Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 17, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PEG | |
Entity Registrant Name | PUBLIC SERVICE ENTERPRISE GROUP INC | |
Entity Central Index Key | 788,784 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 505,323,326 | |
PSE And G [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PUBLIC SERVICE ELECTRIC & GAS CO | |
Entity Central Index Key | 81,033 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 132,450,344 | |
Power [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PSEG POWER LLC | |
Entity Central Index Key | 1,158,659 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Revenues | $ 2,016 | $ 2,142 | $ 4,834 | $ 4,733 |
Operating Expenses [Abstract] | ||||
Energy Costs | 600 | 588 | 1,552 | 1,456 |
Operation and Maintenance | 725 | 718 | 1,479 | 1,435 |
Depreciation and Amortization | 280 | 641 | 560 | 1,469 |
Total Operating Expenses | 1,605 | 1,947 | 3,591 | 4,360 |
OPERATING INCOME (LOSS) | 411 | 195 | 1,243 | 373 |
Income from Equity Method Investments | 5 | 5 | 7 | 8 |
Net Gains (Losses) on Trust Investments | 8 | 25 | (14) | 53 |
Other Income (Deductions) | 34 | 33 | 66 | 65 |
Non-Operating Pension and OPEB Credits (Costs) | 19 | 1 | 38 | 1 |
Interest Expense | (111) | (91) | (214) | (189) |
Income Before Income Taxes | 366 | 168 | 1,126 | 311 |
Income Tax Benefit (Expense) | (97) | (59) | (299) | (88) |
Net Income (Loss) | $ 269 | $ 109 | $ 827 | $ 223 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC (shares) | 504 | 505 | 504 | 505 |
DILUTED (shares) | 507 | 507 | 507 | 507 |
EARNINGS PER SHARE: | ||||
BASIC (dollars per share) | $ 0.53 | $ 0.22 | $ 1.64 | $ 0.44 |
DILUTED (dollars per share) | 0.53 | 0.22 | 1.63 | 0.44 |
DIVIDENDS PAID PER SHARE OF COMMON STOCK (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.90 | $ 0.86 |
PSE And G [Member] | ||||
Operating Revenues | $ 1,386 | $ 1,393 | $ 3,231 | $ 3,219 |
Operating Expenses [Abstract] | ||||
Energy Costs | 488 | 488 | 1,270 | 1,250 |
Operation and Maintenance | 353 | 359 | 744 | 729 |
Depreciation and Amortization | 187 | 166 | 377 | 337 |
Total Operating Expenses | 1,028 | 1,013 | 2,391 | 2,316 |
OPERATING INCOME (LOSS) | 358 | 380 | 840 | 903 |
Net Gains (Losses) on Trust Investments | 0 | 0 | 0 | 2 |
Other Income (Deductions) | 20 | 21 | 40 | 43 |
Non-Operating Pension and OPEB Credits (Costs) | 15 | (1) | 30 | (3) |
Interest Expense | (82) | (69) | (163) | (144) |
Income Before Income Taxes | 311 | 331 | 747 | 801 |
Income Tax Benefit (Expense) | (80) | (123) | (197) | (294) |
Net Income (Loss) | 231 | 208 | 550 | 507 |
Power [Member] | ||||
Operating Revenues | 767 | 918 | 2,170 | 2,187 |
Operating Expenses [Abstract] | ||||
Energy Costs | 373 | 386 | 1,119 | 1,078 |
Operation and Maintenance | 268 | 256 | 514 | 488 |
Depreciation and Amortization | 84 | 465 | 166 | 1,115 |
Total Operating Expenses | 725 | 1,107 | 1,799 | 2,681 |
OPERATING INCOME (LOSS) | 42 | (189) | 371 | (494) |
Income from Equity Method Investments | 5 | 5 | 7 | 8 |
Net Gains (Losses) on Trust Investments | 8 | 24 | (14) | 43 |
Other Income (Deductions) | 13 | 12 | 24 | 23 |
Non-Operating Pension and OPEB Credits (Costs) | 3 | 2 | 7 | 4 |
Interest Expense | (11) | (13) | (18) | (29) |
Income Before Income Taxes | 60 | (159) | 377 | (445) |
Income Tax Benefit (Expense) | (19) | 62 | (102) | 178 |
Net Income (Loss) | $ 41 | $ (97) | $ 275 | $ (267) |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Income (Loss) | $ 269 | $ 109 | $ 827 | $ 223 |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (5) | 10 | (19) | 25 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | (1) | 0 | (1) | 0 |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 7 | 6 | 15 | 12 |
Other Comprehensive Income (Loss), net of tax | 1 | 16 | (5) | 37 |
COMPREHENSIVE INCOME | 270 | 125 | 822 | 260 |
PSE And G [Member] | ||||
Net Income (Loss) | 231 | 208 | 550 | 507 |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 1 | 0 | 0 | (1) |
COMPREHENSIVE INCOME | 232 | 208 | 550 | 506 |
Power [Member] | ||||
Net Income (Loss) | 41 | (97) | 275 | (267) |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (4) | 10 | (15) | 29 |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 6 | 5 | 12 | 10 |
Other Comprehensive Income (Loss), net of tax | 2 | 15 | (3) | 39 |
COMPREHENSIVE INCOME | $ 43 | $ (82) | $ 272 | $ (228) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ 4 | $ (9) | $ 13 | $ (25) |
Unrealized Gains (Losses) on Cash Flow Hedges, Tax | 1 | 0 | 1 | 0 |
Pension/OPEB adjustment, tax | (3) | (4) | (6) | (8) |
PSE And G [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 0 | 0 | 0 | 1 |
Power [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 3 | (9) | 11 | (27) |
Pension/OPEB adjustment, tax | $ (2) | $ (3) | $ (5) | $ (7) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | $ 95 | $ 313 | |||
Accounts Receivable, net of allowances | 1,163 | 1,348 | |||
Tax Receivable | 111 | 127 | |||
Unbilled Revenues | 189 | 296 | |||
Fuel | 218 | 289 | |||
Materials and Supplies, net | 574 | 577 | |||
Prepayments | 324 | 118 | |||
Derivative Contracts | 24 | 29 | |||
Regulatory Assets | 296 | 211 | |||
Other | 11 | 4 | |||
Total Current Assets | 3,005 | 3,312 | |||
PROPERTY, PLANT AND EQUIPMENT | 42,809 | 41,231 | |||
Less: Accumulated Depreciation and Amortization | (9,658) | (9,434) | |||
Net Property, Plant and Equipment | 33,151 | 31,797 | |||
NONCURRENT ASSETS | |||||
Regulatory Assets | 3,225 | 3,222 | |||
Long-Term Investments | 924 | 932 | |||
Nuclear Decommissioning Trust (NDT) Fund | 2,049 | 2,133 | |||
Long-Term Receivable of Variable Interest Entities (VIEs) | 688 | 686 | |||
Rabbi Trust Fund | 224 | 231 | |||
Goodwill | 16 | 16 | |||
Other Intangibles | 127 | 114 | |||
Derivative Contracts | 21 | 7 | |||
Other | 277 | 266 | |||
Total Noncurrent Assets | 7,551 | 7,607 | |||
Total Assets | 43,707 | 42,716 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 1,550 | 1,000 | |||
Commercial Paper and Loans | 270 | 542 | |||
Accounts Payable | 1,348 | 1,694 | |||
Derivative Contracts | 23 | 16 | |||
Accrued Interest | 105 | 103 | |||
Accrued Taxes | 104 | 48 | |||
Clean Energy Program | 203 | 128 | |||
Obligation to Return Cash Collateral | 131 | 129 | |||
Regulatory Liabilities | 32 | 47 | |||
Other | 478 | 461 | |||
Total Current Liabilities | 4,244 | 4,168 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,475 | 5,240 | |||
Regulatory Liabilities | 2,937 | 2,948 | |||
Clean Energy Program Noncurrent | 27 | 0 | |||
Asset Retirement Obligations | 1,047 | 1,024 | |||
OPEB Costs | 1,423 | 1,455 | |||
OPEB Costs of Servco | 551 | 542 | |||
Accrued Pension Costs | 480 | 537 | |||
Accrued Pension Costs of Servco | 122 | 129 | |||
Environmental Costs | 332 | 357 | |||
Derivative Contracts | 1 | 5 | |||
Long-Term Accrued Taxes | 177 | 175 | |||
Other | 223 | 221 | |||
Total Noncurrent Liabilities | 12,795 | 12,633 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 12,510 | 12,068 | |||
STOCKHOLDER'S EQUITY | |||||
Common Stock | 4,955 | 4,961 | |||
Treasury Stock, at cost | (813) | (763) | |||
Retained Earnings | 10,426 | 9,878 | |||
Accumulated Other Comprehensive Income (Loss) | (410) | (229) | |||
Total Stockholder's Equity | 14,158 | 13,847 | |||
Total Capitalization | 26,668 | 25,915 | |||
TOTAL LIABILITIES AND CAPITALIZATION | 43,707 | 42,716 | |||
PSE And G [Member] | |||||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | 20 | 242 | |||
Accounts Receivable, net of allowances | 796 | 882 | |||
Accounts Receivable-Affiliated Companies | 18 | 0 | |||
Unbilled Revenues | 189 | 296 | |||
Materials and Supplies, net | 195 | 197 | |||
Prepayments | 205 | 44 | |||
Regulatory Assets | 296 | 211 | |||
Other | 10 | 4 | |||
Total Current Assets | 1,729 | 1,876 | |||
PROPERTY, PLANT AND EQUIPMENT | 30,396 | 29,117 | |||
Less: Accumulated Depreciation and Amortization | (6,200) | (6,101) | |||
Net Property, Plant and Equipment | 24,196 | 23,016 | |||
NONCURRENT ASSETS | |||||
Regulatory Assets | 3,225 | 3,222 | |||
Long-Term Investments | 285 | 280 | |||
Rabbi Trust Fund | 45 | 46 | |||
Other | 123 | 114 | |||
Total Noncurrent Assets | 3,678 | 3,662 | |||
Total Assets | 29,603 | 28,554 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 600 | 750 | |||
Commercial Paper and Loans | 195 | 0 | |||
Accounts Payable | 704 | 728 | |||
Accounts Payable-Affiliated Companies | 150 | 340 | |||
Accrued Interest | 79 | 78 | |||
Clean Energy Program | 203 | 128 | |||
Obligation to Return Cash Collateral | 131 | 129 | |||
Regulatory Liabilities | 32 | 47 | |||
Other | 376 | 311 | |||
Total Current Liabilities | 2,470 | 2,511 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 3,570 | 3,391 | |||
Regulatory Liabilities | 2,937 | 2,948 | |||
Clean Energy Program Noncurrent | 27 | 0 | |||
Asset Retirement Obligations | 214 | 212 | |||
OPEB Costs | 1,066 | 1,103 | |||
Accrued Pension Costs | 189 | 226 | |||
Environmental Costs | 255 | 283 | |||
Long-Term Accrued Taxes | 94 | 91 | |||
Other | 111 | 114 | |||
Total Noncurrent Liabilities | 8,463 | 8,368 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 8,286 | 7,841 | |||
STOCKHOLDER'S EQUITY | |||||
Common Stock | 892 | 892 | |||
Contributed Capital | 1,095 | 1,095 | |||
Basis Adjustment | 986 | 986 | |||
Retained Earnings | 7,411 | 6,861 | |||
Total Stockholder's Equity | 10,384 | 9,834 | |||
Total Capitalization | 18,670 | 17,675 | |||
TOTAL LIABILITIES AND CAPITALIZATION | 29,603 | 28,554 | |||
Power [Member] | |||||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | 20 | 32 | |||
Accounts Receivable, net of allowances | 313 | 380 | |||
Accounts Receivable-Affiliated Companies | 81 | 221 | |||
Short-Term Loan to Affiliate | 519 | [1] | 0 | ||
Fuel | 218 | 289 | |||
Materials and Supplies, net | 376 | 376 | |||
Prepayments | 10 | 11 | |||
Derivative Contracts | [2] | 24 | 29 | ||
Other | 4 | 3 | |||
Total Current Assets | 1,565 | 1,341 | |||
PROPERTY, PLANT AND EQUIPMENT | 12,046 | 11,755 | |||
Less: Accumulated Depreciation and Amortization | (3,267) | (3,159) | |||
Net Property, Plant and Equipment | 8,779 | 8,596 | |||
NONCURRENT ASSETS | |||||
Long-Term Investments | 87 | 87 | |||
Nuclear Decommissioning Trust (NDT) Fund | 2,049 | 2,133 | |||
Rabbi Trust Fund | 56 | 57 | |||
Goodwill | 16 | 16 | |||
Other Intangibles | 127 | 114 | |||
Derivative Contracts | [2] | 21 | 7 | ||
Other | 72 | 67 | |||
Total Noncurrent Assets | 2,428 | 2,481 | |||
Total Assets | 12,772 | 12,418 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 250 | 250 | |||
Accounts Payable | 468 | 712 | |||
Accounts Payable-Affiliated Companies | 148 | 57 | |||
Short-Term Loan from Affiliate | 0 | 281 | [1] | ||
Derivative Contracts | [2] | 23 | 16 | ||
Accrued Interest | 22 | 20 | |||
Other | 62 | 99 | |||
Total Current Liabilities | 973 | 1,435 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 1,451 | 1,406 | |||
Asset Retirement Obligations | 831 | 810 | |||
OPEB Costs | 287 | 283 | |||
Accrued Pension Costs | 169 | 184 | |||
Derivative Contracts | [2] | 1 | 5 | ||
Long-Term Accrued Taxes | 45 | 52 | |||
Other | 143 | 140 | |||
Total Noncurrent Liabilities | 2,927 | 2,880 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 2,833 | 2,136 | |||
STOCKHOLDER'S EQUITY | |||||
Contributed Capital | 2,214 | 2,214 | |||
Basis Adjustment | (986) | (986) | |||
Retained Earnings | 5,161 | 4,911 | |||
Accumulated Other Comprehensive Income (Loss) | (350) | (172) | |||
Total Stockholder's Equity | 6,039 | 5,967 | |||
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,772 | $ 12,418 | |||
[1] | 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. | ||||
[2] | Substantially all of Power’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 June 30, 2018 and December 31, 2017. |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Receivable, allowances | $ 59 | $ 59 |
Common Stock, issued | 534 | 534 |
Common Stock, authorized | 1,000 | 1,000 |
Treasury Stock, Shares | 30 | 29 |
PSE And G [Member] | ||
Accounts Receivable, allowances | $ 59 | $ 59 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Common Stock, authorized | 150 | 150 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 827 | $ 223 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 560 | 1,469 |
Amortization of Nuclear Fuel | 95 | 101 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 46 | 51 |
Provision for Deferred Income Taxes and ITC | 213 | 91 |
Non-Cash Employee Benefit Plan Costs | 35 | 45 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | 8 | (30) |
Loss on Leases, net of tax | 14 | 45 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (54) | (42) |
Net Change in Regulatory Assets and Liabilities | (58) | (124) |
Cost of Removal | (84) | (47) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (8) | (58) |
Net Change in Certain Current Assets and Liabilities: | ||
Tax Receivable | 16 | 69 |
Accrued Taxes | 57 | 15 |
Margin Deposit | 24 | 59 |
Other Current Assets and Liabilities | 2 | (58) |
Employee Benefit Plan Funding and Related Payments | (58) | (49) |
Other | (2) | (5) |
Net Cash Provided By (Used In) Operating Activities | 1,633 | 1,755 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (2,005) | (1,981) |
Purchase of Emissions Allowances and RECs | (44) | (29) |
Proceeds from Sale of Available-for-Sale Securities | 821 | 711 |
Investments in Available-for-Sale Securities | (829) | (726) |
Other | 30 | 36 |
Net Cash Provided By (Used In) Investing Activities | (2,027) | (1,989) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | (272) | (388) |
Proceeds from Issuance of Other Long-term Debt | 1,400 | 1,125 |
Repayments of Other Long-term Debt | 400 | 0 |
Cash Dividends Paid on Common Stock | (455) | (435) |
Other | (83) | (62) |
Net Cash Provided By (Used In) Financing Activities | 190 | 240 |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (204) | 6 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 315 | 426 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 111 | 432 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | 52 | (30) |
Interest Paid, Net of Amounts Capitalized | 205 | 189 |
Accrued Property, Plant and Equipment Expenditures | 625 | 513 |
PSE And G [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | 550 | 507 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 377 | 337 |
Provision for Deferred Income Taxes and ITC | 160 | 330 |
Non-Cash Employee Benefit Plan Costs | 19 | 25 |
Net Change in Regulatory Assets and Liabilities | (58) | (124) |
Cost of Removal | (84) | (47) |
Net Change in Certain Current Assets and Liabilities: | ||
Accounts Receivable and Unbilled Revenues | 195 | 108 |
Fuel, Materials and Supplies | 2 | (15) |
Prepayments | (161) | (184) |
Accounts Payable | (30) | (30) |
Accounts Receivable/Payable-Affiliated Companies, net | (204) | (72) |
Other Current Assets and Liabilities | 66 | 14 |
Employee Benefit Plan Funding and Related Payments | (50) | (42) |
Other | (20) | (38) |
Net Cash Provided By (Used In) Operating Activities | 762 | 769 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (1,447) | (1,389) |
Proceeds from Sale of Available-for-Sale Securities | 9 | 28 |
Investments in Available-for-Sale Securities | (10) | (29) |
Solar Loan Investments | (11) | (3) |
Other | 3 | 5 |
Net Cash Provided By (Used In) Investing Activities | (1,456) | (1,388) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | 195 | 0 |
Proceeds from Issuance of Other Long-term Debt | 700 | 425 |
Repayments of Other Long-term Debt | 400 | 0 |
Other | (9) | (5) |
Net Cash Provided By (Used In) Financing Activities | 486 | 420 |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (208) | (199) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 244 | 393 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 36 | 194 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | 97 | (75) |
Interest Paid, Net of Amounts Capitalized | 157 | 144 |
Accrued Property, Plant and Equipment Expenditures | 436 | 319 |
Power [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | 275 | (267) |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 166 | 1,115 |
Amortization of Nuclear Fuel | 95 | 101 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 46 | 51 |
Provision for Deferred Income Taxes and ITC | 51 | (226) |
Interest Accretion on Asset Retirement Obligations | 20 | 15 |
Non-Cash Employee Benefit Plan Costs | 11 | 14 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (54) | (42) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (8) | (58) |
Net Change in Certain Current Assets and Liabilities: | ||
Fuel, Materials and Supplies | 71 | 58 |
Margin Deposit | 24 | 59 |
Accounts Receivable | 84 | 36 |
Accounts Payable | (90) | (14) |
Accounts Receivable/Payable-Affiliated Companies, net | 227 | 75 |
Other Current Assets and Liabilities | (35) | 7 |
Employee Benefit Plan Funding and Related Payments | (5) | (4) |
Other | (9) | 12 |
Net Cash Provided By (Used In) Operating Activities | 869 | 932 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (547) | (576) |
Purchase of Emissions Allowances and RECs | (44) | (29) |
Proceeds from Sale of Available-for-Sale Securities | 785 | 602 |
Investments in Available-for-Sale Securities | (793) | (616) |
Short-Term Loan-Affiliated Company | 519 | 146 |
Other | 23 | 30 |
Net Cash Provided By (Used In) Investing Activities | (1,095) | (735) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Short-Term Loan-Affiliated Company | (281) | 0 |
Proceeds from Issuance of Other Long-term Debt | 700 | 0 |
Cash Dividends Paid on Common Stock | (200) | (175) |
Other | (5) | (4) |
Net Cash Provided By (Used In) Financing Activities | 214 | (179) |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (12) | 18 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 32 | 11 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 20 | 29 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (72) | 66 |
Interest Paid, Net of Amounts Capitalized | 18 | 29 |
Accrued Property, Plant and Equipment Expenditures | $ 189 | $ 194 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization 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 a 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 energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
PSE And G [Member] | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization 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 a 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 energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Power [Member] | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization 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 a 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 energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
Revenues Revenues
Revenues Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a mechanism true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract, which extends through March 2019, will renew year-to-year thereafter unless terminated by either party with a two year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 12. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 754 $ — $ — $ — $ 754 Gas Distribution 248 — — (4 ) 244 Transmission 301 — — — 301 Electricity and Related Product Sales PJM Third Party Sales — 373 — — 373 Sales to Affiliates — 147 — (147 ) — New York ISO — 46 — — 46 ISO New England — 14 — — 14 Gas Sales Third Party Sales — 30 — — 30 Sales to Affiliates — 108 — (108 ) — Other Revenues from Contracts with Customers (A) 63 13 125 (1 ) 200 Total Revenues from Contracts with Customers 1,366 731 125 (260 ) 1,962 Revenues Unrelated to Contracts with Customers (B) 20 36 (2 ) — 54 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 1,444 $ — $ — $ — $ 1,444 Gas Distribution 1,007 — — (7 ) 1,000 Transmission 613 — — — 613 Electricity and Related Product Sales PJM Third Party Sales — 871 — — 871 Sales to Affiliates — 323 — (323 ) — New York ISO — 105 — — 105 ISO New England — 61 — — 61 Gas Sales Third Party Sales — 94 — — 94 Sales to Affiliates — 505 — (505 ) — Other Revenues from Contracts with Customers (A) 135 23 262 (2 ) 418 Total Revenues from Contracts with Customers 3,199 1,982 262 (837 ) 4,606 Revenues Unrelated to Contracts with Customers (B) 32 188 8 — 228 Total Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 757 $ — $ — $ — $ 757 Gas Distribution 233 — — (6 ) 227 Transmission 307 — — — 307 Electricity and Related Product Sales PJM Third Party Sales — 302 — — 302 Sales to Affiliates — 171 — (171 ) — New York ISO — 50 — — 50 ISO New England — 9 — — 9 Gas Sales Third Party Sales — 11 — — 11 Sales to Affiliates — 107 — (107 ) — Other Revenues from Contracts with Customers (A) 67 12 128 (1 ) 206 Total Revenues from Contracts with Customers 1,364 662 128 (285 ) 1,869 Revenues Unrelated to Contracts with Customers (B) 29 256 (12 ) — 273 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 1,458 $ — $ — $ — $ 1,458 Gas Distribution 988 — — (7 ) 981 Transmission 606 — — — 606 Electricity and Related Product Sales PJM Third Party Sales — 616 — — 616 Sales to Affiliates — 355 — (355 ) — New York ISO — 86 — — 86 ISO New England — 20 — — 20 Gas Sales Third Party Sales — 63 — — 63 Sales to Affiliates — 508 — (508 ) — Other Revenues from Contracts with Customers (A) 129 22 256 (2 ) 405 Total Revenues from Contracts with Customers 3,181 1,670 256 (872 ) 4,235 Revenues Unrelated to Contracts with Customers (B) 38 517 (57 ) — 498 Total Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the three and six months ended June 30, 2018 , Other includes a $20 million loss and for the three and six months ended June 30, 2017 , Other includes a $22 million loss and a $77 million loss, respectively, related to Energy Holdings’ investments in leases. Contract Balances PSE&G PSE&G does not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2018 and December 31, 2017 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately seven percent of accounts receivable as of June 30, 2018 and December 31, 2017 . Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of June 30, 2018 and December 31, 2017 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI does not have any material contract balances as of June 30, 2018 and December 31, 2017 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $116 8,900 June 2020 to May 2021 $174 7,800 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market Auction (FCM) is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM for the Bridgeport Harbor Station 5, which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $231 480 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $180 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2018 is $64 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2018 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
PSE And G [Member] | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a mechanism true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract, which extends through March 2019, will renew year-to-year thereafter unless terminated by either party with a two year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 12. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 754 $ — $ — $ — $ 754 Gas Distribution 248 — — (4 ) 244 Transmission 301 — — — 301 Electricity and Related Product Sales PJM Third Party Sales — 373 — — 373 Sales to Affiliates — 147 — (147 ) — New York ISO — 46 — — 46 ISO New England — 14 — — 14 Gas Sales Third Party Sales — 30 — — 30 Sales to Affiliates — 108 — (108 ) — Other Revenues from Contracts with Customers (A) 63 13 125 (1 ) 200 Total Revenues from Contracts with Customers 1,366 731 125 (260 ) 1,962 Revenues Unrelated to Contracts with Customers (B) 20 36 (2 ) — 54 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 1,444 $ — $ — $ — $ 1,444 Gas Distribution 1,007 — — (7 ) 1,000 Transmission 613 — — — 613 Electricity and Related Product Sales PJM Third Party Sales — 871 — — 871 Sales to Affiliates — 323 — (323 ) — New York ISO — 105 — — 105 ISO New England — 61 — — 61 Gas Sales Third Party Sales — 94 — — 94 Sales to Affiliates — 505 — (505 ) — Other Revenues from Contracts with Customers (A) 135 23 262 (2 ) 418 Total Revenues from Contracts with Customers 3,199 1,982 262 (837 ) 4,606 Revenues Unrelated to Contracts with Customers (B) 32 188 8 — 228 Total Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 757 $ — $ — $ — $ 757 Gas Distribution 233 — — (6 ) 227 Transmission 307 — — — 307 Electricity and Related Product Sales PJM Third Party Sales — 302 — — 302 Sales to Affiliates — 171 — (171 ) — New York ISO — 50 — — 50 ISO New England — 9 — — 9 Gas Sales Third Party Sales — 11 — — 11 Sales to Affiliates — 107 — (107 ) — Other Revenues from Contracts with Customers (A) 67 12 128 (1 ) 206 Total Revenues from Contracts with Customers 1,364 662 128 (285 ) 1,869 Revenues Unrelated to Contracts with Customers (B) 29 256 (12 ) — 273 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 1,458 $ — $ — $ — $ 1,458 Gas Distribution 988 — — (7 ) 981 Transmission 606 — — — 606 Electricity and Related Product Sales PJM Third Party Sales — 616 — — 616 Sales to Affiliates — 355 — (355 ) — New York ISO — 86 — — 86 ISO New England — 20 — — 20 Gas Sales Third Party Sales — 63 — — 63 Sales to Affiliates — 508 — (508 ) — Other Revenues from Contracts with Customers (A) 129 22 256 (2 ) 405 Total Revenues from Contracts with Customers 3,181 1,670 256 (872 ) 4,235 Revenues Unrelated to Contracts with Customers (B) 38 517 (57 ) — 498 Total Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the three and six months ended June 30, 2018 , Other includes a $20 million loss and for the three and six months ended June 30, 2017 , Other includes a $22 million loss and a $77 million loss, respectively, related to Energy Holdings’ investments in leases. Contract Balances PSE&G PSE&G does not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2018 and December 31, 2017 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately seven percent of accounts receivable as of June 30, 2018 and December 31, 2017 . Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of June 30, 2018 and December 31, 2017 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI does not have any material contract balances as of June 30, 2018 and December 31, 2017 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $116 8,900 June 2020 to May 2021 $174 7,800 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market Auction (FCM) is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM for the Bridgeport Harbor Station 5, which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $231 480 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $180 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2018 is $64 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2018 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
Power [Member] | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a mechanism true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract, which extends through March 2019, will renew year-to-year thereafter unless terminated by either party with a two year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 12. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 754 $ — $ — $ — $ 754 Gas Distribution 248 — — (4 ) 244 Transmission 301 — — — 301 Electricity and Related Product Sales PJM Third Party Sales — 373 — — 373 Sales to Affiliates — 147 — (147 ) — New York ISO — 46 — — 46 ISO New England — 14 — — 14 Gas Sales Third Party Sales — 30 — — 30 Sales to Affiliates — 108 — (108 ) — Other Revenues from Contracts with Customers (A) 63 13 125 (1 ) 200 Total Revenues from Contracts with Customers 1,366 731 125 (260 ) 1,962 Revenues Unrelated to Contracts with Customers (B) 20 36 (2 ) — 54 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 1,444 $ — $ — $ — $ 1,444 Gas Distribution 1,007 — — (7 ) 1,000 Transmission 613 — — — 613 Electricity and Related Product Sales PJM Third Party Sales — 871 — — 871 Sales to Affiliates — 323 — (323 ) — New York ISO — 105 — — 105 ISO New England — 61 — — 61 Gas Sales Third Party Sales — 94 — — 94 Sales to Affiliates — 505 — (505 ) — Other Revenues from Contracts with Customers (A) 135 23 262 (2 ) 418 Total Revenues from Contracts with Customers 3,199 1,982 262 (837 ) 4,606 Revenues Unrelated to Contracts with Customers (B) 32 188 8 — 228 Total Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 757 $ — $ — $ — $ 757 Gas Distribution 233 — — (6 ) 227 Transmission 307 — — — 307 Electricity and Related Product Sales PJM Third Party Sales — 302 — — 302 Sales to Affiliates — 171 — (171 ) — New York ISO — 50 — — 50 ISO New England — 9 — — 9 Gas Sales Third Party Sales — 11 — — 11 Sales to Affiliates — 107 — (107 ) — Other Revenues from Contracts with Customers (A) 67 12 128 (1 ) 206 Total Revenues from Contracts with Customers 1,364 662 128 (285 ) 1,869 Revenues Unrelated to Contracts with Customers (B) 29 256 (12 ) — 273 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 1,458 $ — $ — $ — $ 1,458 Gas Distribution 988 — — (7 ) 981 Transmission 606 — — — 606 Electricity and Related Product Sales PJM Third Party Sales — 616 — — 616 Sales to Affiliates — 355 — (355 ) — New York ISO — 86 — — 86 ISO New England — 20 — — 20 Gas Sales Third Party Sales — 63 — — 63 Sales to Affiliates — 508 — (508 ) — Other Revenues from Contracts with Customers (A) 129 22 256 (2 ) 405 Total Revenues from Contracts with Customers 3,181 1,670 256 (872 ) 4,235 Revenues Unrelated to Contracts with Customers (B) 38 517 (57 ) — 498 Total Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the three and six months ended June 30, 2018 , Other includes a $20 million loss and for the three and six months ended June 30, 2017 , Other includes a $22 million loss and a $77 million loss, respectively, related to Energy Holdings’ investments in leases. Contract Balances PSE&G PSE&G does not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2018 and December 31, 2017 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately seven percent of accounts receivable as of June 30, 2018 and December 31, 2017 . Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of June 30, 2018 and December 31, 2017 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI does not have any material contract balances as of June 30, 2018 and December 31, 2017 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $116 8,900 June 2020 to May 2021 $174 7,800 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market Auction (FCM) is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM for the Bridgeport Harbor Station 5, which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $231 480 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $180 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2018 is $64 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2018 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
Early Plant Retirements Early P
Early Plant Retirements Early Plant Retirements | 6 Months Ended |
Jun. 30, 2018 | |
Early Plant Retirements [Line Items] | |
Early Plant Retirements | Early Plant Retirements Fossil On June 1, 2017, Power completed its previously announced retirement of the generation operations of the existing coal/gas units at the Hudson and Mercer generating stations. For the three and six months ended June 30, 2017 , Power recognized total Depreciation and Amortization of $390 million and $964 million , respectively, for the Hudson and Mercer units to reflect the significant shortening of their expected economic useful lives in 2017. In the three and six months ended June 30, 2018 , Power recognized pre-tax charges (credits) in Energy Costs of $(1) million and $3 million , respectively, primarily for coal inventory lower of cost or market adjustments. In the three and six months ended June 30, 2017 , Power recognized pre-tax charges of the same nature in Energy Costs of $2 million and $9 million , respectively. In the three and six months ended June 30, 2017 , Power also recognized pre-tax charges in O&M of $4 million of shut down costs and a net increase in the Asset Retirement Obligation liability due to settlements and changes in cash flow estimates, partially offset by changes in employee-related severance costs. Power is exploring various opportunities with these sites, including using the sites for alternative industrial activity or the disposition of one or both of the sites. If Power determines not to use the sites for alternative industrial activity, the early retirement of the units at such sites would trigger obligations under certain environmental regulations, including possible remediation. The amounts for any such environmental remediation are neither currently probable nor estimable but may be material. PSEG and Power continue to monitor their other coal assets, including the Keystone and Conemaugh generating stations, to assess their economic viability through the end of their designated useful lives and their continued classification as held for use. The precise timing of a change in useful lives may be dependent upon events out of PSEG’s and Power’s control and may impact their ability to operate or maintain certain assets in the future. These generating stations may be impacted by factors such as environmental legislation, co-owner capital requirements and continued depressed wholesale power prices or capacity factors, among other things. Any early retirement or change in the held for use classification of our remaining coal units may have a material adverse impact on PSEG’s and Power’s future financial results. Nuclear Since 2013, several nuclear generating stations in the United States have closed or announced early retirement due to economic reasons, or have announced being at risk for early retirement. In February 2018, Exelon, a co-owner of the Salem units, announced its intention to accelerate the closure of its Oyster Creek nuclear plant located in New Jersey, one year earlier than previously planned for economic reasons. In addition, First Energy announced in March 2018 the early retirement of four nuclear units at the Davis-Besse, Perry Nuclear and Beaver Valley nuclear plants in Ohio and Pennsylvania by 2021. These closures and retirements are generally due to the decline in market prices of energy, resulting from low natural gas prices driven by the growth of shale gas production since 2007, the continuing cost of regulatory compliance and enhanced security for nuclear facilities, both federal and state-level policies that provide financial incentives to construct renewable energy such as wind and solar and the failure to adequately compensate nuclear generating stations for the attributes they bring similar to renewable energy production. These trends have significantly reduced the revenues of nuclear generating stations while limiting their ability to reduce the unit cost of production. This may result in the electric generation industry experiencing a further shift from nuclear generation to natural gas-fired generation, creating less diversity of the generation fleet. In the ordinary course, management, and in the case of the Salem units the co-owner, each makes a number of decisions that impact the operation of our nuclear units beyond the current year, including whether and to what extent these units participate in RPM capacity auctions, commitments relating to refueling outages and significant capital expenditures, and decisions regarding our hedging arrangements. When considering whether to make these future commitments, management’s decisions will primarily be influenced by the financial outlook of the units, including the progress, timing and continued outlook for selection of the units under the newly enacted legislation in the state of New Jersey. Power and Exelon have agreed to cancel the funding of future capital projects at the Salem generating station that are not required to meet NRC or other regulatory requirements or that are not required to ensure its safe operation. Power and Exelon have agreed to continue to assess and, when appropriate, approve the funding of individual capital projects to ensure compliance with regulatory requirements and the safe operation of the Salem generating station and that the funding of these projects may be restored if legislation enacted in New Jersey sufficiently values the attributes of nuclear generation and Salem benefits from such legislation. If any or all of the Salem and Hope Creek units were shut down, it would significantly alter New Jersey’s energy supply predominately by increasing New Jersey’s reliance on natural gas generation. Such a decrease in fuel diversity could also increase the market’s vulnerability to price fluctuations and power disruptions in times of high demand. In May 2018, the governor of New Jersey signed legislation that would provide a safety net in order to prevent the loss of environmental attributes from selected nuclear generating stations referred to as the zero emissions certificate (ZEC) program. The legislation calls for the BPU (within a 330-day period from enactment) to establish a collection process for a customer charge, determine eligibility and certification of need, and ultimately select nuclear plants to potentially receive ZECs starting in April 2019. Power cannot predict whether our nuclear generating stations in New Jersey will be selected or whether the legislation will provide a sufficient safety net for the continued operation of nuclear generating stations in New Jersey. If energy market prices continue to be depressed, there are adverse impacts from potential changes to the capacity market construct being considered by FERC, or the ZEC program does not adequately compensate our nuclear generating stations for their attributes, Power anticipates it will no longer be covering its costs nor be adequately compensated for its market and operational risks at the Salem and Hope Creek nuclear units and would anticipate retiring these units early. The costs associated with any such retirement, which may include, among other things, accelerated depreciation and amortization or impairment charges, accelerated asset retirement costs, severance costs, environmental remediation costs and additional funding of the NDT Fund would be material to both PSEG and Power. The following table provides the balance sheet amounts by generating station as of June 30, 2018 for significant assets and liabilities associated with Power’s owned share of its nuclear assets. As of June 30, 2018 Hope Creek Salem Support Facilities and Other (A) Peach Bottom Millions Assets Materials and Supplies Inventory $ 83 $ 82 $ — $ 42 Nuclear Production, net of Accumulated Depreciation 688 646 203 786 Nuclear Fuel In-Service, net of Accumulated Depreciation 171 89 — 119 Construction Work in Progress (including nuclear fuel) 140 105 2 24 Total Assets $ 1,082 $ 922 $ 205 $ 971 Liability Asset Retirement Obligation $ 309 $ 255 $ — $ 210 Total Liabilities $ 309 $ 255 $ — $ 210 Net Assets $ 773 $ 667 $ 205 $ 761 NRC License Renewal Term 2046 2036/2040 N/A 2033/2034 % Owned 100 % 57 % Various 50 % (A) Includes Hope Creek’s and Salem’s shared support facilities and other nuclear development capital. The precise timing of any potential early retirement and resulting financial statement impact may be affected by a number of factors, including co-owner considerations, the results of any transmission system reliability study assessments and decommissioning trust fund requirements and other commitments, as well as future energy prices. Power maintains a NDT Fund that funds its decommissioning obligations. See Note 8. Trust Investments . |
Power [Member] | |
Early Plant Retirements [Line Items] | |
Early Plant Retirements | Early Plant Retirements Fossil On June 1, 2017, Power completed its previously announced retirement of the generation operations of the existing coal/gas units at the Hudson and Mercer generating stations. For the three and six months ended June 30, 2017 , Power recognized total Depreciation and Amortization of $390 million and $964 million , respectively, for the Hudson and Mercer units to reflect the significant shortening of their expected economic useful lives in 2017. In the three and six months ended June 30, 2018 , Power recognized pre-tax charges (credits) in Energy Costs of $(1) million and $3 million , respectively, primarily for coal inventory lower of cost or market adjustments. In the three and six months ended June 30, 2017 , Power recognized pre-tax charges of the same nature in Energy Costs of $2 million and $9 million , respectively. In the three and six months ended June 30, 2017 , Power also recognized pre-tax charges in O&M of $4 million of shut down costs and a net increase in the Asset Retirement Obligation liability due to settlements and changes in cash flow estimates, partially offset by changes in employee-related severance costs. Power is exploring various opportunities with these sites, including using the sites for alternative industrial activity or the disposition of one or both of the sites. If Power determines not to use the sites for alternative industrial activity, the early retirement of the units at such sites would trigger obligations under certain environmental regulations, including possible remediation. The amounts for any such environmental remediation are neither currently probable nor estimable but may be material. PSEG and Power continue to monitor their other coal assets, including the Keystone and Conemaugh generating stations, to assess their economic viability through the end of their designated useful lives and their continued classification as held for use. The precise timing of a change in useful lives may be dependent upon events out of PSEG’s and Power’s control and may impact their ability to operate or maintain certain assets in the future. These generating stations may be impacted by factors such as environmental legislation, co-owner capital requirements and continued depressed wholesale power prices or capacity factors, among other things. Any early retirement or change in the held for use classification of our remaining coal units may have a material adverse impact on PSEG’s and Power’s future financial results. Nuclear Since 2013, several nuclear generating stations in the United States have closed or announced early retirement due to economic reasons, or have announced being at risk for early retirement. In February 2018, Exelon, a co-owner of the Salem units, announced its intention to accelerate the closure of its Oyster Creek nuclear plant located in New Jersey, one year earlier than previously planned for economic reasons. In addition, First Energy announced in March 2018 the early retirement of four nuclear units at the Davis-Besse, Perry Nuclear and Beaver Valley nuclear plants in Ohio and Pennsylvania by 2021. These closures and retirements are generally due to the decline in market prices of energy, resulting from low natural gas prices driven by the growth of shale gas production since 2007, the continuing cost of regulatory compliance and enhanced security for nuclear facilities, both federal and state-level policies that provide financial incentives to construct renewable energy such as wind and solar and the failure to adequately compensate nuclear generating stations for the attributes they bring similar to renewable energy production. These trends have significantly reduced the revenues of nuclear generating stations while limiting their ability to reduce the unit cost of production. This may result in the electric generation industry experiencing a further shift from nuclear generation to natural gas-fired generation, creating less diversity of the generation fleet. In the ordinary course, management, and in the case of the Salem units the co-owner, each makes a number of decisions that impact the operation of our nuclear units beyond the current year, including whether and to what extent these units participate in RPM capacity auctions, commitments relating to refueling outages and significant capital expenditures, and decisions regarding our hedging arrangements. When considering whether to make these future commitments, management’s decisions will primarily be influenced by the financial outlook of the units, including the progress, timing and continued outlook for selection of the units under the newly enacted legislation in the state of New Jersey. Power and Exelon have agreed to cancel the funding of future capital projects at the Salem generating station that are not required to meet NRC or other regulatory requirements or that are not required to ensure its safe operation. Power and Exelon have agreed to continue to assess and, when appropriate, approve the funding of individual capital projects to ensure compliance with regulatory requirements and the safe operation of the Salem generating station and that the funding of these projects may be restored if legislation enacted in New Jersey sufficiently values the attributes of nuclear generation and Salem benefits from such legislation. If any or all of the Salem and Hope Creek units were shut down, it would significantly alter New Jersey’s energy supply predominately by increasing New Jersey’s reliance on natural gas generation. Such a decrease in fuel diversity could also increase the market’s vulnerability to price fluctuations and power disruptions in times of high demand. In May 2018, the governor of New Jersey signed legislation that would provide a safety net in order to prevent the loss of environmental attributes from selected nuclear generating stations referred to as the zero emissions certificate (ZEC) program. The legislation calls for the BPU (within a 330-day period from enactment) to establish a collection process for a customer charge, determine eligibility and certification of need, and ultimately select nuclear plants to potentially receive ZECs starting in April 2019. Power cannot predict whether our nuclear generating stations in New Jersey will be selected or whether the legislation will provide a sufficient safety net for the continued operation of nuclear generating stations in New Jersey. If energy market prices continue to be depressed, there are adverse impacts from potential changes to the capacity market construct being considered by FERC, or the ZEC program does not adequately compensate our nuclear generating stations for their attributes, Power anticipates it will no longer be covering its costs nor be adequately compensated for its market and operational risks at the Salem and Hope Creek nuclear units and would anticipate retiring these units early. The costs associated with any such retirement, which may include, among other things, accelerated depreciation and amortization or impairment charges, accelerated asset retirement costs, severance costs, environmental remediation costs and additional funding of the NDT Fund would be material to both PSEG and Power. The following table provides the balance sheet amounts by generating station as of June 30, 2018 for significant assets and liabilities associated with Power’s owned share of its nuclear assets. As of June 30, 2018 Hope Creek Salem Support Facilities and Other (A) Peach Bottom Millions Assets Materials and Supplies Inventory $ 83 $ 82 $ — $ 42 Nuclear Production, net of Accumulated Depreciation 688 646 203 786 Nuclear Fuel In-Service, net of Accumulated Depreciation 171 89 — 119 Construction Work in Progress (including nuclear fuel) 140 105 2 24 Total Assets $ 1,082 $ 922 $ 205 $ 971 Liability Asset Retirement Obligation $ 309 $ 255 $ — $ 210 Total Liabilities $ 309 $ 255 $ — $ 210 Net Assets $ 773 $ 667 $ 205 $ 761 NRC License Renewal Term 2046 2036/2040 N/A 2033/2034 % Owned 100 % 57 % Various 50 % (A) Includes Hope Creek’s and Salem’s shared support facilities and other nuclear development capital. The precise timing of any potential early retirement and resulting financial statement impact may be affected by a number of factors, including co-owner considerations, the results of any transmission system reliability study assessments and decommissioning trust fund requirements and other commitments, as well as future energy prices. Power maintains a NDT Fund that funds its decommissioning obligations. See Note 8. Trust Investments . |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entity (VIE) 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 and controls the services provided to LIPA, 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. Servco recorded $109 million and $112 million for the three months and $229 million and $224 million for the six months ended June 30, 2018 and 2017 , respectively, 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 Condensed Consolidated Statement of Operations. |
Rate Filings
Rate Filings | 6 Months Ended |
Jun. 30, 2018 | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2017 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Electric and Gas Distribution Base Rate Filing —In January 2018, PSE&G filed a distribution base rate case as required as a condition of approval of its Energy Strong Program I (ESP I) approved by the BPU in 2014. The filing requested an approximate 1% increase in revenues and recovery of investments made to strengthen the electric and gas distribution systems. The requested increase took into account a reduction in the revenue requirement as a result of the federal corporate income tax rate reduction from 35% to 21% provided in the Tax Cuts and Jobs Act of 2017 (Tax Act), including the flow-back to customers of excess accumulated deferred income taxes. In March 2018, the BPU approved interim rate reductions for all their jurisdictional utilities, including PSE&G, reflecting the reduction in the federal corporate tax rate. The BPU approved a reduction to PSE&G’s current base electric and gas revenues effective April 1, 2018 by $71 million and $43 million , respectively, on an annual basis (or about 2% combined). The refund to customers for overcollection of revenues at the higher tax rate for the January 1 to March 31, 2018 period, and the flow-back to customers of certain excess deferred income taxes will be addressed in PSE&G’s ongoing base rate case proceeding. In May 2018, PSE&G updated its base rate filing to include nine months of actual data. As a result of the base rate reduction implemented on April 1, 2018, among other factors, PSE&G’s updated filing requests an approximate 3% increase in revenues. PSE&G anticipates a decision by the BPU that new base rates will go into effect in the fourth quarter of 2018. Transmission Formula Rate Filings —In January 2018, PSE&G filed with FERC a revised 2018 Annual Transmission Formula Rate Update reducing its 2018 transmission annual revenue requirement to reflect the federal corporate income tax rate reduction from 35% to 21% as a result of the Tax Act. This change in the federal corporate tax rate reduces the 2018 annual revenue requirement by $148 million , effective January 1, 2018. FERC continues to assess whether, and if so how, it will address changes and flow-backs to customers relating to accumulated deferred income taxes and bonus depreciation. In June 2018, PSE&G filed its 2017 true-up adjustment pertaining to its transmission formula rates in effect for 2017. This resulted in an adjustment of $27 million more than the 2017 originally filed revenues, the impact of which PSE&G had primarily recognized in its Consolidated Statement of Operations for the year ended December 31, 2017. BGSS —In June 2018, PSE&G made its annual BGSS filing with the BPU requesting a decrease in the annual BGSS revenues of $26 million . If approved, the BGSS rate would be decreased from approximately 37 cents to 35 cents per therm for residential gas customers to be effective October 1, 2018. This matter is pending. In April 2018, the BPU approved the final BGSS rates which were effective October 1, 2017. In December 2017, February 2018 and March 2018, PSE&G filed with the BPU for self-implementing monthly bill credits of 15 cents per therm for the months of January through April 2018. Monthly bill credits of $125 million were credited to customers for the months of January through April 2018. ESP I Recovery Filing —In March and September of each year, PSE&G files with the BPU for base rate recovery of ESP I investments which include a return of and on its investment. In February 2018, the BPU approved recovery of an annual revenue requirement of $8 million associated with electric ESP I capital investment costs placed in service from June 1, 2017 through November 30, 2017. Societal Benefits Charge —In February 2018, the BPU approved PSE&G’s petition to increase electric rates by approximately $20 million on an annual basis and to decrease gas rates by approximately $0.8 million on an annual basis, in order to recover electric and gas costs incurred through May 31, 2017 under its Energy Efficiency and Renewable Energy and Social Programs. The new rates were effective April 1, 2018. Weather Normalization Clause (WNC) —In April 2018, the BPU gave final approval to PSE&G’s petition to collect $55 million in net deficiency gas revenues as a result of the warmer than normal 2016-2017 Winter Period (October 1 through May 31), which resulted in a deficiency of $31 million , plus a carryover balance of $24 million from the 2015-2016 Winter Period. In June 2018, PSE&G filed its 2017-2018 WNC petition seeking a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery is the result of $9 million of excess revenues from the colder-than- normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Green Program Recovery Charges (GPRC) —In June 2018, PSE&G filed its 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Gas System Modernization Program I (GSMP I) —In July 2018, PSE&G filed its annual GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $26 million effective January 1, 2019. This increase represents the return of and on investment for GSMP I investments expected to be in service through September 30, 2018. This request will be updated in October 2018 for actual costs. |
PSE And G [Member] | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2017 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Electric and Gas Distribution Base Rate Filing —In January 2018, PSE&G filed a distribution base rate case as required as a condition of approval of its Energy Strong Program I (ESP I) approved by the BPU in 2014. The filing requested an approximate 1% increase in revenues and recovery of investments made to strengthen the electric and gas distribution systems. The requested increase took into account a reduction in the revenue requirement as a result of the federal corporate income tax rate reduction from 35% to 21% provided in the Tax Cuts and Jobs Act of 2017 (Tax Act), including the flow-back to customers of excess accumulated deferred income taxes. In March 2018, the BPU approved interim rate reductions for all their jurisdictional utilities, including PSE&G, reflecting the reduction in the federal corporate tax rate. The BPU approved a reduction to PSE&G’s current base electric and gas revenues effective April 1, 2018 by $71 million and $43 million , respectively, on an annual basis (or about 2% combined). The refund to customers for overcollection of revenues at the higher tax rate for the January 1 to March 31, 2018 period, and the flow-back to customers of certain excess deferred income taxes will be addressed in PSE&G’s ongoing base rate case proceeding. In May 2018, PSE&G updated its base rate filing to include nine months of actual data. As a result of the base rate reduction implemented on April 1, 2018, among other factors, PSE&G’s updated filing requests an approximate 3% increase in revenues. PSE&G anticipates a decision by the BPU that new base rates will go into effect in the fourth quarter of 2018. Transmission Formula Rate Filings —In January 2018, PSE&G filed with FERC a revised 2018 Annual Transmission Formula Rate Update reducing its 2018 transmission annual revenue requirement to reflect the federal corporate income tax rate reduction from 35% to 21% as a result of the Tax Act. This change in the federal corporate tax rate reduces the 2018 annual revenue requirement by $148 million , effective January 1, 2018. FERC continues to assess whether, and if so how, it will address changes and flow-backs to customers relating to accumulated deferred income taxes and bonus depreciation. In June 2018, PSE&G filed its 2017 true-up adjustment pertaining to its transmission formula rates in effect for 2017. This resulted in an adjustment of $27 million more than the 2017 originally filed revenues, the impact of which PSE&G had primarily recognized in its Consolidated Statement of Operations for the year ended December 31, 2017. BGSS —In June 2018, PSE&G made its annual BGSS filing with the BPU requesting a decrease in the annual BGSS revenues of $26 million . If approved, the BGSS rate would be decreased from approximately 37 cents to 35 cents per therm for residential gas customers to be effective October 1, 2018. This matter is pending. In April 2018, the BPU approved the final BGSS rates which were effective October 1, 2017. In December 2017, February 2018 and March 2018, PSE&G filed with the BPU for self-implementing monthly bill credits of 15 cents per therm for the months of January through April 2018. Monthly bill credits of $125 million were credited to customers for the months of January through April 2018. ESP I Recovery Filing —In March and September of each year, PSE&G files with the BPU for base rate recovery of ESP I investments which include a return of and on its investment. In February 2018, the BPU approved recovery of an annual revenue requirement of $8 million associated with electric ESP I capital investment costs placed in service from June 1, 2017 through November 30, 2017. Societal Benefits Charge —In February 2018, the BPU approved PSE&G’s petition to increase electric rates by approximately $20 million on an annual basis and to decrease gas rates by approximately $0.8 million on an annual basis, in order to recover electric and gas costs incurred through May 31, 2017 under its Energy Efficiency and Renewable Energy and Social Programs. The new rates were effective April 1, 2018. Weather Normalization Clause (WNC) —In April 2018, the BPU gave final approval to PSE&G’s petition to collect $55 million in net deficiency gas revenues as a result of the warmer than normal 2016-2017 Winter Period (October 1 through May 31), which resulted in a deficiency of $31 million , plus a carryover balance of $24 million from the 2015-2016 Winter Period. In June 2018, PSE&G filed its 2017-2018 WNC petition seeking a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery is the result of $9 million of excess revenues from the colder-than- normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Green Program Recovery Charges (GPRC) —In June 2018, PSE&G filed its 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Gas System Modernization Program I (GSMP I) —In July 2018, PSE&G filed its annual GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $26 million effective January 1, 2019. This increase represents the return of and on investment for GSMP I investments expected to be in service through September 30, 2018. This request will be updated in October 2018 for actual costs. |
Financing Receivables
Financing Receivables | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Financial Receivables [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. Interest income on the loans is recorded on an accrual basis. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. In the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. None of the solar loans are impaired; however, in the event a loan becomes impaired, the basis of the loan would be recovered through a regulatory recovery mechanism. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans June 30, December 31, Millions Commercial/Industrial $ 169 $ 158 Residential 9 10 Total $ 178 $ 168 Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, 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 Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets. During the first quarter of 2017, due to continuing liquidity issues facing NRG REMA, LLC (REMA), economic challenges facing coal generation in PJM, and based upon an ongoing review of available alternatives as well as certain discussions with REMA management, Energy Holdings recorded a $55 million pre-tax charge for its current best estimate of loss related to the lease receivables. Additional pre-tax charges of $22 million (including $7 million related to residual value impairment) were recorded in the quarter ended June 30, 2017 . Subject to the terms of the Credit Support Forbearance and Rent Payment Forbearance described below, lease payments and adjustments to qualifying credit support on the REMA leases are due semiannually in January and July of each year. B ased on an ongoing review of (i) the liquidity challenges facing REMA and (ii) available alternatives, Energy Holdings recorded an additional $20 million pre-tax charge in the quarter ended June 30, 2018 for its current best estimate of loss related to lease receivables. Pre-tax charges were reflected in Operating Revenues in the first half of 2018 and 2017 and are included in Gross Investment in Leases as of June 30, 2018 . Certain subsidiaries of Energy Holdings, REMA, certain holders of the pass-through certificates and other parties have entered into a forbearance agreement (Credit Support Forbearance) relating to REMA’s obligation to procure additional qualifying credit support for the Conemaugh facility. In addition, certain subsidiaries of Energy Holdings, REMA, certain holders of the pass-through certificates and other parties have entered into forbearance agreements (Rent Payment Forbearance) relating to the Keystone, Conemaugh and Shawville facilities. The parties to the Rent Payment Forbearance have agreed to permit REMA to enter into agreements with third parties relating to certain energy management, operation and maintenance and other services and have agreed to temporarily forbear from exercising rights and remedies related to certain events of default relating to certain periodic lease rent payments required to be made by REMA in July 2018. The Credit Support Forbearance will remain effective until the earlier of (i) two weeks following the date on which Energy Holdings subsidiaries, REMA and/or the consenting certificate holders provide written notice to REMA of its intention to terminate the Forbearance, and (ii) the date on which any event of termination as specified in the Credit Support Forbearance occurs. The Rent Payment Forbearance for each facility will remain effective until the earlier of (i) August 17, 2018 and (ii) the date on which any of the following events occur: (a) a new event of default occurs and is continuing under the operative documents governing the respective facilities; (b) REMA commences a case under title 11 of the United States Bankruptcy Code or (c) REMA terminates discussions with Energy Holdings and/or the consenting pass-through certificate holders regarding a potential restructuring by REMA. PSEG cannot predict the outcome of GenOn’s restructuring process or the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If lease rejections or foreclosures were to occur, Energy Holdings could potentially record additional pre-tax write-offs up to its gross investment in these facilities and may also be required to accelerate and pay material deferred tax liabilities to the Internal Revenue Service (IRS). Also, if energy markets continue to deteriorate, it is possible that additional write-downs, including residual value impairment, could occur. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 525 $ 546 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 851 872 Unearned and Deferred Income (299 ) (307 ) Gross Investment in Leases 552 565 Deferred Tax Liabilities (500 ) (480 ) Net Investment in Leases $ 52 $ 85 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of June 30, 2018 As of June 30, 2018 Millions AA $ 14 BBB+ — BBB- 316 BB- 133 CCC- 62 Total $ 525 The “ BB- ” and the “ CCC- ” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2018 , the gross investment in the leases of such assets, net of non-recourse debt, was $315 million ( $(112) million , net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 132 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Conemaugh Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Shawville Station Units 1, 2, 3 and 4 PA $ 78 100 % 596 Gas CCC- REMA (A) (A) GenOn and certain of its subsidiaries (which did not include REMA) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. GenOn is currently engaged in a balance sheet restructuring, which will take an undetermined time to complete. Certain subsidiaries of Energy Holdings, REMA, consenting holders of the pass-through certificates and other parties have entered into a Credit Support Forbearance relating to the Conemaugh facility and the Rent Payment Forbearance relating to the Keystone, Conemaugh and Shawville facilities, as described above. The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit 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. Additional factors that 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 their affiliates and the quality and condition of assets under lease. |
PSE And G [Member] | |
Schedule of Financial Receivables [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. Interest income on the loans is recorded on an accrual basis. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. In the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. None of the solar loans are impaired; however, in the event a loan becomes impaired, the basis of the loan would be recovered through a regulatory recovery mechanism. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans June 30, December 31, Millions Commercial/Industrial $ 169 $ 158 Residential 9 10 Total $ 178 $ 168 Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, 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 Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets. During the first quarter of 2017, due to continuing liquidity issues facing NRG REMA, LLC (REMA), economic challenges facing coal generation in PJM, and based upon an ongoing review of available alternatives as well as certain discussions with REMA management, Energy Holdings recorded a $55 million pre-tax charge for its current best estimate of loss related to the lease receivables. Additional pre-tax charges of $22 million (including $7 million related to residual value impairment) were recorded in the quarter ended June 30, 2017 . Subject to the terms of the Credit Support Forbearance and Rent Payment Forbearance described below, lease payments and adjustments to qualifying credit support on the REMA leases are due semiannually in January and July of each year. B ased on an ongoing review of (i) the liquidity challenges facing REMA and (ii) available alternatives, Energy Holdings recorded an additional $20 million pre-tax charge in the quarter ended June 30, 2018 for its current best estimate of loss related to lease receivables. Pre-tax charges were reflected in Operating Revenues in the first half of 2018 and 2017 and are included in Gross Investment in Leases as of June 30, 2018 . Certain subsidiaries of Energy Holdings, REMA, certain holders of the pass-through certificates and other parties have entered into a forbearance agreement (Credit Support Forbearance) relating to REMA’s obligation to procure additional qualifying credit support for the Conemaugh facility. In addition, certain subsidiaries of Energy Holdings, REMA, certain holders of the pass-through certificates and other parties have entered into forbearance agreements (Rent Payment Forbearance) relating to the Keystone, Conemaugh and Shawville facilities. The parties to the Rent Payment Forbearance have agreed to permit REMA to enter into agreements with third parties relating to certain energy management, operation and maintenance and other services and have agreed to temporarily forbear from exercising rights and remedies related to certain events of default relating to certain periodic lease rent payments required to be made by REMA in July 2018. The Credit Support Forbearance will remain effective until the earlier of (i) two weeks following the date on which Energy Holdings subsidiaries, REMA and/or the consenting certificate holders provide written notice to REMA of its intention to terminate the Forbearance, and (ii) the date on which any event of termination as specified in the Credit Support Forbearance occurs. The Rent Payment Forbearance for each facility will remain effective until the earlier of (i) August 17, 2018 and (ii) the date on which any of the following events occur: (a) a new event of default occurs and is continuing under the operative documents governing the respective facilities; (b) REMA commences a case under title 11 of the United States Bankruptcy Code or (c) REMA terminates discussions with Energy Holdings and/or the consenting pass-through certificate holders regarding a potential restructuring by REMA. PSEG cannot predict the outcome of GenOn’s restructuring process or the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If lease rejections or foreclosures were to occur, Energy Holdings could potentially record additional pre-tax write-offs up to its gross investment in these facilities and may also be required to accelerate and pay material deferred tax liabilities to the Internal Revenue Service (IRS). Also, if energy markets continue to deteriorate, it is possible that additional write-downs, including residual value impairment, could occur. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 525 $ 546 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 851 872 Unearned and Deferred Income (299 ) (307 ) Gross Investment in Leases 552 565 Deferred Tax Liabilities (500 ) (480 ) Net Investment in Leases $ 52 $ 85 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of June 30, 2018 As of June 30, 2018 Millions AA $ 14 BBB+ — BBB- 316 BB- 133 CCC- 62 Total $ 525 The “ BB- ” and the “ CCC- ” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2018 , the gross investment in the leases of such assets, net of non-recourse debt, was $315 million ( $(112) million , net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 132 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Conemaugh Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Shawville Station Units 1, 2, 3 and 4 PA $ 78 100 % 596 Gas CCC- REMA (A) (A) GenOn and certain of its subsidiaries (which did not include REMA) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. GenOn is currently engaged in a balance sheet restructuring, which will take an undetermined time to complete. Certain subsidiaries of Energy Holdings, REMA, consenting holders of the pass-through certificates and other parties have entered into a Credit Support Forbearance relating to the Conemaugh facility and the Rent Payment Forbearance relating to the Keystone, Conemaugh and Shawville facilities, as described above. The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit 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. Additional factors that 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 their affiliates and the quality and condition of assets under lease. |
Trust Investments
Trust Investments | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | NDT Fund Power maintains an external master NDT to fund its share of decommissioning costs 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. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 471 $ 235 $ (8 ) $ 698 International 321 76 (14 ) 383 Total Equity Securities 792 311 (22 ) 1,081 Available-for Sale Debt Securities Government 528 1 (12 ) 517 Corporate 464 — (14 ) 450 Total Available-for-Sale Debt Securities 992 1 (26 ) 967 Other 1 — — 1 Total NDT Fund Investments $ 1,785 $ 312 $ (48 ) $ 2,049 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 497 $ 245 $ (2 ) $ 740 International 311 99 (3 ) 407 Total Equity Securities 808 344 (5 ) 1,147 Available-for Sale Debt Securities Government 586 2 (4 ) 584 Corporate 400 4 (2 ) 402 Total Available-for-Sale Debt Securities 986 6 (6 ) 986 Total NDT Fund Investments $ 1,794 $ 350 $ (11 ) $ 2,133 Net unrealized gains (losses) on debt securities of $(14) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 were $12 million and $(3) million , respectively. The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 11 $ 24 Accounts Payable $ 8 $ 74 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 79 $ (8 ) $ — $ — $ 40 $ (2 ) $ — $ — International 74 (13 ) 4 (1 ) 29 (3 ) 2 — Total Equity Securities 153 (21 ) 4 (1 ) 69 (5 ) 2 — Available-for Sale Debt Securities Government (B) 402 (9 ) 64 (3 ) 343 (2 ) 91 (2 ) Corporate (C) 358 (12 ) 25 (2 ) 191 (1 ) 27 (1 ) Total Available-for-Sale Debt Securities 760 (21 ) 89 (5 ) 534 (3 ) 118 (3 ) NDT Trust Investments $ 913 $ (42 ) $ 93 $ (6 ) $ 603 $ (8 ) $ 120 $ (3 ) (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. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from NDT Fund Sales (A) $ 402 $ 320 $ 774 $ 567 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 34 $ 32 $ 58 $ 53 Gross Realized Losses (10 ) (5 ) (22 ) (9 ) Net Realized Gains (Losses) on NDT Fund (B) $ 24 $ 27 $ 36 $ 44 Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) (16 ) N/A (50 ) N/A Other-Than-Temporary-Impairments $ — $ (3 ) — (4 ) Net Gains (Losses) on NDT Fund Investments $ 8 $ 24 $ (14 ) $ 40 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The NDT Fund debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 10 1 - 5 years 298 6 - 10 years 196 11 - 15 years 45 16 - 20 years 71 Over 20 years 347 Total NDT Available-for-Sale Debt Securities $ 967 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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). 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 21 $ 3 $ — $ 24 International — — — — Total Equity Securities 21 3 — 24 Available-for-Sale Debt Securities Government 96 — (2 ) 94 Corporate 110 — (4 ) 106 Total Available-for-Sale Debt Securities 206 — (6 ) 200 Total Rabbi Trust Investments $ 227 $ 3 $ (6 ) $ 224 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 24 $ 3 $ — $ 27 International — — — — Total Equity Securities 24 3 — 27 Available-for-Sale Debt Securities Government 85 1 (1 ) 85 Corporate 118 2 (1 ) 119 Total Available-for-Sale Debt Securities 203 3 (2 ) 204 Total Rabbi Trust Investments $ 227 $ 6 $ (2 ) $ 231 Net unrealized gains (losses) on debt securities of $(4) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during both the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 was less than $1 million . The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ — $ 1 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 June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ 57 $ (1 ) 23 (1 ) $ 28 $ — $ 25 $ (1 ) Corporate (B) 93 (4 ) 6 — 39 (1 ) 9 — Total Available-for-Sale Debt Securities 150 (5 ) 29 (1 ) 67 (1 ) 34 (1 ) Rabbi Trust Investments $ 150 $ (5 ) $ 29 $ (1 ) $ 67 $ (1 ) $ 34 $ (1 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from Rabbi Trust Sales (A) $ 22 $ 93 $ 47 $ 144 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ — $ 2 $ 2 $ 17 Gross Realized Losses — (1 ) (2 ) (4 ) Net Realized Gains (Losses) on Rabbi Trust (B) — 1 — 13 Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) — N/A — N/A Other-Than-Temporary-Impairments — $ — — — Net Gains (Losses) on Rabbi Trust Investments $ — $ 1 $ — $ 13 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The Rabbi Trust debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 1 1 - 5 years 39 6 - 10 years 23 11 - 15 years 7 16 - 20 years 18 Over 20 years 112 Total Rabbi Trust Available-for-Sale Debt Securities $ 200 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 45 $ 46 Power 56 57 Other 123 128 Total Rabbi Trust Investments $ 224 $ 231 |
PSE And G [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | NDT Fund Power maintains an external master NDT to fund its share of decommissioning costs 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. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 471 $ 235 $ (8 ) $ 698 International 321 76 (14 ) 383 Total Equity Securities 792 311 (22 ) 1,081 Available-for Sale Debt Securities Government 528 1 (12 ) 517 Corporate 464 — (14 ) 450 Total Available-for-Sale Debt Securities 992 1 (26 ) 967 Other 1 — — 1 Total NDT Fund Investments $ 1,785 $ 312 $ (48 ) $ 2,049 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 497 $ 245 $ (2 ) $ 740 International 311 99 (3 ) 407 Total Equity Securities 808 344 (5 ) 1,147 Available-for Sale Debt Securities Government 586 2 (4 ) 584 Corporate 400 4 (2 ) 402 Total Available-for-Sale Debt Securities 986 6 (6 ) 986 Total NDT Fund Investments $ 1,794 $ 350 $ (11 ) $ 2,133 Net unrealized gains (losses) on debt securities of $(14) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 were $12 million and $(3) million , respectively. The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 11 $ 24 Accounts Payable $ 8 $ 74 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 79 $ (8 ) $ — $ — $ 40 $ (2 ) $ — $ — International 74 (13 ) 4 (1 ) 29 (3 ) 2 — Total Equity Securities 153 (21 ) 4 (1 ) 69 (5 ) 2 — Available-for Sale Debt Securities Government (B) 402 (9 ) 64 (3 ) 343 (2 ) 91 (2 ) Corporate (C) 358 (12 ) 25 (2 ) 191 (1 ) 27 (1 ) Total Available-for-Sale Debt Securities 760 (21 ) 89 (5 ) 534 (3 ) 118 (3 ) NDT Trust Investments $ 913 $ (42 ) $ 93 $ (6 ) $ 603 $ (8 ) $ 120 $ (3 ) (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. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from NDT Fund Sales (A) $ 402 $ 320 $ 774 $ 567 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 34 $ 32 $ 58 $ 53 Gross Realized Losses (10 ) (5 ) (22 ) (9 ) Net Realized Gains (Losses) on NDT Fund (B) $ 24 $ 27 $ 36 $ 44 Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) (16 ) N/A (50 ) N/A Other-Than-Temporary-Impairments $ — $ (3 ) — (4 ) Net Gains (Losses) on NDT Fund Investments $ 8 $ 24 $ (14 ) $ 40 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The NDT Fund debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 10 1 - 5 years 298 6 - 10 years 196 11 - 15 years 45 16 - 20 years 71 Over 20 years 347 Total NDT Available-for-Sale Debt Securities $ 967 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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). 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 21 $ 3 $ — $ 24 International — — — — Total Equity Securities 21 3 — 24 Available-for-Sale Debt Securities Government 96 — (2 ) 94 Corporate 110 — (4 ) 106 Total Available-for-Sale Debt Securities 206 — (6 ) 200 Total Rabbi Trust Investments $ 227 $ 3 $ (6 ) $ 224 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 24 $ 3 $ — $ 27 International — — — — Total Equity Securities 24 3 — 27 Available-for-Sale Debt Securities Government 85 1 (1 ) 85 Corporate 118 2 (1 ) 119 Total Available-for-Sale Debt Securities 203 3 (2 ) 204 Total Rabbi Trust Investments $ 227 $ 6 $ (2 ) $ 231 Net unrealized gains (losses) on debt securities of $(4) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during both the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 was less than $1 million . The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ — $ 1 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 June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ 57 $ (1 ) 23 (1 ) $ 28 $ — $ 25 $ (1 ) Corporate (B) 93 (4 ) 6 — 39 (1 ) 9 — Total Available-for-Sale Debt Securities 150 (5 ) 29 (1 ) 67 (1 ) 34 (1 ) Rabbi Trust Investments $ 150 $ (5 ) $ 29 $ (1 ) $ 67 $ (1 ) $ 34 $ (1 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from Rabbi Trust Sales (A) $ 22 $ 93 $ 47 $ 144 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ — $ 2 $ 2 $ 17 Gross Realized Losses — (1 ) (2 ) (4 ) Net Realized Gains (Losses) on Rabbi Trust (B) — 1 — 13 Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) — N/A — N/A Other-Than-Temporary-Impairments — $ — — — Net Gains (Losses) on Rabbi Trust Investments $ — $ 1 $ — $ 13 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The Rabbi Trust debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 1 1 - 5 years 39 6 - 10 years 23 11 - 15 years 7 16 - 20 years 18 Over 20 years 112 Total Rabbi Trust Available-for-Sale Debt Securities $ 200 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 45 $ 46 Power 56 57 Other 123 128 Total Rabbi Trust Investments $ 224 $ 231 |
Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | NDT Fund Power maintains an external master NDT to fund its share of decommissioning costs 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. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 471 $ 235 $ (8 ) $ 698 International 321 76 (14 ) 383 Total Equity Securities 792 311 (22 ) 1,081 Available-for Sale Debt Securities Government 528 1 (12 ) 517 Corporate 464 — (14 ) 450 Total Available-for-Sale Debt Securities 992 1 (26 ) 967 Other 1 — — 1 Total NDT Fund Investments $ 1,785 $ 312 $ (48 ) $ 2,049 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 497 $ 245 $ (2 ) $ 740 International 311 99 (3 ) 407 Total Equity Securities 808 344 (5 ) 1,147 Available-for Sale Debt Securities Government 586 2 (4 ) 584 Corporate 400 4 (2 ) 402 Total Available-for-Sale Debt Securities 986 6 (6 ) 986 Total NDT Fund Investments $ 1,794 $ 350 $ (11 ) $ 2,133 Net unrealized gains (losses) on debt securities of $(14) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 were $12 million and $(3) million , respectively. The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 11 $ 24 Accounts Payable $ 8 $ 74 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 79 $ (8 ) $ — $ — $ 40 $ (2 ) $ — $ — International 74 (13 ) 4 (1 ) 29 (3 ) 2 — Total Equity Securities 153 (21 ) 4 (1 ) 69 (5 ) 2 — Available-for Sale Debt Securities Government (B) 402 (9 ) 64 (3 ) 343 (2 ) 91 (2 ) Corporate (C) 358 (12 ) 25 (2 ) 191 (1 ) 27 (1 ) Total Available-for-Sale Debt Securities 760 (21 ) 89 (5 ) 534 (3 ) 118 (3 ) NDT Trust Investments $ 913 $ (42 ) $ 93 $ (6 ) $ 603 $ (8 ) $ 120 $ (3 ) (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. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from NDT Fund Sales (A) $ 402 $ 320 $ 774 $ 567 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 34 $ 32 $ 58 $ 53 Gross Realized Losses (10 ) (5 ) (22 ) (9 ) Net Realized Gains (Losses) on NDT Fund (B) $ 24 $ 27 $ 36 $ 44 Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) (16 ) N/A (50 ) N/A Other-Than-Temporary-Impairments $ — $ (3 ) — (4 ) Net Gains (Losses) on NDT Fund Investments $ 8 $ 24 $ (14 ) $ 40 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The NDT Fund debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 10 1 - 5 years 298 6 - 10 years 196 11 - 15 years 45 16 - 20 years 71 Over 20 years 347 Total NDT Available-for-Sale Debt Securities $ 967 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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). 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 21 $ 3 $ — $ 24 International — — — — Total Equity Securities 21 3 — 24 Available-for-Sale Debt Securities Government 96 — (2 ) 94 Corporate 110 — (4 ) 106 Total Available-for-Sale Debt Securities 206 — (6 ) 200 Total Rabbi Trust Investments $ 227 $ 3 $ (6 ) $ 224 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 24 $ 3 $ — $ 27 International — — — — Total Equity Securities 24 3 — 27 Available-for-Sale Debt Securities Government 85 1 (1 ) 85 Corporate 118 2 (1 ) 119 Total Available-for-Sale Debt Securities 203 3 (2 ) 204 Total Rabbi Trust Investments $ 227 $ 6 $ (2 ) $ 231 Net unrealized gains (losses) on debt securities of $(4) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2018 . The portion of net unrealized gains (losses) recognized during both the second quarter and first half of 2018 related to equity securities still held at the end of June 30, 2018 was less than $1 million . The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ — $ 1 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 June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ 57 $ (1 ) 23 (1 ) $ 28 $ — $ 25 $ (1 ) Corporate (B) 93 (4 ) 6 — 39 (1 ) 9 — Total Available-for-Sale Debt Securities 150 (5 ) 29 (1 ) 67 (1 ) 34 (1 ) Rabbi Trust Investments $ 150 $ (5 ) $ 29 $ (1 ) $ 67 $ (1 ) $ 34 $ (1 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from Rabbi Trust Sales (A) $ 22 $ 93 $ 47 $ 144 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ — $ 2 $ 2 $ 17 Gross Realized Losses — (1 ) (2 ) (4 ) Net Realized Gains (Losses) on Rabbi Trust (B) — 1 — 13 Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) — N/A — N/A Other-Than-Temporary-Impairments — $ — — — Net Gains (Losses) on Rabbi Trust Investments $ — $ 1 $ — $ 13 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). The Rabbi Trust debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 1 1 - 5 years 39 6 - 10 years 23 11 - 15 years 7 16 - 20 years 18 Over 20 years 112 Total Rabbi Trust Available-for-Sale Debt Securities $ 200 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these 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. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 45 $ 46 Power 56 57 Other 123 128 Total Rabbi Trust Investments $ 224 $ 231 |
Pension and OPEB
Pension and OPEB | 6 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Effective with the adoption of ASU 2017-07 on January 1, 2018, only the service cost component is eligible for capitalization, when applicable. For additional information, see Note 2. Recent Accounting Standards . Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 33 $ 28 $ 5 $ 4 $ 65 $ 57 $ 9 $ 8 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 52 51 17 16 104 102 33 32 Expected Return on Plan Assets (110 ) (99 ) (11 ) (9 ) (220 ) (197 ) (21 ) (17 ) Amortization of Net Prior Service Cost (5 ) (4 ) — (2 ) (9 ) (9 ) — (5 ) Actuarial Loss 21 25 16 12 42 49 32 25 Non-Service Components of Pension and OPEB (Credits) Costs (42 ) (27 ) 22 17 (83 ) (55 ) 44 35 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions PSE&G $ (7 ) $ (1 ) $ 17 $ 13 $ (15 ) $ (2 ) $ 34 $ 27 Power (3 ) 1 8 6 (5 ) 1 16 13 Other 1 1 2 2 2 3 3 3 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 During the three months ended March 31, 2018 , PSEG contributed its entire planned contribution for the year 2018 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. 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. Servco plans to contribute $40 million into its pension plan trusts during 2018 . Servco’s pension-related revenues and costs were $10 million and $8 million for three months ended June 30, 2018 and 2017 , respectively, and $20 million and $17 million for the six months ended June 30, 2018 and 2017 , respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended June 30, 2018 and 2017 , respectively, and $3 million and $2 million for the six months ended June 30, 2018 and 2017 , respectively. |
PSE And G [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Effective with the adoption of ASU 2017-07 on January 1, 2018, only the service cost component is eligible for capitalization, when applicable. For additional information, see Note 2. Recent Accounting Standards . Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 33 $ 28 $ 5 $ 4 $ 65 $ 57 $ 9 $ 8 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 52 51 17 16 104 102 33 32 Expected Return on Plan Assets (110 ) (99 ) (11 ) (9 ) (220 ) (197 ) (21 ) (17 ) Amortization of Net Prior Service Cost (5 ) (4 ) — (2 ) (9 ) (9 ) — (5 ) Actuarial Loss 21 25 16 12 42 49 32 25 Non-Service Components of Pension and OPEB (Credits) Costs (42 ) (27 ) 22 17 (83 ) (55 ) 44 35 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions PSE&G $ (7 ) $ (1 ) $ 17 $ 13 $ (15 ) $ (2 ) $ 34 $ 27 Power (3 ) 1 8 6 (5 ) 1 16 13 Other 1 1 2 2 2 3 3 3 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 During the three months ended March 31, 2018 , PSEG contributed its entire planned contribution for the year 2018 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. 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. Servco plans to contribute $40 million into its pension plan trusts during 2018 . Servco’s pension-related revenues and costs were $10 million and $8 million for three months ended June 30, 2018 and 2017 , respectively, and $20 million and $17 million for the six months ended June 30, 2018 and 2017 , respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended June 30, 2018 and 2017 , respectively, and $3 million and $2 million for the six months ended June 30, 2018 and 2017 , respectively. |
Power [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Effective with the adoption of ASU 2017-07 on January 1, 2018, only the service cost component is eligible for capitalization, when applicable. For additional information, see Note 2. Recent Accounting Standards . Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 33 $ 28 $ 5 $ 4 $ 65 $ 57 $ 9 $ 8 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 52 51 17 16 104 102 33 32 Expected Return on Plan Assets (110 ) (99 ) (11 ) (9 ) (220 ) (197 ) (21 ) (17 ) Amortization of Net Prior Service Cost (5 ) (4 ) — (2 ) (9 ) (9 ) — (5 ) Actuarial Loss 21 25 16 12 42 49 32 25 Non-Service Components of Pension and OPEB (Credits) Costs (42 ) (27 ) 22 17 (83 ) (55 ) 44 35 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions PSE&G $ (7 ) $ (1 ) $ 17 $ 13 $ (15 ) $ (2 ) $ 34 $ 27 Power (3 ) 1 8 6 (5 ) 1 16 13 Other 1 1 2 2 2 3 3 3 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 During the three months ended March 31, 2018 , PSEG contributed its entire planned contribution for the year 2018 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. 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. Servco plans to contribute $40 million into its pension plan trusts during 2018 . Servco’s pension-related revenues and costs were $10 million and $8 million for three months ended June 30, 2018 and 2017 , respectively, and $20 million and $17 million for the six months ended June 30, 2018 and 2017 , respectively. The OPEB-related revenues earned and costs incurred were $2 million and $1 million for the three months ended June 30, 2018 and 2017 , respectively, and $3 million and $2 million for the six months ended June 30, 2018 and 2017 , respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Loss Contingencies [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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. 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 • the net position 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. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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 following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,780 $ 1,701 Exposure under Current Guarantees $ 129 $ 153 Letters of Credit Margin Posted $ 152 $ 103 Letters of Credit Margin Received $ 18 $ 32 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (2 ) $ (1 ) Net Broker Balance Deposited (Received) $ 124 $ 147 Additional Amounts Posted: Other Letters of Credit $ 63 $ 61 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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 Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 percent is attributable to Power’s generating stations. These interim 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. PSEG has provided notice to insurers concerning this potential claim. Certain PRPs are currently involved in discussions with the EPA regarding cost allocations and related indemnification matters. We cannot predict the outcome of these discussions, or whether individual PRPs will be able to meet their obligations, either of which could have a material impact on PSE&G’s and Power’s allocation of costs. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (FFS) which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The EPA estimated the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process has commenced and is scheduled to be completed in late 2019. Conversations between the EPA and the PRPs regarding remediation of the Passaic River’s upper 9 miles are ongoing. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of June 30, 2018 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares 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 PSEG’s financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. 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 U.S. Department of Commerce and the U.S. 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 and Power are unable to estimate their respective portions 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 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 respective portions 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 $332 million and $378 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $332 million as of June 30, 2018 . Of this amount, $79 million was recorded in Other Current Liabilities and $253 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $332 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. NJDEP, PSEG and EPA representatives have had discussions regarding to what extent sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Clean Water Act (CWA) 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the CWA. Potential cooling water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intakes and cooling systems. 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. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at BH3. To address compliance with the EPA’s CWA Section 316(b) final rule, Power has proposed to continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting Bridgeport Harbor Station Unit 5 (BH5). All major environmental permits have been received; however, secondary approvals are still being obtained to allow operations to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, have issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. As part of this transition, the U.S. Coast Guard rescinded its Administrative Order to PSE&G related to this matter. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. Also ongoing is the process to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC, including an action filed by PSE&G in federal court in New Jersey seeking damages from NADC. In that action, NADC has also pursued counterclaims against PSE&G and Con Edison seeking damages for its costs to address the leak. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. Steam Electric Effluent Guidelines In September 2015, the EPA issued a new Effluent Limitation Guidelines Rule (ELG Rule) for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under the ELG Rule. Keystone and Conemaugh also have flue gas desulfurization wastewaters regulated by the ELG Rule. Through various orders, the EPA has stayed the compliance dates in the ELG Rule and has announced plans to further revise the requirements and compliance dates of the ELG Rule. Power is unable to determine how this will ultimately impact its compliance requirements or its financial condition and 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, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy 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, 2018 is $287.76 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2018 of $276.83 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 2015 2016 2017 2018 36-Month Terms Ending May 2018 May 2019 May 2020 May 2021 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $99.54 $96.38 $90.78 $91.77 (A) Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. 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 19. 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 2020 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2021 to support its fossil generation stations. As of June 30, 2018 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2022 Millions Nuclear Fuel Uranium $ 244 Enrichment $ 345 Fabrication $ 161 Natural Gas $ 990 Coal $ 278 Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark against PSEG Fossil, LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of June 30, 2018. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, has raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU has initiated an investigation into the matter. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. The PSEG Board of Directors retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. PSEG cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or Power’s results of operations or liquidity for any particular reporting period. |
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Loss Contingencies [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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. 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 • the net position 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. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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 following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,780 $ 1,701 Exposure under Current Guarantees $ 129 $ 153 Letters of Credit Margin Posted $ 152 $ 103 Letters of Credit Margin Received $ 18 $ 32 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (2 ) $ (1 ) Net Broker Balance Deposited (Received) $ 124 $ 147 Additional Amounts Posted: Other Letters of Credit $ 63 $ 61 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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 Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 percent is attributable to Power’s generating stations. These interim 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. PSEG has provided notice to insurers concerning this potential claim. Certain PRPs are currently involved in discussions with the EPA regarding cost allocations and related indemnification matters. We cannot predict the outcome of these discussions, or whether individual PRPs will be able to meet their obligations, either of which could have a material impact on PSE&G’s and Power’s allocation of costs. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (FFS) which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The EPA estimated the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process has commenced and is scheduled to be completed in late 2019. Conversations between the EPA and the PRPs regarding remediation of the Passaic River’s upper 9 miles are ongoing. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of June 30, 2018 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares 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 PSEG’s financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. 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 U.S. Department of Commerce and the U.S. 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 and Power are unable to estimate their respective portions 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 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 respective portions 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 $332 million and $378 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $332 million as of June 30, 2018 . Of this amount, $79 million was recorded in Other Current Liabilities and $253 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $332 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. NJDEP, PSEG and EPA representatives have had discussions regarding to what extent sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Clean Water Act (CWA) 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the CWA. Potential cooling water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intakes and cooling systems. 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. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at BH3. To address compliance with the EPA’s CWA Section 316(b) final rule, Power has proposed to continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting Bridgeport Harbor Station Unit 5 (BH5). All major environmental permits have been received; however, secondary approvals are still being obtained to allow operations to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, have issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. As part of this transition, the U.S. Coast Guard rescinded its Administrative Order to PSE&G related to this matter. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. Also ongoing is the process to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC, including an action filed by PSE&G in federal court in New Jersey seeking damages from NADC. In that action, NADC has also pursued counterclaims against PSE&G and Con Edison seeking damages for its costs to address the leak. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. Steam Electric Effluent Guidelines In September 2015, the EPA issued a new Effluent Limitation Guidelines Rule (ELG Rule) for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under the ELG Rule. Keystone and Conemaugh also have flue gas desulfurization wastewaters regulated by the ELG Rule. Through various orders, the EPA has stayed the compliance dates in the ELG Rule and has announced plans to further revise the requirements and compliance dates of the ELG Rule. Power is unable to determine how this will ultimately impact its compliance requirements or its financial condition and 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, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy 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, 2018 is $287.76 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2018 of $276.83 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 2015 2016 2017 2018 36-Month Terms Ending May 2018 May 2019 May 2020 May 2021 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $99.54 $96.38 $90.78 $91.77 (A) Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. 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 19. 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 2020 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2021 to support its fossil generation stations. As of June 30, 2018 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2022 Millions Nuclear Fuel Uranium $ 244 Enrichment $ 345 Fabrication $ 161 Natural Gas $ 990 Coal $ 278 Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark against PSEG Fossil, LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of June 30, 2018. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, has raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU has initiated an investigation into the matter. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. The PSEG Board of Directors retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. PSEG cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or Power’s results of operations or liquidity for any particular reporting period. |
Power [Member] | |
Loss Contingencies [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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. 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 • the net position 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. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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 following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,780 $ 1,701 Exposure under Current Guarantees $ 129 $ 153 Letters of Credit Margin Posted $ 152 $ 103 Letters of Credit Margin Received $ 18 $ 32 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (2 ) $ (1 ) Net Broker Balance Deposited (Received) $ 124 $ 147 Additional Amounts Posted: Other Letters of Credit $ 63 $ 61 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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 Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 percent is attributable to Power’s generating stations. These interim 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. PSEG has provided notice to insurers concerning this potential claim. Certain PRPs are currently involved in discussions with the EPA regarding cost allocations and related indemnification matters. We cannot predict the outcome of these discussions, or whether individual PRPs will be able to meet their obligations, either of which could have a material impact on PSE&G’s and Power’s allocation of costs. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (FFS) which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The EPA estimated the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process has commenced and is scheduled to be completed in late 2019. Conversations between the EPA and the PRPs regarding remediation of the Passaic River’s upper 9 miles are ongoing. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of June 30, 2018 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares 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 PSEG’s financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. 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 U.S. Department of Commerce and the U.S. 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 and Power are unable to estimate their respective portions 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 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 respective portions 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 $332 million and $378 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $332 million as of June 30, 2018 . Of this amount, $79 million was recorded in Other Current Liabilities and $253 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $332 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. NJDEP, PSEG and EPA representatives have had discussions regarding to what extent sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Clean Water Act (CWA) 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the CWA. Potential cooling water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intakes and cooling systems. 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. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at BH3. To address compliance with the EPA’s CWA Section 316(b) final rule, Power has proposed to continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting Bridgeport Harbor Station Unit 5 (BH5). All major environmental permits have been received; however, secondary approvals are still being obtained to allow operations to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, have issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. As part of this transition, the U.S. Coast Guard rescinded its Administrative Order to PSE&G related to this matter. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. Also ongoing is the process to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC, including an action filed by PSE&G in federal court in New Jersey seeking damages from NADC. In that action, NADC has also pursued counterclaims against PSE&G and Con Edison seeking damages for its costs to address the leak. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. Steam Electric Effluent Guidelines In September 2015, the EPA issued a new Effluent Limitation Guidelines Rule (ELG Rule) for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under the ELG Rule. Keystone and Conemaugh also have flue gas desulfurization wastewaters regulated by the ELG Rule. Through various orders, the EPA has stayed the compliance dates in the ELG Rule and has announced plans to further revise the requirements and compliance dates of the ELG Rule. Power is unable to determine how this will ultimately impact its compliance requirements or its financial condition and 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, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy 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, 2018 is $287.76 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2018 of $276.83 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 2015 2016 2017 2018 36-Month Terms Ending May 2018 May 2019 May 2020 May 2021 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $99.54 $96.38 $90.78 $91.77 (A) Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. 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 19. 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 2020 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2021 to support its fossil generation stations. As of June 30, 2018 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2022 Millions Nuclear Fuel Uranium $ 244 Enrichment $ 345 Fabrication $ 161 Natural Gas $ 990 Coal $ 278 Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark against PSEG Fossil, LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of June 30, 2018. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, has raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU has initiated an investigation into the matter. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. The PSEG Board of Directors retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. PSEG cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or Power’s results of operations or liquidity for any particular reporting period. |
Debt and Credit Facilities
Debt and Credit Facilities | 6 Months Ended |
Jun. 30, 2018 | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2018 : PSE&G • issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028 , • issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048 , and • retired $400 million of 5.30% Medium-Term Notes at maturity. Power • issued $700 million of 3.85% Senior Notes due June 2023 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018 , the total available credit capacity was $3.7 billion . As of June 30, 2018 , no single institution represented more than 8% of the total commitments in the credit facilities. As of June 30, 2018 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2018 were as follows: As of June 30, 2018 Company/Facility Total Facility Usage Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 88 $ 1,412 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 88 $ 1,412 PSE&G 5-year Credit Facility (A) $ 600 $ 211 $ 389 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 211 $ 389 Power 3-year Letter of Credit Facilities $ 200 $ 162 $ 38 Mar 2020 Letters of Credit 5-year Credit Facilities 1,900 40 1,860 Mar 2022 Funding/Letters of Credit Total Power $ 2,100 $ 202 $ 1,898 Total $ 4,200 $ 501 $ 3,699 (A) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2018 , PSEG had $75 million outstanding at a weighted average interest rate of 2.32% . PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018 . |
PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2018 : PSE&G • issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028 , • issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048 , and • retired $400 million of 5.30% Medium-Term Notes at maturity. Power • issued $700 million of 3.85% Senior Notes due June 2023 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018 , the total available credit capacity was $3.7 billion . As of June 30, 2018 , no single institution represented more than 8% of the total commitments in the credit facilities. As of June 30, 2018 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2018 were as follows: As of June 30, 2018 Company/Facility Total Facility Usage Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 88 $ 1,412 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 88 $ 1,412 PSE&G 5-year Credit Facility (A) $ 600 $ 211 $ 389 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 211 $ 389 Power 3-year Letter of Credit Facilities $ 200 $ 162 $ 38 Mar 2020 Letters of Credit 5-year Credit Facilities 1,900 40 1,860 Mar 2022 Funding/Letters of Credit Total Power $ 2,100 $ 202 $ 1,898 Total $ 4,200 $ 501 $ 3,699 (A) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2018 , PSEG had $75 million outstanding at a weighted average interest rate of 2.32% . PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018 . |
Power [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2018 : PSE&G • issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028 , • issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048 , and • retired $400 million of 5.30% Medium-Term Notes at maturity. Power • issued $700 million of 3.85% Senior Notes due June 2023 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018 , the total available credit capacity was $3.7 billion . As of June 30, 2018 , no single institution represented more than 8% of the total commitments in the credit facilities. As of June 30, 2018 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2018 were as follows: As of June 30, 2018 Company/Facility Total Facility Usage Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 88 $ 1,412 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 88 $ 1,412 PSE&G 5-year Credit Facility (A) $ 600 $ 211 $ 389 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 211 $ 389 Power 3-year Letter of Credit Facilities $ 200 $ 162 $ 38 Mar 2020 Letters of Credit 5-year Credit Facilities 1,900 40 1,860 Mar 2022 Funding/Letters of Credit Total Power $ 2,100 $ 202 $ 1,898 Total $ 4,200 $ 501 $ 3,699 (A) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2018 , PSEG had $75 million outstanding at a weighted average interest rate of 2.32% . PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018 . |
Financial Risk Management Activ
Financial Risk Management Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 10. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of June 30, 2018 or December 31, 2017 . 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. PSEG interest rate hedges totaling $500 million were executed and terminated during the second quarter of 2018 and a loss of $(1) million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3.85% Senior Notes due June 2023 . For additional information see Note 11. Debt and Credit Facilities . There were no outstanding interest rate hedges as of June 30, 2018 and December 31, 2017 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(1) million as of June 30, 2018 and was immaterial as of December 31, 2017 . The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed 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 PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 13. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 256 $ (232 ) $ 24 $ 24 Noncurrent Assets 132 (111 ) 21 21 Total Mark-to-Market Derivative Assets $ 388 $ (343 ) $ 45 $ 45 Derivative Contracts Current Liabilities $ (254 ) $ 231 $ (23 ) $ (23 ) Noncurrent Liabilities (111 ) 110 (1 ) (1 ) Total Mark-to-Market Derivative (Liabilities) $ (365 ) $ 341 $ (24 ) $ (24 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 23 $ (2 ) $ 21 $ 21 As of December 31, 2017 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 391 $ (362 ) $ 29 $ 29 Noncurrent Assets 78 (71 ) 7 7 Total Mark-to-Market Derivative Assets $ 469 $ (433 ) $ 36 $ 36 Derivative Contracts Current Liabilities $ (403 ) $ 387 $ (16 ) $ (16 ) Noncurrent Liabilities (95 ) 90 (5 ) (5 ) Total Mark-to-Market Derivative (Liabilities) $ (498 ) $ 477 $ (21 ) $ (21 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (29 ) $ 44 $ 15 $ 15 (A) Substantially all of Power’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 June 30, 2018 and December 31, 2017 . (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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018 , $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017 , $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P or Moody’s ratings. 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 $11 million and $30 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , Power had the contractual right of offset of $6 million and $13 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 $5 million and $17 million as of June 30, 2018 and December 31, 2017 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following reconciles the Accumulated Other Comprehensive Income 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, 2016 $ 3 $ 2 Gain Recognized in AOCI — — Less: Gain Reclassified into Income (3 ) (2 ) Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of June 30, 2018 $ (2 ) $ (1 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2018 and 2017 . Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ (64 ) $ 112 $ (24 ) $ 190 Energy-Related Contracts Energy Costs 15 (10 ) 7 (10 ) Total PSEG and Power $ (49 ) $ 102 $ (17 ) $ 180 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2018 and December 31, 2017 . Type Notional Total PSEG Power PSE&G Millions As of June 30, 2018 Natural Gas Dekatherm (Dth) 249 — 249 — Electricity MWh (67 ) — (67 ) — Financial Transmission Rights (FTRs) MWh 24 — 24 — As of December 31, 2017 Natural Gas Dth 154 — 154 — Electricity MWh (63 ) — (63 ) — FTRs MWh 6 — 6 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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. The following table provides information on Power’s credit risk from ER&T wholesale counterparties, net of collateral, as of June 30, 2018 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of June 30, 2018 , 98% of the net credit exposure 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 172 $ 12 $ 160 2 $ 74 (A) Non-Investment Grade 4 1 3 — — Total $ 176 $ 13 $ 163 2 $ 74 (A) Represents net exposure of $56 million with PSE&G and a non-affiliated counterparty of $18 million . As of June 30, 2018 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $12 million in letters of credit. As of June 30, 2018 , Power had 145 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 June 30, 2018 , 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2018 , 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 And G [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 10. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of June 30, 2018 or December 31, 2017 . 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. PSEG interest rate hedges totaling $500 million were executed and terminated during the second quarter of 2018 and a loss of $(1) million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3.85% Senior Notes due June 2023 . For additional information see Note 11. Debt and Credit Facilities . There were no outstanding interest rate hedges as of June 30, 2018 and December 31, 2017 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(1) million as of June 30, 2018 and was immaterial as of December 31, 2017 . The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed 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 PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 13. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 256 $ (232 ) $ 24 $ 24 Noncurrent Assets 132 (111 ) 21 21 Total Mark-to-Market Derivative Assets $ 388 $ (343 ) $ 45 $ 45 Derivative Contracts Current Liabilities $ (254 ) $ 231 $ (23 ) $ (23 ) Noncurrent Liabilities (111 ) 110 (1 ) (1 ) Total Mark-to-Market Derivative (Liabilities) $ (365 ) $ 341 $ (24 ) $ (24 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 23 $ (2 ) $ 21 $ 21 As of December 31, 2017 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 391 $ (362 ) $ 29 $ 29 Noncurrent Assets 78 (71 ) 7 7 Total Mark-to-Market Derivative Assets $ 469 $ (433 ) $ 36 $ 36 Derivative Contracts Current Liabilities $ (403 ) $ 387 $ (16 ) $ (16 ) Noncurrent Liabilities (95 ) 90 (5 ) (5 ) Total Mark-to-Market Derivative (Liabilities) $ (498 ) $ 477 $ (21 ) $ (21 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (29 ) $ 44 $ 15 $ 15 (A) Substantially all of Power’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 June 30, 2018 and December 31, 2017 . (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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018 , $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017 , $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P or Moody’s ratings. 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 $11 million and $30 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , Power had the contractual right of offset of $6 million and $13 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 $5 million and $17 million as of June 30, 2018 and December 31, 2017 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following reconciles the Accumulated Other Comprehensive Income 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, 2016 $ 3 $ 2 Gain Recognized in AOCI — — Less: Gain Reclassified into Income (3 ) (2 ) Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of June 30, 2018 $ (2 ) $ (1 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2018 and 2017 . Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ (64 ) $ 112 $ (24 ) $ 190 Energy-Related Contracts Energy Costs 15 (10 ) 7 (10 ) Total PSEG and Power $ (49 ) $ 102 $ (17 ) $ 180 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2018 and December 31, 2017 . Type Notional Total PSEG Power PSE&G Millions As of June 30, 2018 Natural Gas Dekatherm (Dth) 249 — 249 — Electricity MWh (67 ) — (67 ) — Financial Transmission Rights (FTRs) MWh 24 — 24 — As of December 31, 2017 Natural Gas Dth 154 — 154 — Electricity MWh (63 ) — (63 ) — FTRs MWh 6 — 6 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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. The following table provides information on Power’s credit risk from ER&T wholesale counterparties, net of collateral, as of June 30, 2018 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of June 30, 2018 , 98% of the net credit exposure 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 172 $ 12 $ 160 2 $ 74 (A) Non-Investment Grade 4 1 3 — — Total $ 176 $ 13 $ 163 2 $ 74 (A) Represents net exposure of $56 million with PSE&G and a non-affiliated counterparty of $18 million . As of June 30, 2018 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $12 million in letters of credit. As of June 30, 2018 , Power had 145 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 June 30, 2018 , 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2018 , 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 Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 10. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of June 30, 2018 or December 31, 2017 . 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. PSEG interest rate hedges totaling $500 million were executed and terminated during the second quarter of 2018 and a loss of $(1) million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3.85% Senior Notes due June 2023 . For additional information see Note 11. Debt and Credit Facilities . There were no outstanding interest rate hedges as of June 30, 2018 and December 31, 2017 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(1) million as of June 30, 2018 and was immaterial as of December 31, 2017 . The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed 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 PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 13. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 256 $ (232 ) $ 24 $ 24 Noncurrent Assets 132 (111 ) 21 21 Total Mark-to-Market Derivative Assets $ 388 $ (343 ) $ 45 $ 45 Derivative Contracts Current Liabilities $ (254 ) $ 231 $ (23 ) $ (23 ) Noncurrent Liabilities (111 ) 110 (1 ) (1 ) Total Mark-to-Market Derivative (Liabilities) $ (365 ) $ 341 $ (24 ) $ (24 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 23 $ (2 ) $ 21 $ 21 As of December 31, 2017 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 391 $ (362 ) $ 29 $ 29 Noncurrent Assets 78 (71 ) 7 7 Total Mark-to-Market Derivative Assets $ 469 $ (433 ) $ 36 $ 36 Derivative Contracts Current Liabilities $ (403 ) $ 387 $ (16 ) $ (16 ) Noncurrent Liabilities (95 ) 90 (5 ) (5 ) Total Mark-to-Market Derivative (Liabilities) $ (498 ) $ 477 $ (21 ) $ (21 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (29 ) $ 44 $ 15 $ 15 (A) Substantially all of Power’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 June 30, 2018 and December 31, 2017 . (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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018 , $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017 , $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P or Moody’s ratings. 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 $11 million and $30 million as of June 30, 2018 and December 31, 2017 , respectively. As of June 30, 2018 and December 31, 2017 , Power had the contractual right of offset of $6 million and $13 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 $5 million and $17 million as of June 30, 2018 and December 31, 2017 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following reconciles the Accumulated Other Comprehensive Income 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, 2016 $ 3 $ 2 Gain Recognized in AOCI — — Less: Gain Reclassified into Income (3 ) (2 ) Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of June 30, 2018 $ (2 ) $ (1 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2018 and 2017 . Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ (64 ) $ 112 $ (24 ) $ 190 Energy-Related Contracts Energy Costs 15 (10 ) 7 (10 ) Total PSEG and Power $ (49 ) $ 102 $ (17 ) $ 180 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2018 and December 31, 2017 . Type Notional Total PSEG Power PSE&G Millions As of June 30, 2018 Natural Gas Dekatherm (Dth) 249 — 249 — Electricity MWh (67 ) — (67 ) — Financial Transmission Rights (FTRs) MWh 24 — 24 — As of December 31, 2017 Natural Gas Dth 154 — 154 — Electricity MWh (63 ) — (63 ) — FTRs MWh 6 — 6 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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. The following table provides information on Power’s credit risk from ER&T wholesale counterparties, net of collateral, as of June 30, 2018 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of June 30, 2018 , 98% of the net credit exposure 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 172 $ 12 $ 160 2 $ 74 (A) Non-Investment Grade 4 1 3 — — Total $ 176 $ 13 $ 163 2 $ 74 (A) Represents net exposure of $56 million with PSE&G and a non-affiliated counterparty of $18 million . As of June 30, 2018 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $12 million in letters of credit. As of June 30, 2018 , Power had 145 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 June 30, 2018 , 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2018 , 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 | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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 June 30, 2018 , these consisted primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. 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 June 30, 2018 and December 31, 2017 , 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 PSE&G and Power. Recurring Fair Value Measurements as of June 30, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 24 $ — $ 24 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 36 $ — $ — $ 36 $ — Debt Securities—Corporate $ 106 $ — $ — $ 106 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 4 $ — $ 4 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 21 $ — $ — $ 21 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 27 $ — $ — $ 27 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2017 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 27 $ — $ 27 $ — $ — Debt Securities—U.S. Treasury $ 51 $ — $ — $ 51 $ — Debt Securities—Govt Other $ 34 $ — $ — $ 34 $ — Debt Securities—Corporate $ 119 $ — $ — $ 119 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) PSE&G Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 7 $ — $ — $ 7 $ — Debt Securities—Corporate $ 24 $ — $ — $ 24 $ — Liabilities: Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 30 $ — $ — $ 30 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. 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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, 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—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (C) As of June 30, 2018 , the fair value measurement table excludes foreign currency of $1 million , which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in various fixed income securities and a Russell 3000 index fund. 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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in Dreyfus money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ Net Asset Value is priced and published daily. The Rabbi Trust also has an equity index fund which is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) 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 Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017 , $(3) million was netted against assets and $47 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees 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, the natural gas supply contract is 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. 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. The fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these gas physical contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2018 and December 31, 2017 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position June 30, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 5 — Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (3 ) Total PSEG $ 7 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2017 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 11 (2 ) Discounted Cash flow Average Historical Basis -40% to -10% Total Power $ 12 $ (5 ) Total PSEG $ 12 $ (5 ) Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2018 and June 30, 2017 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Six Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 3 $ 7 $ (1 ) $ — $ (3 ) $ — $ 6 PSE&G Net Derivative Assets (Liabilities) $ 1 $ — $ (1 ) $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 2 $ 7 $ — $ — $ (3 ) $ — $ 6 Six Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 1 $ 26 $ 5 $ — $ (25 ) $ (1 ) $ 6 PSE&G Net Derivative Assets (Liabilities) $ (5 ) $ — $ 5 $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 6 $ 26 $ — $ — $ (25 ) $ (1 ) $ 6 (A) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2018 include $(7) million and $1 million , respectively, in Operating Revenues and $4 million and $(5) million , respectively, in Energy Costs. Both the $(7) million and $1 million in Operating Revenues are unrealized. Of the $4 million and $(5) million in Energy Costs, $3 million and $(6) million are unrealized. Unrealized gains (losses) represent the change in derivative assets and liabilities still held at the end of the reporting period. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $1 million in settlements for the six months ended June 30, 2018 . Represents settlements of $(3) million and $(25) million for the three months and six months ended June 30, 2017 , respectively. (D) During the three months and six months ended June 30, 2018 , there were no transfers into or out of Level 3. During the six months ended June 30, 2017 , $(1) million of net derivatives were transferred from Level 2 to Level 3. There were no transfers into or out of Level 3 during the three months ended June 30, 2017 . (E) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2017 include $3 million and $17 million , respectively, in Operating Revenues and $4 million and $9 million , respectively, in Energy Costs. Of the $3 million and $17 million in Operating Revenues, $2 million and $(2) million , respectively, are unrealized. Of the $4 million and $9 million in Energy Costs, $2 million and $3 million are unrealized. As of June 30, 2018 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2017 , PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. 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 June 30, 2018 and December 31, 2017 . As of As of June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,091 $ 2,042 $ 2,091 $ 2,081 PSE&G (B) 8,886 9,055 8,591 9,322 Power (B) 3,083 3,249 2,386 2,659 Total Long-Term Debt $ 14,060 $ 14,346 $ 13,068 $ 14,062 (A) Includes floating rate term loan of $700 million . The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
PSE And G [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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 June 30, 2018 , these consisted primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. 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 June 30, 2018 and December 31, 2017 , 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 PSE&G and Power. Recurring Fair Value Measurements as of June 30, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 24 $ — $ 24 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 36 $ — $ — $ 36 $ — Debt Securities—Corporate $ 106 $ — $ — $ 106 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 4 $ — $ 4 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 21 $ — $ — $ 21 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 27 $ — $ — $ 27 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2017 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 27 $ — $ 27 $ — $ — Debt Securities—U.S. Treasury $ 51 $ — $ — $ 51 $ — Debt Securities—Govt Other $ 34 $ — $ — $ 34 $ — Debt Securities—Corporate $ 119 $ — $ — $ 119 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) PSE&G Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 7 $ — $ — $ 7 $ — Debt Securities—Corporate $ 24 $ — $ — $ 24 $ — Liabilities: Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 30 $ — $ — $ 30 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. 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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, 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—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (C) As of June 30, 2018 , the fair value measurement table excludes foreign currency of $1 million , which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in various fixed income securities and a Russell 3000 index fund. 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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in Dreyfus money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ Net Asset Value is priced and published daily. The Rabbi Trust also has an equity index fund which is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) 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 Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017 , $(3) million was netted against assets and $47 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees 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, the natural gas supply contract is 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. 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. The fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these gas physical contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2018 and December 31, 2017 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position June 30, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 5 — Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (3 ) Total PSEG $ 7 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2017 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 11 (2 ) Discounted Cash flow Average Historical Basis -40% to -10% Total Power $ 12 $ (5 ) Total PSEG $ 12 $ (5 ) Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2018 and June 30, 2017 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Six Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 3 $ 7 $ (1 ) $ — $ (3 ) $ — $ 6 PSE&G Net Derivative Assets (Liabilities) $ 1 $ — $ (1 ) $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 2 $ 7 $ — $ — $ (3 ) $ — $ 6 Six Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 1 $ 26 $ 5 $ — $ (25 ) $ (1 ) $ 6 PSE&G Net Derivative Assets (Liabilities) $ (5 ) $ — $ 5 $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 6 $ 26 $ — $ — $ (25 ) $ (1 ) $ 6 (A) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2018 include $(7) million and $1 million , respectively, in Operating Revenues and $4 million and $(5) million , respectively, in Energy Costs. Both the $(7) million and $1 million in Operating Revenues are unrealized. Of the $4 million and $(5) million in Energy Costs, $3 million and $(6) million are unrealized. Unrealized gains (losses) represent the change in derivative assets and liabilities still held at the end of the reporting period. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $1 million in settlements for the six months ended June 30, 2018 . Represents settlements of $(3) million and $(25) million for the three months and six months ended June 30, 2017 , respectively. (D) During the three months and six months ended June 30, 2018 , there were no transfers into or out of Level 3. During the six months ended June 30, 2017 , $(1) million of net derivatives were transferred from Level 2 to Level 3. There were no transfers into or out of Level 3 during the three months ended June 30, 2017 . (E) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2017 include $3 million and $17 million , respectively, in Operating Revenues and $4 million and $9 million , respectively, in Energy Costs. Of the $3 million and $17 million in Operating Revenues, $2 million and $(2) million , respectively, are unrealized. Of the $4 million and $9 million in Energy Costs, $2 million and $3 million are unrealized. As of June 30, 2018 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2017 , PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. 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 June 30, 2018 and December 31, 2017 . As of As of June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,091 $ 2,042 $ 2,091 $ 2,081 PSE&G (B) 8,886 9,055 8,591 9,322 Power (B) 3,083 3,249 2,386 2,659 Total Long-Term Debt $ 14,060 $ 14,346 $ 13,068 $ 14,062 (A) Includes floating rate term loan of $700 million . The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
Power [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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 June 30, 2018 , these consisted primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. 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 June 30, 2018 and December 31, 2017 , 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 PSE&G and Power. Recurring Fair Value Measurements as of June 30, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 24 $ — $ 24 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 36 $ — $ — $ 36 $ — Debt Securities—Corporate $ 106 $ — $ — $ 106 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 4 $ — $ 4 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 21 $ — $ — $ 21 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 27 $ — $ — $ 27 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2017 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 27 $ — $ 27 $ — $ — Debt Securities—U.S. Treasury $ 51 $ — $ — $ 51 $ — Debt Securities—Govt Other $ 34 $ — $ — $ 34 $ — Debt Securities—Corporate $ 119 $ — $ — $ 119 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) PSE&G Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 7 $ — $ — $ 7 $ — Debt Securities—Corporate $ 24 $ — $ — $ 24 $ — Liabilities: Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 30 $ — $ — $ 30 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. 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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, 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—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (C) As of June 30, 2018 , the fair value measurement table excludes foreign currency of $1 million , which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in various fixed income securities and a Russell 3000 index fund. 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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in Dreyfus money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ Net Asset Value is priced and published daily. The Rabbi Trust also has an equity index fund which is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) 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 Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017 , $(3) million was netted against assets and $47 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees 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, the natural gas supply contract is 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. 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. The fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these gas physical contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2018 and December 31, 2017 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position June 30, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 5 — Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (3 ) Total PSEG $ 7 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2017 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 11 (2 ) Discounted Cash flow Average Historical Basis -40% to -10% Total Power $ 12 $ (5 ) Total PSEG $ 12 $ (5 ) Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2018 and June 30, 2017 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Six Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 3 $ 7 $ (1 ) $ — $ (3 ) $ — $ 6 PSE&G Net Derivative Assets (Liabilities) $ 1 $ — $ (1 ) $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 2 $ 7 $ — $ — $ (3 ) $ — $ 6 Six Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 1 $ 26 $ 5 $ — $ (25 ) $ (1 ) $ 6 PSE&G Net Derivative Assets (Liabilities) $ (5 ) $ — $ 5 $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 6 $ 26 $ — $ — $ (25 ) $ (1 ) $ 6 (A) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2018 include $(7) million and $1 million , respectively, in Operating Revenues and $4 million and $(5) million , respectively, in Energy Costs. Both the $(7) million and $1 million in Operating Revenues are unrealized. Of the $4 million and $(5) million in Energy Costs, $3 million and $(6) million are unrealized. Unrealized gains (losses) represent the change in derivative assets and liabilities still held at the end of the reporting period. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $1 million in settlements for the six months ended June 30, 2018 . Represents settlements of $(3) million and $(25) million for the three months and six months ended June 30, 2017 , respectively. (D) During the three months and six months ended June 30, 2018 , there were no transfers into or out of Level 3. During the six months ended June 30, 2017 , $(1) million of net derivatives were transferred from Level 2 to Level 3. There were no transfers into or out of Level 3 during the three months ended June 30, 2017 . (E) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2017 include $3 million and $17 million , respectively, in Operating Revenues and $4 million and $9 million , respectively, in Energy Costs. Of the $3 million and $17 million in Operating Revenues, $2 million and $(2) million , respectively, are unrealized. Of the $4 million and $9 million in Energy Costs, $2 million and $3 million are unrealized. As of June 30, 2018 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2017 , PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. 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 June 30, 2018 and December 31, 2017 . As of As of June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,091 $ 2,042 $ 2,091 $ 2,081 PSE&G (B) 8,886 9,055 8,591 9,322 Power (B) 3,083 3,249 2,386 2,659 Total Long-Term Debt $ 14,060 $ 14,346 $ 13,068 $ 14,062 (A) Includes floating rate term loan of $700 million . The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
Other Income (Deductions)
Other Income (Deductions) | 6 Months Ended |
Jun. 30, 2018 | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 15 $ — $ 15 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 5 — — 5 Other 2 (2 ) 1 1 Total Other Income (Deductions) $ 20 $ 13 $ 1 $ 34 Six Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 27 $ — $ 27 Allowance for Funds Used During Construction 27 — — 27 Solar Loan Interest 9 — — 9 Other 4 (3 ) 2 3 Total Other Income (Deductions) $ 40 $ 24 $ 2 $ 66 Three Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 5 — — 5 Other 2 (1 ) — 1 Total Other Income (Deductions) $ 21 $ 12 $ — $ 33 Six Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 23 $ — $ 23 Allowance for Funds Used During Construction 28 — — 28 Solar Loan Interest 10 — — 10 Other 5 — (1 ) 4 Total Other Income (Deductions) $ 43 $ 23 $ (1 ) $ 65 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
PSE And G [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 15 $ — $ 15 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 5 — — 5 Other 2 (2 ) 1 1 Total Other Income (Deductions) $ 20 $ 13 $ 1 $ 34 Six Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 27 $ — $ 27 Allowance for Funds Used During Construction 27 — — 27 Solar Loan Interest 9 — — 9 Other 4 (3 ) 2 3 Total Other Income (Deductions) $ 40 $ 24 $ 2 $ 66 Three Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 5 — — 5 Other 2 (1 ) — 1 Total Other Income (Deductions) $ 21 $ 12 $ — $ 33 Six Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 23 $ — $ 23 Allowance for Funds Used During Construction 28 — — 28 Solar Loan Interest 10 — — 10 Other 5 — (1 ) 4 Total Other Income (Deductions) $ 43 $ 23 $ (1 ) $ 65 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Power [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 15 $ — $ 15 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 5 — — 5 Other 2 (2 ) 1 1 Total Other Income (Deductions) $ 20 $ 13 $ 1 $ 34 Six Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 27 $ — $ 27 Allowance for Funds Used During Construction 27 — — 27 Solar Loan Interest 9 — — 9 Other 4 (3 ) 2 3 Total Other Income (Deductions) $ 40 $ 24 $ 2 $ 66 Three Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 5 — — 5 Other 2 (1 ) — 1 Total Other Income (Deductions) $ 21 $ 12 $ — $ 33 Six Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 23 $ — $ 23 Allowance for Funds Used During Construction 28 — — 28 Solar Loan Interest 10 — — 10 Other 5 — (1 ) 4 Total Other Income (Deductions) $ 43 $ 23 $ (1 ) $ 65 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 PSEG 26.5% 35.1% 26.6% 28.3% PSE&G 25.7% 37.2% 26.4% 36.7% Power 31.7% 39.0% 27.1% 40.0% For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act offset by changes in uncertain tax positions, plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, offset by changes in uncertain tax positions, plant-related and other flow-through items. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, as well as changes in uncertain tax positions. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to changes in uncertain tax positions and tax credits. PSEG’s federal tax returns for the years 2011 and 2012 are currently being audited by the IRS. The audit and other related claims are reasonably expected to be completed within the next 12 months. As a result, it is reasonably possible that a decrease in PSEG’s total unrecognized tax benefits may be necessary in the range of $80 million to $150 million based on current estimates. In December 2017, the U.S. government enacted comprehensive tax legislation. The Tax Act establishes new tax laws that took effect in 2018, including, but not limited to (1) reduction of the U.S. federal corporate tax rate from a maximum of 35% to 21%; (2) elimination of the corporate alternative minimum tax; (3) a new limitation on deductible interest expense; (4) the repeal of the domestic production activity deduction; (5) limitations on the deductibility of certain executive compensation; and (6) limitations on net operating losses generated after December 31, 2017, to 80% of taxable income. In addition, certain changes were made to the bonus depreciation rules that will impact 2018. The SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. PSEG, PSE&G and Power are subject to ASC 740. In accordance with SAB 118, PSEG, PSE&G and Power made reasonable, good faith estimates for which provisional amounts were recorded. PSEG’s accounting for certain elements of the Tax Act is incomplete. However, PSEG recorded provisional adjustments for the following: the tax rules regarding the appropriate bonus depreciation rate that should be applied to assets placed in service after September 27, 2017 for Power and PSE&G, including the information required to compute the applicable depreciable tax basis, and the impact on PSEG’s, PSE&G’s and Power’s deferred taxes associated with FIN 48 reserves. Further, the Tax Act is unclear in certain respects and will require interpretations and implementing regulations by the IRS, as well as state tax authorities. The Tax Act could also be subject to potential amendments and technical corrections which could impact PSEG, PSE&G and Power’s financial statements. The Protecting Americans from Tax Hikes Act of 2015 (2015 Tax Act), among other provisions, included an extension of the bonus depreciation rules and the 30% investment tax credit for qualified property placed into service after 2016. Qualified property that is placed into service from January 1, 2015 through December 31, 2017 is eligible for the 50% bonus depreciation. The provisions of the 2015 Tax Act have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. For the period beginning September 28, 2017, subject to the transition rules, the Tax Act modified the bonus depreciation rules of the 2015 Tax Act. Subject to further guidance, it is expected that Power is entitled to 100% expensing and bonus depreciation will no longer apply to PSE&G. In July 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. PSEG expects these new provisions to unfavorably affect its non-utility business as it continues to analyze this newly enacted law and the impact it will have on PSEG. |
PSE And G [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 PSEG 26.5% 35.1% 26.6% 28.3% PSE&G 25.7% 37.2% 26.4% 36.7% Power 31.7% 39.0% 27.1% 40.0% For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act offset by changes in uncertain tax positions, plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, offset by changes in uncertain tax positions, plant-related and other flow-through items. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, as well as changes in uncertain tax positions. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to changes in uncertain tax positions and tax credits. PSEG’s federal tax returns for the years 2011 and 2012 are currently being audited by the IRS. The audit and other related claims are reasonably expected to be completed within the next 12 months. As a result, it is reasonably possible that a decrease in PSEG’s total unrecognized tax benefits may be necessary in the range of $80 million to $150 million based on current estimates. In December 2017, the U.S. government enacted comprehensive tax legislation. The Tax Act establishes new tax laws that took effect in 2018, including, but not limited to (1) reduction of the U.S. federal corporate tax rate from a maximum of 35% to 21%; (2) elimination of the corporate alternative minimum tax; (3) a new limitation on deductible interest expense; (4) the repeal of the domestic production activity deduction; (5) limitations on the deductibility of certain executive compensation; and (6) limitations on net operating losses generated after December 31, 2017, to 80% of taxable income. In addition, certain changes were made to the bonus depreciation rules that will impact 2018. The SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. PSEG, PSE&G and Power are subject to ASC 740. In accordance with SAB 118, PSEG, PSE&G and Power made reasonable, good faith estimates for which provisional amounts were recorded. PSEG’s accounting for certain elements of the Tax Act is incomplete. However, PSEG recorded provisional adjustments for the following: the tax rules regarding the appropriate bonus depreciation rate that should be applied to assets placed in service after September 27, 2017 for Power and PSE&G, including the information required to compute the applicable depreciable tax basis, and the impact on PSEG’s, PSE&G’s and Power’s deferred taxes associated with FIN 48 reserves. Further, the Tax Act is unclear in certain respects and will require interpretations and implementing regulations by the IRS, as well as state tax authorities. The Tax Act could also be subject to potential amendments and technical corrections which could impact PSEG, PSE&G and Power’s financial statements. The Protecting Americans from Tax Hikes Act of 2015 (2015 Tax Act), among other provisions, included an extension of the bonus depreciation rules and the 30% investment tax credit for qualified property placed into service after 2016. Qualified property that is placed into service from January 1, 2015 through December 31, 2017 is eligible for the 50% bonus depreciation. The provisions of the 2015 Tax Act have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. For the period beginning September 28, 2017, subject to the transition rules, the Tax Act modified the bonus depreciation rules of the 2015 Tax Act. Subject to further guidance, it is expected that Power is entitled to 100% expensing and bonus depreciation will no longer apply to PSE&G. In July 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. PSEG expects these new provisions to unfavorably affect its non-utility business as it continues to analyze this newly enacted law and the impact it will have on PSEG. |
Power [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 PSEG 26.5% 35.1% 26.6% 28.3% PSE&G 25.7% 37.2% 26.4% 36.7% Power 31.7% 39.0% 27.1% 40.0% For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act offset by changes in uncertain tax positions, plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, offset by changes in uncertain tax positions, plant-related and other flow-through items. For the three months and six months ended June 30, 2018 , the differences in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% were due primarily to plant-related items and tax credits. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the same periods in the prior year were due primarily to the change in the statutory federal tax rate from 35% to 21% as a result of the Tax Act, as well as changes in uncertain tax positions. For the three months and six months ended June 30, 2018 , the differences in Power’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to changes in uncertain tax positions and tax credits. PSEG’s federal tax returns for the years 2011 and 2012 are currently being audited by the IRS. The audit and other related claims are reasonably expected to be completed within the next 12 months. As a result, it is reasonably possible that a decrease in PSEG’s total unrecognized tax benefits may be necessary in the range of $80 million to $150 million based on current estimates. In December 2017, the U.S. government enacted comprehensive tax legislation. The Tax Act establishes new tax laws that took effect in 2018, including, but not limited to (1) reduction of the U.S. federal corporate tax rate from a maximum of 35% to 21%; (2) elimination of the corporate alternative minimum tax; (3) a new limitation on deductible interest expense; (4) the repeal of the domestic production activity deduction; (5) limitations on the deductibility of certain executive compensation; and (6) limitations on net operating losses generated after December 31, 2017, to 80% of taxable income. In addition, certain changes were made to the bonus depreciation rules that will impact 2018. The SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. PSEG, PSE&G and Power are subject to ASC 740. In accordance with SAB 118, PSEG, PSE&G and Power made reasonable, good faith estimates for which provisional amounts were recorded. PSEG’s accounting for certain elements of the Tax Act is incomplete. However, PSEG recorded provisional adjustments for the following: the tax rules regarding the appropriate bonus depreciation rate that should be applied to assets placed in service after September 27, 2017 for Power and PSE&G, including the information required to compute the applicable depreciable tax basis, and the impact on PSEG’s, PSE&G’s and Power’s deferred taxes associated with FIN 48 reserves. Further, the Tax Act is unclear in certain respects and will require interpretations and implementing regulations by the IRS, as well as state tax authorities. The Tax Act could also be subject to potential amendments and technical corrections which could impact PSEG, PSE&G and Power’s financial statements. The Protecting Americans from Tax Hikes Act of 2015 (2015 Tax Act), among other provisions, included an extension of the bonus depreciation rules and the 30% investment tax credit for qualified property placed into service after 2016. Qualified property that is placed into service from January 1, 2015 through December 31, 2017 is eligible for the 50% bonus depreciation. The provisions of the 2015 Tax Act have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. For the period beginning September 28, 2017, subject to the transition rules, the Tax Act modified the bonus depreciation rules of the 2015 Tax Act. Subject to further guidance, it is expected that Power is entitled to 100% expensing and bonus depreciation will no longer apply to PSE&G. In July 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. PSEG expects these new provisions to unfavorably affect its non-utility business as it continues to analyze this newly enacted law and the impact it will have on PSEG. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6 Months Ended |
Jun. 30, 2018 | |
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) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Other Comprehensive Income before Reclassifications (1 ) — (6 ) (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 1 8 Net Current Period Other Comprehensive Income (Loss) (1 ) 7 (5 ) 1 Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ 2 $ (392 ) $ 148 $ (242 ) Other Comprehensive Income before Reclassifications — — 23 23 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 (13 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 6 10 16 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (1 ) — (22 ) (23 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 15 3 18 Net Current Period Other Comprehensive Income (Loss) (1 ) 15 (19 ) (5 ) Net Change in Accumulative Other Comprehensive Income (Loss) (1 ) 15 (195 ) (181 ) Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ 2 $ (398 ) $ 133 $ (263 ) Other Comprehensive Income before Reclassifications — — 53 53 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 (28 ) (16 ) Net Current Period Other Comprehensive Income (Loss) — 12 25 37 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) Other Comprehensive Income before Reclassifications — — (5 ) (5 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 1 7 Net Current Period Other Comprehensive Income (Loss) — 6 (4 ) 2 Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ — $ (335 ) $ 148 $ (187 ) Other Comprehensive Income before Reclassifications — — 22 22 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 5 (12 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 5 10 15 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (18 ) (18 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 3 15 Net Current Period Other Comprehensive Income (Loss) — 12 (15 ) (3 ) Net Change in Accumulative Other Comprehensive Income (Loss) — 12 (190 ) (178 ) Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ — $ (340 ) $ 129 $ (211 ) Other Comprehensive Income before Reclassifications — — 50 50 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 10 (21 ) (11 ) Net Current Period Other Comprehensive Income (Loss) — 10 29 39 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (11 ) 3 (8 ) (23 ) 6 (17 ) Total Pension and OPEB Plans (10 ) 3 (7 ) (21 ) 6 (15 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (12 ) $ 4 $ (8 ) $ (27 ) $ 9 $ (18 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 5 (7 ) (24 ) 10 (14 ) Total Pension and OPEB Plans (10 ) 4 (6 ) (20 ) 8 (12 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 25 (12 ) 13 53 (25 ) 28 Total Available-for-Sale Securities 25 (12 ) 13 53 (25 ) 28 Total $ 15 $ (8 ) $ 7 $ 33 $ (17 ) $ 16 Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (9 ) 2 (7 ) (19 ) 5 (14 ) Total Pension and OPEB Plans (8 ) 2 (6 ) (17 ) 5 (12 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (10 ) $ 3 $ (7 ) $ (23 ) $ 8 $ (15 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 4 (6 ) (21 ) 9 (12 ) Total Pension and OPEB Plans (8 ) 3 (5 ) (17 ) 7 (10 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 24 (12 ) 12 43 (22 ) 21 Total Available-for-Sale Securities 24 (12 ) 12 43 (22 ) 21 Total $ 16 $ (9 ) $ 7 $ 26 $ (15 ) $ 11 |
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) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Other Comprehensive Income before Reclassifications (1 ) — (6 ) (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 1 8 Net Current Period Other Comprehensive Income (Loss) (1 ) 7 (5 ) 1 Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ 2 $ (392 ) $ 148 $ (242 ) Other Comprehensive Income before Reclassifications — — 23 23 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 (13 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 6 10 16 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (1 ) — (22 ) (23 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 15 3 18 Net Current Period Other Comprehensive Income (Loss) (1 ) 15 (19 ) (5 ) Net Change in Accumulative Other Comprehensive Income (Loss) (1 ) 15 (195 ) (181 ) Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ 2 $ (398 ) $ 133 $ (263 ) Other Comprehensive Income before Reclassifications — — 53 53 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 (28 ) (16 ) Net Current Period Other Comprehensive Income (Loss) — 12 25 37 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) Other Comprehensive Income before Reclassifications — — (5 ) (5 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 1 7 Net Current Period Other Comprehensive Income (Loss) — 6 (4 ) 2 Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ — $ (335 ) $ 148 $ (187 ) Other Comprehensive Income before Reclassifications — — 22 22 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 5 (12 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 5 10 15 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (18 ) (18 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 3 15 Net Current Period Other Comprehensive Income (Loss) — 12 (15 ) (3 ) Net Change in Accumulative Other Comprehensive Income (Loss) — 12 (190 ) (178 ) Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ — $ (340 ) $ 129 $ (211 ) Other Comprehensive Income before Reclassifications — — 50 50 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 10 (21 ) (11 ) Net Current Period Other Comprehensive Income (Loss) — 10 29 39 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (11 ) 3 (8 ) (23 ) 6 (17 ) Total Pension and OPEB Plans (10 ) 3 (7 ) (21 ) 6 (15 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (12 ) $ 4 $ (8 ) $ (27 ) $ 9 $ (18 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 5 (7 ) (24 ) 10 (14 ) Total Pension and OPEB Plans (10 ) 4 (6 ) (20 ) 8 (12 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 25 (12 ) 13 53 (25 ) 28 Total Available-for-Sale Securities 25 (12 ) 13 53 (25 ) 28 Total $ 15 $ (8 ) $ 7 $ 33 $ (17 ) $ 16 Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (9 ) 2 (7 ) (19 ) 5 (14 ) Total Pension and OPEB Plans (8 ) 2 (6 ) (17 ) 5 (12 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (10 ) $ 3 $ (7 ) $ (23 ) $ 8 $ (15 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 4 (6 ) (21 ) 9 (12 ) Total Pension and OPEB Plans (8 ) 3 (5 ) (17 ) 7 (10 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 24 (12 ) 12 43 (22 ) 21 Total Available-for-Sale Securities 24 (12 ) 12 43 (22 ) 21 Total $ 16 $ (9 ) $ 7 $ 26 $ (15 ) $ 11 |
Earnings Per Share (EPS) and Di
Earnings Per Share (EPS) and Dividends | 6 Months Ended |
Jun. 30, 2018 | |
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: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 269 $ 269 $ 109 $ 109 $ 827 $ 827 $ 223 $ 223 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 504 504 505 505 504 504 505 505 Effect of Stock Based Compensation Awards — 3 — 2 — 3 — 2 Total Shares 504 507 505 507 504 507 505 507 EPS Net Income $ 0.53 $ 0.53 $ 0.22 $ 0.22 $ 1.64 $ 1.63 $ 0.44 $ 0.44 For the three months and six months ended June 30, 2017 , there were approximately 0.3 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect. Dividends Three Months Ended Six Months Ended June 30, June 30, Dividend Payments on Common Stock 2018 2017 2018 2017 Per Share $ 0.45 $ 0.43 $ 0.90 $ 0.86 In Millions $ 228 $ 217 $ 455 $ 435 On July 17, 2018 , PSEG’s Board of Directors approved a $0.45 per share common stock dividend for the third quarter of 2018. |
Financial Information By Busine
Financial Information By Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended June 30, 2018 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 Net Income (Loss) 231 41 (3 ) — 269 Gross Additions to Long-Lived Assets 697 248 7 — 952 Six Months Ended June 30, 2018 Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 Net Income (Loss) 550 275 2 — 827 Gross Additions to Long-Lived Assets 1,447 547 11 — 2,005 Three Months Ended June 30, 2017 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 Net Income (Loss) 208 (97 ) (2 ) — 109 Gross Additions to Long-Lived Assets 641 269 9 — 919 Six Months Ended June 30, 2017 Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 Net Income (Loss) 507 (267 ) (17 ) — 223 Gross Additions to Long-Lived Assets 1,389 576 16 — 1,981 As of June 30, 2018 Total Assets $ 29,603 $ 12,772 $ 2,407 $ (1,075 ) $ 43,707 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 As of December 31, 2017 Total Assets $ 28,554 $ 12,418 $ 2,666 $ (922 ) $ 42,716 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 (A) 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. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions . |
PSE And G [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended June 30, 2018 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 Net Income (Loss) 231 41 (3 ) — 269 Gross Additions to Long-Lived Assets 697 248 7 — 952 Six Months Ended June 30, 2018 Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 Net Income (Loss) 550 275 2 — 827 Gross Additions to Long-Lived Assets 1,447 547 11 — 2,005 Three Months Ended June 30, 2017 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 Net Income (Loss) 208 (97 ) (2 ) — 109 Gross Additions to Long-Lived Assets 641 269 9 — 919 Six Months Ended June 30, 2017 Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 Net Income (Loss) 507 (267 ) (17 ) — 223 Gross Additions to Long-Lived Assets 1,389 576 16 — 1,981 As of June 30, 2018 Total Assets $ 29,603 $ 12,772 $ 2,407 $ (1,075 ) $ 43,707 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 As of December 31, 2017 Total Assets $ 28,554 $ 12,418 $ 2,666 $ (922 ) $ 42,716 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 (A) 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. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions . |
Power [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended June 30, 2018 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 Net Income (Loss) 231 41 (3 ) — 269 Gross Additions to Long-Lived Assets 697 248 7 — 952 Six Months Ended June 30, 2018 Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 Net Income (Loss) 550 275 2 — 827 Gross Additions to Long-Lived Assets 1,447 547 11 — 2,005 Three Months Ended June 30, 2017 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 Net Income (Loss) 208 (97 ) (2 ) — 109 Gross Additions to Long-Lived Assets 641 269 9 — 919 Six Months Ended June 30, 2017 Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 Net Income (Loss) 507 (267 ) (17 ) — 223 Gross Additions to Long-Lived Assets 1,389 576 16 — 1,981 As of June 30, 2018 Total Assets $ 29,603 $ 12,772 $ 2,407 $ (1,075 ) $ 43,707 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 As of December 31, 2017 Total Assets $ 28,554 $ 12,418 $ 2,666 $ (922 ) $ 42,716 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 (A) 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. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions . |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions 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: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Administrative Billings from Services (B) 85 79 $ 168 144 Total Billings from Affiliates $ 357 $ 375 $ 1,018 $ 1,039 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSEG (C) $ 18 $ — Payable to Power (A) $ 81 $ 221 Payable to Services (B) 69 78 Payable to PSEG (C) — 41 Accounts Payable—Affiliated Companies $ 150 $ 340 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 94 $ 91 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Billings from Affiliates: Administrative Billings from Services (B) $ 32 $ 42 $ 75 $ 78 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSE&G (A) $ 81 $ 221 Payable to Services (B) $ 20 $ 28 Payable to PSEG (C) 128 29 Accounts Payable—Affiliated Companies $ 148 $ 57 Short-Term Loan due (to) from Affiliate (E) $ 519 $ (281 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 45 $ 52 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (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 Condensed 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 And G [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions 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: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Administrative Billings from Services (B) 85 79 $ 168 144 Total Billings from Affiliates $ 357 $ 375 $ 1,018 $ 1,039 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSEG (C) $ 18 $ — Payable to Power (A) $ 81 $ 221 Payable to Services (B) 69 78 Payable to PSEG (C) — 41 Accounts Payable—Affiliated Companies $ 150 $ 340 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 94 $ 91 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Billings from Affiliates: Administrative Billings from Services (B) $ 32 $ 42 $ 75 $ 78 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSE&G (A) $ 81 $ 221 Payable to Services (B) $ 20 $ 28 Payable to PSEG (C) 128 29 Accounts Payable—Affiliated Companies $ 148 $ 57 Short-Term Loan due (to) from Affiliate (E) $ 519 $ (281 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 45 $ 52 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (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 Condensed 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 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: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Administrative Billings from Services (B) 85 79 $ 168 144 Total Billings from Affiliates $ 357 $ 375 $ 1,018 $ 1,039 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSEG (C) $ 18 $ — Payable to Power (A) $ 81 $ 221 Payable to Services (B) 69 78 Payable to PSEG (C) — 41 Accounts Payable—Affiliated Companies $ 150 $ 340 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 94 $ 91 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Billings from Affiliates: Administrative Billings from Services (B) $ 32 $ 42 $ 75 $ 78 As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSE&G (A) $ 81 $ 221 Payable to Services (B) $ 20 $ 28 Payable to PSEG (C) 128 29 Accounts Payable—Affiliated Companies $ 148 $ 57 Short-Term Loan due (to) from Affiliate (E) $ 519 $ (281 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 45 $ 52 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (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 Condensed 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. |
Guarantees of Debt
Guarantees of Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Instrument [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 tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of June 30, 2018 and December 31, 2017 and for the three months and six months ended June 30, 2018 and 2017 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2018 Operating Revenues $ — $ 747 $ 51 $ (31 ) $ 767 Operating Expenses 3 704 49 (31 ) 725 Operating Income (Loss) (3 ) 43 2 — 42 Equity Earnings (Losses) of Subsidiaries 55 (4 ) 5 (51 ) 5 Net Gains (Losses) on Trust Investments — 8 — — 8 Other Income (Deductions) 41 40 — (68 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 2 1 — 3 Interest Expense (54 ) (19 ) (6 ) 68 (11 ) Income Tax Benefit (Expense) 2 (23 ) 2 — (19 ) Net Income (Loss) $ 41 $ 47 $ 4 $ (51 ) $ 41 Comprehensive Income (Loss) $ 43 $ 44 $ 4 $ (48 ) $ 43 Six Months Ended June 30, 2018 Operating Revenues $ — $ 2,133 $ 102 $ (65 ) $ 2,170 Operating Expenses 3 1,760 101 (65 ) 1,799 Operating Income (Loss) (3 ) 373 1 — 371 Equity Earnings (Losses) of Subsidiaries 289 (7 ) 7 (282 ) 7 Net Gains (Losses) on Trust Investments — (14 ) — — (14 ) Other Income (Deductions) 76 73 — (125 ) 24 Non-Operating Pension and OPEB Credits (Costs) — 6 1 — 7 Interest Expense (96 ) (36 ) (11 ) 125 (18 ) Income Tax Benefit (Expense) 9 (115 ) 4 — (102 ) Net Income (Loss) $ 275 $ 280 $ 2 $ (282 ) $ 275 Comprehensive Income (Loss) $ 272 $ 267 $ 2 $ (269 ) $ 272 Six Months Ended June 30, 2018 Net Cash Provided By (Used In) Operating Activities $ 34 $ 745 $ (8 ) $ 98 $ 869 Net Cash Provided By (Used In) Investing Activities $ (840 ) $ (867 ) $ (196 ) $ 808 $ (1,095 ) Net Cash Provided By (Used In) Financing Activities $ 806 $ 123 $ 191 $ (906 ) $ 214 Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2017 Operating Revenues $ — $ 899 $ 47 $ (28 ) $ 918 Operating Expenses (2 ) 1,094 43 (28 ) 1,107 Operating Income (Loss) 2 (195 ) 4 — (189 ) Equity Earnings (Losses) of Subsidiaries (93 ) (4 ) 5 97 5 Net Gains (Losses) on Trust Investments (1 ) 25 — — 24 Other Income (Deductions) 23 21 2 (34 ) 12 Non-Operating Pension and OPEB Credits (Costs) — 2 — — 2 Interest Expense (34 ) (9 ) (4 ) 34 (13 ) Income Tax Benefit (Expense) 6 60 (4 ) — 62 Net Income (Loss) $ (97 ) $ (100 ) $ 3 $ 97 $ (97 ) Comprehensive Income (Loss) $ (82 ) $ (91 ) $ 3 $ 88 $ (82 ) Six Months Ended June 30, 2017 Operating Revenues $ — $ 2,154 $ 99 $ (66 ) $ 2,187 Operating Expenses 2 2,650 95 (66 ) 2,681 Operating Income (Loss) (2 ) (496 ) 4 — (494 ) Equity Earnings (Losses) of Subsidiaries (254 ) (5 ) 8 259 8 Net Gains (Losses) on Trust Investments 3 40 — — 43 Other Income (Deductions) 43 40 2 (62 ) 23 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (64 ) (18 ) (9 ) 62 (29 ) Income Tax Benefit (Expense) 7 171 — — 178 Net Income (Loss) $ (267 ) $ (264 ) $ 5 $ 259 $ (267 ) Comprehensive Income (Loss) $ (228 ) $ (234 ) $ 5 $ 229 $ (228 ) Three Months Ended June 30, 2017 Net Cash Provided By (Used In) Operating Activities $ (32 ) $ 802 $ 111 $ 51 $ 932 Net Cash Provided By (Used In) Investing Activities $ 683 $ 178 $ (241 ) $ (1,355 ) $ (735 ) Net Cash Provided By (Used In) Financing Activities $ (651 ) $ (978 ) $ 146 $ 1,304 $ (179 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of June 30, 2018 Current Assets $ 4,806 $ 1,411 $ 216 $ (4,868 ) $ 1,565 Property, Plant and Equipment, net 52 5,048 3,679 — 8,779 Investment in Subsidiaries 4,977 1,129 — (6,106 ) — Noncurrent Assets 243 2,258 110 (183 ) 2,428 Total Assets $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 Current Liabilities $ 690 $ 3,164 $ 1,987 $ (4,868 ) $ 973 Noncurrent Liabilities 516 2,097 497 (183 ) 2,927 Long-Term Debt 2,833 — — — 2,833 Member’s Equity 6,039 4,585 1,521 (6,106 ) 6,039 Total Liabilities and Member’s Equity $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 As of December 31, 2017 Current Assets $ 4,327 $ 1,500 $ 200 $ (4,686 ) $ 1,341 Property, Plant and Equipment, net 54 5,778 2,764 — 8,596 Investment in Subsidiaries 4,844 404 — (5,248 ) — Noncurrent Assets 100 2,349 110 (78 ) 2,481 Total Assets $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 Current Liabilities $ 689 $ 3,586 $ 1,846 $ (4,686 ) $ 1,435 Noncurrent Liabilities 533 1,966 459 (78 ) 2,880 Long-Term Debt 2,136 — — — 2,136 Member’s Equity 5,967 4,479 769 (5,248 ) 5,967 Total Liabilities and Member’s Equity $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 |
Power [Member] | |
Debt Instrument [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 tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of June 30, 2018 and December 31, 2017 and for the three months and six months ended June 30, 2018 and 2017 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2018 Operating Revenues $ — $ 747 $ 51 $ (31 ) $ 767 Operating Expenses 3 704 49 (31 ) 725 Operating Income (Loss) (3 ) 43 2 — 42 Equity Earnings (Losses) of Subsidiaries 55 (4 ) 5 (51 ) 5 Net Gains (Losses) on Trust Investments — 8 — — 8 Other Income (Deductions) 41 40 — (68 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 2 1 — 3 Interest Expense (54 ) (19 ) (6 ) 68 (11 ) Income Tax Benefit (Expense) 2 (23 ) 2 — (19 ) Net Income (Loss) $ 41 $ 47 $ 4 $ (51 ) $ 41 Comprehensive Income (Loss) $ 43 $ 44 $ 4 $ (48 ) $ 43 Six Months Ended June 30, 2018 Operating Revenues $ — $ 2,133 $ 102 $ (65 ) $ 2,170 Operating Expenses 3 1,760 101 (65 ) 1,799 Operating Income (Loss) (3 ) 373 1 — 371 Equity Earnings (Losses) of Subsidiaries 289 (7 ) 7 (282 ) 7 Net Gains (Losses) on Trust Investments — (14 ) — — (14 ) Other Income (Deductions) 76 73 — (125 ) 24 Non-Operating Pension and OPEB Credits (Costs) — 6 1 — 7 Interest Expense (96 ) (36 ) (11 ) 125 (18 ) Income Tax Benefit (Expense) 9 (115 ) 4 — (102 ) Net Income (Loss) $ 275 $ 280 $ 2 $ (282 ) $ 275 Comprehensive Income (Loss) $ 272 $ 267 $ 2 $ (269 ) $ 272 Six Months Ended June 30, 2018 Net Cash Provided By (Used In) Operating Activities $ 34 $ 745 $ (8 ) $ 98 $ 869 Net Cash Provided By (Used In) Investing Activities $ (840 ) $ (867 ) $ (196 ) $ 808 $ (1,095 ) Net Cash Provided By (Used In) Financing Activities $ 806 $ 123 $ 191 $ (906 ) $ 214 Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2017 Operating Revenues $ — $ 899 $ 47 $ (28 ) $ 918 Operating Expenses (2 ) 1,094 43 (28 ) 1,107 Operating Income (Loss) 2 (195 ) 4 — (189 ) Equity Earnings (Losses) of Subsidiaries (93 ) (4 ) 5 97 5 Net Gains (Losses) on Trust Investments (1 ) 25 — — 24 Other Income (Deductions) 23 21 2 (34 ) 12 Non-Operating Pension and OPEB Credits (Costs) — 2 — — 2 Interest Expense (34 ) (9 ) (4 ) 34 (13 ) Income Tax Benefit (Expense) 6 60 (4 ) — 62 Net Income (Loss) $ (97 ) $ (100 ) $ 3 $ 97 $ (97 ) Comprehensive Income (Loss) $ (82 ) $ (91 ) $ 3 $ 88 $ (82 ) Six Months Ended June 30, 2017 Operating Revenues $ — $ 2,154 $ 99 $ (66 ) $ 2,187 Operating Expenses 2 2,650 95 (66 ) 2,681 Operating Income (Loss) (2 ) (496 ) 4 — (494 ) Equity Earnings (Losses) of Subsidiaries (254 ) (5 ) 8 259 8 Net Gains (Losses) on Trust Investments 3 40 — — 43 Other Income (Deductions) 43 40 2 (62 ) 23 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (64 ) (18 ) (9 ) 62 (29 ) Income Tax Benefit (Expense) 7 171 — — 178 Net Income (Loss) $ (267 ) $ (264 ) $ 5 $ 259 $ (267 ) Comprehensive Income (Loss) $ (228 ) $ (234 ) $ 5 $ 229 $ (228 ) Three Months Ended June 30, 2017 Net Cash Provided By (Used In) Operating Activities $ (32 ) $ 802 $ 111 $ 51 $ 932 Net Cash Provided By (Used In) Investing Activities $ 683 $ 178 $ (241 ) $ (1,355 ) $ (735 ) Net Cash Provided By (Used In) Financing Activities $ (651 ) $ (978 ) $ 146 $ 1,304 $ (179 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of June 30, 2018 Current Assets $ 4,806 $ 1,411 $ 216 $ (4,868 ) $ 1,565 Property, Plant and Equipment, net 52 5,048 3,679 — 8,779 Investment in Subsidiaries 4,977 1,129 — (6,106 ) — Noncurrent Assets 243 2,258 110 (183 ) 2,428 Total Assets $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 Current Liabilities $ 690 $ 3,164 $ 1,987 $ (4,868 ) $ 973 Noncurrent Liabilities 516 2,097 497 (183 ) 2,927 Long-Term Debt 2,833 — — — 2,833 Member’s Equity 6,039 4,585 1,521 (6,106 ) 6,039 Total Liabilities and Member’s Equity $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 As of December 31, 2017 Current Assets $ 4,327 $ 1,500 $ 200 $ (4,686 ) $ 1,341 Property, Plant and Equipment, net 54 5,778 2,764 — 8,596 Investment in Subsidiaries 4,844 404 — (5,248 ) — Noncurrent Assets 100 2,349 110 (78 ) 2,481 Total Assets $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 Current Liabilities $ 689 $ 3,586 $ 1,846 $ (4,686 ) $ 1,435 Noncurrent Liabilities 533 1,966 459 (78 ) 2,880 Long-Term Debt 2,136 — — — 2,136 Member’s Equity 5,967 4,479 769 (5,248 ) 5,967 Total Liabilities and Member’s Equity $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 |
Organization and Basis of Pre28
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Power [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
PSE And G [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2017 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | New Standards Issued and Adopted Revenue from Contracts With Customers — Accounting Standard Update (ASU) 2014-09, updated by ASUs 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-13, 2017-14 This accounting standard, and related updates, were adopted on January 1, 2018 using the full retrospective transition method. There was no effect on net income as a result of adoption. However, certain retrospective adjustments were recorded in accordance with the new standard. At PSE&G, retrospective adjustments increased Operating Revenues by $25 million and $39 million , Energy Costs by $16 million and $25 million , and Operation and Maintenance (O&M) Expense by $9 million and $14 million for the three and six months ended June 30, 2017 , respectively. At Power, retrospective adjustments reduced Operating Revenues and Energy Costs by $11 million and $26 million for the three and six months ended June 30, 2017 , respectively. For disclosure requirements under this standard, including Nature of Goods and Services, Disaggregation of Revenues, and Remaining Performance Obligations under Fixed Consideration Contracts, see Note 3. Revenues . Recognition and Measurement of Financial Assets and Financial Liabilities—ASU 2016-01 Power maintains an external master trust fund to provide for the costs of decommissioning upon termination of operations of its nuclear facilities. In addition, PSEG maintains a grantor trust which was established to meet the obligations related to its non-qualified pension plans and deferred compensation plans, commonly referred to as a “Rabbi Trust.” This accounting standard was adopted on January 1, 2018. Under the new guidance, equity investments in Power’s Nuclear Decommissioning Trust (NDT) and PSEG’s Rabbi Trust Funds are measured at fair value with the unrealized gains and losses now recognized through Net Income instead of Other Comprehensive Income (Loss). The debt securities in these trusts continue to be classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust securities are also included in Net Gains (Losses) on Trust Investments. A cumulative effect adjustment was made to reclassify the net unrealized gains related to equity investments of $342 million ( $176 million , net of tax) from Accumulated Other Comprehensive Income to Retained Earnings on January 1, 2018. See Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax and Note 8. Trust Investments for further discussion. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments—ASU 2016-15 This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. PSEG adopted this standard on January 1, 2018 using a retrospective transition method and had no changes in its presentation of its Statement of Cash Flows for each period presented. Statement of Cash Flows: Restricted Cash—ASU 2016-18 This accounting standard was adopted on January 1, 2018. PSEG will continue the current balance sheet classification of restricted cash or restricted cash equivalents. PSEG has provided a reconciliation of cash and cash equivalents and restricted cash or restricted cash equivalents and has included a description of these amounts in Note 1. Organization, Basis of Presentation and Significant Accounting Policies . The effect of adoption on the June 30, 2018 Consolidated Statements of Cash Flows was immaterial. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (OPEB)—ASU 2017-07 This accounting standard was adopted on January 1, 2018. Under the new guidance, entities are required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by their employees during the period. The other components of net benefit cost are required to be presented in the Statement of Operations separately from the service cost component after Operating Income. Additionally, only the service cost component is eligible for capitalization, when applicable. As a result of adopting this standard, PSE&G reduced its charge to expense for the three and six months ended June 30, 2018 by approximately $15 million and $29 million , respectively. The Condensed Consolidated Statements of Operations were recast to show retrospective adjustments of the non-service cost components of net benefit credits (costs) of $(1) million and $(3) million at PSE&G and $2 million and $4 million at Power, for the three and six months ended June 30, 2017 , respectively, from O&M Expense to a new line item after Operating Income entitled Non-Operating Pension and OPEB Credits (Costs). See. Note 9. Pension and Other Postretirement Benefits (OPEB) . Stock Compensation - Scope of Modification Accounting—ASU 2017-09 This accounting standard was adopted on January 1, 2018. The standard will be applied prospectively to awards modified on or after January 1, 2018. PSEG does not expect a material impact from adoption of this new standard. New Standards Issued But Not Yet Adopted Leases — ASU 2016-02, updated by ASUs 2018-01, 2018-10 and 2018-11 This accounting standard, and related updates, replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard allows lessees and lessors to apply either (i) a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, or (ii) a prospective transition approach for leases existing as of January 1, 2019 with a cumulative effect adjustment to be recorded to Retained Earnings. PSEG intends to adopt this standard on a prospective basis. Existing guidance related to leveraged leases does not change. This standard permits an entity to elect an optional transition practical expedient to exclude evaluation of land easements that exist or expired before the adoption of ASU 2016-02 and that were not previously accounted for as leases. PSEG is currently analyzing the impact of this standard on its consolidated financial statements while undertaking the following implementation activities: (i) reviewing all contract types throughout PSEG to determine the lease population; (ii) implementing a lease accounting system to capture and account for long-term (greater than one year) leases to be operational on January 1, 2019; (iii) developing internal lease accounting policies and determining the practical expedients PSEG will elect; and (iv) drafting lease disclosures required in 2019. PSEG expects adoption of this standard to have a material impact on the balance sheets of PSEG and PSE&G, but has not yet quantified this impact. The standard is effective for annual and interim periods beginning after December 15, 2018. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12 This accounting standard’s amendments more closely align hedge accounting with the companies’ risk management activities in the financial statements. The amendments expand hedge accounting for both non-financial and financial risk components by permitting contractually specified components to be designated as the hedged risk in a cash flow hedge involving the purchase or sale of non-financial assets or variable rate financial instruments. The amendments also permit an entity to measure the interest rate risk on the hedged item in a partial-term fair value hedge assuming the hedged item has a term that reflects only the designated cash flows being hedged. Additionally, the amendments ease the operational burden of applying hedge accounting by allowing more time to prepare hedge documentation, and allowing effectiveness assessments to be performed on a qualitative basis after hedge inception. The new guidance is effective for annual and interim periods beginning after December 15, 2018. The standard requires using a modified retrospective method upon adoption. Early adoption is permitted. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard is not expected to have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The standard is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period. If an entity early adopts the standard in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply this standard on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. PSEG is currently analyzing the impact of this standard on its financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard would affect any entity that is required to apply the provisions of the Accounting Standards Codification topic, “Income Statement-Reporting Comprehensive Income,” and has items of other comprehensive income for which the related tax effects are presented in other comprehensive income as required by GAAP. Specifically, this standard would allow entities to record a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The standard is effective for all entities for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted for an entity in any interim or annual period for public business entities for reporting periods for which financial statements have not yet been issued or made available for issuance. An entity would be able to choose to apply this standard retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the new tax legislation enacted in 2017 is recognized or apply the standard in the reporting period adopted. PSEG is currently analyzing the impact this standard, if adopted, could have on its consolidated financial statements. Measurement of Credit Losses on Financial Instruments — ASU 2016-13 This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a mechanism true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract, which extends through March 2019, will renew year-to-year thereafter unless terminated by either party with a two year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 12. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. |
Organization and Basis of Pre31
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2017 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2018 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2017 Cash and Cash Equivalents $ 242 $ 32 $ 39 $ 313 Restricted Cash in Other Current Assets — — — — Restricted Cash in Other Noncurrent Assets 2 — — 2 Cash, Cash Equivalents and Restricted Cash $ 244 $ 32 $ 39 $ 315 As of June 30, 2018 Cash and Cash Equivalents $ 20 $ 20 $ 55 $ 95 Restricted Cash in Other Current Assets 4 — — 4 Restricted Cash in Other Noncurrent Assets 12 — — 12 Cash, Cash Equivalents and Restricted Cash $ 36 $ 20 $ 55 $ 111 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 754 $ — $ — $ — $ 754 Gas Distribution 248 — — (4 ) 244 Transmission 301 — — — 301 Electricity and Related Product Sales PJM Third Party Sales — 373 — — 373 Sales to Affiliates — 147 — (147 ) — New York ISO — 46 — — 46 ISO New England — 14 — — 14 Gas Sales Third Party Sales — 30 — — 30 Sales to Affiliates — 108 — (108 ) — Other Revenues from Contracts with Customers (A) 63 13 125 (1 ) 200 Total Revenues from Contracts with Customers 1,366 731 125 (260 ) 1,962 Revenues Unrelated to Contracts with Customers (B) 20 36 (2 ) — 54 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2018 Revenues from Contracts with Customers Electric Distribution $ 1,444 $ — $ — $ — $ 1,444 Gas Distribution 1,007 — — (7 ) 1,000 Transmission 613 — — — 613 Electricity and Related Product Sales PJM Third Party Sales — 871 — — 871 Sales to Affiliates — 323 — (323 ) — New York ISO — 105 — — 105 ISO New England — 61 — — 61 Gas Sales Third Party Sales — 94 — — 94 Sales to Affiliates — 505 — (505 ) — Other Revenues from Contracts with Customers (A) 135 23 262 (2 ) 418 Total Revenues from Contracts with Customers 3,199 1,982 262 (837 ) 4,606 Revenues Unrelated to Contracts with Customers (B) 32 188 8 — 228 Total Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 757 $ — $ — $ — $ 757 Gas Distribution 233 — — (6 ) 227 Transmission 307 — — — 307 Electricity and Related Product Sales PJM Third Party Sales — 302 — — 302 Sales to Affiliates — 171 — (171 ) — New York ISO — 50 — — 50 ISO New England — 9 — — 9 Gas Sales Third Party Sales — 11 — — 11 Sales to Affiliates — 107 — (107 ) — Other Revenues from Contracts with Customers (A) 67 12 128 (1 ) 206 Total Revenues from Contracts with Customers 1,364 662 128 (285 ) 1,869 Revenues Unrelated to Contracts with Customers (B) 29 256 (12 ) — 273 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 PSE&G Power Other Eliminations Consolidated Millions Six Months Ended June 30, 2017 Revenues from Contracts with Customers Electric Distribution $ 1,458 $ — $ — $ — $ 1,458 Gas Distribution 988 — — (7 ) 981 Transmission 606 — — — 606 Electricity and Related Product Sales PJM Third Party Sales — 616 — — 616 Sales to Affiliates — 355 — (355 ) — New York ISO — 86 — — 86 ISO New England — 20 — — 20 Gas Sales Third Party Sales — 63 — — 63 Sales to Affiliates — 508 — (508 ) — Other Revenues from Contracts with Customers (A) 129 22 256 (2 ) 405 Total Revenues from Contracts with Customers 3,181 1,670 256 (872 ) 4,235 Revenues Unrelated to Contracts with Customers (B) 38 517 (57 ) — 498 Total Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the three and six months ended June 30, 2018 , Other includes a $20 million loss and for the three and six months ended June 30, 2017 , Other includes a $22 million loss and a $77 million loss, respectively, related to Energy Holdings’ investments in leases. |
Revenue, Capacity Auction Obligations [Table Text Block] | Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $116 8,900 June 2020 to May 2021 $174 7,800 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market Auction (FCM) is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM for the Bridgeport Harbor Station 5, which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $231 480 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 |
Early Plant Retirements Early33
Early Plant Retirements Early Plant Retirements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Early Plant Retirements [Line Items] | |
Schedule of Balance Sheet Amounts by Generating Station | The following table provides the balance sheet amounts by generating station as of June 30, 2018 for significant assets and liabilities associated with Power’s owned share of its nuclear assets. As of June 30, 2018 Hope Creek Salem Support Facilities and Other (A) Peach Bottom Millions Assets Materials and Supplies Inventory $ 83 $ 82 $ — $ 42 Nuclear Production, net of Accumulated Depreciation 688 646 203 786 Nuclear Fuel In-Service, net of Accumulated Depreciation 171 89 — 119 Construction Work in Progress (including nuclear fuel) 140 105 2 24 Total Assets $ 1,082 $ 922 $ 205 $ 971 Liability Asset Retirement Obligation $ 309 $ 255 $ — $ 210 Total Liabilities $ 309 $ 255 $ — $ 210 Net Assets $ 773 $ 667 $ 205 $ 761 NRC License Renewal Term 2046 2036/2040 N/A 2033/2034 % Owned 100 % 57 % Various 50 % (A) Includes Hope Creek’s and Salem’s shared support facilities and other nuclear development capital. |
Financing Receivables (Tables)
Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
PSE And G [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Credit Risk Profile Based On Payment Activity | The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans June 30, December 31, Millions Commercial/Industrial $ 169 $ 158 Residential 9 10 Total $ 178 $ 168 |
Energy Holdings [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Gross And Net Lease Investment | The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 525 $ 546 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 851 872 Unearned and Deferred Income (299 ) (307 ) Gross Investment in Leases 552 565 Deferred Tax Liabilities (500 ) (480 ) Net Investment in Leases $ 52 $ 85 |
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of June 30, 2018 As of June 30, 2018 Millions AA $ 14 BBB+ — BBB- 316 BB- 133 CCC- 62 Total $ 525 |
Schedule Of Assets Under Lease Receivables | A more detailed description of such assets under lease is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 132 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Conemaugh Station Units 1 and 2 PA $ 10 17 % 1,711 Coal CCC- REMA (A) Shawville Station Units 1, 2, 3 and 4 PA $ 78 100 % 596 Gas CCC- REMA (A) (A) GenOn and certain of its subsidiaries (which did not include REMA) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. GenOn is currently engaged in a balance sheet restructuring, which will take an undetermined time to complete. Certain subsidiaries of Energy Holdings, REMA, consenting holders of the pass-through certificates and other parties have entered into a Credit Support Forbearance relating to the Conemaugh facility and the Rent Payment Forbearance relating to the Keystone, Conemaugh and Shawville facilities, as described above. |
Trust Investments (Tables)
Trust Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Trust Investments [Line Items] | |
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 471 $ 235 $ (8 ) $ 698 International 321 76 (14 ) 383 Total Equity Securities 792 311 (22 ) 1,081 Available-for Sale Debt Securities Government 528 1 (12 ) 517 Corporate 464 — (14 ) 450 Total Available-for-Sale Debt Securities 992 1 (26 ) 967 Other 1 — — 1 Total NDT Fund Investments $ 1,785 $ 312 $ (48 ) $ 2,049 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 497 $ 245 $ (2 ) $ 740 International 311 99 (3 ) 407 Total Equity Securities 808 344 (5 ) 1,147 Available-for Sale Debt Securities Government 586 2 (4 ) 584 Corporate 400 4 (2 ) 402 Total Available-for-Sale Debt Securities 986 6 (6 ) 986 Total NDT Fund Investments $ 1,794 $ 350 $ (11 ) $ 2,133 |
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds | he 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 11 $ 24 Accounts Payable $ 8 $ 74 |
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 and greater than 12 months. As of June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 79 $ (8 ) $ — $ — $ 40 $ (2 ) $ — $ — International 74 (13 ) 4 (1 ) 29 (3 ) 2 — Total Equity Securities 153 (21 ) 4 (1 ) 69 (5 ) 2 — Available-for Sale Debt Securities Government (B) 402 (9 ) 64 (3 ) 343 (2 ) 91 (2 ) Corporate (C) 358 (12 ) 25 (2 ) 191 (1 ) 27 (1 ) Total Available-for-Sale Debt Securities 760 (21 ) 89 (5 ) 534 (3 ) 118 (3 ) NDT Trust Investments $ 913 $ (42 ) $ 93 $ (6 ) $ 603 $ (8 ) $ 120 $ (3 ) (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. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from NDT Fund Sales (A) $ 402 $ 320 $ 774 $ 567 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 34 $ 32 $ 58 $ 53 Gross Realized Losses (10 ) (5 ) (22 ) (9 ) Net Realized Gains (Losses) on NDT Fund (B) $ 24 $ 27 $ 36 $ 44 Unrealized Gains (Losses) on Equity Securities in NDT Fund (C) (16 ) N/A (50 ) N/A Other-Than-Temporary-Impairments $ — $ (3 ) — (4 ) Net Gains (Losses) on NDT Fund Investments $ 8 $ 24 $ (14 ) $ 40 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT Fund debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 10 1 - 5 years 298 6 - 10 years 196 11 - 15 years 45 16 - 20 years 71 Over 20 years 347 Total NDT Available-for-Sale Debt Securities $ 967 |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
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 June 30, 2018 As of December 31, 2017 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ 57 $ (1 ) 23 (1 ) $ 28 $ — $ 25 $ (1 ) Corporate (B) 93 (4 ) 6 — 39 (1 ) 9 — Total Available-for-Sale Debt Securities 150 (5 ) 29 (1 ) 67 (1 ) 34 (1 ) Rabbi Trust Investments $ 150 $ (5 ) $ 29 $ (1 ) $ 67 $ (1 ) $ 34 $ (1 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018 . |
Securities Held In The Rabbi Trusts | The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 21 $ 3 $ — $ 24 International — — — — Total Equity Securities 21 3 — 24 Available-for-Sale Debt Securities Government 96 — (2 ) 94 Corporate 110 — (4 ) 106 Total Available-for-Sale Debt Securities 206 — (6 ) 200 Total Rabbi Trust Investments $ 227 $ 3 $ (6 ) $ 224 As of December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 24 $ 3 $ — $ 27 International — — — — Total Equity Securities 24 3 — 27 Available-for-Sale Debt Securities Government 85 1 (1 ) 85 Corporate 118 2 (1 ) 119 Total Available-for-Sale Debt Securities 203 3 (2 ) 204 Total Rabbi Trust Investments $ 227 $ 6 $ (2 ) $ 231 |
Schedule of Accounts Receivable and Accounts Payable in the Rabbi Trust Funds [Table Text Block] | The 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 Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ — $ 1 |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions Proceeds from Rabbi Trust Sales (A) $ 22 $ 93 $ 47 $ 144 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ — $ 2 $ 2 $ 17 Gross Realized Losses — (1 ) (2 ) (4 ) Net Realized Gains (Losses) on Rabbi Trust (B) — 1 — 13 Unrealized Gains (Losses) on Equity Securities in Rabbi Trust (C) — N/A — N/A Other-Than-Temporary-Impairments — $ — — — Net Gains (Losses) on Rabbi Trust Investments $ — $ 1 $ — $ 13 (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. (C) Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust debt securities held as of June 30, 2018 had the following maturities: Time Frame Fair Value Millions Less than one year $ 1 1 - 5 years 39 6 - 10 years 23 11 - 15 years 7 16 - 20 years 18 Over 20 years 112 Total Rabbi Trust Available-for-Sale Debt Securities $ 200 |
Fair Value Of The Rabbi Trusts | The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 45 $ 46 Power 56 57 Other 123 128 Total Rabbi Trust Investments $ 224 $ 231 |
Pension and OPEB (Tables)
Pension and OPEB (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Effective with the adoption of ASU 2017-07 on January 1, 2018, only the service cost component is eligible for capitalization, when applicable. For additional information, see Note 2. Recent Accounting Standards . Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 33 $ 28 $ 5 $ 4 $ 65 $ 57 $ 9 $ 8 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 52 51 17 16 104 102 33 32 Expected Return on Plan Assets (110 ) (99 ) (11 ) (9 ) (220 ) (197 ) (21 ) (17 ) Amortization of Net Prior Service Cost (5 ) (4 ) — (2 ) (9 ) (9 ) — (5 ) Actuarial Loss 21 25 16 12 42 49 32 25 Non-Service Components of Pension and OPEB (Credits) Costs (42 ) (27 ) 22 17 (83 ) (55 ) 44 35 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 |
Schedule Of Pension And OPEB Costs | Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2018 2017 2018 2017 2018 2017 2018 2017 Millions PSE&G $ (7 ) $ (1 ) $ 17 $ 13 $ (15 ) $ (2 ) $ 34 $ 27 Power (3 ) 1 8 6 (5 ) 1 16 13 Other 1 1 2 2 2 3 3 3 Total Benefit (Credits) Costs $ (9 ) $ 1 $ 27 $ 21 $ (18 ) $ 2 $ 53 $ 43 |
Commitments and Contingent Li37
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Power [Member] | |
Loss Contingencies [Line Items] | |
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2018 and December 31, 2017 . As of As of June 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,780 $ 1,701 Exposure under Current Guarantees $ 129 $ 153 Letters of Credit Margin Posted $ 152 $ 103 Letters of Credit Margin Received $ 18 $ 32 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (2 ) $ (1 ) Net Broker Balance Deposited (Received) $ 124 $ 147 Additional Amounts Posted: Other Letters of Credit $ 63 $ 61 |
Total Minimum Purchase Commitments | As of June 30, 2018 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2022 Millions Nuclear Fuel Uranium $ 244 Enrichment $ 345 Fabrication $ 161 Natural Gas $ 990 Coal $ 278 |
PSE And G [Member] | |
Loss Contingencies [Line Items] | |
Contract For Anticipated BGS-Fixed Price Eligible Load | The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: Auction Year 2015 2016 2017 2018 36-Month Terms Ending May 2018 May 2019 May 2020 May 2021 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $99.54 $96.38 $90.78 $91.77 (A) Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. |
Debt and Credit Facilities Debt
Debt and Credit Facilities Debt and Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt and Credit Facilities [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Each of the 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2018 were as follows: As of June 30, 2018 Company/Facility Total Facility Usage Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 88 $ 1,412 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 88 $ 1,412 PSE&G 5-year Credit Facility (A) $ 600 $ 211 $ 389 Mar 2022 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 211 $ 389 Power 3-year Letter of Credit Facilities $ 200 $ 162 $ 38 Mar 2020 Letters of Credit 5-year Credit Facilities 1,900 40 1,860 Mar 2022 Funding/Letters of Credit Total Power $ 2,100 $ 202 $ 1,898 Total $ 4,200 $ 501 $ 3,699 (A) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2018 , PSEG had $75 million outstanding at a weighted average interest rate of 2.32% . PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018 . |
Financial Risk Management Act39
Financial Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Derivative Instruments Fair Value In Balance Sheets | The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 256 $ (232 ) $ 24 $ 24 Noncurrent Assets 132 (111 ) 21 21 Total Mark-to-Market Derivative Assets $ 388 $ (343 ) $ 45 $ 45 Derivative Contracts Current Liabilities $ (254 ) $ 231 $ (23 ) $ (23 ) Noncurrent Liabilities (111 ) 110 (1 ) (1 ) Total Mark-to-Market Derivative (Liabilities) $ (365 ) $ 341 $ (24 ) $ (24 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 23 $ (2 ) $ 21 $ 21 As of December 31, 2017 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 391 $ (362 ) $ 29 $ 29 Noncurrent Assets 78 (71 ) 7 7 Total Mark-to-Market Derivative Assets $ 469 $ (433 ) $ 36 $ 36 Derivative Contracts Current Liabilities $ (403 ) $ 387 $ (16 ) $ (16 ) Noncurrent Liabilities (95 ) 90 (5 ) (5 ) Total Mark-to-Market Derivative (Liabilities) $ (498 ) $ 477 $ (21 ) $ (21 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (29 ) $ 44 $ 15 $ 15 (A) Substantially all of Power’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 June 30, 2018 and December 31, 2017 . (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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018 , $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017 , $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income 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, 2016 $ 3 $ 2 Gain Recognized in AOCI — — Less: Gain Reclassified into Income (3 ) (2 ) Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of June 30, 2018 $ (2 ) $ (1 ) |
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2018 and 2017 . Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ (64 ) $ 112 $ (24 ) $ 190 Energy-Related Contracts Energy Costs 15 (10 ) 7 (10 ) Total PSEG and Power $ (49 ) $ 102 $ (17 ) $ 180 |
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2018 and December 31, 2017 . Type Notional Total PSEG Power PSE&G Millions As of June 30, 2018 Natural Gas Dekatherm (Dth) 249 — 249 — Electricity MWh (67 ) — (67 ) — Financial Transmission Rights (FTRs) MWh 24 — 24 — As of December 31, 2017 Natural Gas Dth 154 — 154 — Electricity MWh (63 ) — (63 ) — FTRs MWh 6 — 6 — |
Power [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Providing Credit Risk From Others, Net Of Collateral | The following table provides information on Power’s credit risk from ER&T wholesale counterparties, net of collateral, as of June 30, 2018 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of June 30, 2018 , 98% of the net credit exposure 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 172 $ 12 $ 160 2 $ 74 (A) Non-Investment Grade 4 1 3 — — Total $ 176 $ 13 $ 163 2 $ 74 (A) Represents net exposure of $56 million with PSE&G and a non-affiliated counterparty of $18 million . As of June 30, 2018 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $12 million in letters of credit. As of June 30, 2018 , Power had 145 active counterparties. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | 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 June 30, 2018 and December 31, 2017 , 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 PSE&G and Power. Recurring Fair Value Measurements as of June 30, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 24 $ — $ 24 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 36 $ — $ — $ 36 $ — Debt Securities—Corporate $ 106 $ — $ — $ 106 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 4 $ — $ 4 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 21 $ — $ — $ 21 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 45 $ (343 ) $ 16 $ 365 $ 7 NDT Fund (C) Equity Securities $ 1,081 $ — $ 1,079 $ 2 $ — Debt Securities—U.S. Treasury $ 211 $ — $ — $ 211 $ — Debt Securities—Govt Other $ 306 $ — $ — $ 306 $ — Debt Securities—Corporate $ 450 $ — $ — $ 450 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 27 $ — $ — $ 27 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (24 ) $ 341 $ (8 ) $ (354 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2017 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 27 $ — $ 27 $ — $ — Debt Securities—U.S. Treasury $ 51 $ — $ — $ 51 $ — Debt Securities—Govt Other $ 34 $ — $ — $ 34 $ — Debt Securities—Corporate $ 119 $ — $ — $ 119 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) PSE&G Assets: Cash Equivalents (A) $ 223 $ — $ 223 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 7 $ — $ — $ 7 $ — Debt Securities—Corporate $ 24 $ — $ — $ 24 $ — Liabilities: Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 36 $ (433 ) $ 15 $ 442 $ 12 NDT Fund (C) Equity Securities $ 1,147 $ — $ 1,145 $ 2 $ — Debt Securities—U.S. Treasury $ 314 $ — $ — $ 314 $ — Debt Securities—Govt Other $ 270 $ — $ — $ 270 $ — Debt Securities—Corporate $ 402 $ — $ — $ 402 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 30 $ — $ — $ 30 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (21 ) $ 477 $ (8 ) $ (485 ) $ (5 ) (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. 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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, 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—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (C) As of June 30, 2018 , the fair value measurement table excludes foreign currency of $1 million , which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in various fixed income securities and a Russell 3000 index fund. 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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in Dreyfus money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ Net Asset Value is priced and published daily. The Rabbi Trust also has an equity index fund which is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) 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 Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017 , Power had net cash collateral/margin payments to counterparties of $122 million and $146 million , respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017 , $(3) million was netted against assets and $47 million was netted against liabilities. |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position June 30, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 5 — Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (3 ) Total PSEG $ 7 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2017 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 10% Gas Gas Physical Contracts 11 (2 ) Discounted Cash flow Average Historical Basis -40% to -10% Total Power $ 12 $ (5 ) Total PSEG $ 12 $ (5 ) Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. |
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2018 and June 30, 2017 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2018 Three Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (3 ) $ — $ — $ — $ — $ 4 Six Months Ended June 30, 2018 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2018 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2018 Millions PSEG Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Power Net Derivative Assets (Liabilities) $ 7 $ (4 ) $ — $ — $ 1 $ — $ 4 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2017 Three Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of April 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 3 $ 7 $ (1 ) $ — $ (3 ) $ — $ 6 PSE&G Net Derivative Assets (Liabilities) $ 1 $ — $ (1 ) $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 2 $ 7 $ — $ — $ (3 ) $ — $ 6 Six Months Ended June 30, 2017 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2017 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of June 30, 2017 Millions PSEG Net Derivative Assets (Liabilities) $ 1 $ 26 $ 5 $ — $ (25 ) $ (1 ) $ 6 PSE&G Net Derivative Assets (Liabilities) $ (5 ) $ — $ 5 $ — $ — $ — $ — Power Net Derivative Assets (Liabilities) $ 6 $ 26 $ — $ — $ (25 ) $ (1 ) $ 6 (A) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2018 include $(7) million and $1 million , respectively, in Operating Revenues and $4 million and $(5) million , respectively, in Energy Costs. Both the $(7) million and $1 million in Operating Revenues are unrealized. Of the $4 million and $(5) million in Energy Costs, $3 million and $(6) million are unrealized. Unrealized gains (losses) represent the change in derivative assets and liabilities still held at the end of the reporting period. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $1 million in settlements for the six months ended June 30, 2018 . Represents settlements of $(3) million and $(25) million for the three months and six months ended June 30, 2017 , respectively. (D) During the three months and six months ended June 30, 2018 , there were no transfers into or out of Level 3. During the six months ended June 30, 2017 , $(1) million of net derivatives were transferred from Level 2 to Level 3. There were no transfers into or out of Level 3 during the three months ended June 30, 2017 . (E) PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2017 include $3 million and $17 million , respectively, in Operating Revenues and $4 million and $9 million , respectively, in Energy Costs. Of the $3 million and $17 million in Operating Revenues, $2 million and $(2) million , respectively, are unrealized. Of the $4 million and $9 million in Energy Costs, $2 million and $3 million are unrealized. |
Schedule of 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 June 30, 2018 and December 31, 2017 . As of As of June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,091 $ 2,042 $ 2,091 $ 2,081 PSE&G (B) 8,886 9,055 8,591 9,322 Power (B) 3,083 3,249 2,386 2,659 Total Long-Term Debt $ 14,060 $ 14,346 $ 13,068 $ 14,062 (A) Includes floating rate term loan of $700 million . The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
Other Income (Deductions) (Tabl
Other Income (Deductions) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule Of Other Income (Deductions) | PSE&G Power Other (A) Consolidated Millions Three Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 15 $ — $ 15 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 5 — — 5 Other 2 (2 ) 1 1 Total Other Income (Deductions) $ 20 $ 13 $ 1 $ 34 Six Months Ended June 30, 2018 NDT Fund Interest and Dividends $ — $ 27 $ — $ 27 Allowance for Funds Used During Construction 27 — — 27 Solar Loan Interest 9 — — 9 Other 4 (3 ) 2 3 Total Other Income (Deductions) $ 40 $ 24 $ 2 $ 66 Three Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 5 — — 5 Other 2 (1 ) — 1 Total Other Income (Deductions) $ 21 $ 12 $ — $ 33 Six Months Ended June 30, 2017 NDT Fund Interest and Dividends $ — $ 23 $ — $ 23 Allowance for Funds Used During Construction 28 — — 28 Solar Loan Interest 10 — — 10 Other 5 — (1 ) 4 Total Other Income (Deductions) $ 43 $ 23 $ (1 ) $ 65 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 PSEG 26.5% 35.1% 26.6% 28.3% PSE&G 25.7% 37.2% 26.4% 36.7% Power 31.7% 39.0% 27.1% 40.0% |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income by Component | PSEG Other Comprehensive Income (Loss) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Other Comprehensive Income before Reclassifications (1 ) — (6 ) (7 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 1 8 Net Current Period Other Comprehensive Income (Loss) (1 ) 7 (5 ) 1 Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ 2 $ (392 ) $ 148 $ (242 ) Other Comprehensive Income before Reclassifications — — 23 23 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 (13 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 6 10 16 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (1 ) — (22 ) (23 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 15 3 18 Net Current Period Other Comprehensive Income (Loss) (1 ) 15 (19 ) (5 ) Net Change in Accumulative Other Comprehensive Income (Loss) (1 ) 15 (195 ) (181 ) Balance as of June 30, 2018 $ (1 ) $ (391 ) $ (18 ) $ (410 ) PSEG Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ 2 $ (398 ) $ 133 $ (263 ) Other Comprehensive Income before Reclassifications — — 53 53 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 (28 ) (16 ) Net Current Period Other Comprehensive Income (Loss) — 12 25 37 Balance as of June 30, 2017 $ 2 $ (386 ) $ 158 $ (226 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) Other Comprehensive Income before Reclassifications — — (5 ) (5 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 1 7 Net Current Period Other Comprehensive Income (Loss) — 6 (4 ) 2 Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2017 $ — $ (335 ) $ 148 $ (187 ) Other Comprehensive Income before Reclassifications — — 22 22 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 5 (12 ) (7 ) Net Current Period Other Comprehensive Income (Loss) — 5 10 15 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (18 ) (18 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 12 3 15 Net Current Period Other Comprehensive Income (Loss) — 12 (15 ) (3 ) Net Change in Accumulative Other Comprehensive Income (Loss) — 12 (190 ) (178 ) Balance as of June 30, 2018 $ — $ (335 ) $ (15 ) $ (350 ) Power Other Comprehensive Income (Loss) Six Months Ended June 30, 2017 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2016 $ — $ (340 ) $ 129 $ (211 ) Other Comprehensive Income before Reclassifications — — 50 50 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 10 (21 ) (11 ) Net Current Period Other Comprehensive Income (Loss) — 10 29 39 Balance as of June 30, 2017 $ — $ (330 ) $ 158 $ (172 ) |
Reclassifications out of Accumulated Other Comprehensive Income | PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (11 ) 3 (8 ) (23 ) 6 (17 ) Total Pension and OPEB Plans (10 ) 3 (7 ) (21 ) 6 (15 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (12 ) $ 4 $ (8 ) $ (27 ) $ 9 $ (18 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 5 (7 ) (24 ) 10 (14 ) Total Pension and OPEB Plans (10 ) 4 (6 ) (20 ) 8 (12 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 25 (12 ) 13 53 (25 ) 28 Total Available-for-Sale Securities 25 (12 ) 13 53 (25 ) 28 Total $ 15 $ (8 ) $ 7 $ 33 $ (17 ) $ 16 Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2018 June 30, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 $ 2 $ — $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (9 ) 2 (7 ) (19 ) 5 (14 ) Total Pension and OPEB Plans (8 ) 2 (6 ) (17 ) 5 (12 ) Available-for-Sale Debt Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments (2 ) 1 (1 ) (6 ) 3 (3 ) Total Available-for-Sale Debt Securities (2 ) 1 (1 ) (6 ) 3 (3 ) Total $ (10 ) $ 3 $ (7 ) $ (23 ) $ 8 $ (15 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Six Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations June 30, 2017 June 30, 2017 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 2 $ (1 ) $ 1 $ 4 $ (2 ) $ 2 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 4 (6 ) (21 ) 9 (12 ) Total Pension and OPEB Plans (8 ) 3 (5 ) (17 ) 7 (10 ) Available-for-Sale Securities Realized Gains (Losses) and OTTI Net Gains (Losses) on Trust Investments 24 (12 ) 12 43 (22 ) 21 Total Available-for-Sale Securities 24 (12 ) 12 43 (22 ) 21 Total $ 16 $ (9 ) $ 7 $ 26 $ (15 ) $ 11 |
Earnings Per Share (EPS) and 44
Earnings Per Share (EPS) and Dividends (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 269 $ 269 $ 109 $ 109 $ 827 $ 827 $ 223 $ 223 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 504 504 505 505 504 504 505 505 Effect of Stock Based Compensation Awards — 3 — 2 — 3 — 2 Total Shares 504 507 505 507 504 507 505 507 EPS Net Income $ 0.53 $ 0.53 $ 0.22 $ 0.22 $ 1.64 $ 1.63 $ 0.44 $ 0.44 For the three months and six months ended June 30, 2017 , there were approximately 0.3 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect |
Dividend Payments On Common Stock | Dividends Three Months Ended Six Months Ended June 30, June 30, Dividend Payments on Common Stock 2018 2017 2018 2017 Per Share $ 0.45 $ 0.43 $ 0.90 $ 0.86 In Millions $ 228 $ 217 $ 455 $ 435 On July 17, 2018 , PSEG’s Board of Directors approved a $0.45 per share common stock dividend for the third quarter of 2018. |
Financial Information By Busi45
Financial Information By Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Financial Information By Business Segments | PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended June 30, 2018 Total Operating Revenues $ 1,386 $ 767 $ 123 $ (260 ) $ 2,016 Net Income (Loss) 231 41 (3 ) — 269 Gross Additions to Long-Lived Assets 697 248 7 — 952 Six Months Ended June 30, 2018 Operating Revenues $ 3,231 $ 2,170 $ 270 $ (837 ) $ 4,834 Net Income (Loss) 550 275 2 — 827 Gross Additions to Long-Lived Assets 1,447 547 11 — 2,005 Three Months Ended June 30, 2017 Total Operating Revenues $ 1,393 $ 918 $ 116 $ (285 ) $ 2,142 Net Income (Loss) 208 (97 ) (2 ) — 109 Gross Additions to Long-Lived Assets 641 269 9 — 919 Six Months Ended June 30, 2017 Operating Revenues $ 3,219 $ 2,187 $ 199 $ (872 ) $ 4,733 Net Income (Loss) 507 (267 ) (17 ) — 223 Gross Additions to Long-Lived Assets 1,389 576 16 — 1,981 As of June 30, 2018 Total Assets $ 29,603 $ 12,772 $ 2,407 $ (1,075 ) $ 43,707 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 As of December 31, 2017 Total Assets $ 28,554 $ 12,418 $ 2,666 $ (922 ) $ 42,716 Investments in Equity Method Subsidiaries $ — $ 87 $ — $ — $ 87 (A) 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. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions . |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
PSE And G [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Administrative Billings from Services (B) 85 79 $ 168 144 Total Billings from Affiliates $ 357 $ 375 $ 1,018 $ 1,039 |
Schedule Of Related Party Transactions, Payables | As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSEG (C) $ 18 $ — Payable to Power (A) $ 81 $ 221 Payable to Services (B) 69 78 Payable to PSEG (C) — 41 Accounts Payable—Affiliated Companies $ 150 $ 340 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 94 $ 91 |
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: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2018 2017 2018 2017 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 272 $ 296 $ 850 $ 895 Billings from Affiliates: Administrative Billings from Services (B) $ 32 $ 42 $ 75 $ 78 |
Schedule Of Related Party Transactions, Receivables | As of As of Related-Party Transactions June 30, 2018 December 31, 2017 Millions Receivables from PSE&G (A) $ 81 $ 221 Payable to Services (B) $ 20 $ 28 Payable to PSEG (C) 128 29 Accounts Payable—Affiliated Companies $ 148 $ 57 Short-Term Loan due (to) from Affiliate (E) $ 519 $ (281 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 45 $ 52 |
Guarantees of Debt (Tables)
Guarantees of Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Power [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Financial Statements Of Guarantors | The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of June 30, 2018 and December 31, 2017 and for the three months and six months ended June 30, 2018 and 2017 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2018 Operating Revenues $ — $ 747 $ 51 $ (31 ) $ 767 Operating Expenses 3 704 49 (31 ) 725 Operating Income (Loss) (3 ) 43 2 — 42 Equity Earnings (Losses) of Subsidiaries 55 (4 ) 5 (51 ) 5 Net Gains (Losses) on Trust Investments — 8 — — 8 Other Income (Deductions) 41 40 — (68 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 2 1 — 3 Interest Expense (54 ) (19 ) (6 ) 68 (11 ) Income Tax Benefit (Expense) 2 (23 ) 2 — (19 ) Net Income (Loss) $ 41 $ 47 $ 4 $ (51 ) $ 41 Comprehensive Income (Loss) $ 43 $ 44 $ 4 $ (48 ) $ 43 Six Months Ended June 30, 2018 Operating Revenues $ — $ 2,133 $ 102 $ (65 ) $ 2,170 Operating Expenses 3 1,760 101 (65 ) 1,799 Operating Income (Loss) (3 ) 373 1 — 371 Equity Earnings (Losses) of Subsidiaries 289 (7 ) 7 (282 ) 7 Net Gains (Losses) on Trust Investments — (14 ) — — (14 ) Other Income (Deductions) 76 73 — (125 ) 24 Non-Operating Pension and OPEB Credits (Costs) — 6 1 — 7 Interest Expense (96 ) (36 ) (11 ) 125 (18 ) Income Tax Benefit (Expense) 9 (115 ) 4 — (102 ) Net Income (Loss) $ 275 $ 280 $ 2 $ (282 ) $ 275 Comprehensive Income (Loss) $ 272 $ 267 $ 2 $ (269 ) $ 272 Six Months Ended June 30, 2018 Net Cash Provided By (Used In) Operating Activities $ 34 $ 745 $ (8 ) $ 98 $ 869 Net Cash Provided By (Used In) Investing Activities $ (840 ) $ (867 ) $ (196 ) $ 808 $ (1,095 ) Net Cash Provided By (Used In) Financing Activities $ 806 $ 123 $ 191 $ (906 ) $ 214 Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended June 30, 2017 Operating Revenues $ — $ 899 $ 47 $ (28 ) $ 918 Operating Expenses (2 ) 1,094 43 (28 ) 1,107 Operating Income (Loss) 2 (195 ) 4 — (189 ) Equity Earnings (Losses) of Subsidiaries (93 ) (4 ) 5 97 5 Net Gains (Losses) on Trust Investments (1 ) 25 — — 24 Other Income (Deductions) 23 21 2 (34 ) 12 Non-Operating Pension and OPEB Credits (Costs) — 2 — — 2 Interest Expense (34 ) (9 ) (4 ) 34 (13 ) Income Tax Benefit (Expense) 6 60 (4 ) — 62 Net Income (Loss) $ (97 ) $ (100 ) $ 3 $ 97 $ (97 ) Comprehensive Income (Loss) $ (82 ) $ (91 ) $ 3 $ 88 $ (82 ) Six Months Ended June 30, 2017 Operating Revenues $ — $ 2,154 $ 99 $ (66 ) $ 2,187 Operating Expenses 2 2,650 95 (66 ) 2,681 Operating Income (Loss) (2 ) (496 ) 4 — (494 ) Equity Earnings (Losses) of Subsidiaries (254 ) (5 ) 8 259 8 Net Gains (Losses) on Trust Investments 3 40 — — 43 Other Income (Deductions) 43 40 2 (62 ) 23 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (64 ) (18 ) (9 ) 62 (29 ) Income Tax Benefit (Expense) 7 171 — — 178 Net Income (Loss) $ (267 ) $ (264 ) $ 5 $ 259 $ (267 ) Comprehensive Income (Loss) $ (228 ) $ (234 ) $ 5 $ 229 $ (228 ) Three Months Ended June 30, 2017 Net Cash Provided By (Used In) Operating Activities $ (32 ) $ 802 $ 111 $ 51 $ 932 Net Cash Provided By (Used In) Investing Activities $ 683 $ 178 $ (241 ) $ (1,355 ) $ (735 ) Net Cash Provided By (Used In) Financing Activities $ (651 ) $ (978 ) $ 146 $ 1,304 $ (179 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of June 30, 2018 Current Assets $ 4,806 $ 1,411 $ 216 $ (4,868 ) $ 1,565 Property, Plant and Equipment, net 52 5,048 3,679 — 8,779 Investment in Subsidiaries 4,977 1,129 — (6,106 ) — Noncurrent Assets 243 2,258 110 (183 ) 2,428 Total Assets $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 Current Liabilities $ 690 $ 3,164 $ 1,987 $ (4,868 ) $ 973 Noncurrent Liabilities 516 2,097 497 (183 ) 2,927 Long-Term Debt 2,833 — — — 2,833 Member’s Equity 6,039 4,585 1,521 (6,106 ) 6,039 Total Liabilities and Member’s Equity $ 10,078 $ 9,846 $ 4,005 $ (11,157 ) $ 12,772 As of December 31, 2017 Current Assets $ 4,327 $ 1,500 $ 200 $ (4,686 ) $ 1,341 Property, Plant and Equipment, net 54 5,778 2,764 — 8,596 Investment in Subsidiaries 4,844 404 — (5,248 ) — Noncurrent Assets 100 2,349 110 (78 ) 2,481 Total Assets $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 Current Liabilities $ 689 $ 3,586 $ 1,846 $ (4,686 ) $ 1,435 Noncurrent Liabilities 533 1,966 459 (78 ) 2,880 Long-Term Debt 2,136 — — — 2,136 Member’s Equity 5,967 4,479 769 (5,248 ) 5,967 Total Liabilities and Member’s Equity $ 9,325 $ 10,031 $ 3,074 $ (10,012 ) $ 12,418 |
Organization and Basis of Pre48
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents | $ 95 | $ 313 | |||
Cash, Cash Equivalents and Restricted Cash | 111 | 315 | $ 432 | $ 426 | |
PSE And G [Member] | |||||
Cash and Cash Equivalents | 20 | 242 | |||
Cash, Cash Equivalents and Restricted Cash | 36 | 244 | 194 | 393 | |
Power [Member] | |||||
Cash and Cash Equivalents | 20 | 32 | |||
Cash, Cash Equivalents and Restricted Cash | 20 | 32 | $ 29 | $ 11 | |
Other Entities [Member] | |||||
Cash and Cash Equivalents | [1] | 55 | 39 | ||
Cash, Cash Equivalents and Restricted Cash | [1] | 55 | 39 | ||
Other Current Assets [Member] | |||||
Restricted Cash in Other Current Assets | 4 | 0 | |||
Other Current Assets [Member] | PSE And G [Member] | |||||
Restricted Cash in Other Current Assets | 4 | 0 | |||
Other Current Assets [Member] | Power [Member] | |||||
Restricted Cash in Other Current Assets | 0 | 0 | |||
Other Current Assets [Member] | Other Entities [Member] | |||||
Restricted Cash in Other Current Assets | [1] | 0 | 0 | ||
Other Noncurrent Assets [Member] | |||||
Restricted Cash in Other Noncurrent Assets | 12 | 2 | |||
Other Noncurrent Assets [Member] | PSE And G [Member] | |||||
Restricted Cash in Other Noncurrent Assets | 12 | 2 | |||
Other Noncurrent Assets [Member] | Power [Member] | |||||
Restricted Cash in Other Noncurrent Assets | 0 | 0 | |||
Other Noncurrent Assets [Member] | Other Entities [Member] | |||||
Restricted Cash in Other Noncurrent Assets | [1] | $ 0 | $ 0 | ||
[1] | Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards Rec
Recent Accounting Standards Recent Accounting Standards (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 342 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 176 | ||||
PSE And G [Member] | Accounting Standard Update 2017-07 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 15 | $ 29 | |||
Prior Period Reclassification Adjustment | $ (1) | $ (3) | |||
Power [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 175 | ||||
Power [Member] | Accounting Standard Update 2017-07 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Prior Period Reclassification Adjustment | 2 | 4 | |||
Operating Revenues [Member] | PSE And G [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Prior Period Reclassification Adjustment | (25) | (39) | |||
Operating Revenues [Member] | Power [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Prior Period Reclassification Adjustment | (11) | (26) | |||
Energy Costs [Member] | PSE And G [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Prior Period Reclassification Adjustment | (16) | (25) | |||
Operation and Maintenance Expense [Member] | PSE And G [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Prior Period Reclassification Adjustment | $ (9) | $ (14) |
Revenues Revenues (Details)
Revenues Revenues (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018USD ($)$ / mwdMW | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($)$ / mwdMW | Jun. 30, 2017USD ($) | |||
Revenues [Line Items] | |||||||
Lease Receivable adjustment | $ 20 | $ 22 | $ 55 | $ 20 | $ 77 | ||
Revenue from Contract with Customers | 1,962 | 1,869 | 4,606 | 4,235 | |||
Revenues Unrelated to Contracts with Customers | 54 | 273 | 228 | [1] | 498 | [1] | |
Total Operating Revenues | 2,016 | 2,142 | 4,834 | 4,733 | |||
Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 754 | 757 | 1,444 | 1,458 | |||
Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 244 | 227 | 1,000 | 981 | |||
Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 301 | 307 | 613 | 606 | |||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 373 | 302 | 871 | 616 | |||
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Electricity and Related Products [Member] | NY ISO [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 46 | 50 | 105 | 86 | |||
Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 14 | 9 | 61 | 20 | |||
Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 30 | 11 | 94 | 63 | |||
Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 200 | 418 | [2] | 405 | [2] | ||
Other Revenues from Contracts with Customers [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 206 | ||||||
PSE And G [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 1,366 | 1,364 | 3,199 | 3,181 | |||
Revenues Unrelated to Contracts with Customers | 20 | 29 | 32 | 38 | |||
Total Operating Revenues | 1,386 | 1,393 | 3,231 | 3,219 | |||
PSE And G [Member] | Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 754 | 757 | 1,444 | 1,458 | |||
PSE And G [Member] | Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 248 | 233 | 1,007 | 988 | |||
PSE And G [Member] | Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 301 | 307 | 613 | 606 | |||
PSE And G [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Electricity and Related Products [Member] | NY ISO [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
PSE And G [Member] | Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 63 | 67 | 135 | 129 | |||
Power [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 731 | 662 | 1,982 | 1,670 | |||
Revenues Unrelated to Contracts with Customers | 36 | 256 | 188 | 517 | |||
Total Operating Revenues | 767 | 918 | 2,170 | 2,187 | |||
Anticipated Contract Revenues | $ 180 | $ 180 | |||||
Power [Member] | PJM [Member] | June 2017 to May 2018 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 205 | 205 | |||||
Load (MW) | MW | 9,200 | 9,200 | |||||
Power [Member] | PJM [Member] | June 2018 to May 2019 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 116 | 116 | |||||
Load (MW) | MW | 8,900 | 8,900 | |||||
Power [Member] | PJM [Member] | June 2019 to May 2020 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 174 | 174 | |||||
Load (MW) | MW | 7,800 | 7,800 | |||||
Power [Member] | PJM [Member] | June 2020 to May 2021 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 178 | 178 | |||||
Load (MW) | MW | 7,700 | 7,700 | |||||
Power [Member] | ISO New England [Member] | June 2017 to May 2018 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Power [Member] | ISO New England [Member] | June 2018 to May 2019 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 314 | 314 | |||||
Load (MW) | MW | 820 | 820 | |||||
Power [Member] | ISO New England [Member] | June 2019 to May 2020 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Load (MW) | MW | 1,330 | 1,330 | |||||
Power [Member] | ISO New England [Member] | June 2020 to May 2021 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 195 | 195 | |||||
Load (MW) | MW | 1,330 | 1,330 | |||||
Power [Member] | ISO New England [Member] | June 2021 to May 2022 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 192 | 192 | |||||
Load (MW) | MW | 950 | 950 | |||||
Power [Member] | ISO New England [Member] | June 2022 to May 2023 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Load (MW) | MW | 480 | 480 | |||||
Power [Member] | ISO New England [Member] | June 2023 to May 2024 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Load (MW) | MW | 480 | 480 | |||||
Power [Member] | ISO New England [Member] | June 2024 to May 2025 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Load (MW) | MW | 480 | 480 | |||||
Power [Member] | ISO New England [Member] | June 2025 to May 2026 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | |||||
Load (MW) | MW | 480 | 480 | |||||
Power [Member] | Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | $ 0 | 0 | $ 0 | 0 | |||
Power [Member] | Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Power [Member] | Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 373 | 302 | 871 | 616 | |||
Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 147 | 171 | 323 | 355 | |||
Power [Member] | Electricity and Related Products [Member] | NY ISO [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 46 | 50 | 105 | 86 | |||
Power [Member] | Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 14 | 9 | 61 | 20 | |||
Power [Member] | Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 30 | 11 | 94 | 63 | |||
Power [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 108 | 107 | 505 | 508 | |||
Power [Member] | Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 13 | 23 | 22 | ||||
Power [Member] | Other Revenues from Contracts with Customers [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 12 | ||||||
Other [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 125 | 128 | 262 | 256 | |||
Revenues Unrelated to Contracts with Customers | (2) | (12) | 8 | (57) | |||
Total Operating Revenues | 123 | 116 | 270 | 199 | |||
Anticipated Contract Revenues | 64 | 64 | |||||
Other [Member] | Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Electricity and Related Products [Member] | NY ISO [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Other [Member] | Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 125 | 262 | 256 | ||||
Other [Member] | Other Revenues from Contracts with Customers [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 128 | ||||||
Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (260) | (285) | (837) | (872) | |||
Revenues Unrelated to Contracts with Customers | 0 | 0 | 0 | 0 | |||
Total Operating Revenues | (260) | (285) | (837) | (872) | |||
Eliminations [Member] | Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (4) | (6) | (7) | (7) | |||
Eliminations [Member] | Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (147) | (171) | (323) | (355) | |||
Eliminations [Member] | Electricity and Related Products [Member] | NY ISO [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Eliminations [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (108) | (107) | (505) | (508) | |||
Eliminations [Member] | Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | $ (1) | $ (2) | $ (2) | ||||
Eliminations [Member] | Other Revenues from Contracts with Customers [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | $ (1) | ||||||
[1] | Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. For the three and six months ended June 30, 2018, Other includes a $20 million loss and for the three and six months ended June 30, 2017, Other includes a $22 million loss and a $77 million loss, respectively, related to Energy Holdings’ investments in leases. | ||||||
[2] | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. |
Early Plant Retirements Early51
Early Plant Retirements Early Plant Retirements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Early Plant Retirements [Line Items] | ||||||
Total Assets | $ 43,707 | $ 43,707 | $ 42,716 | |||
Asset Retirement Obligations | 1,047 | 1,047 | 1,024 | |||
Power [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Total Assets | 12,772 | 12,772 | 12,418 | |||
Asset Retirement Obligations | 831 | 831 | $ 810 | |||
Power [Member] | Energy Costs [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Coal Inventory Lower of Cost or Market Adjustments | (1) | $ 2 | 3 | $ 9 | ||
Power [Member] | Operation and Maintenance Expense [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Restructuring Charges | 4 | |||||
Power [Member] | Depreciation And Amortization [Domain] | ||||||
Early Plant Retirements [Line Items] | ||||||
Accelerated Depreciation including Asset Retirement Costs | $ 390 | $ 964 | ||||
Hope Creek [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Materials and Supplies Inventory | 83 | 83 | ||||
Nuclear Production, net of Accumulated Depreciation | 688 | 688 | ||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 171 | 171 | ||||
Construction Work in Progress (including nuclear fuel) | 140 | 140 | ||||
Total Assets | 1,082 | 1,082 | ||||
Asset Retirement Obligations | 309 | 309 | ||||
Total Liabilities | 309 | 309 | ||||
Net Assets | $ 773 | $ 773 | ||||
% Owned | 100.00% | 100.00% | ||||
Nuclear Support Facilities [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Materials and Supplies Inventory | [1] | $ 0 | $ 0 | |||
Nuclear Production, net of Accumulated Depreciation | [1] | 203 | 203 | |||
Nuclear Fuel In-Service, net of Accumulated Depreciation | [1] | 0 | 0 | |||
Construction Work in Progress (including nuclear fuel) | [1] | 2 | 2 | |||
Total Assets | [1] | 205 | 205 | |||
Asset Retirement Obligations | [1] | 0 | 0 | |||
Total Liabilities | [1] | 0 | 0 | |||
Net Assets | [1] | 205 | 205 | |||
Salem [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Materials and Supplies Inventory | 82 | 82 | ||||
Nuclear Production, net of Accumulated Depreciation | 646 | 646 | ||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 89 | 89 | ||||
Construction Work in Progress (including nuclear fuel) | 105 | 105 | ||||
Total Assets | 922 | 922 | ||||
Asset Retirement Obligations | 255 | 255 | ||||
Total Liabilities | 255 | 255 | ||||
Net Assets | $ 667 | $ 667 | ||||
% Owned | 57.00% | 57.00% | ||||
Peach Bottom [Member] | ||||||
Early Plant Retirements [Line Items] | ||||||
Materials and Supplies Inventory | $ 42 | $ 42 | ||||
Nuclear Production, net of Accumulated Depreciation | 786 | 786 | ||||
Nuclear Fuel In-Service, net of Accumulated Depreciation | 119 | 119 | ||||
Construction Work in Progress (including nuclear fuel) | 24 | 24 | ||||
Total Assets | 971 | 971 | ||||
Asset Retirement Obligations | 210 | 210 | ||||
Total Liabilities | 210 | 210 | ||||
Net Assets | $ 761 | $ 761 | ||||
% Owned | 50.00% | 50.00% | ||||
[1] | Includes Hope Creek’s and Salem’s shared support facilities and other nuclear development capital. |
Variable Interest Entities (V52
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Variable Interest Entity [Line Items] | ||||
Operating Revenues | $ 2,016 | $ 2,142 | $ 4,834 | $ 4,733 |
Operation and Maintenance | 725 | 718 | 1,479 | 1,435 |
Long Island ServCo [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 109 | 112 | 229 | 224 |
Operation and Maintenance | $ 109 | $ 112 | $ 229 | $ 224 |
Rate Filings (Details)
Rate Filings (Details) - PSE And G [Member] $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($)$ / DTH | Jun. 30, 2018USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Assets And Liabilities [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||||||
Proposed BGSS rate per therm | 0.35 | 0.35 | 0.35 | ||||||
Self Implementing Bill Credit per therm | $ / DTH | 0.15 | ||||||||
BGSS Revenue Reduction | $ 26 | $ 125 | |||||||
Current BGSS rate per therm | 0.37 | 0.37 | 0.37 | ||||||
True-up adjustment for Transmission Formula Rate Revenues | $ (27) | $ (27) | $ (27) | ||||||
Transmission Formula Rate [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 148 | ||||||||
Electric Distribution [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 71 | ||||||||
Gas Distribution [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 43 | ||||||||
Distribution Base rates [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.00% | ||||||||
Gas Weather Normalization Deferral [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 14 | $ 55 | |||||||
Subsequent Event [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||||
Subsequent Event [Member] | Gas System Modernization Program [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ (26) | ||||||||
2016 to 2017 [Member] | Gas Weather Normalization Deferral [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 23 | 31 | |||||||
2015 to 2016 [Member] | Gas Weather Normalization Deferral [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 24 | ||||||||
2017 to 2018 [Member] | Gas Weather Normalization Deferral [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 9 | ||||||||
Energy Strong program [Member] | Electric Distribution [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 8 | ||||||||
Solar or EE Recovery Charge (RRC) [Member] | Electric Distribution [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 20 | ||||||||
Solar or EE Recovery Charge (RRC) [Member] | Gas Distribution [Member] | |||||||||
Regulatory Assets And Liabilities [Line Items] | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (0.8) |
Financing Receivables (Outstand
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 178 | $ 168 |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 169 | 158 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 9 | $ 10 |
Financing Receivables (Gross An
Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 525 | $ 546 |
Estimated Residual Value of Leased Assets | 326 | 326 |
Total Investment in Rental Receivables | 851 | 872 |
Unearned and Deferred Income | (299) | (307) |
Gross Investment in Leases | 552 | 565 |
Deferred Tax Liabilities | (500) | (480) |
Net Investment in Leases | $ 52 | $ 85 |
Financing Receivables (Schedule
Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 525 | $ 546 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 14 | |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 316 | |
Standard & Poor's, BB- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 133 | |
Standard & Poor's, CCC minus Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 62 |
Financing Receivables (Narrativ
Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule of Financial Receivables [Line Items] | |||||
Lease Receivable adjustment | $ 20 | $ 22 | $ 55 | $ 20 | $ 77 |
Provision for Loan and Lease Losses | $ 7 | ||||
Lease investment with non-investment grade counterparties, gross | 315 | 315 | |||
Lease investment with non-investment grade counterparties, net of deferred taxes | $ (112) | $ (112) | |||
Powerton Station [Member] | |||||
Schedule of Financial Receivables [Line Items] | |||||
Counterparties’ S&P Credit Ratings | BB- |
Financing Receivables (Schedu58
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)MW | |
Powerton Station Units 5 And 6 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | IL |
Gross Investment | $ | $ 132 |
% Owned | 64.00% |
Total MW | MW | 1,538 |
Fuel Type | Coal |
Counterparties’ S&P Credit Ratings | BB- |
Counterparty | NRG Energy, Inc. |
Joliet Station Units 7 And 8 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | IL |
Gross Investment | $ | $ 85 |
% Owned | 64.00% |
Total MW | MW | 1,036 |
Fuel Type | Gas |
Counterparties’ S&P Credit Ratings | BB- |
Counterparty | NRG Energy, Inc. |
Keystone Station Units 1 And 2 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | PA |
Gross Investment | $ | $ 10 |
% Owned | 17.00% |
Total MW | MW | 1,711 |
Fuel Type | Coal |
Counterparties’ S&P Credit Ratings | CCC- |
Counterparty | REMA (A) |
Conemaugh Station Units 1 And 2 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | PA |
Gross Investment | $ | $ 10 |
% Owned | 17.00% |
Total MW | MW | 1,711 |
Fuel Type | Coal |
Counterparties’ S&P Credit Ratings | CCC- |
Counterparty | REMA (A) |
Shawville Station Units 1, 2, 3 And 4 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | PA |
Gross Investment | $ | $ 78 |
% Owned | 100.00% |
Total MW | MW | 596 |
Fuel Type | Gas |
Counterparties’ S&P Credit Ratings | CCC- |
Counterparty | REMA (A) |
Trust Investments (Fair Values
Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | $ 1,785 | $ 1,794 |
Gross Unrealized Gains | 312 | 350 |
Gross Unrealized Losses | (48) | (11) |
Fair Value | 2,049 | 2,133 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Domestic Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 471 | 497 |
Gross Unrealized Gains | 235 | 245 |
Gross Unrealized Losses | (8) | (2) |
Fair Value | 698 | 740 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | International Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 321 | 311 |
Gross Unrealized Gains | 76 | 99 |
Gross Unrealized Losses | (14) | (3) |
Fair Value | 383 | 407 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 792 | 808 |
Gross Unrealized Gains | 311 | 344 |
Gross Unrealized Losses | (22) | (5) |
Fair Value | 1,081 | 1,147 |
Unrealized Gains (Losses) on Equity Securities still held | (3) | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 528 | 586 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (12) | (4) |
Fair Value | 517 | 584 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Corporate [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 464 | 400 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (14) | (2) |
Fair Value | 450 | 402 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
After tax amount of net unrealized gains recognized in AOCI | (14) | |
Cost | 992 | 986 |
Gross Unrealized Gains | 1 | 6 |
Gross Unrealized Losses | (26) | (6) |
Fair Value | 967 | 986 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 1 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 1 | |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 227 | 227 |
Gross Unrealized Gains | 3 | 6 |
Gross Unrealized Losses | (6) | (2) |
Fair Value | 224 | 231 |
Rabbi Trust [Member] | Domestic Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 21 | 24 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 24 | 27 |
Rabbi Trust [Member] | International Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 21 | 24 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 24 | 27 |
Unrealized Gains (Losses) on Equity Securities still held | 1 | |
Rabbi Trust [Member] | Debt Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
After tax amount of net unrealized gains recognized in AOCI | (4) | |
Rabbi Trust [Member] | Government [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 96 | 85 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (2) | (1) |
Fair Value | 94 | 85 |
Rabbi Trust [Member] | Corporate [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 110 | 118 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (4) | (1) |
Fair Value | 106 | 119 |
Rabbi Trust [Member] | Total Debt Securities [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Cost | 206 | 203 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (6) | (2) |
Fair Value | 200 | 204 |
Rabbi Trust [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Fair Value | $ 56 | $ 57 |
Trust Investments (Schedule Of
Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | $ 11 | $ 24 |
Accounts Payable | 8 | 74 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | 2 | 2 |
Accounts Payable | $ 0 | $ 1 |
Trust Investments (Value Of Sec
Trust Investments (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 913 | $ 603 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (42) | (8) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 93 | 120 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (6) | (3) | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Domestic Equity Securities [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 79 | 40 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (8) | (2) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 0 | 0 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | International Equity Securities [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 74 | 29 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (13) | (3) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 4 | 2 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | (1) | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 153 | 69 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (21) | (5) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 4 | 2 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | (1) | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [2] | 402 | 343 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [2] | (9) | (2) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [2] | 64 | 91 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [2] | (3) | (2) |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Corporate [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [3] | 358 | 191 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [3] | (12) | (1) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [3] | 25 | 27 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [3] | (2) | (1) |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 760 | 534 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (21) | (3) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 89 | 118 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (5) | (3) | |
Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 150 | 67 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (5) | (1) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 29 | 34 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (1) | (1) | |
Rabbi Trust [Member] | Government [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [4] | 57 | 28 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [4] | (1) | 0 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [4] | 23 | 25 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [4] | (1) | (1) |
Rabbi Trust [Member] | Corporate [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [5] | 93 | 39 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [5] | (4) | (1) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [5] | 6 | 9 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [5] | 0 | 0 |
Rabbi Trust [Member] | Total Debt Securities [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 150 | 67 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (5) | (1) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 29 | 34 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | $ (1) | $ (1) | |
[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. Effective January 1, 2018, unrealized gains and losses on these securities are recorded in Net Income. | ||
[2] | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018. | ||
[3] | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018. | ||
[4] | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 June 30, 2018. | ||
[5] | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 June 30, 2018. |
Trust Investments (Proceeds Fro
Trust Investments (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||||||
Schedule of Trust Investments [Line Items] | |||||||||
Net Gains (Losses) on Trust Investments | $ 8 | $ 25 | $ (14) | $ 53 | |||||
Rabbi Trust [Member] | |||||||||
Schedule of Trust Investments [Line Items] | |||||||||
Proceeds from Sales | 22 | [1] | 93 | [1] | 47 | [2] | 144 | [2] | |
Gross Realized Gains | 0 | 2 | 2 | 17 | |||||
Gross Realized Losses | 0 | (1) | (2) | (4) | |||||
Net Realized Gains (Losses) | 0 | 1 | 0 | [3] | 13 | [3] | |||
Unrealized Gain (Loss) on Securities | [4] | 0 | 0 | ||||||
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 | 0 | |||||
Net Gains (Losses) on Trust Investments | 0 | 1 | 0 | 13 | |||||
Power [Member] | |||||||||
Schedule of Trust Investments [Line Items] | |||||||||
Net Gains (Losses) on Trust Investments | 8 | 24 | (14) | 43 | |||||
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||||||||
Schedule of Trust Investments [Line Items] | |||||||||
Proceeds from Sales | [1] | 402 | 320 | 774 | 567 | ||||
Gross Realized Gains | 34 | 32 | 58 | 53 | |||||
Gross Realized Losses | (10) | (5) | (22) | (9) | |||||
Net Realized Gains (Losses) | 24 | 27 | 36 | [5] | 44 | [5] | |||
Unrealized Gain (Loss) on Securities | [6] | (16) | (50) | ||||||
Other than Temporary Impairment Losses, Investments | 0 | (3) | 0 | (4) | |||||
Net Gains (Losses) on Trust Investments | $ 8 | $ 24 | $ (14) | $ 40 | |||||
[1] | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||||||||
[2] | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||||||||
[3] | The cost of these securities was determined on the basis of specific identification. | ||||||||
[4] | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). | ||||||||
[5] | The cost of these securities was determined on the basis of specific identification. | ||||||||
[6] | Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income instead of Other Comprehensive Income (Loss). |
Trust Investments (Amount Of Av
Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions | Jun. 30, 2018USD ($) |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | $ 1 |
1 - 5 years | 39 |
6 - 10 years | 23 |
11 - 15 years | 7 |
16 - 20 years | 18 |
Over 20 years | 112 |
Total Available-for-Sale Debt Securities | 200 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 10 |
1 - 5 years | 298 |
6 - 10 years | 196 |
11 - 15 years | 45 |
16 - 20 years | 71 |
Over 20 years | 347 |
Total Available-for-Sale Debt Securities | $ 967 |
Trust Investments (Fair Value O
Trust Investments (Fair Value Of Rabbi Trust) (Detail) - Rabbi Trust [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 224 | $ 231 |
Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 56 | 57 |
PSE And G [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 45 | 46 |
Other Entity [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 123 | $ 128 |
Trust Investments (Narrative) (
Trust Investments (Narrative) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)Facility | |
Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Number of Nuclear Facilities | Facility | 5 |
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |
Schedule of Trust Investments [Line Items] | |
After tax amount of net unrealized gains recognized in AOCI | $ (14) |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Unrealized Gains (Losses) on Equity Securities still held | (3) |
Equity Securities [Member] | Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Unrealized Gains (Losses) on Equity Securities still held | $ 1 |
Pension And OPEB (Components Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-Operating Pension and OPEB (Credits) Costs | $ (19) | $ (1) | $ (38) | $ (1) |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 33 | 28 | 65 | 57 |
Interest Cost | 52 | 51 | 104 | 102 |
Expected Return on Plan Assets | (110) | (99) | (220) | (197) |
Amortization of Prior Service Cost | (5) | (4) | (9) | (9) |
Amortization of Actuarial Loss | 21 | 25 | 42 | 49 |
Non-Operating Pension and OPEB (Credits) Costs | (42) | (27) | (83) | (55) |
Total Benefit Costs | (9) | 1 | (18) | 2 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 5 | 4 | 9 | 8 |
Interest Cost | 17 | 16 | 33 | 32 |
Expected Return on Plan Assets | (11) | (9) | (21) | (17) |
Amortization of Prior Service Cost | 0 | (2) | 0 | (5) |
Amortization of Actuarial Loss | 16 | 12 | 32 | 25 |
Non-Operating Pension and OPEB (Credits) Costs | 22 | 17 | 44 | 35 |
Total Benefit Costs | $ 27 | $ 21 | $ 53 | $ 43 |
Pension And OPEB (Schedule Of P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ (9) | $ 1 | $ (18) | $ 2 |
Pension Benefits [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | (7) | (1) | (15) | (2) |
Pension Benefits [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | (3) | 1 | (5) | 1 |
Pension Benefits [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 1 | 1 | 2 | 3 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 27 | 21 | 53 | 43 |
OPEB [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 17 | 13 | 34 | 27 |
OPEB [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 8 | 6 | 16 | 13 |
OPEB [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 2 | $ 2 | $ 3 | $ 3 |
Pension And OPEB (Narrative) (D
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Benefit Costs | $ (9) | $ 1 | $ (18) | $ 2 | |
Postretirement Healthcare Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | $ 14 | ||||
Total Benefit Costs | 27 | 21 | 53 | 43 | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 40 | 40 | |||
Total Benefit Costs | 10 | 8 | 20 | 17 | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Benefit Costs | $ 2 | $ 1 | $ 3 | $ 2 |
Commitments And Contingent Li69
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - Power [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 1,780 | $ 1,701 |
Exposure under Current Guarantees | 129 | 153 |
Letters of Credit Margin Posted | 152 | 103 |
Letters of Credit Margin Received | 18 | 32 |
Counterparty Cash Margin Deposited | 0 | 0 |
Counterparty Cash Margin Received | (2) | (1) |
Net Broker Balance Deposited (Received) | 124 | 147 |
Other Letters of Credit | $ 63 | $ 61 |
Commitments And Contingent Li70
Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions | Jun. 30, 2018USD ($)Potentially_Responsible_PartyentitysiteStationPlantmi |
Site Contingency [Line Items] | |
Number of miles related to the Passaic River constituting a facility as determined by the US Environmental Protection Agency | mi | 17 |
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | entity | 11 |
Number of operating electric generating stations located on Hackensack River | Station | 2 |
Number of former MGP contamination sites located on Hackensack river in conjunction with Newark Bay study area contamination | site | 1 |
PSE And G [Member] | |
Site Contingency [Line Items] | |
Percentage of cost attributable to potentially responsible party | 7.60% |
Pse G S Former Mgp Sites [Member] | Power [Member] | |
Site Contingency [Line Items] | |
Percentage of cost attributable to potentially responsible party | 1.90% |
Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Estimated Cleanup Costs EPA Preferred Method | $ 2,300 |
Accrual for Environmental Loss Contingencies | $ 57 |
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | Potentially_Responsible_Party | 56 |
Estimated cost of interim natural resource injury restoration | $ 950 |
Passaic River Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Number of former generating electric station | Plant | 1 |
Number of former Manufactured Gas Plant (MGP) sites | Plant | 4 |
Accrual for Environmental Loss Contingencies | $ 46 |
Passaic River Site Contingency [Member] | Power [Member] | |
Site Contingency [Line Items] | |
Accrual for Environmental Loss Contingencies | 11 |
Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Remediation Liability Recorded As Other Current Liabilities | 79 |
Remediation Liability Recorded As Other Noncurrent Liabilities | 253 |
Regulatory Assets | 332 |
Minimum [Member] | Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 518 |
Minimum [Member] | Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 332 |
Accrual for Environmental Loss Contingencies | 332 |
Maximum [Member] | Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 3,200 |
Claim against Tierra and Maxus amount | 14,000 |
Maximum [Member] | Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 378 |
Commitments And Contingent Li71
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions | 6 Months Ended | |
Jun. 30, 2018cf$ / mwd$ / mwhMW | ||
Long-term Purchase Commitment [Line Items] | ||
Number of cubic feet in gas hedging permitted to be recovered by BPU | cf | 115 | |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80.00% | |
Number of cubic feet to be hedged | cf | 70 | |
Percentage of annual residential gas supply requirements to be hedged | 50.00% | |
PSE And G [Member] | Auction Year 2015 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2018 | |
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / mwh | 99.54 | |
PSE And G [Member] | Auction Year 2016 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2019 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 96.38 | |
PSE And G [Member] | Auction Year 2017 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 276.83 | |
36-Month Terms Ending | May 31, 2020 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 90.78 | |
PSE And G [Member] | Auction Year 2018 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 287.76 | |
36-Month Terms Ending | May 31, 2021 | [1] |
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / mwh | 91.77 | |
[1] | Prices set in the 2018 BGS auction year became effective on June 1, 2018 when the 2015 BGS auction agreements expired. |
Commitments And Contingent Li72
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - Power [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 244 |
Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 345 |
Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 161 |
Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 990 |
Coal [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 278 |
Commitments And Contingent Li73
Commitments And Contingent Liabilities (Litigation) (Detail) $ in Millions | Jun. 30, 2018USD ($) |
Sewaren 7 Litigation [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Sewaren 7 Construction complaint amount | $ 93 |
Debt and Credit Facilities (Cha
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Medium Term Notes Three Point Zero Percent due Two Thousand Twenty Seven [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 375 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% |
Medium Term Notes Four Point Zero Five Percent due Two Thousand Forty Eight [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 325 |
Debt Instrument, Interest Rate, Stated Percentage | 4.05% |
Medium Term Notes Five Point Three Zero Percentage Due On Two Thousand Eighteen [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Repayments of Long-term Debt | $ 400 |
Medium Term Notes Five Point Three Zero Percentage Due On Two Thousand Eighteen [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
Senior Notes Three Point Eight Five Percent due Two Thousand Twenty Three [Member] | Power [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 700 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% |
Debt and Credit Facilities De75
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | ||
Commercial Paper | $ 270 | $ 542 | |
Commitments of Single Institution as Percentage of Total Commitments | 8.00% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,699 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 4,200 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 501 | ||
PSE And G [Member] | |||
Commercial Paper | 195 | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 389 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 211 | |
Power [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,898 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 202 | ||
Five Year Credit Facility Maturing March 2022 [Member] | PSE And G [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 389 | ||
Debt Instrument, Maturity Date, Description | Mar 2,022 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 211 | ||
Five Year Credit Facility Maturing March 2022 [Member] | Power [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,860 | ||
Debt Instrument, Maturity Date, Description | Mar 2,022 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,900 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 40 | ||
Three Year Credit Facilities Maturing March 2020 [Member] | Power [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 38 | ||
Debt Instrument, Maturity Date, Description | Mar 2,020 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 162 | ||
Five Year Credit Facility Maturing March 2022 [Member] | PSE And G [Member] | |||
Commercial Paper | $ 195 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.29% | ||
PSEG [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,412 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 88 | |
PSEG [Member] | Five Year Credit Facility Maturing March 2022 [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,412 | ||
Debt Instrument, Maturity Date, Description | Mar 2,022 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 88 | ||
PSEG [Member] | Five Year Credit Facility Maturing March 2022 [Member] | |||
Commercial Paper | $ 75 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.32% | ||
[1] | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2018, PSEG had $75 million outstanding at a weighted average interest rate of 2.32%. PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018. |
Financial Risk Management Act76
Financial Risk Management Activities (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | ||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ (2) | $ (2) | $ 44 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7) | $ 23 | (23) | $ 53 | |||||
Accumulated Other Comprehensive Income (Loss) | (410) | (226) | (410) | (226) | (229) | $ (411) | $ (242) | $ (263) | |
Power [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Securities held as Collateral | 13 | 13 | |||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (2) | (2) | 44 | |||||
Fair Value of Derivatives with credit-risk related contingent features | 11 | 11 | 30 | ||||||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 6 | 6 | 13 | ||||||
Additional collateral aggregate fair value | 5 | 5 | 17 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 22 | (18) | 50 | |||||
Accumulated Other Comprehensive Income (Loss) | (350) | (172) | (350) | (172) | (172) | (352) | (187) | (211) | |
Cash Flow Hedging [Member] | PSEG [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Derivative, Notional Amount | 500 | 500 | |||||||
Cash Flow Hedges [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1) | 0 | (1) | 0 | 0 | ||||
Accumulated Other Comprehensive Income (Loss) | (1) | 2 | (1) | 2 | 0 | 0 | 2 | 2 | |
Cash Flow Hedges [Member] | Power [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | |||||
Accumulated Other Comprehensive Income (Loss) | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Senior Notes Three Point Eight Five Percent due Two Thousand Twenty Three [Member] | Power [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 700 | $ 700 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 3.85% | |||||||
[1] | 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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018, $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017, $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. | ||||||||
[2] | Substantially all of Power’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2018 and December 31, 2017. |
Financial Risk Management Act77
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Collateral Already Posted, Aggregate Fair Value | $ 122 | $ 146 | |
Derivative Contracts, Current Assets | 24 | 29 | |
Derivative Contracts, Noncurrent Assets | 21 | 7 | |
Total Mark-to-Market Derivative Assets | 45 | 36 | |
Derivative Contracts, Current Liabilities | (23) | (16) | |
Derivative Contracts, Noncurrent Liabilities | (1) | (5) | |
Total Mark-to-Market Derivative (Liabilities) | (24) | (21) | |
Net Mark-to-Market Derivative Assets (Liabilities) | 21 | 15 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | 44 | |
Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 24 | 29 |
Derivative Contracts, Noncurrent Assets | [1] | 21 | 7 |
Total Mark-to-Market Derivative Assets | [1] | 45 | 36 |
Derivative Contracts, Current Liabilities | [1] | (23) | (16) |
Derivative Contracts, Noncurrent Liabilities | [1] | (1) | (5) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (24) | (21) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 21 | 15 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (2) | 44 |
Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 19 | ||
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | (3) | |
Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | ||
Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (3) | ||
Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 28 | ||
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 47 | ||
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 256 | 391 |
Derivative Contracts, Noncurrent Assets | [1] | 132 | 78 |
Total Mark-to-Market Derivative Assets | [1] | 388 | 469 |
Derivative Contracts, Current Liabilities | [1] | (254) | (403) |
Derivative Contracts, Noncurrent Liabilities | [1] | (111) | (95) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (365) | (498) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 23 | (29) |
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 110 | 90 |
Energy-Related Contracts [Member] | Other Current Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (232) | (362) |
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (111) | (71) |
Energy-Related Contracts [Member] | Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3],[4] | (343) | (433) |
Energy-Related Contracts [Member] | Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3],[4] | (343) | (433) |
Energy-Related Contracts [Member] | Other Current Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 231 | 387 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3],[4] | 341 | 477 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3],[4] | $ 341 | $ 477 |
[1] | Substantially all of Power’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 June 30, 2018 and December 31, 2017. | ||
[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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018, $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017, $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. | ||
[3] | Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, 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—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. | ||
[4] | 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 Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017, $(3) million was netted against assets and $47 million was netted against liabilities. |
Financial Risk Management Act78
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) in AOCI | $ (7) | $ 23 | $ (23) | $ 53 | |
(Gain) Loss into Income | 8 | (7) | 18 | (16) | |
Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Pre-Tax Balance at Beginning of Period | 0 | 3 | $ 3 | ||
Gain (Loss) in AOCI | (2) | 0 | |||
(Gain) Loss into Income | 0 | (3) | |||
Pre-Tax Balance at End of Period | (2) | (2) | 0 | ||
After-Tax Balance at Beginning of Period | 0 | 2 | 2 | ||
Gain (Loss) in AOCI | (1) | 0 | (1) | 0 | 0 |
(Gain) Loss into Income | 0 | $ 0 | 0 | $ 0 | (2) |
After-Tax Balance at End of Period | $ (1) | $ (1) | $ 0 |
Financial Risk Management Act79
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - Energy-Related Contracts [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ (49) | $ 102 | $ (17) | $ 180 |
Operating Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | (64) | 112 | (24) | 190 |
Energy Costs [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ 15 | $ (10) | $ 7 | $ (10) |
Financial Risk Management Act80
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) $ / mwh in Millions, $ / DTH in Millions | 6 Months Ended | |
Jun. 30, 2018$ / DTH$ / mwh | Jun. 30, 2017$ / DTH$ / mwh | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 249 | 154 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | (67) | (63) |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 24 | 6 |
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 | 0 |
PSEG [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 249 | 154 |
Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | (67) | (63) |
Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 24 | 6 |
PSE And G [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 0 | 0 |
PSE And G [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSE And G [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
Financial Risk Management Act81
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - Power [Member] $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)Counterparty | ||
Derivative [Line Items] | ||
Current Exposure | $ 176 | |
Securities held as Collateral | 13 | |
Net exposure | 163 | |
Number of Counterparties greater than 10% | $ 2 | |
Number Of Active Counterparties On Credit Risk Derivatives | Counterparty | 145 | |
Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Percentage Of Credit Exposure | 98.00% | |
Investment Grade [Member] | ||
Derivative [Line Items] | ||
Current Exposure | $ 172 | |
Securities held as Collateral | 12 | |
Net exposure | 160 | |
Number of Counterparties greater than 10% | 2 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 74 | [1] |
External Credit Rating, Non Investment Grade [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 4 | |
Securities held as Collateral | 1 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Non-Investment Grade [Member] | ||
Derivative [Line Items] | ||
Net exposure | 3 | |
Number of Counterparties greater than 10% | 0 | |
Cash [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | 1 | |
Letter of Credit [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | $ 12 | |
[1] | Represents net exposure of $56 million |
Fair Value Measurements (PSEG's
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral Already Posted, Aggregate Fair Value | $ 122 | $ 146 | |||
Total Mark-to-Market Derivative Assets | 45 | 36 | |||
Total Mark-to-Market Derivative (Liabilities) | (24) | (21) | |||
Collateral netted against assets and liabilities | (2) | 44 | |||
Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Rabbi Trust - Equity Securities-Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | |||
Rabbi Trust - Debt Securities-Govt Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [2] | 45 | 36 | ||
Total Mark-to-Market Derivative (Liabilities) | [2] | (24) | (21) | ||
Collateral netted against assets and liabilities | [2],[3] | (2) | 44 | ||
Power [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Power [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
PSE And G [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
PSE And G [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 223 | |||
Quoted Market Prices of Identical Assets (Level 1) [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] | 1,079 | 1,145 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [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 | [1] | 24 | 27 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [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 | [1] | 0 | |||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of 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 | [1] | 1,079 | 1,145 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of 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 | [1] | 6 | 6 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of 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 | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 223 | |||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And 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 | [1] | 4 | 5 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And 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 | [1] | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 0 | |||
Significant Other Observable Inputs (Level 2) [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] | 2 | 2 | ||
Significant Other Observable Inputs (Level 2) [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 306 | 270 | ||
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 211 | 314 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 450 | 402 | ||
Significant Other Observable Inputs (Level 2) [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 | [1] | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 58 | 51 | ||
Significant Other Observable Inputs (Level 2) [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 | [1] | 36 | 34 | ||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 106 | 119 | ||
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] | 2 | 2 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 306 | 270 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 211 | 314 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 450 | 402 | ||
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 | [1] | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 14 | 13 | ||
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 | [1] | 9 | 8 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 27 | 30 | ||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 0 | |||
Significant Other Observable Inputs (Level 2) [Member] | PSE And 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 | [1] | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 12 | 10 | ||
Significant Other Observable Inputs (Level 2) [Member] | PSE And 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 | [1] | 8 | 7 | ||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 21 | 24 | ||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 0 | |||
Significant Unobservable Inputs (Level 3) [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] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [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 | [1] | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 0 | |||
Significant Unobservable Inputs (Level 3) [Member] | PSE And 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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | PSE And 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 | [1] | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 0 | 0 | ||
Total Estimate Of Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 223 | |||
Total Estimate Of Fair Value [Member] | Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | 1,081 | [5] | 1,147 | [1] | |
Total Estimate Of Fair Value [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | 306 | [5] | 270 | [1] | |
Total Estimate Of Fair Value [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | 211 | [5] | 314 | [1] | |
Total Estimate Of Fair Value [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | 450 | [5] | 402 | [1] | |
Total Estimate Of Fair Value [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 | [1] | 24 | 27 | ||
Total Estimate Of Fair Value [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 58 | 51 | ||
Total Estimate Of Fair Value [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 | [1] | 36 | 34 | ||
Total Estimate Of Fair Value [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 106 | 119 | ||
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 | [1] | 1,081 | 1,147 | ||
Total Estimate Of Fair Value [Member] | Power [Member] | Government [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 306 | 270 | ||
Total Estimate Of Fair Value [Member] | Power [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 211 | 314 | ||
Total Estimate Of Fair Value [Member] | Power [Member] | Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 450 | 402 | ||
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 | [1] | 6 | 6 | ||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 14 | 13 | ||
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 | [1] | 9 | 8 | ||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 27 | 30 | ||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Equivalents, Fair Value Disclosure | [4] | 223 | |||
Total Estimate Of Fair Value [Member] | PSE And 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 | [1] | 4 | 5 | ||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trusts US Treasury Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 12 | 10 | ||
Total Estimate Of Fair Value [Member] | PSE And 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 | [1] | 8 | 7 | ||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Corporate [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Investments | [1] | 21 | 24 | ||
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [6] | 16 | 15 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (8) | (8) | ||
Energy-Related Contracts [Member] | Quoted Market Prices of 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 | [6] | 16 | 15 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (8) | (8) | ||
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [6] | 365 | 442 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (354) | (485) | ||
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 | [6] | 365 | 442 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (354) | 485 | ||
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [6] | 7 | 12 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (3) | (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 | [6] | 7 | 12 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (3) | (5) | ||
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [6] | 45 | 36 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (24) | (21) | ||
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total Mark-to-Market Derivative Assets | [6] | 45 | 36 | ||
Total Mark-to-Market Derivative (Liabilities) | [6] | (24) | (21) | ||
Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [4] | 0 | |||
Cash and Cash Equivalents [Member] | PSE And G [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [4] | 0 | |||
Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | (3) | ||||
Assets [Member] | Energy-Related Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [5],[6] | (343) | (433) | ||
Assets [Member] | Energy-Related Contracts [Member] | Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [2],[3],[5],[6] | (343) | (433) | ||
Other Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | 47 | ||||
Other Liabilities [Member] | Energy-Related Contracts [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [5],[6] | 341 | 477 | ||
Other Liabilities [Member] | Energy-Related Contracts [Member] | Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral netted against assets and liabilities | [2],[3],[5],[6] | $ 341 | $ 477 | ||
[1] | The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in various fixed income securities and a Russell 3000 index fund. 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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in Dreyfus money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ Net Asset Value is priced and published daily. The Rabbi Trust also has an equity index fund which is valued based on quoted prices in an active market.Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. | ||||
[2] | Substantially all of Power’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 June 30, 2018 and December 31, 2017. | ||||
[3] | 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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018, $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017, $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. | ||||
[4] | Represents money market mutual funds. | ||||
[5] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash collateral/margin payments $(2) million as of June 30, 2018 and $44 million as of December 31, 2017 were netted against the corresponding net derivative contract positions. The $(2) million of cash collateral as of June 30, 2018 was netted against assets. Of the $44 million of cash collateral as of December 31, 2017, $(3) million was netted against assets and $47 million was netted against liabilities. | ||||
[6] | Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
PSEG [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 7 | $ 12 |
Liabilities, Fair Value | (3) | (5) |
Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 7 | 12 |
Liabilities, Fair Value | (3) | (5) |
Various [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5 | 11 |
Liabilities, Fair Value | 0 | (2) |
Electric Load Contracts [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2 | 1 |
Liabilities, Fair Value | $ (3) | $ (3) |
Valuation Technique (s) | Discounted Cash flow | Discounted Cash flow |
Significant Unobservable Inputs | Historic Load Variability | Historic Load Variability |
Electric Load Contracts [Member] | Minimum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Historic Load Variability | 0.00% | 0.00% |
Electric Load Contracts [Member] | Maximum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Historic Load Variability | 10.00% | 10.00% |
Gas Physical Contract [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Technique (s) | Discounted Cash flow | Discounted Cash flow |
Significant Unobservable Inputs | Average Historical Basis | Average Historical Basis |
Gas Physical Contract [Member] | Minimum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Historical Basis | (40.00%) | (40.00%) |
Gas Physical Contract [Member] | Maximum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Historical Basis | 0.00% | (10.00%) |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Settlements | $ (3) | $ 1 | $ (25) | |||||
Net Derivative Assets (Liabilities) [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Opening Balance | $ 7 | 3 | 7 | 1 | ||||
Included in Income | (3) | [1] | 7 | 4 | [1] | (26) | [1] | |
Included in Regulatory Assets/Liabilities | [2] | 0 | (1) | 0 | 5 | |||
Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||
Issuances (Settlements) | [3] | 0 | (3) | 1 | (25) | |||
Transfers In (Out) | [4] | 0 | 0 | 0 | (1) | |||
Closing Balance | 4 | 6 | 4 | 6 | ||||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Opening Balance | 7 | 2 | 7 | 6 | ||||
Included in Income | (3) | [1] | 7 | 4 | [1] | (26) | [1] | |
Included in Regulatory Assets/Liabilities | [2] | 0 | 0 | 0 | 0 | |||
Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||
Issuances (Settlements) | [3] | 0 | (3) | 1 | (25) | |||
Transfers In (Out) | [4] | 0 | 0 | 0 | (1) | |||
Closing Balance | 4 | 6 | 4 | 6 | ||||
Net Derivative Assets (Liabilities) [Member] | PSE And G [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Opening Balance | 1 | (5) | ||||||
Included in Income | 0 | 0 | [1] | |||||
Included in Regulatory Assets/Liabilities | [2] | (1) | 5 | |||||
Purchases, (Sales) | 0 | 0 | ||||||
Issuances (Settlements) | [3] | 0 | 0 | |||||
Transfers In (Out) | [4] | 0 | 0 | |||||
Closing Balance | 0 | 0 | ||||||
Operating Revenues [Member] | 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 | 3 | 17 | ||||||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | (7) | 2 | 1 | (2) | ||||
Energy Costs [Member] | 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 | 3 | 4 | (6) | 9 | ||||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | $ 4 | $ 2 | $ (5) | $ 3 | ||||
[1] | PSEG’s and Power’s gains(losses) attributable to changes in net derivative assets and liabilities for the three months and six months ended June 30, 2018 include $(7) million and $1 million, respectively, in Operating Revenues and $4 million and $(5) million, respectively, in Energy Costs. Both the $(7) million and $1 million in Operating Revenues are unrealized. Of the $4 million and $(5) million in Energy Costs, $3 million and $(6) million are unrealized. Unrealized gains (losses) represent the change in derivative assets and liabilities still held at the end of the reporting period. | |||||||
[2] | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | |||||||
[3] | Represents $1 million in settlements for the six months ended June 30, 2018. Represents settlements of $(3) million and $(25) million for the three months and six months ended June 30, 2017, respectively. | |||||||
[4] | During the three months and six months ended June 30, 2018, there were no transfers into or out of Level 3. During the six months ended June 30, 2017, $(1) million of net derivatives were transferred from Level 2 to Level 3. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ (2) | $ (2) | $ 44 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 3 | (1) | $ 25 | ||||
Net assets measured at fair value on a recurring basis | 2,300 | 2,300 | $ 2,800 | ||||
Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | 4 | 4 | $ 6 | ||||
Power [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (2) | (2) | $ 44 | |||
Net Derivative Assets [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | [3] | 0 | 0 | 0 | (1) | ||
Net Derivative Assets [Member] | Power [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | [3] | $ 0 | $ 0 | $ 0 | $ (1) | ||
[1] | 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 on the Condensed Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, Power had net cash collateral/margin payments to counterparties of $122 million and $146 million, respectively. Of these net cash/collateral margin payments $(2) million as of June 30, 2018 and $44 million as December 31, 2017 were netted against the corresponding net derivative contract positions. Of the $(2) million as of June 30, 2018, $(1) million was netted against current assets, and $(1) million was netted against noncurrent assets. Of the $44 million as of December 31, 2017, $(3) million was netted against current assets, $28 million was netted against current liabilities, and $19 million was netted against noncurrent liabilities. | ||||||
[2] | Substantially all of Power’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 June 30, 2018 and December 31, 2017. | ||||||
[3] | During the three months and six months ended June 30, 2018, there were no transfers into or out of Level 3. During the six months ended June 30, 2017, $(1) million of net derivatives were transferred from Level 2 to Level 3. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | $ 14,060 | $ 13,068 | |
Long-Term Debt, Fair Value | 14,346 | 14,062 | |
Power - Recourse Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 3,083 | 2,386 |
Long-Term Debt, Fair Value | [1] | 3,249 | 2,659 |
PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 8,886 | 8,591 |
Long-Term Debt, Fair Value | [1] | 9,055 | 9,322 |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1],[2] | 2,091 | 2,091 |
Long-Term Debt, Fair Value | [1],[2] | 2,042 | $ 2,081 |
Variable Rate [Domain] | PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Floating Rate Term Loan | $ 700 | ||
[1] | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. | ||
[2] | Includes floating rate term loan of $700 million. The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. |
Other Income (Deductions) (Sche
Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Component of Other Income (Deductions) [Line Items] | |||||
NDT Fund Interest and Dividends | $ 15 | $ 13 | $ 27 | $ 23 | |
Allowance for Funds Used During Construction | 13 | 14 | 27 | 28 | |
Solar Loan Interest | 5 | 5 | 9 | 10 | |
Other | 1 | 1 | 3 | 4 | |
Other Income (Deductions) | 34 | 33 | 66 | 65 | |
PSE And G [Member] | |||||
Component of Other Income (Deductions) [Line Items] | |||||
NDT Fund Interest and Dividends | 0 | 0 | 0 | 0 | |
Allowance for Funds Used During Construction | 13 | 14 | 27 | 28 | |
Solar Loan Interest | 5 | 5 | 9 | 10 | |
Other | 2 | 2 | 4 | 5 | |
Other Income (Deductions) | 20 | 21 | 40 | 43 | |
Power [Member] | |||||
Component of Other Income (Deductions) [Line Items] | |||||
NDT Fund Interest and Dividends | 15 | 13 | 27 | 23 | |
Allowance for Funds Used During Construction | 0 | 0 | 0 | 0 | |
Solar Loan Interest | 0 | 0 | 0 | 0 | |
Other | (2) | (1) | (3) | 0 | |
Other Income (Deductions) | 13 | 12 | 24 | 23 | |
Other Entities [Member] | |||||
Component of Other Income (Deductions) [Line Items] | |||||
NDT Fund Interest and Dividends | [1] | 0 | 0 | 0 | 0 |
Allowance for Funds Used During Construction | [1] | 0 | 0 | 0 | 0 |
Solar Loan Interest | [1] | 0 | 0 | 0 | 0 |
Other | [1] | 1 | 0 | 2 | (1) |
Other Income (Deductions) | [1] | $ 1 | $ 0 | $ 2 | $ (1) |
[1] | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rates) (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 26.50% | 35.10% | 26.60% | 28.30% |
PSE And G [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 25.70% | 37.20% | 26.40% | 36.70% |
Power [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 31.70% | 39.00% | 27.10% | 40.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Income Taxes [Line Items] | |
Bonus Depreciation For Tax Purposes | 50.00% |
Minimum [Member] | |
Income Taxes [Line Items] | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 80 |
Maximum [Member] | |
Income Taxes [Line Items] | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 150 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (176) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (411) | $ (242) | $ (229) | $ (263) | $ (263) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7) | 23 | (23) | 53 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 8 | (7) | 18 | (16) | ||
Other Comprehensive Income (Loss), net of tax | 1 | 16 | (5) | 37 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (410) | (226) | (410) | (226) | (229) | |
Net Change in Accumulated Other Comprehensive Income | (181) | |||||
Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 2 | 0 | 2 | 2 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1) | 0 | (1) | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | (2) | |
Other Comprehensive Income (Loss), net of tax | (1) | 0 | (1) | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (1) | 2 | (1) | 2 | 0 | |
Net Change in Accumulated Other Comprehensive Income | (1) | |||||
Pension and OPEB Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (398) | (392) | (406) | (398) | (398) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7 | 6 | 15 | 12 | ||
Other Comprehensive Income (Loss), net of tax | 7 | 6 | 15 | 12 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (391) | (386) | (391) | (386) | (406) | |
Net Change in Accumulated Other Comprehensive Income | 15 | |||||
Available-for-Sale Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (176) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (13) | 148 | 177 | 133 | 133 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6) | 23 | (22) | 53 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | (13) | 3 | (28) | ||
Other Comprehensive Income (Loss), net of tax | (5) | 10 | (19) | 25 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (18) | 158 | (18) | 158 | 177 | |
Net Change in Accumulated Other Comprehensive Income | (195) | |||||
Power [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (175) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (352) | (187) | (172) | (211) | (211) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 22 | (18) | 50 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7 | (7) | 15 | (11) | ||
Other Comprehensive Income (Loss), net of tax | 2 | 15 | (3) | 39 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (350) | (172) | (350) | (172) | (172) | |
Net Change in Accumulated Other Comprehensive Income | (178) | |||||
Power [Member] | Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), net of tax | 0 | 0 | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | 0 | 0 | 0 | 0 | |
Net Change in Accumulated Other Comprehensive Income | 0 | |||||
Power [Member] | Pension and OPEB Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (341) | (335) | (347) | (340) | (340) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 5 | 12 | 10 | ||
Other Comprehensive Income (Loss), net of tax | 6 | 5 | 12 | 10 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (335) | (330) | (335) | (330) | (347) | |
Net Change in Accumulated Other Comprehensive Income | 12 | |||||
Power [Member] | Available-for-Sale Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (175) | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (11) | 148 | 175 | 129 | 129 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 22 | (18) | 50 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | (12) | 3 | (21) | ||
Other Comprehensive Income (Loss), net of tax | (4) | 10 | (15) | 29 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ (15) | $ 158 | (15) | $ 158 | $ 175 | |
Net Change in Accumulated Other Comprehensive Income | $ (190) |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (12) | $ 15 | $ (27) | $ 33 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 4 | (8) | 9 | (17) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (8) | 7 | (18) | 16 | |
Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | $ 2 |
Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (10) | (10) | (21) | (20) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 3 | 4 | 6 | 8 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (7) | (6) | (15) | (12) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7) | (6) | (15) | (12) | |
Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | 25 | (6) | 53 | |
Reclassification for Available for Sale Securities, Tax | 1 | (12) | 3 | (25) | |
Reclassification for Available for Sale Securities, After-Tax | (1) | 13 | (3) | 28 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | 13 | (3) | 28 | |
Power [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (10) | 16 | (23) | 26 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 3 | (9) | 8 | (15) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7) | 7 | (15) | 11 | |
Power [Member] | Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Power [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (8) | (8) | (17) | (17) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 2 | 3 | 5 | 7 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (6) | (5) | (12) | (10) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6) | (5) | (12) | (10) | |
Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | 24 | (6) | 43 | |
Reclassification for Available for Sale Securities, Tax | 1 | (12) | 3 | (22) | |
Reclassification for Available for Sale Securities, After-Tax | (1) | 12 | (3) | 21 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | 12 | (3) | 21 | |
Operation and Maintenance Expense [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 1 | 2 | |||
Amortization of Prior Service (Cost) Credit, Tax | 0 | (1) | |||
Amortization of Prior Service (Cost) Credit, After-Tax | 1 | 1 | |||
Amortization of Actuarial Loss, Pre-Tax | (11) | (12) | |||
Amortization of Actuarial Loss, Tax | 3 | 5 | |||
Amortization of Actuarial Loss, After-Tax | (8) | (7) | |||
Operation and Maintenance Expense [Member] | Power [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 1 | 2 | |||
Amortization of Prior Service (Cost) Credit, Tax | 0 | (1) | |||
Amortization of Prior Service (Cost) Credit, After-Tax | 1 | 1 | |||
Amortization of Actuarial Loss, Pre-Tax | (9) | (10) | |||
Amortization of Actuarial Loss, Tax | 2 | 4 | |||
Amortization of Actuarial Loss, After-Tax | (7) | (6) | |||
Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 2 | 4 | |||
Amortization of Prior Service (Cost) Credit, Tax | 0 | (2) | |||
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | |||
Amortization of Actuarial Loss, Pre-Tax | (23) | (24) | |||
Amortization of Actuarial Loss, Tax | 6 | 10 | |||
Amortization of Actuarial Loss, After-Tax | (17) | (14) | |||
Non-Operating Pension and OPEB Credits (Costs) [Member] | Power [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 2 | 4 | |||
Amortization of Prior Service (Cost) Credit, Tax | 0 | (2) | |||
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | |||
Amortization of Actuarial Loss, Pre-Tax | (19) | (21) | |||
Amortization of Actuarial Loss, Tax | 5 | 9 | |||
Amortization of Actuarial Loss, After-Tax | (14) | (12) | |||
Other Income [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | 25 | |||
Reclassification for Available for Sale Securities, Tax | 1 | (12) | |||
Reclassification for Available for Sale Securities, After-Tax | (1) | 13 | |||
Other Income [Member] | Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | 24 | |||
Reclassification for Available for Sale Securities, Tax | 1 | (12) | |||
Reclassification for Available for Sale Securities, After-Tax | $ (1) | $ 12 | |||
Net Gains (Losses) on Trust Investments [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (6) | 53 | |||
Reclassification for Available for Sale Securities, Tax | 3 | (25) | |||
Reclassification for Available for Sale Securities, After-Tax | (3) | 28 | |||
Net Gains (Losses) on Trust Investments [Member] | Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (6) | 43 | |||
Reclassification for Available for Sale Securities, Tax | 3 | (22) | |||
Reclassification for Available for Sale Securities, After-Tax | $ (3) | $ 21 |
Earnings Per Share (EPS) And 92
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | |||
Net Income (Loss) | $ 269 | $ 109 | $ 827 | $ 223 |
Weighted Average Common Shares Outstanding, Basic (shares) | 504 | 505 | 504 | 505 |
Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 | 0 | 0 |
Total Shares, Basic (shares) | 504 | 505 | 504 | 505 |
Net Income, Basic (dollars per share) | $ 0.53 | $ 0.22 | $ 1.64 | $ 0.44 |
Weighted Average Common Shares Outstanding, Diluted (shares) | 504 | 505 | 504 | 505 |
Effect of Stock Based Compensation Awards, Diluted (shares) | 3 | 2 | 3 | 2 |
Total Shares, Diluted (shares) | 507 | 507 | 507 | 507 |
Net Income, Diluted (dollars per share) | $ 0.53 | $ 0.22 | $ 1.63 | $ 0.44 |
Earnings Per Share (EPS) And 93
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
DIVIDENDS PAID PER SHARE OF COMMON STOCK (in dollars per share) | $ 0.45 | $ 0.43 | $ 0.90 | $ 0.86 | |
Dividend Payments on Common Stock | $ 228 | $ 217 | $ 455 | $ 435 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.45 |
Financial Information By Busi94
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | $ 2,016 | $ 2,142 | $ 4,834 | $ 4,733 | ||
Net Income (Loss) | 269 | 109 | 827 | 223 | ||
Property, Plant and Equipment, Additions | 952 | 919 | 2,005 | 1,981 | ||
Total Assets | 43,707 | 43,707 | $ 42,716 | |||
Investments in Equity Method Subsidiaries | 87 | 87 | 87 | |||
PSE And G [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 1,386 | 1,393 | 3,231 | 3,219 | ||
Power [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 767 | 918 | 2,170 | 2,187 | ||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 123 | 116 | 270 | 199 | ||
Operating Segments [Member] | PSE And G [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 1,386 | 1,393 | 3,231 | 3,219 | ||
Net Income (Loss) | 231 | 208 | 550 | 507 | ||
Property, Plant and Equipment, Additions | 697 | 641 | 1,447 | 1,389 | ||
Total Assets | 29,603 | 29,603 | 28,554 | |||
Investments in Equity Method Subsidiaries | 0 | 0 | 0 | |||
Operating Segments [Member] | Power [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 767 | 918 | 2,170 | 2,187 | ||
Net Income (Loss) | 41 | (97) | 275 | (267) | ||
Property, Plant and Equipment, Additions | 248 | 269 | 547 | 576 | ||
Total Assets | 12,772 | 12,772 | 12,418 | |||
Investments in Equity Method Subsidiaries | 87 | 87 | 87 | |||
Operating Segments [Member] | Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | [1] | 123 | 116 | 270 | 199 | |
Net Income (Loss) | [1] | (3) | (2) | 2 | (17) | |
Property, Plant and Equipment, Additions | [1] | 7 | 9 | 11 | 16 | |
Total Assets | [1] | 2,407 | 2,407 | 2,666 | ||
Investments in Equity Method Subsidiaries | [1] | 0 | 0 | 0 | ||
Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | [2] | (260) | (285) | (837) | (872) | |
Net Income (Loss) | [2] | 0 | 0 | 0 | 0 | |
Property, Plant and Equipment, Additions | [2] | 0 | $ 0 | 0 | $ 0 | |
Total Assets | [2] | (1,075) | (1,075) | (922) | ||
Investments in Equity Method Subsidiaries | [2] | $ 0 | $ 0 | $ 0 | ||
[1] | 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. | |||||
[2] | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 19. Related-Party Transactions. |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||||
PSE And G [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Net Billings from Power primarily through BGS and BGSS | $ 272 | [1] | $ 296 | [1] | $ 850 | $ 895 | [1] | |
Administrative Billings from Services | 85 | [2] | 79 | [2] | 168 | 144 | ||
Total Billings from Affiliates | 357 | 375 | 1,018 | 1,039 | ||||
Power [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Net Billings to PSE&G primarily through BGS and BGSS | [1] | 272 | 296 | 850 | 895 | |||
Administrative Billings from Services | [2] | $ 32 | $ 42 | $ 75 | $ 78 | |||
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. | |||||||
[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. |
Related-Party Transactions (S96
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Receivable From Parent | $ 18 | $ 0 | |
Payable To Power | [1] | 81 | 221 |
Payable To Services | [2] | 69 | 78 |
Payable to PSEG | [3] | 0 | 41 |
Accounts Payable - Affiliated Companies | 150 | 340 | |
Working Capital Advances to Services | [4] | 33 | 33 |
Long-Term Accrued Taxes Payable | $ 94 | $ 91 | |
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. | ||
[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 Condensed Consolidated Balance Sheets. |
Related-Party Transactions (S97
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - Power [Member] - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | |||
Related Party Transaction [Line Items] | |||||
Receivable from PSE&G | [1] | $ 81 | $ 221 | ||
Payable To Services | [2] | 20 | 28 | ||
Payable to PSEG | [3] | 128 | 29 | ||
Accounts Payable - Affiliated Companies | 148 | 57 | |||
Short-Term Loan to Affiliate | 519 | [4] | 0 | ||
Short-Term Loan from Affiliate | 0 | (281) | [4] | ||
Working Capital Advances to Services | [5] | 17 | 17 | ||
Long-Term Accrued Taxes Payable | $ 45 | $ 52 | |||
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. | ||||
[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 Condensed Consolidated Balance Sheets. |
Guarantees Of Debt (Schedule Of
Guarantees Of Debt (Schedule Of Financial Statements Of Guarantors) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Operating Revenues | $ 2,016 | $ 2,142 | $ 4,834 | $ 4,733 | |
Operating Expenses | 1,605 | 1,947 | 3,591 | 4,360 | |
Operating Income (Loss) | 411 | 195 | 1,243 | 373 | |
Equity Earnings (Losses) of Subsidiaries | 5 | 5 | 7 | 8 | |
Net Gains (Losses) on Trust Investments | 8 | 25 | (14) | 53 | |
Other Income (Deductions) | 34 | 33 | 66 | 65 | |
Non-Operating Pension and OPEB Credits (Costs) | 19 | 1 | 38 | 1 | |
Interest Expense | (111) | (91) | (214) | (189) | |
Income Tax Benefit (Expense) | (97) | (59) | (299) | (88) | |
Net Income (Loss) | 269 | 109 | 827 | 223 | |
Net Cash Provided By (Used In) Operating Activities | 1,633 | 1,755 | |||
Net Cash Provided By (Used In) Investing Activities | (2,027) | (1,989) | |||
Net Cash Provided By (Used In) Financing Activities | 190 | 240 | |||
Current Assets | 3,005 | 3,005 | $ 3,312 | ||
Property, Plant and Equipment, net | 33,151 | 33,151 | 31,797 | ||
Noncurrent Assets | 7,551 | 7,551 | 7,607 | ||
Total Assets | 43,707 | 43,707 | 42,716 | ||
Current Liabilities | 4,244 | 4,244 | 4,168 | ||
Noncurrent Liabilities | 12,795 | 12,795 | 12,633 | ||
Long-Term Debt | 12,510 | 12,510 | 12,068 | ||
Member's Equity | 14,158 | 14,158 | 13,847 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 43,707 | 43,707 | 42,716 | ||
Power [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 767 | 918 | 2,170 | 2,187 | |
Operating Expenses | 725 | 1,107 | 1,799 | 2,681 | |
Operating Income (Loss) | 42 | (189) | 371 | (494) | |
Equity Earnings (Losses) of Subsidiaries | 5 | 5 | 7 | 8 | |
Net Gains (Losses) on Trust Investments | 8 | 24 | (14) | 43 | |
Other Income (Deductions) | 13 | 12 | 24 | 23 | |
Non-Operating Pension and OPEB Credits (Costs) | 3 | 2 | 7 | 4 | |
Interest Expense | (11) | (13) | (18) | (29) | |
Income Tax Benefit (Expense) | (19) | 62 | (102) | 178 | |
Net Income (Loss) | 41 | (97) | 275 | (267) | |
Net Cash Provided By (Used In) Operating Activities | 869 | 932 | |||
Net Cash Provided By (Used In) Investing Activities | (1,095) | (735) | |||
Net Cash Provided By (Used In) Financing Activities | 214 | (179) | |||
Current Assets | 1,565 | 1,565 | 1,341 | ||
Property, Plant and Equipment, net | 8,779 | 8,779 | 8,596 | ||
Noncurrent Assets | 2,428 | 2,428 | 2,481 | ||
Total Assets | 12,772 | 12,772 | 12,418 | ||
Current Liabilities | 973 | 973 | 1,435 | ||
Noncurrent Liabilities | 2,927 | 2,927 | 2,880 | ||
Long-Term Debt | 2,833 | 2,833 | 2,136 | ||
Member's Equity | 6,039 | 6,039 | 5,967 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 12,772 | 12,772 | 12,418 | ||
Power Senior Notes [Member] | Consolidating Adjustments [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | (31) | (28) | (65) | (66) | |
Operating Expenses | (31) | (28) | (65) | (66) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Equity Earnings (Losses) of Subsidiaries | (51) | 97 | (282) | 259 | |
Net Gains (Losses) on Trust Investments | 0 | 0 | 0 | 0 | |
Other Income (Deductions) | (68) | (34) | (125) | (62) | |
Non-Operating Pension and OPEB Credits (Costs) | 0 | 0 | 0 | 0 | |
Interest Expense | 68 | 34 | 125 | 62 | |
Income Tax Benefit (Expense) | 0 | 0 | 0 | 0 | |
Net Income (Loss) | (51) | 97 | (282) | 259 | |
Comprehensive Income (Loss) | (48) | 88 | (269) | 229 | |
Net Cash Provided By (Used In) Operating Activities | 98 | 51 | |||
Net Cash Provided By (Used In) Investing Activities | 808 | (1,355) | |||
Net Cash Provided By (Used In) Financing Activities | (906) | 1,304 | |||
Current Assets | (4,868) | (4,868) | (4,686) | ||
Property, Plant and Equipment, net | 0 | 0 | 0 | ||
Investment in Subsidiaries | (6,106) | (6,106) | (5,248) | ||
Noncurrent Assets | (183) | (183) | (78) | ||
Total Assets | (11,157) | (11,157) | (10,012) | ||
Current Liabilities | (4,868) | (4,868) | (4,686) | ||
Noncurrent Liabilities | (183) | (183) | (78) | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | (6,106) | (6,106) | (5,248) | ||
TOTAL LIABILITIES AND CAPITALIZATION | (11,157) | (11,157) | (10,012) | ||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 747 | 899 | 2,133 | 2,154 | |
Operating Expenses | 704 | 1,094 | 1,760 | 2,650 | |
Operating Income (Loss) | 43 | (195) | 373 | (496) | |
Equity Earnings (Losses) of Subsidiaries | (4) | (4) | (7) | (5) | |
Net Gains (Losses) on Trust Investments | 8 | 25 | (14) | 40 | |
Other Income (Deductions) | 40 | 21 | 73 | 40 | |
Non-Operating Pension and OPEB Credits (Costs) | 2 | 2 | 6 | 4 | |
Interest Expense | (19) | (9) | (36) | (18) | |
Income Tax Benefit (Expense) | (23) | 60 | (115) | 171 | |
Net Income (Loss) | 47 | (100) | 280 | (264) | |
Comprehensive Income (Loss) | 44 | (91) | 267 | (234) | |
Net Cash Provided By (Used In) Operating Activities | 745 | 802 | |||
Net Cash Provided By (Used In) Investing Activities | (867) | 178 | |||
Net Cash Provided By (Used In) Financing Activities | 123 | (978) | |||
Current Assets | 1,411 | 1,411 | 1,500 | ||
Property, Plant and Equipment, net | 5,048 | 5,048 | 5,778 | ||
Investment in Subsidiaries | 1,129 | 1,129 | 404 | ||
Noncurrent Assets | 2,258 | 2,258 | 2,349 | ||
Total Assets | 9,846 | 9,846 | 10,031 | ||
Current Liabilities | 3,164 | 3,164 | 3,586 | ||
Noncurrent Liabilities | 2,097 | 2,097 | 1,966 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 4,585 | 4,585 | 4,479 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 9,846 | 9,846 | 10,031 | ||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 51 | 47 | 102 | 99 | |
Operating Expenses | 49 | 43 | 101 | 95 | |
Operating Income (Loss) | 2 | 4 | 1 | 4 | |
Equity Earnings (Losses) of Subsidiaries | 5 | 5 | 7 | 8 | |
Net Gains (Losses) on Trust Investments | 0 | 0 | 0 | 0 | |
Other Income (Deductions) | 0 | 2 | 0 | 2 | |
Non-Operating Pension and OPEB Credits (Costs) | 1 | 0 | 1 | 0 | |
Interest Expense | (6) | (4) | (11) | (9) | |
Income Tax Benefit (Expense) | 2 | (4) | 4 | 0 | |
Net Income (Loss) | 4 | 3 | 2 | 5 | |
Comprehensive Income (Loss) | 4 | 3 | 2 | 5 | |
Net Cash Provided By (Used In) Operating Activities | (8) | 111 | |||
Net Cash Provided By (Used In) Investing Activities | (196) | (241) | |||
Net Cash Provided By (Used In) Financing Activities | 191 | 146 | |||
Current Assets | 216 | 216 | 200 | ||
Property, Plant and Equipment, net | 3,679 | 3,679 | 2,764 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 110 | 110 | 110 | ||
Total Assets | 4,005 | 4,005 | 3,074 | ||
Current Liabilities | 1,987 | 1,987 | 1,846 | ||
Noncurrent Liabilities | 497 | 497 | 459 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 1,521 | 1,521 | 769 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 4,005 | 4,005 | 3,074 | ||
Power Senior Notes [Member] | Power Parent [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Operating Expenses | 3 | (2) | 3 | 2 | |
Operating Income (Loss) | (3) | 2 | (3) | (2) | |
Equity Earnings (Losses) of Subsidiaries | 55 | (93) | 289 | (254) | |
Net Gains (Losses) on Trust Investments | 0 | (1) | 0 | 3 | |
Other Income (Deductions) | 41 | 23 | 76 | 43 | |
Non-Operating Pension and OPEB Credits (Costs) | 0 | 0 | 0 | 0 | |
Interest Expense | (54) | (34) | (96) | (64) | |
Income Tax Benefit (Expense) | 2 | 6 | 9 | 7 | |
Net Income (Loss) | 41 | (97) | 275 | (267) | |
Comprehensive Income (Loss) | 43 | (82) | 272 | (228) | |
Net Cash Provided By (Used In) Operating Activities | 34 | (32) | |||
Net Cash Provided By (Used In) Investing Activities | (840) | 683 | |||
Net Cash Provided By (Used In) Financing Activities | 806 | (651) | |||
Current Assets | 4,806 | 4,806 | 4,327 | ||
Property, Plant and Equipment, net | 52 | 52 | 54 | ||
Investment in Subsidiaries | 4,977 | 4,977 | 4,844 | ||
Noncurrent Assets | 243 | 243 | 100 | ||
Total Assets | 10,078 | 10,078 | 9,325 | ||
Current Liabilities | 690 | 690 | 689 | ||
Noncurrent Liabilities | 516 | 516 | 533 | ||
Long-Term Debt | 2,833 | 2,833 | 2,136 | ||
Member's Equity | 6,039 | 6,039 | 5,967 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 10,078 | 10,078 | 9,325 | ||
Power Senior Notes [Member] | Power [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 767 | 918 | 2,170 | 2,187 | |
Operating Expenses | 725 | 1,107 | 1,799 | 2,681 | |
Operating Income (Loss) | 42 | (189) | 371 | (494) | |
Equity Earnings (Losses) of Subsidiaries | 5 | 5 | 7 | 8 | |
Net Gains (Losses) on Trust Investments | 8 | 24 | (14) | 43 | |
Other Income (Deductions) | 13 | 12 | 24 | 23 | |
Non-Operating Pension and OPEB Credits (Costs) | 3 | 2 | 7 | 4 | |
Interest Expense | (11) | (13) | (18) | (29) | |
Income Tax Benefit (Expense) | (19) | 62 | (102) | 178 | |
Net Income (Loss) | 41 | (97) | 275 | (267) | |
Comprehensive Income (Loss) | 43 | $ (82) | 272 | (228) | |
Net Cash Provided By (Used In) Operating Activities | 869 | 932 | |||
Net Cash Provided By (Used In) Investing Activities | (1,095) | (735) | |||
Net Cash Provided By (Used In) Financing Activities | 214 | $ (179) | |||
Current Assets | 1,565 | 1,565 | 1,341 | ||
Property, Plant and Equipment, net | 8,779 | 8,779 | 8,596 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 2,428 | 2,428 | 2,481 | ||
Total Assets | 12,772 | 12,772 | 12,418 | ||
Current Liabilities | 973 | 973 | 1,435 | ||
Noncurrent Liabilities | 2,927 | 2,927 | 2,880 | ||
Long-Term Debt | 2,833 | 2,833 | 2,136 | ||
Member's Equity | 6,039 | 6,039 | 5,967 | ||
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,772 | $ 12,772 | $ 12,418 |