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
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 gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. 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. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2014 and 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (31 | ) | $ | (68 | ) | $ | — | $ | 51 | $ | (3 | ) | $ | 37 | ||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (68 | ) | $ | — | $ | — | $ | — | $ | 26 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (31 | ) | $ | — | $ | — | $ | 51 | $ | (3 | ) | $ | 11 | ||||||||||||||
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, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(31) million and $(27) million in Operating Income in 2014 and 2013, respectively. Of the $(31) million in Operating Income in 2014, $22 million is unrealized. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income (Loss), as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | ||||||||||||||||||||||||||||||
(C) | Represents $51 million and $8 million in settlements for derivative contracts in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
(D) | During the years ended December 31, 2014 and 2013, $(3) million and $4 million, respectively, 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. | ||||||||||||||||||||||||||||||
As of December 31, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $37 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||||||||||||||||
During the fourth quarter of 2014, an assessment of recoverability was triggered for two commercial real estate properties located in Ohio and Michigan. As a result of the evaluation, Energy Holdings recorded a pre-tax impairment of $14 million which is included in Operating Revenues in PSEG’s Consolidated Statement of Operations for the year ended December 31, 2014. The remaining investment in these properties of $9 million is carried as a nonrecurring fair value measurement determined using an income approach valuation technique (cash flow analyses) along with bids received as part of a marketing initiative. This technique relied on significant unobservable inputs and is considered a Level 3 measurement within the fair value hierarchy. | |||||||||||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||
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, 2014, these consisted primarily of electric load contracts whose basis is deemed significant to the fair value measurement and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013, 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, 2014 | |||||||||||||||||||||||||||||||
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) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 295 | $ | (517 | ) | $ | — | $ | 774 | $ | 38 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 91 | $ | — | $ | — | $ | 91 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 75 | $ | — | $ | — | $ | 75 | $ | — | |||||||||||||||||||||
Other Securities | $ | 2 | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 294 | $ | — | $ | 294 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 26 | $ | — | $ | — | $ | — | $ | 26 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 20 | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 269 | $ | (517 | ) | $ | — | $ | 774 | $ | 12 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
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 | $ | — | |||||||||||||||||||||
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 | ) | ||||||||||||||||||
(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, 2014, net cash collateral (received) paid of $24 million was netted against the corresponding net derivative contract positions. Of the $24 million of cash collateral as of December 31, 2014, $(12) million was netted against assets, and $36 million was netted against liabilities. 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 of cash collateral as of December 31, 2013, $(3) million was netted against assets and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
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 PSE&G and Power, 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 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 additional information see Note 12. Commitments and Contingent Liabilities. The following tables provide detail surrounding significant Level 3 valuations as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2014 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 26 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 26 | $ | — | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | 12 | $ | (1 | ) | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (1 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 38 | $ | (1 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2013 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
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 (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of December 31, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
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 gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. 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. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2014 and 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (31 | ) | $ | (68 | ) | $ | — | $ | 51 | $ | (3 | ) | $ | 37 | ||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (68 | ) | $ | — | $ | — | $ | — | $ | 26 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (31 | ) | $ | — | $ | — | $ | 51 | $ | (3 | ) | $ | 11 | ||||||||||||||
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, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(31) million and $(27) million in Operating Income in 2014 and 2013, respectively. Of the $(31) million in Operating Income in 2014, $22 million is unrealized. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income (Loss), as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | ||||||||||||||||||||||||||||||
(C) | Represents $51 million and $8 million in settlements for derivative contracts in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
(D) | During the years ended December 31, 2014 and 2013, $(3) million and $4 million, respectively, 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. | ||||||||||||||||||||||||||||||
As of December 31, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $37 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||||||||||||||||
During the fourth quarter of 2014, an assessment of recoverability was triggered for two commercial real estate properties located in Ohio and Michigan. As a result of the evaluation, Energy Holdings recorded a pre-tax impairment of $14 million which is included in Operating Revenues in PSEG’s Consolidated Statement of Operations for the year ended December 31, 2014. The remaining investment in these properties of $9 million is carried as a nonrecurring fair value measurement determined using an income approach valuation technique (cash flow analyses) along with bids received as part of a marketing initiative. This technique relied on significant unobservable inputs and is considered a Level 3 measurement within the fair value hierarchy. | |||||||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||
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, 2014, these consisted primarily of electric load contracts whose basis is deemed significant to the fair value measurement and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013, 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, 2014 | |||||||||||||||||||||||||||||||
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) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 295 | $ | (517 | ) | $ | — | $ | 774 | $ | 38 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 91 | $ | — | $ | — | $ | 91 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 75 | $ | — | $ | — | $ | 75 | $ | — | |||||||||||||||||||||
Other Securities | $ | 2 | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 294 | $ | — | $ | 294 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 26 | $ | — | $ | — | $ | — | $ | 26 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 20 | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 269 | $ | (517 | ) | $ | — | $ | 774 | $ | 12 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
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 | $ | — | |||||||||||||||||||||
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 | ) | ||||||||||||||||||
(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, 2014, net cash collateral (received) paid of $24 million was netted against the corresponding net derivative contract positions. Of the $24 million of cash collateral as of December 31, 2014, $(12) million was netted against assets, and $36 million was netted against liabilities. 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 of cash collateral as of December 31, 2013, $(3) million was netted against assets and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
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 PSE&G and Power, 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 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 additional information see Note 12. Commitments and Contingent Liabilities. The following tables provide detail surrounding significant Level 3 valuations as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2014 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 26 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 26 | $ | — | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | 12 | $ | (1 | ) | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (1 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 38 | $ | (1 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2013 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
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 (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of December 31, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
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 gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. 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. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the years ended December 31, 2014 and 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (31 | ) | $ | (68 | ) | $ | — | $ | 51 | $ | (3 | ) | $ | 37 | ||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (68 | ) | $ | — | $ | — | $ | — | $ | 26 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (31 | ) | $ | — | $ | — | $ | 51 | $ | (3 | ) | $ | 11 | ||||||||||||||
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, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(31) million and $(27) million in Operating Income in 2014 and 2013, respectively. Of the $(31) million in Operating Income in 2014, $22 million is unrealized. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income (Loss), as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | ||||||||||||||||||||||||||||||
(C) | Represents $51 million and $8 million in settlements for derivative contracts in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
(D) | During the years ended December 31, 2014 and 2013, $(3) million and $4 million, respectively, 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. | ||||||||||||||||||||||||||||||
As of December 31, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $37 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||||||||||||||||
During the fourth quarter of 2014, an assessment of recoverability was triggered for two commercial real estate properties located in Ohio and Michigan. As a result of the evaluation, Energy Holdings recorded a pre-tax impairment of $14 million which is included in Operating Revenues in PSEG’s Consolidated Statement of Operations for the year ended December 31, 2014. The remaining investment in these properties of $9 million is carried as a nonrecurring fair value measurement determined using an income approach valuation technique (cash flow analyses) along with bids received as part of a marketing initiative. This technique relied on significant unobservable inputs and is considered a Level 3 measurement within the fair value hierarchy. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
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 share 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 share 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 16 million shares of common stock. As of December 31, 2014, there were approximately 16 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 2014 and 2013 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 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 the total shareholder return target for its performance share unit awards based on the grant date fair values of the award, which are determined using the Monte Carlo model. The accrual of compensation cost is based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. PSEG recognizes compensation expense for the return on invested capital target for its performance share units based on the grant date fair value of the awards, which is equal to the market price of PSEG’s common stock on the date of the grant. The accrual during the year of grant is estimated at 100% of the original grant. Such accrual may be adjusted to reflect the actual outcome. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 32 | $ | 25 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 13 | $ | 10 | ||||||||||
There was no excess tax benefit for 2014 and 2013. There was less than $1 million of excess tax benefits for 2012. | ||||||||||||||||
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 2014 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2014 | 2,615,166 | $ | 34.43 | |||||||||||||
Exercised | 519,250 | $ | 30.51 | |||||||||||||
Canceled/Forfeited | 20,066 | $ | 39.88 | |||||||||||||
Outstanding as of December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
Exercisable at December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
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 2014, 2013 and 2012. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2014, 2013 and 2012 is shown below: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 4 | $ | 1 | $ | 4 | ||||||||||
Cash Received from Options Exercised | $ | 16 | $ | 7 | $ | 7 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | — | $ | 1 | ||||||||||
No options were vested during the year ended December 31, 2014. Less than one million options vested during each of the years ended December 31, 2013 and 2012. The total fair value of the stock options vested during the years ended December 31, 2013 and 2012 was $1 million and $3 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2014 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, 2014 | 8,800 | $ | 30.18 | |||||||||||||
Vested | 8,800 | $ | 30.18 | |||||||||||||
Non-vested as of December 31, 2014 | — | $ | — | 0 | $ | — | ||||||||||
There were no restricted stock awards granted in 2014, 2013 and 2012. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2014, 2013 and 2012 was $2 million, $2 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2014 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, 2014 | 1,047,569 | $ | 31.3 | |||||||||||||
Granted | 356,240 | $ | 35.16 | |||||||||||||
Vested | 325,504 | $ | 31.57 | |||||||||||||
Canceled/Forfeited | 9,276 | $ | 33.95 | |||||||||||||
Non-vested as of December 31, 2014 | 1,069,029 | $ | 32.49 | 1.1 | $ | 44,268,491 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2014, 2013 and 2012 was $35.16, $31.41 and $30.95 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2014, 2013 and 2012 was $12 million, $4 million and $5 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $5 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 42,648 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in performance share units for the year ended December 31, 2014 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, 2014 | 802,118 | $ | 33.25 | |||||||||||||
Granted | 358,265 | $ | 38.94 | |||||||||||||
Vested | 382,504 | $ | 31.25 | |||||||||||||
Canceled/Forfeited | 12,246 | $ | 36.45 | |||||||||||||
Non-vested as of December 31, 2014 | 765,633 | $ | 36.86 | 1.5 | $ | 31,704,863 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2014, 2013 and 2012 was $38.94, $35.07 and $31.25 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2014, 2013 and 2012 was $6 million, $5 million and $4 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $14 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 45,779 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, 2014, 2013 and 2012 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, 2014, 2013 and 2012, employees purchased 207,248 shares, 257,513 shares and 191,572 shares at an average price of $36.07, $30.57 and $31.32 per share, respectively. As of December 31, 2014, 3.6 million shares were available for future issuance under this plan. | ||||||||||||||||
PSE&G [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
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 share 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 share 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 16 million shares of common stock. As of December 31, 2014, there were approximately 16 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 2014 and 2013 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 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 the total shareholder return target for its performance share unit awards based on the grant date fair values of the award, which are determined using the Monte Carlo model. The accrual of compensation cost is based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. PSEG recognizes compensation expense for the return on invested capital target for its performance share units based on the grant date fair value of the awards, which is equal to the market price of PSEG’s common stock on the date of the grant. The accrual during the year of grant is estimated at 100% of the original grant. Such accrual may be adjusted to reflect the actual outcome. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 32 | $ | 25 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 13 | $ | 10 | ||||||||||
There was no excess tax benefit for 2014 and 2013. There was less than $1 million of excess tax benefits for 2012. | ||||||||||||||||
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 2014 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2014 | 2,615,166 | $ | 34.43 | |||||||||||||
Exercised | 519,250 | $ | 30.51 | |||||||||||||
Canceled/Forfeited | 20,066 | $ | 39.88 | |||||||||||||
Outstanding as of December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
Exercisable at December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
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 2014, 2013 and 2012. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2014, 2013 and 2012 is shown below: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 4 | $ | 1 | $ | 4 | ||||||||||
Cash Received from Options Exercised | $ | 16 | $ | 7 | $ | 7 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | — | $ | 1 | ||||||||||
No options were vested during the year ended December 31, 2014. Less than one million options vested during each of the years ended December 31, 2013 and 2012. The total fair value of the stock options vested during the years ended December 31, 2013 and 2012 was $1 million and $3 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2014 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, 2014 | 8,800 | $ | 30.18 | |||||||||||||
Vested | 8,800 | $ | 30.18 | |||||||||||||
Non-vested as of December 31, 2014 | — | $ | — | 0 | $ | — | ||||||||||
There were no restricted stock awards granted in 2014, 2013 and 2012. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2014, 2013 and 2012 was $2 million, $2 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2014 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, 2014 | 1,047,569 | $ | 31.3 | |||||||||||||
Granted | 356,240 | $ | 35.16 | |||||||||||||
Vested | 325,504 | $ | 31.57 | |||||||||||||
Canceled/Forfeited | 9,276 | $ | 33.95 | |||||||||||||
Non-vested as of December 31, 2014 | 1,069,029 | $ | 32.49 | 1.1 | $ | 44,268,491 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2014, 2013 and 2012 was $35.16, $31.41 and $30.95 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2014, 2013 and 2012 was $12 million, $4 million and $5 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $5 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 42,648 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in performance share units for the year ended December 31, 2014 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, 2014 | 802,118 | $ | 33.25 | |||||||||||||
Granted | 358,265 | $ | 38.94 | |||||||||||||
Vested | 382,504 | $ | 31.25 | |||||||||||||
Canceled/Forfeited | 12,246 | $ | 36.45 | |||||||||||||
Non-vested as of December 31, 2014 | 765,633 | $ | 36.86 | 1.5 | $ | 31,704,863 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2014, 2013 and 2012 was $38.94, $35.07 and $31.25 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2014, 2013 and 2012 was $6 million, $5 million and $4 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $14 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 45,779 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, 2014, 2013 and 2012 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, 2014, 2013 and 2012, employees purchased 207,248 shares, 257,513 shares and 191,572 shares at an average price of $36.07, $30.57 and $31.32 per share, respectively. As of December 31, 2014, 3.6 million shares were available for future issuance under this plan. | ||||||||||||||||
Power [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
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 share 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 share 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 16 million shares of common stock. As of December 31, 2014, there were approximately 16 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 2014 and 2013 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 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 the total shareholder return target for its performance share unit awards based on the grant date fair values of the award, which are determined using the Monte Carlo model. The accrual of compensation cost is based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. PSEG recognizes compensation expense for the return on invested capital target for its performance share units based on the grant date fair value of the awards, which is equal to the market price of PSEG’s common stock on the date of the grant. The accrual during the year of grant is estimated at 100% of the original grant. Such accrual may be adjusted to reflect the actual outcome. | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 32 | $ | 25 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 13 | $ | 10 | ||||||||||
There was no excess tax benefit for 2014 and 2013. There was less than $1 million of excess tax benefits for 2012. | ||||||||||||||||
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 2014 are summarized as follows: | ||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2014 | 2,615,166 | $ | 34.43 | |||||||||||||
Exercised | 519,250 | $ | 30.51 | |||||||||||||
Canceled/Forfeited | 20,066 | $ | 39.88 | |||||||||||||
Outstanding as of December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
Exercisable at December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
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 2014, 2013 and 2012. | ||||||||||||||||
Activity for options exercised for the years ended December 31, 2014, 2013 and 2012 is shown below: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 4 | $ | 1 | $ | 4 | ||||||||||
Cash Received from Options Exercised | $ | 16 | $ | 7 | $ | 7 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | — | $ | 1 | ||||||||||
No options were vested during the year ended December 31, 2014. Less than one million options vested during each of the years ended December 31, 2013 and 2012. The total fair value of the stock options vested during the years ended December 31, 2013 and 2012 was $1 million and $3 million, respectively. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Changes in restricted stock for the year ended December 31, 2014 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, 2014 | 8,800 | $ | 30.18 | |||||||||||||
Vested | 8,800 | $ | 30.18 | |||||||||||||
Non-vested as of December 31, 2014 | — | $ | — | 0 | $ | — | ||||||||||
There were no restricted stock awards granted in 2014, 2013 and 2012. | ||||||||||||||||
The total intrinsic value of restricted stock vested during the years ended December 31, 2014, 2013 and 2012 was $2 million, $2 million and $1 million, respectively. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
Changes in restricted stock units for the year ended December 31, 2014 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, 2014 | 1,047,569 | $ | 31.3 | |||||||||||||
Granted | 356,240 | $ | 35.16 | |||||||||||||
Vested | 325,504 | $ | 31.57 | |||||||||||||
Canceled/Forfeited | 9,276 | $ | 33.95 | |||||||||||||
Non-vested as of December 31, 2014 | 1,069,029 | $ | 32.49 | 1.1 | $ | 44,268,491 | ||||||||||
The weighted average grant date fair value per share for restricted stock during the years ended December 31, 2014, 2013 and 2012 was $35.16, $31.41 and $30.95 per share, respectively. | ||||||||||||||||
The total intrinsic value of restricted stock units vested during the years ended December 31, 2014, 2013 and 2012 was $12 million, $4 million and $5 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $5 million of unrecognized compensation cost related to the restricted stock units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 42,648 accrued on the restricted stock units during the year. | ||||||||||||||||
Performance Share Units | ||||||||||||||||
Changes in performance share units for the year ended December 31, 2014 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, 2014 | 802,118 | $ | 33.25 | |||||||||||||
Granted | 358,265 | $ | 38.94 | |||||||||||||
Vested | 382,504 | $ | 31.25 | |||||||||||||
Canceled/Forfeited | 12,246 | $ | 36.45 | |||||||||||||
Non-vested as of December 31, 2014 | 765,633 | $ | 36.86 | 1.5 | $ | 31,704,863 | ||||||||||
The weighted average grant date fair value per share for performance share units during the years ended December 31, 2014, 2013 and 2012 was $38.94, $35.07 and $31.25 per share, respectively. | ||||||||||||||||
The total intrinsic value of performance share units vested during the year ended December 31, 2014, 2013 and 2012 was $6 million, $5 million and $4 million, respectively. | ||||||||||||||||
As of December 31, 2014, there was approximately $14 million of unrecognized compensation cost related to the performance share units, which is expected to be recognized over a weighted average period of one year. Dividend equivalents units of 45,779 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, 2014, 2013 and 2012 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, 2014, 2013 and 2012, employees purchased 207,248 shares, 257,513 shares and 191,572 shares at an average price of $36.07, $30.57 and $31.32 per share, respectively. As of December 31, 2014, 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, 2014 | |||||||||||||||||||
Component of Other Income [Line Items] | |||||||||||||||||||
Other Income and Deductions | Other Income and Deductions | ||||||||||||||||||
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 219 | $ | — | $ | 219 | |||||||||||
Allowance for Funds Used During Construction | 31 | — | — | 31 | |||||||||||||||
Solar Loan Interest | 24 | — | — | 24 | |||||||||||||||
Other | 6 | 3 | 7 | 16 | |||||||||||||||
Total Other Income | $ | 61 | $ | 222 | $ | 7 | $ | 290 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 152 | $ | — | $ | 152 | |||||||||||
Allowance for Funds Used During Construction | 24 | — | — | 24 | |||||||||||||||
Solar Loan Interest | 23 | — | — | 23 | |||||||||||||||
Other | 7 | 2 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 54 | $ | 154 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 194 | $ | — | $ | 194 | |||||||||||
Allowance for Funds Used During Construction | 23 | — | — | 23 | |||||||||||||||
Solar Loan Interest | 18 | — | — | 18 | |||||||||||||||
Other | 11 | 7 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 52 | $ | 201 | $ | 7 | $ | 260 | |||||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||
Other | 3 | 21 | 6 | 30 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 52 | $ | 6 | $ | 61 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||
Other | 3 | 15 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 49 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | — | 15 | — | 15 | |||||||||||||||
Other | 5 | 17 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 5 | $ | 90 | $ | 3 | $ | 98 | |||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. | ||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||
Component of Other Income [Line Items] | |||||||||||||||||||
Other Income and Deductions | Other Income and Deductions | ||||||||||||||||||
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 219 | $ | — | $ | 219 | |||||||||||
Allowance for Funds Used During Construction | 31 | — | — | 31 | |||||||||||||||
Solar Loan Interest | 24 | — | — | 24 | |||||||||||||||
Other | 6 | 3 | 7 | 16 | |||||||||||||||
Total Other Income | $ | 61 | $ | 222 | $ | 7 | $ | 290 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 152 | $ | — | $ | 152 | |||||||||||
Allowance for Funds Used During Construction | 24 | — | — | 24 | |||||||||||||||
Solar Loan Interest | 23 | — | — | 23 | |||||||||||||||
Other | 7 | 2 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 54 | $ | 154 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 194 | $ | — | $ | 194 | |||||||||||
Allowance for Funds Used During Construction | 23 | — | — | 23 | |||||||||||||||
Solar Loan Interest | 18 | — | — | 18 | |||||||||||||||
Other | 11 | 7 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 52 | $ | 201 | $ | 7 | $ | 260 | |||||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||
Other | 3 | 21 | 6 | 30 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 52 | $ | 6 | $ | 61 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||
Other | 3 | 15 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 49 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | — | 15 | — | 15 | |||||||||||||||
Other | 5 | 17 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 5 | $ | 90 | $ | 3 | $ | 98 | |||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. | ||||||||||||||||||
Power [Member] | |||||||||||||||||||
Component of Other Income [Line Items] | |||||||||||||||||||
Other Income and Deductions | Other Income and Deductions | ||||||||||||||||||
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 219 | $ | — | $ | 219 | |||||||||||
Allowance for Funds Used During Construction | 31 | — | — | 31 | |||||||||||||||
Solar Loan Interest | 24 | — | — | 24 | |||||||||||||||
Other | 6 | 3 | 7 | 16 | |||||||||||||||
Total Other Income | $ | 61 | $ | 222 | $ | 7 | $ | 290 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 152 | $ | — | $ | 152 | |||||||||||
Allowance for Funds Used During Construction | 24 | — | — | 24 | |||||||||||||||
Solar Loan Interest | 23 | — | — | 23 | |||||||||||||||
Other | 7 | 2 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 54 | $ | 154 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 194 | $ | — | $ | 194 | |||||||||||
Allowance for Funds Used During Construction | 23 | — | — | 23 | |||||||||||||||
Solar Loan Interest | 18 | — | — | 18 | |||||||||||||||
Other | 11 | 7 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 52 | $ | 201 | $ | 7 | $ | 260 | |||||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||
Other | 3 | 21 | 6 | 30 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 52 | $ | 6 | $ | 61 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||
Other | 3 | 15 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 49 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | — | 15 | — | 15 | |||||||||||||||
Other | 5 | 17 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 5 | $ | 90 | $ | 3 | $ | 98 | |||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,243 | $ | 1,275 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 335 | $ | 487 | $ | (204 | ) | ||||||||||||
State | 58 | 42 | (2 | ) | |||||||||||||||
Total Current | 393 | 529 | (206 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 262 | 147 | 758 | ||||||||||||||||
State | 260 | 118 | 125 | ||||||||||||||||
Total Deferred | 522 | 265 | 883 | ||||||||||||||||
Investment Tax Credit (ITC) | 23 | 18 | 59 | ||||||||||||||||
Total Income Taxes | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Pre-Tax Income | $ | 2,456 | $ | 2,055 | $ | 2,011 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 860 | $ | 719 | $ | 704 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 145 | 108 | 115 | ||||||||||||||||
Uncertain Tax Positions | (9 | ) | 10 | 4 | |||||||||||||||
Manufacturing Deduction | (16 | ) | (9 | ) | — | ||||||||||||||
NDT Fund | 14 | 12 | 10 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (5 | ) | |||||||||||||
Tax Credits | (14 | ) | (9 | ) | (10 | ) | |||||||||||||
Audit Settlement | (12 | ) | — | (71 | ) | ||||||||||||||
Other | (17 | ) | (5 | ) | (11 | ) | |||||||||||||
Sub-Total | 78 | 93 | 32 | ||||||||||||||||
Total Income Tax Provision | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 39.5 | % | 36.6 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 11 | $ | 24 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 269 | $ | 280 | |||||||||||||||
Related to Uncertain Tax Position | 160 | 201 | |||||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 3 | |||||||||||||||||
Other | — | 124 | |||||||||||||||||
Total Noncurrent Assets | $ | 484 | $ | 608 | |||||||||||||||
Total Assets | $ | 495 | $ | 632 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | $ | 10 | $ | — | |||||||||||||||
Total Current Liabilities (net) | $ | 173 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 5,422 | $ | 4,865 | |||||||||||||||
New Jersey Corporate Business Tax | 535 | 534 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Leasing Activities | 623 | 639 | |||||||||||||||||
Pension Costs | 219 | 288 | |||||||||||||||||
AROs and NDT Fund | 419 | 523 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 240 | 293 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 7,654 | $ | 7,602 | |||||||||||||||
Total Liabilities | $ | 7,827 | $ | 7,602 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 11 | $ | 24 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 173 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 7,170 | $ | 6,994 | |||||||||||||||
ITC | 133 | 113 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,303 | $ | 7,107 | |||||||||||||||
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. Also, the deferred tax effect of AROs are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 725 | $ | 612 | $ | 528 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 124 | $ | 183 | $ | (217 | ) | ||||||||||||
State | 16 | — | 9 | ||||||||||||||||
Total Current | 140 | 183 | (208 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 214 | 101 | 409 | ||||||||||||||||
State | 84 | 92 | 83 | ||||||||||||||||
Total Deferred | 298 | 193 | 492 | ||||||||||||||||
ITC | 11 | 5 | 23 | ||||||||||||||||
Total Income Taxes | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Pre-Tax Income | $ | 1,174 | $ | 993 | $ | 835 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 411 | $ | 348 | $ | 292 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 65 | 59 | 52 | ||||||||||||||||
Uncertain Tax Positions | — | — | 7 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (4 | ) | |||||||||||||
Tax Credits | (7 | ) | (6 | ) | (3 | ) | |||||||||||||
Audit Settlement | 1 | — | (31 | ) | |||||||||||||||
Other | (8 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 38 | 33 | 15 | ||||||||||||||||
Total Income Tax Provision | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 38.4 | % | 36.8 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 173 | $ | 182 | |||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Total Noncurrent Assets | $ | 228 | $ | 182 | |||||||||||||||
Total Assets | $ | 252 | $ | 198 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | 2 | 30 | |||||||||||||||||
Total Current Liabilities (net) | $ | 165 | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,869 | $ | 3,439 | |||||||||||||||
New Jersey Corporate Business Tax | 268 | 340 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Conservation Costs | 48 | 52 | |||||||||||||||||
Pension Costs | 269 | 171 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 84 | 68 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,734 | $ | 4,530 | |||||||||||||||
Total Liabilities | $ | 4,899 | $ | 4,560 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 16 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 165 | $ | 30 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 4,506 | $ | 4,348 | |||||||||||||||
ITC | 69 | 58 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,575 | $ | 4,406 | |||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 760 | $ | 644 | $ | 666 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 231 | $ | 262 | $ | 30 | |||||||||||||
State | 39 | 40 | 51 | ||||||||||||||||
Total Current | 270 | 302 | 81 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 163 | 69 | 279 | ||||||||||||||||
State | 48 | 35 | 37 | ||||||||||||||||
Total Deferred | 211 | 104 | 316 | ||||||||||||||||
ITC | 10 | 13 | 36 | ||||||||||||||||
Total Income Taxes | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Pre-Tax Income | $ | 1,251 | $ | 1,063 | $ | 1,099 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 438 | $ | 372 | $ | 385 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 58 | 51 | 55 | ||||||||||||||||
Manufacturing Deduction | (16 | ) | (10 | ) | — | ||||||||||||||
NDT Fund | 15 | 12 | 10 | ||||||||||||||||
Tax Credits | (6 | ) | (2 | ) | (7 | ) | |||||||||||||
Uncertain Tax Positions | (8 | ) | 3 | (6 | ) | ||||||||||||||
Audit Settlement | (4 | ) | — | (1 | ) | ||||||||||||||
Other | 14 | (7 | ) | (3 | ) | ||||||||||||||
Sub-Total | 53 | 47 | 48 | ||||||||||||||||
Total Income Tax Provision | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Effective Income Tax Rate | 39.2 | % | 39.4 | % | 39.4 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | — | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | 52 | $ | — | |||||||||||||||
Contractual Liabilities & Environmental Costs | 18 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 23 | 32 | |||||||||||||||||
Other | 70 | 91 | |||||||||||||||||
Total Noncurrent Assets | $ | 163 | $ | 158 | |||||||||||||||
Total Assets | $ | 163 | $ | 188 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 43 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,552 | $ | 1,416 | |||||||||||||||
New Jersey Corporate Business Tax | 192 | 81 | |||||||||||||||||
Pension Costs | — | 77 | |||||||||||||||||
AROs and NDT Fund | 420 | 523 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 2 | |||||||||||||||||
Other | — | 36 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 2,164 | $ | 2,135 | |||||||||||||||
Total Liabilities | $ | 2,207 | $ | 2,135 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | — | $ | 30 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 43 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 2,001 | $ | 1,977 | |||||||||||||||
ITC | 64 | 54 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,065 | $ | 2,031 | |||||||||||||||
In the above table, the deferred tax effect of asset retirement obligations are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
As of December 31, 2014, PSEG had a federal net operating loss (NOL) carryforward of $243 million. The loss was generated in 2012 and will expire in 2033. PSEG believes that it is more-likely-than-not that the federal benefit from the NOL will be realized. | |||||||||||||||||||
PSEG, PSE&G and Power each 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 5. Regulatory Assets and Liabilities. | |||||||||||||||||||
On August 11, 2014, PSEG received notice from the IRS that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 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. Implementation of these regulations did not have any 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. The American Taxpayer Relief Act of 2012 extended the 50% bonus depreciation rules for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted. This act further extended the 50% bonus depreciation rules for qualified property that was placed into service before January 1, 2015 and for long production property that is to be placed into service in 2015. These provisions have generated cash for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G, Power and Energy Holdings: | |||||||||||||||||||
2014 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2014 | $ | 478 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 82 | 65 | 17 | — | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (190 | ) | (92 | ) | (80 | ) | (18 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 30 | 16 | 9 | 5 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (8 | ) | — | (8 | ) | — | |||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (60 | ) | (32 | ) | (24 | ) | (2 | ) | |||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2014 | $ | 332 | $ | 165 | $ | 70 | $ | 95 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (225 | ) | (138 | ) | (52 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (27 | ) | (27 | ) | — | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 80 | $ | — | $ | 18 | $ | 60 | |||||||||||
2013 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 39 | 33 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (9 | ) | (19 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 15 | 8 | — | |||||||||||||||
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 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (177 | ) | (105 | ) | (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 | $ | 1 | $ | 51 | $ | 73 | |||||||||||
2012 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 113 | $ | 121 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 55 | 27 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (47 | ) | (7 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 42 | 3 | — | |||||||||||||||
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 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (133 | ) | (93 | ) | (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 | |||||||||||
PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded, as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
PSE&G | $ | 15 | $ | 6 | $ | 1 | |||||||||||||
Power | 9 | (2 | ) | (2 | ) | ||||||||||||||
Energy Holdings | 45 | 44 | 39 | ||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 38 | |||||||||||||
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 | $ | 59 | |||||||||||||||||
PSE&G | $ | 2 | |||||||||||||||||
Power | $ | 23 | |||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | PSE&G | Power | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2011-2013 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2013 | 2006-2013 | N/A | ||||||||||||||||
Pennsylvania | 2001-2013 | 2000-2013 | N/A | ||||||||||||||||
Connecticut | 2002-2013 | N/A | N/A | ||||||||||||||||
Texas | 2007-2013 | N/A | N/A | ||||||||||||||||
California | 2003-2013 | N/A | N/A | ||||||||||||||||
New York | 2009-2013 | N/A | 2009-2013 | ||||||||||||||||
PSE&G [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,243 | $ | 1,275 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 335 | $ | 487 | $ | (204 | ) | ||||||||||||
State | 58 | 42 | (2 | ) | |||||||||||||||
Total Current | 393 | 529 | (206 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 262 | 147 | 758 | ||||||||||||||||
State | 260 | 118 | 125 | ||||||||||||||||
Total Deferred | 522 | 265 | 883 | ||||||||||||||||
Investment Tax Credit (ITC) | 23 | 18 | 59 | ||||||||||||||||
Total Income Taxes | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Pre-Tax Income | $ | 2,456 | $ | 2,055 | $ | 2,011 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 860 | $ | 719 | $ | 704 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 145 | 108 | 115 | ||||||||||||||||
Uncertain Tax Positions | (9 | ) | 10 | 4 | |||||||||||||||
Manufacturing Deduction | (16 | ) | (9 | ) | — | ||||||||||||||
NDT Fund | 14 | 12 | 10 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (5 | ) | |||||||||||||
Tax Credits | (14 | ) | (9 | ) | (10 | ) | |||||||||||||
Audit Settlement | (12 | ) | — | (71 | ) | ||||||||||||||
Other | (17 | ) | (5 | ) | (11 | ) | |||||||||||||
Sub-Total | 78 | 93 | 32 | ||||||||||||||||
Total Income Tax Provision | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 39.5 | % | 36.6 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 11 | $ | 24 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 269 | $ | 280 | |||||||||||||||
Related to Uncertain Tax Position | 160 | 201 | |||||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 3 | |||||||||||||||||
Other | — | 124 | |||||||||||||||||
Total Noncurrent Assets | $ | 484 | $ | 608 | |||||||||||||||
Total Assets | $ | 495 | $ | 632 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | $ | 10 | $ | — | |||||||||||||||
Total Current Liabilities (net) | $ | 173 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 5,422 | $ | 4,865 | |||||||||||||||
New Jersey Corporate Business Tax | 535 | 534 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Leasing Activities | 623 | 639 | |||||||||||||||||
Pension Costs | 219 | 288 | |||||||||||||||||
AROs and NDT Fund | 419 | 523 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 240 | 293 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 7,654 | $ | 7,602 | |||||||||||||||
Total Liabilities | $ | 7,827 | $ | 7,602 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 11 | $ | 24 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 173 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 7,170 | $ | 6,994 | |||||||||||||||
ITC | 133 | 113 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,303 | $ | 7,107 | |||||||||||||||
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. Also, the deferred tax effect of AROs are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 725 | $ | 612 | $ | 528 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 124 | $ | 183 | $ | (217 | ) | ||||||||||||
State | 16 | — | 9 | ||||||||||||||||
Total Current | 140 | 183 | (208 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 214 | 101 | 409 | ||||||||||||||||
State | 84 | 92 | 83 | ||||||||||||||||
Total Deferred | 298 | 193 | 492 | ||||||||||||||||
ITC | 11 | 5 | 23 | ||||||||||||||||
Total Income Taxes | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Pre-Tax Income | $ | 1,174 | $ | 993 | $ | 835 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 411 | $ | 348 | $ | 292 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 65 | 59 | 52 | ||||||||||||||||
Uncertain Tax Positions | — | — | 7 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (4 | ) | |||||||||||||
Tax Credits | (7 | ) | (6 | ) | (3 | ) | |||||||||||||
Audit Settlement | 1 | — | (31 | ) | |||||||||||||||
Other | (8 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 38 | 33 | 15 | ||||||||||||||||
Total Income Tax Provision | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 38.4 | % | 36.8 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 173 | $ | 182 | |||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Total Noncurrent Assets | $ | 228 | $ | 182 | |||||||||||||||
Total Assets | $ | 252 | $ | 198 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | 2 | 30 | |||||||||||||||||
Total Current Liabilities (net) | $ | 165 | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,869 | $ | 3,439 | |||||||||||||||
New Jersey Corporate Business Tax | 268 | 340 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Conservation Costs | 48 | 52 | |||||||||||||||||
Pension Costs | 269 | 171 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 84 | 68 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,734 | $ | 4,530 | |||||||||||||||
Total Liabilities | $ | 4,899 | $ | 4,560 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 16 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 165 | $ | 30 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 4,506 | $ | 4,348 | |||||||||||||||
ITC | 69 | 58 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,575 | $ | 4,406 | |||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 760 | $ | 644 | $ | 666 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 231 | $ | 262 | $ | 30 | |||||||||||||
State | 39 | 40 | 51 | ||||||||||||||||
Total Current | 270 | 302 | 81 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 163 | 69 | 279 | ||||||||||||||||
State | 48 | 35 | 37 | ||||||||||||||||
Total Deferred | 211 | 104 | 316 | ||||||||||||||||
ITC | 10 | 13 | 36 | ||||||||||||||||
Total Income Taxes | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Pre-Tax Income | $ | 1,251 | $ | 1,063 | $ | 1,099 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 438 | $ | 372 | $ | 385 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 58 | 51 | 55 | ||||||||||||||||
Manufacturing Deduction | (16 | ) | (10 | ) | — | ||||||||||||||
NDT Fund | 15 | 12 | 10 | ||||||||||||||||
Tax Credits | (6 | ) | (2 | ) | (7 | ) | |||||||||||||
Uncertain Tax Positions | (8 | ) | 3 | (6 | ) | ||||||||||||||
Audit Settlement | (4 | ) | — | (1 | ) | ||||||||||||||
Other | 14 | (7 | ) | (3 | ) | ||||||||||||||
Sub-Total | 53 | 47 | 48 | ||||||||||||||||
Total Income Tax Provision | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Effective Income Tax Rate | 39.2 | % | 39.4 | % | 39.4 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | — | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | 52 | $ | — | |||||||||||||||
Contractual Liabilities & Environmental Costs | 18 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 23 | 32 | |||||||||||||||||
Other | 70 | 91 | |||||||||||||||||
Total Noncurrent Assets | $ | 163 | $ | 158 | |||||||||||||||
Total Assets | $ | 163 | $ | 188 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 43 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,552 | $ | 1,416 | |||||||||||||||
New Jersey Corporate Business Tax | 192 | 81 | |||||||||||||||||
Pension Costs | — | 77 | |||||||||||||||||
AROs and NDT Fund | 420 | 523 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 2 | |||||||||||||||||
Other | — | 36 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 2,164 | $ | 2,135 | |||||||||||||||
Total Liabilities | $ | 2,207 | $ | 2,135 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | — | $ | 30 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 43 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 2,001 | $ | 1,977 | |||||||||||||||
ITC | 64 | 54 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,065 | $ | 2,031 | |||||||||||||||
In the above table, the deferred tax effect of asset retirement obligations are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
As of December 31, 2014, PSEG had a federal net operating loss (NOL) carryforward of $243 million. The loss was generated in 2012 and will expire in 2033. PSEG believes that it is more-likely-than-not that the federal benefit from the NOL will be realized. | |||||||||||||||||||
PSEG, PSE&G and Power each 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 5. Regulatory Assets and Liabilities. | |||||||||||||||||||
On August 11, 2014, PSEG received notice from the IRS that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 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. Implementation of these regulations did not have any 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. The American Taxpayer Relief Act of 2012 extended the 50% bonus depreciation rules for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted. This act further extended the 50% bonus depreciation rules for qualified property that was placed into service before January 1, 2015 and for long production property that is to be placed into service in 2015. These provisions have generated cash for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G, Power and Energy Holdings: | |||||||||||||||||||
2014 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2014 | $ | 478 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 82 | 65 | 17 | — | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (190 | ) | (92 | ) | (80 | ) | (18 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 30 | 16 | 9 | 5 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (8 | ) | — | (8 | ) | — | |||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (60 | ) | (32 | ) | (24 | ) | (2 | ) | |||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2014 | $ | 332 | $ | 165 | $ | 70 | $ | 95 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (225 | ) | (138 | ) | (52 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (27 | ) | (27 | ) | — | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 80 | $ | — | $ | 18 | $ | 60 | |||||||||||
2013 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 39 | 33 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (9 | ) | (19 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 15 | 8 | — | |||||||||||||||
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 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (177 | ) | (105 | ) | (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 | $ | 1 | $ | 51 | $ | 73 | |||||||||||
2012 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 113 | $ | 121 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 55 | 27 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (47 | ) | (7 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 42 | 3 | — | |||||||||||||||
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 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (133 | ) | (93 | ) | (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 | |||||||||||
PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded, as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
PSE&G | $ | 15 | $ | 6 | $ | 1 | |||||||||||||
Power | 9 | (2 | ) | (2 | ) | ||||||||||||||
Energy Holdings | 45 | 44 | 39 | ||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 38 | |||||||||||||
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 | $ | 59 | |||||||||||||||||
PSE&G | $ | 2 | |||||||||||||||||
Power | $ | 23 | |||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | PSE&G | Power | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2011-2013 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2013 | 2006-2013 | N/A | ||||||||||||||||
Pennsylvania | 2001-2013 | 2000-2013 | N/A | ||||||||||||||||
Connecticut | 2002-2013 | N/A | N/A | ||||||||||||||||
Texas | 2007-2013 | N/A | N/A | ||||||||||||||||
California | 2003-2013 | N/A | N/A | ||||||||||||||||
New York | 2009-2013 | N/A | 2009-2013 | ||||||||||||||||
Power [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,243 | $ | 1,275 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 335 | $ | 487 | $ | (204 | ) | ||||||||||||
State | 58 | 42 | (2 | ) | |||||||||||||||
Total Current | 393 | 529 | (206 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 262 | 147 | 758 | ||||||||||||||||
State | 260 | 118 | 125 | ||||||||||||||||
Total Deferred | 522 | 265 | 883 | ||||||||||||||||
Investment Tax Credit (ITC) | 23 | 18 | 59 | ||||||||||||||||
Total Income Taxes | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Pre-Tax Income | $ | 2,456 | $ | 2,055 | $ | 2,011 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 860 | $ | 719 | $ | 704 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 145 | 108 | 115 | ||||||||||||||||
Uncertain Tax Positions | (9 | ) | 10 | 4 | |||||||||||||||
Manufacturing Deduction | (16 | ) | (9 | ) | — | ||||||||||||||
NDT Fund | 14 | 12 | 10 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (5 | ) | |||||||||||||
Tax Credits | (14 | ) | (9 | ) | (10 | ) | |||||||||||||
Audit Settlement | (12 | ) | — | (71 | ) | ||||||||||||||
Other | (17 | ) | (5 | ) | (11 | ) | |||||||||||||
Sub-Total | 78 | 93 | 32 | ||||||||||||||||
Total Income Tax Provision | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 39.5 | % | 36.6 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSEG: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 11 | $ | 24 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 269 | $ | 280 | |||||||||||||||
Related to Uncertain Tax Position | 160 | 201 | |||||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 3 | |||||||||||||||||
Other | — | 124 | |||||||||||||||||
Total Noncurrent Assets | $ | 484 | $ | 608 | |||||||||||||||
Total Assets | $ | 495 | $ | 632 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | $ | 10 | $ | — | |||||||||||||||
Total Current Liabilities (net) | $ | 173 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 5,422 | $ | 4,865 | |||||||||||||||
New Jersey Corporate Business Tax | 535 | 534 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Leasing Activities | 623 | 639 | |||||||||||||||||
Pension Costs | 219 | 288 | |||||||||||||||||
AROs and NDT Fund | 419 | 523 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 240 | 293 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 7,654 | $ | 7,602 | |||||||||||||||
Total Liabilities | $ | 7,827 | $ | 7,602 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 11 | $ | 24 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 173 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 7,170 | $ | 6,994 | |||||||||||||||
ITC | 133 | 113 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,303 | $ | 7,107 | |||||||||||||||
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. Also, the deferred tax effect of AROs are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 725 | $ | 612 | $ | 528 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 124 | $ | 183 | $ | (217 | ) | ||||||||||||
State | 16 | — | 9 | ||||||||||||||||
Total Current | 140 | 183 | (208 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 214 | 101 | 409 | ||||||||||||||||
State | 84 | 92 | 83 | ||||||||||||||||
Total Deferred | 298 | 193 | 492 | ||||||||||||||||
ITC | 11 | 5 | 23 | ||||||||||||||||
Total Income Taxes | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Pre-Tax Income | $ | 1,174 | $ | 993 | $ | 835 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 411 | $ | 348 | $ | 292 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 65 | 59 | 52 | ||||||||||||||||
Uncertain Tax Positions | — | — | 7 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (4 | ) | |||||||||||||
Tax Credits | (7 | ) | (6 | ) | (3 | ) | |||||||||||||
Audit Settlement | 1 | — | (31 | ) | |||||||||||||||
Other | (8 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 38 | 33 | 15 | ||||||||||||||||
Total Income Tax Provision | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 38.4 | % | 36.8 | % | |||||||||||||
The following is an analysis of deferred income taxes for PSE&G: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 173 | $ | 182 | |||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Total Noncurrent Assets | $ | 228 | $ | 182 | |||||||||||||||
Total Assets | $ | 252 | $ | 198 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | 2 | 30 | |||||||||||||||||
Total Current Liabilities (net) | $ | 165 | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,869 | $ | 3,439 | |||||||||||||||
New Jersey Corporate Business Tax | 268 | 340 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Conservation Costs | 48 | 52 | |||||||||||||||||
Pension Costs | 269 | 171 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 84 | 68 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,734 | $ | 4,530 | |||||||||||||||
Total Liabilities | $ | 4,899 | $ | 4,560 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 16 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 165 | $ | 30 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 4,506 | $ | 4,348 | |||||||||||||||
ITC | 69 | 58 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,575 | $ | 4,406 | |||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 760 | $ | 644 | $ | 666 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 231 | $ | 262 | $ | 30 | |||||||||||||
State | 39 | 40 | 51 | ||||||||||||||||
Total Current | 270 | 302 | 81 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 163 | 69 | 279 | ||||||||||||||||
State | 48 | 35 | 37 | ||||||||||||||||
Total Deferred | 211 | 104 | 316 | ||||||||||||||||
ITC | 10 | 13 | 36 | ||||||||||||||||
Total Income Taxes | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Pre-Tax Income | $ | 1,251 | $ | 1,063 | $ | 1,099 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 438 | $ | 372 | $ | 385 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 58 | 51 | 55 | ||||||||||||||||
Manufacturing Deduction | (16 | ) | (10 | ) | — | ||||||||||||||
NDT Fund | 15 | 12 | 10 | ||||||||||||||||
Tax Credits | (6 | ) | (2 | ) | (7 | ) | |||||||||||||
Uncertain Tax Positions | (8 | ) | 3 | (6 | ) | ||||||||||||||
Audit Settlement | (4 | ) | — | (1 | ) | ||||||||||||||
Other | 14 | (7 | ) | (3 | ) | ||||||||||||||
Sub-Total | 53 | 47 | 48 | ||||||||||||||||
Total Income Tax Provision | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Effective Income Tax Rate | 39.2 | % | 39.4 | % | 39.4 | % | |||||||||||||
The following is an analysis of deferred income taxes for Power: | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | — | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | 52 | $ | — | |||||||||||||||
Contractual Liabilities & Environmental Costs | 18 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 23 | 32 | |||||||||||||||||
Other | 70 | 91 | |||||||||||||||||
Total Noncurrent Assets | $ | 163 | $ | 158 | |||||||||||||||
Total Assets | $ | 163 | $ | 188 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 43 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,552 | $ | 1,416 | |||||||||||||||
New Jersey Corporate Business Tax | 192 | 81 | |||||||||||||||||
Pension Costs | — | 77 | |||||||||||||||||
AROs and NDT Fund | 420 | 523 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 2 | |||||||||||||||||
Other | — | 36 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 2,164 | $ | 2,135 | |||||||||||||||
Total Liabilities | $ | 2,207 | $ | 2,135 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | — | $ | 30 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 43 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 2,001 | $ | 1,977 | |||||||||||||||
ITC | 64 | 54 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,065 | $ | 2,031 | |||||||||||||||
In the above table, the deferred tax effect of asset retirement obligations are presented net of the deferred tax effect of the associated funding of those obligations. | |||||||||||||||||||
As of December 31, 2014, PSEG had a federal net operating loss (NOL) carryforward of $243 million. The loss was generated in 2012 and will expire in 2033. PSEG believes that it is more-likely-than-not that the federal benefit from the NOL will be realized. | |||||||||||||||||||
PSEG, PSE&G and Power each 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 5. Regulatory Assets and Liabilities. | |||||||||||||||||||
On August 11, 2014, PSEG received notice from the IRS that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | |||||||||||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 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. Implementation of these regulations did not have any 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. The American Taxpayer Relief Act of 2012 extended the 50% bonus depreciation rules for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. On December 19, 2014, the Tax Increase Prevention Act of 2014 was enacted. This act further extended the 50% bonus depreciation rules for qualified property that was placed into service before January 1, 2015 and for long production property that is to be placed into service in 2015. These provisions have generated cash for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. | |||||||||||||||||||
PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G, Power and Energy Holdings: | |||||||||||||||||||
2014 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2014 | $ | 478 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 82 | 65 | 17 | — | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (190 | ) | (92 | ) | (80 | ) | (18 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 30 | 16 | 9 | 5 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (8 | ) | — | (8 | ) | — | |||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (60 | ) | (32 | ) | (24 | ) | (2 | ) | |||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2014 | $ | 332 | $ | 165 | $ | 70 | $ | 95 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (225 | ) | (138 | ) | (52 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (27 | ) | (27 | ) | — | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 80 | $ | — | $ | 18 | $ | 60 | |||||||||||
2013 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 39 | 33 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (9 | ) | (19 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 15 | 8 | — | |||||||||||||||
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 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (177 | ) | (105 | ) | (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 | $ | 1 | $ | 51 | $ | 73 | |||||||||||
2012 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 113 | $ | 121 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 55 | 27 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (47 | ) | (7 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 42 | 3 | — | |||||||||||||||
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 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (133 | ) | (93 | ) | (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 | |||||||||||
PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded, as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows: | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
PSE&G | $ | 15 | $ | 6 | $ | 1 | |||||||||||||
Power | 9 | (2 | ) | (2 | ) | ||||||||||||||
Energy Holdings | 45 | 44 | 39 | ||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 38 | |||||||||||||
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 | $ | 59 | |||||||||||||||||
PSE&G | $ | 2 | |||||||||||||||||
Power | $ | 23 | |||||||||||||||||
A description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are: | |||||||||||||||||||
PSEG | PSE&G | Power | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2011-2013 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2013 | 2006-2013 | N/A | ||||||||||||||||
Pennsylvania | 2001-2013 | 2000-2013 | N/A | ||||||||||||||||
Connecticut | 2002-2013 | N/A | N/A | ||||||||||||||||
Texas | 2007-2013 | N/A | N/A | ||||||||||||||||
California | 2003-2013 | N/A | N/A | ||||||||||||||||
New York | 2009-2013 | N/A | 2009-2013 | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 before Reclassifications | 7 | (184 | ) | 42 | (135 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 11 | (69 | ) | (53 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (173 | ) | (27 | ) | (188 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 10 | $ | (411 | ) | $ | 118 | $ | (283 | ) | |||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 7 | (156 | ) | 39 | (110 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 9 | (69 | ) | (55 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (147 | ) | (30 | ) | (165 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 11 | $ | (351 | ) | $ | 112 | $ | (228 | ) | |||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 (OTTI) | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 10 | (4 | ) | 6 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (28 | ) | 11 | (17 | ) | |||||||||||||
Total Pension and OPEB Plans | (18 | ) | 7 | (11 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 181 | (89 | ) | 92 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 135 | (66 | ) | 69 | |||||||||||||||
Total | $ | 108 | $ | (55 | ) | $ | 53 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 | ) | |||||||||||||
OTTI | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (25 | ) | 11 | (14 | ) | |||||||||||||
Total Pension and OPEB Plans | (16 | ) | 7 | (9 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 178 | (87 | ) | 91 | ||||||||||||||
Realized Losses | Other Deductions | (24 | ) | 12 | (12 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 134 | (65 | ) | 69 | |||||||||||||||
Total | $ | 109 | $ | (54 | ) | $ | 55 | ||||||||||||
PSE&G [Member] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 before Reclassifications | 7 | (184 | ) | 42 | (135 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 11 | (69 | ) | (53 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (173 | ) | (27 | ) | (188 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 10 | $ | (411 | ) | $ | 118 | $ | (283 | ) | |||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 7 | (156 | ) | 39 | (110 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 9 | (69 | ) | (55 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (147 | ) | (30 | ) | (165 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 11 | $ | (351 | ) | $ | 112 | $ | (228 | ) | |||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 (OTTI) | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 10 | (4 | ) | 6 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (28 | ) | 11 | (17 | ) | |||||||||||||
Total Pension and OPEB Plans | (18 | ) | 7 | (11 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 181 | (89 | ) | 92 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 135 | (66 | ) | 69 | |||||||||||||||
Total | $ | 108 | $ | (55 | ) | $ | 53 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 | ) | |||||||||||||
OTTI | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (25 | ) | 11 | (14 | ) | |||||||||||||
Total Pension and OPEB Plans | (16 | ) | 7 | (9 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 178 | (87 | ) | 91 | ||||||||||||||
Realized Losses | Other Deductions | (24 | ) | 12 | (12 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 134 | (65 | ) | 69 | |||||||||||||||
Total | $ | 109 | $ | (54 | ) | $ | 55 | ||||||||||||
Power [Member] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 before Reclassifications | 7 | (184 | ) | 42 | (135 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 11 | (69 | ) | (53 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (173 | ) | (27 | ) | (188 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 10 | $ | (411 | ) | $ | 118 | $ | (283 | ) | |||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 7 | (156 | ) | 39 | (110 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 9 | (69 | ) | (55 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (147 | ) | (30 | ) | (165 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 11 | $ | (351 | ) | $ | 112 | $ | (228 | ) | |||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 (OTTI) | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 10 | (4 | ) | 6 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (28 | ) | 11 | (17 | ) | |||||||||||||
Total Pension and OPEB Plans | (18 | ) | 7 | (11 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 181 | (89 | ) | 92 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 135 | (66 | ) | 69 | |||||||||||||||
Total | $ | 108 | $ | (55 | ) | $ | 53 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 | ) | |||||||||||||
OTTI | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (25 | ) | 11 | (14 | ) | |||||||||||||
Total Pension and OPEB Plans | (16 | ) | 7 | (9 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 178 | (87 | ) | 91 | ||||||||||||||
Realized Losses | Other Deductions | (24 | ) | 12 | (12 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 134 | (65 | ) | 69 | |||||||||||||||
Total | $ | 109 | $ | (54 | ) | $ | 55 | ||||||||||||
Earnings_Per_Share_EPS_and_Div
Earnings Per Share (EPS) and Dividends | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Earnings Per Share [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 PSEG's 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, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
EPS Numerator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,518 | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | |||||||||||||||
EPS Denominator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 2 | — | 2 | — | 1 | |||||||||||||||||||||
Total Shares | 506 | 508 | 506 | 508 | 506 | 507 | |||||||||||||||||||||
EPS: | |||||||||||||||||||||||||||
Net Income | $ | 3 | $ | 2.99 | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | |||||||||||||||
There were approximately 0.4 million, 1.6 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, 2014, 2013 and 2012, respectively. No other stock options had an antidilutive effect for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Per Share | $ | 1.48 | $ | 1.44 | $ | 1.42 | |||||||||||||||||||||
in Millions | $ | 748 | $ | 728 | $ | 718 | |||||||||||||||||||||
On February 17, 2015, PSEG’s Board of Directors approved a $0.39 per share common stock dividend for the first quarter of 2015. |
Financial_Information_By_Busin
Financial Information By Business Segments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment | ||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are PSE&G and Power. The operating segments were determined by management in accordance with GAAP. 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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | 6,766 | $ | 5,434 | $ | 455 | $ | (1,769 | ) | $ | 10,886 | ||||||||||||
Depreciation and Amortization | 906 | 292 | 29 | — | 1,227 | ||||||||||||||||||
Operating Income (Loss) | 1,393 | 1,209 | 21 | — | 2,623 | ||||||||||||||||||
Income from Equity Method Investments | — | 14 | (1 | ) | — | 13 | |||||||||||||||||
Interest Income | 26 | 1 | 25 | (22 | ) | 30 | |||||||||||||||||
Interest Expense | 277 | 122 | 12 | (22 | ) | 389 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,174 | 1,251 | 31 | — | 2,456 | ||||||||||||||||||
Income Tax Expense (Benefit) | 449 | 491 | (2 | ) | — | 938 | |||||||||||||||||
Net Income (Loss) | 725 | 760 | 33 | — | 1,518 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,164 | $ | 626 | $ | 30 | $ | — | $ | 2,820 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Total Assets | $ | 22,223 | $ | 12,046 | $ | 2,799 | $ | (1,735 | ) | $ | 35,333 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 121 | $ | 2 | $ | — | $ | 123 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 6,655 | $ | 5,063 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 872 | 273 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,235 | 1,070 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | — | 16 | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 25 | 1 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 293 | 116 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 993 | 1,063 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 381 | 419 | 12 | — | 812 | ||||||||||||||||||
Net Income (Loss) | 612 | 644 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,175 | $ | 609 | $ | 27 | $ | — | $ | 2,811 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 19,720 | $ | 12,002 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 123 | $ | 3 | $ | — | $ | 126 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 6,626 | $ | 4,873 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 778 | 242 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,083 | 1,123 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | — | 15 | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 20 | 3 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 295 | 132 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 835 | 1,099 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 307 | 433 | (4 | ) | — | 736 | |||||||||||||||||
Net Income (Loss) | 528 | 666 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 1,770 | $ | 770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 19,223 | $ | 11,323 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 125 | $ | 9 | $ | — | $ | 134 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between PSE&G and Power. 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 PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 23. Related-Party Transactions. | ||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment | ||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are PSE&G and Power. The operating segments were determined by management in accordance with GAAP. 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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | 6,766 | $ | 5,434 | $ | 455 | $ | (1,769 | ) | $ | 10,886 | ||||||||||||
Depreciation and Amortization | 906 | 292 | 29 | — | 1,227 | ||||||||||||||||||
Operating Income (Loss) | 1,393 | 1,209 | 21 | — | 2,623 | ||||||||||||||||||
Income from Equity Method Investments | — | 14 | (1 | ) | — | 13 | |||||||||||||||||
Interest Income | 26 | 1 | 25 | (22 | ) | 30 | |||||||||||||||||
Interest Expense | 277 | 122 | 12 | (22 | ) | 389 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,174 | 1,251 | 31 | — | 2,456 | ||||||||||||||||||
Income Tax Expense (Benefit) | 449 | 491 | (2 | ) | — | 938 | |||||||||||||||||
Net Income (Loss) | 725 | 760 | 33 | — | 1,518 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,164 | $ | 626 | $ | 30 | $ | — | $ | 2,820 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Total Assets | $ | 22,223 | $ | 12,046 | $ | 2,799 | $ | (1,735 | ) | $ | 35,333 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 121 | $ | 2 | $ | — | $ | 123 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 6,655 | $ | 5,063 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 872 | 273 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,235 | 1,070 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | — | 16 | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 25 | 1 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 293 | 116 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 993 | 1,063 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 381 | 419 | 12 | — | 812 | ||||||||||||||||||
Net Income (Loss) | 612 | 644 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,175 | $ | 609 | $ | 27 | $ | — | $ | 2,811 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 19,720 | $ | 12,002 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 123 | $ | 3 | $ | — | $ | 126 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 6,626 | $ | 4,873 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 778 | 242 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,083 | 1,123 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | — | 15 | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 20 | 3 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 295 | 132 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 835 | 1,099 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 307 | 433 | (4 | ) | — | 736 | |||||||||||||||||
Net Income (Loss) | 528 | 666 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 1,770 | $ | 770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 19,223 | $ | 11,323 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 125 | $ | 9 | $ | — | $ | 134 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between PSE&G and Power. 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 PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 23. Related-Party Transactions. | ||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment | ||||||||||||||||||||||
Basis of Organization | |||||||||||||||||||||||
PSEG’s operating segments are PSE&G and Power. The operating segments were determined by management in accordance with GAAP. 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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | 6,766 | $ | 5,434 | $ | 455 | $ | (1,769 | ) | $ | 10,886 | ||||||||||||
Depreciation and Amortization | 906 | 292 | 29 | — | 1,227 | ||||||||||||||||||
Operating Income (Loss) | 1,393 | 1,209 | 21 | — | 2,623 | ||||||||||||||||||
Income from Equity Method Investments | — | 14 | (1 | ) | — | 13 | |||||||||||||||||
Interest Income | 26 | 1 | 25 | (22 | ) | 30 | |||||||||||||||||
Interest Expense | 277 | 122 | 12 | (22 | ) | 389 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,174 | 1,251 | 31 | — | 2,456 | ||||||||||||||||||
Income Tax Expense (Benefit) | 449 | 491 | (2 | ) | — | 938 | |||||||||||||||||
Net Income (Loss) | 725 | 760 | 33 | — | 1,518 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,164 | $ | 626 | $ | 30 | $ | — | $ | 2,820 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Total Assets | $ | 22,223 | $ | 12,046 | $ | 2,799 | $ | (1,735 | ) | $ | 35,333 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 121 | $ | 2 | $ | — | $ | 123 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 6,655 | $ | 5,063 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 872 | 273 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,235 | 1,070 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | — | 16 | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 25 | 1 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 293 | 116 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 993 | 1,063 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 381 | 419 | 12 | — | 812 | ||||||||||||||||||
Net Income (Loss) | 612 | 644 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,175 | $ | 609 | $ | 27 | $ | — | $ | 2,811 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 19,720 | $ | 12,002 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 123 | $ | 3 | $ | — | $ | 126 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 6,626 | $ | 4,873 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 778 | 242 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,083 | 1,123 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | — | 15 | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 20 | 3 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 295 | 132 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 835 | 1,099 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 307 | 433 | (4 | ) | — | 736 | |||||||||||||||||
Net Income (Loss) | 528 | 666 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 1,770 | $ | 770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 19,223 | $ | 11,323 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 125 | $ | 9 | $ | — | $ | 134 | |||||||||||||
(A) | Intercompany eliminations, primarily relate to intercompany transactions between PSE&G and Power. 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 PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 23. Related-Party Transactions. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
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. | |||||||||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Administrative Billings from Services (B) | 248 | 255 | 230 | ||||||||||||
Total Expense Billings from Affiliates | $ | 2,019 | $ | 2,052 | $ | 2,032 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Payable to Power (A) | $ | (313 | ) | $ | (267 | ) | |||||||||
Receivable from (Payable to) Services (B) | (66 | ) | (73 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 274 | 150 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (105 | ) | $ | (190 | ) | |||||||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (116 | ) | $ | (72 | ) | |||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | 165 | $ | 178 | $ | 154 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G (A) | $ | 313 | $ | 267 | |||||||||||
Receivable from (Payable to) Services (B) | (23 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | (95 | ) | 97 | ||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 195 | $ | 333 | |||||||||||
Short-Term Loan (to) from Affiliate (Demand Note (to) from PSEG) (E) | $ | 584 | $ | 790 | |||||||||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (41 | ) | $ | (53 | ) | |||||||||
(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 PSE&G and Power at cost. In addition, PSE&G and Power 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) | PSEG files a consolidated federal income tax return 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) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. | ||||||||||||||
(E) | 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. | ||||||||||||||
PSE&G [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
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. | |||||||||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Administrative Billings from Services (B) | 248 | 255 | 230 | ||||||||||||
Total Expense Billings from Affiliates | $ | 2,019 | $ | 2,052 | $ | 2,032 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Payable to Power (A) | $ | (313 | ) | $ | (267 | ) | |||||||||
Receivable from (Payable to) Services (B) | (66 | ) | (73 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 274 | 150 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (105 | ) | $ | (190 | ) | |||||||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (116 | ) | $ | (72 | ) | |||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | 165 | $ | 178 | $ | 154 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G (A) | $ | 313 | $ | 267 | |||||||||||
Receivable from (Payable to) Services (B) | (23 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | (95 | ) | 97 | ||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 195 | $ | 333 | |||||||||||
Short-Term Loan (to) from Affiliate (Demand Note (to) from PSEG) (E) | $ | 584 | $ | 790 | |||||||||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (41 | ) | $ | (53 | ) | |||||||||
(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 PSE&G and Power at cost. In addition, PSE&G and Power 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) | PSEG files a consolidated federal income tax return 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) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. | ||||||||||||||
(E) | 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. | ||||||||||||||
Power [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
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. | |||||||||||||||
PSE&G | |||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Administrative Billings from Services (B) | 248 | 255 | 230 | ||||||||||||
Total Expense Billings from Affiliates | $ | 2,019 | $ | 2,052 | $ | 2,032 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Payable to Power (A) | $ | (313 | ) | $ | (267 | ) | |||||||||
Receivable from (Payable to) Services (B) | (66 | ) | (73 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 274 | 150 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (105 | ) | $ | (190 | ) | |||||||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (116 | ) | $ | (72 | ) | |||||||||
Power | |||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | 165 | $ | 178 | $ | 154 | |||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G (A) | $ | 313 | $ | 267 | |||||||||||
Receivable from (Payable to) Services (B) | (23 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | (95 | ) | 97 | ||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 195 | $ | 333 | |||||||||||
Short-Term Loan (to) from Affiliate (Demand Note (to) from PSEG) (E) | $ | 584 | $ | 790 | |||||||||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (41 | ) | $ | (53 | ) | |||||||||
(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 PSE&G and Power at cost. In addition, PSE&G and Power 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) | PSEG files a consolidated federal income tax return 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) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. | ||||||||||||||
(E) | 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. |
Selected_Quarterly_Data
Selected Quarterly Data | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Selected Quarterly Data | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 3,223 | $ | 2,786 | $ | 2,249 | $ | 2,310 | $ | 2,641 | $ | 2,554 | $ | 2,773 | $ | 2,318 | |||||||||||||||||||
Operating Income | $ | 705 | $ | 610 | $ | 365 | $ | 612 | $ | 746 | $ | 712 | $ | 807 | $ | 365 | |||||||||||||||||||
Net Income (Loss) | $ | 386 | $ | 320 | $ | 212 | $ | 333 | $ | 444 | $ | 390 | $ | 476 | $ | 200 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.88 | $ | 0.77 | $ | 0.94 | $ | 0.4 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.87 | $ | 0.77 | $ | 0.94 | $ | 0.39 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 507 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 508 | 507 | 508 | 508 | 507 | 508 | 508 | 508 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,145 | $ | 1,995 | $ | 1,435 | $ | 1,423 | $ | 1,655 | $ | 1,666 | $ | 1,531 | $ | 1,571 | |||||||||||||||||||
Operating Income | $ | 411 | $ | 365 | $ | 291 | $ | 253 | $ | 383 | $ | 346 | $ | 308 | $ | 271 | |||||||||||||||||||
Net Income (Loss) | $ | 214 | $ | 179 | $ | 151 | $ | 121 | $ | 200 | $ | 168 | $ | 160 | $ | 144 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Power: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,700 | $ | 1,451 | $ | 986 | $ | 1,193 | $ | 1,138 | $ | 1,174 | $ | 1,610 | $ | 1,245 | |||||||||||||||||||
Operating Income | $ | 282 | $ | 242 | $ | 67 | $ | 351 | $ | 353 | $ | 370 | $ | 507 | $ | 107 | |||||||||||||||||||
Net Income (Loss) | $ | 164 | $ | 141 | $ | 54 | $ | 210 | $ | 222 | $ | 226 | $ | 320 | $ | 67 | |||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Selected Quarterly Data | Selected Quarterly Data (Unaudited) | ||||||||||||||||||||||||||||||||||
The information shown in the following tables, in the opinion of PSEG, PSE&G and Power 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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 3,223 | $ | 2,786 | $ | 2,249 | $ | 2,310 | $ | 2,641 | $ | 2,554 | $ | 2,773 | $ | 2,318 | |||||||||||||||||||
Operating Income | $ | 705 | $ | 610 | $ | 365 | $ | 612 | $ | 746 | $ | 712 | $ | 807 | $ | 365 | |||||||||||||||||||
Net Income (Loss) | $ | 386 | $ | 320 | $ | 212 | $ | 333 | $ | 444 | $ | 390 | $ | 476 | $ | 200 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.88 | $ | 0.77 | $ | 0.94 | $ | 0.4 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.87 | $ | 0.77 | $ | 0.94 | $ | 0.39 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 507 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 508 | 507 | 508 | 508 | 507 | 508 | 508 | 508 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,145 | $ | 1,995 | $ | 1,435 | $ | 1,423 | $ | 1,655 | $ | 1,666 | $ | 1,531 | $ | 1,571 | |||||||||||||||||||
Operating Income | $ | 411 | $ | 365 | $ | 291 | $ | 253 | $ | 383 | $ | 346 | $ | 308 | $ | 271 | |||||||||||||||||||
Net Income (Loss) | $ | 214 | $ | 179 | $ | 151 | $ | 121 | $ | 200 | $ | 168 | $ | 160 | $ | 144 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Power: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,700 | $ | 1,451 | $ | 986 | $ | 1,193 | $ | 1,138 | $ | 1,174 | $ | 1,610 | $ | 1,245 | |||||||||||||||||||
Operating Income | $ | 282 | $ | 242 | $ | 67 | $ | 351 | $ | 353 | $ | 370 | $ | 507 | $ | 107 | |||||||||||||||||||
Net Income (Loss) | $ | 164 | $ | 141 | $ | 54 | $ | 210 | $ | 222 | $ | 226 | $ | 320 | $ | 67 | |||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Selected Quarterly Data | Selected Quarterly Data (Unaudited) | ||||||||||||||||||||||||||||||||||
The information shown in the following tables, in the opinion of PSEG, PSE&G and Power 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, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 3,223 | $ | 2,786 | $ | 2,249 | $ | 2,310 | $ | 2,641 | $ | 2,554 | $ | 2,773 | $ | 2,318 | |||||||||||||||||||
Operating Income | $ | 705 | $ | 610 | $ | 365 | $ | 612 | $ | 746 | $ | 712 | $ | 807 | $ | 365 | |||||||||||||||||||
Net Income (Loss) | $ | 386 | $ | 320 | $ | 212 | $ | 333 | $ | 444 | $ | 390 | $ | 476 | $ | 200 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.88 | $ | 0.77 | $ | 0.94 | $ | 0.4 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.87 | $ | 0.77 | $ | 0.94 | $ | 0.39 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 507 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 508 | 507 | 508 | 508 | 507 | 508 | 508 | 508 | |||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,145 | $ | 1,995 | $ | 1,435 | $ | 1,423 | $ | 1,655 | $ | 1,666 | $ | 1,531 | $ | 1,571 | |||||||||||||||||||
Operating Income | $ | 411 | $ | 365 | $ | 291 | $ | 253 | $ | 383 | $ | 346 | $ | 308 | $ | 271 | |||||||||||||||||||
Net Income (Loss) | $ | 214 | $ | 179 | $ | 151 | $ | 121 | $ | 200 | $ | 168 | $ | 160 | $ | 144 | |||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Power: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,700 | $ | 1,451 | $ | 986 | $ | 1,193 | $ | 1,138 | $ | 1,174 | $ | 1,610 | $ | 1,245 | |||||||||||||||||||
Operating Income | $ | 282 | $ | 242 | $ | 67 | $ | 351 | $ | 353 | $ | 370 | $ | 507 | $ | 107 | |||||||||||||||||||
Net Income (Loss) | $ | 164 | $ | 141 | $ | 54 | $ | 210 | $ | 222 | $ | 226 | $ | 320 | $ | 67 | |||||||||||||||||||
Guarantees_of_Debt
Guarantees of Debt | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||||||||||
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, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,390 | $ | 153 | $ | (109 | ) | $ | 5,434 | ||||||||||||
Operating Expenses | 16 | 4,175 | 143 | (109 | ) | 4,225 | |||||||||||||||||
Operating Income (Loss) | (16 | ) | 1,215 | 10 | — | 1,209 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 799 | (5 | ) | 14 | (794 | ) | 14 | ||||||||||||||||
Other Income | 34 | 222 | — | (34 | ) | 222 | |||||||||||||||||
Other Deductions | (20 | ) | (32 | ) | — | — | (52 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (20 | ) | — | — | (20 | ) | ||||||||||||||||
Interest Expense | (102 | ) | (35 | ) | (19 | ) | 34 | (122 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 65 | (558 | ) | 2 | — | (491 | ) | ||||||||||||||||
Net Income (Loss) | $ | 760 | $ | 787 | $ | 7 | $ | (794 | ) | $ | 760 | ||||||||||||
Comprehensive Income (Loss) | $ | 595 | $ | 768 | $ | 7 | $ | (775 | ) | $ | 595 | ||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Current Assets | $ | 4,263 | $ | 2,037 | $ | 150 | $ | (4,091 | ) | $ | 2,359 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,265 | 1,169 | — | 7,515 | ||||||||||||||||||
Investment in Subsidiaries | 4,516 | 120 | — | (4,636 | ) | — | |||||||||||||||||
Noncurrent Assets | 278 | 1,952 | 137 | (195 | ) | 2,172 | |||||||||||||||||
Total Assets | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Current Liabilities | $ | 883 | $ | 3,606 | $ | 786 | $ | (4,091 | ) | $ | 1,184 | ||||||||||||
Noncurrent Liabilities | 454 | 2,442 | 360 | (195 | ) | 3,061 | |||||||||||||||||
Long-Term Debt | 2,243 | — | — | — | 2,243 | ||||||||||||||||||
Member’s Equity | 5,558 | 4,326 | 310 | (4,636 | ) | 5,558 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 577 | $ | 1,674 | $ | 76 | $ | (902 | ) | $ | 1,425 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 148 | $ | (856 | ) | $ | (42 | ) | $ | 226 | $ | (524 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (724 | ) | $ | (818 | ) | $ | (32 | ) | $ | 676 | $ | (898 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 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 | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 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 | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 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 | ||||||||||||
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 | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | |||||||||
Immaterial Correction of Prior Financial Information | |||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | |||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | |||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | |||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases/(decreases) to certain categories of the Consolidated Balance Sheet. | |||||||||||||||||||||||
The following table summarizes the adjustments for all prior periods that have been revised in this Note. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Increase (Decrease) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | |||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | |||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Current Liabilities | $ | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | |||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | ||||||||||||
Power [Member] | |||||||||||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||||||||||
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, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,390 | $ | 153 | $ | (109 | ) | $ | 5,434 | ||||||||||||
Operating Expenses | 16 | 4,175 | 143 | (109 | ) | 4,225 | |||||||||||||||||
Operating Income (Loss) | (16 | ) | 1,215 | 10 | — | 1,209 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 799 | (5 | ) | 14 | (794 | ) | 14 | ||||||||||||||||
Other Income | 34 | 222 | — | (34 | ) | 222 | |||||||||||||||||
Other Deductions | (20 | ) | (32 | ) | — | — | (52 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (20 | ) | — | — | (20 | ) | ||||||||||||||||
Interest Expense | (102 | ) | (35 | ) | (19 | ) | 34 | (122 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 65 | (558 | ) | 2 | — | (491 | ) | ||||||||||||||||
Net Income (Loss) | $ | 760 | $ | 787 | $ | 7 | $ | (794 | ) | $ | 760 | ||||||||||||
Comprehensive Income (Loss) | $ | 595 | $ | 768 | $ | 7 | $ | (775 | ) | $ | 595 | ||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Current Assets | $ | 4,263 | $ | 2,037 | $ | 150 | $ | (4,091 | ) | $ | 2,359 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,265 | 1,169 | — | 7,515 | ||||||||||||||||||
Investment in Subsidiaries | 4,516 | 120 | — | (4,636 | ) | — | |||||||||||||||||
Noncurrent Assets | 278 | 1,952 | 137 | (195 | ) | 2,172 | |||||||||||||||||
Total Assets | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Current Liabilities | $ | 883 | $ | 3,606 | $ | 786 | $ | (4,091 | ) | $ | 1,184 | ||||||||||||
Noncurrent Liabilities | 454 | 2,442 | 360 | (195 | ) | 3,061 | |||||||||||||||||
Long-Term Debt | 2,243 | — | — | — | 2,243 | ||||||||||||||||||
Member’s Equity | 5,558 | 4,326 | 310 | (4,636 | ) | 5,558 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 577 | $ | 1,674 | $ | 76 | $ | (902 | ) | $ | 1,425 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 148 | $ | (856 | ) | $ | (42 | ) | $ | 226 | $ | (524 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (724 | ) | $ | (818 | ) | $ | (32 | ) | $ | 676 | $ | (898 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 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 | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 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 | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 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 | ||||||||||||
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 | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | |||||||||
Immaterial Correction of Prior Financial Information | |||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | |||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | |||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | |||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases/(decreases) to certain categories of the Consolidated Balance Sheet. | |||||||||||||||||||||||
The following table summarizes the adjustments for all prior periods that have been revised in this Note. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Increase (Decrease) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | |||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | |||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Current Liabilities | $ | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | |||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | ||||||||||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||
Valuation And Qualifying Accounts | PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2014—December 31, 2012 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 86 | $ | — | $ | 90 | (A) | $ | 52 | ||||||||||||||
Materials and Supplies Valuation Reserve | 8 | 9 | — | 2 | 15 | ||||||||||||||||||||
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 | |||||||||||||||||||
(A) | Accounts Receivable written off. | ||||||||||||||||||||||||
(B) | 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, 2014—December 31, 2012 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
2014 | Millions | ||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 86 | $ | — | $ | 90 | (A) | $ | 52 | ||||||||||||||
Materials and Supplies Valuation Reserve | — | 2 | — | — | 2 | ||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 90 | $ | — | $ | 90 | (A) | $ | 56 | ||||||||||||||
2012 | |||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | 56 | $ | 96 | $ | — | $ | 96 | (A) | $ | 56 | ||||||||||||||
(A) | Accounts Receivable written off. | ||||||||||||||||||||||||
PSEG POWER LLC | |||||||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2014—December 31, 2012 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 8 | $ | 7 | $ | — | $ | 2 | $ | 13 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 22 | $ | 2 | $ | — | $ | 16 | (A) | $ | 8 | ||||||||||||||
2012 | |||||||||||||||||||||||||
Materials and Supplies Valuation Reserve | $ | 3 | $ | 21 | $ | — | $ | 2 | (A) | $ | 22 | ||||||||||||||
(A) | Reduced reserve to appropriate level and to remove obsolete inventory. |
Organization_Basis_Of_Presenta1
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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). | ||||||||||||||||||||||||
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 intercompany accounts and transactions are eliminated in consolidation, except as discussed in Note 23. Related-Party Transactions. | ||||||||||||||||||||||||
PSE&G and Power 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. PSE&G and Power 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 reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records 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 becomes 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 5. Regulatory Assets and Liabilities. | ||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||||
Each company uses derivative financial instruments to manage risk 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 or are not 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 15. Financial Risk Management Activities. | ||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
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. See Note 15. Financial Risk Management Activities for further discussion. | ||||||||||||||||||||||||
PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. See Note 3. Variable Interest Entities for further information. | ||||||||||||||||||||||||
Depreciation And Amortization | Depreciation and Amortization | |||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.47 | % | 2.48 | % | 2.48 | % | ||||||||||||||||||
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 | |||||||||||||||||||||||
Taxes Other Than Income Taxes | Taxes Other Than Income Taxes | |||||||||||||||||||||||
Excise taxes and the transitional energy facilities assessment (TEFA) collected from PSE&G’s customers are presented in the financial statements on a gross basis. Effective January 1, 2014, the TEFA was eliminated. For the years ended December 31, 2013 and 2012, the TEFA is included in the following captions in the Consolidated Statements of Operations: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | ||||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | ||||||||||||||||||||
Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction | Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC) | |||||||||||||||||||||||
AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at Power. The amount of AFUDC or IDC 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 AFUDC or IDC for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
AFUDC/IDC Capitalized | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
PSE&G | $ | 44 | 8.09 | % | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | ||||||||||||
Power | $ | 24 | 5.14 | % | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | ||||||||||||
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 19. Income Taxes for further discussion. | ||||||||||||||||||||||||
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets | |||||||||||||||||||||||
In accordance with GAAP, 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 | |||||||||||||||||||||||
PSE&G’s materials and supplies are carried at average cost consistent with the rate-making process. Materials and supplies for Power are valued at cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at Power is valued at the lower of average cost or market and includes 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 to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the unit-of-production method. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at 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. | ||||||||||||||||||||||||
Power capitalizes costs, including those related to its jointly-owned facilities, 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. | ||||||||||||||||||||||||
Available-For-Sale Securities | Available-for-Sale Securities | |||||||||||||||||||||||
These securities comprise 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 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 8. Available-for-Sale Securities for further discussion. | ||||||||||||||||||||||||
Pension And Other Postretirement Benefits (OPEB) Plan Assets | Pension and Other Postretirement Benefits (OPEB) Plans | |||||||||||||||||||||||
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 date (December 31) for all plan assets. | ||||||||||||||||||||||||
PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. | ||||||||||||||||||||||||
Pursuant to the OSA, Servco records expense only to the extent of its contributions to its pension plan trusts and for OPEB payments made to retirees. | ||||||||||||||||||||||||
See Note 11. Pension and Other Postretirement Benefits for further discussion. | ||||||||||||||||||||||||
Basis Adjustment | Basis Adjustment | |||||||||||||||||||||||
PSE&G and Power 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 PSE&G’s and Power's Consolidated Balance Sheets. The $986 million is an addition to PSE&G’s Common Stockholder’s Equity and a reduction of Power’s Member’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, 2014 | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Avg Rate | Avg Rate | Avg Rate | ||||||||||||||||||||||
PSE&G Depreciation Rate | 2.47 | % | 2.48 | % | 2.48 | % | ||||||||||||||||||
Schedule Of Excise And Gross Receipts Tax Information | For the years ended December 31, 2013 and 2012, the TEFA is included in the following captions in the Consolidated Statements of Operations: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||
TEFA included in: | ||||||||||||||||||||||||
Operating Revenues | $ | 74 | $ | 108 | ||||||||||||||||||||
Taxes Other Than Income Taxes | $ | 68 | $ | 98 | ||||||||||||||||||||
Amounts And Average Rates Used To Calculate IDC Or AFUDC | The amounts and average rates used to calculate AFUDC or IDC for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||
AFUDC/IDC Capitalized | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | Avg Rate | Millions | Avg Rate | Millions | Avg Rate | |||||||||||||||||||
PSE&G | $ | 44 | 8.09 | % | $ | 34 | 8.11 | % | $ | 33 | 8.43 | % | ||||||||||||
Power | $ | 24 | 5.14 | % | $ | 23 | 5.36 | % | $ | 29 | 5.16 | % | ||||||||||||
Property_Plant_And_Equipment_A1
Property, Plant And Equipment And Jointly-Owned Facilities (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||
Schedule Of Property, Plant And Equipment | Information related to Property, Plant and Equipment as of December 31, 2014 and 2013 is detailed below: | |||||||||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2014 | ||||||||||||||||||||||
Transmission and Distribution: | ||||||||||||||||||||||
Electric Transmission | $ | 5,845 | $ | — | $ | — | $ | 5,845 | ||||||||||||||
Electric Distribution | 7,295 | — | — | 7,295 | ||||||||||||||||||
Gas Transmission | 89 | — | — | 89 | ||||||||||||||||||
Gas Distribution | 5,479 | — | — | 5,479 | ||||||||||||||||||
Construction Work in Progress | 1,304 | — | — | 1,304 | ||||||||||||||||||
Plant Held for Future Use | 15 | — | — | 15 | ||||||||||||||||||
Other | 401 | — | — | 401 | ||||||||||||||||||
Total Transmission and Distribution | 20,428 | — | — | 20,428 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,964 | — | 6,964 | ||||||||||||||||||
Nuclear Production | — | 1,751 | — | 1,751 | ||||||||||||||||||
Nuclear Fuel in Service | — | 889 | — | 889 | ||||||||||||||||||
Other Production-Solar | 521 | 314 | — | 835 | ||||||||||||||||||
Construction Work in Progress | — | 714 | — | 714 | ||||||||||||||||||
Total Generation | 521 | 10,632 | — | 11,153 | ||||||||||||||||||
Other | 154 | 100 | 361 | 615 | ||||||||||||||||||
Total | $ | 21,103 | $ | 10,732 | $ | 361 | $ | 32,196 | ||||||||||||||
PSE&G | Power | Other | PSEG | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
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 | ||||||||||||||||||
Generation: | ||||||||||||||||||||||
Fossil Production | — | 6,924 | — | 6,924 | ||||||||||||||||||
Nuclear Production | — | 1,636 | — | 1,636 | ||||||||||||||||||
Nuclear Fuel in Service | — | 857 | — | 857 | ||||||||||||||||||
Other Production-Solar | 469 | 273 | — | 742 | ||||||||||||||||||
Construction Work in Progress | — | 489 | — | 489 | ||||||||||||||||||
Total Generation | 469 | 10,179 | — | 10,648 | ||||||||||||||||||
Other | 157 | 99 | 364 | 620 | ||||||||||||||||||
Total | $ | 19,071 | $ | 10,278 | $ | 364 | $ | 29,713 | ||||||||||||||
Schedule Of Jointly-Owned Facilities | ||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Ownership | Accumulated | Accumulated | ||||||||||||||||||||
Interest | Plant | Depreciation | Plant | Depreciation | ||||||||||||||||||
Millions | ||||||||||||||||||||||
PSE&G: | ||||||||||||||||||||||
Transmission Facilities | Various | $ | 162 | $ | 69 | $ | 161 | $ | 66 | |||||||||||||
Power: | ||||||||||||||||||||||
Coal Generating | ||||||||||||||||||||||
Conemaugh | 23 | % | $ | 397 | $ | 142 | $ | 374 | $ | 139 | ||||||||||||
Keystone | 23 | % | $ | 396 | $ | 151 | $ | 388 | $ | 140 | ||||||||||||
Nuclear Generating | ||||||||||||||||||||||
Peach Bottom | 50 | % | $ | 1,087 | $ | 236 | $ | 886 | $ | 215 | ||||||||||||
Salem | 57 | % | $ | 916 | $ | 236 | $ | 897 | $ | 254 | ||||||||||||
Nuclear Support Facilities | Various | $ | 218 | $ | 49 | $ | 205 | $ | 37 | |||||||||||||
Pumped Storage Facilities | ||||||||||||||||||||||
Yards Creek | 50 | % | $ | 41 | $ | 24 | $ | 36 | $ | 23 | ||||||||||||
Merrill Creek Reservoir | 14 | % | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
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, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Assets | |||||||||||||
Current | |||||||||||||
Non-Utility Generation Charge (NGC) | $ | — | $ | 6 | Annual filing for recovery (1) (2) | ||||||||
Societal Benefits Charges (SBC) | — | 16 | Annual filing for recovery (1) (2) | ||||||||||
Solar and Energy Efficiency Recovery Charges (formerly RRC and currently Green Program Recovery Charges (GPRC)) | 13 | 41 | Annual filing for recovery (1) (2) | ||||||||||
Solar Pilot Recovery Charge (SPRC) | — | 12 | Annual filing for recovery (1) (2) | ||||||||||
Capital Stimulus Undercollection | — | 3 | Annual filing for recovery (1) (2) | ||||||||||
Weather Normalization Clause (WNC) | — | 20 | Annual filing for recovery (2) | ||||||||||
New Jersey Clean Energy Program | 142 | 142 | Annual filing for recovery (1) (2) | ||||||||||
Stranded Costs (including $249 in 2014 related to VIEs) | 412 | — | Through December 2015 (2) | ||||||||||
Other | 5 | 3 | Various | ||||||||||
Total Current Regulatory Assets | $ | 572 | $ | 243 | |||||||||
Noncurrent | |||||||||||||
Stranded Costs (including $476 in 2013 related to VIEs) | $ | — | $ | 701 | Through December 2016 (1) (2) | ||||||||
Manufactured Gas Plant (MGP) Remediation Costs | 434 | 445 | Various (2) | ||||||||||
Pension and OPEB Costs | 1,265 | 637 | Various | ||||||||||
Deferred Income Taxes | 473 | 444 | Various | ||||||||||
Remediation Adjustment Charge (RAC) (Other SBC) | 164 | 144 | Through 2021 (1) (2) | ||||||||||
Mark-to-Market (MTM) Contracts | 75 | — | Through 2017 | ||||||||||
Unamortized Loss on Reacquired Debt and Debt Expense | 74 | 81 | Over remaining debt life (1) | ||||||||||
Conditional Asset Retirement Obligation | 138 | 123 | Various | ||||||||||
GPRC | 134 | 151 | Various (2) | ||||||||||
Electric Cost of Removal | 91 | 23 | Reduced as cost is incurred | ||||||||||
Storm Damage Deferrals | 245 | 245 | To be determined | ||||||||||
Other | 99 | 94 | Various | ||||||||||
Total Noncurrent Regulatory Assets | $ | 3,192 | $ | 3,088 | |||||||||
Total Regulatory Assets | $ | 3,764 | $ | 3,331 | |||||||||
As of December 31, | |||||||||||||
2014 | 2013 | Recovery/Refund Period | |||||||||||
Millions | |||||||||||||
Regulatory Liabilities | |||||||||||||
Current | |||||||||||||
Deferred Income Taxes | $ | 28 | $ | 31 | Various | ||||||||
Overrecovered Gas and Electric Costs—Basic Gas Supply Service (BGSS) and Basic Generation Service (BGS) | 80 | 9 | Annual filing for recovery (1) (2) | ||||||||||
WNC | 31 | — | Annual filing for recovery (2) | ||||||||||
Gas Margin Adjustment Clause | 28 | — | Annual filing for recovery (1) (2) | ||||||||||
Other | 19 | 3 | Various | ||||||||||
Total Current Regulatory Liabilities | $ | 186 | $ | 43 | |||||||||
Noncurrent | |||||||||||||
Electric Cost of Removal | $ | 133 | $ | 137 | Reduced as cost is incurred | ||||||||
MTM Contracts | — | 74 | Various | ||||||||||
Stranded Costs (including $39 and $11 in 2014 and 2013, respectively, related to VIEs) | 134 | 11 | Through December 2016 (1) (2) | ||||||||||
FERC Formula Rate True-up | 26 | — | Through December 2016 (1) (2) | ||||||||||
Other | 4 | 22 | Various | ||||||||||
Total Noncurrent Regulatory Liabilities | $ | 297 | $ | 244 | |||||||||
Total Regulatory Liabilities | $ | 483 | $ | 287 | |||||||||
-1 | Recovered/Refunded with interest. | ||||||||||||
-2 | Recoverable/Refundable per specific rate order. |
LongTerm_Investments_Tables
Long-Term Investments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Long-term Investments [Abstract] | |||||||||||||||
Schedule of Long Term Investments | Long-Term Investments as of December 31, 2014 and 2013 included the following: | ||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
PSE&G | |||||||||||||||
Life Insurance and Supplemental Benefits | $ | 156 | $ | 158 | |||||||||||
Solar Loans | 187 | 196 | |||||||||||||
Other Investments | 5 | 7 | |||||||||||||
Power | |||||||||||||||
Partnerships and Corporate Joint Ventures (Equity Method Investments) (A) | 121 | 123 | |||||||||||||
Energy Holdings | |||||||||||||||
Lease Investments | 836 | 825 | |||||||||||||
Partnerships and Corporate Joint Ventures: | |||||||||||||||
Equity Method Investments (A) | 2 | 3 | |||||||||||||
Cost Method Investments (B) | — | 1 | |||||||||||||
Total Long-Term Investments | $ | 1,307 | $ | 1,313 | |||||||||||
(A) | During the three years ended December 31, 2014, 2013 and 2012, the amount of dividends from these investments was $17 million, $11 million and $17 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, 2014 and 2013, respectively. | ||||||||||||||
As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 691 | $ | 701 | |||||||||||
Estimated Residual Value of Leased Assets | 525 | 529 | |||||||||||||
Total Investment in Rental Receivables | 1,216 | 1,230 | |||||||||||||
Unearned and Deferred Income | (380 | ) | (405 | ) | |||||||||||
Gross Investments in Leases | 836 | 825 | |||||||||||||
Deferred Tax Liabilities | (738 | ) | (727 | ) | |||||||||||
Net Investments in Leases | $ | 98 | $ | 98 | |||||||||||
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, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Pre-Tax Income (Loss) from Leases | $ | 24 | $ | 11 | $ | 78 | |||||||||
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $ | 32 | $ | 6 | $ | 34 | |||||||||
Equity Method Investments | Equity Method Investments | ||||||||||||||
Power and Energy Holdings had the following equity method investments as of December 31, 2014: | |||||||||||||||
% | |||||||||||||||
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, 2014 | |||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||||||
Schedule Of Credit Risk Profile Based On Payment Activity | The following table reflects the outstanding loans, including the noncurrent portion reported in Note 6. Long-Term Investments, 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 | 2014 | 2013 | |||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 188 | $ | 192 | |||||||||||||||||
Residential | 13 | 15 | |||||||||||||||||||
$ | 201 | $ | 207 | ||||||||||||||||||
Energy Holdings [Member] | |||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||||||||
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 | |||||||||||||||||||||
Counterparties’ Credit Rating (S&P) as of December 31, 2014 | As of December 31, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 317 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B- | 164 | ||||||||||||||||||||
Not Rated | 2 | ||||||||||||||||||||
$ | 691 | ||||||||||||||||||||
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 | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | B- | NRG REMA LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 112 | 100 | % | 603 | Coal | B- | NRG REMA LLC | ||||||||||||
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 685 | $ | 220 | $ | (8 | ) | $ | 897 | ||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 430 | 9 | (1 | ) | 438 | ||||||||||||||||||||||||||||||
Other Debt Securities | 333 | 9 | (3 | ) | 339 | ||||||||||||||||||||||||||||||
Total Debt Securities | 763 | 18 | (4 | ) | 777 | ||||||||||||||||||||||||||||||
Other Securities | 106 | — | — | 106 | |||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,554 | $ | 238 | $ | (12 | ) | $ | 1,780 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Schedule Of Accounts Receivable And Accounts Payable | |||||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 10 | $ | 39 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | 2 | $ | 36 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | $ | 162 | $ | (8 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations (B) | 95 | — | 28 | (1 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||||
Other Debt Securities (C) | 99 | (1 | ) | 30 | (2 | ) | 107 | (4 | ) | 3 | — | ||||||||||||||||||||||||
Total Debt Securities | 194 | (1 | ) | 58 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | |||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 356 | $ | (9 | ) | $ | 59 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | |||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The available-for-sale debt securities held as of December 31, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | 10 | |||||||||||||||||||||||||||||||||
1 - 5 years | 271 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 179 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 54 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 49 | ||||||||||||||||||||||||||||||||||
Over 20 years | 214 | ||||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 777 | |||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) | The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Sales (A) | $ | 1,448 | $ | 1,070 | $ | 1,433 | |||||||||||||||||||||||||||||
Net Realized Gains | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 177 | $ | 112 | $ | 153 | |||||||||||||||||||||||||||||
Gross Realized Losses | (23 | ) | (26 | ) | (52 | ) | |||||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 154 | $ | 86 | $ | 101 | |||||||||||||||||||||||||||||
Rabbi Trust [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 11 | $ | — | $ | 23 | |||||||||||||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||||
Government Obligations | 89 | 2 | — | 91 | |||||||||||||||||||||||||||||||
Other Debt Securities | 74 | 1 | — | 75 | |||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 3 | — | 166 | |||||||||||||||||||||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 177 | $ | 14 | $ | — | $ | 191 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 1 | $ | 1 | |||||||||||||||||||||||||||||||
Accounts Payable | $ | — | $ | 2 | |||||||||||||||||||||||||||||||
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, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
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) | 2 | — | — | — | 47 | (2 | ) | 2 | — | ||||||||||||||||||||||||||
Other Debt Securities (C) | 24 | — | — | — | 18 | (1 | ) | 1 | — | ||||||||||||||||||||||||||
Total Debt Securities | 26 | — | — | — | 65 | (3 | ) | 3 | — | ||||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 26 | $ | — | $ | — | $ | — | $ | 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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
(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, 2014. | ||||||||||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust available-for-sale debt securities held as of December 31, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Less than one year | $ | — | |||||||||||||||||||||||||||||||||
1 - 5 years | 49 | ||||||||||||||||||||||||||||||||||
6 - 10 years | 31 | ||||||||||||||||||||||||||||||||||
11 - 15 years | 9 | ||||||||||||||||||||||||||||||||||
16 - 20 years | 7 | ||||||||||||||||||||||||||||||||||
Over 20 years | 70 | ||||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 166 | |||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) | The proceeds from the sales of and the net realized gains on securities in the Rabbi Trust Fund were: | ||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 467 | $ | 89 | $ | 233 | |||||||||||||||||||||||||||||
Net Realized Gains (Losses): | |||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 4 | $ | 4 | $ | 6 | |||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (3 | ) | — | ||||||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
Rabbi Trust Fair Value by Company | The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: | ||||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||
PSE&G | $ | 41 | $ | 42 | |||||||||||||||||||||||||||||||
Power | 45 | 39 | |||||||||||||||||||||||||||||||||
Other | 105 | 98 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 191 | $ | 179 | |||||||||||||||||||||||||||||||
Goodwill_And_Other_Intangibles1
Goodwill And Other Intangibles (Tables) (Power [Member]) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Power [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Expenses Related To Emissions And Renewable Energy Requirements | Such expenses for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||
Years Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Millions | |||||||||||||||
Emissions Expense | $ | 10 | $ | 6 | $ | 5 | |||||||||
Renewable Energy Expense | $ | 59 | $ | 26 | $ | 34 | |||||||||
Asset_Retirement_Obligations_A1
Asset Retirement Obligations (AROs) (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Asset Retirement Obligation [Abstract] | |||||||||||||||||||
Impact Of The Revisions On Asset Retirement Obligation | The changes to the ARO liabilities for PSEG, PSE&G and Power during 2013 and 2014 are presented in the following table: | ||||||||||||||||||
PSEG | PSE&G | Power | Other | ||||||||||||||||
Millions | |||||||||||||||||||
ARO Liability as of January 1, 2013 | $ | 627 | $ | 250 | $ | 374 | $ | 3 | |||||||||||
Liabilities Settled | (5 | ) | (4 | ) | (1 | ) | — | ||||||||||||
Liabilities Incurred | 17 | 13 | 4 | — | |||||||||||||||
Accretion Expense | 23 | — | 23 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2013 | $ | 677 | $ | 274 | $ | 400 | $ | 3 | |||||||||||
Liabilities Settled | (2 | ) | (2 | ) | — | — | |||||||||||||
Liabilities Incurred | 23 | 3 | 20 | — | |||||||||||||||
Accretion Expense | 30 | — | 30 | — | |||||||||||||||
Accretion Expense Deferred and Recovered in Rate Base (A) | 15 | 15 | — | — | |||||||||||||||
ARO Liability as of December 31, 2014 | $ | 743 | $ | 290 | $ | 450 | $ | 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, 2014 | |||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following table provides a roll-forward of the changes in Servco's benefit obligation and the fair value of its plan assets during the year ended December 31, 2014. 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 2014. | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Service | 20 | 13 | |||||||||||||||||||||||||
Interest | 7 | 17 | |||||||||||||||||||||||||
Differences in Actuarial Assumptions versus Actual Experience | 42 | 107 | |||||||||||||||||||||||||
Plan Amendments | 126 | 315 | |||||||||||||||||||||||||
Benefit Obligation at End of Year (A) | $ | 195 | $ | 452 | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | — | $ | — | |||||||||||||||||||||||
Actual Return on Plan Assets | 2 | — | |||||||||||||||||||||||||
Employer Contributions | 67 | — | |||||||||||||||||||||||||
Fair Value of Assets at End of Year | $ | 69 | $ | — | |||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Accrued Pension Costs of Servco | $ | (126 | ) | $ | — | ||||||||||||||||||||||
OPEB Costs of Servco | — | (452 | ) | ||||||||||||||||||||||||
Amounts Recognized (B) | $ | (126 | ) | $ | (452 | ) | |||||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet. | ||||||||||||||||||||||||||
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, 2014 and 2013. 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 | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year (A) | $ | 4,812 | $ | 5,235 | $ | 1,414 | $ | 1,538 | |||||||||||||||||||
Service Cost | 104 | 116 | 18 | 21 | |||||||||||||||||||||||
Interest Cost | 234 | 215 | 69 | 63 | |||||||||||||||||||||||
Actuarial (Gain) Loss (B) | 838 | (501 | ) | 210 | (144 | ) | |||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Benefit Obligation at End of Year (A) (B) | $ | 5,722 | $ | 4,812 | $ | 1,638 | $ | 1,414 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair Value of Assets at Beginning of Year | $ | 5,116 | $ | 4,357 | $ | 319 | $ | 253 | |||||||||||||||||||
Actual Return on Plan Assets | 433 | 857 | 28 | 52 | |||||||||||||||||||||||
Employer Contributions | 10 | 155 | 87 | 78 | |||||||||||||||||||||||
Gross Benefits Paid | (266 | ) | (253 | ) | (73 | ) | (64 | ) | |||||||||||||||||||
Fair Value of Assets at End of Year | $ | 5,293 | $ | 5,116 | $ | 361 | $ | 319 | |||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||
Funded Status (Plan Assets less Benefit Obligation) | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||
Noncurrent Assets (included in Other Special Funds) | $ | 21 | $ | 434 | $ | — | $ | — | |||||||||||||||||||
Current Accrued Benefit Cost | (10 | ) | (9 | ) | — | — | |||||||||||||||||||||
Noncurrent Accrued Benefit Cost | (440 | ) | (121 | ) | (1,277 | ) | (1,095 | ) | |||||||||||||||||||
Amounts Recognized | $ | (429 | ) | $ | 304 | $ | (1,277 | ) | $ | (1,095 | ) | ||||||||||||||||
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (C) | |||||||||||||||||||||||||||
Prior Service Cost | $ | (102 | ) | $ | (120 | ) | $ | (39 | ) | $ | (53 | ) | |||||||||||||||
Net Actuarial Loss | 1,724 | 977 | 495 | 310 | |||||||||||||||||||||||
Total | $ | 1,622 | $ | 857 | $ | 456 | $ | 257 | |||||||||||||||||||
(A) | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | ||||||||||||||||||||||||||
(B) | In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013. | ||||||||||||||||||||||||||
(C) | Includes $702 million ($411 million, after-tax) and $408 million ($238 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||
Pension Benefits Years Ended December 31, | Other Benefits Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | |||||||||||||||||||||||||||
Service Cost | $ | 104 | $ | 116 | $ | 101 | $ | 18 | $ | 21 | $ | 17 | |||||||||||||||
Interest Cost | 234 | 215 | 223 | 69 | 63 | 65 | |||||||||||||||||||||
Expected Return on Plan Assets | (399 | ) | (348 | ) | (306 | ) | (26 | ) | (21 | ) | (17 | ) | |||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||
Transition Obligation | — | — | — | — | — | 2 | |||||||||||||||||||||
Prior Service Cost | (18 | ) | (19 | ) | (18 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||||||||||
Actuarial Loss | 56 | 188 | 167 | 23 | 42 | 31 | |||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (23 | ) | $ | 152 | $ | 167 | $ | 70 | $ | 91 | $ | 84 | ||||||||||||||
Special Termination Benefits | — | — | 1 | — | — | — | |||||||||||||||||||||
Effect of Regulatory Asset | — | — | — | — | — | 19 | |||||||||||||||||||||
Total Benefit Costs (Credit), Including Effect of Regulatory Asset | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
Schedule Of Pension And OPEB Costs | Pension costs and OPEB costs for PSEG, PSE&G and Power are detailed as follows: | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | (19 | ) | $ | 91 | $ | 97 | $ | 46 | $ | 65 | $ | 82 | ||||||||||||||
Power | (7 | ) | 43 | 52 | 20 | 23 | 18 | ||||||||||||||||||||
Other | 3 | 18 | 19 | 4 | 3 | 3 | |||||||||||||||||||||
Total Benefit Costs (Credit) | $ | (23 | ) | $ | 152 | $ | 168 | $ | 70 | $ | 91 | $ | 103 | ||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets: | ||||||||||||||||||||||||||
Pension | OPEB | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Net Actuarial (Gain) Loss in Current Period | $ | 803 | $ | (1,009 | ) | $ | 208 | $ | (175 | ) | |||||||||||||||||
Amortization of Net Actuarial Gain (Loss) | (56 | ) | (188 | ) | (23 | ) | (42 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 18 | 19 | 14 | 14 | |||||||||||||||||||||||
Total | $ | 765 | $ | (1,178 | ) | $ | 199 | $ | (203 | ) | |||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | Amounts that are expected to be amortized from Accumulated Other Comprehensive Loss, Regulatory Assets and Deferred Assets into Net Periodic Benefit Cost in 2015 are as follows: | ||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Actuarial (Gain) Loss | $ | 150 | $ | 43 | |||||||||||||||||||||||
Prior Service Cost | $ | (19 | ) | $ | (14 | ) | |||||||||||||||||||||
Schedule of Assumptions Used | The following assumptions were used to determine the benefit obligations of Servco: | ||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31, 2014 | |||||||||||||||||||||||||||
Discount Rate | 4.5 | % | 4.6 | % | |||||||||||||||||||||||
Rate of Compensation Increase | 3.25 | % | 3.25 | % | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates as of December 31, 2014 | |||||||||||||||||||||||||||
Administrative Expense | 5 | % | |||||||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 8 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2018 | ||||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.44 | % | |||||||||||||||||||||||||
Ultimate Rate | 5 | % | |||||||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | 160 | |||||||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Postretirement Benefit Obligation | $ | (106 | ) | ||||||||||||||||||||||||
The following assumptions were used to determine the benefit obligations and net periodic benefit costs: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31 | |||||||||||||||||||||||||||
Discount Rate | 4.2 | % | 5 | % | 4.2 | % | 4.21 | % | 5.01 | % | 4.2 | % | |||||||||||||||
Rate of Compensation Increase | 3.61 | % | 4.61 | % | 4.61 | % | 3.61 | % | 4.61 | % | 4.61 | % | |||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31 | |||||||||||||||||||||||||||
Discount Rate | 5 | % | 4.2 | % | 5 | % | 5.01 | % | 4.2 | % | 5 | % | |||||||||||||||
Expected Return on Plan Assets | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||||
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 | % | 3 | % | |||||||||||||||||||||
Dental Costs | |||||||||||||||||||||||||||
Immediate Rate | 5.25 | % | 5.5 | % | 6 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2016 | 2016 | 2013 | ||||||||||||||||||||||||
Pre-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.5 | % | 8 | % | 8.88 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2023 | ||||||||||||||||||||||||
Post-65 Medical Costs | |||||||||||||||||||||||||||
Immediate Rate | 7.25 | % | 7.88 | % | 7.98 | % | |||||||||||||||||||||
Ultimate Rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Year Ultimate Rate Reached | 2022 | 2021 | 2019 | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Effect of a 1% Increase in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | 13 | $ | 12 | $ | 12 | |||||||||||||||||||||
Postretirement Benefit Obligation | $ | 201 | $ | 161 | $ | 180 | |||||||||||||||||||||
Effect of a 1% Decrease in the Assumed Rate of Increase in Health Care Benefit Costs | |||||||||||||||||||||||||||
Total of Service Cost and Interest Cost | $ | (10 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||
Postretirement Benefit Obligation | $ | (165 | ) | $ | (134 | ) | $ | (149 | ) | ||||||||||||||||||
Schedule of Allocation of Plan Assets | The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2014 and 2013, including the fair value measurements and the levels of inputs used in determining those fair values. | ||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 153 | $ | 92 | $ | 61 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 2,292 | 2,292 | — | — | |||||||||||||||||||||||
Commingled—International | 1,005 | 1,005 | — | — | |||||||||||||||||||||||
Other | 727 | 727 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Government (United States & Foreign) | 509 | — | 509 | — | |||||||||||||||||||||||
Other | 943 | — | 943 | — | |||||||||||||||||||||||
Private Equity (D) | 25 | — | — | 25 | |||||||||||||||||||||||
Total | $ | 5,654 | $ | 4,116 | $ | 1,513 | $ | 25 | |||||||||||||||||||
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 | |||||||||||||||||||
(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). | ||||||||||||||||||||||||||
The following table presents information about Servco's investments measured at fair value on a recurring basis as of December 31, 2014, including the fair value measurements and the levels of inputs used in determining those fair values. | |||||||||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2014 | |||||||||||||||||||||||||||
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) | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||||||||||||
Common Stocks (B) | |||||||||||||||||||||||||||
Commingled—United States | 48 | 48 | — | — | |||||||||||||||||||||||
Bonds (C) | |||||||||||||||||||||||||||
Other | 20 | — | 20 | — | |||||||||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 21 | $ | — | |||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | Reconciliations of the beginning and ending balances of the Pension and OPEB Plans’ Level 3 assets for the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||
Balance as of | Purchases/ | Transfer | Actual | Actual | Balance as of December 31, 2014 | ||||||||||||||||||||||
1-Jan-14 | (Sales) | In/ (Out) | Return on | Return on | |||||||||||||||||||||||
Asset Sales | Assets Still | ||||||||||||||||||||||||||
Held | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Private Equity | $ | 25 | $ | (5 | ) | $ | — | $ | 3 | $ | 2 | $ | 25 | ||||||||||||||
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 | |||||||||||||
Schedule Of Percentage Of Fair Value Of Total Plan Assets | 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 of Servco as of the measurement date, December 31: | ||||||||||||||||||||||||||
Investments | As of December 31, 2014 | ||||||||||||||||||||||||||
Equity Securities | 70 | % | |||||||||||||||||||||||||
Fixed Income Securities | 29 | ||||||||||||||||||||||||||
Other Investments | 1 | ||||||||||||||||||||||||||
Total Percentage | 100 | % | |||||||||||||||||||||||||
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 | 2014 | 2013 | |||||||||||||||||||||||||
Equity Securities | 71 | % | 73 | % | |||||||||||||||||||||||
Fixed Income Securities | 26 | 25 | |||||||||||||||||||||||||
Other Investments | 3 | 2 | |||||||||||||||||||||||||
Total Percentage | 100 | % | 100 | % | |||||||||||||||||||||||
Schedule of Expected Benefit Payments | Estimated Future Benefit Payments | ||||||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to Servco's plan participants: | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | — | $ | 2 | |||||||||||||||||||||||
2016 | 1 | 4 | |||||||||||||||||||||||||
2017 | 2 | 6 | |||||||||||||||||||||||||
2018 | 3 | 7 | |||||||||||||||||||||||||
2019 | 4 | 9 | |||||||||||||||||||||||||
2020-2024 | 49 | 74 | |||||||||||||||||||||||||
Total | $ | 59 | $ | 102 | |||||||||||||||||||||||
The following pension benefit and postretirement benefit payments are expected to be paid to plan participants. | |||||||||||||||||||||||||||
Year | Pension | Other Benefits | |||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | 282 | $ | 79 | |||||||||||||||||||||||
2016 | 283 | 82 | |||||||||||||||||||||||||
2017 | 294 | 84 | |||||||||||||||||||||||||
2018 | 305 | 87 | |||||||||||||||||||||||||
2019 | 318 | 90 | |||||||||||||||||||||||||
2020-2024 | 1,770 | 495 | |||||||||||||||||||||||||
Total | $ | 3,252 | $ | 917 | |||||||||||||||||||||||
Schedule Of Amount Paid For Employer Matching Contributions | The amount paid for employer matching contributions to the plans for PSEG, PSE&G and Power are detailed as follows: | ||||||||||||||||||||||||||
Thrift Plan and Savings Plan | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | $ | 20 | $ | 19 | $ | 18 | |||||||||||||||||||||
Power | 11 | $ | 10 | 10 | |||||||||||||||||||||||
Other | 5 | 4 | 4 | ||||||||||||||||||||||||
Total Employer Matching Contributions | $ | 36 | $ | 33 | $ | 32 | |||||||||||||||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Future Minimum Rental Payments | The total future minimum payments under various operating leases as of December 31, 2014 are: | ||||||||||||||||||
PSE&G | Power | Services | Other | ||||||||||||||||
Millions | |||||||||||||||||||
2015 | $ | 12 | $ | 2 | $ | 5 | $ | 2 | |||||||||||
2016 | 9 | 2 | 12 | 1 | |||||||||||||||
2017 | 7 | 1 | 13 | 1 | |||||||||||||||
2018 | 6 | 2 | 13 | — | |||||||||||||||
2019 | 6 | 2 | 13 | — | |||||||||||||||
Thereafter | 55 | 23 | 159 | — | |||||||||||||||
Total Minimum Lease Payments | $ | 95 | $ | 32 | $ | 215 | $ | 4 | |||||||||||
Power [Member] | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The face value of outstanding guarantees, current exposure and margin positions as of December 31, 2014 and 2013 are shown below: | ||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||
Millions | |||||||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,814 | $ | 1,639 | |||||||||||||||
Exposure under Current Guarantees | $ | 273 | $ | 246 | |||||||||||||||
Letters of Credit Margin Posted | $ | 159 | $ | 132 | |||||||||||||||
Letters of Credit Margin Received | $ | 40 | $ | 25 | |||||||||||||||
Cash Deposited and Received | |||||||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||||||
Counterparty Cash Margin Received | $ | (13 | ) | $ | — | ||||||||||||||
Net Broker Balance Deposited (Received) | $ | 115 | $ | 80 | |||||||||||||||
In the Event Power were to Lose its Investment Grade Rating | |||||||||||||||||||
Additional Collateral that could be Required | $ | 945 | $ | 691 | |||||||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,495 | $ | 3,522 | |||||||||||||||
Additional Amounts Posted | |||||||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||||||
Total Minimum Purchase Commitments | As of December 31, 2014, the total minimum purchase requirements included in these commitments were as follows: | ||||||||||||||||||
Fuel Type | Power's Share of Commitments through 2019 | ||||||||||||||||||
Millions | |||||||||||||||||||
Nuclear Fuel | |||||||||||||||||||
Uranium | $ | 439 | |||||||||||||||||
Enrichment | $ | 431 | |||||||||||||||||
Fabrication | $ | 208 | |||||||||||||||||
Natural Gas | $ | 1,186 | |||||||||||||||||
Coal | $ | 306 | |||||||||||||||||
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 and Peach Bottom) | $ | 1,500 | $ | 38 | |||||||||||||||
Property Damage (Excess Layers) | |||||||||||||||||||
NEIL Excess (Salem/Hope Creek and Peach Bottom) | 600 | (D) | 5 | ||||||||||||||||
Property Damage Total (Per Site) | $ | 2,100 | $ | 43 | |||||||||||||||
Accidental Outage: | |||||||||||||||||||
NEIL I (Peach Bottom) | $ | 245 | (E) | $ | 7 | ||||||||||||||
NEIL I (Salem) | 281 | (E) | 7 | ||||||||||||||||
NEIL I (Hope Creek) | 490 | (E) | 6 | ||||||||||||||||
Replacement Power Total | $ | 1,016 | $ | 20 | |||||||||||||||
(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 third party workers claiming exposure to the nuclear energy hazard. 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 nuclear event property limits in excess of $1.5 billion, Power participates in a $600 million nuclear event Blanket Limit Policy. The blanket limit policy is shared with Exelon Generation and covers the following facilities: Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 Peach Bottom, Salem and Hope Creek. This limit is not subject to reinstatement in the event of a loss. Participation in this program reduces Power’s premium and the associated potential assessment. In addition, for non-nuclear event limits in excess of $1.5 billion, Power maintains a $600 million limit shared by the Salem and Hope Creek facilities. Exelon maintains a $600 million non-nuclear event limit shared by Peach Bottom, Braidwood, Byron, Clinton, Dresden, LaSalle, Limerick, Oyster Creek, Quad Cities, and the TMI-1 facilities. | ||||||||||||||||||
(E) | Peach Bottom 2 and 3 have 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 1 and 2 have an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 76 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] | |||||||||||||||||||
Other Commitments [Line Items] | |||||||||||||||||||
Contract For Anticipated BGS-Fixed Price Eligible Load | |||||||||||||||||||
Auction Year | |||||||||||||||||||
2012 | 2013 | 2014 | 2015 | ||||||||||||||||
36-Month Terms Ending | May-15 | May-16 | May-17 | May-18 | (A) | ||||||||||||||
Load (MW) | 2,900 | 2,800 | 2,800 | 2,900 | |||||||||||||||
$ per MWh | $83.88 | $92.18 | $97.39 | $99.54 | |||||||||||||||
Schedule_Of_Consolidated_Debt_
Schedule Of Consolidated Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt | ||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG (Parent) | |||||||||||||||||||||||||||
Fair Value of Swaps (A) | $ | 22 | $ | 38 | |||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | — | ||||||||||||||||||||||||
Unamortized Discount Related to Debt Exchange (B) | (8 | ) | (14 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSEG (Parent) | $ | 6 | $ | 24 | |||||||||||||||||||||||
` | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
First and Refunding Mortgage Bonds (C): | |||||||||||||||||||||||||||
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 (C): | |||||||||||||||||||||||||||
Floating rate (D) | 2033 | 50 | 50 | ||||||||||||||||||||||||
Floating rate (D) | 2046 | 50 | 50 | ||||||||||||||||||||||||
Total Pollution Control Bonds | 100 | 100 | |||||||||||||||||||||||||
Medium-Term Notes (MTNs) (C): | |||||||||||||||||||||||||||
0.85% | 2014 | — | 250 | ||||||||||||||||||||||||
5.00% | 2014 | — | 250 | ||||||||||||||||||||||||
2.70% | 2015 | 300 | 300 | ||||||||||||||||||||||||
5.30% | 2018 | 400 | 400 | ||||||||||||||||||||||||
2.30% | 2018 | 350 | 350 | ||||||||||||||||||||||||
1.80% | 2019 | 250 | — | ||||||||||||||||||||||||
2.00% | 2019 | 250 | — | ||||||||||||||||||||||||
7.04% | 2020 | 9 | 9 | ||||||||||||||||||||||||
3.50% | 2020 | 250 | 250 | ||||||||||||||||||||||||
2.38% | 2023 | 500 | 500 | ||||||||||||||||||||||||
3.75% | 2024 | 250 | 250 | ||||||||||||||||||||||||
3.15% | 2024 | 250 | — | ||||||||||||||||||||||||
3.05% | 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 | 400 | ||||||||||||||||||||||||
4.00% | 2044 | 250 | — | ||||||||||||||||||||||||
Total MTNs | 5,909 | 5,159 | |||||||||||||||||||||||||
Principal Amount Outstanding | 6,329 | 5,579 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (500 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (17 | ) | (13 | ) | |||||||||||||||||||||||
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) | $ | 6,012 | $ | 5,066 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Transition Funding (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
6.75% | 2014 | $ | — | $ | 106 | ||||||||||||||||||||||
6.89% | 2014-2015 | 251 | 370 | ||||||||||||||||||||||||
Principal Amount Outstanding | 251 | 476 | |||||||||||||||||||||||||
Amounts Due Within One Year | (251 | ) | (225 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding | — | 251 | |||||||||||||||||||||||||
Transition Funding II (PSE&G) | |||||||||||||||||||||||||||
Securitization Bonds: | |||||||||||||||||||||||||||
4.57% | 2014-2015 | 8 | 20 | ||||||||||||||||||||||||
Principal Amount Outstanding | 8 | 20 | |||||||||||||||||||||||||
Amounts Due Within One Year | (8 | ) | (12 | ) | |||||||||||||||||||||||
Total Securitization Debt of Transition Funding II | — | 8 | |||||||||||||||||||||||||
Total Long-Term Debt of PSE&G | $ | 6,012 | $ | 5,325 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||
Senior Notes: | |||||||||||||||||||||||||||
5.50% | 2015 | $ | 300 | $ | 300 | ||||||||||||||||||||||
5.32% | 2016 | 303 | 303 | ||||||||||||||||||||||||
2.75% | 2016 | 250 | 250 | ||||||||||||||||||||||||
2.45% | 2018 | 250 | 250 | ||||||||||||||||||||||||
5.13% | 2020 | 406 | 406 | ||||||||||||||||||||||||
4.15% | 2021 | 250 | 250 | ||||||||||||||||||||||||
4.30% | 2023 | 250 | 250 | ||||||||||||||||||||||||
8.63% | 2031 | 500 | 500 | ||||||||||||||||||||||||
Total Senior Notes | 2,509 | 2,509 | |||||||||||||||||||||||||
Pollution Control Notes: | |||||||||||||||||||||||||||
Floating Rate (D) | 2019 | 44 | 44 | ||||||||||||||||||||||||
Total Pollution Control Notes | 44 | 44 | |||||||||||||||||||||||||
Principal Amount Outstanding | 2,553 | 2,553 | |||||||||||||||||||||||||
Amounts Due Within One Year | (300 | ) | (44 | ) | |||||||||||||||||||||||
Net Unamortized Discount | (10 | ) | (12 | ) | |||||||||||||||||||||||
Total Long-Term Debt of Power | $ | 2,243 | $ | 2,497 | |||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Maturity | 2014 | 2013 | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Energy Holdings | |||||||||||||||||||||||||||
Non-Recourse Project Debt (E): | |||||||||||||||||||||||||||
Resources - 5.00% to 5.275% | 2014-2015 | $ | 16 | $ | 16 | ||||||||||||||||||||||
Principal Amount Outstanding | 16 | 16 | |||||||||||||||||||||||||
Amounts Due Within One Year | (16 | ) | — | ||||||||||||||||||||||||
Total Non-Recourse Project Debt | — | 16 | |||||||||||||||||||||||||
Total Long-Term Debt of Energy Holdings | $ | — | $ | 16 | |||||||||||||||||||||||
(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 Sheets. For additional information, see Note 15. 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) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||||||||||||||||||||||||
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019. | ||||||||||||||||||||||||||
(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, 2014 are as follows: | ||||||||||||||||||||||||||
PSE&G | Energy Holdings | ||||||||||||||||||||||||||
Year | PSE&G | Transition | Transition | Power | Non-Recourse | Total | |||||||||||||||||||||
Funding | Funding II | Debt | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
2015 | $ | 300 | $ | 251 | $ | 8 | $ | 300 | $ | 16 | $ | 875 | |||||||||||||||
2016 | 171 | — | — | 553 | — | 724 | |||||||||||||||||||||
2017 | — | — | — | — | — | — | |||||||||||||||||||||
2018 | 750 | — | — | 250 | — | 1,000 | |||||||||||||||||||||
2019 | 500 | — | — | 44 | — | 544 | |||||||||||||||||||||
Thereafter | 4,608 | — | — | 1,406 | — | 6,014 | |||||||||||||||||||||
Total | $ | 6,329 | $ | 251 | $ | 8 | $ | 2,553 | $ | 16 | $ | 9,157 | |||||||||||||||
Short-Term Liquidity | |||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Company/Facility | Total | Usage | Available | Expiration | Primary Purpose | ||||||||||||||||||||||
Facility | Liquidity | Date | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 8 | $ | 492 | Apr-19 | 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 | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 14 | $ | 586 | Mar-18 | CP Support/Funding/Letters of Credit | |||||||||||||||||||
Total PSE&G | $ | 600 | $ | 14 | $ | 586 | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 97 | $ | 1,503 | Apr-19 | Funding/Letters of Credit | |||||||||||||||||||
5-year Credit Facility (C) | 1,000 | — | 1,000 | Mar-18 | Funding/Letters of Credit | ||||||||||||||||||||||
Bilateral Credit Facility | 100 | 100 | — | Sep-15 | Letters of Credit | ||||||||||||||||||||||
Total Power | $ | 2,700 | $ | 197 | $ | 2,503 | |||||||||||||||||||||
Total | $ | 4,300 | $ | 219 | $ | 4,081 | |||||||||||||||||||||
(A) | In April 2016, this facility will be reduced by $23 million. | ||||||||||||||||||||||||||
(B) | In April 2016, this facility will be reduced by $29 million. | ||||||||||||||||||||||||||
(C) | In April 2016, this facility will be reduced by $48 million. | ||||||||||||||||||||||||||
Estimated Fair Values | 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, 2014 and 2013. See Note 16. 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-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 14 | $ | 22 | $ | 24 | $ | 38 | |||||||||||||||||||
PSE&G (B) | 6,312 | 6,912 | 5,566 | 5,629 | |||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 251 | 261 | 476 | 511 | |||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 8 | 8 | 20 | 21 | |||||||||||||||||||||||
Power - Recourse Debt (B) | 2,543 | 2,930 | 2,541 | 2,846 | |||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||
$ | 9,144 | $ | 10,149 | $ | 8,643 | $ | 9,061 | ||||||||||||||||||||
(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, 2014 | |||||||||||||||||
Class of Stock Disclosures [Abstract] | |||||||||||||||||
Schedule Of Consolidated Capital Stock | |||||||||||||||||
As of December 31, | |||||||||||||||||
Outstanding Shares | Book Value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||||
PSEG Common Stock (no par value) (A) | |||||||||||||||||
Authorized 1,000,000,000 shares | 505,836,592 | 505,857,262 | $ | 4,241 | $ | 4,246 | |||||||||||
(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 2014 or 2013. 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, 2014. |
Financial_Risk_Management_Acti1
Financial Risk Management Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Disclosure Financial Risk Management Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 18 | $ | (4 | ) | ||||||||||||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 10 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Fair Value In Balance Sheets | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | $ | 18 | $ | 597 | $ | (408 | ) | $ | 207 | $ | 18 | $ | 15 | $ | 240 | ||||||||||||||||||||||||||
Noncurrent Assets | — | 171 | (109 | ) | 62 | 8 | 7 | 77 | |||||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 18 | $ | 768 | $ | (517 | ) | $ | 269 | $ | 26 | $ | 22 | $ | 317 | ||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | — | $ | (568 | ) | $ | 436 | $ | (132 | ) | $ | — | $ | — | $ | (132 | ) | ||||||||||||||||||||||||
Noncurrent Liabilities | — | (138 | ) | 105 | (33 | ) | — | — | (33 | ) | |||||||||||||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | — | $ | (706 | ) | $ | 541 | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | ||||||||||||||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 18 | $ | 62 | $ | 24 | $ | 104 | $ | 26 | $ | 22 | $ | 152 | |||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||||||||||||
Cash Flow | Not Designated | Not Designated | Fair Value | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
(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, 2014 and 2013. 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 Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent 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, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Interest Rate Swaps (A) | — | — | — | Interest Expense | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total PSEG | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 12 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 12 | $ | (4 | ) | $ | 32 | Operating Revenues | $ | (9 | ) | $ | 13 | $ | 79 | $ | — | $ | (1 | ) | $ | 1 | |||||||||||||||||||
Energy-Related Contracts | — | — | (4 | ) | Energy Costs | — | — | (9 | ) | — | — | — | |||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (4 | ) | $ | 28 | $ | (9 | ) | $ | 13 | $ | 70 | $ | — | $ | (1 | ) | $ | 1 | ||||||||||||||||||||
(A) | Includes amounts for PSEG parent. | ||||||||||||||||||||||||||||||||||||||||
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, 2012 | $ | 12 | $ | 7 | |||||||||||||||||||||||||||||||||||||
Loss Recognized in AOCI | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Less: Gain Reclassified into Income | (12 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||||||||||||
Gain Recognized in AOCI | 12 | 7 | |||||||||||||||||||||||||||||||||||||||
Plus: Loss Reclassified into Income | 9 | 5 | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 17 | $ | 10 | |||||||||||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (348 | ) | $ | (128 | ) | $ | 232 | ||||||||||||||||||||||||||||||||
Energy-Related Contracts | Energy Costs | 32 | 106 | (19 | ) | ||||||||||||||||||||||||||||||||||||
Total PSEG and Power | $ | (316 | ) | $ | (22 | ) | $ | 213 | |||||||||||||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Dth | 274 | — | 216 | 58 | ||||||||||||||||||||||||||||||||||||
Electricity | MWh | 310 | — | 310 | — | ||||||||||||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 15 | — | 15 | — | ||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||||||||||||||
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, 2014. 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 | $ | 436 | $ | 51 | $ | 425 | 2 | $ | 259 | (A) | |||||||||||||||||||||||||||||||
Non-Investment Grade—External Rating | 2 | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||
Investment Grade—No External Rating | 6 | — | 6 | — | — | ||||||||||||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 444 | $ | 51 | $ | 432 | 2 | $ | 259 | ||||||||||||||||||||||||||||||||
(A) | Includes net exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Fair Value Disclosures [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, 2014 | |||||||||||||||||||||||||||||||
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) | $ | 365 | $ | — | $ | 365 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 295 | $ | (517 | ) | $ | — | $ | 774 | $ | 38 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 91 | $ | — | $ | — | $ | 91 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 75 | $ | — | $ | — | $ | 75 | $ | — | |||||||||||||||||||||
Other Securities | $ | 2 | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 294 | $ | — | $ | 294 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 26 | $ | — | $ | — | $ | — | $ | 26 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 20 | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 269 | $ | (517 | ) | $ | — | $ | 774 | $ | 12 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 896 | $ | 1 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 438 | $ | — | $ | — | $ | 438 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 339 | $ | — | $ | — | $ | 339 | $ | — | |||||||||||||||||||||
Other Securities | $ | 106 | $ | — | $ | 106 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (165 | ) | $ | 541 | $ | — | $ | (705 | ) | $ | (1 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
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 | $ | — | |||||||||||||||||||||
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 | ) | ||||||||||||||||||
(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, 2014, net cash collateral (received) paid of $24 million was netted against the corresponding net derivative contract positions. Of the $24 million of cash collateral as of December 31, 2014, $(12) million was netted against assets, and $36 million was netted against liabilities. 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 of cash collateral as of December 31, 2013, $(3) million was netted against assets and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
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 December 31, 2014 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 26 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 26 | $ | — | |||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | 12 | $ | (1 | ) | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | 12 | $ | (1 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 38 | $ | (1 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Commodity | Level 3 Position | Fair Value as of December 31, 2013 | Valuation | Significant | Range | ||||||||||||||||||||||||||
Technique(s) | Unobservable Input | ||||||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
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 (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of December 31, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in Income (A) | Included in | Purchases, | Issuances | Transfers | Balance as of December 31, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Regulatory Assets/ | (Sales) | (Settlements) | In (Out) | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (31 | ) | $ | (68 | ) | $ | — | $ | 51 | $ | (3 | ) | $ | 37 | ||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (68 | ) | $ | — | $ | — | $ | — | $ | 26 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (31 | ) | $ | — | $ | — | $ | 51 | $ | (3 | ) | $ | 11 | ||||||||||||||
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, (Sales) | Issuances (Settlements) (C) | Transfers In (Out) (D) | Balance as of December 31, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Regulatory Assets/ | ||||||||||||||||||||||||||||||
Liabilities (B) | |||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (27 | ) | $ | 134 | $ | — | $ | 8 | $ | 4 | $ | 88 | |||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | 134 | $ | — | $ | — | $ | — | $ | 94 | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (27 | ) | $ | — | $ | — | $ | 8 | $ | 4 | $ | (6 | ) | |||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(31) million and $(27) million in Operating Income in 2014 and 2013, respectively. Of the $(31) million in Operating Income in 2014, $22 million is unrealized. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income (Loss), as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | ||||||||||||||||||||||||||||||
(C) | Represents $51 million and $8 million in settlements for derivative contracts in 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
(D) | During the years ended December 31, 2014 and 2013, $(3) million and $4 million, respectively, 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. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Accrual Adjustments | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Compensation Cost included in Operation and Maintenance Expense | $ | 32 | $ | 32 | $ | 25 | ||||||||||
Income Tax Benefit Recognized in Consolidated Statement of Operations | $ | 13 | $ | 13 | $ | 10 | ||||||||||
Stock Options Activity | Changes in stock options for 2014 are summarized as follows: | |||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Years Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding as of January 1, 2014 | 2,615,166 | $ | 34.43 | |||||||||||||
Exercised | 519,250 | $ | 30.51 | |||||||||||||
Canceled/Forfeited | 20,066 | $ | 39.88 | |||||||||||||
Outstanding as of December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
Exercisable at December 31, 2014 | 2,075,850 | $ | 35.35 | 3.8 | $ | 15,016,886 | ||||||||||
Activity For Options Exercised | Activity for options exercised for the years ended December 31, 2014, 2013 and 2012 is shown below: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Millions | ||||||||||||||||
Total Intrinsic Value of Options Exercised | $ | 4 | $ | 1 | $ | 4 | ||||||||||
Cash Received from Options Exercised | $ | 16 | $ | 7 | $ | 7 | ||||||||||
Tax Benefit Realized from Options Exercised | $ | — | $ | — | $ | 1 | ||||||||||
Restricted Stock Activity | Changes in restricted stock for the year ended December 31, 2014 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, 2014 | 8,800 | $ | 30.18 | |||||||||||||
Vested | 8,800 | $ | 30.18 | |||||||||||||
Non-vested as of December 31, 2014 | — | $ | — | 0 | $ | — | ||||||||||
Restricted Stock Units Activity | Changes in restricted stock units for the year ended December 31, 2014 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, 2014 | 1,047,569 | $ | 31.3 | |||||||||||||
Granted | 356,240 | $ | 35.16 | |||||||||||||
Vested | 325,504 | $ | 31.57 | |||||||||||||
Canceled/Forfeited | 9,276 | $ | 33.95 | |||||||||||||
Non-vested as of December 31, 2014 | 1,069,029 | $ | 32.49 | 1.1 | $ | 44,268,491 | ||||||||||
Performance Units Information | Changes in performance share units for the year ended December 31, 2014 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, 2014 | 802,118 | $ | 33.25 | |||||||||||||
Granted | 358,265 | $ | 38.94 | |||||||||||||
Vested | 382,504 | $ | 31.25 | |||||||||||||
Canceled/Forfeited | 12,246 | $ | 36.45 | |||||||||||||
Non-vested as of December 31, 2014 | 765,633 | $ | 36.86 | 1.5 | $ | 31,704,863 | ||||||||||
Other_Income_and_Deductions_Ta
Other Income and Deductions (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Component of Other Income [Line Items] | |||||||||||||||||||
Schedule Of Other Income | |||||||||||||||||||
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 219 | $ | — | $ | 219 | |||||||||||
Allowance for Funds Used During Construction | 31 | — | — | 31 | |||||||||||||||
Solar Loan Interest | 24 | — | — | 24 | |||||||||||||||
Other | 6 | 3 | 7 | 16 | |||||||||||||||
Total Other Income | $ | 61 | $ | 222 | $ | 7 | $ | 290 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 152 | $ | — | $ | 152 | |||||||||||
Allowance for Funds Used During Construction | 24 | — | — | 24 | |||||||||||||||
Solar Loan Interest | 23 | — | — | 23 | |||||||||||||||
Other | 7 | 2 | 5 | 14 | |||||||||||||||
Total Other Income | $ | 54 | $ | 154 | $ | 5 | $ | 213 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 194 | $ | — | $ | 194 | |||||||||||
Allowance for Funds Used During Construction | 23 | — | — | 23 | |||||||||||||||
Solar Loan Interest | 18 | — | — | 18 | |||||||||||||||
Other | 11 | 7 | 7 | 25 | |||||||||||||||
Total Other Income | $ | 52 | $ | 201 | $ | 7 | $ | 260 | |||||||||||
Schedule Of Other Deductions | |||||||||||||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||||
Total | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||
Other | 3 | 21 | 6 | 30 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 52 | $ | 6 | $ | 61 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 34 | $ | — | $ | 34 | |||||||||||
Other | 3 | 15 | 2 | 20 | |||||||||||||||
Total Other Deductions | $ | 3 | $ | 49 | $ | 2 | $ | 54 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
NDT Fund Realized Losses and Expense | $ | — | $ | 58 | $ | — | $ | 58 | |||||||||||
Loss on Early Extinguishment of Debt | — | 15 | — | 15 | |||||||||||||||
Other | 5 | 17 | 3 | 25 | |||||||||||||||
Total Other Deductions | $ | 5 | $ | 90 | $ | 3 | $ | 98 | |||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||
2014 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2014 | $ | 478 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 82 | 65 | 17 | — | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (190 | ) | (92 | ) | (80 | ) | (18 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 30 | 16 | 9 | 5 | |||||||||||||||
Decreases as a Result of Positions Taken during the Current Period | (8 | ) | — | (8 | ) | — | |||||||||||||
Decreases as a Result of Settlements with Taxing Authorities | (60 | ) | (32 | ) | (24 | ) | (2 | ) | |||||||||||
Decreases due to Lapses of Applicable Statute of Limitations | — | — | — | — | |||||||||||||||
Total Amount of Unrecognized Tax Benefits as of December 31, 2014 | $ | 332 | $ | 165 | $ | 70 | $ | 95 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (225 | ) | (138 | ) | (52 | ) | (35 | ) | |||||||||||
Regulatory Asset—Unrecognized Tax Benefits | (27 | ) | (27 | ) | — | — | |||||||||||||
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) | $ | 80 | $ | — | $ | 18 | $ | 60 | |||||||||||
2013 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2013 | $ | 402 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 83 | 39 | 33 | 11 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (30 | ) | (9 | ) | (19 | ) | (2 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 23 | 15 | 8 | — | |||||||||||||||
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 | $ | 208 | $ | 156 | $ | 110 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (320 | ) | (177 | ) | (105 | ) | (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 | $ | 1 | $ | 51 | $ | 73 | |||||||||||
2012 | PSEG | PSE&G | Power | Energy | |||||||||||||||
Holdings | |||||||||||||||||||
Millions | |||||||||||||||||||
Total Amount of Unrecognized Tax Benefits as of January 1, 2012 | $ | 825 | $ | 113 | $ | 121 | $ | 555 | |||||||||||
Increases as a Result of Positions Taken in a Prior Period | 92 | 55 | 27 | 9 | |||||||||||||||
Decreases as a Result of Positions Taken in a Prior Period | (173 | ) | (47 | ) | (7 | ) | (119 | ) | |||||||||||
Increases as a Result of Positions Taken during the Current Period | 47 | 42 | 3 | — | |||||||||||||||
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 | $ | 163 | $ | 134 | $ | 101 | |||||||||||
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | (264 | ) | (133 | ) | (93 | ) | (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 | |||||||||||
Interest And Penalties Related To Uncertain Tax Positions | |||||||||||||||||||
Interest and Penalties on Uncertain | |||||||||||||||||||
Tax Positions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Millions | |||||||||||||||||||
PSE&G | $ | 15 | $ | 6 | $ | 1 | |||||||||||||
Power | 9 | (2 | ) | (2 | ) | ||||||||||||||
Energy Holdings | 45 | 44 | 39 | ||||||||||||||||
Total | $ | 69 | $ | 48 | $ | 38 | |||||||||||||
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 | $ | 59 | |||||||||||||||||
PSE&G | $ | 2 | |||||||||||||||||
Power | $ | 23 | |||||||||||||||||
Description Of Income Tax Years By Material Jurisdictions | |||||||||||||||||||
PSEG | PSE&G | Power | |||||||||||||||||
United States | |||||||||||||||||||
Federal | 2011-2013 | N/A | N/A | ||||||||||||||||
New Jersey | 2006-2013 | 2006-2013 | N/A | ||||||||||||||||
Pennsylvania | 2001-2013 | 2000-2013 | N/A | ||||||||||||||||
Connecticut | 2002-2013 | N/A | N/A | ||||||||||||||||
Texas | 2007-2013 | N/A | N/A | ||||||||||||||||
California | 2003-2013 | N/A | N/A | ||||||||||||||||
New York | 2009-2013 | N/A | 2009-2013 | ||||||||||||||||
PSEG [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSEG | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,243 | $ | 1,275 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 335 | $ | 487 | $ | (204 | ) | ||||||||||||
State | 58 | 42 | (2 | ) | |||||||||||||||
Total Current | 393 | 529 | (206 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 262 | 147 | 758 | ||||||||||||||||
State | 260 | 118 | 125 | ||||||||||||||||
Total Deferred | 522 | 265 | 883 | ||||||||||||||||
Investment Tax Credit (ITC) | 23 | 18 | 59 | ||||||||||||||||
Total Income Taxes | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Pre-Tax Income | $ | 2,456 | $ | 2,055 | $ | 2,011 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 860 | $ | 719 | $ | 704 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 145 | 108 | 115 | ||||||||||||||||
Uncertain Tax Positions | (9 | ) | 10 | 4 | |||||||||||||||
Manufacturing Deduction | (16 | ) | (9 | ) | — | ||||||||||||||
NDT Fund | 14 | 12 | 10 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (5 | ) | |||||||||||||
Tax Credits | (14 | ) | (9 | ) | (10 | ) | |||||||||||||
Audit Settlement | (12 | ) | — | (71 | ) | ||||||||||||||
Other | (17 | ) | (5 | ) | (11 | ) | |||||||||||||
Sub-Total | 78 | 93 | 32 | ||||||||||||||||
Total Income Tax Provision | $ | 938 | $ | 812 | $ | 736 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 39.5 | % | 36.6 | % | |||||||||||||
Deferred Income Taxes | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSEG | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 11 | $ | 24 | |||||||||||||||
Noncurrent | |||||||||||||||||||
OPEB | $ | 269 | $ | 280 | |||||||||||||||
Related to Uncertain Tax Position | 160 | 201 | |||||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 3 | |||||||||||||||||
Other | — | 124 | |||||||||||||||||
Total Noncurrent Assets | $ | 484 | $ | 608 | |||||||||||||||
Total Assets | $ | 495 | $ | 632 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | $ | 10 | $ | — | |||||||||||||||
Total Current Liabilities (net) | $ | 173 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 5,422 | $ | 4,865 | |||||||||||||||
New Jersey Corporate Business Tax | 535 | 534 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Leasing Activities | 623 | 639 | |||||||||||||||||
Pension Costs | 219 | 288 | |||||||||||||||||
AROs and NDT Fund | 419 | 523 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 240 | 293 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 7,654 | $ | 7,602 | |||||||||||||||
Total Liabilities | $ | 7,827 | $ | 7,602 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 11 | $ | 24 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 173 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 7,170 | $ | 6,994 | |||||||||||||||
ITC | 133 | 113 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 7,303 | $ | 7,107 | |||||||||||||||
Power [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | 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 | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 760 | $ | 644 | $ | 666 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 231 | $ | 262 | $ | 30 | |||||||||||||
State | 39 | 40 | 51 | ||||||||||||||||
Total Current | 270 | 302 | 81 | ||||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 163 | 69 | 279 | ||||||||||||||||
State | 48 | 35 | 37 | ||||||||||||||||
Total Deferred | 211 | 104 | 316 | ||||||||||||||||
ITC | 10 | 13 | 36 | ||||||||||||||||
Total Income Taxes | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Pre-Tax Income | $ | 1,251 | $ | 1,063 | $ | 1,099 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 438 | $ | 372 | $ | 385 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 58 | 51 | 55 | ||||||||||||||||
Manufacturing Deduction | (16 | ) | (10 | ) | — | ||||||||||||||
NDT Fund | 15 | 12 | 10 | ||||||||||||||||
Tax Credits | (6 | ) | (2 | ) | (7 | ) | |||||||||||||
Uncertain Tax Positions | (8 | ) | 3 | (6 | ) | ||||||||||||||
Audit Settlement | (4 | ) | — | (1 | ) | ||||||||||||||
Other | 14 | (7 | ) | (3 | ) | ||||||||||||||
Sub-Total | 53 | 47 | 48 | ||||||||||||||||
Total Income Tax Provision | $ | 491 | $ | 419 | $ | 433 | |||||||||||||
Effective Income Tax Rate | 39.2 | % | 39.4 | % | 39.4 | % | |||||||||||||
Deferred Income Taxes | The following is an analysis of deferred income taxes for Power: | ||||||||||||||||||
As of December 31, | |||||||||||||||||||
Power | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current | $ | — | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Pension Costs | $ | 52 | $ | — | |||||||||||||||
Contractual Liabilities & Environmental Costs | 18 | 35 | |||||||||||||||||
Related to Uncertain Tax Positions | 23 | 32 | |||||||||||||||||
Other | 70 | 91 | |||||||||||||||||
Total Noncurrent Assets | $ | 163 | $ | 158 | |||||||||||||||
Total Assets | $ | 163 | $ | 188 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | $ | 43 | $ | — | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 1,552 | $ | 1,416 | |||||||||||||||
New Jersey Corporate Business Tax | 192 | 81 | |||||||||||||||||
Pension Costs | — | 77 | |||||||||||||||||
AROs and NDT Fund | 420 | 523 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | — | 2 | |||||||||||||||||
Other | — | 36 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 2,164 | $ | 2,135 | |||||||||||||||
Total Liabilities | $ | 2,207 | $ | 2,135 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | — | $ | 30 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 43 | $ | — | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 2,001 | $ | 1,977 | |||||||||||||||
ITC | 64 | 54 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 2,065 | $ | 2,031 | |||||||||||||||
PSE&G [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Reconciliation Of Reported Income Tax Expense | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
PSE&G | 2014 | 2013 | 2012 | ||||||||||||||||
Millions | |||||||||||||||||||
Net Income | $ | 725 | $ | 612 | $ | 528 | |||||||||||||
Income Taxes: | |||||||||||||||||||
Operating Income: | |||||||||||||||||||
Current Expense: | |||||||||||||||||||
Federal | $ | 124 | $ | 183 | $ | (217 | ) | ||||||||||||
State | 16 | — | 9 | ||||||||||||||||
Total Current | 140 | 183 | (208 | ) | |||||||||||||||
Deferred Expense: | |||||||||||||||||||
Federal | 214 | 101 | 409 | ||||||||||||||||
State | 84 | 92 | 83 | ||||||||||||||||
Total Deferred | 298 | 193 | 492 | ||||||||||||||||
ITC | 11 | 5 | 23 | ||||||||||||||||
Total Income Taxes | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Pre-Tax Income | $ | 1,174 | $ | 993 | $ | 835 | |||||||||||||
Tax Computed at Statutory Rate @ 35% | $ | 411 | $ | 348 | $ | 292 | |||||||||||||
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: | |||||||||||||||||||
State Income Taxes (net of federal income tax) | 65 | 59 | 52 | ||||||||||||||||
Uncertain Tax Positions | — | — | 7 | ||||||||||||||||
Plant-Related Items | (13 | ) | (14 | ) | (4 | ) | |||||||||||||
Tax Credits | (7 | ) | (6 | ) | (3 | ) | |||||||||||||
Audit Settlement | 1 | — | (31 | ) | |||||||||||||||
Other | (8 | ) | (6 | ) | (6 | ) | |||||||||||||
Sub-Total | 38 | 33 | 15 | ||||||||||||||||
Total Income Tax Provision | $ | 449 | $ | 381 | $ | 307 | |||||||||||||
Effective Income Tax Rate | 38.2 | % | 38.4 | % | 36.8 | % | |||||||||||||
Deferred Income Taxes | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
PSE&G | 2014 | 2013 | |||||||||||||||||
Millions | |||||||||||||||||||
Deferred Income Taxes | |||||||||||||||||||
Assets: | |||||||||||||||||||
Current (net) | $ | 24 | $ | 16 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
OPEB | $ | 173 | $ | 182 | |||||||||||||||
Securitization-Overcollection | 55 | — | |||||||||||||||||
Total Noncurrent Assets | $ | 228 | $ | 182 | |||||||||||||||
Total Assets | $ | 252 | $ | 198 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Current (net) | |||||||||||||||||||
Securitization | $ | 163 | $ | — | |||||||||||||||
Other | 2 | 30 | |||||||||||||||||
Total Current Liabilities (net) | $ | 165 | $ | 30 | |||||||||||||||
Noncurrent: | |||||||||||||||||||
Plant-Related Items | $ | 3,869 | $ | 3,439 | |||||||||||||||
New Jersey Corporate Business Tax | 268 | 340 | |||||||||||||||||
Securitization | — | 279 | |||||||||||||||||
Conservation Costs | 48 | 52 | |||||||||||||||||
Pension Costs | 269 | 171 | |||||||||||||||||
Taxes Recoverable Through Future Rate (net) | 196 | 181 | |||||||||||||||||
Other | 84 | 68 | |||||||||||||||||
Total Noncurrent Liabilities | $ | 4,734 | $ | 4,530 | |||||||||||||||
Total Liabilities | $ | 4,899 | $ | 4,560 | |||||||||||||||
Summary of Accumulated Deferred Income Taxes: | |||||||||||||||||||
Net Current Deferred Income Tax Assets | $ | 24 | $ | 16 | |||||||||||||||
Net Current Deferred Income Tax Liabilities | $ | 165 | $ | 30 | |||||||||||||||
Net Noncurrent Deferred Income Tax Liabilities | $ | 4,506 | $ | 4,348 | |||||||||||||||
ITC | 69 | 58 | |||||||||||||||||
Net Total Noncurrent Deferred Income Taxes and ITC | $ | 4,575 | $ | 4,406 | |||||||||||||||
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, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | |||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 before Reclassifications | 7 | (184 | ) | 42 | (135 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 11 | (69 | ) | (53 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (173 | ) | (27 | ) | (188 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 10 | $ | (411 | ) | $ | 118 | $ | (283 | ) | |||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||
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 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 7 | (156 | ) | 39 | (110 | ) | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 9 | (69 | ) | (55 | ) | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 12 | (147 | ) | (30 | ) | (165 | ) | ||||||||||||
Balance as of December 31, 2014 | $ | 11 | $ | (351 | ) | $ | 112 | $ | (228 | ) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | |||||||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 11 | (4 | ) | 7 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 (OTTI) | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 75 | (39 | ) | 36 | |||||||||||||||
Total | $ | 23 | $ | (17 | ) | $ | 6 | ||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 10 | (4 | ) | 6 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (28 | ) | 11 | (17 | ) | |||||||||||||
Total Pension and OPEB Plans | (18 | ) | 7 | (11 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 181 | (89 | ) | 92 | ||||||||||||||
Realized Losses | Other Deductions | (26 | ) | 13 | (13 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 135 | (66 | ) | 69 | |||||||||||||||
Total | $ | 108 | $ | (55 | ) | $ | 53 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
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 | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M 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 | ) | |||||||||||||
OTTI | OTTI | (12 | ) | 6 | (6 | ) | |||||||||||||
Total Available-for-Sale Securities | 74 | (38 | ) | 36 | |||||||||||||||
Total | $ | 32 | $ | (21 | ) | $ | 11 | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
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 | $ | (9 | ) | $ | 4 | $ | (5 | ) | ||||||||||
Total Cash Flow Hedges | (9 | ) | 4 | (5 | ) | ||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 9 | (4 | ) | 5 | ||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (25 | ) | 11 | (14 | ) | |||||||||||||
Total Pension and OPEB Plans | (16 | ) | 7 | (9 | ) | ||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||
Realized Gains | Other Income | 178 | (87 | ) | 91 | ||||||||||||||
Realized Losses | Other Deductions | (24 | ) | 12 | (12 | ) | |||||||||||||
OTTI | OTTI | (20 | ) | 10 | (10 | ) | |||||||||||||
Total Available-for-Sale Securities | 134 | (65 | ) | 69 | |||||||||||||||
Total | $ | 109 | $ | (54 | ) | $ | 55 | ||||||||||||
Earnings_Per_Share_EPS_and_Div1
Earnings Per Share (EPS) and Dividends (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Earnings Per Share [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, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||
EPS Numerator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Net Income | $ | 1,518 | $ | 1,518 | $ | 1,243 | $ | 1,243 | $ | 1,275 | $ | 1,275 | |||||||||||||||
EPS Denominator: | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 2 | — | 2 | — | 1 | |||||||||||||||||||||
Total Shares | 506 | 508 | 506 | 508 | 506 | 507 | |||||||||||||||||||||
EPS: | |||||||||||||||||||||||||||
Net Income | $ | 3 | $ | 2.99 | $ | 2.46 | $ | 2.45 | $ | 2.52 | $ | 2.51 | |||||||||||||||
Dividend Payments On Common Stock | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Per Share | $ | 1.48 | $ | 1.44 | $ | 1.42 | |||||||||||||||||||||
in Millions | $ | 748 | $ | 728 | $ | 718 | |||||||||||||||||||||
Financial_Information_By_Busin1
Financial Information By Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||
Financial Information By Business Segments | |||||||||||||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | 6,766 | $ | 5,434 | $ | 455 | $ | (1,769 | ) | $ | 10,886 | ||||||||||||
Depreciation and Amortization | 906 | 292 | 29 | — | 1,227 | ||||||||||||||||||
Operating Income (Loss) | 1,393 | 1,209 | 21 | — | 2,623 | ||||||||||||||||||
Income from Equity Method Investments | — | 14 | (1 | ) | — | 13 | |||||||||||||||||
Interest Income | 26 | 1 | 25 | (22 | ) | 30 | |||||||||||||||||
Interest Expense | 277 | 122 | 12 | (22 | ) | 389 | |||||||||||||||||
Income (Loss) before Income Taxes | 1,174 | 1,251 | 31 | — | 2,456 | ||||||||||||||||||
Income Tax Expense (Benefit) | 449 | 491 | (2 | ) | — | 938 | |||||||||||||||||
Net Income (Loss) | 725 | 760 | 33 | — | 1,518 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,164 | $ | 626 | $ | 30 | $ | — | $ | 2,820 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Total Assets | $ | 22,223 | $ | 12,046 | $ | 2,799 | $ | (1,735 | ) | $ | 35,333 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 121 | $ | 2 | $ | — | $ | 123 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | 6,655 | $ | 5,063 | $ | 52 | $ | (1,802 | ) | $ | 9,968 | ||||||||||||
Depreciation and Amortization | 872 | 273 | 33 | — | 1,178 | ||||||||||||||||||
Operating Income (Loss) | 1,235 | 1,070 | (6 | ) | — | 2,299 | |||||||||||||||||
Income from Equity Method Investments | — | 16 | (5 | ) | — | 11 | |||||||||||||||||
Interest Income | 25 | 1 | 25 | (22 | ) | 29 | |||||||||||||||||
Interest Expense | 293 | 116 | 15 | (22 | ) | 402 | |||||||||||||||||
Income (Loss) before Income Taxes | 993 | 1,063 | (1 | ) | — | 2,055 | |||||||||||||||||
Income Tax Expense (Benefit) | 381 | 419 | 12 | — | 812 | ||||||||||||||||||
Net Income (Loss) | 612 | 644 | (13 | ) | — | 1,243 | |||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 2,175 | $ | 609 | $ | 27 | $ | — | $ | 2,811 | |||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Total Assets | $ | 19,720 | $ | 12,002 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 123 | $ | 3 | $ | — | $ | 126 | |||||||||||||
PSE&G | Power | Other | Eliminations (A) | Consolidated | |||||||||||||||||||
Total | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | 6,626 | $ | 4,873 | $ | 103 | $ | (1,821 | ) | $ | 9,781 | ||||||||||||
Depreciation and Amortization | 778 | 242 | 34 | — | 1,054 | ||||||||||||||||||
Operating Income (Loss) | 1,083 | 1,123 | 72 | — | 2,278 | ||||||||||||||||||
Income from Equity Method Investments | — | 15 | (3 | ) | — | 12 | |||||||||||||||||
Interest Income | 20 | 3 | 25 | (21 | ) | 27 | |||||||||||||||||
Interest Expense | 295 | 132 | 17 | (21 | ) | 423 | |||||||||||||||||
Income (Loss) before Income Taxes | 835 | 1,099 | 77 | — | 2,011 | ||||||||||||||||||
Income Tax Expense (Benefit) | 307 | 433 | (4 | ) | — | 736 | |||||||||||||||||
Net Income (Loss) | 528 | 666 | 81 | — | 1,275 | ||||||||||||||||||
Gross Additions to Long-Lived Assets | $ | 1,770 | $ | 770 | $ | 34 | $ | — | $ | 2,574 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||
Total Assets | $ | 19,223 | $ | 11,323 | $ | 4,161 | $ | (2,982 | ) | $ | 31,725 | ||||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 125 | $ | 9 | $ | — | $ | 134 | |||||||||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Power [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Revenue from Affiliates: | |||||||||||||||
Billings to PSE&G primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Expense Billings from Affiliates: | |||||||||||||||
Administrative Billings from Services (B) | $ | 165 | $ | 178 | $ | 154 | |||||||||
Schedule Of Related Party Transactions, Receivables | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Receivables from PSE&G (A) | $ | 313 | $ | 267 | |||||||||||
Receivable from (Payable to) Services (B) | (23 | ) | (31 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | (95 | ) | 97 | ||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 195 | $ | 333 | |||||||||||
Short-Term Loan (to) from Affiliate (Demand Note (to) from PSEG) (E) | $ | 584 | $ | 790 | |||||||||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (41 | ) | $ | (53 | ) | |||||||||
(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 PSE&G and Power at cost. In addition, PSE&G and Power 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) | PSEG files a consolidated federal income tax return 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) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. | ||||||||||||||
(E) | 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. | ||||||||||||||
PSE&G [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
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 | 2014 | 2013 | 2012 | ||||||||||||
Millions | |||||||||||||||
Expense Billings from Affiliates: | |||||||||||||||
Billings from Power primarily through BGSS and BGS (A) | $ | 1,771 | $ | 1,797 | $ | 1,802 | |||||||||
Administrative Billings from Services (B) | 248 | 255 | 230 | ||||||||||||
Total Expense Billings from Affiliates | $ | 2,019 | $ | 2,052 | $ | 2,032 | |||||||||
Schedule Of Related Party Transactions, Payables | |||||||||||||||
Years Ended December 31, | |||||||||||||||
Related Party Transactions | 2014 | 2013 | |||||||||||||
Millions | |||||||||||||||
Payable to Power (A) | $ | (313 | ) | $ | (267 | ) | |||||||||
Receivable from (Payable to) Services (B) | (66 | ) | (73 | ) | |||||||||||
Receivable from (Payable to) PSEG (C) | 274 | 150 | |||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (105 | ) | $ | (190 | ) | |||||||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (116 | ) | $ | (72 | ) | |||||||||
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSEG Consolidated: | Millions, except per share data | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 3,223 | $ | 2,786 | $ | 2,249 | $ | 2,310 | $ | 2,641 | $ | 2,554 | $ | 2,773 | $ | 2,318 | |||||||||||||||||||
Operating Income | $ | 705 | $ | 610 | $ | 365 | $ | 612 | $ | 746 | $ | 712 | $ | 807 | $ | 365 | |||||||||||||||||||
Net Income (Loss) | $ | 386 | $ | 320 | $ | 212 | $ | 333 | $ | 444 | $ | 390 | $ | 476 | $ | 200 | |||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.88 | $ | 0.77 | $ | 0.94 | $ | 0.4 | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 0.76 | $ | 0.63 | $ | 0.42 | $ | 0.66 | $ | 0.87 | $ | 0.77 | $ | 0.94 | $ | 0.39 | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 506 | 507 | 506 | 506 | 506 | 506 | 506 | 506 | |||||||||||||||||||||||||||
Diluted | 508 | 507 | 508 | 508 | 507 | 508 | 508 | 508 | |||||||||||||||||||||||||||
PSE&G [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
PSE&G: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,145 | $ | 1,995 | $ | 1,435 | $ | 1,423 | $ | 1,655 | $ | 1,666 | $ | 1,531 | $ | 1,571 | |||||||||||||||||||
Operating Income | $ | 411 | $ | 365 | $ | 291 | $ | 253 | $ | 383 | $ | 346 | $ | 308 | $ | 271 | |||||||||||||||||||
Net Income (Loss) | $ | 214 | $ | 179 | $ | 151 | $ | 121 | $ | 200 | $ | 168 | $ | 160 | $ | 144 | |||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||||||||||||||||||||||||||
Schedule Of Selected Quarterly Data | |||||||||||||||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Power: | Millions | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,700 | $ | 1,451 | $ | 986 | $ | 1,193 | $ | 1,138 | $ | 1,174 | $ | 1,610 | $ | 1,245 | |||||||||||||||||||
Operating Income | $ | 282 | $ | 242 | $ | 67 | $ | 351 | $ | 353 | $ | 370 | $ | 507 | $ | 107 | |||||||||||||||||||
Net Income (Loss) | $ | 164 | $ | 141 | $ | 54 | $ | 210 | $ | 222 | $ | 226 | $ | 320 | $ | 67 | |||||||||||||||||||
Guarantees_of_Debt_Tables
Guarantees of Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||||||||||
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, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,390 | $ | 153 | $ | (109 | ) | $ | 5,434 | ||||||||||||
Operating Expenses | 16 | 4,175 | 143 | (109 | ) | 4,225 | |||||||||||||||||
Operating Income (Loss) | (16 | ) | 1,215 | 10 | — | 1,209 | |||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 799 | (5 | ) | 14 | (794 | ) | 14 | ||||||||||||||||
Other Income | 34 | 222 | — | (34 | ) | 222 | |||||||||||||||||
Other Deductions | (20 | ) | (32 | ) | — | — | (52 | ) | |||||||||||||||
Other-Than-Temporary Impairments | — | (20 | ) | — | — | (20 | ) | ||||||||||||||||
Interest Expense | (102 | ) | (35 | ) | (19 | ) | 34 | (122 | ) | ||||||||||||||
Income Tax Benefit (Expense) | 65 | (558 | ) | 2 | — | (491 | ) | ||||||||||||||||
Net Income (Loss) | $ | 760 | $ | 787 | $ | 7 | $ | (794 | ) | $ | 760 | ||||||||||||
Comprehensive Income (Loss) | $ | 595 | $ | 768 | $ | 7 | $ | (775 | ) | $ | 595 | ||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Current Assets | $ | 4,263 | $ | 2,037 | $ | 150 | $ | (4,091 | ) | $ | 2,359 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,265 | 1,169 | — | 7,515 | ||||||||||||||||||
Investment in Subsidiaries | 4,516 | 120 | — | (4,636 | ) | — | |||||||||||||||||
Noncurrent Assets | 278 | 1,952 | 137 | (195 | ) | 2,172 | |||||||||||||||||
Total Assets | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Current Liabilities | $ | 883 | $ | 3,606 | $ | 786 | $ | (4,091 | ) | $ | 1,184 | ||||||||||||
Noncurrent Liabilities | 454 | 2,442 | 360 | (195 | ) | 3,061 | |||||||||||||||||
Long-Term Debt | 2,243 | — | — | — | 2,243 | ||||||||||||||||||
Member’s Equity | 5,558 | 4,326 | 310 | (4,636 | ) | 5,558 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,138 | $ | 10,374 | $ | 1,456 | $ | (8,922 | ) | $ | 12,046 | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 577 | $ | 1,674 | $ | 76 | $ | (902 | ) | $ | 1,425 | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | 148 | $ | (856 | ) | $ | (42 | ) | $ | 226 | $ | (524 | ) | ||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (724 | ) | $ | (818 | ) | $ | (32 | ) | $ | 676 | $ | (898 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | ||||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 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 | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | ||||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | ||||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | |||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | |||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | ||||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | ||||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | |||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | ||||||||||||||||||
Member’s Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | |||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 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 | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | |||||||||
Power | Guarantor | Other | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | ||||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 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 | ||||||||||||
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 | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | |||||||||
Immaterial Correction of Prior Financial Information | |||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | |||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | |||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | |||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases/(decreases) to certain categories of the Consolidated Balance Sheet. | |||||||||||||||||||||||
The following table summarizes the adjustments for all prior periods that have been revised in this Note. | |||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | |||||||||||||||||||||
Increase (Decrease) | |||||||||||||||||||||||
Millions | |||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | |||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | |||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Current Liabilities | $ | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | |||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | ||||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | ||||||||||||
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Operating Revenues | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 |
Basis Adjustment | 986 | 986 | |||||||||
Net Income | 1,518 | 1,243 | 1,275 | ||||||||
Total Assets | 35,333 | 32,522 | 35,333 | 32,522 | |||||||
Power [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Operating Revenues | 1,610 | 1,138 | 986 | 1,700 | 1,245 | 1,174 | 1,193 | 1,451 | 5,434 | 5,063 | 4,873 |
Basis Adjustment | -986 | -986 | -986 | -986 | |||||||
Net Income | 760 | 644 | 666 | ||||||||
Total Assets | $12,046 | $12,002 | $12,046 | $12,002 | |||||||
Power [Member] | Nuclear Production [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 60 years | ||||||||||
Power [Member] | Pumped Storage Facilities [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 76 years | ||||||||||
Power [Member] | Solar Assets [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 25 years | ||||||||||
Power [Member] | Minimum [Member] | General Plant Assets [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 3 years | ||||||||||
Power [Member] | Minimum [Member] | Fossil Production [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 19 years | ||||||||||
Power [Member] | Maximum [Member] | General Plant Assets [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 20 years | ||||||||||
Power [Member] | Maximum [Member] | Fossil Production [Member] | |||||||||||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives | 79 years |
Organization_Basis_Of_Presenta4
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Depreciation Rate Stated Percentage) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
PSE&G [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Depreciation Rate | 2.47% | 2.48% | 2.48% |
General Plant Assets [Member] | Minimum [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
General Plant Assets [Member] | Maximum [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 20 years | ||
Fossil Production [Member] | Minimum [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 19 years | ||
Fossil Production [Member] | Maximum [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 79 years | ||
Nuclear Production [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 60 years | ||
Pumped Storage Facilities [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 76 years | ||
Solar Assets [Member] | Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 25 years |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
TEFA | $0 | $68 | $98 |
PSE&G [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
TEFA | 0 | 68 | 98 |
Operating Revenues [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
TEFA | 74 | 108 | |
TEFA And GRT [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
TEFA | $68 | $98 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PSE&G [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
IDC/AFUDC | $44 | $34 | $33 |
Average Rate | 8.09% | 8.11% | 8.43% |
Power [Member] | |||
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
IDC/AFUDC | $24 | $23 | $29 |
Average Rate | 5.14% | 5.36% | 5.16% |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | |||||||||||
Operating Revenues | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 |
Operation and Maintenance | 3,150 | 2,887 | 2,632 | ||||||||
PSE&G [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Maximum exposure to loss | 16 | 16 | 16 | 16 | |||||||
Operating Revenues | 1,531 | 1,655 | 1,435 | 2,145 | 1,571 | 1,666 | 1,423 | 1,995 | 6,766 | 6,655 | 6,626 |
Operation and Maintenance | 1,558 | 1,639 | 1,508 | ||||||||
Long Island ServCo [Member] | |||||||||||
Variable Interest Entity [Line Items] | |||||||||||
Operating Revenues | 389 | ||||||||||
Operation and Maintenance | $389 |
Property_Plant_And_Equipment_A2
Property, Plant And Equipment And Jointly-Owned Facilities (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | $20,428 | $18,445 |
Total Generation | 11,153 | 10,648 |
Other | 615 | 620 |
Total | 32,196 | 29,713 |
PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 20,428 | 18,445 |
Total Generation | 521 | 469 |
Other | 154 | 157 |
Total | 21,103 | 19,071 |
Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Total Generation | 10,632 | 10,179 |
Other | 100 | 99 |
Total | 10,732 | 10,278 |
Other [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Total Generation | 0 | 0 |
Other | 361 | 364 |
Total | 361 | 364 |
Electric Transmission [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 5,845 | 4,037 |
Electric Transmission [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 5,845 | 4,037 |
Electric Transmission [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
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 | 7,295 | 7,109 |
Electric Distribution [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 7,295 | 7,109 |
Electric Distribution [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
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] | PSE&G [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] | 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 | 5,479 | 5,230 |
Gas Distribution [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 5,479 | 5,230 |
Gas Distribution [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Gas Distribution [Member] | Other [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Construction Work In Progress [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 1,304 | 1,605 |
Total Generation | 714 | 489 |
Construction Work In Progress [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 1,304 | 1,605 |
Total Generation | 0 | 0 |
Construction Work In Progress [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Total Generation | 714 | 489 |
Construction Work In Progress [Member] | Other [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Total Generation | 0 | 0 |
Plant Held For Future Use [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 15 | 3 |
Plant Held For Future Use [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 15 | 3 |
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] | 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 | 401 | 372 |
Other Plant [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 401 | 372 |
Other Plant [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Other Plant [Member] | Other [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Transmission and Distribution | 0 | 0 |
Fossil Production [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 6,964 | 6,924 |
Fossil Production [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 0 | 0 |
Fossil Production [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 6,964 | 6,924 |
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 | 1,751 | 1,636 |
Nuclear Production [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 0 | 0 |
Nuclear Production [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 1,751 | 1,636 |
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 | 889 | 857 |
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] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 889 | 857 |
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 | 835 | 742 |
Other Production-Solar [Member] | PSE&G [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 521 | 469 |
Other Production-Solar [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | 314 | 273 |
Other Production-Solar [Member] | Other [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Total Generation | $0 | $0 |
Property_Plant_And_Equipment_A3
Property, Plant And Equipment And Jointly-Owned Facilities (Schedule Of Jointly-Owned Facilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Conemaugh [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Ownership Interest | 23.00% | |
Plant | $397 | $374 |
Accumulated Depreciation | 142 | 139 |
Keystone [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Ownership Interest | 23.00% | |
Plant | 396 | 388 |
Accumulated Depreciation | 151 | 140 |
Peach Bottom [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Ownership Interest | 50.00% | |
Plant | 1,087 | 886 |
Accumulated Depreciation | 236 | 215 |
Salem [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Ownership Interest | 57.00% | |
Plant | 916 | 897 |
Accumulated Depreciation | 236 | 254 |
Nuclear Support Facilities [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Plant | 218 | 205 |
Accumulated Depreciation | 49 | 37 |
Yards Creek [Member] | Power [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Ownership Interest | 50.00% | |
Plant | 41 | 36 |
Accumulated Depreciation | 24 | 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 | 162 | 161 |
Accumulated Depreciation | $69 | $66 |
Regulatory_Assets_And_Liabilit2
Regulatory Assets And Liabilities (Schedule Of Regulatory Assets and Liabilities) (Details) (USD $) | 2 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | 31-May-14 | Apr. 18, 2014 | Dec. 31, 2013 | ||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets of Variable Interest Entities (VIEs) | $249 | $0 | |||||
Regulatory Assets, Current | 323 | 243 | |||||
Regulatory Assets, Noncurrent | 3,192 | 2,612 | |||||
Regulatory Assets Of Consolidated Variable Interest Entity Noncurrent | 0 | 476 | |||||
Regulatory Liability, Current | 186 | 43 | |||||
Regulatory Liabilities, Noncurrent | 258 | 233 | |||||
Regulatory Liabilities Of Consolidated Variable Interest Entity Noncurrent | 39 | 11 | |||||
PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets of Variable Interest Entities (VIEs) | 249 | 0 | |||||
Supplemental Request for WNC Carryover Deficiency Revenues Recovery | 45 | ||||||
Approved CIP II revenues recovery | 28 | ||||||
Approved SBC and NGC revenue recovery | 400 | ||||||
Current BGSS rate per therm | 0.54 | ||||||
Proposed BGSS rate per therm | 0.45 | ||||||
Self Implementing Bill Credit per therm | 0.25 | ||||||
True-up adjustment for Transmission Formula Rate Revenues | 5 | ||||||
Request for Increased Transmission Revenues | 182 | ||||||
Deferred Storm and Property Reserve Deficiency, Noncurrent | 240 | ||||||
Request for RAC Recovery | 86 | 66 | |||||
Regulatory Assets, Current | 323 | 243 | |||||
Regulatory Assets Including Consolidated Variable Interest Entities, Current | 572 | 243 | |||||
Regulatory Assets, Noncurrent | 3,192 | 2,612 | |||||
Regulatory Assets Of Consolidated Variable Interest Entity Noncurrent | 0 | 476 | |||||
Total Noncurrent Regulatory Assets | 3,192 | 3,088 | |||||
Total Regulatory Assets | 3,764 | 3,331 | |||||
Regulatory Liability, Current | 186 | 43 | |||||
Regulatory Liabilities, Noncurrent | 258 | 233 | |||||
Regulatory Liabilities Of Consolidated Variable Interest Entity Noncurrent | 39 | 11 | |||||
Total Noncurrent Regulatory Liabilities | 297 | 244 | |||||
Total Regulatory Liabilities | 483 | 287 | |||||
Deferred Storm Capital Costs approved for future recovery | 126 | ||||||
Stranded Costs [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liabilities, Noncurrent | 134 | [1],[2] | 11 | [1],[2] | |||
Gas Margin Adjustment Clause [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liability, Current | 28 | [1],[2] | 0 | [1],[2] | |||
Deferred Income Taxes [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liability, Current | 28 | 31 | |||||
Overrecovered Gas and Electric Costs - BGSS and BGS [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liability, Current | 80 | [1],[2] | 9 | [1],[2] | |||
Weather Normalization Clause [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liability, Current | 31 | [2] | 0 | [2] | |||
FERC Formula Rate True-Up [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liabilities, Noncurrent | 26 | [1],[2] | 0 | [1],[2] | |||
Other [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liability, Current | 19 | 3 | |||||
Regulatory Liabilities, Noncurrent | 4 | 22 | |||||
Electric Cost Of Removal [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liabilities, Noncurrent | 133 | 137 | |||||
Mark-To-Market Contracts [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Liabilities, Noncurrent | 0 | 74 | |||||
Non-Utility Generation Charge [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 0 | [1],[2] | 6 | [1],[2] | |||
Societal Benefits Charges (SBC) [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 0 | [1],[2] | 16 | [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 | 13 | [1],[2] | 41 | [1],[2] | |||
Regulatory Assets, Noncurrent | 134 | [2] | 151 | [2] | |||
Electric Cost Of Removal [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 91 | 23 | |||||
Solar Pilot Recovery Charge (SPRC) [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 0 | [1],[2] | 12 | [1],[2] | |||
Capital Stimulus Undercollection [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 0 | [1],[2] | 3 | [1],[2] | |||
Weather Normalization Clause [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 0 | [2] | 20 | [2] | |||
New Jersey Clean Energy Program [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 142 | [1],[2] | 142 | [1],[2] | |||
Other [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 5 | 3 | |||||
Regulatory Assets, Noncurrent | 99 | 94 | |||||
Stranded Costs [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Current | 412 | [2] | 0 | [2] | |||
Regulatory Assets, Noncurrent | 0 | [1],[2] | 701 | [1],[2] | |||
Manufactured Gas Plant (MGP) Remediation Costs [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 434 | [2] | 445 | [2] | |||
Pension and Other Postretirement Benefit Costs [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 1,265 | 637 | |||||
Deferred Income Taxes [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 473 | 444 | |||||
Remediation Adjustment Charge (Other SBC) [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 164 | [1],[2] | 144 | [1],[2] | |||
Mark-To-Market Contracts [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 75 | 0 | |||||
Unamortized Loss On Reacquired Debt And Debt Expense [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 74 | [1] | 81 | [1] | |||
Conditional Asset Retirement Obligation [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | 138 | 123 | |||||
Storm Damage Deferral [Member] | PSE&G [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets, Noncurrent | $245 | $245 | |||||
[1] | Recovered/Refunded with interest. | ||||||
[2] | Recoverable/Refundable per specific rate order. |
Regulatory_Assets_And_Liabilit3
Regulatory Assets And Liabilities (Significant 2014 Orders and Pending Filings) (Details) (PSE&G [Member], USD $) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Jan. 31, 2015 | Feb. 28, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | 31-May-14 | Apr. 18, 2014 |
Regulatory Assets And Liabilities [Line Items] | ||||||||
Deferred Storm and Property Reserve Deficiency, Noncurrent | $240 | |||||||
Deferred Storm Capital Costs approved for future recovery | 126 | |||||||
Request for RAC Recovery | 86 | 66 | ||||||
Request for Increased Transmission Revenues | 182 | |||||||
Self Implementing Bill Credit per therm | 0.25 | |||||||
Self Implementing BGSS rate credit to residential customers | 93 | |||||||
Request for WNC carryover deficiency revenues recovery | 26 | |||||||
Supplemental Request for WNC Carryover Deficiency Revenues Recovery | 45 | |||||||
Current BGSS rate per therm | 0.54 | |||||||
Proposed BGSS rate per therm | 0.45 | |||||||
Approved CIP II revenues recovery | 28 | |||||||
Approved SBC and NGC revenue recovery | 400 | |||||||
True-up adjustment for Transmission Formula Rate Revenues | 5 | |||||||
Subsequent Event [Member] | ||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||
Self Implementing Bill Credit per therm | 0.28 | |||||||
BGSS Revenue Reduction | 100 | 160 | 112 | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 1.1 | |||||||
Proposed Recovery of costs for Electric Green Energy Program | 111 | |||||||
Proposed Recovery of costs for Gas Green Energy Programs | $18 |
LongTerm_Investments_Schedule_
Long-Term Investments (Schedule Of Long Term Investments) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | $1,307 | $1,313 | |||
Dividends in equity method investments | 17 | 11 | 17 | ||
Power [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 121 | 123 | |||
PSE&G [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 348 | 361 | |||
Life Insurance And Supplemental Benefits [Member] | PSE&G [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 156 | 158 | |||
Solar Loan Investments [Member] | PSE&G [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 187 | 196 | |||
Lease Investments [Member] | Energy Holdings [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 836 | 825 | |||
Partnerships And Corporate Joint Ventures [Member] | Power [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 121 | [1] | 123 | [1] | |
Other Investments [Member] | PSE&G [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 5 | 7 | |||
Equity Method Investments [Member] | Partnerships And Corporate Joint Ventures [Member] | Energy Holdings [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | 2 | [1] | 3 | [1] | |
Cost Method Investments [Member] | Partnerships And Corporate Joint Ventures [Member] | Energy Holdings [Member] | |||||
Long-Term Investments [Line Items] | |||||
Total Long-Term Investments | $0 | [2] | $1 | [2] | |
[1] | During the three years ended December 31, 2014, 2013 and 2012, the amount of dividends from these investments was $17 million, $11 million and $17 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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-term Investments [Abstract] | ||
Lease Receivables (net of Non-Recourse Debt) | $691 | $701 |
Estimated Residual Value of Leased Assets | 525 | 529 |
Subtotal | 1,216 | 1,230 |
Unearned and Deferred Income | -380 | -405 |
Gross Investment in Leases | 836 | 825 |
Deferred Tax Liabilities | -738 | -727 |
Net Investments in Leases | $98 | $98 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term Investments [Abstract] | |||
Pre-Tax Income (Loss) from Leases | $24 | $11 | $78 |
Income Tax Expense (Benefit) on Pre-Tax Income from Leases | $32 | $6 | $34 |
LongTerm_Investments_Equity_Me
Long-Term Investments (Equity Method Investments) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Concentration Risk [Line Items] | ||
Credit Risk Profile Based on Payment Activity | $201 | $207 |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loans Receivable, Net | 188 | 192 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loans Receivable, Net | $13 | $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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | $1,216 | $1,230 |
Energy Holdings [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 691 | |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P), AA [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 18 | |
Energy Holdings [Member] | Standard & Poor's, AA- Rating [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 56 | |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P), BBB - BB [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 317 | |
Energy Holdings [Member] | Standard & Poor's, BB- Rating [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 134 | |
Energy Holdings [Member] | Standard & Poor's, B Rating [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | 164 | |
Energy Holdings [Member] | Counterparties' Credit Rating (S&P) Not Rated [Member] | ||
Guarantor Obligations [Line Items] | ||
Lease Receivables, Net of Non-Recourse Debt | $2 |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ||
Net Investments in Leases | $98 | $98 |
Lease investment with non-investment grade counterparties, gross | 572 | |
Lease investment with non-investment grade counterparties, net of deferred taxes | -20 | |
NRG commitment to invest | $350 | |
Powerton Station [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
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, 2014 |
MW | |
Powerton Station Units 5 And 6 [Member] | |
Financing Receivable, Recorded Investment [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 | BB- |
Lease Receivable, Counterparty | NRG Energy, Inc. |
Joliet Station Units 7 And 8 [Member] | |
Financing Receivable, Recorded Investment [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 | BB- |
Lease Receivable, Counterparty | NRG Energy, Inc. |
Keystone Station Units 1 And 2 [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Lease Receivable, Asset Location | PA |
Lease Receivable, Gross Investment | 121 |
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 | NRG REMA LLC |
Conemaugh Station Units 1 And 2 [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Lease Receivable, Asset Location | PA |
Lease Receivable, Gross Investment | 121 |
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 | NRG REMA LLC |
Shawville Station Units 1, 2, 3 And 4 [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Lease Receivable, Asset Location | PA |
Lease Receivable, Gross Investment | $112 |
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 | NRG REMA LLC |
AvailableForSale_Securities_Fa
Available-For-Sale Securities (Fair Values And Gross Unrealized Gains And Losses For The Securities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $1,554 | $1,416 |
Gross Unrealized Gains | 238 | 303 |
Gross Unrealized Losses | -12 | -18 |
Fair Value | 1,780 | 1,701 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 685 | 609 |
Gross Unrealized Gains | 220 | 290 |
Gross Unrealized Losses | -8 | -2 |
Fair Value | 897 | 897 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 430 | 438 |
Gross Unrealized Gains | 9 | 3 |
Gross Unrealized Losses | -1 | -12 |
Fair Value | 438 | 429 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 333 | 285 |
Gross Unrealized Gains | 9 | 10 |
Gross Unrealized Losses | -3 | -4 |
Fair Value | 339 | 291 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 763 | 723 |
Gross Unrealized Gains | 18 | 13 |
Gross Unrealized Losses | -4 | -16 |
Fair Value | 777 | 720 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 106 | 84 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 106 | 84 |
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 177 | 172 |
Gross Unrealized Gains | 14 | 10 |
Gross Unrealized Losses | 0 | -3 |
Fair Value | 191 | 179 |
Rabbi Trust [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 12 | 14 |
Gross Unrealized Gains | 11 | 9 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 23 | 23 |
Rabbi Trust [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 89 | 109 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 0 | -2 |
Fair Value | 91 | 107 |
Rabbi Trust [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 74 | 46 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | -1 |
Fair Value | 75 | 46 |
Rabbi Trust [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 163 | 155 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | 0 | -3 |
Fair Value | 166 | 153 |
Rabbi Trust [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 2 | 3 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2 | 3 |
Rabbi Trust [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $45 | $39 |
AvailableForSale_Securities_Sc
Available-For-Sale Securities (Schedule Of Accounts Receivable And Accounts Payable) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | $1 | $1 |
Accounts Payable | 0 | 2 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | 10 | 39 |
Accounts Payable | $2 | $36 |
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, 2014 | Dec. 31, 2013 | ||
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 | $356 | $437 | ||
Gross Unrealized Losses, Less than 12 Months | -9 | -17 | ||
Fair Value, Greater Than 12 Months | 59 | 6 | ||
Gross Unrealized Losses, Greater Than 12 Months | -3 | -1 | ||
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 | 162 | [1] | 30 | [1] |
Gross Unrealized Losses, Less than 12 Months | -8 | [1] | -2 | [1] |
Fair Value, Greater Than 12 Months | 1 | [1] | 2 | [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 | 95 | [2] | 300 | [2] |
Gross Unrealized Losses, Less than 12 Months | 0 | [2] | -11 | [2] |
Fair Value, Greater Than 12 Months | 28 | [2] | 1 | [2] |
Gross Unrealized Losses, Greater Than 12 Months | -1 | [2] | -1 | [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 | 99 | [3] | 107 | [3] |
Gross Unrealized Losses, Less than 12 Months | -1 | [3] | -4 | [3] |
Fair Value, Greater Than 12 Months | 30 | [3] | 3 | [3] |
Gross Unrealized Losses, Greater Than 12 Months | -2 | [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 | 194 | 407 | ||
Gross Unrealized Losses, Less than 12 Months | -1 | -15 | ||
Fair Value, Greater Than 12 Months | 58 | 4 | ||
Gross Unrealized Losses, Greater Than 12 Months | -3 | -1 | ||
Rabbi Trust [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value, Less Than 12 Months | 26 | 65 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | -3 | ||
Fair Value, Greater Than 12 Months | 0 | 3 | ||
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 | 2 | [5] | 47 | [5] |
Gross Unrealized Losses, Less than 12 Months | 0 | [5] | -2 | [5] |
Fair Value, Greater Than 12 Months | 0 | [5] | 2 | [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 | 24 | [6] | 18 | [6] |
Gross Unrealized Losses, Less than 12 Months | 0 | [6] | -1 | [6] |
Fair Value, Greater Than 12 Months | 0 | [6] | 1 | [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 | 26 | 65 | ||
Gross Unrealized Losses, Less than 12 Months | 0 | -3 | ||
Fair Value, Greater Than 12 Months | 0 | 3 | ||
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, 2014. | |||
[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, 2014. | |||
[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, 2014. | |||
[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, 2014. | |||
[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, 2014. | |||
[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, 2014. |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $1,448 | $1,070 | $1,433 |
Gross Realized Gains | 177 | 112 | 153 |
Gross Realized Losses | -23 | -26 | -52 |
Net Realized Gains (Losses) | 154 | 86 | 101 |
Rabbi Trust [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from Sale and Maturity of Available-for-sale Securities | 467 | 89 | 233 |
Gross Realized Gains | 4 | 4 | 6 |
Gross Realized Losses | -3 | -3 | 0 |
Net Realized Gains (Losses) | $1 | $1 | $6 |
AvailableForSale_Securities_Na
Available-For-Sale Securities (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Securities OTTI Charge | $20,000,000 | $12,000,000 | $18,000,000 |
Power [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Securities OTTI Charge | 20,000,000 | 12,000,000 | 18,000,000 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available For Sale Securities OTTI Charge | 20,000,000 | ||
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 | 110,000,000 | ||
Decommissioning Liability, Noncurrent | 419,000,000 | ||
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] | Rabbi Trust [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 | $8,000,000 |
AvailableForSale_Securities_Am
Available-For-Sale Securities (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Rabbi Trust [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 | 49 |
Available-for-sale debt securities, 6-10 years | 31 |
Available-for-sale debt securities, 11-15 years | 9 |
Available-for-sale debt securities, 16-20 years | 7 |
Available-for-sale debt securities, Over 20 years | 70 |
Total Available-for-Sale Debt Securities | 166 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale debt securities, Less than one year | 10 |
Available-for-sale debt securities, 1-5 years | 271 |
Available-for-sale debt securities, 6-10 years | 179 |
Available-for-sale debt securities, 11-15 years | 54 |
Available-for-sale debt securities, 16-20 years | 49 |
Available-for-sale debt securities, Over 20 years | 214 |
Total Available-for-Sale Debt Securities | $777 |
AvailableForSale_Securities_Fa1
Available-For-Sale Securities (Fair Value Of Rabbi Trust) (Detail) (Rabbi Trust [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $191 | $179 |
Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 45 | 39 |
PSE&G [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 41 | 42 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $105 | $98 |
Goodwill_And_Other_Intangibles2
Goodwill And Other Intangibles (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $16 | $16 |
Intangible assets | 84 | 33 |
Power [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 16 | 16 |
Intangible assets | $84 | $33 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Power [Member] | |||
Goodwill [Line Items] | |||
Emissions Expense | $10 | $6 | $5 |
Renewable Energy Expense | $59 | $26 | $34 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
ARO Liability, Beginning Balance | $677 | $627 | |||
Liabilities Settled | -2 | -5 | |||
Liabilities Incurred | 23 | 17 | |||
Accretion Expense Deferred and Recovered in Rate Base | 15 | [1] | 15 | [1] | |
ARO Liability, Ending Balance | 743 | 677 | |||
Power [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
ARO Liability, Beginning Balance | 400 | 374 | |||
Liabilities Settled | 0 | -1 | |||
Liabilities Incurred | 20 | 4 | |||
Accretion Expense | 30 | 23 | 21 | ||
Accretion Expense Deferred and Recovered in Rate Base | 0 | [1] | 0 | [1] | |
ARO Liability, Ending Balance | 450 | 400 | 374 | ||
PSE&G [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
ARO Liability, Beginning Balance | 274 | 250 | |||
Liabilities Settled | -2 | -4 | |||
Liabilities Incurred | 3 | 13 | |||
Accretion Expense | 0 | 0 | |||
Accretion Expense Deferred and Recovered in Rate Base | 15 | [1] | 15 | [1] | |
ARO Liability, Ending Balance | 290 | 274 | |||
Other [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
ARO Liability, Beginning Balance | 3 | 3 | |||
Liabilities Settled | 0 | 0 | |||
Liabilities Incurred | 0 | 0 | |||
Accretion Expense | 0 | 0 | |||
Accretion Expense Deferred and Recovered in Rate Base | 0 | [1] | 0 | [1] | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $126,000,000 | $0 | |
Number of PSEG's defined contribution plans | 2 | ||
Historical annualized rate of return | 9.50% | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 25,000,000 | ||
Defined benefit plan funded status of plan percentage | 93.00% | ||
Rabbi trust assets used to fund nonqualified pension plans | 191,000,000 | ||
Defined benefit plans, projected benefit and accumulated benefit obligations | 5,500,000,000 | 4,500,000,000 | |
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] | |||
Impact of Mortality Table Change in Actuarial (Gain) Loss | 314,000,000 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 411,000,000 | 238,000,000 | |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Pension and Other Postretirement Plans, Before Tax | 702,000,000 | 408,000,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost | -23,000,000 | 152,000,000 | 167,000,000 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 440,000,000 | 121,000,000 | |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% |
Interest in Master Trust assets percentage | 94.00% | ||
Other Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 161,000,000 | ||
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Impact of Mortality Table Change in Actuarial (Gain) Loss | 79,000,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost | 70,000,000 | 91,000,000 | 84,000,000 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 1,277,000,000 | 1,095,000,000 | |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% |
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% | ||
Power [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | -7,000,000 | 43,000,000 | 52,000,000 |
Power [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 20,000,000 | 23,000,000 | 18,000,000 |
Thrift Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer matching contribution, percent | 8.00% | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 67,000,000 | ||
Number of PSEG's defined contribution plans | 2 | ||
Historical annualized rate of return | 6.30% | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 30,000,000 | ||
Maximum annual 401(k) contribution per employee, percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Employer matching contribution, percent | 8.00% | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | ||
Expected long-term rate of return on plan assets | 7.70% | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $452,000,000 | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage of assets | 70.00% | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | 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% |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at End of Year | $5,654 | $5,435 | ||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||
Noncurrent Accrued Benefit Cost | -126 | 0 | ||||
Pension Benefits [Member] | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit Obligation at Beginning of Year | 4,812 | [1] | 5,235 | [1] | ||
Service Cost | 104 | 116 | 101 | |||
Interest Cost | 234 | 215 | 223 | |||
Actuarial (Gain) Loss | 838 | [2] | -501 | |||
Gross Benefits Paid | -266 | -253 | ||||
Benefit Obligation at End of Year | 5,722 | [1],[2] | 4,812 | [1] | 5,235 | [1] |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at Beginning of Year | 5,116 | 4,357 | ||||
Actual Return on Plan Assets | 433 | 857 | ||||
Employer Contributions | 10 | 155 | ||||
Gross Benefits Paid | -266 | -253 | ||||
Fair Value of Assets at End of Year | 5,293 | 5,116 | 4,357 | |||
Funded Status (Plan Assets less Benefit Obligation) | -429 | 304 | ||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||
Noncurrent Assets | 21 | 434 | ||||
Current Accrued Benefit Cost | -10 | -9 | ||||
Noncurrent Accrued Benefit Cost | -440 | -121 | ||||
Amounts Recognized | -429 | 304 | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||
Prior Service Cost | -102 | [3] | -120 | [3] | ||
Net Actuarial Loss | 1,724 | [3] | 977 | [3] | ||
Total | -1,622 | -857 | ||||
Other Benefits [Member] | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit Obligation at Beginning of Year | 1,414 | [1] | 1,538 | [1] | ||
Service Cost | 18 | 21 | 17 | |||
Interest Cost | 69 | 63 | 65 | |||
Actuarial (Gain) Loss | 210 | [2] | -144 | |||
Gross Benefits Paid | -73 | -64 | ||||
Benefit Obligation at End of Year | 1,638 | [1],[2] | 1,414 | [1] | 1,538 | [1] |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at Beginning of Year | 319 | 253 | ||||
Actual Return on Plan Assets | 28 | 52 | ||||
Employer Contributions | 87 | 78 | ||||
Gross Benefits Paid | -73 | -64 | ||||
Fair Value of Assets at End of Year | 361 | 319 | 253 | |||
Funded Status (Plan Assets less Benefit Obligation) | -1,277 | -1,095 | ||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||
Noncurrent Assets | 0 | 0 | ||||
Current Accrued Benefit Cost | 0 | 0 | ||||
Noncurrent Accrued Benefit Cost | -1,277 | -1,095 | ||||
Amounts Recognized | -1,277 | -1,095 | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||
Prior Service Cost | -39 | [3] | -53 | [3] | ||
Net Actuarial Loss | 495 | [3] | 310 | [3] | ||
Total | -456 | -257 | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | ||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at End of Year | 69 | |||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit Obligation at Beginning of Year | 0 | |||||
Service Cost | 20 | |||||
Interest Cost | 7 | |||||
Actuarial (Gain) Loss | 42 | |||||
Plan Assumptions | 126 | |||||
Benefit Obligation at End of Year | 195 | [1] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at Beginning of Year | 0 | |||||
Actual Return on Plan Assets | 2 | |||||
Employer Contributions | 67 | |||||
Fair Value of Assets at End of Year | 69 | |||||
Funded Status (Plan Assets less Benefit Obligation) | -126 | |||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||
Current Accrued Benefit Cost | -126 | |||||
Noncurrent Accrued Benefit Cost | 0 | |||||
Amounts Recognized | -126 | [4] | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Benefits [Member] | ||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||
Benefit Obligation at Beginning of Year | 0 | |||||
Service Cost | 13 | |||||
Interest Cost | 17 | |||||
Actuarial (Gain) Loss | 107 | |||||
Plan Assumptions | 315 | |||||
Benefit Obligation at End of Year | 452 | [1] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||
Fair Value of Assets at Beginning of Year | 0 | |||||
Actual Return on Plan Assets | 0 | |||||
Employer Contributions | 0 | |||||
Fair Value of Assets at End of Year | 0 | |||||
Funded Status (Plan Assets less Benefit Obligation) | -452 | |||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||
Current Accrued Benefit Cost | 0 | |||||
Noncurrent Accrued Benefit Cost | -452 | |||||
Amounts Recognized | ($452) | [4] | ||||
[1] | Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. | |||||
[2] | In October 2014, the Society of Actuaries’ Retirement Plans Experience Committee issued its final report on mortality tables (RP-2014 Mortality Tables Report). As of December 31, 2014, PSEG updated its mortality assumptions based on the information contained in this report. The impact of this change is reflected in Actuarial (Gain) Loss in 2014 and added $314 million and $79 million to the Benefit Obligations for Pension and OPEB, respectively, since December 31, 2013. | |||||
[3] | Includes $702 million ($411 million, after-tax) and $408 million ($238 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2014 and 2013, respectively. | |||||
[4] | Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG's Consolidated Balance Sheet. |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $104 | $116 | $101 |
Interest Cost | 234 | 215 | 223 |
Expected Return on Plan Assets | -399 | -348 | -306 |
Amortization of Net Transition Obligation | 0 | 0 | 0 |
Amortization of Prior Service Cost | -18 | -19 | -18 |
Amortization of Actuarial Loss | 56 | 188 | 167 |
Net Periodic Benefit Cost | -23 | 152 | 167 |
Special Termination Benefits | 0 | 0 | 1 |
Effect of Regulatory Asset | 0 | 0 | 0 |
Total Benefit Costs, Including Effect of Regulatory Asset | -23 | 152 | 168 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 18 | 21 | 17 |
Interest Cost | 69 | 63 | 65 |
Expected Return on Plan Assets | -26 | -21 | -17 |
Amortization of Net Transition Obligation | 0 | 0 | 2 |
Amortization of Prior Service Cost | -14 | -14 | -14 |
Amortization of Actuarial Loss | 23 | 42 | 31 |
Net Periodic Benefit Cost | 70 | 91 | 84 |
Special Termination Benefits | 0 | ||
Effect of Regulatory Asset | 0 | 0 | 19 |
Total Benefit Costs, Including Effect of Regulatory Asset | $70 | $91 | $103 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | ($23) | $152 | $167 |
Total Benefit Costs | -23 | 152 | 168 |
Pension Benefits [Member] | Power [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | -7 | 43 | 52 |
Pension Benefits [Member] | PSE&G [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | -19 | 91 | 97 |
Pension Benefits [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 3 | 18 | 19 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 70 | 91 | 84 |
Total Benefit Costs | 70 | 91 | 103 |
Other Benefits [Member] | Power [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 20 | 23 | 18 |
Other Benefits [Member] | PSE&G [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 46 | 65 | 82 |
Other Benefits [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $4 | $3 | $3 |
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, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Actuarial (Gain) Loss in Current Period | $803 | ($1,009) |
Amortization of Net Actuarial Gain (Loss) | -56 | -188 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 18 | 19 |
Total | 765 | -1,178 |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net Actuarial (Gain) Loss in Current Period | 208 | -175 |
Amortization of Net Actuarial Gain (Loss) | -23 | -42 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 14 | 14 |
Total | $199 | ($203) |
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, 2014 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial (Gain) Loss | $150 |
Prior Service Cost | -19 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial (Gain) Loss | 43 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.20% | 5.00% | 4.20% |
Expected Return on Plan Assets | 8.00% | 8.00% | 8.00% |
Rate of Compensation Increase | 3.61% | 4.61% | 4.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.00% | 4.20% | 5.00% |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.21% | 5.01% | 4.20% |
Expected Return on Plan Assets | 8.00% | 8.00% | 8.00% |
Rate of Compensation Increase | 3.61% | 4.61% | 4.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.61% | 4.61% | 4.61% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.01% | 4.20% | 5.00% |
Administrative Expense | 3.00% | 3.00% | 3.00% |
Total of Service Cost and Interest Cost | 13 | 12 | 12 |
Postretirement Benefit Obligation | 201 | 161 | 180 |
Total of Service Cost and Interest Cost | -10 | -9 | -9 |
Postretirement Benefit Obligation | -165 | -134 | -149 |
Other Benefits [Member] | Dental Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 5.25% | 5.50% | 6.00% |
Ultimate Rate | 5.00% | 5.00% | 6.00% |
Year Ultimate Rate Reached | 2016 | 2016 | 2013 |
Other Benefits [Member] | Pre-65 Medical Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 7.50% | 8.00% | 8.88% |
Ultimate Rate | 5.00% | 5.00% | 5.00% |
Year Ultimate Rate Reached | 2022 | 2021 | 2023 |
Other Benefits [Member] | Post-65 Medical Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 7.25% | 7.88% | 7.98% |
Ultimate Rate | 5.00% | 5.00% | 5.00% |
Year Ultimate Rate Reached | 2022 | 2021 | 2019 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.50% | ||
Expected Return on Plan Assets | 7.70% | ||
Rate of Compensation Increase | 3.25% | ||
Administrative Expense | 5.00% | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | Dental Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 8.00% | ||
Ultimate Rate | 5.00% | ||
Year Ultimate Rate Reached | 2018 | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | Pre-65 Medical Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 7.50% | ||
Ultimate Rate | 5.00% | ||
Year Ultimate Rate Reached | 2022 | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | Post-65 Medical Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Immediate Rate | 7.44% | ||
Ultimate Rate | 5.00% | ||
Year Ultimate Rate Reached | 2022 | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.60% | ||
Rate of Compensation Increase | 3.25% | ||
Postretirement Benefit Obligation | 160 | ||
Postretirement Benefit Obligation | -106 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $5,654 | $5,435 | |||
Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 153 | [1] | 93 | [1] | |
Common Stocks Commingled - US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,292 | [2] | 2,264 | [2] | |
Common Stocks Commingled - International [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,005 | [2] | 1,016 | [2] | |
Common Stocks Other [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 727 | [2] | 704 | [2] | |
Government (US & Foreign) Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 509 | [3] | 596 | [3] | |
Other Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 943 | [3] | 737 | [3] | |
Private Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | [4] | 25 | [4] | |
Quoted Market Prices for Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,116 | 4,036 | |||
Quoted Market Prices for Identical Assets (Level 1) [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 92 | [1] | 52 | [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 | 2,292 | [2] | 2,264 | [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 | 1,005 | [2] | 1,016 | [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 | 727 | [2] | 704 | [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 | 1,513 | 1,374 | |||
Significant Other Observable Inputs (Level 2) [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 61 | [1] | 41 | [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 | 509 | [3] | 596 | [3] | |
Significant Other Observable Inputs (Level 2) [Member] | Other Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 943 | [3] | 737 | [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 | 25 | |||
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] | Private Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | [4] | 25 | [4] | 31 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 69 | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1 | [5] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Common Stocks Commingled - US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 48 | [6] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 20 | [3] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 48 | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Quoted Market Prices for Identical Assets (Level 1) [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [5] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | 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 | 48 | [6] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | 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] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 21 | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Significant Other Observable Inputs (Level 2) [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1 | [5] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Significant Other Observable Inputs (Level 2) [Member] | Common Stocks Commingled - US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [6] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 20 | [3] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension And OPEB Plans Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension And OPEB Plans Level 3 [Member] | Temporary Investment Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [5] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension And OPEB Plans Level 3 [Member] | Common Stocks Commingled - US [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | [6] | |||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension And OPEB Plans Level 3 [Member] | Other Bonds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $0 | [3] | |||
[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). | ||||
[5] | Certain temporary investments are valued using inputs such as time-to-maturity, coupon rate, quality rating and current yield (Level 2). | ||||
[6] | Wherever possible, fair values of equity investments in commingled stock 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. |
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, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Assets at End of Year | $5,654 | $5,435 | ||
Pension And OPEB Plans Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Assets at End of Year | 25 | 25 | ||
Private Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Assets at End of Year | 25 | [1] | 25 | [1] |
Private Equity [Member] | Pension And OPEB Plans Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value of Assets at Beginning of Year | 25 | [1] | 31 | |
Purchases/(Sales) | -5 | -11 | ||
Transfer In/ (Out) | 0 | 0 | ||
Actual Return on Asset Sales | 3 | 11 | ||
Actual Return on Assets Still Held | 2 | -6 | ||
Fair Value of Assets at End of Year | $25 | [1] | $25 | [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, 2014 | Dec. 31, 2013 |
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 | 71.00% | 73.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 26.00% | 25.00% |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 3.00% | 2.00% |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 100.00% | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 70.00% | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 29.00% | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocation, percent | 1.00% |
Recovered_Sheet3
Pension, OPEB and Savings Plans (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $282 |
2016 | 283 |
2017 | 294 |
2018 | 305 |
2019 | 318 |
2020-2024 | 1,770 |
Total Estimated Future Benefit Payments | 3,252 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 79 |
2016 | 82 |
2017 | 84 |
2018 | 87 |
2019 | 90 |
2020-2024 | 495 |
Total Estimated Future Benefit Payments | 917 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 0 |
2016 | 1 |
2017 | 2 |
2018 | 3 |
2019 | 4 |
2020-2024 | 49 |
Total Estimated Future Benefit Payments | 59 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 2 |
2016 | 4 |
2017 | 6 |
2018 | 7 |
2019 | 9 |
2020-2024 | 74 |
Total Estimated Future Benefit Payments | $102 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total Employer Matching Contributions | $36 | $33 | $32 |
Power [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total Employer Matching Contributions | 11 | 10 | 10 |
PSE&G [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total Employer Matching Contributions | 20 | 19 | 18 |
Other [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total Employer Matching Contributions | $5 | $4 | $4 |
Recovered_Sheet5
Commitments And Contingent Liabilities (Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
mi | |||
Other Commitments [Line Items] | |||
Number Of Miles Pertaining To Passaic River Tidal Reach Required To Be Studied By Epa | 8 | ||
Operation and Maintenance | $3,150 | $2,887 | $2,632 |
Estimate of Total Costs required to restore damaged facilities | 564 | ||
Face Value of Outstanding Guarantees | 106 | ||
Power [Member] | |||
Other Commitments [Line Items] | |||
Operation and Maintenance | 1,186 | 1,224 | 1,127 |
Estimate of Total Costs required to restore damaged facilities | 476 | ||
Face Value of Outstanding Guarantees | 1,814 | 1,639 | |
Exposure under Current Guarantees | 273 | 246 | |
Letters of Credit Margin Posted | 159 | 132 | |
Letters of Credit Margin Received | 40 | 25 | |
Counterparty Cash Margin Deposited | 0 | 0 | |
Counterparty Cash Margin Received | -13 | 0 | |
Net Broker Balance Deposited (Received) | 115 | 80 | |
Additional Collateral that could be Required | 945 | 691 | |
Liquidity Available under PSEG's and Power's Credit Facilities to Post Collateral | 3,495 | 3,522 | |
Other Letters of Credit | $45 | $45 |
Recovered_Sheet6
Commitments And Contingent Liabilities (Environmental Matters) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2008 | Dec. 31, 2006 | Mar. 31, 2007 | Dec. 31, 2003 | |
entity | Potentially_Responsible_Party | Potentially_Responsible_Party | ||||||
site | ||||||||
Station | ||||||||
mi | ||||||||
Site Contingency [Line Items] | ||||||||
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 Pertaining To Passaic River Tidal Reach Required To Be Studied By Epa | 8 | |||||||
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 | |||||||
Accrued environmental costs | $417,000,000 | $414,000,000 | ||||||
New Salem facility cooling towers estimated cost total | 1,000,000,000 | |||||||
Operation and Maintenance | 3,150,000,000 | 2,887,000,000 | 2,632,000,000 | |||||
PSE&G [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Percentage Of Cost Attributable To Potentially Responsible Party | 7.00% | |||||||
Accrued environmental costs | 364,000,000 | 363,000,000 | ||||||
Regulatory assets | 3,764,000,000 | 3,331,000,000 | ||||||
Operation and Maintenance | 1,558,000,000 | 1,639,000,000 | 1,508,000,000 | |||||
Power [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Ownership Percentage Of Keystone Coal Fired Plant In Pennsylvania | 23.00% | |||||||
New Salem facility cooling towers estimated cost total | 575,000,000 | |||||||
Operation and Maintenance | 1,186,000,000 | 1,224,000,000 | 1,127,000,000 | |||||
PSEG [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Parent companies share of investment in Clean Air Act requirements | 110,000,000 | |||||||
New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Loss Contingency, Estimate of Possible Loss | 345,000,000 | |||||||
New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | PSE&G [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Loss Contingency, Estimate of Possible Loss | 200,000,000 | |||||||
Discounted liability recorded-current | 142,000,000 | |||||||
PSD NSR Regulations Site Contingency [Member] | Power [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Penalty per day from date of violation-minimum | 25,000 | |||||||
Penalty per day from date of violation-maximum | 37,500 | |||||||
MGP Remediation Site Contingency [Member] | PSE&G [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Estimated expenditures, low end of range | 434,000,000 | |||||||
Estimated expenditures, high end of range | 505,000,000 | |||||||
Accrued environmental costs | 434,000,000 | |||||||
Remediation liability recorded as other current liabilities | 79,000,000 | |||||||
Remediation liability recorded as environmental costs in noncurrent liabilities | 355,000,000 | |||||||
Regulatory assets | 434,000,000 | |||||||
Remedial Investigation And Feasibility Study [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Estimated, total cost of the study | 30,000,000 | |||||||
Estimated Total Cost Of Study Low End of Range | 25,000,000 | |||||||
Passaic River mile 10.9 contaminant removal [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Percentage Of Cost Attributable To Potentially Responsible Party | 3.00% | |||||||
PSE&G's Former MGP Sites [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Estimated, total cost of the study | 136,000,000 | |||||||
Number Of Potentially Responsible Parties In Connection With Environmental Liabilities For Operations Conducted Near Passaic River | 61 | 73 | ||||||
Number of MGP sites identified by registrant and the NJDEP requiring some level of remedial action | 38 | |||||||
Total Spend of Study to date | 130,000,000 | |||||||
Company Share of Total Spend of Study to date | 9,000,000 | |||||||
PSE&G's Former MGP Sites [Member] | Power [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Percentage Of Cost Attributable To Potentially Responsible Party | 1.00% | |||||||
Passaic River Site Contingency [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Estimated cleanup costs-low estimate | 365,000,000 | |||||||
Estimated cleanup costs-high estimate | 3,250,000,000 | |||||||
Estimated Cleanup Costs EPA Preferred Method | 1,700,000,000 | |||||||
Estimated cleanup costs agreed to by two potentially responsible parties | 80,000,000 | |||||||
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 | |||||||
Passaic River Site Contingency [Member] | Transferred To Power From PSE&G [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Number of operating electric generating station (Essex Site) | 1 | |||||||
Passaic River Site Contingency [Member] | PSE&G [Member] | ||||||||
Site Contingency [Line Items] | ||||||||
Number of former generating electric station | 1 | |||||||
Number of former Manufactured Gas Plant (MGP) sites | 4 |
Commitments_And_Contingent_Lia2
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | ||
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 2012 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | 31-May-15 | |
Load (MW) | 2,900 | |
Dollars Per Megawatt Hour | 83.88 | |
PSE&G [Member] | Auction Year 2013 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | 31-May-16 | |
Load (MW) | 2,800 | |
Dollars Per Megawatt Hour | 92.18 | |
PSE&G [Member] | Auction Year 2014 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | 31-May-17 | |
Load (MW) | 2,800 | |
$ per kWh | 282.04 | |
Dollars Per Megawatt Hour | 97.39 | |
PSE&G [Member] | Auction Year 2015 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | 31-May-18 | [1] |
Load (MW) | 2,900 | |
$ per kWh | 272.78 | |
Dollars Per Megawatt Hour | 99.54 | |
[1] | Prices set in the 2015 BGS auction will become effective on June 1, 2015 when the 2012 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, 2014 |
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 | $439 |
Commitments Through 2017 [Member] | Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 431 |
Commitments Through 2017 [Member] | Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 208 |
Commitments Through 2017 [Member] | Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 1,186 |
Commitments Through 2017 [Member] | Coal [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | $306 |
Commitments_And_Contingent_Lia4
Commitments And Contingent Liabilities (Regulatory Proceedings) (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ||||
Costs recognized in Operation and Maintenance Expense | $3,150 | $2,887 | $2,632 | |
Estimate of Total Costs required to restore damaged facilities | 564 | |||
New Jersey Clean Energy Program [Member] | ||||
Loss Contingencies [Line Items] | ||||
Aggregate funding for New Jersey Clean Energy Program | 345 | |||
Power [Member] | ||||
Loss Contingencies [Line Items] | ||||
Costs recognized in Operation and Maintenance Expense | 1,186 | 1,224 | 1,127 | |
Estimate of Total Costs required to restore damaged facilities | 476 | |||
Power [Member] | Regulatory Agency [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Loss in Period | 25 | |||
Power [Member] | Superstorm Sandy [Member] | ||||
Loss Contingencies [Line Items] | ||||
Costs recognized in Operation and Maintenance Expense | 27 | 79 | 85 | |
Proceeds from insurance recoveries | 25 | 19 | ||
PSE&G [Member] | ||||
Loss Contingencies [Line Items] | ||||
Costs recognized in Operation and Maintenance Expense | 1,558 | 1,639 | 1,508 | |
Estimate of Total Costs required to restore damaged facilities | 88 | |||
PSE&G [Member] | New Jersey Clean Energy Program [Member] | ||||
Loss Contingencies [Line Items] | ||||
Aggregate funding for New Jersey Clean Energy Program | 200 | |||
Discounted liability recorded-current | 142 | |||
PSE&G [Member] | Superstorm Sandy [Member] | ||||
Loss Contingencies [Line Items] | ||||
Costs recognized in Operation and Maintenance Expense | 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 | $6 |
Commitments_And_Contingent_Lia5
Commitments And Contingent Liabilities (Nuclear Insurance Coverages and Assessments) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
MW | ||
Other Commitments [Line Items] | ||
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 | 1,500,000,000 | |
Total Site Coverage [Member] | ||
Other Commitments [Line Items] | ||
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] | ||
Other Commitments [Line Items] | ||
Nuclear Liability, Total | 401,000,000 | |
Property Damage, Total | 43,000,000 | |
Replacement Power Total | 20,000,000 | |
Power With Exelon Generation [Member] | ||
Other Commitments [Line Items] | ||
Blanket limit shared | 600,000,000 | |
ANI [Member] | Total Site Coverage [Member] | ||
Other Commitments [Line Items] | ||
Public and Nuclear Worker Liability, Primary Layer | 375,000,000 | [2] |
ANI [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
Public and Nuclear Worker Liability, Primary Layer | 0 | |
Price-Anderson Act [Member] | Total Site Coverage [Member] | ||
Other Commitments [Line Items] | ||
Nuclear Liability, Excess Layer | 13,241,000,000 | [3] |
Price-Anderson Act [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
Nuclear Liability, Excess Layer | 401,000,000 | |
NEIL II (Salem/Hope Creek/Peach Bottom) [Member] | Total Site Coverage [Member] | ||
Other Commitments [Line Items] | ||
Property Damage, Primary Layer | 1,500,000,000 | |
Property Damage, Excess Layers | 600,000,000 | [4] |
NEIL II (Salem/Hope Creek/Peach Bottom) [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
Property Damage, Primary Layer | 38,000,000 | |
Property Damage, Excess Layers | 5,000,000 | |
NEIL I (Peach Bottom) [Member] | ||
Other Commitments [Line Items] | ||
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] | ||
Other Commitments [Line Items] | ||
Accidental Outage | 245,000,000 | [5] |
NEIL I (Peach Bottom) [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
Accidental Outage | 7,000,000 | |
NEIL I (Salem) [Member] | ||
Other Commitments [Line Items] | ||
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] | ||
Other Commitments [Line Items] | ||
Accidental Outage | 281,000,000 | [5] |
NEIL I (Salem) [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
Accidental Outage | 7,000,000 | |
NEIL I (Hope Creek) [Member] | ||
Other Commitments [Line Items] | ||
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] | ||
Other Commitments [Line Items] | ||
Accidental Outage | 490,000,000 | [5] |
NEIL I (Hope Creek) [Member] | Retrospective Assessments [Member] | ||
Other Commitments [Line Items] | ||
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 third party workers claiming exposure to the nuclear energy hazard. 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 nuclear event property limits in excess of $1.5 billion, Power participates in a $600 million nuclear event Blanket Limit Policy. The blanket limit policy is shared with Exelon Generation and covers the following facilities: Braidwood, Byron, Clinton, Dresden, La Salle, Limerick, Oyster Creek, Quad Cities, TMI-1 Peach Bottom, Salem and Hope Creek. This limit is not subject to reinstatement in the event of a loss. Participation in this program reduces Power’s premium and the associated potential assessment. In addition, for non-nuclear event limits in excess of $1.5 billion, Power maintains a $600 million limit shared by the Salem and Hope Creek facilities. Exelon maintains a $600 million non-nuclear event limit shared by Peach Bottom, Braidwood, Byron, Clinton, Dresden, LaSalle, Limerick, Oyster Creek, Quad Cities, and the TMI-1 facilities. | |
[5] | Peach Bottom 2 and 3 have 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 1 and 2 have an aggregate indemnity limit based on a weekly indemnity of $2.5 million for 52 weeks followed by 80% of the weekly indemnity for 76 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, 2014 |
In Millions, unless otherwise specified | |
Power [Member] | |
Other Commitments [Line Items] | |
2015 | $2 |
2016 | 2 |
2017 | 1 |
2018 | 2 |
2019 | 2 |
Thereafter | 23 |
Capital Leases, Future Minimum Payments Due | 32 |
PSE&G [Member] | |
Other Commitments [Line Items] | |
2015 | 12 |
2016 | 9 |
2017 | 7 |
2018 | 6 |
2019 | 6 |
Thereafter | 55 |
Capital Leases, Future Minimum Payments Due | 95 |
Services [Member] | |
Other Commitments [Line Items] | |
2015 | 5 |
2016 | 12 |
2017 | 13 |
2018 | 13 |
2019 | 13 |
Thereafter | 159 |
Capital Leases, Future Minimum Payments Due | 215 |
Other [Member] | |
Other Commitments [Line Items] | |
2015 | 2 |
2016 | 1 |
2017 | 1 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Capital Leases, Future Minimum Payments Due | $4 |
Schedule_Of_Consolidated_Debt_1
Schedule Of Consolidated Debt (Long-Term Debt) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2009 | ||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | $9,157 | ||||
Long-term Debt, Current Maturities | -624 | -544 | |||
Total Long-Term Debt | 8,261 | 7,862 | |||
PSEG [Member] | |||||
Debt Instrument [Line Items] | |||||
Fair Value Of Swaps | 22 | [1] | 38 | [1] | |
Long-term Debt, Current Maturities | -8 | 0 | |||
Net Unamortized Discount | -8 | [2] | -14 | [2] | |
Total Long-Term Debt | 6 | 24 | |||
Power [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 2,553 | 2,553 | |||
Long-term Debt, Current Maturities | -300 | -44 | |||
Net Unamortized Discount | -10 | -12 | |||
Total Long-Term Debt | 2,243 | 2,497 | |||
Power [Member] | Senior Notes Five Point Five Zero Percentage Due Two Thousand Fifteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 300 | 300 | |||
Stated interest rate of debt instrument | 5.50% | ||||
Maturity Year | 2015 | ||||
Power [Member] | Senior Notes Five Point Three Two Percentage Due Two Thousand Sixteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 303 | 303 | |||
Stated interest rate of debt instrument | 5.32% | ||||
Maturity Year | 2016 | ||||
Power [Member] | Senior Notes Two Point Seven Five Percentage Due Two Thousand Sixteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | 250 | |||
Stated interest rate of debt instrument | 2.75% | ||||
Maturity Year | 2016 | ||||
Power [Member] | Senior Notes Two Point Four Five Percentage Due Two Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | 250 | |||
Stated interest rate of debt instrument | 2.45% | ||||
Maturity Year | 2018 | ||||
Power [Member] | Senior Notes Five Point One Three Percentage Due Two Thousand Twenty [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 406 | 406 | |||
Stated interest rate of debt instrument | 5.13% | ||||
Maturity Year | 2020 | ||||
Power [Member] | Senior Notes Four Point One Five Percentage Due Two Thousand Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | 250 | |||
Stated interest rate of debt instrument | 4.15% | ||||
Maturity Year | 2021 | ||||
Power [Member] | Senior Notes Four Point Three Percent Due Two Thousand Twenty Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | 250 | |||
Stated interest rate of debt instrument | 4.30% | ||||
Maturity Year | 2023 | ||||
Power [Member] | Senior Notes Eight Point Six Three Percent Due Two Thousand Thirty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 500 | 500 | |||
Stated interest rate of debt instrument | 8.63% | ||||
Maturity Year | 2031 | ||||
Power [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 2,509 | 2,509 | |||
Power [Member] | Pollution Control Notes Floating Rate Due On Two Thousand Fourteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 44 | [3] | 44 | [3] | |
Maturity Year | 2019 | [3] | |||
Power [Member] | Pollution Control Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 44 | 44 | |||
PSE&G Excluding Transition Funding and Transition Funding II [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 6,329 | 5,579 | |||
Long-term Debt, Current Maturities | -300 | -500 | |||
Net Unamortized Discount | -17 | -13 | |||
Total Long-Term Debt | 6,012 | 5,066 | |||
PSE&G [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Current Maturities | -300 | -500 | |||
Total Long-Term Debt | 6,012 | 5,325 | |||
PSE&G [Member] | First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 171 | [4] | 171 | [4] | |
Stated interest rate of debt instrument | 6.75% | ||||
Maturity Year | 2016 | [4] | |||
PSE&G [Member] | First And Refunding Mortgage Bonds Nine Point Two Five Percentage Due On Two Twenty One [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 134 | [4] | 134 | [4] | |
Stated interest rate of debt instrument | 9.25% | ||||
Maturity Year | 2021 | [4] | |||
PSE&G [Member] | First And Refunding Mortgage Bonds Eight Point Zero Zero Percentage Due On Two Thirty Seven [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 7 | [4] | 7 | [4] | |
Stated interest rate of debt instrument | 8.00% | ||||
Maturity Year | 2037 | [4] | |||
PSE&G [Member] | First And Refunding Mortgage Bonds Five Point Zero Zero Percentage Due On Two Thirty Seven [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 8 | [4] | 8 | [4] | |
Stated interest rate of debt instrument | 5.00% | ||||
Maturity Year | 2037 | [4] | |||
PSE&G [Member] | First And Refunding Mortgage Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 320 | 320 | |||
PSE&G [Member] | Pollution Control Bonds Due On 2033 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 50 | [3],[4] | 50 | [3],[4] | |
Maturity Year | 2033 | [3],[4] | |||
PSE&G [Member] | Pollution Control Bonds Due On 2046 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 50 | [3],[4] | 50 | [3],[4] | |
Maturity Year | 2046 | [3],[4] | |||
PSE&G [Member] | Pollution Control Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 100 | 100 | |||
PSE&G [Member] | Medium Term Notes Zero Point Eight Five Percentage Due On Two Thousand Fourteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 0 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 0.85% | ||||
Maturity Year | 2014 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Fourteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 0 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 5.00% | ||||
Maturity Year | 2014 | [4] | |||
PSE&G [Member] | Medium Term Notes Two Point Seven Zero Percentage Due On Two Thousand Fifteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 300 | [4] | 300 | [4] | |
Stated interest rate of debt instrument | 2.70% | ||||
Maturity Year | 2015 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Three Zero Percentage Due On Two Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 400 | [4] | 400 | [4] | |
Stated interest rate of debt instrument | 5.30% | ||||
Maturity Year | 2018 | [4] | |||
PSE&G [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 350 | [4] | 350 | [4] | |
Stated interest rate of debt instrument | 2.30% | ||||
Maturity Year | 2018 | [4] | |||
PSE&G [Member] | Medium Term Notes One Point Eight Percent Due In Two Thousand Nineteen [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 0 | [4] | |
Stated interest rate of debt instrument | 1.80% | ||||
Maturity Year | 2019 | [4] | |||
PSE&G [Member] | Medium Term Notes Two Point Zero Percent Due In Two Thousand Nineteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 0 | [4] | |
Stated interest rate of debt instrument | 2.00% | ||||
Maturity Year | 2019 | [4] | |||
PSE&G [Member] | Medium Term Notes Seven Point Zero Four Percentage Due On Two Thousand Twenty [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 9 | [4] | 9 | [4] | |
Stated interest rate of debt instrument | 7.04% | ||||
Maturity Year | 2020 | [4] | |||
PSE&G [Member] | Medium Term Notes Three Point Five Zero Percentage Due On Two Thousand Twenty [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 3.50% | ||||
Maturity Year | 2020 | [4] | |||
PSE&G [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 500 | [4] | 500 | [4] | |
Stated interest rate of debt instrument | 2.38% | ||||
Maturity Year | 2023 | [4] | |||
PSE&G [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 3.75% | ||||
Maturity Year | 2024 | [4] | |||
PSE&G [Member] | Medium Term Notes Three Point One Five Percent Due In Two Thousand Twenty Four [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 0 | [4] | |
Stated interest rate of debt instrument | 3.15% | ||||
Maturity Year | 2024 | [4] | |||
PSE&G [Member] | Medium Term Notes Three Point Zero Five Percent Due In Two Thousand Twenty Four [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 0 | [4] | |
Stated interest rate of debt instrument | 3.05% | ||||
Maturity Year | 2024 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Two Five Percentage Due On Two Thousand Thirty Five [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 5.25% | ||||
Maturity Year | 2035 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Seven Zero Percentage Due On Two Thousand Thirty Six [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 5.70% | ||||
Maturity Year | 2036 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Eight Zero Percentage Due On Two Thousand Thirty Seven [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 350 | [4] | 350 | [4] | |
Stated interest rate of debt instrument | 5.80% | ||||
Maturity Year | 2037 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirty Nine [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 250 | [4] | |
Stated interest rate of debt instrument | 5.38% | ||||
Maturity Year | 2039 | [4] | |||
PSE&G [Member] | Medium Term Notes Five Point Five Zero Percentage Due On Two Thousand Forty [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 300 | [4] | 300 | [4] | |
Stated interest rate of debt instrument | 5.50% | ||||
Maturity Year | 2040 | [4] | |||
PSE&G [Member] | Medium-Term Notes 3.95% Due On 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 450 | [4] | 450 | [4] | |
Stated interest rate of debt instrument | 3.95% | ||||
Maturity Year | 2042 | [4] | |||
PSE&G [Member] | Medium-Term Notes 3.65% Due On 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 350 | [4] | 350 | [4] | |
Stated interest rate of debt instrument | 3.65% | ||||
Maturity Year | 2042 | [4] | |||
PSE&G [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 400 | [4] | 400 | [4] | |
Stated interest rate of debt instrument | 3.80% | ||||
Maturity Year | 2043 | [4] | |||
PSE&G [Member] | Medium Term Notes Four Point Zero Percent Due In Two Thousand Forty Four [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 250 | [4] | 0 | [4] | |
Stated interest rate of debt instrument | 4.00% | ||||
Maturity Year | 2044 | [4] | |||
PSE&G [Member] | Total Medium Term Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 5,909 | 5,159 | |||
PSE&G [Member] | Securitization Bonds Six Point Seven Five Percentage Due On Two Thousand Thirteen To Two Thousand Fourteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 0 | 106 | |||
Stated interest rate of debt instrument | 6.75% | ||||
Maturity Year | 2014 | ||||
PSE&G [Member] | Securitization Bonds Six Point Eight Nine Percentage Due On Two Thousand Fourteen To Two Thousand Fifteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 251 | 370 | |||
Stated interest rate of debt instrument | 6.89% | ||||
Maturity Year | 2014-2015 | ||||
PSE&G [Member] | Transition Funding [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 251 | 476 | |||
Long-term Debt, Current Maturities | -251 | -225 | |||
Total Long-Term Debt | 0 | 251 | |||
PSE&G [Member] | Securitization Bonds Four Point Five Seven Percentage Due On Two Thousand Thirteen To Two Thousand Fifteen [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 8 | 20 | |||
Stated interest rate of debt instrument | 4.57% | ||||
Maturity Year | 2014-2015 | ||||
PSE&G [Member] | Transition Funding II [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 8 | 20 | |||
Long-term Debt, Current Maturities | -8 | -12 | |||
Total Long-Term Debt | 0 | 8 | |||
Energy Holdings [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 16 | ||||
Energy Holdings [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] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 16 | [5] | 16 | [5] | |
Maturity Year | 2014-2015 | [5] | |||
Energy Holdings [Member] | Non Recourse Project Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal Amount Outstanding | 16 | 16 | |||
Long-term Debt, Current Maturities | -16 | 0 | |||
Total Long-Term Debt | $0 | $16 | |||
Senior Notes 8.50% Due On 2011 [Member] | Energy Holdings [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate of debt instrument | 8.50% | ||||
[1] | 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 Sheets. For additional information, see Note 15. Financial Risk Management Activities. | ||||
[2] | 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. | ||||
[3] | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019. | ||||
[4] | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. | ||||
[5] | 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. |
Schedule_Of_Consolidated_Debt_2
Schedule Of Consolidated Debt (Long-Term Debt Maturities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $875 | |
2016 | 724 | |
2017 | 0 | |
2018 | 1,000 | |
2019 | 544 | |
Thereafter | 6,014 | |
Total | 9,157 | |
Power [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 300 | |
2016 | 553 | |
2017 | 0 | |
2018 | 250 | |
2019 | 44 | |
Thereafter | 1,406 | |
Total | 2,553 | 2,553 |
PSE&G | ||
Debt Instrument [Line Items] | ||
2015 | 300 | |
2016 | 171 | |
2017 | 0 | |
2018 | 750 | |
2019 | 500 | |
Thereafter | 4,608 | |
Total | 6,329 | 5,579 |
Transition Funding [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 251 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Total | 251 | |
Transition Funding II [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 8 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Total | 8 | |
Energy Holdings [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 16 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Total | $16 |
Schedule_Of_Consolidated_Debt_3
Schedule Of Consolidated Debt (Long-Term Debt Financing Transactions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $4,300 | ||
Power [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,700 | ||
Proceeds from Contributed Capital | 0 | 24 | 69 |
Cash Dividends Paid to Parent Company | 895 | ||
Power [Member] | Senior Notes Four Point Three Percent Due Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 4.30% | ||
Power [Member] | Senior Notes Two Point Four Five Percentage Due Two Thousand Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 2.45% | ||
PSE&G [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | ||
Proceeds from Contributed Capital | 175 | 100 | 0 |
PSE&G [Member] | Medium Term Notes One Point Eight Percent Due In Two Thousand Nineteen [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 250 | ||
Stated interest rate of debt instrument | 1.80% | ||
PSE&G [Member] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 2.30% | ||
PSE&G [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 3.75% | ||
PSE&G [Member] | Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 2.38% | ||
PSE&G [Member] | Medium Term Notes Three Point Eight Zero Percent Due In Two Thousand Forty Three [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 3.80% | ||
PSE&G [Member] | Medium Term Notes Four Point Zero Percent due Two Thousand Forty Four [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 250 | ||
Stated interest rate of debt instrument | 4.00% | ||
PSE&G [Member] | Medium Term Notes Two Point Zero Percent Due In Two Thousand Nineteen [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 250 | ||
Stated interest rate of debt instrument | 2.00% | ||
PSE&G [Member] | Medium Term Notes Three Point One Five Percent Due In Two Thousand Twenty Four [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 250 | ||
Stated interest rate of debt instrument | 3.15% | ||
PSE&G [Member] | Medium Term Notes Three Point Zero Five Percent Due In Two Thousand Twenty Four [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 250 | ||
Stated interest rate of debt instrument | 3.05% | ||
PSE&G [Member] | Medium Term Notes Zero Point Eight Five Percentage Due On Two Thousand Fourteen [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 0.85% | ||
Repayments of Long-term Debt | 250 | ||
PSE&G [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Fourteen [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 5.00% | ||
Repayments of Long-term Debt | 250 | ||
PSE&G [Member] | Transition Fundings Securitization Debt [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | 225 | ||
PSE&G [Member] | Transition Fundings Ii Securitization Debt [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | $12 |
Schedule_Of_Consolidated_Debt_4
Schedule Of Consolidated Debt (Short-Term Liquidity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Usage | $219 | |
Available Liquidity | 4,081 | |
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 | 197 | |
Available Liquidity | 2,503 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,700 | |
PSE&G [Member] | ||
Short-term Debt [Line Items] | ||
Usage | 14 | |
Available Liquidity | 586 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |
5-year Credit Facility, April 2019 [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | |
5-year Credit Facility, April 2019 [Member] | PSEG [Member] | ||
Short-term Debt [Line Items] | ||
Usage | 8 | |
Available Liquidity | 492 | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Expiration Date | Apr-19 | |
5-year Credit Facility, April 2019 [Member] | Power [Member] | ||
Short-term Debt [Line Items] | ||
Usage | 97 | |
Available Liquidity | 1,503 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,600 | |
Expiration Date | Apr-19 | |
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 | [1] |
Expiration Date | Mar-18 | |
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-18 | |
Credit Facility Reduction in April 2016 | 29 | [2] |
Five Year Credit Facility Maturing on March 2018 [Member] | PSE&G [Member] | ||
Short-term Debt [Line Items] | ||
Usage | 14 | |
Available Liquidity | 586 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | [3] |
Expiration Date | Mar-18 | |
Credit Facility Reduction in April 2016 | 48 | [2] |
Bilateral Credit Facility [Member] | Power [Member] | ||
Short-term Debt [Line Items] | ||
Usage | 100 | |
Available Liquidity | 0 | |
Line of Credit Facility, Maximum Borrowing Capacity | $100 | |
Expiration Date | Sep-15 | |
[1] | In April 2016, this facility will be reduced by $23 million. | |
[2] | In April 2016, this facility will be reduced by $29 million. | |
[3] | In April 2016, this facility will be reduced by $48 million. |
Schedule_Of_Consolidated_Debt_5
Schedule Of Consolidated Debt (Fair Value of Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $9,144 | $8,643 | ||
Long-term Debt, Fair Value | 10,149 | 9,061 | ||
PSEG [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 14 | 24 | ||
Long-term Debt, Fair Value | 22 | [1] | 38 | [1] |
Power [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 2,543 | 2,541 | ||
Long-term Debt, Fair Value | 2,930 | [2] | 2,846 | [2] |
PSE&G | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 6,312 | 5,566 | ||
Long-term Debt, Fair Value | 6,912 | [2] | 5,629 | [2] |
Transition Funding [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 251 | 476 | ||
Long-term Debt, Fair Value | 261 | [2] | 511 | [2] |
Transition Funding II [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 8 | 20 | ||
Long-term Debt, Fair Value | 8 | [2] | 21 | [2] |
Energy Holdings [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 16 | 16 | ||
Long-term Debt, Fair Value | $16 | [3] | $16 | [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). | |||
[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, 2014 | Dec. 31, 2013 | ||
In Millions, except Share data, unless otherwise specified | ||||
Class of Stock [Line Items] | ||||
Common Stock, authorized | 1,000,000,000 | 1,000,000,000 | ||
Common Stock, Shares, outstanding | 505,836,592 | [1] | 505,857,262 | [1] |
Common Stock, book value | $4,241 | [1] | $4,246 | [1] |
DRASPP, ESPP and various employee plans [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock available for issuance through PSEG's DRASPP, ESPP and various employee benefit plans | 7,000,000 | |||
PSE&G [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, authorized | 150,000,000 | 150,000,000 | ||
PSE&G [Member] | Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common Stock, authorized | 7,500,000 | |||
Preferred stock, par value | $100 | |||
PSE&G [Member] | Cumulative Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
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 2014 or 2013. 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, 2014. |
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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Power [Member] | ||
Derivative [Line Items] | ||
Fair Value of Cash Flow Hedges | $18 | ($4) |
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $10 | ($1) |
Financial_Risk_Management_Acti3
Financial Risk Management Activities (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | $24 | $2 | |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 127 | 91 | |
Additional collateral aggregate fair value | 945 | 691 | |
PSEG [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Senior Notes converted into variable rate debt | 303 | ||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 850 | ||
Fair value of interest rate swaps designated as underlying hedges | 22 | 38 | |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 18 | 39 | |
Additional collateral aggregate fair value | 109 | 52 | |
Amount of reduction in interest expense attributed to interest rate swaps designated as fair value hedges | 20 | 19 | 22 |
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] | |||
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] | |||
Net Credit Exposure With Counterparties After Applying Collateral | 432 | ||
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 | 10 | ||
Power [Member] | Senior Notes 5.32% Due September 2016 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Senior Notes converted into variable rate debt | 300 | ||
Non Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | -8 | -3 | |
Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | 32 | 5 | |
Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | 4 | ||
Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | ($4) |
Financial_Risk_Management_Acti4
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | $240 | $98 | |
Derivative Contracts, Noncurrent Assets | 77 | 163 | |
Total Mark-to-Market Derivative Assets | 317 | 261 | |
Derivative Contracts, Current Liabilities | -132 | -76 | |
Derivative Contracts, Noncurrent Liabilities | -33 | -31 | |
Total Mark-to-Market Derivative (Liabilities) | -165 | -107 | |
Net Mark-to-Market Derivative Assets (Liabilities) | 152 | 154 | |
Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 207 | 57 | [1] |
Derivative Contracts, Noncurrent Assets | 62 | 72 | [1] |
Total Mark-to-Market Derivative Assets | 269 | 129 | [1] |
Derivative Contracts, Current Liabilities | -132 | -76 | [1] |
Derivative Contracts, Noncurrent Liabilities | -33 | -31 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -165 | -107 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 104 | 22 | [1] |
Power [Member] | Netting [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | -408 | -266 | [1],[2] |
Derivative Contracts, Noncurrent Assets | -109 | -83 | [1],[2] |
Total Mark-to-Market Derivative Assets | -517 | -349 | [1],[2] |
Derivative Contracts, Current Liabilities | 436 | 271 | [1],[2] |
Derivative Contracts, Noncurrent Liabilities | 105 | 80 | [1],[2] |
Total Mark-to-Market Derivative (Liabilities) | 541 | 351 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 24 | 2 | [1],[2] |
Power [Member] | Energy-Related Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 18 | 0 | [1] |
Derivative Contracts, Noncurrent Assets | 0 | 0 | [1] |
Total Mark-to-Market Derivative Assets | 18 | 0 | [1] |
Derivative Contracts, Current Liabilities | 0 | -4 | [1] |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] |
Total Mark-to-Market Derivative (Liabilities) | 0 | -4 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 18 | -4 | [1] |
PSE&G [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 18 | 25 | |
Derivative Contracts, Noncurrent Assets | 8 | 69 | |
PSEG [Member] | Interest Rate Swaps [Member] | Fair Value Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 15 | 16 | [1] |
Derivative Contracts, Noncurrent Assets | 7 | 22 | [1] |
Total Mark-to-Market Derivative Assets | 22 | 38 | [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) | 22 | 38 | [1] |
Not Designated as Hedging Instrument [Member] | Power [Member] | Energy-Related Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 597 | 323 | [1] |
Derivative Contracts, Noncurrent Assets | 171 | 155 | [1] |
Total Mark-to-Market Derivative Assets | 768 | 478 | [1] |
Derivative Contracts, Current Liabilities | -568 | -343 | [1] |
Derivative Contracts, Noncurrent Liabilities | -138 | -111 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -706 | -454 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 62 | 24 | [1] |
Not Designated as Hedging Instrument [Member] | PSE&G [Member] | Energy-Related Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 18 | 25 | [1] |
Derivative Contracts, Noncurrent Assets | 8 | 69 | [1] |
Total Mark-to-Market Derivative Assets | 26 | 94 | [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) | $26 | $94 | [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, 2014 and 2013. 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 Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
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) | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 | |||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | -389 | -402 | -423 | |||||||||||
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) | 12 | -4 | 28 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 1 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | -9 | 12 | 70 | |||||||||||
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) | 12 | -4 | 28 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 1 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | 1,610 | 1,138 | 986 | 1,700 | 1,245 | 1,174 | 1,193 | 1,451 | 5,434 | 5,063 | 4,873 | |||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | -122 | -116 | -132 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | -9 | 13 | 70 | |||||||||||
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) | 12 | -4 | 32 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 1 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | -9 | 13 | 79 | |||||||||||
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) | 12 | -4 | 32 | |||||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 1 | |||||||||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Operating Revenues (Effective Portion) | -9 | 13 | 79 | |||||||||||
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 | 0 | -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 | 0 | -9 | |||||||||||
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 | 0 | -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 | 0 | -9 | |||||||||||
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 | [1] | 0 | [1] | 0 | [1] | ||||||||
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Amount of gain (loss) attributed to cash flow hedges reclassified from AOCI into Earnings (effective portion) | $0 | ($1) | [1] | $0 | [1] | |||||||||
[1] | 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, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Gain (Loss) Recognized in AOCI, After-Tax | $135 | ($299) |
Less: Gain Reclassified to Income, After-Tax | 53 | 6 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance as of Beginning of Year | -4 | 12 |
Gain (Loss) Recognized in AOCI, Pre-Tax | 12 | -4 |
Less: Gain Reclassified into Income, Pre-Tax | 9 | -12 |
Balance as of End of Year | 17 | -4 |
Balance as of Beginning of Year | -2 | 7 |
Gain (Loss) Recognized in AOCI, After-Tax | -7 | 2 |
Less: Gain Reclassified to Income, After-Tax | -5 | 7 |
Balance as of End of Year | $10 | ($2) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | ($316) | ($22) | $213 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | -348 | -128 | 232 |
Energy Costs [Member] | Energy-Related Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $32 | $106 | ($19) |
Financial_Risk_Management_Acti8
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 274,000,000 | 614,000,000 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 310,000,000 | 243,000,000 |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 15,000,000 | 16,000,000 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 850,000,000 | 850,000,000 |
PSEG [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 0 | 0 |
PSEG [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 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 |
Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 216,000,000 | 466,000,000 |
Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 310,000,000 | 243,000,000 |
Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 15,000,000 | 16,000,000 |
Power [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 0 | 0 |
PSE&G [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 58,000,000 | 148,000,000 |
PSE&G [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross volume of derivative on absolute value basis | 0 | 0 |
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 |
Financial_Risk_Management_Acti9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Counterparty | ||
Power [Member] | ||
Derivative [Line Items] | ||
Credit exposure, percentage | 100.00% | |
Current Exposure | $444 | |
Securities held as Collateral | 51 | |
Net Credit Exposure With Counterparties After Applying Collateral | 432 | |
Number of Counterparties greater than 10% | 2 | |
Net Exposure of Counterparties greater than 10% | 259 | |
Number of active counterparties on credit risk derivatives | 148 | |
Power [Member] | Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 436 | |
Securities held as Collateral | 51 | |
Net Credit Exposure With Counterparties After Applying Collateral | 425 | |
Number of Counterparties greater than 10% | 2 | |
Net Exposure of Counterparties greater than 10% | 259 | [1] |
Power [Member] | Non-Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 2 | |
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 | |
Power [Member] | 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 | |
Power [Member] | Non-Investment Grade - No External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 0 | |
Securities held as Collateral | 0 | |
Net Credit Exposure With Counterparties After Applying Collateral | 0 | |
Number of Counterparties greater than 10% | 0 | |
Net Exposure of Counterparties greater than 10% | 0 | |
PSE&G [Member] | Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Net Credit Exposure With Counterparties After Applying Collateral | 206 | |
Nonaffiliated [Member] | Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Net Credit Exposure With Counterparties After Applying Collateral | $53 | |
[1] | et exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. |
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, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net cash collateral received in connection with net derivative contracts | $24 | $2 | ||
Total Mark-to-Market Derivative Assets | 317 | 261 | ||
Total Mark-to-Market Derivative (Liabilities) | -165 | -107 | ||
Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 269 | 129 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | -165 | -107 | [1] | |
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 | 365 | [2] | 439 | [2] |
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 | 896 | [3] | 892 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | 106 | [3] | 57 | [3] |
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 | [3] | 23 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | 896 | [3] | 892 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | 106 | [3] | 57 | [3] |
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 | [3] | 5 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | 294 | [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 | [3] | 5 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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] |
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 | 1 | [3] | 5 | [3] |
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 | 438 | [3] | 429 | [3] |
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 | 339 | [3] | 291 | [3] |
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 | 0 | [3] | 27 | [3] |
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 | [3] | 0 | [3] |
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 | 91 | [3] | 107 | [3] |
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 | 75 | [3] | 46 | [3] |
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 | 2 | [3] | 3 | [3] |
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 | 1 | [3] | 5 | [3] |
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 | 438 | [3] | 429 | [3] |
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 | 339 | [3] | 291 | [3] |
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 | 0 | [3] | 27 | [3] |
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 | [3] | 0 | [3] |
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 | 21 | [3] | 23 | [3] |
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 | 18 | [3] | 10 | [3] |
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 | [3] | 1 | [3] |
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 | [3] | 0 | [3] |
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 | 20 | [3] | 25 | [3] |
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 | 16 | [3] | 11 | [3] |
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 | 0 | [3] | 1 | [3] |
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] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [3] | 0 | [3] |
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 | [4] | 0 | [4] |
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 | 22 | [4] | 38 | [4] |
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 | [4] | 0 | [4] |
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 | [5] | 0 | [5] |
Total Mark-to-Market Derivative (Liabilities) | 0 | [5] | 0 | [5] |
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 | [5] | 0 | [5] |
Total Mark-to-Market Derivative (Liabilities) | 0 | [5] | 0 | [5] |
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 | [5] | 0 | [5] |
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 | 774 | [5] | 474 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -705 | [5] | -448 | [5] |
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 | 774 | [5] | 474 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -705 | [5] | -448 | [5] |
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 | [5] | 0 | [5] |
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 | 38 | [5] | 98 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -1 | [5] | -10 | [5] |
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 | 12 | [5] | 4 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -1 | [5] | -10 | [5] |
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 | 26 | [5] | 94 | [5] |
Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net cash collateral received in connection with net derivative contracts | -12 | -3 | ||
Other Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net cash collateral received in connection with net derivative contracts | 36 | 5 | ||
Cash Collateral Netting [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents | 0 | [2],[6] | 0 | [2],[6] |
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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[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 | [3],[6] | 0 | [3],[6] |
Cash Collateral Netting [Member] | Interest Rate Swaps [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 0 | [4],[6] | 0 | [4],[6] |
Cash Collateral Netting [Member] | Energy-Related Contracts [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | -517 | [5],[6] | -349 | [5],[6] |
Total Mark-to-Market Derivative (Liabilities) | 541 | [5],[6] | 351 | [5],[6] |
Cash Collateral Netting [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | -517 | [5],[6] | -349 | [5],[6] |
Total Mark-to-Market Derivative (Liabilities) | 541 | [5],[6] | 351 | [5],[6] |
Cash Collateral Netting [Member] | Energy-Related Contracts [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],[6] | 0 | [5],[6] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents | 365 | [2] | 439 | [2] |
Total Mark-to-Market Derivative Assets | 22 | [4] | ||
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 | [3] | 897 | [3] |
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 | 438 | [3] | 429 | [3] |
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 | 339 | [3] | 291 | [3] |
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 | 106 | [3] | 84 | [3] |
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 | [3] | 23 | [3] |
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 | 91 | [3] | 107 | [3] |
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 | 75 | [3] | 46 | [3] |
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 | 2 | [3] | 3 | [3] |
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 | [3] | 897 | [3] |
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 | 438 | [3] | 429 | [3] |
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 | 339 | [3] | 291 | [3] |
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 | 106 | [3] | 84 | [3] |
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 | [3] | 5 | [3] |
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 | 21 | [3] | 23 | [3] |
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 | 18 | [3] | 10 | [3] |
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 | [3] | 1 | [3] |
Total Estimate Of Fair Value [Member] | PSE&G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents | 294 | [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 | [3] | 5 | [3] |
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 | 20 | [3] | 25 | [3] |
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 | 16 | [3] | 11 | [3] |
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 | 0 | [3] | 1 | [3] |
Total Estimate Of Fair Value [Member] | Interest Rate Swaps [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 38 | [4] | ||
Total Estimate Of Fair Value [Member] | Energy-Related Contracts [Member] | PSEG [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 295 | [5] | 223 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -165 | [5] | -107 | [5] |
Total Estimate Of Fair Value [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 269 | [5] | 129 | [5] |
Total Mark-to-Market Derivative (Liabilities) | -165 | [5] | -107 | [5] |
Total Estimate Of Fair Value [Member] | Energy-Related Contracts [Member] | PSE&G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | $26 | [5] | $94 | [5] |
[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, 2014 and 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | |||
[2] | Represents money market mutual funds | |||
[3] | 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. | |||
[4] | 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. | |||
[5] | 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. | |||
[6] | 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, 2014, net cash collateral (received) paid of $24 million was netted against the corresponding net derivative contract positions. Of the $24 million of cash collateral as of December 31, 2014, $(12) million was netted against assets, and $36 million was netted against liabilities. 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 of cash collateral as of December 31, 2013, $(3) million was netted against assets and $5 million was netted against liabilities. |
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, 2014 | Dec. 31, 2013 | ||
PSEG [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | $38 | $98 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | 10 | ||
Power [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 12 | 4 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | 10 | ||
PSE&G [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 26 | 94 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||
Forward Contracts [Member] | PSE&G [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 26 | 94 | [1] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | [1] | |
Fair Value Measurements, Valuation Techniques | Discounted Cash Flow | Discounted Cash Flow | ||
Fair Value Measurement With Significant Unobservable Inputs | Transportation Costs | Transportation Costs | ||
Forward Contracts [Member] | Megawatt Hours [Member] | PSE&G [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Transportation Costs | 0.7 | 0.7 | ||
Forward Contracts [Member] | Megawatt Hours [Member] | PSE&G [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Transportation Costs | 1 | 1 | ||
Electric Swaps [Member] | Power [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 3 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | |||
Fair Value Measurements, Valuation Techniques | Discounted Cash Flow | |||
Fair Value Measurement With Significant Unobservable Inputs | Power Basis | |||
Electric Swaps [Member] | Power [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Power Basis Range | 0 | |||
Electric Swaps [Member] | Power [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Power Basis Range | 10 | |||
Electric Load Contracts [Member] | Power [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 12 | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1 | 8 | ||
Fair Value Measurements, Valuation Techniques | Discounted Cash flow | Discounted Cash Flow | ||
Fair Value Measurement With Significant Unobservable Inputs | Historic Load Variability | Historic Load Variability | ||
Electric Load Contracts [Member] | Power [Member] | Minimum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Historic Load Variability | 0.00% | -5.00% | ||
Electric Load Contracts [Member] | Power [Member] | Maximum [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Historic Load Variability | 10.00% | 10.00% | ||
Various [Member] | Power [Member] | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Assets, Fair Value Disclosure | 0 | [2] | 1 | [1] |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $0 | [2] | $1 | [1] |
[1] | Includes gas supply positions which were immaterial as of December 31, 2013. | |||
[2] | Includes gas supply positions and long-term electric capacity positions which were immaterial as of December 31, 2014. |
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 | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Settlements | $51,000,000 | $8,000,000 | ||
Net Assets Measured At Fair Value On A Recurring Basis | 2,500,000,000 | 2,500,000,000 | ||
Net Assets Measured At Fair Value On A Recurring Basis Measured Using Unobservable Input And Classified As Level3 | 37,000,000 | 88,000,000 | ||
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 | -31,000,000 | -27,000,000 | ||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | 22,000,000 | -19,000,000 | ||
Derivative [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | -3,000,000 | 4,000,000 | ||
Net Derivative Assets (Liabilities) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Opening Balance | 88,000,000 | -31,000,000 | ||
Included in Income | 31,000,000 | [1] | 27,000,000 | [1] |
Included in Regulatory Assets/Liabilities | -68,000,000 | [2] | 134,000,000 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | -51,000,000 | [3] | -8,000,000 | [3] |
Transfers In (Out) | 3,000,000 | [4] | -4,000,000 | [4] |
Closing Balance | 37,000,000 | 88,000,000 | ||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Opening Balance | -6,000,000 | 9,000,000 | ||
Included in Income | 31,000,000 | [1] | 27,000,000 | [1] |
Included in Regulatory Assets/Liabilities | 0 | [2] | 0 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | -51,000,000 | [3] | -8,000,000 | [3] |
Transfers In (Out) | 3,000,000 | [4] | -4,000,000 | [4] |
Closing Balance | 11,000,000 | -6,000,000 | ||
Net Derivative Assets (Liabilities) [Member] | PSE&G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Opening Balance | 94,000,000 | -40,000,000 | ||
Included in Income | 0 | [1] | 0 | [1] |
Included in Regulatory Assets/Liabilities | -68,000,000 | [2] | 134,000,000 | [2] |
Purchases, (Sales) | 0 | 0 | ||
Issuances (Settlements) | 0 | [3] | 0 | [3] |
Transfers In (Out) | 0 | [4] | 0 | [4] |
Closing Balance | $26,000,000 | $94,000,000 | ||
[1] | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(31) million and $(27) million in Operating Income in 2014 and 2013, respectively. Of the $(31) million in Operating Income in 2014, $22 million is unrealized. Of the $(27) million in Operating Income in 2013, $(19) million is unrealized. | |||
[2] | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income (Loss), as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | |||
[3] | Represents $51 million and $8 million in settlements for derivative contracts in 2014 and 2013, respectively. | |||
[4] | During the years ended December 31, 2014 and 2013, $(3) million and $4 million, respectively, 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. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Net Assets Measured At Fair Value On A Recurring Basis | $2,500,000,000 | $2,500,000,000 |
Net Assets Measured At Fair Value On A Recurring Basis Measured Using Unobservable Input And Classified As Level3 | $37,000,000 | $88,000,000 |
Stock_Based_Compensation_Accru
Stock Based Compensation (Accrual Adjustments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation Cost included in Operation and Maintenance Expense | $32 | $32 | $25 |
Income Tax Benefit Recognized in Consolidated Statement of Operations | $13 | $13 | $10 |
Stock_Based_Compensation_Stock
Stock Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options, Beginning of Year | 2,615,166 |
Options, Exercised | 519,250 |
Options, Canceled/Forfeited | 20,066 |
Options, End of Year | 2,075,850 |
Options, Exercisable at End of Year | 2,075,850 |
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 | $34.43 |
Options, Exercised, Weighted Average Exercise Price | $30.51 |
Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $39.88 |
Options, End of Year, Weighted Average Exercise Price | $35.35 |
Options, Exercisable at End of Year, Weighted Average Exercise Price | $35.35 |
Options, Outstanding at End of Year, Weighted Average Remaining Years Contractual Term | 3 years 9 months 18 days |
Options, Exercisable at End of Year, Weighted Average Remaining Years Contractual Term | 3 years 9 months 18 days |
Options, Outstanding at End of Year, Aggregate Intrinsic Value | $15,016,886 |
Options, Exercisable at End of Year, Aggregate Intrinsic Value | $15,016,886 |
Stock_Based_Compensation_Optio
Stock Based Compensation (Options Exercised) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total Intrinsic Value of Options Exercised | $4 | $1 | $4 |
Cash Received from Options Exercised | 16 | 7 | 7 |
Tax Benefit Realized from Options Exercised | $0 | $0 | $1 |
Stock_Based_Compensation_Restr
Stock Based Compensation (Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
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 Beginning of Year | 8,800 |
Shares, Vested | 8,800 |
Shares, Outstanding at End of Year | 0 |
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 Beginning of Year, Weighted Average Grant Date Fair Value | $30.18 |
Shares, Vested, Weighted Average Grant Date Fair Value | $30.18 |
Shares, Outstanding at End of Year, Weighted Average Grant Date Fair Value | $0 |
Shares, Outstanding at End of Year, Weighted Average Remaining Years Contractual Term | 0 years |
Shares, Outstanding at End of Year, Aggregate Intrinsic Value | $0 |
Stock_Based_Compensation_Restr1
Stock Based Compensation (Restricted Stock Units Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 Beginning of Year | 1,047,569 | ||
Shares, Granted | 356,240 | ||
Shares, Vested | -325,504 | ||
Shares, Canceled | -9,276 | ||
Shares, Outstanding at End of Year | 1,069,029 | 1,047,569 | |
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 Beginning of Year, Weighted Average Grant Date Fair Value | $31.30 | ||
Shares, Granted, Weighted Average Grant Date Fair Value | $35.16 | $31.41 | $30.95 |
Shares, Vested, Weighted Average Grant Date Fair Value | $31.57 | ||
Shares, Canceled, Weighted Average Grant Date Fair Value | $33.95 | ||
Shares, Outstanding at End of Year, Weighted Average Grant Date Fair Value | $32.49 | $31.30 | |
Shares, Outstanding at End of Year, Weighted Average Remaining Years Contractual Term | 1 year 1 month 5 days | ||
Shares, Outstanding at End of Year, Aggregate Intrinsic Value | $44,268,491 |
Stock_Based_Compensation_Perfo
Stock Based Compensation (Performance Units Information) (Details) (Performance Units [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 Beginning of Year | 802,118 | ||
Shares, Granted | 358,265 | ||
Shares, Vested | -382,504 | ||
Shares, Canceled | -12,246 | ||
Shares, Outstanding at End of Year | 765,633 | 802,118 | |
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 Beginning of Year, Weighted Average Grant Date Fair Value | $33.25 | ||
Shares, Granted, Weighted Average Grant Date Fair Value | $38.94 | $35.07 | $31.25 |
Shares, Vested, Weighted Average Grant Date Fair Value | $31.25 | ||
Shares, Cancelled, Weighted Average Grant Date Fair Value | $36.45 | ||
Shares, Outstanding at End of Year, Weighted Average Grant Date Fair Value | $36.86 | $33.25 | |
Shares, Outstanding at End of Year, Weighted Average Remaining Years Contractual Term | 1 year 6 months 6 days | ||
Shares, Outstanding at End of Year, Aggregate Intrinsic Value | $31,704,863 |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 16,000,000 | ||
Excess tax benefits less than $1 million in 2012 | $1 | ||
Stock options vested during period less than 1 million in 2013 and 2012 | 1,000,000 | 1,000,000 | |
Total Fair Value of stock options vested | 1 | 3 | |
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 | 207,248 | 257,513 | 191,572 |
Shares issued under employee purchase plan, Average price per share | $36.07 | $30.57 | $31.32 |
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 | 16,000,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of restricted stock units vested | 2 | 2 | 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 | $35.16 | $31.41 | $30.95 |
Unrecognized compensation cost related to stock options expected to be recognized | 5 | ||
Weighted average period for recognizing unrecognized compensation cost | 1 year | ||
Total intrinsic value of restricted stock units vested | 12 | 4 | 5 |
Dividend equivalents accrued on stock units | 42,648 | ||
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of granted shares | $38.94 | $35.07 | $31.25 |
Total intrinsic value of performance units vested | 6 | 5 | 4 |
Unrecognized compensation cost related to stock options expected to be recognized | $14 | ||
Weighted average period for recognizing unrecognized compensation cost | 1 year | ||
Dividend equivalents accrued on stock units | 45,779 | ||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Other Income [Roll Forward] | |||
NDT Fund Gains, Interest, Dividend and Other Income | $219 | $152 | $194 |
Allowance for Funds Used During Construction | 31 | 24 | 23 |
Solar Loan Interest | 24 | 23 | 18 |
Other | -16 | -14 | -25 |
Total Other Income | 290 | 213 | 260 |
PSE&G [Member] | |||
Components of Other Income [Roll Forward] | |||
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 |
Allowance for Funds Used During Construction | 31 | 24 | 23 |
Solar Loan Interest | 24 | 23 | 18 |
Other | -6 | -7 | -11 |
Total Other Income | 61 | 54 | 52 |
Power [Member] | |||
Components of Other Income [Roll Forward] | |||
NDT Fund Gains, Interest, Dividend and Other Income | 219 | 152 | 194 |
Allowance for Funds Used During Construction | 0 | 0 | 0 |
Solar Loan Interest | 0 | 0 | 0 |
Other | -3 | -2 | -7 |
Total Other Income | 222 | 154 | 201 |
Other [Member] | |||
Components of Other Income [Roll Forward] | |||
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 | -7 | -5 | -7 |
Total Other Income | $7 | $5 | $7 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Components of Other Deductions [Roll Forward] | ||||||
NDT Fund Realized Losses and Expenses | $31 | $34 | $58 | |||
Gains (Losses) on Extinguishment of Debt | 15 | |||||
Other | 30 | 20 | 25 | |||
Total Other Deductions | 61 | 54 | 98 | |||
PSE&G [Member] | ||||||
Components of Other Deductions [Roll Forward] | ||||||
NDT Fund Realized Losses and Expenses | 0 | 0 | 0 | |||
Gains (Losses) on Extinguishment of Debt | 0 | |||||
Other | 3 | 3 | 5 | |||
Total Other Deductions | 3 | 3 | 5 | |||
Power [Member] | ||||||
Components of Other Deductions [Roll Forward] | ||||||
NDT Fund Realized Losses and Expenses | 31 | 34 | 58 | |||
Gains (Losses) on Extinguishment of Debt | 15 | |||||
Other | 21 | 15 | 17 | |||
Total Other Deductions | 52 | 49 | 90 | |||
Other [Member] | ||||||
Components of Other Deductions [Roll Forward] | ||||||
NDT Fund Realized Losses and Expenses | 0 | [1] | 0 | [1] | 0 | [1] |
Gains (Losses) on Extinguishment of Debt | 0 | [1] | ||||
Other | 6 | [1] | 2 | [1] | 3 | [1] |
Total Other Deductions | $6 | [1] | $2 | [1] | $3 | [1] |
[1] | Other primarily consists of activity at PSEG (as 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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||||||||||
Net Income | $476 | $444 | $212 | $386 | $200 | $390 | $333 | $320 | |||
Net Income | 1,518 | 1,243 | 1,275 | ||||||||
Federal | 335 | 487 | -204 | ||||||||
State | 58 | 42 | -2 | ||||||||
Total Current | 393 | 529 | -206 | ||||||||
Federal | 262 | 147 | 758 | ||||||||
State | 260 | 118 | 125 | ||||||||
Total Deferred | 522 | 265 | 883 | ||||||||
Investment tax credit | 23 | 18 | 59 | ||||||||
Total Income Tax | 938 | 812 | 736 | ||||||||
Pre-Tax Income | 2,456 | 2,055 | 2,011 | ||||||||
Tax Computed at Statutory Rate @ 35% | 860 | 719 | 704 | ||||||||
State Income Taxes (net of federal income tax) | 145 | 108 | 115 | ||||||||
Uncertain Tax Positions | -9 | 10 | 4 | ||||||||
Manufacturing Deduction | -16 | -9 | 0 | ||||||||
Nuclear Decommissioning Trust | 14 | 12 | 10 | ||||||||
Plant-Related Items | -13 | -14 | -5 | ||||||||
Tax Credits | -14 | -9 | -10 | ||||||||
Audit Settlement | -12 | 0 | -71 | ||||||||
Other | -17 | -5 | -11 | ||||||||
Sub-Total | 78 | 93 | 32 | ||||||||
Total Income Tax Provision | 938 | 812 | 736 | ||||||||
Effective income tax rate | 38.20% | 39.50% | 36.60% | ||||||||
Power [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Net Income | 320 | 222 | 54 | 164 | 67 | 226 | 210 | 141 | |||
Net Income | 760 | 644 | 666 | ||||||||
Federal | 231 | 262 | 30 | ||||||||
State | 39 | 40 | 51 | ||||||||
Total Current | 270 | 302 | 81 | ||||||||
Federal | 163 | 69 | 279 | ||||||||
State | 48 | 35 | 37 | ||||||||
Total Deferred | 211 | 104 | 316 | ||||||||
Investment tax credit | 10 | 13 | 36 | ||||||||
Total Income Tax | 491 | 419 | 433 | ||||||||
Pre-Tax Income | 1,251 | 1,063 | 1,099 | ||||||||
Tax Computed at Statutory Rate @ 35% | 438 | 372 | 385 | ||||||||
State Income Taxes (net of federal income tax) | 58 | 51 | 55 | ||||||||
Uncertain Tax Positions | -8 | 3 | -6 | ||||||||
Manufacturing Deduction | -16 | -10 | 0 | ||||||||
Nuclear Decommissioning Trust | 15 | 12 | 10 | ||||||||
Tax Credits | -6 | -2 | -7 | ||||||||
Audit Settlement | -4 | 0 | -1 | ||||||||
Other | 14 | -7 | -3 | ||||||||
Sub-Total | 53 | 47 | 48 | ||||||||
Total Income Tax Provision | 491 | 419 | 433 | ||||||||
Effective income tax rate | 39.20% | 39.40% | 39.40% | ||||||||
PSE&G [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Net Income | 160 | 200 | 151 | 214 | 144 | 168 | 121 | 179 | |||
Net Income | 725 | 612 | 528 | ||||||||
Federal | 124 | 183 | -217 | ||||||||
State | 16 | 0 | 9 | ||||||||
Total Current | 140 | 183 | -208 | ||||||||
Federal | 214 | 101 | 409 | ||||||||
State | 84 | 92 | 83 | ||||||||
Total Deferred | 298 | 193 | 492 | ||||||||
Investment tax credit | 11 | 5 | 23 | ||||||||
Total Income Tax | 449 | 381 | 307 | ||||||||
Pre-Tax Income | 1,174 | 993 | 835 | ||||||||
Tax Computed at Statutory Rate @ 35% | 411 | 348 | 292 | ||||||||
State Income Taxes (net of federal income tax) | 65 | 59 | 52 | ||||||||
Uncertain Tax Positions | 0 | 0 | 7 | ||||||||
Plant-Related Items | -13 | -14 | -4 | ||||||||
Tax Credits | -7 | -6 | -3 | ||||||||
Audit Settlement | 1 | 0 | -31 | ||||||||
Other | -8 | -6 | -6 | ||||||||
Sub-Total | 38 | 33 | 15 | ||||||||
Total Income Tax Provision | $449 | $381 | $307 | ||||||||
Effective income tax rate | 38.20% | 38.40% | 36.80% |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||
Current (net) | $11,000,000 | $24,000,000 |
Accumulated Other Comprehensive Income (Loss) | 0 | 3,000,000 |
OPEB | 269,000,000 | 280,000,000 |
Related to Uncertain Tax Positions | 160,000,000 | 201,000,000 |
Deferred Tax Assets - Securitization Overcollection | 55,000,000 | 0 |
Other | 0 | 124,000,000 |
Total Noncurrent Assets | 484,000,000 | 608,000,000 |
Total Assets | 495,000,000 | 632,000,000 |
Current (net) | 173,000,000 | 0 |
Current Deferred Tax Liabilities Securitization | 163,000,000 | 0 |
Current Deferred Tax Liabilities Other | 10,000,000 | 0 |
Plant-Related Items | 5,422,000,000 | 4,865,000,000 |
New Jersey Corporate Business Tax | 535,000,000 | 534,000,000 |
Securitization | 0 | 279,000,000 |
Leasing Activities | 623,000,000 | 639,000,000 |
Pension Costs | 219,000,000 | 288,000,000 |
AROs and NDT Fund | 419,000,000 | 523,000,000 |
Taxes Recoverable Through Future Rate (net) | 196,000,000 | 181,000,000 |
Deferred Tax Liabilities, Other | 240,000,000 | 293,000,000 |
Total Non-Current Liabilities | 7,654,000,000 | 7,602,000,000 |
Total Liabilities | 7,827,000,000 | 7,602,000,000 |
Net Current Deferred Tax Assets | 11,000,000 | 24,000,000 |
Net Current Deferred Income Tax Liabilities | 173,000,000 | 0 |
Net Noncurrent Deferred Income Tax Liabilities | 7,170,000,000 | 6,994,000,000 |
Investment Tax Credit (ITC) | 133,000,000 | 113,000,000 |
Net Total Noncurrent Deferred Income Taxes and ITC | 7,303,000,000 | 7,107,000,000 |
PSE&G [Member] | ||
Income Taxes [Line Items] | ||
Current (net) | 24,000,000 | 16,000,000 |
OPEB | 173,000,000 | 182,000,000 |
Deferred Tax Assets - Securitization Overcollection | 55,000,000 | 0 |
Total Noncurrent Assets | 228,000,000 | 182,000,000 |
Total Assets | 252,000,000 | 198,000,000 |
Current (net) | 165,000,000 | 30,000,000 |
Current Deferred Tax Liabilities Securitization | 163,000,000 | 0 |
Current Deferred Tax Liabilities Other | 2,000,000 | 30,000,000 |
Plant-Related Items | 3,869,000,000 | 3,439,000,000 |
New Jersey Corporate Business Tax | 268,000,000 | 340,000,000 |
Securitization | 0 | 279,000,000 |
Conservation Costs | 48,000,000 | 52,000,000 |
Pension Costs | 269,000,000 | 171,000,000 |
Taxes Recoverable Through Future Rate (net) | 196,000,000 | 181,000,000 |
Deferred Tax Liabilities, Other | 84,000,000 | 68,000,000 |
Total Non-Current Liabilities | 4,734,000,000 | 4,530,000,000 |
Total Liabilities | 4,899,000,000 | 4,560,000,000 |
Net Current Deferred Tax Assets | 24,000,000 | 16,000,000 |
Net Current Deferred Income Tax Liabilities | 165,000,000 | 30,000,000 |
Net Noncurrent Deferred Income Tax Liabilities | 4,506,000,000 | 4,348,000,000 |
Investment Tax Credit (ITC) | 69,000,000 | 58,000,000 |
Net Total Noncurrent Deferred Income Taxes and ITC | 4,575,000,000 | 4,406,000,000 |
Power [Member] | ||
Income Taxes [Line Items] | ||
Current (net) | 0 | 30,000,000 |
Contractual Liabilities & Environmental Costs | 18,000,000 | 35,000,000 |
Related to Uncertain Tax Positions | 23,000,000 | 32,000,000 |
Other | 70,000,000 | 91,000,000 |
Total Noncurrent Assets | 163,000,000 | 158,000,000 |
Total Assets | 163,000,000 | 188,000,000 |
Current (net) | 43,000,000 | 0 |
Plant-Related Items | 1,552,000,000 | 1,416,000,000 |
New Jersey Corporate Business Tax | 192,000,000 | 81,000,000 |
Pension Costs | 0 | 77,000,000 |
AROs and NDT Fund | 420,000,000 | 523,000,000 |
Deferred Tax Liabilities, Other | 0 | 36,000,000 |
Total Non-Current Liabilities | 2,164,000,000 | 2,135,000,000 |
Total Liabilities | 2,207,000,000 | 2,135,000,000 |
Net Current Deferred Tax Assets | 0 | 30,000,000 |
Net Current Deferred Income Tax Liabilities | 43,000,000 | 0 |
Net Noncurrent Deferred Income Tax Liabilities | 2,001,000,000 | 1,977,000,000 |
Investment Tax Credit (ITC) | 64,000,000 | 54,000,000 |
Net Total Noncurrent Deferred Income Taxes and ITC | 2,065,000,000 | 2,031,000,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 52,000,000 | 0 |
Deferred Tax Liabilities, Other Comprehensive Income | $0 | $2,000,000 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 16 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 09, 2014 |
Income Taxes [Line Items] | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $59 | |||||
Net operating loss carryforwards | 243 | |||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 121 | |||||
Income Tax Examination, Tax Expense | -12 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 60 | 0 | 389 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 190 | 30 | 173 | |||
PSEG [Member] | ||||||
Income Taxes [Line Items] | ||||||
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% | ||||
Power [Member] | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 2 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 24 | 0 | 10 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 80 | 19 | 7 | |||
PSE&G [Member] | ||||||
Income Taxes [Line Items] | ||||||
Unrecognized Tax Benefits, Period Increase (Decrease) | 23 | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 32 | 0 | 0 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $92 | $9 | $47 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Total Amount of Unrecognized Tax Benefits at January | $478 | $402 | $825 |
Increases as a Result of Positions Taken in a Prior Period | 82 | 83 | 92 |
Decreases as a Result of Positions Taken in a Prior Period | -190 | -30 | -173 |
Increases as a Result of Positions Taken during the Current Period | 30 | 23 | 47 |
Decreases as a Result of Positions Taken during the Current Period | -8 | 0 | 0 |
Decreases as a Result of Settlements with Taxing Authorities | -60 | 0 | -389 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 332 | 478 | 402 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -225 | -320 | -264 |
Regulatory Asset-Unrecognized Tax Benefits | -27 | -30 | -30 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 80 | 128 | 108 |
Power [Member] | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Total Amount of Unrecognized Tax Benefits at January | 156 | 134 | 121 |
Increases as a Result of Positions Taken in a Prior Period | 17 | 33 | 27 |
Decreases as a Result of Positions Taken in a Prior Period | -80 | -19 | -7 |
Increases as a Result of Positions Taken during the Current Period | 9 | 8 | 3 |
Decreases as a Result of Positions Taken during the Current Period | -8 | 0 | 0 |
Decreases as a Result of Settlements with Taxing Authorities | -24 | 0 | -10 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 70 | 156 | 134 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -52 | -105 | -93 |
Regulatory Asset-Unrecognized Tax Benefits | 0 | 0 | 0 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 18 | 51 | 41 |
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 | 208 | 163 | 113 |
Increases as a Result of Positions Taken in a Prior Period | 65 | 39 | 55 |
Decreases as a Result of Positions Taken in a Prior Period | -92 | -9 | -47 |
Increases as a Result of Positions Taken during the Current Period | 16 | 15 | 42 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | 0 |
Decreases as a Result of Settlements with Taxing Authorities | -32 | 0 | 0 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 165 | 208 | 163 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -138 | -177 | -133 |
Regulatory Asset-Unrecognized Tax Benefits | -27 | -30 | -30 |
Amount of unrecognized tax benefits that would affect the effective tax rate | 0 | 1 | 0 |
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 | 110 | 101 | 555 |
Increases as a Result of Positions Taken in a Prior Period | 0 | 11 | 9 |
Decreases as a Result of Positions Taken in a Prior Period | -18 | -2 | -119 |
Increases as a Result of Positions Taken during the Current Period | 5 | 0 | 0 |
Decreases as a Result of Positions Taken during the Current Period | 0 | 0 | 0 |
Decreases as a Result of Settlements with Taxing Authorities | -2 | 0 | -344 |
Decreases due to Lapses of Applicable Statute of Limitations | 0 | 0 | 0 |
Total Amount of Unrecognized Tax Benefits at December | 95 | 110 | 101 |
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits | -35 | -37 | -35 |
Regulatory Asset-Unrecognized Tax Benefits | 0 | 0 | 0 |
Amount of unrecognized tax benefits that would affect the effective tax rate | $60 | $73 | $66 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Interest and Penalties on Uncertain Tax Positions | $69 | $48 | $38 |
PSE&G [Member] | |||
Income Taxes [Line Items] | |||
Interest and Penalties on Uncertain Tax Positions | 15 | 6 | 1 |
Power [Member] | |||
Income Taxes [Line Items] | |||
Interest and Penalties on Uncertain Tax Positions | 9 | -2 | -2 |
Energy Holdings [Member] | |||
Income Taxes [Line Items] | |||
Interest and Penalties on Uncertain Tax Positions | $45 | $44 | $39 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Possible Decrease in Total Unrecognized Tax Benefits including Interest | $59 | ||
Power [Member] | |||
Income Taxes [Line Items] | |||
Possible Decrease in Total Unrecognized Tax Benefits including Interest | 2 | ||
PSE&G [Member] | |||
Income Taxes [Line Items] | |||
Possible Decrease in Total Unrecognized Tax Benefits including Interest | $23 |
Income_Taxes_Description_Of_In
Income Taxes (Description Of Income Tax Years By Material Jurisdictions) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Federal [Member] | PSEG [Member] | |
Income Taxes [Line Items] | |
Income Tax Year Subject to Examination by Material Jurisdictions | 2011-2013 |
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 | 2006-2013 |
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 | 2006-2013 |
Pennsylvania [Member] | PSEG [Member] | |
Income Taxes [Line Items] | |
Income Tax Year Subject to Examination by Material Jurisdictions | 2001-2013 |
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 | 2000-2013 |
Connecticut [Member] | PSEG [Member] | |
Income Taxes [Line Items] | |
Income Tax Year Subject to Examination by Material Jurisdictions | 2002-2013 |
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 | 2007-2013 |
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 | 2003-2013 |
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 | 2009-2013 |
New York [Member] | Power [Member] | |
Income Taxes [Line Items] | |
Income Tax Year Subject to Examination by Material Jurisdictions | 2009-2013 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | ($95) | ($388) | |
Other Comprehensive Income before Reclassifications | -135 | 299 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -53 | -6 | |
Net Current Period Other Comprehensive Income (Loss) | -188 | 293 | -51 |
Ending Balance | -283 | -95 | -388 |
Power [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -63 | -328 | |
Other Comprehensive Income before Reclassifications | -110 | 276 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -55 | -11 | |
Net Current Period Other Comprehensive Income (Loss) | -165 | 265 | -52 |
Ending Balance | -228 | -63 | -328 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -2 | 7 | |
Other Comprehensive Income before Reclassifications | 7 | -2 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | -7 | |
Net Current Period Other Comprehensive Income (Loss) | 12 | -9 | |
Ending Balance | 10 | -2 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Power [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -1 | 9 | |
Other Comprehensive Income before Reclassifications | 7 | -2 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | -8 | |
Net Current Period Other Comprehensive Income (Loss) | 12 | -10 | |
Ending Balance | 11 | -1 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -238 | -485 | |
Other Comprehensive Income before Reclassifications | -184 | 210 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 11 | 37 | |
Net Current Period Other Comprehensive Income (Loss) | -173 | 247 | |
Ending Balance | -411 | -238 | |
Accumulated Defined Benefit Plans Adjustment [Member] | Power [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | -204 | -422 | |
Other Comprehensive Income before Reclassifications | -156 | 185 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 9 | 33 | |
Net Current Period Other Comprehensive Income (Loss) | -147 | 218 | |
Ending Balance | -351 | -204 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 145 | 90 | |
Other Comprehensive Income before Reclassifications | 42 | 91 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -69 | -36 | |
Net Current Period Other Comprehensive Income (Loss) | -27 | 55 | |
Ending Balance | 118 | 145 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Power [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 142 | 85 | |
Other Comprehensive Income before Reclassifications | 39 | 93 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -69 | -36 | |
Net Current Period Other Comprehensive Income (Loss) | -30 | 57 | |
Ending Balance | $112 | $142 |
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, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from Accumulated Other Comprehensive Income, Pre-Tax | $108 | $23 |
Amount Reclassified from Accumulated Other Comprehensive Income, Tax | -55 | -17 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 53 | 6 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 135 | 75 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -66 | -39 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 69 | 36 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 69 | 36 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Pension and OPEB Plans, Pre-Tax | -18 | -64 |
Amount Reclassified from AOCI for Pension and OPEB Plans, Tax | 7 | 27 |
Amount Reclassified from AOCI for Pension and OPEB Plans, After-Tax | -11 | -37 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -11 | -37 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | -9 | 12 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | 4 | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | -5 | 7 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -5 | 7 |
Operating Revenues [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | -9 | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | 4 | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | -5 | 8 |
Operation and Maintenance Expense [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of Prior Service (Cost) Credit, After-Tax | 6 | 7 |
Amortization of Actuarial Loss, After-Tax | -17 | -44 |
Operation and Maintenance Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of Prior Service (Cost) Credit, Pre-Tax | -10 | 11 |
Amortization of Prior Service (Cost) Credit, Tax | -4 | -4 |
Amortization of Actuarial Loss, Pre-Tax | 28 | 75 |
Amortization of Actuarial Loss, Tax | -11 | 31 |
Other Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 181 | 116 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -89 | -59 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | -92 | -57 |
Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
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] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | -26 | -29 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | 13 | 14 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 13 | 15 |
Other-Than-Temporary Impairments [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | -20 | -12 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | 10 | 6 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | -10 | -6 |
Power [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of Actuarial Loss, After-Tax | -14 | -38 |
Amount Reclassified from Accumulated Other Comprehensive Income, Pre-Tax | 109 | 32 |
Amount Reclassified from Accumulated Other Comprehensive Income, Tax | -54 | -21 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 55 | 11 |
Power [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 134 | 74 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -65 | -38 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 69 | 36 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | 69 | 36 |
Power [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Pension and OPEB Plans, Pre-Tax | -16 | -55 |
Amount Reclassified from AOCI for Pension and OPEB Plans, Tax | 7 | 22 |
Amount Reclassified from AOCI for Pension and OPEB Plans, After-Tax | -9 | -33 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -9 | -33 |
Power [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | -9 | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | 4 | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | -5 | 8 |
Amount Reclassified from Accumulated Other Comprehensive Income, After-Tax | -5 | 8 |
Power [Member] | Operating Revenues [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Cash Flow Hedges, Pre-Tax | -9 | 13 |
Amount Reclassified from AOCI for Cash Flow Hedges, Tax | 4 | -5 |
Amount Reclassified from AOCI for Cash Flow Hedges, After-Tax | -5 | 8 |
Power [Member] | Operation and Maintenance Expense [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of Prior Service (Cost) Credit, After-Tax | 5 | 5 |
Power [Member] | Operation and Maintenance Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of Prior Service (Cost) Credit, Pre-Tax | -9 | -9 |
Amortization of Prior Service (Cost) Credit, Tax | -4 | -4 |
Amortization of Actuarial Loss, Pre-Tax | -25 | -64 |
Amortization of Actuarial Loss, Tax | 11 | 26 |
Power [Member] | Other Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | 178 | 112 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | -87 | -57 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | -91 | -55 |
Power [Member] | Other Deductions [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | -24 | -26 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | 12 | 13 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | 12 | 13 |
Power [Member] | Other-Than-Temporary Impairments [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amount Reclassified from AOCI for Available for Sale Securities, Pre-Tax | -20 | -12 |
Amount Reclassified from AOCI for Available for Sale Securities, Tax | 10 | 6 |
Amount Reclassified from AOCI for Available for Sale Securities, After-Tax | ($10) | ($6) |
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 Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Diluted [Line Items] | |||||||||||
Net Income | $1,518 | $1,243 | $1,275 | ||||||||
Effect of Stock Based Compensation Awards, Basic | 0 | 0 | 0 | ||||||||
Total Shares, Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 507 | 506 | 506 | 506 |
Effect of Stock Based Compensation Awards, Diluted | 2 | 2 | 1 | ||||||||
Total Shares, Diluted | 508 | 507 | 508 | 508 | 508 | 508 | 508 | 507 | 508 | 508 | 507 |
Weighted Average Common Shares Outstanding Before Various Effects Basic | 506 | 506 | 506 | ||||||||
Weighted Average Common Shares Outstanding Before Various Effects Diluted | 506 | 506 | 506 | ||||||||
Earnings Per Share, Basic | $0.94 | $0.88 | $0.42 | $0.76 | $0.40 | $0.77 | $0.66 | $0.63 | $3 | $2.46 | $2.52 |
Earnings Per Share, Diluted | $0.94 | $0.87 | $0.42 | $0.76 | $0.39 | $0.77 | $0.66 | $0.63 | $2.99 | $2.45 | $2.51 |
Stock Options Excluded from Weighted Average Common Shares used for diluted EPS | 0.4 | 1.6 | 1.8 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2015 |
Earnings Per Share, Diluted [Line Items] | ||||
Dividend Payments on Common Stock, Per Share | $1.48 | $1.44 | $1.42 | |
Dividend Payments on Common Stock | $748 | $728 | $718 | |
Subsequent Event [Member] | ||||
Earnings Per Share, Diluted [Line Items] | ||||
Common stock dividends per share | $0.39 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 | |||||
Depreciation and Amortization | 1,227 | 1,178 | 1,054 | |||||||||||||
Operating Income (Loss) | 807 | 746 | 365 | 705 | 365 | 712 | 612 | 610 | 2,623 | 2,299 | 2,278 | |||||
Income from Equity Method Investments | 13 | 11 | 12 | |||||||||||||
Interest Expense | -389 | -402 | -423 | |||||||||||||
Income Tax Expense (Benefit) | 938 | 812 | 736 | |||||||||||||
Net Income (Loss) | 1,518 | 1,243 | 1,275 | |||||||||||||
Total Assets | 35,333 | 32,522 | 35,333 | 32,522 | ||||||||||||
Power [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | 5,434 | 5,063 | 4,873 | |||||||||||||
Depreciation and Amortization | 292 | 273 | 242 | |||||||||||||
Operating Income (Loss) | 1,209 | 1,070 | 1,123 | |||||||||||||
Income from Equity Method Investments | 14 | 16 | 15 | |||||||||||||
Interest Income | 1 | 1 | 3 | |||||||||||||
Interest Expense | -122 | -116 | -132 | |||||||||||||
Income (Loss) before Income Taxes | 1,251 | 1,063 | 1,099 | |||||||||||||
Income Tax Expense (Benefit) | 491 | 419 | 433 | |||||||||||||
Net Income (Loss) | 760 | 644 | 666 | |||||||||||||
Gross Additions to Long-Lived Assets | 626 | 609 | 770 | |||||||||||||
Total Assets | 12,046 | 12,002 | 12,046 | 12,002 | 11,323 | |||||||||||
Investments in Equity Method Subsidiaries | 121 | 123 | 121 | 123 | 125 | |||||||||||
PSE&G [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | 6,766 | 6,655 | 6,626 | |||||||||||||
Depreciation and Amortization | 906 | 872 | 778 | |||||||||||||
Operating Income (Loss) | 1,393 | 1,235 | 1,083 | |||||||||||||
Income from Equity Method Investments | 0 | 0 | 0 | |||||||||||||
Interest Income | 26 | 25 | 20 | |||||||||||||
Interest Expense | -277 | -293 | -295 | |||||||||||||
Income (Loss) before Income Taxes | 1,174 | 993 | 835 | |||||||||||||
Income Tax Expense (Benefit) | 449 | 381 | 307 | |||||||||||||
Net Income (Loss) | 725 | 612 | 528 | |||||||||||||
Gross Additions to Long-Lived Assets | 2,164 | 2,175 | 1,770 | |||||||||||||
Total Assets | 22,223 | 19,720 | 22,223 | 19,720 | 19,223 | |||||||||||
Investments in Equity Method Subsidiaries | 0 | 0 | 0 | 0 | 0 | |||||||||||
Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | 455 | 52 | 103 | |||||||||||||
Depreciation and Amortization | 29 | 33 | 34 | |||||||||||||
Operating Income (Loss) | 21 | -6 | 72 | |||||||||||||
Income from Equity Method Investments | -1 | -5 | -3 | |||||||||||||
Interest Income | 25 | 25 | 25 | |||||||||||||
Interest Expense | -12 | -15 | -17 | |||||||||||||
Income (Loss) before Income Taxes | 31 | -1 | 77 | |||||||||||||
Income Tax Expense (Benefit) | -2 | 12 | -4 | |||||||||||||
Net Income (Loss) | 33 | -13 | 81 | |||||||||||||
Gross Additions to Long-Lived Assets | 30 | 27 | 34 | |||||||||||||
Total Assets | 2,799 | 4,025 | 2,799 | 4,025 | 4,161 | |||||||||||
Investments in Equity Method Subsidiaries | 2 | 3 | 2 | 3 | 9 | |||||||||||
Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | -1,769 | [1] | -1,802 | [1] | -1,821 | [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] | -22 | [1] | -21 | [1] | ||||||||||
Interest Expense | 22 | [1] | 22 | [1] | 21 | [1] | ||||||||||
Income (Loss) before Income Taxes | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Income Tax Expense (Benefit) | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Net Income (Loss) | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Gross Additions to Long-Lived Assets | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||
Total Assets | -1,735 | [1] | -3,225 | [1] | -1,735 | [1] | -3,225 | [1] | -2,982 | [1] | ||||||
Investments in Equity Method Subsidiaries | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||||
Consolidated [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenues | 10,886 | 9,968 | 9,781 | |||||||||||||
Depreciation and Amortization | 1,227 | 1,178 | 1,054 | |||||||||||||
Operating Income (Loss) | 2,623 | 2,299 | 2,278 | |||||||||||||
Income from Equity Method Investments | 13 | 11 | 12 | |||||||||||||
Interest Income | 30 | 29 | 27 | |||||||||||||
Interest Expense | -389 | -402 | -423 | |||||||||||||
Income (Loss) before Income Taxes | 2,456 | 2,055 | 2,011 | |||||||||||||
Income Tax Expense (Benefit) | 938 | 812 | 736 | |||||||||||||
Net Income (Loss) | 1,518 | 1,243 | 1,275 | |||||||||||||
Gross Additions to Long-Lived Assets | 2,820 | 2,811 | 2,574 | |||||||||||||
Total Assets | 35,333 | 32,522 | 35,333 | 32,522 | 31,725 | |||||||||||
Investments in Equity Method Subsidiaries | 123 | 126 | 123 | 126 | 134 | |||||||||||
Retained Earnings [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Income (Loss) | $1,518 | $1,243 | $1,275 | |||||||||||||
[1] | Intercompany eliminations, primarily relate to intercompany transactions between PSE&G and Power. 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 PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 23. 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Power [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative Billings from Services | $165 | [1] | $178 | [1] | $154 | [1] |
PSE&G [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Billings from Power through BGSS and BGS | 1,771 | [2] | 1,797 | [2] | 1,802 | [2] |
Administrative Billings from Services | 248 | [1] | 255 | [1] | 230 | [1] |
Total Expense Billings from Affiliates | $2,019 | $2,052 | $2,032 | |||
[1] | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power 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. | |||||
[2] | 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. |
RelatedParty_Transactions_Sche1
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) (Power [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Power [Member] | ||||
Related Party Transaction [Line Items] | ||||
Receivable from PSE&G through BGS and BGSS Contracts | $313 | [1] | $267 | [1] |
Receivable from (Payable to) Services | -23 | [2] | -31 | [2] |
Receivable from (Payable to) PSEG | -95 | [3] | 97 | [3] |
Accounts Receivable (Payable)-Affilated Companies, net | 195 | 333 | ||
Short-Term Loan to Affiliate (Demand Note to PSEG) | 584 | [4] | 790 | [4] |
Working Capital Advances to Services | 17 | [5] | 17 | [5] |
Accounts Payable, Related Parties, Noncurrent | $41 | $53 | ||
[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 PSE&G and Power at cost. In addition, PSE&G and Power 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] | PSEG files a consolidated federal income tax return 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] | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. |
RelatedParty_Transactions_Sche2
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) (PSE&G [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
PSE&G [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payable to Power through BGS and BGSS Contracts | ($313) | [1] | ($267) | [1] |
Receivable from (Payable to) Services | -66 | [2] | -73 | [2] |
Receivable from (Payable to) PSEG | 274 | [3] | 150 | [3] |
Accounts Receivable (Payable)-Affiliated Companies, net | -105 | -190 | ||
Working Capital Advances to Services | 33 | [4] | 33 | [4] |
Long-Term Accrued Taxes Receivable (Payable) | ($116) | ($72) | ||
[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 PSE&G and Power at cost. In addition, PSE&G and Power 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] | PSEG files a consolidated federal income tax return 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] | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Consolidated Balance Sheets. |
RelatedParty_Transactions_Rela
Related-Party Transactions Related-Party Revenues and Expenses (Details) (Power [Member], USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Power [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Billings To PSE&G through BGSS and BGS | $1,771 | [1] | $1,797 | [1] | $1,802 | [1] |
Administrative Billings from Services | $165 | [2] | $178 | [2] | $154 | [2] |
[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 PSE&G and Power at cost. In addition, PSE&G and Power 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. |
Selected_Quarterly_Data_Schedu
Selected Quarterly Data (Schedule Of Selected Quarterly Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Quarterly Data [Line Items] | |||||||||||
Operating Revenues | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 |
Operating Income (Loss) | 807 | 746 | 365 | 705 | 365 | 712 | 612 | 610 | 2,623 | 2,299 | 2,278 |
Net Income (Loss) | 476 | 444 | 212 | 386 | 200 | 390 | 333 | 320 | |||
Net Income (Loss) | 1,518 | 1,243 | 1,275 | ||||||||
Basic | 506 | 506 | 506 | 506 | 506 | 506 | 506 | 507 | 506 | 506 | 506 |
Diluted | 508 | 507 | 508 | 508 | 508 | 508 | 508 | 507 | 508 | 508 | 507 |
Earnings Per Share, Basic | $0.94 | $0.88 | $0.42 | $0.76 | $0.40 | $0.77 | $0.66 | $0.63 | $3 | $2.46 | $2.52 |
Earnings Per Share, Diluted | $0.94 | $0.87 | $0.42 | $0.76 | $0.39 | $0.77 | $0.66 | $0.63 | $2.99 | $2.45 | $2.51 |
PSE&G [Member] | |||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||
Operating Revenues | 1,531 | 1,655 | 1,435 | 2,145 | 1,571 | 1,666 | 1,423 | 1,995 | 6,766 | 6,655 | 6,626 |
Operating Income (Loss) | 308 | 383 | 291 | 411 | 271 | 346 | 253 | 365 | 1,393 | 1,235 | 1,083 |
Net Income (Loss) | 160 | 200 | 151 | 214 | 144 | 168 | 121 | 179 | |||
Net Income (Loss) | 725 | 612 | 528 | ||||||||
Power [Member] | |||||||||||
Schedule of Quarterly Data [Line Items] | |||||||||||
Operating Revenues | 1,610 | 1,138 | 986 | 1,700 | 1,245 | 1,174 | 1,193 | 1,451 | 5,434 | 5,063 | 4,873 |
Operating Income (Loss) | 507 | 353 | 67 | 282 | 107 | 370 | 351 | 242 | 1,209 | 1,070 | 1,123 |
Net Income (Loss) | 320 | 222 | 54 | 164 | 67 | 226 | 210 | 141 | |||
Net Income (Loss) | $760 | $644 | $666 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | $2,773 | $2,641 | $2,249 | $3,223 | $2,318 | $2,554 | $2,310 | $2,786 | $10,886 | $9,968 | $9,781 | |
Operating Expenses | 8,263 | 7,669 | 7,503 | |||||||||
Operating Income (Loss) | 807 | 746 | 365 | 705 | 365 | 712 | 612 | 610 | 2,623 | 2,299 | 2,278 | |
Equity Earnings (Losses) of Subsidiaries | 13 | 11 | 12 | |||||||||
Other Income | 290 | 213 | 260 | |||||||||
Other Deductions | -61 | -54 | -98 | |||||||||
Other than Temporary Impairments | 20 | 12 | 18 | |||||||||
Interest Expense | -389 | -402 | -423 | |||||||||
Income Tax Benefit (Expense) | -938 | -812 | -736 | |||||||||
Net Income | 1,518 | 1,243 | 1,275 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 3,160 | 3,158 | 2,787 | |||||||||
Net Cash Provided By (Used In) Investing Activities | -2,892 | -2,801 | -2,625 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -359 | -243 | -617 | |||||||||
Current Assets | 4,119 | 3,614 | 4,119 | 3,614 | ||||||||
Property, Plant and Equipment, net | 23,589 | 21,645 | 23,589 | 21,645 | ||||||||
Noncurrent Assets | 7,625 | 7,263 | 7,625 | 7,263 | ||||||||
Total Assets | 35,333 | 32,522 | 35,333 | 32,522 | ||||||||
Current Liabilities | 3,478 | 3,063 | 3,478 | 3,063 | ||||||||
Noncurrent Liabilities | 11,408 | 9,988 | 11,408 | 9,988 | ||||||||
Total Long-Term Debt | 8,261 | 7,862 | 8,261 | 7,862 | ||||||||
Member's Equity | 12,186 | 11,609 | 12,186 | 11,609 | 10,781 | 10,272 | ||||||
TOTAL LIABILITIES AND CAPITALIZATION | 35,333 | 32,522 | 35,333 | 32,522 | ||||||||
Power [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 1,610 | 1,138 | 986 | 1,700 | 1,245 | 1,174 | 1,193 | 1,451 | 5,434 | 5,063 | 4,873 | |
Operating Expenses | 4,225 | 3,993 | 3,750 | |||||||||
Operating Income (Loss) | 507 | 353 | 67 | 282 | 107 | 370 | 351 | 242 | 1,209 | 1,070 | 1,123 | |
Equity Earnings (Losses) of Subsidiaries | 14 | 16 | 15 | |||||||||
Other Income | 222 | 154 | 201 | |||||||||
Other Deductions | -52 | -49 | -90 | |||||||||
Other than Temporary Impairments | 20 | 12 | 18 | |||||||||
Interest Expense | -122 | -116 | -132 | |||||||||
Income Tax Benefit (Expense) | -491 | -419 | -433 | |||||||||
Net Income | 760 | 644 | 666 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 1,425 | 1,347 | 1,453 | |||||||||
Net Cash Provided By (Used In) Investing Activities | -524 | -861 | -472 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -898 | -487 | -986 | |||||||||
Current Assets | 2,359 | 2,476 | 2,359 | 2,476 | ||||||||
Property, Plant and Equipment, net | 7,515 | 7,367 | 7,515 | 7,367 | ||||||||
Noncurrent Assets | 2,172 | 2,159 | 2,172 | 2,159 | ||||||||
Total Assets | 12,046 | 12,002 | 12,046 | 12,002 | ||||||||
Current Liabilities | 1,184 | 800 | 1,184 | 800 | ||||||||
Noncurrent Liabilities | 3,061 | 2,847 | 3,061 | 2,847 | ||||||||
Total Long-Term Debt | 2,243 | 2,497 | 2,243 | 2,497 | ||||||||
Member's Equity | 5,558 | 5,858 | 5,558 | 5,858 | 5,630 | 5,566 | ||||||
TOTAL LIABILITIES AND CAPITALIZATION | 12,046 | 12,002 | 12,046 | 12,002 | ||||||||
Power Senior Notes [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 5,434 | 5,063 | 4,873 | |||||||||
Operating Expenses | 4,225 | 3,993 | 3,750 | |||||||||
Operating Income (Loss) | 1,209 | 1,070 | 1,123 | |||||||||
Equity Earnings (Losses) of Subsidiaries | 14 | 16 | 15 | |||||||||
Other Income | 222 | 154 | 201 | |||||||||
Other Deductions | -52 | -49 | -90 | |||||||||
Other than Temporary Impairments | 20 | 12 | 18 | |||||||||
Interest Expense | -122 | -116 | -132 | |||||||||
Income Tax Benefit (Expense) | -491 | -419 | -433 | |||||||||
Net Income | 760 | 644 | 666 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 595 | 909 | 614 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 1,425 | 1,347 | 1,453 | |||||||||
Net Cash Provided By (Used In) Investing Activities | -524 | -861 | -472 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -898 | -487 | -986 | |||||||||
Current Assets | 2,359 | 2,476 | 2,359 | 2,476 | ||||||||
Property, Plant and Equipment, net | 7,515 | 7,367 | 7,515 | 7,367 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | 0 | 0 | ||||||||
Noncurrent Assets | 2,172 | 2,159 | 2,172 | 2,159 | ||||||||
Total Assets | 12,046 | 12,002 | 12,046 | 12,002 | ||||||||
Current Liabilities | 1,184 | 800 | 1,184 | 800 | ||||||||
Noncurrent Liabilities | 3,061 | 2,847 | 3,061 | 2,847 | ||||||||
Total Long-Term Debt | 2,243 | 2,497 | 2,243 | 2,497 | ||||||||
Member's Equity | 5,558 | 5,858 | 5,558 | 5,858 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 12,046 | 12,002 | 12,046 | 12,002 | ||||||||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 5,390 | 5,022 | 4,850 | |||||||||
Operating Expenses | 4,175 | 3,945 | 3,730 | |||||||||
Operating Income (Loss) | 1,215 | 1,077 | 1,120 | |||||||||
Equity Earnings (Losses) of Subsidiaries | -5 | -5 | -10 | |||||||||
Other Income | 222 | 157 | 206 | |||||||||
Other Deductions | -32 | -35 | -59 | |||||||||
Other than Temporary Impairments | 20 | 12 | 18 | |||||||||
Interest Expense | -35 | -42 | -51 | |||||||||
Income Tax Benefit (Expense) | -558 | -474 | -501 | |||||||||
Net Income | 787 | 666 | 687 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 768 | 713 | 681 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 1,674 | 1,503 | 1,562 | |||||||||
Net Cash Provided By (Used In) Investing Activities | -856 | -1,092 | -1,206 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -818 | -412 | -361 | |||||||||
Current Assets | 2,037 | 2,076 | 2,037 | 2,076 | ||||||||
Property, Plant and Equipment, net | 6,265 | 6,108 | 6,265 | 6,108 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 120 | 124 | 120 | 124 | ||||||||
Noncurrent Assets | 1,952 | 1,847 | 1,952 | 1,847 | ||||||||
Total Assets | 10,374 | 10,155 | 10,374 | 10,155 | ||||||||
Current Liabilities | 3,606 | 3,474 | 3,606 | 3,474 | ||||||||
Noncurrent Liabilities | 2,442 | 2,247 | 2,442 | 2,247 | ||||||||
Total Long-Term Debt | 0 | 0 | 0 | 0 | ||||||||
Member's Equity | 4,326 | 4,434 | 4,326 | 4,434 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 10,374 | 10,155 | 10,374 | 10,155 | ||||||||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 153 | 190 | 135 | |||||||||
Operating Expenses | 143 | 174 | 125 | |||||||||
Operating Income (Loss) | 10 | 16 | 10 | |||||||||
Equity Earnings (Losses) of Subsidiaries | 14 | 16 | 15 | |||||||||
Other Income | 0 | 0 | 2 | |||||||||
Other Deductions | 0 | 0 | 0 | |||||||||
Other than Temporary Impairments | 0 | 0 | 0 | |||||||||
Interest Expense | -19 | -19 | -16 | |||||||||
Income Tax Benefit (Expense) | 2 | 0 | -2 | |||||||||
Net Income | 7 | 13 | 9 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 7 | 11 | 9 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 76 | 82 | 67 | |||||||||
Net Cash Provided By (Used In) Investing Activities | -42 | -71 | -151 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -32 | -11 | 83 | |||||||||
Current Assets | 150 | 102 | 150 | 102 | ||||||||
Property, Plant and Equipment, net | 1,169 | 1,178 | 1,169 | 1,178 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | 0 | 0 | ||||||||
Noncurrent Assets | 137 | 138 | 137 | 138 | ||||||||
Total Assets | 1,456 | 1,418 | 1,456 | 1,418 | ||||||||
Current Liabilities | 786 | 745 | 786 | 745 | ||||||||
Noncurrent Liabilities | 360 | 338 | 360 | 338 | ||||||||
Total Long-Term Debt | 0 | 0 | 0 | 0 | ||||||||
Member's Equity | 310 | 335 | 310 | 335 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 1,456 | 1,418 | 1,456 | 1,418 | ||||||||
Power Senior Notes [Member] | Consolidation, Eliminations [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | -109 | -149 | -112 | |||||||||
Operating Expenses | -109 | -149 | -112 | |||||||||
Operating Income (Loss) | 0 | 0 | 0 | |||||||||
Equity Earnings (Losses) of Subsidiaries | -794 | -679 | -697 | |||||||||
Other Income | -34 | -38 | -52 | |||||||||
Other Deductions | 0 | 0 | 0 | |||||||||
Other than Temporary Impairments | 0 | 0 | 0 | |||||||||
Interest Expense | 34 | 38 | 53 | |||||||||
Income Tax Benefit (Expense) | 0 | 0 | 0 | |||||||||
Net Income | -794 | -679 | -696 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -775 | -724 | -690 | |||||||||
Net Cash Provided By (Used In) Operating Activities | -902 | -526 | -474 | |||||||||
Net Cash Provided By (Used In) Investing Activities | 226 | 697 | 899 | |||||||||
Net Cash Provided By (Used In) Financing Activities | 676 | -171 | -424 | |||||||||
Current Assets | -4,091 | -4,115 | -4,091 | -4,115 | ||||||||
Property, Plant and Equipment, net | 0 | 0 | 0 | 0 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -4,636 | -4,769 | -4,636 | -4,769 | ||||||||
Noncurrent Assets | -195 | -48 | -195 | -48 | ||||||||
Total Assets | -8,922 | -8,932 | -8,922 | -8,932 | ||||||||
Current Liabilities | -4,091 | -4,116 | -4,091 | -4,116 | ||||||||
Noncurrent Liabilities | -195 | -47 | -195 | -47 | ||||||||
Total Long-Term Debt | 0 | 0 | 0 | 0 | ||||||||
Member's Equity | -4,636 | -4,769 | -4,636 | -4,769 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | -8,922 | -8,932 | -8,922 | -8,932 | ||||||||
Power Senior Notes [Member] | Power Parent [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 0 | 0 | 0 | |||||||||
Operating Expenses | 16 | 23 | 7 | |||||||||
Operating Income (Loss) | -16 | -23 | -7 | |||||||||
Equity Earnings (Losses) of Subsidiaries | 799 | 684 | 707 | |||||||||
Other Income | 34 | 35 | 45 | |||||||||
Other Deductions | -20 | -14 | -31 | |||||||||
Other than Temporary Impairments | 0 | 0 | 0 | |||||||||
Interest Expense | -102 | -93 | -118 | |||||||||
Income Tax Benefit (Expense) | 65 | 55 | 70 | |||||||||
Net Income | 760 | 644 | 666 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 595 | 909 | 614 | |||||||||
Net Cash Provided By (Used In) Operating Activities | 577 | 288 | 298 | |||||||||
Net Cash Provided By (Used In) Investing Activities | 148 | -395 | -14 | |||||||||
Net Cash Provided By (Used In) Financing Activities | -724 | 107 | -284 | |||||||||
Current Assets | 4,263 | 4,413 | 4,263 | 4,413 | ||||||||
Property, Plant and Equipment, net | 81 | 81 | 81 | 81 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,516 | 4,645 | 4,516 | 4,645 | ||||||||
Noncurrent Assets | 278 | 222 | 278 | 222 | ||||||||
Total Assets | 9,138 | 9,361 | 9,138 | 9,361 | ||||||||
Current Liabilities | 883 | 697 | 883 | 697 | ||||||||
Noncurrent Liabilities | 454 | 309 | 454 | 309 | ||||||||
Total Long-Term Debt | 2,243 | 2,497 | 2,243 | 2,497 | ||||||||
Member's Equity | 5,558 | 5,858 | 5,558 | 5,858 | ||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 9,138 | 9,361 | 9,138 | 9,361 | ||||||||
Restatement Adjustment [Member] | Power Senior Notes [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 0 | 0 | ||||||||||
Operating Expenses | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Financing Activities | 0 | 0 | ||||||||||
Current Assets | 0 | 0 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||||||
Total Assets | 0 | 0 | ||||||||||
Current Liabilities | 0 | 0 | ||||||||||
Member's Equity | 0 | 0 | ||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 0 | 0 | ||||||||||
Restatement Adjustment [Member] | Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | -1,468 | -1,388 | ||||||||||
Operating Expenses | -1,468 | -1,388 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Financing Activities | 0 | 0 | ||||||||||
Current Assets | -6,840 | -6,840 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -605 | -605 | ||||||||||
Total Assets | -7,445 | -7,445 | ||||||||||
Current Liabilities | -7,445 | -7,445 | ||||||||||
Member's Equity | 0 | 0 | ||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | -7,445 | -7,445 | ||||||||||
Restatement Adjustment [Member] | Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 0 | 0 | ||||||||||
Operating Expenses | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Financing Activities | 0 | 0 | ||||||||||
Current Assets | -842 | -842 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||||||
Total Assets | -842 | -842 | ||||||||||
Current Liabilities | -237 | -237 | ||||||||||
Member's Equity | -605 | -605 | ||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | -842 | -842 | ||||||||||
Restatement Adjustment [Member] | Power Senior Notes [Member] | Consolidation, Eliminations [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 1,468 | 1,388 | ||||||||||
Operating Expenses | 1,468 | 1,388 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | 588 | 729 | ||||||||||
Net Cash Provided By (Used In) Financing Activities | -588 | -679 | ||||||||||
Current Assets | 7,429 | 7,429 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 605 | 605 | ||||||||||
Total Assets | 8,034 | 8,034 | ||||||||||
Current Liabilities | 7,429 | 7,429 | ||||||||||
Member's Equity | 605 | 605 | ||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | 8,034 | 8,034 | ||||||||||
Restatement Adjustment [Member] | Power Senior Notes [Member] | Power Parent [Member] | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Operating Revenues | 0 | 0 | ||||||||||
Operating Expenses | 0 | 0 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | -588 | -729 | ||||||||||
Net Cash Provided By (Used In) Financing Activities | 588 | 679 | ||||||||||
Current Assets | 253 | 253 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||||||||||
Total Assets | 253 | 253 | ||||||||||
Current Liabilities | 253 | 253 | ||||||||||
Member's Equity | 0 | 0 | ||||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $253 | $253 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance For Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | $56 | $56 | $56 | |||
Additions, Charged to cost and expenses | 86 | 90 | 96 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 90 | [1] | 90 | [1] | 96 | [1] |
Balance at End of Period | 52 | 56 | 56 | |||
Materials And Supplies Valuation Reserve [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 8 | 22 | 3 | |||
Additions, Charged to cost and expenses | 9 | 2 | 21 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 2 | 16 | [2] | 2 | [2] | |
Balance at End of Period | 15 | 8 | 22 | |||
Power [Member] | Materials And Supplies Valuation Reserve [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 8 | 22 | 3 | |||
Additions, Charged to cost and expenses | 7 | 2 | 21 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 2 | 16 | [2] | 2 | [2] | |
Balance at End of Period | 13 | 8 | 22 | |||
PSE&G [Member] | Allowance For Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Period | 56 | 56 | 56 | |||
Additions, Charged to cost and expenses | 86 | 90 | 96 | |||
Additions, Charged to other accounts-describe | 0 | 0 | 0 | |||
Deductions-describe | 90 | [1] | 90 | [1] | 96 | [1] |
Balance at End of Period | $52 | $56 | $56 | |||
[1] | Accounts Receivable written off. | |||||
[2] | Reduced reserve to appropriate level and to remove obsolete inventory. |