Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 15, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PEG | ' |
Entity Registrant Name | 'PUBLIC SERVICE ENTERPRISE GROUP INC | ' |
Entity Central Index Key | '0000788784 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 505,959,967 |
Power [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PSEG POWER LLC | ' |
Entity Central Index Key | '0001158659 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
PSE And G [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PUBLIC SERVICE ELECTRIC & GAS CO | ' |
Entity Central Index Key | '0000081033 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 132,450,344 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues | $2,641 | $2,554 | $8,113 | $7,650 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Energy Costs | 863 | 801 | 3,008 | 2,711 |
Operation and Maintenance | 714 | 713 | 2,370 | 2,069 |
Depreciation and Amortization | 318 | 313 | 919 | 886 |
Taxes Other Than Income Taxes | 0 | 15 | 0 | 50 |
Total Operating Expenses | 1,895 | 1,842 | 6,297 | 5,716 |
OPERATING INCOME | 746 | 712 | 1,816 | 1,934 |
Income from Equity Method Investments | 3 | 4 | 10 | 9 |
Other Income | 75 | 59 | 185 | 172 |
Other Deductions | -9 | -12 | -31 | -54 |
Other-Than-Temporary Impairments | -10 | -3 | -14 | -7 |
Interest Expense | -100 | -100 | -291 | -303 |
INCOME BEFORE INCOME TAXES | 705 | 660 | 1,675 | 1,751 |
Income Tax Expense | -261 | -270 | -633 | -708 |
Net Income | 444 | 390 | 1,042 | 1,043 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (THOUSANDS): | ' | ' | ' | ' |
BASIC (in shares) | 505,862 | 505,858 | 505,937 | 505,900 |
DILUTED (in shares) | 507,422 | 507,694 | 507,402 | 507,433 |
EARNINGS PER SHARE: | ' | ' | ' | ' |
BASIC (in dollars per share) | $0.88 | $0.77 | $2.06 | $2.06 |
DILUTED (in dollars per share) | $0.87 | $0.77 | $2.05 | $2.06 |
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $0.37 | $0.36 | $1.11 | $1.08 |
Power [Member] | ' | ' | ' | ' |
Operating Revenues | 1,138 | 1,174 | 3,824 | 3,818 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Energy Costs | 472 | 430 | 2,036 | 1,785 |
Operation and Maintenance | 242 | 305 | 871 | 868 |
Depreciation and Amortization | 71 | 69 | 215 | 202 |
Total Operating Expenses | 785 | 804 | 3,122 | 2,855 |
OPERATING INCOME | 353 | 370 | 702 | 963 |
Income from Equity Method Investments | 4 | 4 | 11 | 12 |
Other Income | 56 | 45 | 135 | 127 |
Other Deductions | -6 | -11 | -25 | -49 |
Other-Than-Temporary Impairments | -10 | -3 | -14 | -7 |
Interest Expense | -31 | -26 | -92 | -85 |
INCOME BEFORE INCOME TAXES | 366 | 379 | 717 | 961 |
Income Tax Expense | -144 | -153 | -277 | -384 |
Net Income | 222 | 226 | 440 | 577 |
PSE And G [Member] | ' | ' | ' | ' |
Operating Revenues | 1,655 | 1,666 | 5,235 | 5,084 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Energy Costs | 668 | 661 | 2,278 | 2,208 |
Operation and Maintenance | 366 | 408 | 1,190 | 1,204 |
Depreciation and Amortization | 238 | 236 | 682 | 658 |
Taxes Other Than Income Taxes | 0 | 15 | 0 | 50 |
Total Operating Expenses | 1,272 | 1,320 | 4,150 | 4,120 |
OPERATING INCOME | 383 | 346 | 1,085 | 964 |
Other Income | 16 | 13 | 44 | 41 |
Other Deductions | -2 | -1 | -3 | -3 |
Interest Expense | -71 | -75 | -206 | -223 |
INCOME BEFORE INCOME TAXES | 326 | 283 | 920 | 779 |
Income Tax Expense | -126 | -115 | -355 | -311 |
Net Income | $200 | $168 | $565 | $468 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $444 | $390 | $1,042 | $1,043 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | -30 | 16 | -17 | 27 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | 1 | -1 | 4 | -5 |
Pension/OPEB adjustment, net of tax (expense) benefit | 3 | 9 | 9 | 28 |
Other Comprehensive Income (Loss), net of tax | -26 | 24 | -4 | 50 |
COMPREHENSIVE INCOME | 418 | 414 | 1,038 | 1,093 |
Power [Member] | ' | ' | ' | ' |
Net Income | 222 | 226 | 440 | 577 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | -30 | 17 | -19 | 30 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | 1 | -1 | 4 | -6 |
Pension/OPEB adjustment, net of tax (expense) benefit | 2 | 8 | 7 | 25 |
Other Comprehensive Income (Loss), net of tax | -27 | 24 | -8 | 49 |
COMPREHENSIVE INCOME | 195 | 250 | 432 | 626 |
PSE And G [Member] | ' | ' | ' | ' |
Net Income | 200 | 168 | 565 | 468 |
Other Comprehensive Income (Loss), net of tax | ' | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 1 | 0 | 1 | -1 |
COMPREHENSIVE INCOME | $201 | $168 | $566 | $467 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $33 | ($16) | $21 | ($27) |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | -1 | 1 | -3 | 4 |
Pension/OPEB adjustment, tax | -2 | -6 | -5 | -20 |
Power [Member] | ' | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 34 | -18 | 23 | -29 |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | 0 | 1 | -2 | 4 |
Pension/OPEB adjustment, tax | -1 | -6 | -4 | -17 |
PSE And G [Member] | ' | ' | ' | ' |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $0 | $0 | $0 | $1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ||
Cash and Cash Equivalents | $703 | $493 | ||
Accounts Receivable, net of allowances | 1,267 | 1,203 | ||
Tax Receivable | 14 | 109 | ||
Unbilled Revenues | 228 | 300 | ||
Fuel | 530 | 545 | ||
Materials and Supplies, net | 495 | 479 | ||
Prepayments | 175 | 89 | ||
Derivative Contracts | 71 | [1] | 98 | |
Deferred Income Taxes | 128 | 24 | ||
Regulatory Assets | 211 | 243 | ||
Other | 24 | 31 | ||
Total Current Assets | 3,846 | 3,614 | ||
PROPERTY, PLANT AND EQUIPMENT | 31,328 | 29,713 | ||
Less: Accumulated Depreciation and Amortization | -8,492 | -8,068 | ||
Net Property, Plant and Equipment | 22,836 | 21,645 | ||
NONCURRENT ASSETS | ' | ' | ||
Regulatory Assets | 2,569 | 2,612 | ||
Regulatory Assets of Variable Interest Entities (VIEs) | 270 | 476 | ||
Long-Term Investments | 1,309 | 1,313 | ||
Nuclear Decommissioning Trust (NDT) Fund | 1,739 | 1,701 | ||
Long-Term Receivable of VIE | 401 | 0 | ||
Other Special Funds | 675 | 613 | ||
Goodwill | 16 | 16 | ||
Other Intangibles | 102 | 33 | ||
Derivative Contracts | 29 | [1] | 163 | |
Restricted Cash of VIEs | 24 | 24 | ||
Other | 331 | 312 | ||
Total Noncurrent Assets | 7,465 | 7,263 | ||
Total Assets | 34,147 | 32,522 | ||
CURRENT LIABILITIES | ' | ' | ||
Long-Term Debt Due Within One Year | 316 | 544 | ||
Securitization Debt of VIEs Due Within One Year | 258 | 237 | ||
Commercial Paper and Loans | 0 | 60 | ||
Accounts Payable | 1,111 | 1,222 | ||
Derivative Contracts | 109 | [1] | 76 | |
Accrued Interest | 117 | 95 | ||
Accrued Taxes | 168 | 37 | ||
Clean Energy Program | 185 | 142 | ||
Obligation to Return Cash Collateral | 120 | 119 | ||
Regulatory Liabilities | 271 | 43 | ||
Other | 481 | 488 | ||
Total Current Liabilities | 3,136 | 3,063 | ||
NONCURRENT LIABILITIES | ' | ' | ||
Deferred Income Taxes and Investment Tax Credits (ITC) | 7,298 | 7,107 | ||
Regulatory Liabilities | 141 | 233 | ||
Regulatory Liabilities of VIEs | 12 | 11 | ||
Asset Retirement Obligations | 704 | 677 | ||
Other Postretirement Benefit (OPEB) Costs | 1,073 | 1,095 | ||
OPEB Costs of Servco | 321 | 0 | ||
Accrued Pension Costs | 121 | 121 | ||
Accrued Pension Costs of Servco | 78 | 0 | ||
Environmental Costs | 438 | 414 | ||
Derivative Contracts | 37 | [1] | 31 | |
Long-Term Accrued Taxes | 183 | 180 | ||
Other | 132 | 119 | ||
Total Noncurrent Liabilities | 10,538 | 9,988 | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ' | ||
LONG-TERM DEBT | ' | ' | ||
Long-Term Debt | 8,321 | 7,587 | ||
Securitization Debt of VIEs | 68 | 259 | ||
Project Level, Non-Recourse Debt | 0 | 16 | ||
Total Long-Term Debt | 8,389 | 7,862 | ||
STOCKHOLDER'S EQUITY | ' | ' | ||
Common Stock | 4,873 | 4,861 | ||
Treasury Stock, at cost | -629 | -615 | ||
Retained Earnings | 7,938 | 7,457 | ||
Accumulated Other Comprehensive Income (Loss) | -99 | -95 | ||
Total Common Stockholders' Equity | 12,083 | 11,608 | ||
Noncontrolling Interest | 1 | 1 | ||
Total Stockholder's Equity | 12,084 | 11,609 | ||
Total Capitalization | 20,473 | 19,471 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 34,147 | 32,522 | ||
Power [Member] | ' | ' | ||
CURRENT ASSETS | ' | ' | ||
Cash and Cash Equivalents | 12 | 6 | ||
Accounts Receivable, net of allowances | 385 | 338 | ||
Accounts Receivable-Affiliated Companies, net | 52 | 333 | ||
Short-Term Loan to Affiliate | 623 | 790 | ||
Fuel | 530 | 545 | ||
Materials and Supplies, net | 360 | 362 | ||
Prepayments | 20 | 13 | ||
Derivative Contracts | 50 | [1] | 57 | [1] |
Deferred Income Taxes | 97 | 30 | ||
Other | 1 | 2 | ||
Total Current Assets | 2,130 | 2,476 | ||
PROPERTY, PLANT AND EQUIPMENT | 10,613 | 10,278 | ||
Less: Accumulated Depreciation and Amortization | -3,229 | -2,911 | ||
Net Property, Plant and Equipment | 7,384 | 7,367 | ||
NONCURRENT ASSETS | ' | ' | ||
Long-Term Investments | 122 | 123 | ||
Nuclear Decommissioning Trust (NDT) Fund | 1,739 | 1,701 | ||
Other Special Funds | 159 | 139 | ||
Goodwill | 16 | 16 | ||
Other Intangibles | 102 | 33 | ||
Derivative Contracts | 11 | [1] | 72 | [1] |
Other | 87 | 75 | ||
Total Noncurrent Assets | 2,236 | 2,159 | ||
Total Assets | 11,750 | 12,002 | ||
CURRENT LIABILITIES | ' | ' | ||
Long-Term Debt Due Within One Year | 0 | 44 | ||
Accounts Payable | 435 | 516 | ||
Derivative Contracts | 109 | [1] | 76 | [1] |
Accrued Interest | 43 | 28 | ||
Other | 160 | 136 | ||
Total Current Liabilities | 747 | 800 | ||
NONCURRENT LIABILITIES | ' | ' | ||
Deferred Income Taxes and Investment Tax Credits (ITC) | 2,092 | 2,031 | ||
Asset Retirement Obligations | 415 | 400 | ||
Other Postretirement Benefit (OPEB) Costs | 215 | 206 | ||
Accrued Pension Costs | 35 | 35 | ||
Derivative Contracts | 37 | [1] | 31 | [1] |
Long-Term Accrued Taxes | 57 | 53 | ||
Other | 94 | 91 | ||
Total Noncurrent Liabilities | 2,945 | 2,847 | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ' | ||
LONG-TERM DEBT | ' | ' | ||
Total Long-Term Debt | 2,543 | 2,497 | ||
STOCKHOLDER'S EQUITY | ' | ' | ||
Contributed Capital | 2,214 | 2,214 | ||
Basis Adjustment | -986 | -986 | ||
Retained Earnings | 4,358 | 4,693 | ||
Accumulated Other Comprehensive Income (Loss) | -71 | -63 | ||
Total Stockholder's Equity | 5,515 | 5,858 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 11,750 | 12,002 | ||
PSE And G [Member] | ' | ' | ||
CURRENT ASSETS | ' | ' | ||
Cash and Cash Equivalents | 305 | 18 | ||
Accounts Receivable, net of allowances | 836 | 832 | ||
Unbilled Revenues | 228 | 300 | ||
Materials and Supplies, net | 130 | 115 | ||
Prepayments | 116 | 24 | ||
Derivative Contracts | 5 | 25 | ||
Deferred Income Taxes | 20 | 16 | ||
Regulatory Assets | 211 | 243 | ||
Other | 20 | 12 | ||
Total Current Assets | 1,871 | 1,585 | ||
PROPERTY, PLANT AND EQUIPMENT | 20,347 | 19,071 | ||
Less: Accumulated Depreciation and Amortization | -5,057 | -4,964 | ||
Net Property, Plant and Equipment | 15,290 | 14,107 | ||
NONCURRENT ASSETS | ' | ' | ||
Regulatory Assets | 2,569 | 2,612 | ||
Regulatory Assets of Variable Interest Entities (VIEs) | 270 | 476 | ||
Long-Term Investments | 349 | 361 | ||
Other Special Funds | 385 | 354 | ||
Derivative Contracts | 8 | 69 | ||
Restricted Cash of VIEs | 24 | 24 | ||
Other | 151 | 132 | ||
Total Noncurrent Assets | 3,756 | 4,028 | ||
Total Assets | 20,917 | 19,720 | ||
CURRENT LIABILITIES | ' | ' | ||
Long-Term Debt Due Within One Year | 300 | 500 | ||
Securitization Debt of VIEs Due Within One Year | 258 | 237 | ||
Commercial Paper and Loans | 0 | 60 | ||
Accounts Payable | 520 | 535 | ||
Accounts Payable-Affiliated Companies, net | 99 | 190 | ||
Accrued Interest | 73 | 67 | ||
Deferred Income Taxes | 0 | 30 | ||
Clean Energy Program | 185 | 142 | ||
Obligation to Return Cash Collateral | 120 | 119 | ||
Regulatory Liabilities | 271 | 43 | ||
Other | 296 | 314 | ||
Total Current Liabilities | 2,122 | 2,237 | ||
NONCURRENT LIABILITIES | ' | ' | ||
Deferred Income Taxes and Investment Tax Credits (ITC) | 4,538 | 4,406 | ||
Regulatory Liabilities | 141 | 233 | ||
Regulatory Liabilities of VIEs | 12 | 11 | ||
Asset Retirement Obligations | 286 | 274 | ||
Other Postretirement Benefit (OPEB) Costs | 807 | 839 | ||
Accrued Pension Costs | 26 | 27 | ||
Environmental Costs | 386 | 363 | ||
Long-Term Accrued Taxes | 78 | 72 | ||
Other | 63 | 47 | ||
Total Noncurrent Liabilities | 6,337 | 6,272 | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ' | ||
LONG-TERM DEBT | ' | ' | ||
Long-Term Debt | 5,763 | 5,066 | ||
Securitization Debt of VIEs | 68 | 259 | ||
Total Long-Term Debt | 5,831 | 5,325 | ||
STOCKHOLDER'S EQUITY | ' | ' | ||
Common Stock | 892 | 892 | ||
Contributed Capital | 695 | 520 | ||
Basis Adjustment | 986 | 986 | ||
Retained Earnings | 4,052 | 3,487 | ||
Accumulated Other Comprehensive Income (Loss) | 2 | 1 | ||
Total Stockholder's Equity | 6,627 | 5,886 | ||
Total Capitalization | 12,458 | 11,211 | ||
TOTAL LIABILITIES AND CAPITALIZATION | $20,917 | $19,720 | ||
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts Receivable, allowances | $55 | $56 |
Common Stock, issued | 533,556,660 | 533,556,660 |
Common Stock, authorized | 1,000,000,000 | 1,000,000,000 |
Treasury Stock, Shares | 27,674,968 | 27,699,398 |
PSE And G [Member] | ' | ' |
Accounts Receivable, allowances | $55 | $56 |
Common Stock, issued | 132,450,344 | 132,450,344 |
Common Stock, outstanding | 132,450,344 | 132,450,344 |
Common Stock, authorized | 150,000,000 | 150,000,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $1,042 | $1,043 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' |
Depreciation and Amortization | 919 | 886 |
Amortization of Nuclear Fuel | 151 | 145 |
Provision for Deferred Income Taxes and ITC | 103 | 242 |
Non-Cash Employee Benefit Plan Costs | 36 | 182 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | -30 | -7 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 237 | 3 |
Change in Accrued Storm Costs | -3 | -87 |
Net Change in Other Regulatory Assets and Liabilities | 276 | 134 |
Cost of Removal | -68 | -66 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -99 | -76 |
Employee Benefit Plan Funding and Related Payments | -76 | -210 |
Other | 102 | 71 |
Net Change in Certain Current Assets and Liabilities: | ' | ' |
Margin Deposit | -173 | 17 |
Net Change in Certain Current Assets and Liabilities | 119 | 158 |
Net Cash Provided By (Used In) Operating Activities | 2,536 | 2,435 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Additions to Property, Plant and Equipment | -1,922 | -2,102 |
Proceeds from Sales Investments | 11 | 42 |
Proceeds from Sale of Available-for-Sale Securities | 1,224 | 914 |
Investments in Available-for-Sale Securities | -1,241 | -922 |
Other | -60 | -20 |
Net Cash Provided By (Used In) Investing Activities | -1,988 | -2,088 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net Change in Commercial Paper and Loans | -60 | -263 |
Issuance of Long-Term Debt | 1,000 | 1,500 |
Redemption of Long-Term Debt | -500 | -750 |
Redemption of Securitization Debt | -170 | -162 |
Cash Dividend Paid on Common Stock | -561 | -546 |
Other | -47 | -57 |
Net Cash Provided By (Used In) Financing Activities | -338 | -278 |
Net Increase (Decrease) In Cash and Cash Equivalents | 210 | 69 |
Cash and Cash Equivalents at Beginning of Period | 493 | 379 |
Cash and Cash Equivalents at End of Period | 703 | 448 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income Taxes Paid (Received) | 284 | 222 |
Interest Paid, Net of Amounts Capitalized | 269 | 274 |
Accrued Property, Plant and Equipment Expenditures | 286 | 258 |
Power [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 440 | 577 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' |
Depreciation and Amortization | 215 | 202 |
Amortization of Nuclear Fuel | 151 | 145 |
Provision for Deferred Income Taxes and ITC | 5 | 96 |
Non-Cash Employee Benefit Plan Costs | 10 | 50 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 237 | 3 |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | -99 | -76 |
Employee Benefit Plan Funding and Related Payments | -5 | -45 |
Other | 71 | 35 |
Net Change in Certain Current Assets and Liabilities: | ' | ' |
Fuel, Materials and Supplies | 17 | -38 |
Margin Deposit | -173 | 17 |
Accounts Receivable | 49 | 68 |
Accounts Payable | -135 | -70 |
Accounts Receivable/Payable-Affiliated Companies, net | 299 | 329 |
Other Current Assets and Liabilities | 28 | 21 |
Net Cash Provided By (Used In) Operating Activities | 1,110 | 1,314 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Additions to Property, Plant and Equipment | -414 | -458 |
Proceeds from Sale of Available-for-Sale Securities | 882 | 849 |
Investments in Available-for-Sale Securities | -898 | -864 |
Short-Term Loan-Affiliated Company, net | 167 | 157 |
Other | -63 | -13 |
Net Cash Provided By (Used In) Investing Activities | -326 | -329 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Redemption of Long-Term Debt | 0 | -300 |
Contributed Capital | 0 | 24 |
Cash Dividend Paid on Common Stock | -775 | -705 |
Other | -3 | -2 |
Net Cash Provided By (Used In) Financing Activities | -778 | -983 |
Net Increase (Decrease) In Cash and Cash Equivalents | 6 | 2 |
Cash and Cash Equivalents at Beginning of Period | 6 | 7 |
Cash and Cash Equivalents at End of Period | 12 | 9 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income Taxes Paid (Received) | 87 | 107 |
Interest Paid, Net of Amounts Capitalized | 78 | 72 |
Accrued Property, Plant and Equipment Expenditures | 66 | 64 |
PSE And G [Member] | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | 565 | 468 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ' | ' |
Depreciation and Amortization | 682 | 658 |
Provision for Deferred Income Taxes and ITC | 93 | 153 |
Non-Cash Employee Benefit Plan Costs | 21 | 117 |
Change in Accrued Storm Costs | -3 | -87 |
Net Change in Other Regulatory Assets and Liabilities | 276 | 134 |
Cost of Removal | -68 | -66 |
Employee Benefit Plan Funding and Related Payments | -67 | -147 |
Other | 2 | 23 |
Net Change in Certain Current Assets and Liabilities: | ' | ' |
Accounts Receivable and Unbilled Revenues | 71 | 48 |
Fuel, Materials and Supplies | -15 | -4 |
Prepayments | -92 | -109 |
Accounts Payable | -3 | 3 |
Accounts Receivable/Payable-Affiliated Companies, net | -113 | -171 |
Other Current Assets and Liabilities | -6 | 29 |
Net Cash Provided By (Used In) Operating Activities | 1,343 | 1,049 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Additions to Property, Plant and Equipment | -1,493 | -1,628 |
Proceeds from Sale of Available-for-Sale Securities | 98 | 35 |
Investments in Available-for-Sale Securities | -96 | -16 |
Solar Loan Investments | 2 | -11 |
Restricted Funds | 1 | 0 |
Net Cash Provided By (Used In) Investing Activities | -1,490 | -1,620 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Net Change in Short-Term Debt | -60 | -263 |
Issuance of Long-Term Debt | 1,000 | 1,500 |
Redemption of Long-Term Debt | -500 | -450 |
Redemption of Securitization Debt | -170 | -162 |
Contributed Capital | 175 | 100 |
Other | -11 | -17 |
Net Cash Provided By (Used In) Financing Activities | 434 | 708 |
Net Increase (Decrease) In Cash and Cash Equivalents | 287 | 137 |
Cash and Cash Equivalents at Beginning of Period | 18 | 116 |
Cash and Cash Equivalents at End of Period | 305 | 253 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income Taxes Paid (Received) | 174 | 174 |
Interest Paid, Net of Amounts Capitalized | 188 | 199 |
Accrued Property, Plant and Equipment Expenditures | $238 | $200 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization and Basis of Presentation | ' | |
Organization and Basis of Presentation | ||
Organization | ||
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: | ||
• | Power—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |
• | PSE&G—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||
Basis of Presentation | ||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | ||
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, 2013. | ||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. | ||
Power [Member] | ' | |
Organization and Basis of Presentation | ' | |
Organization and Basis of Presentation | ||
Organization | ||
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: | ||
• | Power—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |
• | PSE&G—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||
Basis of Presentation | ||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | ||
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, 2013. | ||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. | ||
PSE And G [Member] | ' | |
Organization and Basis of Presentation | ' | |
Organization and Basis of Presentation | ||
Organization | ||
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: | ||
• | Power—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy trading functions through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC) and the states in which they operate. | |
• | PSE&G—which is an operating public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the FERC. PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. | |
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which, effective January 1, 2014, operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under a twelve-year Amended and Restated Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. | ||
Basis of Presentation | ||
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | ||
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, 2013. | ||
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. |
Recent_Accounting_Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Standards | ' |
Recent Accounting Standards | |
New Standards Adopted during 2014 | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | |
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | |
The standard was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
New Standards Issued But Not Yet Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. | |
Power [Member] | ' |
Recent Accounting Standards | ' |
Recent Accounting Standards | |
New Standards Adopted during 2014 | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | |
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | |
The standard was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
New Standards Issued But Not Yet Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. | |
PSE And G [Member] | ' |
Recent Accounting Standards | ' |
Recent Accounting Standards | |
New Standards Adopted during 2014 | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
This accounting standard was issued to address diversity in practice related to the presentation of an unrecognized tax benefit in certain cases. This standard requires entities to present an unrecognized tax benefit or a portion thereof on the Balance Sheet as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. | |
However, the unrecognized tax benefit will be presented on the Balance Sheet as a liability and will not be combined with deferred tax assets in cases where that tax benefit cannot or will not, if permissible, be used to settle any additional income taxes that would result from the disallowance of a tax position. | |
The standard was effective for fiscal years and interim periods beginning after December 15, 2013. The impact of adopting this standard was immaterial. | |
New Standards Issued But Not Yet Adopted | |
Revenue from Contracts with Customers | |
This accounting standard was issued to clarify the principles for recognizing revenue and to develop a common standard that would remove inconsistencies in revenue requirements; improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provide improved disclosures. | |
The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. Early application is not permitted. We are currently analyzing the impact of this standard on our financial statements. | |
Presentation of Financial Statements and Property, Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
This accounting standard was issued to change the criteria for reporting discontinued operations. The standard requires that a component of an entity be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity’s operations and financial results, including a disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity. | |
The amendment should be applied prospectively for all disposals of an entity that occur within interim and annual periods beginning on or after December 15, 2014; and all businesses that, on acquisition, are classified as held for sale that occur within interim and annual periods beginning on or after December 15, 2014. We will evaluate all future disposals under the new guidance beginning on January 1, 2015. | |
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase-Financings and Disclosures | |
This standard changes the accounting for repurchase-to-maturity transactions and linked repurchase-financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. It also requires disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. | |
This standard is effective for the first interim or annual period beginning after December 15, 2014. | |
We are currently analyzing this standard but do not expect its impact to be material to our financial statements. | |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | |
The amendments in this standard provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that its financial statements are issued. | |
The update is effective for annual and interim reporting periods beginning after December 15, 2016. | |
The update requires that we identify, assess and evaluate uncertainties and their impact, if any, on our ability to meet financial obligations. However, we do not expect this standard to impact our financial statements. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2014 | |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
Variable Interest Entities for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which is pledged as collateral to a trustee. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds are remitted to Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs. | |
The assets and liabilities of Transition Funding and Transition Funding II are presented separately on the face of the Condensed Consolidated Balance Sheets of PSEG and PSE&G because the assets of these VIEs are restricted and can only be used to settle their respective obligations. No Transition Funding or Transition Funding II creditor has any recourse to the general credit of PSE&G in the event the transition charges are not sufficient to cover the bond principal and interest payments of Transition Funding or Transition Funding II. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of September 30, 2014 and December 31, 2013. The risk of actual loss to PSE&G is considered remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II during the first nine months of 2014 or in 2013. PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding or Transition Funding II. | |
Variable Interest Entity for which PSEG LI is the Primary Beneficiary | |
PSEG LI consolidates Long Island Electric Utility Servco, LLC (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. | |
PSEG recognized a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and other postretirement benefit (OPEB) liabilities. This receivable is presented separately on the Condensed Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. See Note 7. Pension and Other Postretirement Benefits for additional information. | |
For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. 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. | |
PSE And G [Member] | ' |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
Variable Interest Entities for which PSE&G is the Primary Beneficiary | |
PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which is pledged as collateral to a trustee. PSE&G acts as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds are remitted to Transition Funding and Transition Funding II and are used for interest and principal payments on the transition bonds and related costs. | |
The assets and liabilities of Transition Funding and Transition Funding II are presented separately on the face of the Condensed Consolidated Balance Sheets of PSEG and PSE&G because the assets of these VIEs are restricted and can only be used to settle their respective obligations. No Transition Funding or Transition Funding II creditor has any recourse to the general credit of PSE&G in the event the transition charges are not sufficient to cover the bond principal and interest payments of Transition Funding or Transition Funding II. | |
PSE&G’s maximum exposure to loss is equal to its equity investment in these VIEs which was $16 million as of September 30, 2014 and December 31, 2013. The risk of actual loss to PSE&G is considered remote. PSE&G did not provide any financial support to Transition Funding or Transition Funding II during the first nine months of 2014 or in 2013. PSE&G does not have any contractual commitments or obligations to provide financial support to Transition Funding or Transition Funding II. | |
Variable Interest Entity for which PSEG LI is the Primary Beneficiary | |
PSEG LI consolidates Long Island Electric Utility Servco, LLC (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. | |
PSEG recognized a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and other postretirement benefit (OPEB) liabilities. This receivable is presented separately on the Condensed Consolidated Balance Sheet of PSEG as a noncurrent asset because it is restricted. See Note 7. Pension and Other Postretirement Benefits for additional information. | |
For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operations and Maintenance (O&M) Expense, respectively. 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 | 9 Months Ended | |
Sep. 30, 2014 | ||
Regulatory Assets [Line Items] | ' | |
Rate Filings | ' | |
Rate Filings | ||
The following information discusses significant updates regarding orders and pending 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, 2013. | ||
Significant regulatory orders received by PSE&G in 2014 are as follows: | ||
• | Storm Damage Deferral—In September 2014, the BPU approved a Stipulation of Settlement finding that PSE&G's 2010 through 2012 major storm incremental O&M costs of $240 million (deferred as Regulatory Assets) and capital expenditures of $126 million were prudent and recoverable in a future base rate proceeding, subject to offset for the amount of insurance proceeds received. | |
• | Weather Normalization Clause (WNC)—In April 2014, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period. The BPU’s approval of a final WNC resulted in no change to the provisional rate previously approved by the BPU and implemented effective October 1, 2013, which was set to recover $26 million from customers during the 2013-2014 Winter Period (October 1, 2013 through May 31, 2014). | |
In September 2014, the BPU provisionally approved PSE&G’s filing with respect to excess revenues collected during the colder than normal 2013-2014 Winter Period. Effective October 1, 2014, PSE&G will return $45 million in revenues to its customers during the 2014-2015 Winter Period as a result of excess revenues collected during the colder than normal 2013-2014 Winter Period (October 1, 2014 through May 31, 2015). | ||
• | Basic Gas Supply Service (BGSS)—In January and February 2014, PSE&G filed self-implementing one-month BGSS residential customer bill credits with the BPU for 25 cents per therm for the months of February and March 2014. These credits provided approximately $93 million in total credits to residential customers, reducing the BGSS deferred balance. On April 1, 2014, the BGSS rate reverted back to the current rate. | |
In May 2014, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $112 million in annual BGSS revenues. In September 2014, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 54 cents to 45 cents per therm effective October 1, 2014. | ||
In October 2014, PSE&G filed a self-implementing three-month bill credit for residential customers to be effective during November and December 2014 and January 2015. This credit will be 28 cents per therm for the three-month period and is estimated to provide approximately $160 million to customers. The specific amount returned will depend on actual usage over that period. | ||
• | Universal Service Fund (USF)/Lifeline—In September 2014, the BPU approved rates set to recover costs incurred under the USF/Lifeline energy assistance programs effective October 1, 2014. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on Net Income. | |
• | Capital Stimulus Infrastructure Programs (CIP II)—In June 2014, the BPU approved PSE&G’s petition to recover annual revenue requirements of approximately $28 million for program costs incurred for its CIP II investments through September 30, 2013, which represents the final phase of the program. Base rates were adjusted effective July 1, 2014 to reflect the recovery. | |
• | SBC and Non-Utility Generation Charge (NGC)—In May 2014, the BPU approved PSE&G’s petition to recover actual SBC and NGC costs incurred through December 31, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. New rates were implemented on June 1, 2014 to recover approximately $400 million over the succeeding 12 months. | |
Significant pending rate filings are as follows: | ||
• | Transmission Formula Rate Filings—In May 2014, PSE&G filed its 2014 True-Up Adjustment pertaining to its formula rates in effect for 2013, which resulted in an adjustment of $5 million above the 2013 filed revenues. In accordance with PSE&G’s formula rate protocols, this Rate Year 2013 True-Up Adjustment has been incorporated into its Annual Formula Rate Update for the 2015 Rate Year. The 2015 Annual Formula Rate Update was filed with the FERC in October 2014 and provides for approximately $182 million in increased annual transmission revenues effective January 1, 2015. | |
• | Energy Strong Recovery Filing—On September 30, 2014, PSE&G filed its initial Energy Strong cost recovery petition, seeking BPU approval to recover in base rates an estimated annual revenue increase of $1.6 million effective March 1, 2015. This increase represents capitalized Energy Strong electric investment costs expected to be in service through November 30, 2014. This request will be updated in December 2014 for actual costs. | |
• | Solar and Energy Efficiency-Green Program Recovery Charges (GPRC)—In June 2014, PSE&G filed a petition with the BPU requesting recovery of costs and investments in the combined eight components of the electric and gas GPRC for the period October 1, 2014 through September 30, 2015. The rates proposed in our filing are designed to recover $111 million and $18 million in electric and gas revenues, respectively, on an annual basis. | |
• | Remediation Adjustment Charge (RAC)—On April 18, 2014, PSE&G filed a petition with the BPU requesting recovery of $66 million related to RAC 21 net manufactured gas plant expenditures through July 31, 2013. | |
PSE And G [Member] | ' | |
Regulatory Assets [Line Items] | ' | |
Rate Filings | ' | |
Rate Filings | ||
The following information discusses significant updates regarding orders and pending 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, 2013. | ||
Significant regulatory orders received by PSE&G in 2014 are as follows: | ||
• | Storm Damage Deferral—In September 2014, the BPU approved a Stipulation of Settlement finding that PSE&G's 2010 through 2012 major storm incremental O&M costs of $240 million (deferred as Regulatory Assets) and capital expenditures of $126 million were prudent and recoverable in a future base rate proceeding, subject to offset for the amount of insurance proceeds received. | |
• | Weather Normalization Clause (WNC)—In April 2014, the BPU approved PSE&G's filing with respect to deficiency revenues from the 2012-2013 Winter Period. The BPU’s approval of a final WNC resulted in no change to the provisional rate previously approved by the BPU and implemented effective October 1, 2013, which was set to recover $26 million from customers during the 2013-2014 Winter Period (October 1, 2013 through May 31, 2014). | |
In September 2014, the BPU provisionally approved PSE&G’s filing with respect to excess revenues collected during the colder than normal 2013-2014 Winter Period. Effective October 1, 2014, PSE&G will return $45 million in revenues to its customers during the 2014-2015 Winter Period as a result of excess revenues collected during the colder than normal 2013-2014 Winter Period (October 1, 2014 through May 31, 2015). | ||
• | Basic Gas Supply Service (BGSS)—In January and February 2014, PSE&G filed self-implementing one-month BGSS residential customer bill credits with the BPU for 25 cents per therm for the months of February and March 2014. These credits provided approximately $93 million in total credits to residential customers, reducing the BGSS deferred balance. On April 1, 2014, the BGSS rate reverted back to the current rate. | |
In May 2014, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $112 million in annual BGSS revenues. In September 2014, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 54 cents to 45 cents per therm effective October 1, 2014. | ||
In October 2014, PSE&G filed a self-implementing three-month bill credit for residential customers to be effective during November and December 2014 and January 2015. This credit will be 28 cents per therm for the three-month period and is estimated to provide approximately $160 million to customers. The specific amount returned will depend on actual usage over that period. | ||
• | Universal Service Fund (USF)/Lifeline—In September 2014, the BPU approved rates set to recover costs incurred under the USF/Lifeline energy assistance programs effective October 1, 2014. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on Net Income. | |
• | Capital Stimulus Infrastructure Programs (CIP II)—In June 2014, the BPU approved PSE&G’s petition to recover annual revenue requirements of approximately $28 million for program costs incurred for its CIP II investments through September 30, 2013, which represents the final phase of the program. Base rates were adjusted effective July 1, 2014 to reflect the recovery. | |
• | SBC and Non-Utility Generation Charge (NGC)—In May 2014, the BPU approved PSE&G’s petition to recover actual SBC and NGC costs incurred through December 31, 2013 under its Energy Efficiency & Renewable Energy Programs, Social Programs and NGC. New rates were implemented on June 1, 2014 to recover approximately $400 million over the succeeding 12 months. | |
Significant pending rate filings are as follows: | ||
• | Transmission Formula Rate Filings—In May 2014, PSE&G filed its 2014 True-Up Adjustment pertaining to its formula rates in effect for 2013, which resulted in an adjustment of $5 million above the 2013 filed revenues. In accordance with PSE&G’s formula rate protocols, this Rate Year 2013 True-Up Adjustment has been incorporated into its Annual Formula Rate Update for the 2015 Rate Year. The 2015 Annual Formula Rate Update was filed with the FERC in October 2014 and provides for approximately $182 million in increased annual transmission revenues effective January 1, 2015. | |
• | Energy Strong Recovery Filing—On September 30, 2014, PSE&G filed its initial Energy Strong cost recovery petition, seeking BPU approval to recover in base rates an estimated annual revenue increase of $1.6 million effective March 1, 2015. This increase represents capitalized Energy Strong electric investment costs expected to be in service through November 30, 2014. This request will be updated in December 2014 for actual costs. | |
• | Solar and Energy Efficiency-Green Program Recovery Charges (GPRC)—In June 2014, PSE&G filed a petition with the BPU requesting recovery of costs and investments in the combined eight components of the electric and gas GPRC for the period October 1, 2014 through September 30, 2015. The rates proposed in our filing are designed to recover $111 million and $18 million in electric and gas revenues, respectively, on an annual basis. | |
• | Remediation Adjustment Charge (RAC)—On April 18, 2014, PSE&G filed a petition with the BPU requesting recovery of $66 million related to RAC 21 net manufactured gas plant expenditures through July 31, 2013. |
Financing_Receivables
Financing Receivables | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Financing Receivables | ' | ||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||
PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with Solar Renewable Energy Certificates generated from the installed solar electric system. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” | |||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
Consumer Loans | September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 187 | $ | 192 | |||||||||||||||||
Residential | 14 | 15 | |||||||||||||||||||
Total | $ | 201 | $ | 207 | |||||||||||||||||
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’ investments in the leases are comprised of the total expected lease receivables on its investments 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. | |||||||||||||||||||||
The following table shows Energy Holdings’ gross and net lease investment as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 698 | $ | 701 | |||||||||||||||||
Estimated Residual Value of Leased Assets | 529 | 529 | |||||||||||||||||||
Unearned and Deferred Income | (393 | ) | (405 | ) | |||||||||||||||||
Gross Investment in Leases | 834 | 825 | |||||||||||||||||||
Deferred Tax Liabilities | (705 | ) | (727 | ) | |||||||||||||||||
Net Investment in Leases | $ | 129 | $ | 98 | |||||||||||||||||
The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. "Not Rated" counterparties represent investments in lease receivables related to commercial real estate properties. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
Counterparties’ Credit Rating (Standard & Poor's (S&P)) | As of | ||||||||||||||||||||
As of September 30, 2014 | September 30, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 316 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B | 165 | ||||||||||||||||||||
Not Rated | 9 | ||||||||||||||||||||
Total | $ | 698 | |||||||||||||||||||
The “BB-” and the "B" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of September 30, 2014, the gross investment in the leases of such assets, net of non-recourse debt, was $563 million ($13 million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. | |||||||||||||||||||||
Asset | Location | Gross | % | Total | Fuel | Counter-parties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | MW | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 118 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, the indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations. A bankruptcy of a lessee would likely delay any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service (IRS). | |||||||||||||||||||||
Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges from the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. | |||||||||||||||||||||
GenOn REMA, LLC, an indirect subsidiary of NRG Energy, Inc. (NRG) notified PJM that it no longer intends to place the coal-fired units at the Shawville generating facility in long-term protective layup. Instead, those units will be shut down temporarily beginning in April 2015, with an expected return to service no later than June 2016 using an alternative fuel. | |||||||||||||||||||||
Nesbitt Asset Recovery, LLC (Nesbitt), (an indirect, wholly owned subsidiary of Energy Holdings), owns approximately 64% of the lease interest in the Powerton and Joliet coal units in Illinois. These facilities are leased to Midwest Generation (MWG), which was an indirect subsidiary of Edison Mission Energy (EME). In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. In October 2013, NRG, EME, MWG, Nesbitt and other creditor parties involved in the bankruptcy executed a new agreement under which NRG would acquire substantially all of EME’s assets, including the Powerton and Joliet leased assets. In March 2014, the Bankruptcy Court approved the transaction. As part of the transaction, (i) the leases for the Powerton and Joliet coal units were assumed on their existing terms, (ii) all past due rent under the leases was paid in full, (iii) NRG assumed EME’s tax indemnity and guarantee obligations, and (iv) NRG agreed to invest up to $350 million in the Powerton and Joliet coal units so they can be operated in compliance with environmental regulations. On April 1, 2014, NRG and EME closed on the transaction in accordance with these terms, bringing the lease payments current. | |||||||||||||||||||||
PSE And G [Member] | ' | ||||||||||||||||||||
Financing Receivables | ' | ||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||
PSE&G | |||||||||||||||||||||
PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with Solar Renewable Energy Certificates generated from the installed solar electric system. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” | |||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
Consumer Loans | September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 187 | $ | 192 | |||||||||||||||||
Residential | 14 | 15 | |||||||||||||||||||
Total | $ | 201 | $ | 207 | |||||||||||||||||
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’ investments in the leases are comprised of the total expected lease receivables on its investments 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. | |||||||||||||||||||||
The following table shows Energy Holdings’ gross and net lease investment as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 698 | $ | 701 | |||||||||||||||||
Estimated Residual Value of Leased Assets | 529 | 529 | |||||||||||||||||||
Unearned and Deferred Income | (393 | ) | (405 | ) | |||||||||||||||||
Gross Investment in Leases | 834 | 825 | |||||||||||||||||||
Deferred Tax Liabilities | (705 | ) | (727 | ) | |||||||||||||||||
Net Investment in Leases | $ | 129 | $ | 98 | |||||||||||||||||
The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. "Not Rated" counterparties represent investments in lease receivables related to commercial real estate properties. | |||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
Counterparties’ Credit Rating (Standard & Poor's (S&P)) | As of | ||||||||||||||||||||
As of September 30, 2014 | September 30, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 316 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B | 165 | ||||||||||||||||||||
Not Rated | 9 | ||||||||||||||||||||
Total | $ | 698 | |||||||||||||||||||
The “BB-” and the "B" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of September 30, 2014, the gross investment in the leases of such assets, net of non-recourse debt, was $563 million ($13 million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table. | |||||||||||||||||||||
Asset | Location | Gross | % | Total | Fuel | Counter-parties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | MW | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 118 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, the indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations. A bankruptcy of a lessee would likely delay any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service (IRS). | |||||||||||||||||||||
Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges from the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. | |||||||||||||||||||||
GenOn REMA, LLC, an indirect subsidiary of NRG Energy, Inc. (NRG) notified PJM that it no longer intends to place the coal-fired units at the Shawville generating facility in long-term protective layup. Instead, those units will be shut down temporarily beginning in April 2015, with an expected return to service no later than June 2016 using an alternative fuel. | |||||||||||||||||||||
Nesbitt Asset Recovery, LLC (Nesbitt), (an indirect, wholly owned subsidiary of Energy Holdings), owns approximately 64% of the lease interest in the Powerton and Joliet coal units in Illinois. These facilities are leased to Midwest Generation (MWG), which was an indirect subsidiary of Edison Mission Energy (EME). In December 2012, EME and MWG filed for relief under Chapter 11 of the U.S. Bankruptcy Code. In October 2013, NRG, EME, MWG, Nesbitt and other creditor parties involved in the bankruptcy executed a new agreement under which NRG would acquire substantially all of EME’s assets, including the Powerton and Joliet leased assets. In March 2014, the Bankruptcy Court approved the transaction. As part of the transaction, (i) the leases for the Powerton and Joliet coal units were assumed on their existing terms, (ii) all past due rent under the leases was paid in full, (iii) NRG assumed EME’s tax indemnity and guarantee obligations, and (iv) NRG agreed to invest up to $350 million in the Powerton and Joliet coal units so they can be operated in compliance with environmental regulations. On April 1, 2014, NRG and EME closed on the transaction in accordance with these terms, bringing the lease payments current. |
AvailableforSale_Securities
Available-for-Sale Securities | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust (NDT) Fund | ||||||||||||||||||||||||||||||||||
Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. | ||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 652 | $ | 240 | $ | (9 | ) | $ | 883 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 471 | 5 | (4 | ) | 472 | |||||||||||||||||||||||||||||
Other Debt Securities | 344 | 12 | (2 | ) | 354 | |||||||||||||||||||||||||||||
Total Debt Securities | 815 | 17 | (6 | ) | 826 | |||||||||||||||||||||||||||||
Other Securities | 30 | — | — | 30 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,497 | $ | 257 | $ | (15 | ) | $ | 1,739 | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | |||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | |||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | |||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 41 | $ | 39 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 35 | $ | 36 | ||||||||||||||||||||||||||||||
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 September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 116 | $ | (9 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | ||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 148 | (2 | ) | 68 | (2 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Other Debt Securities (C) | 101 | (1 | ) | 32 | (1 | ) | 107 | (4 | ) | 3 | — | |||||||||||||||||||||||
Total Debt Securities | 249 | (3 | ) | 100 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | ||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 365 | $ | (12 | ) | $ | 101 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | ||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are limited to 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 September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 221 | $ | 220 | $ | 779 | $ | 837 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | 45 | 35 | 101 | 95 | ||||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (9 | ) | (12 | ) | (34 | ) | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 42 | $ | 26 | $ | 89 | $ | 61 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $121 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2014. | ||||||||||||||||||||||||||||||||||
The NDT available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | 20 | ||||||||||||||||||||||||||||||||
1 - 5 years | 239 | |||||||||||||||||||||||||||||||||
6 - 10 years | 217 | |||||||||||||||||||||||||||||||||
11 - 15 years | 62 | |||||||||||||||||||||||||||||||||
16 - 20 years | 42 | |||||||||||||||||||||||||||||||||
Over 20 years | 246 | |||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 826 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2014, other-than-temporary impairments of $14 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
Rabbi Trust | ||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | ||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 10 | $ | — | $ | 22 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 88 | 1 | — | 89 | ||||||||||||||||||||||||||||||
Other Debt Securities | 75 | 1 | — | 76 | ||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 2 | — | 165 | ||||||||||||||||||||||||||||||
Other Securities | 1 | — | — | 1 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 176 | $ | 12 | $ | — | $ | 188 | ||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | |||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | |||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | |||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 2 | $ | 1 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 1 | $ | 2 | ||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 26 | — | — | — | 47 | (2 | ) | 2 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 25 | — | — | — | 18 | (1 | ) | 1 | — | |||||||||||||||||||||||||
Total Debt Securities | 51 | — | — | — | 65 | (3 | ) | 3 | — | |||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 51 | $ | — | $ | — | $ | — | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | |||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 419 | $ | 13 | $ | 445 | $ | 77 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 2 | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||||||
Gross Realized Losses | (2 | ) | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2014. The Rabbi Trust available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | — | ||||||||||||||||||||||||||||||||
1 - 5 years | 51 | |||||||||||||||||||||||||||||||||
6 - 10 years | 28 | |||||||||||||||||||||||||||||||||
11 - 15 years | 7 | |||||||||||||||||||||||||||||||||
16 - 20 years | 7 | |||||||||||||||||||||||||||||||||
Over 20 years | 72 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 165 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
The fair value of assets in the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | ||||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | 44 | $ | 39 | ||||||||||||||||||||||||||||||
PSE&G | 40 | 42 | ||||||||||||||||||||||||||||||||
Other | 104 | 98 | ||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 188 | $ | 179 | ||||||||||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust (NDT) Fund | ||||||||||||||||||||||||||||||||||
Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. | ||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 652 | $ | 240 | $ | (9 | ) | $ | 883 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 471 | 5 | (4 | ) | 472 | |||||||||||||||||||||||||||||
Other Debt Securities | 344 | 12 | (2 | ) | 354 | |||||||||||||||||||||||||||||
Total Debt Securities | 815 | 17 | (6 | ) | 826 | |||||||||||||||||||||||||||||
Other Securities | 30 | — | — | 30 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,497 | $ | 257 | $ | (15 | ) | $ | 1,739 | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | |||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | |||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | |||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 41 | $ | 39 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 35 | $ | 36 | ||||||||||||||||||||||||||||||
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 September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 116 | $ | (9 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | ||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 148 | (2 | ) | 68 | (2 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Other Debt Securities (C) | 101 | (1 | ) | 32 | (1 | ) | 107 | (4 | ) | 3 | — | |||||||||||||||||||||||
Total Debt Securities | 249 | (3 | ) | 100 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | ||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 365 | $ | (12 | ) | $ | 101 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | ||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are limited to 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 September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 221 | $ | 220 | $ | 779 | $ | 837 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | 45 | 35 | 101 | 95 | ||||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (9 | ) | (12 | ) | (34 | ) | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 42 | $ | 26 | $ | 89 | $ | 61 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $121 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2014. | ||||||||||||||||||||||||||||||||||
The NDT available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | 20 | ||||||||||||||||||||||||||||||||
1 - 5 years | 239 | |||||||||||||||||||||||||||||||||
6 - 10 years | 217 | |||||||||||||||||||||||||||||||||
11 - 15 years | 62 | |||||||||||||||||||||||||||||||||
16 - 20 years | 42 | |||||||||||||||||||||||||||||||||
Over 20 years | 246 | |||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 826 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2014, other-than-temporary impairments of $14 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
Rabbi Trust | ||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | ||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 10 | $ | — | $ | 22 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 88 | 1 | — | 89 | ||||||||||||||||||||||||||||||
Other Debt Securities | 75 | 1 | — | 76 | ||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 2 | — | 165 | ||||||||||||||||||||||||||||||
Other Securities | 1 | — | — | 1 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 176 | $ | 12 | $ | — | $ | 188 | ||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | |||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | |||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | |||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 2 | $ | 1 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 1 | $ | 2 | ||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 26 | — | — | — | 47 | (2 | ) | 2 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 25 | — | — | — | 18 | (1 | ) | 1 | — | |||||||||||||||||||||||||
Total Debt Securities | 51 | — | — | — | 65 | (3 | ) | 3 | — | |||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 51 | $ | — | $ | — | $ | — | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | |||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 419 | $ | 13 | $ | 445 | $ | 77 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 2 | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||||||
Gross Realized Losses | (2 | ) | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2014. The Rabbi Trust available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | — | ||||||||||||||||||||||||||||||||
1 - 5 years | 51 | |||||||||||||||||||||||||||||||||
6 - 10 years | 28 | |||||||||||||||||||||||||||||||||
11 - 15 years | 7 | |||||||||||||||||||||||||||||||||
16 - 20 years | 7 | |||||||||||||||||||||||||||||||||
Over 20 years | 72 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 165 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
The fair value of assets in the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | ||||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | 44 | $ | 39 | ||||||||||||||||||||||||||||||
PSE&G | 40 | 42 | ||||||||||||||||||||||||||||||||
Other | 104 | 98 | ||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 188 | $ | 179 | ||||||||||||||||||||||||||||||
PSE And G [Member] | ' | |||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ' | |||||||||||||||||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust (NDT) Fund | ||||||||||||||||||||||||||||||||||
Power maintains an external master nuclear decommissioning trust to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains 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 trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. | ||||||||||||||||||||||||||||||||||
Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 652 | $ | 240 | $ | (9 | ) | $ | 883 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 471 | 5 | (4 | ) | 472 | |||||||||||||||||||||||||||||
Other Debt Securities | 344 | 12 | (2 | ) | 354 | |||||||||||||||||||||||||||||
Total Debt Securities | 815 | 17 | (6 | ) | 826 | |||||||||||||||||||||||||||||
Other Securities | 30 | — | — | 30 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,497 | $ | 257 | $ | (15 | ) | $ | 1,739 | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | |||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | |||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | |||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 41 | $ | 39 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 35 | $ | 36 | ||||||||||||||||||||||||||||||
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 September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 116 | $ | (9 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | ||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 148 | (2 | ) | 68 | (2 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Other Debt Securities (C) | 101 | (1 | ) | 32 | (1 | ) | 107 | (4 | ) | 3 | — | |||||||||||||||||||||||
Total Debt Securities | 249 | (3 | ) | 100 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | ||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 365 | $ | (12 | ) | $ | 101 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | ||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are limited to 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 September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 221 | $ | 220 | $ | 779 | $ | 837 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | 45 | 35 | 101 | 95 | ||||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (9 | ) | (12 | ) | (34 | ) | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 42 | $ | 26 | $ | 89 | $ | 61 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $121 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of September 30, 2014. | ||||||||||||||||||||||||||||||||||
The NDT available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | 20 | ||||||||||||||||||||||||||||||||
1 - 5 years | 239 | |||||||||||||||||||||||||||||||||
6 - 10 years | 217 | |||||||||||||||||||||||||||||||||
11 - 15 years | 62 | |||||||||||||||||||||||||||||||||
16 - 20 years | 42 | |||||||||||||||||||||||||||||||||
Over 20 years | 246 | |||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 826 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2014, other-than-temporary impairments of $14 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
Rabbi Trust | ||||||||||||||||||||||||||||||||||
PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” | ||||||||||||||||||||||||||||||||||
PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 10 | $ | — | $ | 22 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 88 | 1 | — | 89 | ||||||||||||||||||||||||||||||
Other Debt Securities | 75 | 1 | — | 76 | ||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 2 | — | 165 | ||||||||||||||||||||||||||||||
Other Securities | 1 | — | — | 1 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 176 | $ | 12 | $ | — | $ | 188 | ||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | |||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | |||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | |||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 2 | $ | 1 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 1 | $ | 2 | ||||||||||||||||||||||||||||||
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. | ||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 26 | — | — | — | 47 | (2 | ) | 2 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 25 | — | — | — | 18 | (1 | ) | 1 | — | |||||||||||||||||||||||||
Total Debt Securities | 51 | — | — | — | 65 | (3 | ) | 3 | — | |||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 51 | $ | — | $ | — | $ | — | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | |||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 419 | $ | 13 | $ | 445 | $ | 77 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 2 | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||||||
Gross Realized Losses | (2 | ) | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||
(A) | Includes activity in accounts related to the liquidation of funds being transitioned to new managers | |||||||||||||||||||||||||||||||||
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2014. The Rabbi Trust available-for-sale debt securities held as of September 30, 2014 had the following maturities: | ||||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | — | ||||||||||||||||||||||||||||||||
1 - 5 years | 51 | |||||||||||||||||||||||||||||||||
6 - 10 years | 28 | |||||||||||||||||||||||||||||||||
11 - 15 years | 7 | |||||||||||||||||||||||||||||||||
16 - 20 years | 7 | |||||||||||||||||||||||||||||||||
Over 20 years | 72 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 165 | ||||||||||||||||||||||||||||||||
The cost of these securities was determined on the basis of specific identification. | ||||||||||||||||||||||||||||||||||
PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. | ||||||||||||||||||||||||||||||||||
The fair value of assets in the Rabbi Trust related to PSEG, Power and PSE&G are detailed as follows: | ||||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | 44 | $ | 39 | ||||||||||||||||||||||||||||||
PSE&G | 40 | 42 | ||||||||||||||||||||||||||||||||
Other | 104 | 98 | ||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 188 | $ | 179 | ||||||||||||||||||||||||||||||
Pension_and_OPEB
Pension and OPEB | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Pension and OPEB | ' | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | ||||||||||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. 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. | ||||||||||||||||||||||||||||||||||
Pension and OPEB costs for PSEG, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service Cost | $ | 26 | $ | 29 | $ | 5 | $ | 6 | $ | 78 | $ | 87 | $ | 14 | $ | 16 | ||||||||||||||||||
Interest Cost | 58 | 54 | 18 | 15 | 176 | 161 | 52 | 47 | ||||||||||||||||||||||||||
Expected Return on Plan Assets | (99 | ) | (87 | ) | (7 | ) | (6 | ) | (299 | ) | (261 | ) | (20 | ) | (16 | ) | ||||||||||||||||||
Amortization of Net | ||||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (5 | ) | (4 | ) | (4 | ) | (14 | ) | (14 | ) | (11 | ) | (11 | ) | ||||||||||||||||||
Actuarial Loss | 14 | 47 | 6 | 11 | 42 | 141 | 18 | 32 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | (2 | ) | $ | 11 | $ | 5 | $ | 6 | $ | (5 | ) | $ | 33 | $ | 15 | $ | 17 | ||||||||||||||||
PSE&G | (4 | ) | 23 | 12 | 16 | (14 | ) | 68 | 35 | 49 | ||||||||||||||||||||||||
Other | — | 4 | 1 | — | 2 | 13 | 3 | 2 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
PSEG does not anticipate making any significant contributions into its pension plan during 2014. However, during the three months ended March 31, 2014, PSEG contributed its entire planned contribution for the year 2014 of $14 million into its postretirement healthcare plan. | ||||||||||||||||||||||||||||||||||
Servco Pension and OPEB | ||||||||||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities (VIEs). 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. The pension-related revenues and costs for the three months and nine months ended September 30, 2014 were $21 million and $67 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. There were no OPEB-related revenues earned or costs incurred for the three months and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||||||||||||||
Pension and OPEB | ' | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | ||||||||||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. 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. | ||||||||||||||||||||||||||||||||||
Pension and OPEB costs for PSEG, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service Cost | $ | 26 | $ | 29 | $ | 5 | $ | 6 | $ | 78 | $ | 87 | $ | 14 | $ | 16 | ||||||||||||||||||
Interest Cost | 58 | 54 | 18 | 15 | 176 | 161 | 52 | 47 | ||||||||||||||||||||||||||
Expected Return on Plan Assets | (99 | ) | (87 | ) | (7 | ) | (6 | ) | (299 | ) | (261 | ) | (20 | ) | (16 | ) | ||||||||||||||||||
Amortization of Net | ||||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (5 | ) | (4 | ) | (4 | ) | (14 | ) | (14 | ) | (11 | ) | (11 | ) | ||||||||||||||||||
Actuarial Loss | 14 | 47 | 6 | 11 | 42 | 141 | 18 | 32 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | (2 | ) | $ | 11 | $ | 5 | $ | 6 | $ | (5 | ) | $ | 33 | $ | 15 | $ | 17 | ||||||||||||||||
PSE&G | (4 | ) | 23 | 12 | 16 | (14 | ) | 68 | 35 | 49 | ||||||||||||||||||||||||
Other | — | 4 | 1 | — | 2 | 13 | 3 | 2 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
PSEG does not anticipate making any significant contributions into its pension plan during 2014. However, during the three months ended March 31, 2014, PSEG contributed its entire planned contribution for the year 2014 of $14 million into its postretirement healthcare plan. | ||||||||||||||||||||||||||||||||||
Servco Pension and OPEB | ||||||||||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities (VIEs). 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. The pension-related revenues and costs for the three months and nine months ended September 30, 2014 were $21 million and $67 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. There were no OPEB-related revenues earned or costs incurred for the three months and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||
PSE And G [Member] | ' | |||||||||||||||||||||||||||||||||
Pension and OPEB | ' | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | ||||||||||||||||||||||||||||||||||
PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. 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. | ||||||||||||||||||||||||||||||||||
Pension and OPEB costs for PSEG, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service Cost | $ | 26 | $ | 29 | $ | 5 | $ | 6 | $ | 78 | $ | 87 | $ | 14 | $ | 16 | ||||||||||||||||||
Interest Cost | 58 | 54 | 18 | 15 | 176 | 161 | 52 | 47 | ||||||||||||||||||||||||||
Expected Return on Plan Assets | (99 | ) | (87 | ) | (7 | ) | (6 | ) | (299 | ) | (261 | ) | (20 | ) | (16 | ) | ||||||||||||||||||
Amortization of Net | ||||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (5 | ) | (4 | ) | (4 | ) | (14 | ) | (14 | ) | (11 | ) | (11 | ) | ||||||||||||||||||
Actuarial Loss | 14 | 47 | 6 | 11 | 42 | 141 | 18 | 32 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
Pension and OPEB costs for Power, PSE&G and PSEG’s other subsidiaries, except for Servco, are detailed as follows: | ||||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | (2 | ) | $ | 11 | $ | 5 | $ | 6 | $ | (5 | ) | $ | 33 | $ | 15 | $ | 17 | ||||||||||||||||
PSE&G | (4 | ) | 23 | 12 | 16 | (14 | ) | 68 | 35 | 49 | ||||||||||||||||||||||||
Other | — | 4 | 1 | — | 2 | 13 | 3 | 2 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
PSEG does not anticipate making any significant contributions into its pension plan during 2014. However, during the three months ended March 31, 2014, PSEG contributed its entire planned contribution for the year 2014 of $14 million into its postretirement healthcare plan. | ||||||||||||||||||||||||||||||||||
Servco Pension and OPEB | ||||||||||||||||||||||||||||||||||
At the direction of LIPA, effective January 1, 2014, Servco established benefit plans that provide substantially the same benefits to its employees as those previously provided by National Grid Electric Services LLC (NGES), the predecessor T&D system manager for LIPA. Since the vast majority of Servco's employees had worked under NGES' T&D operations services arrangement with LIPA, Servco's plans provide certain of those employees with pension and OPEB vested credit for prior years' services earned while working for NGES. The benefit plans cover all employees of Servco for current service. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities (VIEs). 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. The pension-related revenues and costs for the three months and nine months ended September 30, 2014 were $21 million and $67 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2014. There were no OPEB-related revenues earned or costs incurred for the three months and nine months ended September 30, 2014. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||
Guaranteed Obligations | |||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||
• | obtain credit. | ||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||
Power is subject to | |||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||
The face value of Power's outstanding guarantees, current exposure and margin positions as of September 30, 2014 and December 31, 2013 are shown as follows: | |||||||||||||||
As of | As of | ||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,719 | $ | 1,639 | |||||||||||
Exposure under Current Guarantees | $ | 222 | $ | 246 | |||||||||||
Letters of Credit Margin Posted | $ | 138 | $ | 132 | |||||||||||
Letters of Credit Margin Received | $ | 17 | $ | 25 | |||||||||||
Cash Deposited and Received: | |||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||
Counterparty Cash Margin Received | $ | (25 | ) | $ | — | ||||||||||
Net Broker Balance Deposited (Received) | $ | 278 | $ | 80 | |||||||||||
In the Event Power were to Lose its Investment Grade Rating: | |||||||||||||||
Additional Collateral that could be Required | $ | 851 | $ | 691 | |||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,516 | $ | 3,522 | |||||||||||
Additional Amounts Posted: | |||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See preceding table. | |||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. | |||||||||||||||
Environmental Matters | |||||||||||||||
Passaic River | |||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. | |||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||
The EPA further determined that there was a need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including Power and PSE&G, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River At such time, the CPG also agreed to allocate the associated costs of the RI/FS among the members of the CPG on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||
The CPG, which consisted of 61 members as of September 30, 2014, continues to conduct the RI/FS and is expected to be completed by the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of August 31, 2014, the CPG Group had spent approximately $124 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||
In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. This agreement and the work undertaken pursuant to the action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17 mile stretch of the lower Passaic River. | |||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17 mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact Power's and PSE&G's ultimate liability. | |||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, Power and PSE&G believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) Power and PSE&G’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||
Natural Resource Damage Claims | |||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSEG is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||
Newark Bay Study Area | |||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||
MGP Remediation Program | |||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $452 million and $524 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $452 million as of September 30, 2014. Of this amount, $75 million was recorded in Other Current Liabilities and $377 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $452 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation in February 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. | |||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls are being installed at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be operational in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||
Nitrogen Oxide (NOX) Regulation | |||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM Interconnection L.L.C. (PJM). PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, an immaterial investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||
In October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division in December 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Fourth Circuit Court of Appeals. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||
State permitting decisions could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||
Auction Year | |||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||
(A) | Prices set for the 2014 BGS auction year became effective on June 1, 2014 when the 2011 BGS auction agreements expired. | ||||||||||||||
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 17. Related-Party Transactions. | |||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||
Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||
As of September 30, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||
Millions | |||||||||||||||
Nuclear Fuel | |||||||||||||||
Uranium | $ | 450 | |||||||||||||
Enrichment | $ | 369 | |||||||||||||
Fabrication | $ | 174 | |||||||||||||
Natural Gas | $ | 877 | |||||||||||||
Coal | $ | 367 | |||||||||||||
Regulatory Proceedings | |||||||||||||||
FERC Compliance | |||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power is also in the process of implementing procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||
On September 2, 2014, the FERC Staff verbally informed PSEG that they have initiated a preliminary, non-public staff investigation into the matter. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||
In June 2014, the BPU established the funding level for fiscal year 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 aggregate funding for all EDCs is $345 million with PSE&G's share of the funding at $200 million. PSE&G has a current liability of $185 million as of September 30, 2014 for its outstanding share of the fiscal year 2015 and remaining fiscal year 2014 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||
Superstorm Sandy | |||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. | |||||||||||||||
Power incurred an additional $4 million and $23 million for the three months and nine months ended September 30, 2014, primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. As previously reported, PSEG is seeking recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs related to damaged facilities was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In April 2014, PSEG notified the insurance carriers of a revised estimate of $579 million for total costs related to damaged facilities, of which $484 million and $95 million related to Power and PSE&G, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment. We cannot predict the outcome of this proceeding. | |||||||||||||||
Power [Member] | ' | ||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||
Guaranteed Obligations | |||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||
• | obtain credit. | ||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||
Power is subject to | |||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||
The face value of Power's outstanding guarantees, current exposure and margin positions as of September 30, 2014 and December 31, 2013 are shown as follows: | |||||||||||||||
As of | As of | ||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,719 | $ | 1,639 | |||||||||||
Exposure under Current Guarantees | $ | 222 | $ | 246 | |||||||||||
Letters of Credit Margin Posted | $ | 138 | $ | 132 | |||||||||||
Letters of Credit Margin Received | $ | 17 | $ | 25 | |||||||||||
Cash Deposited and Received: | |||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||
Counterparty Cash Margin Received | $ | (25 | ) | $ | — | ||||||||||
Net Broker Balance Deposited (Received) | $ | 278 | $ | 80 | |||||||||||
In the Event Power were to Lose its Investment Grade Rating: | |||||||||||||||
Additional Collateral that could be Required | $ | 851 | $ | 691 | |||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,516 | $ | 3,522 | |||||||||||
Additional Amounts Posted: | |||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See preceding table. | |||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. | |||||||||||||||
Environmental Matters | |||||||||||||||
Passaic River | |||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. | |||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||
The EPA further determined that there was a need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including Power and PSE&G, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River At such time, the CPG also agreed to allocate the associated costs of the RI/FS among the members of the CPG on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||
The CPG, which consisted of 61 members as of September 30, 2014, continues to conduct the RI/FS and is expected to be completed by the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of August 31, 2014, the CPG Group had spent approximately $124 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||
In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. This agreement and the work undertaken pursuant to the action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17 mile stretch of the lower Passaic River. | |||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17 mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact Power's and PSE&G's ultimate liability. | |||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, Power and PSE&G believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) Power and PSE&G’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||
Natural Resource Damage Claims | |||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSEG is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||
Newark Bay Study Area | |||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||
MGP Remediation Program | |||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $452 million and $524 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $452 million as of September 30, 2014. Of this amount, $75 million was recorded in Other Current Liabilities and $377 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $452 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation in February 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. | |||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls are being installed at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be operational in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||
Nitrogen Oxide (NOX) Regulation | |||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM Interconnection L.L.C. (PJM). PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, an immaterial investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||
In October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division in December 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Fourth Circuit Court of Appeals. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||
State permitting decisions could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||
Auction Year | |||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||
(A) | Prices set for the 2014 BGS auction year became effective on June 1, 2014 when the 2011 BGS auction agreements expired. | ||||||||||||||
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 17. Related-Party Transactions. | |||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||
Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||
As of September 30, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||
Millions | |||||||||||||||
Nuclear Fuel | |||||||||||||||
Uranium | $ | 450 | |||||||||||||
Enrichment | $ | 369 | |||||||||||||
Fabrication | $ | 174 | |||||||||||||
Natural Gas | $ | 877 | |||||||||||||
Coal | $ | 367 | |||||||||||||
Regulatory Proceedings | |||||||||||||||
FERC Compliance | |||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power is also in the process of implementing procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||
On September 2, 2014, the FERC Staff verbally informed PSEG that they have initiated a preliminary, non-public staff investigation into the matter. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||
In June 2014, the BPU established the funding level for fiscal year 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 aggregate funding for all EDCs is $345 million with PSE&G's share of the funding at $200 million. PSE&G has a current liability of $185 million as of September 30, 2014 for its outstanding share of the fiscal year 2015 and remaining fiscal year 2014 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||
Superstorm Sandy | |||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. | |||||||||||||||
Power incurred an additional $4 million and $23 million for the three months and nine months ended September 30, 2014, primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. As previously reported, PSEG is seeking recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs related to damaged facilities was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In April 2014, PSEG notified the insurance carriers of a revised estimate of $579 million for total costs related to damaged facilities, of which $484 million and $95 million related to Power and PSE&G, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment. We cannot predict the outcome of this proceeding. | |||||||||||||||
PSE And G [Member] | ' | ||||||||||||||
Commitments and Contingent Liabilities | ' | ||||||||||||||
Commitments and Contingent Liabilities | |||||||||||||||
Guaranteed Obligations | |||||||||||||||
Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. | |||||||||||||||
Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to | |||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and | ||||||||||||||
• | obtain credit. | ||||||||||||||
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. | |||||||||||||||
In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to | |||||||||||||||
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and | ||||||||||||||
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). | ||||||||||||||
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. | |||||||||||||||
Power is subject to | |||||||||||||||
• | counterparty collateral calls related to commodity contracts, and | ||||||||||||||
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. | ||||||||||||||
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. | |||||||||||||||
In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. | |||||||||||||||
The face value of Power's outstanding guarantees, current exposure and margin positions as of September 30, 2014 and December 31, 2013 are shown as follows: | |||||||||||||||
As of | As of | ||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,719 | $ | 1,639 | |||||||||||
Exposure under Current Guarantees | $ | 222 | $ | 246 | |||||||||||
Letters of Credit Margin Posted | $ | 138 | $ | 132 | |||||||||||
Letters of Credit Margin Received | $ | 17 | $ | 25 | |||||||||||
Cash Deposited and Received: | |||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||
Counterparty Cash Margin Received | $ | (25 | ) | $ | — | ||||||||||
Net Broker Balance Deposited (Received) | $ | 278 | $ | 80 | |||||||||||
In the Event Power were to Lose its Investment Grade Rating: | |||||||||||||||
Additional Collateral that could be Required | $ | 851 | $ | 691 | |||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,516 | $ | 3,522 | |||||||||||
Additional Amounts Posted: | |||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. | |||||||||||||||
In the event of a deterioration of Power’s credit rating to below investment grade, which would represent a three level downgrade from its current S&P, Moody’s and Fitch ratings, many of these agreements allow the counterparty to demand further performance assurance. See preceding table. | |||||||||||||||
The SEC and the Commodity Futures Trading Commission (CFTC) continue efforts to implement new rules to effect stricter regulation over swaps and derivatives, including imposing reporting and record-keeping requirements. In August 2013, PSEG began reporting its swap transactions to a CFTC-approved swap data repository. PSEG continues to monitor developments in this area, as the CFTC considers additional requirements such as a new position limits rule for physical commodity futures contracts and swaps that are economically equivalent to those contracts. | |||||||||||||||
In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. | |||||||||||||||
Environmental Matters | |||||||||||||||
Passaic River | |||||||||||||||
Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. | |||||||||||||||
Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) | |||||||||||||||
In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Super Fund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. | |||||||||||||||
The EPA further determined that there was a need to perform a comprehensive study of the entire 17-miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. | |||||||||||||||
In early 2007, 73 Potentially Responsible Parties (PRPs), including Power and PSE&G, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River At such time, the CPG also agreed to allocate the associated costs of the RI/FS among the members of the CPG on the basis of a mutually agreed upon formula. For the purpose of this allocation, approximately seven percent of the RI/FS costs were deemed attributable to PSE&G’s former MGP sites and approximately one percent was attributed to Power’s generating stations. These allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. Power has provided notice to insurers concerning this potential claim. | |||||||||||||||
The CPG, which consisted of 61 members as of September 30, 2014, continues to conduct the RI/FS and is expected to be completed by the first quarter of 2015 at an estimated cost of approximately $136 million. Of the estimated $136 million, as of August 31, 2014, the CPG Group had spent approximately $124 million, of which PSEG's total share had been approximately $9 million. | |||||||||||||||
In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra and Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA, Tierra and Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. This agreement and the work undertaken pursuant to the action agreement has no impact on the ultimate remedy that the EPA will select for the remediation of the 17 mile stretch of the lower Passaic River. | |||||||||||||||
In 2012, Tierra and Maxus withdrew from the CPG and refused to participate as members going forward, other than in respect of their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. PSEG’s share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. | |||||||||||||||
On April 11, 2014, the EPA released its revised “Focused Feasibility Study” (FFS) which contemplates the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17 mile stretch of the Passaic River that had originally been designated as a Super Fund site. The FFS sets forth various alternatives for remediating this portion of the Passaic River. The EPA’s estimated costs to remediate the lower eight miles of the Passaic River range from $365 million for a targeted remedy to $3.25 billion for a deep dredge of this portion of the Passaic River. The EPA also identified in the FFS its preferred alternative, which would involve dredging the river bank to bank and installing an engineered cap. The estimated cost in the FFS for its preferred alternative is $1.7 billion. No provisional cost allocation has been made by the CPG for the work contemplated by the draft FFS, and the work contemplated by the FFS is not subject to the CPG’s cost sharing allocation agreed to in connection with the removal work for River Mile 10.9 or in connection with the conduct of the RI/FS. | |||||||||||||||
The draft FFS was subject to a public comment period, and remains subject to the EPA’s response to comments submitted, a design phase and at least an estimated five years for completion of the work. The public comment period on the draft FFS closed on August 21, 2014. Over 300 comments were submitted by a variety of entities potentially impacted by the FFS, including the CPG, individual companies, municipalities, public officials, citizens groups, Amtrak, NJ Transit and others. The EPA will consider the comments received prior to issuing a Record of Decision (ROD) of a selected remedy for the lower eight miles. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact Power's and PSE&G's ultimate liability. | |||||||||||||||
Based on the facts and circumstance known at this time, and calculated in reference to the EPA estimate set forth in the FFS for its preferred remedy, Power and PSE&G believe that their respective shares of the costs to clean up the Passaic River will be immaterial. However, until (i) the RI/FS is completed, (ii) a final remedy is determined by the EPA or through litigation, (iii) Power and PSE&G’s respective share of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on our financial statements. | |||||||||||||||
New Jersey Spill Compensation and Control Act (Spill Act) | |||||||||||||||
In 2005, the New Jersey Department of Environmental Protection (NJDEP) filed suit in the New Jersey Superior Court seeking damages and reimbursement for costs expended by the State of New Jersey to address the effects of a certain PRP’s discharge of hazardous substances into both the Passaic River and the balance of the Newark Bay Complex. In 2009, third party complaints were filed against some 320 third party defendants, including Power and PSE&G, claiming that each of the third party defendants is responsible for its proportionate share of the clean-up costs for the hazardous substances it allegedly discharged into the Passaic River and the Newark Bay Complex. Power and PSE&G are alleged to have owned, operated or contributed to a total of 11 sites or facilities that impacted these water bodies. The third party complaints sought statutory contribution and contribution under the Spill Act to recover past and future removal costs and damages. In December 2013, the Court approved a settlement of the entire third party action. Power and PSE&G's contributions to the settlement, either individually or in the aggregate, were immaterial. | |||||||||||||||
Natural Resource Damage Claims | |||||||||||||||
In 2003, the NJDEP directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the Spill Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the United States Department of Commerce and the United States Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSEG is unable to estimate its portion of the possible loss or range of loss related to this matter. | |||||||||||||||
Newark Bay Study Area | |||||||||||||||
The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. Power and PSE&G are unable to estimate their portion of the possible loss or range of loss related to this matter. | |||||||||||||||
MGP Remediation Program | |||||||||||||||
PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $452 million and $524 million through 2021. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $452 million as of September 30, 2014. Of this amount, $75 million was recorded in Other Current Liabilities and $377 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $452 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. | |||||||||||||||
Prevention of Significant Deterioration (PSD)/New Source Review (NSR) | |||||||||||||||
The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. | |||||||||||||||
In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. | |||||||||||||||
Hazardous Air Pollutants Regulation | |||||||||||||||
In accordance with a ruling of the U.S. Court of Appeals of the District of Columbia (D.C. Court), the EPA published a Maximum Achievable Control Technology (MACT) regulation in February 2012. These Mercury Air Toxics Standards (MATS) are scheduled to go into effect on April 16, 2015 and establish allowable emission levels for mercury as well as other hazardous air pollutants pursuant to the CAA. In February 2012, members of the electric generating industry filed a petition challenging the existing source National Emission Standard for Hazardous Air Pollutants (NESHAP), new source NESHAP and the New Source Performance Standard (NSPS). In March 2012, PSEG filed a motion to intervene with the D.C. Court in support of the EPA's implementation of MATS. In April 2014, the D.C. Court denied all petitions for review of the existing source NESHAP. Several parties, including 21 states, have filed petitions for review with the U.S. Supreme Court. | |||||||||||||||
Power believes that it will not be necessary to install any material controls at its New Jersey facilities. Additional controls are being installed at Power’s Bridgeport Harbor coal-fired unit at an immaterial cost. In December 2011, to comply with the MACT regulations, the co-owners group, including Power, agreed to upgrade the previously planned two flue gas desulfurization scrubbers and install Selective Catalytic Reduction systems at Power’s jointly owned coal-fired generating facility at Conemaugh in Pennsylvania. This installation is expected to be operational in the first quarter of 2015. Power's share of this investment is approximately $110 million. | |||||||||||||||
Nitrogen Oxide (NOX) Regulation | |||||||||||||||
In 2009, the NJDEP finalized revisions to NOx emission control regulations that impose new NOx emission reduction requirements and limits for New Jersey fossil fuel-fired electric generation units. The rule has an impact on Power’s generation fleet, as it imposes NOx emissions limits that will require capital investment for controls or the retirement of up to 86 combustion turbines (approximately 1,750 MW) by May 30, 2015. Retirement notifications for the combustion turbines have been submitted to PJM Interconnection L.L.C. (PJM). PJM was notified that the Salem Unit 3 combustion turbine will no longer be available as a capacity resource and will be transitioned to an emergency generator for site use only. Based upon Power’s recently-completed evaluations of its steam electric generation units, an immaterial investment will be required to consistently reduce NOx emissions below required limits beginning on May 1, 2015. | |||||||||||||||
Clean Water Act Permit Renewals | |||||||||||||||
Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System (NPDES) permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The New Jersey Department of Environmental Protection manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. | |||||||||||||||
One of the most significant NJPDES permits governing cooling water intake structures at Power is for Salem. In 2001, the NJDEP issued a renewed NJPDES permit for Salem, expiring in July 2006, allowing for the continued operation of Salem with its existing cooling water intake system. In February 2006, Power filed with the NJDEP a renewal application allowing Salem to continue operating under its existing NJPDES permit until a new permit is issued. | |||||||||||||||
In October 2013, the Delaware Riverkeeper Network and several other environmental groups filed a lawsuit in the Superior Court in New Jersey seeking to compel the NJDEP to take action on Power's pending application for permit renewal at Salem either by denying the application or issuing a draft for public comments. At the NJDEP's request, the case was transferred to the Appellate Division in December 2013. Power is unable to predict the outcome of this proceeding. | |||||||||||||||
On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Fourth Circuit Court of Appeals. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. | |||||||||||||||
State permitting decisions could have a material impact on Power’s ability to renew permits at its larger once-through cooled plants, including Salem, Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. | |||||||||||||||
Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. | |||||||||||||||
Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) | |||||||||||||||
PSE&G obtains its electric supply requirements for customers who do not purchase electric supply from third party suppliers through the annual New Jersey BGS auctions. Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with Power, as well as with other winning BGS suppliers, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. | |||||||||||||||
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. | |||||||||||||||
PSE&G has contracted for its anticipated BGS-Fixed Price eligible load, as follows: | |||||||||||||||
Auction Year | |||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||
(A) | Prices set for the 2014 BGS auction year became effective on June 1, 2014 when the 2011 BGS auction agreements expired. | ||||||||||||||
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 17. Related-Party Transactions. | |||||||||||||||
Minimum Fuel Purchase Requirements | |||||||||||||||
Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2018 at Salem, Hope Creek and Peach Bottom. | |||||||||||||||
Power has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations and for firm transportation and storage capacity for natural gas. | |||||||||||||||
Power’s various multi-year contracts for firm transportation and storage capacity for natural gas are primarily used to meet its gas supply obligations to PSE&G. These purchase obligations are consistent with Power’s strategy to enter into contracts for its fuel supply in comparable volumes to its sales contracts. | |||||||||||||||
As of September 30, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||
Millions | |||||||||||||||
Nuclear Fuel | |||||||||||||||
Uranium | $ | 450 | |||||||||||||
Enrichment | $ | 369 | |||||||||||||
Fabrication | $ | 174 | |||||||||||||
Natural Gas | $ | 877 | |||||||||||||
Coal | $ | 367 | |||||||||||||
Regulatory Proceedings | |||||||||||||||
FERC Compliance | |||||||||||||||
In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. PSEG notified the FERC, PJM and the PJM Independent Market Monitor (IMM) of this issue. During the three months ended March 31, 2014, Power recorded a charge to income in the amount of $25 million related to these findings for these past errors based upon its best estimate available at the time. PSEG cannot provide any assurances that the total liability associated with this matter will not increase or decrease over the amount recorded. | |||||||||||||||
Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter. As the investigation proceeded, additional pricing errors in the bids were identified and it was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed the FERC, PJM and the IMM of these additional issues, and has corrected these errors. Power is also in the process of implementing procedures to help mitigate the risk of similar issues occurring in the future. | |||||||||||||||
On September 2, 2014, the FERC Staff verbally informed PSEG that they have initiated a preliminary, non-public staff investigation into the matter. This investigation could result in the FERC seeking disgorgement of any over-collected amounts, civil penalties and non-financial remedies. It is not possible at this time to reasonably estimate the ultimate impact or predict any resulting penalties, other costs associated with this matter, or the applicability of mitigating factors. It is possible that Power will incur additional losses, and that such losses may be material, but PSEG cannot at the current time estimate the amount or range of any additional losses. | |||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||
In June 2014, the BPU established the funding level for fiscal year 2015 applicable to its Renewable Energy and Energy Efficiency programs. The fiscal year 2015 aggregate funding for all EDCs is $345 million with PSE&G's share of the funding at $200 million. PSE&G has a current liability of $185 million as of September 30, 2014 for its outstanding share of the fiscal year 2015 and remaining fiscal year 2014 funding. The liability is reduced as normal payments are made. The liability has been recorded with an offsetting Regulatory Asset, since the costs associated with this program are recovered from PSE&G ratepayers through the Societal Benefits Charge (SBC). | |||||||||||||||
Superstorm Sandy | |||||||||||||||
In late October 2012, Superstorm Sandy caused severe damage to PSE&G's T&D system throughout its service territory as well as to some of Power's generation infrastructure in the northern part of New Jersey. Strong winds and the resulting storm surge caused damage to switching stations, substations and generating infrastructure. | |||||||||||||||
Power had incurred $79 million and $85 million of storm-related expense in 2013 and 2012, respectively, primarily for repairs at certain generating stations in Power's fossil fleet. These costs were recognized in O&M Expense, offset by $25 million and $19 million of insurance recoveries in 2013 and 2012, respectively. | |||||||||||||||
Power incurred an additional $4 million and $23 million for the three months and nine months ended September 30, 2014, primarily for repairs at certain generating stations in Power's fossil fleet. | |||||||||||||||
PSEG maintains insurance coverage against loss or damage to plants and certain properties, subject to certain exceptions and limitations, to the extent such property is usually insured and insurance is available at a reasonable cost. As previously reported, PSEG is seeking recovery from its insurers for the property damage resulting from Superstorm Sandy, above its self-insured retentions; however, no assurances can be given relative to the timing or amount of such recovery. In June 2013, PSEG, Power and PSE&G filed suit in New Jersey state court against its insurance carriers seeking an interpretation that the insurance policies cover their losses resulting from damage caused by Superstorm Sandy's storm surge. In that lawsuit, PSEG stated that its estimate of the total costs related to damaged facilities was approximately $426 million. Of these costs, $364 million and $62 million related to Power and PSE&G, respectively. In August 2013, the insurance carriers filed an answer in which they denied most of the allegations made in the Complaint. In April 2014, PSEG notified the insurance carriers of a revised estimate of $579 million for total costs related to damaged facilities, of which $484 million and $95 million related to Power and PSE&G, respectively. Discovery in the case has been completed. On October 7, 2014, both parties filed cross-motions for summary judgment. We cannot predict the outcome of this proceeding. |
Changes_in_Capitalization
Changes in Capitalization | 9 Months Ended | |
Sep. 30, 2014 | ||
Changes in Capitalization | ' | |
Changes in Capitalization | ||
The following capital transactions occurred in the nine months ended September 30, 2014: | ||
Power | ||
• | paid cash dividends of $775 million to PSEG. | |
PSE&G | ||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | |
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | |
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | |
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | |
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | |
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | |
• | paid $164 million of Transition Funding's securitization debt, | |
• | paid $6 million of Transition Funding II's securitization debt, and | |
• | received a $175 million capital contribution from PSEG. | |
In October 2014, Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire on November 30, 2014, has now been extended through November 30, 2019. | ||
Power [Member] | ' | |
Changes in Capitalization | ' | |
Changes in Capitalization | ||
The following capital transactions occurred in the nine months ended September 30, 2014: | ||
Power | ||
• | paid cash dividends of $775 million to PSEG. | |
PSE&G | ||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | |
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | |
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | |
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | |
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | |
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | |
• | paid $164 million of Transition Funding's securitization debt, | |
• | paid $6 million of Transition Funding II's securitization debt, and | |
• | received a $175 million capital contribution from PSEG. | |
In October 2014, Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire on November 30, 2014, has now been extended through November 30, 2019. | ||
PSE And G [Member] | ' | |
Changes in Capitalization | ' | |
Changes in Capitalization | ||
The following capital transactions occurred in the nine months ended September 30, 2014: | ||
Power | ||
• | paid cash dividends of $775 million to PSEG. | |
PSE&G | ||
• | issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019, | |
• | issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044, | |
• | issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019, | |
• | issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024, | |
• | paid $250 million of 0.85% Secured Medium-Term Notes at maturity, | |
• | paid $250 million of 5.00% Secured Medium-Term Notes at maturity, | |
• | paid $164 million of Transition Funding's securitization debt, | |
• | paid $6 million of Transition Funding II's securitization debt, and | |
• | received a $175 million capital contribution from PSEG. | |
In October 2014, Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire on November 30, 2014, has now been extended through November 30, 2019. |
Financial_Risk_Management_Acti
Financial Risk Management Activities | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to various factors, including but not limited to, weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions and transmission availability. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are marked to market with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity were as follows: | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 3 | $ | (4 | ) | ||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in June 2015. Power’s remaining $2 million of after-tax unrealized gains on these derivatives is expected to be reclassified to earnings during the next 12 months. There was no ineffectiveness associated with qualifying hedges as of September 30, 2014. | |||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. These natural gas contracts qualify as derivatives and are marked to fair market value with the offset recorded to Regulatory Assets and Liabilities. | |||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of September 30, 2014, PSEG had interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of September 30, 2014 and December 31, 2013, the fair value of all the underlying hedges was $26 million and $38 million, respectively. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was less than $(1) million and $(1) million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
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 our accounting policy, these positions have been offset in the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | 4 | $ | 517 | $ | (471 | ) | $ | 50 | $ | 5 | $ | 16 | $ | 71 | ||||||||||||||||
Noncurrent Assets | — | 166 | (155 | ) | 11 | 8 | 10 | 29 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 4 | $ | 683 | $ | (626 | ) | $ | 61 | $ | 13 | $ | 26 | $ | 100 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (1 | ) | $ | (702 | ) | $ | 594 | $ | (109 | ) | $ | — | $ | — | $ | (109 | ) | |||||||||||||
Noncurrent Liabilities | — | (175 | ) | 138 | (37 | ) | — | — | (37 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (1 | ) | $ | (877 | ) | $ | 732 | $ | (146 | ) | $ | — | $ | — | $ | (146 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | (194 | ) | $ | 106 | $ | (85 | ) | $ | 13 | $ | 26 | $ | (46 | ) | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014 and December 31, 2013, net cash collateral (received) paid of $106 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(12) million and $(21) million of cash collateral was netted against current assets and noncurrent assets, respectively, and $135 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on NYMEX and ICE that are fully collateralized) was $140 million and $91 million as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014 and December 31, 2013, Power had the contractual right of offset of $31 million and $39 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of September 30, 2014 and December 31, 2013, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $851 million and $691 million as of September 30, 2014 and December 31, 2013, respectively, discussed in Note 8. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total PSEG | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total Power | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Interest Rate Swaps | — | — | Interest Expense | — | (1 | ) | — | — | |||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 10 | $ | — | $ | (1 | ) | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Total Power | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 11 | $ | — | $ | (1 | ) | ||||||||||||||||
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, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||
Net Loss Recognized in AOCI | (7 | ) | (4 | ) | |||||||||||||||||||||||||||
Loss Reclassified into Income | 12 | 7 | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
Gain Recognized in AOCI | 3 | 2 | |||||||||||||||||||||||||||||
Gain Reclassified into Income | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | 2 | |||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the three months and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 93 | $ | 14 | $ | (759 | ) | $ | (32 | ) | ||||||||||||||||||||
Energy-Related Contracts | Energy Costs | (12 | ) | 10 | 65 | 63 | |||||||||||||||||||||||||
Total PSEG and Power | $ | 81 | $ | 24 | $ | (694 | ) | $ | 31 | ||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $5 million and $4 million for the three months and $15 million and $14 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 341 | — | 277 | 64 | ||||||||||||||||||||||||||
Electricity | MWh | 329 | — | 329 | — | ||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 21 | — | 21 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||
As of September 30, 2014, 99% of the 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 and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of September 30, 2014. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||
Exposure | Held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 89 | $ | 27 | $ | 77 | 2 | $ | 52 | (A) | |||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Investment Grade—No External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 91 | $ | 27 | $ | 79 | 2 | $ | 52 | ||||||||||||||||||||||
(A) | Includes net exposure of $21 million with PSE&G. The remaining net exposure of $31 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||
The net exposure listed in the preceding table, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of September 30, 2014, Power had 136 active counterparties. | |||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to various factors, including but not limited to, weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions and transmission availability. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are marked to market with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity were as follows: | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 3 | $ | (4 | ) | ||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in June 2015. Power’s remaining $2 million of after-tax unrealized gains on these derivatives is expected to be reclassified to earnings during the next 12 months. There was no ineffectiveness associated with qualifying hedges as of September 30, 2014. | |||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. These natural gas contracts qualify as derivatives and are marked to fair market value with the offset recorded to Regulatory Assets and Liabilities. | |||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of September 30, 2014, PSEG had interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of September 30, 2014 and December 31, 2013, the fair value of all the underlying hedges was $26 million and $38 million, respectively. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was less than $(1) million and $(1) million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
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 our accounting policy, these positions have been offset in the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | 4 | $ | 517 | $ | (471 | ) | $ | 50 | $ | 5 | $ | 16 | $ | 71 | ||||||||||||||||
Noncurrent Assets | — | 166 | (155 | ) | 11 | 8 | 10 | 29 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 4 | $ | 683 | $ | (626 | ) | $ | 61 | $ | 13 | $ | 26 | $ | 100 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (1 | ) | $ | (702 | ) | $ | 594 | $ | (109 | ) | $ | — | $ | — | $ | (109 | ) | |||||||||||||
Noncurrent Liabilities | — | (175 | ) | 138 | (37 | ) | — | — | (37 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (1 | ) | $ | (877 | ) | $ | 732 | $ | (146 | ) | $ | — | $ | — | $ | (146 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | (194 | ) | $ | 106 | $ | (85 | ) | $ | 13 | $ | 26 | $ | (46 | ) | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014 and December 31, 2013, net cash collateral (received) paid of $106 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(12) million and $(21) million of cash collateral was netted against current assets and noncurrent assets, respectively, and $135 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on NYMEX and ICE that are fully collateralized) was $140 million and $91 million as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014 and December 31, 2013, Power had the contractual right of offset of $31 million and $39 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of September 30, 2014 and December 31, 2013, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $851 million and $691 million as of September 30, 2014 and December 31, 2013, respectively, discussed in Note 8. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total PSEG | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total Power | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Interest Rate Swaps | — | — | Interest Expense | — | (1 | ) | — | — | |||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 10 | $ | — | $ | (1 | ) | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Total Power | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 11 | $ | — | $ | (1 | ) | ||||||||||||||||
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, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||
Net Loss Recognized in AOCI | (7 | ) | (4 | ) | |||||||||||||||||||||||||||
Loss Reclassified into Income | 12 | 7 | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
Gain Recognized in AOCI | 3 | 2 | |||||||||||||||||||||||||||||
Gain Reclassified into Income | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | 2 | |||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the three months and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 93 | $ | 14 | $ | (759 | ) | $ | (32 | ) | ||||||||||||||||||||
Energy-Related Contracts | Energy Costs | (12 | ) | 10 | 65 | 63 | |||||||||||||||||||||||||
Total PSEG and Power | $ | 81 | $ | 24 | $ | (694 | ) | $ | 31 | ||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $5 million and $4 million for the three months and $15 million and $14 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 341 | — | 277 | 64 | ||||||||||||||||||||||||||
Electricity | MWh | 329 | — | 329 | — | ||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 21 | — | 21 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||
As of September 30, 2014, 99% of the 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 and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of September 30, 2014. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||
Exposure | Held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 89 | $ | 27 | $ | 77 | 2 | $ | 52 | (A) | |||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Investment Grade—No External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 91 | $ | 27 | $ | 79 | 2 | $ | 52 | ||||||||||||||||||||||
(A) | Includes net exposure of $21 million with PSE&G. The remaining net exposure of $31 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||
The net exposure listed in the preceding table, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of September 30, 2014, Power had 136 active counterparties. | |||||||||||||||||||||||||||||||
PSE And G [Member] | ' | ||||||||||||||||||||||||||||||
Financial Risk Management Activities | ' | ||||||||||||||||||||||||||||||
Financial Risk Management Activities | |||||||||||||||||||||||||||||||
The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. | |||||||||||||||||||||||||||||||
Commodity Prices | |||||||||||||||||||||||||||||||
The availability and price of energy commodities are subject to fluctuations due to various factors, including but not limited to, weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market conditions and transmission availability. Power uses physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. Derivative contracts that do not qualify for hedge accounting or normal purchases/normal sales treatment are marked to market with changes in fair value recorded in the Consolidated Statements of Operations. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
Power uses forward sale and purchase contracts, swaps and futures contracts to hedge | |||||||||||||||||||||||||||||||
• | forecasted energy sales from its generation stations and the related load obligations, | ||||||||||||||||||||||||||||||
• | the price of fuel to meet its fuel purchase requirements, and | ||||||||||||||||||||||||||||||
• | certain forecasted natural gas sales and purchases made to support the BGSS contract with PSE&G. | ||||||||||||||||||||||||||||||
These derivative transactions are designated and effective as cash flow hedges. During the second quarter of 2012, Power de-designated certain of its commodity derivative transactions that had previously qualified as cash flow hedges as they were deemed to no longer be highly effective as required by the relevant accounting guidance. As a result, since June 1, 2012, Power recognizes all gains and losses from changes in the fair value of these derivatives immediately in earnings rather than deferring any such amounts in Accumulated Other Comprehensive Income (Loss). The fair values of Power’s de-designated hedges were frozen in Accumulated Other Comprehensive Income (Loss) as the original forecasted transactions are still expected to occur and are reclassified into earnings as the original derivative transactions settle. | |||||||||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the fair value and the impact on Accumulated Other Comprehensive Income (Loss) associated with accounting hedge activity were as follows: | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 3 | $ | (4 | ) | ||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||
The expiration date of the longest-dated cash flow hedge at Power is in June 2015. Power’s remaining $2 million of after-tax unrealized gains on these derivatives is expected to be reclassified to earnings during the next 12 months. There was no ineffectiveness associated with qualifying hedges as of September 30, 2014. | |||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||
Power enters into additional contracts that are derivatives, but do not qualify for or are not designated as cash flow hedges. These transactions are intended to mitigate exposure to fluctuations in commodity prices and optimize the value of its expected generation. Trade types include financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. Changes in fair market value of these contracts are recorded in earnings. PSE&G is a party to certain long-term natural gas sales contracts to optimize its pipeline capacity utilization. These natural gas contracts qualify as derivatives and are marked to fair market value with the offset recorded to Regulatory Assets and Liabilities. | |||||||||||||||||||||||||||||||
Interest Rates | |||||||||||||||||||||||||||||||
PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. | |||||||||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||||||||
PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of September 30, 2014, PSEG had interest rate swaps outstanding totaling $850 million. These swaps convert Power’s $300 million of 5.5% Senior Notes due December 2015, $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of September 30, 2014 and December 31, 2013, the fair value of all the underlying hedges was $26 million and $38 million, respectively. | |||||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||||
PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. The Accumulated Other Comprehensive Income (Loss) (after tax) related to interest rate derivatives designated as cash flow hedges was less than $(1) million and $(1) million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||
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 our accounting policy, these positions have been offset in the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | 4 | $ | 517 | $ | (471 | ) | $ | 50 | $ | 5 | $ | 16 | $ | 71 | ||||||||||||||||
Noncurrent Assets | — | 166 | (155 | ) | 11 | 8 | 10 | 29 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 4 | $ | 683 | $ | (626 | ) | $ | 61 | $ | 13 | $ | 26 | $ | 100 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (1 | ) | $ | (702 | ) | $ | 594 | $ | (109 | ) | $ | — | $ | — | $ | (109 | ) | |||||||||||||
Noncurrent Liabilities | — | (175 | ) | 138 | (37 | ) | — | — | (37 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (1 | ) | $ | (877 | ) | $ | 732 | $ | (146 | ) | $ | — | $ | — | $ | (146 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | (194 | ) | $ | 106 | $ | (85 | ) | $ | 13 | $ | 26 | $ | (46 | ) | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014 and December 31, 2013, net cash collateral (received) paid of $106 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(12) million and $(21) million of cash collateral was netted against current assets and noncurrent assets, respectively, and $135 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded or lose its investment grade credit rating, it would be required to provide additional collateral. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. | |||||||||||||||||||||||||||||||
The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on NYMEX and ICE that are fully collateralized) was $140 million and $91 million as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014 and December 31, 2013, Power had the contractual right of offset of $31 million and $39 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded or lost its investment grade rating, it would have had additional collateral obligations of $109 million and $52 million as of September 30, 2014 and December 31, 2013, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. This potential additional collateral is included in the $851 million and $691 million as of September 30, 2014 and December 31, 2013, respectively, discussed in Note 8. Commitments and Contingent Liabilities. | |||||||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total PSEG | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total Power | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Interest Rate Swaps | — | — | Interest Expense | — | (1 | ) | — | — | |||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 10 | $ | — | $ | (1 | ) | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Total Power | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 11 | $ | — | $ | (1 | ) | ||||||||||||||||
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, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||
Net Loss Recognized in AOCI | (7 | ) | (4 | ) | |||||||||||||||||||||||||||
Loss Reclassified into Income | 12 | 7 | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
Gain Recognized in AOCI | 3 | 2 | |||||||||||||||||||||||||||||
Gain Reclassified into Income | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | 2 | |||||||||||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as normal purchases and sales for the three months and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 93 | $ | 14 | $ | (759 | ) | $ | (32 | ) | ||||||||||||||||||||
Energy-Related Contracts | Energy Costs | (12 | ) | 10 | 65 | 63 | |||||||||||||||||||||||||
Total PSEG and Power | $ | 81 | $ | 24 | $ | (694 | ) | $ | 31 | ||||||||||||||||||||||
Power’s derivative contracts reflected in the preceding tables include contracts to hedge the purchase and sale of electricity and natural gas and the purchase of fuel. Not all of these contracts qualify for hedge accounting. Most of these contracts are marked to market. The tables above do not include contracts for which Power has elected the normal purchase/normal sales exemption, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. In addition, PSEG has interest rate swaps designated as fair value hedges. The effect of these hedges was to reduce interest expense by $5 million and $4 million for the three months and $15 million and $14 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 341 | — | 277 | 64 | ||||||||||||||||||||||||||
Electricity | MWh | 329 | — | 329 | — | ||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 21 | — | 21 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||
Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. | |||||||||||||||||||||||||||||||
As of September 30, 2014, 99% of the 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 and non-derivatives and normal purchases/normal sales). | |||||||||||||||||||||||||||||||
The following table provides information on Power’s credit risk from others, net of cash collateral, as of September 30, 2014. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. | |||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||
Exposure | Held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 89 | $ | 27 | $ | 77 | 2 | $ | 52 | (A) | |||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Investment Grade—No External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 91 | $ | 27 | $ | 79 | 2 | $ | 52 | ||||||||||||||||||||||
(A) | Includes net exposure of $21 million with PSE&G. The remaining net exposure of $31 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. | ||||||||||||||||||||||||||||||
The net exposure listed in the preceding table, in some cases, will not be the difference between the current exposure and the collateral held. A counterparty may have posted more cash collateral than the outstanding exposure, in which case there would be no exposure. When letters of credit have been posted as collateral, the exposure amount is not reduced, but the exposure amount is transferred to the rating of the issuing bank. As of September 30, 2014, Power had 136 active counterparties. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014, these consisted primarily of certain electric load contracts and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of September 30, 2014 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 667 | $ | — | $ | 667 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 74 | $ | (626 | ) | $ | — | $ | 687 | $ | 13 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 89 | $ | — | $ | — | $ | 89 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 76 | $ | — | $ | — | $ | 76 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 61 | $ | (626 | ) | $ | — | $ | 687 | $ | — | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 293 | $ | — | $ | 293 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 19 | $ | — | $ | — | $ | 19 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
(A) | Represents money market mutual funds. | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The fair value measurement table excludes cash of less than $1 million which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014, net cash collateral (received) paid of $106 million, was netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(33) million of cash collateral was netted against assets, and $139 million was netted against liabilities. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of certain of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | 30-Sep-14 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | — | $ | (21 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | — | $ | (21 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 13 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 13 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 13 | $ | (21 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | December 31, 2013 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of September 30, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2014 and September 30, 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2014 | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | (8 | ) | $ | (9 | ) | $ | — | $ | (4 | ) | $ | — | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (9 | ) | $ | (8 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 22 | $ | — | $ | (9 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (66 | ) | $ | (81 | ) | $ | — | $ | 54 | $ | (3 | ) | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (66 | ) | $ | — | $ | — | $ | 54 | $ | (3 | ) | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (81 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jul-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (35 | ) | $ | 1 | $ | (11 | ) | $ | — | $ | (1 | ) | $ | — | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 1 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (41 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (16 | ) | $ | (12 | ) | $ | — | $ | 9 | $ | 4 | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (16 | ) | $ | — | $ | — | $ | 9 | $ | 4 | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | (12 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(8) million and $(66) million in Operating Income for the three months and nine months ended September 30, 2014, respectively. Of the $(8) million in Operating Income $(12) million is unrealized. Of the $(66) million in Operating Income, $(11) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or 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 $(4) million and $54 million in settlements for the three months and nine months ended September 30, 2014. Represents $(1) million and $9 million in settlements for the three months and nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||
(D) | There were no transfers among levels during the three months ended September 30, 2014 and 2013. During the nine months ended September 30, 2014, $(3) million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. During the nine months ended September 30, 2013, $4 million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters in which the transfers first occurred, as per PSEG's policy. | ||||||||||||||||||||||||||||||
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $(16) million in Operating Income for the three months and nine months ended September 30, 2013, respectively. The $1 million in Operating Income is unrealized. Of the $(16) million in Operating Income, $(7) million is unrealized. | ||||||||||||||||||||||||||||||
As of September 30, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of September 30, 2013, PSEG carried $1.9 billion of net assets that are measured at fair value on a recurring basis, of which $46 million of net liabilities 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 September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 15 | $ | 26 | $ | 24 | $ | 38 | |||||||||||||||||||||||
Power -Recourse Debt (B) | 2,543 | 2,916 | 2,541 | 2,846 | |||||||||||||||||||||||||||
PSE&G (B) | 6,063 | 6,497 | 5,566 | 5,629 | |||||||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 312 | 327 | 476 | 511 | |||||||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 14 | 15 | 20 | 21 | |||||||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | 8,963 | $ | 9,797 | $ | 8,643 | $ | 9,061 | |||||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014, these consisted primarily of certain electric load contracts and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of September 30, 2014 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 667 | $ | — | $ | 667 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 74 | $ | (626 | ) | $ | — | $ | 687 | $ | 13 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 89 | $ | — | $ | — | $ | 89 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 76 | $ | — | $ | — | $ | 76 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 61 | $ | (626 | ) | $ | — | $ | 687 | $ | — | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 293 | $ | — | $ | 293 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 19 | $ | — | $ | — | $ | 19 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
(A) | Represents money market mutual funds. | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The fair value measurement table excludes cash of less than $1 million which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014, net cash collateral (received) paid of $106 million, was netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(33) million of cash collateral was netted against assets, and $139 million was netted against liabilities. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of certain of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | 30-Sep-14 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | — | $ | (21 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | — | $ | (21 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 13 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 13 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 13 | $ | (21 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | December 31, 2013 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of September 30, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2014 and September 30, 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2014 | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | (8 | ) | $ | (9 | ) | $ | — | $ | (4 | ) | $ | — | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (9 | ) | $ | (8 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 22 | $ | — | $ | (9 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (66 | ) | $ | (81 | ) | $ | — | $ | 54 | $ | (3 | ) | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (66 | ) | $ | — | $ | — | $ | 54 | $ | (3 | ) | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (81 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jul-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (35 | ) | $ | 1 | $ | (11 | ) | $ | — | $ | (1 | ) | $ | — | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 1 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (41 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (16 | ) | $ | (12 | ) | $ | — | $ | 9 | $ | 4 | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (16 | ) | $ | — | $ | — | $ | 9 | $ | 4 | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | (12 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(8) million and $(66) million in Operating Income for the three months and nine months ended September 30, 2014, respectively. Of the $(8) million in Operating Income $(12) million is unrealized. Of the $(66) million in Operating Income, $(11) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or 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 $(4) million and $54 million in settlements for the three months and nine months ended September 30, 2014. Represents $(1) million and $9 million in settlements for the three months and nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||
(D) | There were no transfers among levels during the three months ended September 30, 2014 and 2013. During the nine months ended September 30, 2014, $(3) million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. During the nine months ended September 30, 2013, $4 million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters in which the transfers first occurred, as per PSEG's policy. | ||||||||||||||||||||||||||||||
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $(16) million in Operating Income for the three months and nine months ended September 30, 2013, respectively. The $1 million in Operating Income is unrealized. Of the $(16) million in Operating Income, $(7) million is unrealized. | ||||||||||||||||||||||||||||||
As of September 30, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of September 30, 2013, PSEG carried $1.9 billion of net assets that are measured at fair value on a recurring basis, of which $46 million of net liabilities 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 September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 15 | $ | 26 | $ | 24 | $ | 38 | |||||||||||||||||||||||
Power -Recourse Debt (B) | 2,543 | 2,916 | 2,541 | 2,846 | |||||||||||||||||||||||||||
PSE&G (B) | 6,063 | 6,497 | 5,566 | 5,629 | |||||||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 312 | 327 | 476 | 511 | |||||||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 14 | 15 | 20 | 21 | |||||||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | 8,963 | $ | 9,797 | $ | 8,643 | $ | 9,061 | |||||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||
PSE And G [Member] | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: | |||||||||||||||||||||||||||||||
Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, Power and PSE&G have the ability to access. These consist primarily of listed equity securities. | |||||||||||||||||||||||||||||||
Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. | |||||||||||||||||||||||||||||||
Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014, these consisted primarily of certain electric load contracts and long-term gas supply contracts. | |||||||||||||||||||||||||||||||
The following tables present information about PSEG’s, Power’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for Power and PSE&G. | |||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of September 30, 2014 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 667 | $ | — | $ | 667 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 74 | $ | (626 | ) | $ | — | $ | 687 | $ | 13 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 89 | $ | — | $ | — | $ | 89 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 76 | $ | — | $ | — | $ | 76 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 61 | $ | (626 | ) | $ | — | $ | 687 | $ | — | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 293 | $ | — | $ | 293 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 19 | $ | — | $ | — | $ | 19 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
(A) | Represents money market mutual funds. | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The fair value measurement table excludes cash of less than $1 million which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014, net cash collateral (received) paid of $106 million, was netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(33) million of cash collateral was netted against assets, and $139 million was netted against liabilities. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Measurements | |||||||||||||||||||||||||||||||
For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group, and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. | |||||||||||||||||||||||||||||||
For Power, in general, electric swaps are measured at fair value based on at least two pricing inputs, the underlying price of electricity at a liquid reference point and the basis difference between electricity prices at the liquid reference point and electricity prices at the respective delivery locations. To the extent the basis component is based on a single broker quote and is significant to the fair value of the electric swap, it is categorized as Level 3. The fair value of certain of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. For Power, long-term electric capacity contracts are measured using capacity auction prices. If the fair value for the unobservable tenor is significant, then the entire capacity contract is categorized as Level 3. For Power and PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | 30-Sep-14 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | — | $ | (21 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | — | $ | (21 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 13 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 13 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 13 | $ | (21 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | December 31, 2013 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of September 30, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For energy-related contracts in cases where Power is a seller, an increase in either the power basis or the load variability or the longer-term gas basis amounts would decrease the fair value. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2014 and September 30, 2013, respectively, follows: | |||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2014 | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | (8 | ) | $ | (9 | ) | $ | — | $ | (4 | ) | $ | — | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (9 | ) | $ | (8 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 22 | $ | — | $ | (9 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (66 | ) | $ | (81 | ) | $ | — | $ | 54 | $ | (3 | ) | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (66 | ) | $ | — | $ | — | $ | 54 | $ | (3 | ) | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (81 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jul-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (35 | ) | $ | 1 | $ | (11 | ) | $ | — | $ | (1 | ) | $ | — | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 1 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (41 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (16 | ) | $ | (12 | ) | $ | — | $ | 9 | $ | 4 | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (16 | ) | $ | — | $ | — | $ | 9 | $ | 4 | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | (12 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(8) million and $(66) million in Operating Income for the three months and nine months ended September 30, 2014, respectively. Of the $(8) million in Operating Income $(12) million is unrealized. Of the $(66) million in Operating Income, $(11) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or 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 $(4) million and $54 million in settlements for the three months and nine months ended September 30, 2014. Represents $(1) million and $9 million in settlements for the three months and nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||
(D) | There were no transfers among levels during the three months ended September 30, 2014 and 2013. During the nine months ended September 30, 2014, $(3) million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. During the nine months ended September 30, 2013, $4 million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters in which the transfers first occurred, as per PSEG's policy. | ||||||||||||||||||||||||||||||
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $(16) million in Operating Income for the three months and nine months ended September 30, 2013, respectively. The $1 million in Operating Income is unrealized. Of the $(16) million in Operating Income, $(7) million is unrealized. | ||||||||||||||||||||||||||||||
As of September 30, 2014, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. | |||||||||||||||||||||||||||||||
As of September 30, 2013, PSEG carried $1.9 billion of net assets that are measured at fair value on a recurring basis, of which $46 million of net liabilities 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 September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 15 | $ | 26 | $ | 24 | $ | 38 | |||||||||||||||||||||||
Power -Recourse Debt (B) | 2,543 | 2,916 | 2,541 | 2,846 | |||||||||||||||||||||||||||
PSE&G (B) | 6,063 | 6,497 | 5,566 | 5,629 | |||||||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 312 | 327 | 476 | 511 | |||||||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 14 | 15 | 20 | 21 | |||||||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | 8,963 | $ | 9,797 | $ | 8,643 | $ | 9,061 | |||||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Other_Income_and_Deductions
Other Income and Deductions | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Other Income and Deductions | ' | |||||||||||||||||
Other Income and Deductions | ||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 55 | $ | — | $ | — | $ | 55 | ||||||||||
Allowance for Funds Used During Construction | — | 8 | — | 8 | ||||||||||||||
Solar Loan Interest | — | 6 | — | 6 | ||||||||||||||
Other | 1 | 2 | 3 | 6 | ||||||||||||||
Total Other Income | $ | 56 | $ | 16 | $ | 3 | $ | 75 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 45 | $ | — | $ | — | $ | 45 | ||||||||||
Allowance for Funds Used During Construction | — | 5 | — | 5 | ||||||||||||||
Solar Loan Interest | — | 7 | — | 7 | ||||||||||||||
Other | — | 1 | 1 | 2 | ||||||||||||||
Total Other Income | $ | 45 | $ | 13 | $ | 1 | $ | 59 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 133 | $ | — | $ | — | $ | 133 | ||||||||||
Allowance for Funds Used During Construction | — | 21 | — | 21 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 5 | 6 | 13 | ||||||||||||||
Total Other Income | $ | 135 | $ | 44 | $ | 6 | $ | 185 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||||
Allowance for Funds Used During Construction | — | 17 | — | 17 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 6 | 4 | 12 | ||||||||||||||
Total Other Income | $ | 127 | $ | 41 | $ | 4 | $ | 172 | ||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||
Other | 2 | 2 | 1 | 5 | ||||||||||||||
Total Other Deductions | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||||
Other | — | 1 | — | 1 | ||||||||||||||
Total Other Deductions | $ | 11 | $ | 1 | $ | — | $ | 12 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||
Other | 7 | 3 | 3 | 13 | ||||||||||||||
Total Other Deductions | $ | 25 | $ | 3 | $ | 3 | $ | 31 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 40 | $ | — | $ | — | $ | 40 | ||||||||||
Other | 9 | 3 | 2 | 14 | ||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | ||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. | |||||||||||||||||
Power [Member] | ' | |||||||||||||||||
Other Income and Deductions | ' | |||||||||||||||||
Other Income and Deductions | ||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 55 | $ | — | $ | — | $ | 55 | ||||||||||
Allowance for Funds Used During Construction | — | 8 | — | 8 | ||||||||||||||
Solar Loan Interest | — | 6 | — | 6 | ||||||||||||||
Other | 1 | 2 | 3 | 6 | ||||||||||||||
Total Other Income | $ | 56 | $ | 16 | $ | 3 | $ | 75 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 45 | $ | — | $ | — | $ | 45 | ||||||||||
Allowance for Funds Used During Construction | — | 5 | — | 5 | ||||||||||||||
Solar Loan Interest | — | 7 | — | 7 | ||||||||||||||
Other | — | 1 | 1 | 2 | ||||||||||||||
Total Other Income | $ | 45 | $ | 13 | $ | 1 | $ | 59 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 133 | $ | — | $ | — | $ | 133 | ||||||||||
Allowance for Funds Used During Construction | — | 21 | — | 21 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 5 | 6 | 13 | ||||||||||||||
Total Other Income | $ | 135 | $ | 44 | $ | 6 | $ | 185 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||||
Allowance for Funds Used During Construction | — | 17 | — | 17 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 6 | 4 | 12 | ||||||||||||||
Total Other Income | $ | 127 | $ | 41 | $ | 4 | $ | 172 | ||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||
Other | 2 | 2 | 1 | 5 | ||||||||||||||
Total Other Deductions | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||||
Other | — | 1 | — | 1 | ||||||||||||||
Total Other Deductions | $ | 11 | $ | 1 | $ | — | $ | 12 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||
Other | 7 | 3 | 3 | 13 | ||||||||||||||
Total Other Deductions | $ | 25 | $ | 3 | $ | 3 | $ | 31 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 40 | $ | — | $ | — | $ | 40 | ||||||||||
Other | 9 | 3 | 2 | 14 | ||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | ||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. | |||||||||||||||||
PSE And G [Member] | ' | |||||||||||||||||
Other Income and Deductions | ' | |||||||||||||||||
Other Income and Deductions | ||||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 55 | $ | — | $ | — | $ | 55 | ||||||||||
Allowance for Funds Used During Construction | — | 8 | — | 8 | ||||||||||||||
Solar Loan Interest | — | 6 | — | 6 | ||||||||||||||
Other | 1 | 2 | 3 | 6 | ||||||||||||||
Total Other Income | $ | 56 | $ | 16 | $ | 3 | $ | 75 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 45 | $ | — | $ | — | $ | 45 | ||||||||||
Allowance for Funds Used During Construction | — | 5 | — | 5 | ||||||||||||||
Solar Loan Interest | — | 7 | — | 7 | ||||||||||||||
Other | — | 1 | 1 | 2 | ||||||||||||||
Total Other Income | $ | 45 | $ | 13 | $ | 1 | $ | 59 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 133 | $ | — | $ | — | $ | 133 | ||||||||||
Allowance for Funds Used During Construction | — | 21 | — | 21 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 5 | 6 | 13 | ||||||||||||||
Total Other Income | $ | 135 | $ | 44 | $ | 6 | $ | 185 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||||
Allowance for Funds Used During Construction | — | 17 | — | 17 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 6 | 4 | 12 | ||||||||||||||
Total Other Income | $ | 127 | $ | 41 | $ | 4 | $ | 172 | ||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||
Other | 2 | 2 | 1 | 5 | ||||||||||||||
Total Other Deductions | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||||
Other | — | 1 | — | 1 | ||||||||||||||
Total Other Deductions | $ | 11 | $ | 1 | $ | — | $ | 12 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||
Other | 7 | 3 | 3 | 13 | ||||||||||||||
Total Other Deductions | $ | 25 | $ | 3 | $ | 3 | $ | 31 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 40 | $ | — | $ | — | $ | 40 | ||||||||||
Other | 9 | 3 | 2 | 14 | ||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | ||||||||||
(A) | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
PSEG’s, Power’s and PSE&G’s effective tax rates for the three months and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
PSEG | 37.00% | 41.00% | 37.80% | 40.50% | ||||||
Power | 39.40% | 40.50% | 38.60% | 40.00% | ||||||
PSE&G | 38.50% | 40.60% | 38.60% | 40.00% | ||||||
For the three months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's and PSE&G's effective tax rates was due primarily to the audit settlement and depreciation flow-through, respectively. | ||||||||||
For the nine months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's effective tax rates was due primarily to the audit settlement. | ||||||||||
On August 11, 2014, PSEG received notice from the Internal Revenue Service (IRS) that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | ||||||||||
PSEG’s unrecognized tax benefits decreased by $156 million in the third quarter 2014 inclusive of interest, of which $62 million was attributable to the settlement of the IRS audit tax liability and the remaining $94 million was due to the reversal of positions taken in prior periods. As a result, the December 31, 2013 balance of unrecognized tax benefits that was reasonably possible to increase or decrease within the next twelve months decreased to an immaterial amount as of September 30, 2014. | ||||||||||
There is no material increase or decrease in the interest and penalties associated with the unrecognized tax benefits. The impact on the accumulated deferred income taxes and regulatory tax benefits is not material. The change in the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is not material. | ||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. Implementation of these regulations did not have any material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | ||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. The American Taxpayer Relief Act of 2012 further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits otherwise would have been received over an estimated average 20 year period. | ||||||||||
Power [Member] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
PSEG’s, Power’s and PSE&G’s effective tax rates for the three months and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
PSEG | 37.00% | 41.00% | 37.80% | 40.50% | ||||||
Power | 39.40% | 40.50% | 38.60% | 40.00% | ||||||
PSE&G | 38.50% | 40.60% | 38.60% | 40.00% | ||||||
For the three months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's and PSE&G's effective tax rates was due primarily to the audit settlement and depreciation flow-through, respectively. | ||||||||||
For the nine months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's effective tax rates was due primarily to the audit settlement. | ||||||||||
On August 11, 2014, PSEG received notice from the Internal Revenue Service (IRS) that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | ||||||||||
PSEG’s unrecognized tax benefits decreased by $156 million in the third quarter 2014 inclusive of interest, of which $62 million was attributable to the settlement of the IRS audit tax liability and the remaining $94 million was due to the reversal of positions taken in prior periods. As a result, the December 31, 2013 balance of unrecognized tax benefits that was reasonably possible to increase or decrease within the next twelve months decreased to an immaterial amount as of September 30, 2014. | ||||||||||
There is no material increase or decrease in the interest and penalties associated with the unrecognized tax benefits. The impact on the accumulated deferred income taxes and regulatory tax benefits is not material. The change in the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is not material. | ||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. Implementation of these regulations did not have any material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | ||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. The American Taxpayer Relief Act of 2012 further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits otherwise would have been received over an estimated average 20 year period. | ||||||||||
PSE And G [Member] | ' | |||||||||
Income Taxes | ' | |||||||||
Income Taxes | ||||||||||
PSEG’s, Power’s and PSE&G’s effective tax rates for the three months and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
PSEG | 37.00% | 41.00% | 37.80% | 40.50% | ||||||
Power | 39.40% | 40.50% | 38.60% | 40.00% | ||||||
PSE&G | 38.50% | 40.60% | 38.60% | 40.00% | ||||||
For the three months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's and PSE&G's effective tax rates was due primarily to the audit settlement and depreciation flow-through, respectively. | ||||||||||
For the nine months ended September 30, 2014, as compared to the same period in the prior year, the decrease in PSEG's effective tax rates was due primarily to the audit settlement. | ||||||||||
On August 11, 2014, PSEG received notice from the Internal Revenue Service (IRS) that the audit settlement covering tax years 2007 through 2010 had been approved by the Joint Committee on Taxation. This effectively settles all issues with the IRS through 2010. On September 9, 2014, PSEG received refunds from the IRS totaling $121 million, representing the net settlement of all disputed amounts, including interest, through the tax year 2010. As a result of the settlement of this audit, PSEG recorded a $12 million reduction of tax expense in the quarter ended September 30, 2014. | ||||||||||
PSEG’s unrecognized tax benefits decreased by $156 million in the third quarter 2014 inclusive of interest, of which $62 million was attributable to the settlement of the IRS audit tax liability and the remaining $94 million was due to the reversal of positions taken in prior periods. As a result, the December 31, 2013 balance of unrecognized tax benefits that was reasonably possible to increase or decrease within the next twelve months decreased to an immaterial amount as of September 30, 2014. | ||||||||||
There is no material increase or decrease in the interest and penalties associated with the unrecognized tax benefits. The impact on the accumulated deferred income taxes and regulatory tax benefits is not material. The change in the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is not material. | ||||||||||
In September 2013, the U.S. Department of the Treasury and the IRS released final regulations effective in 2014 that provide guidance on applying Section 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property, as well as rules for materials and supplies. Implementation of these regulations did not have any material impact on PSEG’s and its subsidiaries’ results of operations, financial condition or cash flows. | ||||||||||
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 included a provision making qualified property placed into service after September 8, 2010 and before January 1, 2012, eligible for 100% bonus depreciation for tax purposes. In addition, qualified property placed into service in 2012 was eligible for 50% bonus depreciation for tax purposes. The American Taxpayer Relief Act of 2012 further extended the 50% bonus depreciation for qualified property placed into service before January 1, 2014. In addition, long production property placed into service in 2014 is eligible for 50% bonus depreciation for tax purposes. These provisions have generated cash for PSEG through tax benefits related to the accelerated depreciation. These tax benefits otherwise would have been received over an estimated average 20 year period. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss), Net of Tax | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | (232 | ) | $ | 158 | $ | (73 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (15 | ) | (13 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 3 | (15 | ) | (13 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 3 | (30 | ) | (26 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 3 | $ | (466 | ) | $ | 101 | $ | (362 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 27 | 28 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 9 | (11 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 9 | 16 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 19 | 17 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 9 | (36 | ) | (21 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 9 | (17 | ) | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 53 | 54 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6 | ) | 28 | (26 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (5 | ) | 28 | 27 | 50 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 2 | $ | (199 | ) | $ | 153 | $ | (44 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (14 | ) | (12 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 2 | (16 | ) | (15 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 2 | (30 | ) | (27 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 4 | $ | (405 | ) | $ | 98 | $ | (303 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 28 | 29 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 8 | (11 | ) | (5 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 8 | 17 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 17 | 15 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 7 | (36 | ) | (23 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 7 | (19 | ) | (8 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 56 | 57 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 25 | (26 | ) | (8 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (6 | ) | 25 | 30 | 49 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | — | — | — | ||||||||||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (8 | ) | 3 | (5 | ) | (22 | ) | 8 | (14 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 2 | (3 | ) | (14 | ) | 5 | (9 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 47 | (24 | ) | 23 | 105 | (54 | ) | 51 | ||||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 2 | (3 | ) | (15 | ) | 7 | (8 | ) | ||||||||||||||||||
Other-Than-Temporary Impairments (OTTI) | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 32 | (17 | ) | 15 | 76 | (40 | ) | 36 | |||||||||||||||||||||
Total | $ | 28 | $ | (15 | ) | $ | 13 | $ | 51 | $ | (30 | ) | $ | 21 | |||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 10 | (4 | ) | 6 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (18 | ) | 7 | (11 | ) | (56 | ) | 23 | (33 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (15 | ) | 6 | (9 | ) | (48 | ) | 20 | (28 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 99 | (51 | ) | 48 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (37 | ) | 18 | (19 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 55 | (29 | ) | 26 | |||||||||||||||||||||
Total | $ | 11 | $ | (7 | ) | $ | 4 | $ | 17 | $ | (13 | ) | $ | 4 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | September 30, 2014 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (6 | ) | 2 | (4 | ) | (18 | ) | 7 | (11 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (3 | ) | 1 | (2 | ) | (11 | ) | 4 | (7 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 45 | (23 | ) | 22 | 101 | (52 | ) | 49 | ||||||||||||||||||||
Realized Losses | Other Deductions | (2 | ) | 1 | (1 | ) | (12 | ) | 6 | (6 | ) | ||||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 33 | (17 | ) | 16 | 75 | (39 | ) | 36 | |||||||||||||||||||||
Total | $ | 31 | $ | (16 | ) | $ | 15 | $ | 53 | $ | (30 | ) | $ | 23 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 11 | (4 | ) | 7 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (49 | ) | 20 | (29 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (42 | ) | 17 | (25 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 95 | (49 | ) | 46 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (34 | ) | 17 | (17 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 54 | (28 | ) | 26 | |||||||||||||||||||||
Total | $ | 12 | $ | (7 | ) | $ | 5 | $ | 23 | $ | (15 | ) | $ | 8 | |||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | (232 | ) | $ | 158 | $ | (73 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (15 | ) | (13 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 3 | (15 | ) | (13 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 3 | (30 | ) | (26 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 3 | $ | (466 | ) | $ | 101 | $ | (362 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 27 | 28 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 9 | (11 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 9 | 16 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 19 | 17 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 9 | (36 | ) | (21 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 9 | (17 | ) | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 53 | 54 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6 | ) | 28 | (26 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (5 | ) | 28 | 27 | 50 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 2 | $ | (199 | ) | $ | 153 | $ | (44 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (14 | ) | (12 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 2 | (16 | ) | (15 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 2 | (30 | ) | (27 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 4 | $ | (405 | ) | $ | 98 | $ | (303 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 28 | 29 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 8 | (11 | ) | (5 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 8 | 17 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 17 | 15 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 7 | (36 | ) | (23 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 7 | (19 | ) | (8 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 56 | 57 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 25 | (26 | ) | (8 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (6 | ) | 25 | 30 | 49 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | — | — | — | ||||||||||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (8 | ) | 3 | (5 | ) | (22 | ) | 8 | (14 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 2 | (3 | ) | (14 | ) | 5 | (9 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 47 | (24 | ) | 23 | 105 | (54 | ) | 51 | ||||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 2 | (3 | ) | (15 | ) | 7 | (8 | ) | ||||||||||||||||||
Other-Than-Temporary Impairments (OTTI) | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 32 | (17 | ) | 15 | 76 | (40 | ) | 36 | |||||||||||||||||||||
Total | $ | 28 | $ | (15 | ) | $ | 13 | $ | 51 | $ | (30 | ) | $ | 21 | |||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 10 | (4 | ) | 6 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (18 | ) | 7 | (11 | ) | (56 | ) | 23 | (33 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (15 | ) | 6 | (9 | ) | (48 | ) | 20 | (28 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 99 | (51 | ) | 48 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (37 | ) | 18 | (19 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 55 | (29 | ) | 26 | |||||||||||||||||||||
Total | $ | 11 | $ | (7 | ) | $ | 4 | $ | 17 | $ | (13 | ) | $ | 4 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | September 30, 2014 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (6 | ) | 2 | (4 | ) | (18 | ) | 7 | (11 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (3 | ) | 1 | (2 | ) | (11 | ) | 4 | (7 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 45 | (23 | ) | 22 | 101 | (52 | ) | 49 | ||||||||||||||||||||
Realized Losses | Other Deductions | (2 | ) | 1 | (1 | ) | (12 | ) | 6 | (6 | ) | ||||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 33 | (17 | ) | 16 | 75 | (39 | ) | 36 | |||||||||||||||||||||
Total | $ | 31 | $ | (16 | ) | $ | 15 | $ | 53 | $ | (30 | ) | $ | 23 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 11 | (4 | ) | 7 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (49 | ) | 20 | (29 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (42 | ) | 17 | (25 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 95 | (49 | ) | 46 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (34 | ) | 17 | (17 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 54 | (28 | ) | 26 | |||||||||||||||||||||
Total | $ | 12 | $ | (7 | ) | $ | 5 | $ | 23 | $ | (15 | ) | $ | 8 | |||||||||||||||
PSE And G [Member] | ' | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||||||||
PSEG | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | (232 | ) | $ | 158 | $ | (73 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (15 | ) | (13 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 3 | (15 | ) | (13 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 3 | (30 | ) | (26 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 3 | $ | (466 | ) | $ | 101 | $ | (362 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 27 | 28 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 9 | (11 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 9 | 16 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 19 | 17 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 9 | (36 | ) | (21 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 9 | (17 | ) | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 53 | 54 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6 | ) | 28 | (26 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (5 | ) | 28 | 27 | 50 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 2 | $ | (199 | ) | $ | 153 | $ | (44 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (14 | ) | (12 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 2 | (16 | ) | (15 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 2 | (30 | ) | (27 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 4 | $ | (405 | ) | $ | 98 | $ | (303 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 28 | 29 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 8 | (11 | ) | (5 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 8 | 17 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 17 | 15 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 7 | (36 | ) | (23 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 7 | (19 | ) | (8 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 56 | 57 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 25 | (26 | ) | (8 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (6 | ) | 25 | 30 | 49 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | — | — | — | ||||||||||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (8 | ) | 3 | (5 | ) | (22 | ) | 8 | (14 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 2 | (3 | ) | (14 | ) | 5 | (9 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 47 | (24 | ) | 23 | 105 | (54 | ) | 51 | ||||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 2 | (3 | ) | (15 | ) | 7 | (8 | ) | ||||||||||||||||||
Other-Than-Temporary Impairments (OTTI) | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 32 | (17 | ) | 15 | 76 | (40 | ) | 36 | |||||||||||||||||||||
Total | $ | 28 | $ | (15 | ) | $ | 13 | $ | 51 | $ | (30 | ) | $ | 21 | |||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 10 | (4 | ) | 6 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (18 | ) | 7 | (11 | ) | (56 | ) | 23 | (33 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (15 | ) | 6 | (9 | ) | (48 | ) | 20 | (28 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 99 | (51 | ) | 48 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (37 | ) | 18 | (19 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 55 | (29 | ) | 26 | |||||||||||||||||||||
Total | $ | 11 | $ | (7 | ) | $ | 4 | $ | 17 | $ | (13 | ) | $ | 4 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | September 30, 2014 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (6 | ) | 2 | (4 | ) | (18 | ) | 7 | (11 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (3 | ) | 1 | (2 | ) | (11 | ) | 4 | (7 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 45 | (23 | ) | 22 | 101 | (52 | ) | 49 | ||||||||||||||||||||
Realized Losses | Other Deductions | (2 | ) | 1 | (1 | ) | (12 | ) | 6 | (6 | ) | ||||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 33 | (17 | ) | 16 | 75 | (39 | ) | 36 | |||||||||||||||||||||
Total | $ | 31 | $ | (16 | ) | $ | 15 | $ | 53 | $ | (30 | ) | $ | 23 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 11 | (4 | ) | 7 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (49 | ) | 20 | (29 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (42 | ) | 17 | (25 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 95 | (49 | ) | 46 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (34 | ) | 17 | (17 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 54 | (28 | ) | 26 | |||||||||||||||||||||
Total | $ | 12 | $ | (7 | ) | $ | 5 | $ | 23 | $ | (15 | ) | $ | 8 | |||||||||||||||
Earnings_Per_Share_EPS_and_Div
Earnings Per Share (EPS) and Dividends | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends | ' | |||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends | ||||||||||||||||||||||||||||||||||
Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, including shares issuable upon exercise of stock options outstanding or vesting of restricted stock awards granted under our stock compensation plans and upon payment of performance units or restricted stock units. The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS. | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||
EPS Numerator (Millions) | ||||||||||||||||||||||||||||||||||
Net Income | $ | 444 | $ | 444 | $ | 390 | $ | 390 | $ | 1,042 | $ | 1,042 | $ | 1,043 | $ | 1,043 | ||||||||||||||||||
EPS Denominator (Thousands) | ||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505,862 | 505,862 | 505,858 | 505,858 | 505,937 | 505,937 | 505,900 | 505,900 | ||||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 1,560 | — | 1,836 | — | 1,465 | — | 1,533 | ||||||||||||||||||||||||||
Total Shares | 505,862 | 507,422 | 505,858 | 507,694 | 505,937 | 507,402 | 505,900 | 507,433 | ||||||||||||||||||||||||||
EPS | ||||||||||||||||||||||||||||||||||
Net Income | $ | 0.88 | $ | 0.87 | $ | 0.77 | $ | 0.77 | $ | 2.06 | $ | 2.05 | $ | 2.06 | $ | 2.06 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Per Share | $ | 0.37 | $ | 0.36 | $ | 1.11 | $ | 1.08 | ||||||||||||||||||||||||||
In Millions | $ | 187 | $ | 182 | $ | 561 | $ | 546 | ||||||||||||||||||||||||||
Financial_Information_By_Busin
Financial Information By Business Segments | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Financial Information By Business Segments | ' | |||||||||||||||||||||
Financial Information by Business Segments | ||||||||||||||||||||||
Power | PSE&G | Other (A) | Eliminations (B) | Consolidated | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,138 | $ | 1,655 | $ | 123 | $ | (275 | ) | $ | 2,641 | |||||||||||
Net Income (Loss) | 222 | 200 | 22 | — | 444 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 188 | 497 | 8 | — | 693 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,824 | $ | 5,235 | $ | 359 | $ | (1,305 | ) | $ | 8,113 | |||||||||||
Net Income (Loss) | 440 | 565 | 37 | — | 1,042 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 414 | 1,493 | 15 | — | 1,922 | |||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,174 | $ | 1,666 | $ | 3 | $ | (289 | ) | $ | 2,554 | |||||||||||
Net Income (Loss) | 226 | 168 | (4 | ) | — | 390 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 210 | 480 | 6 | — | 696 | |||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,818 | $ | 5,084 | $ | 29 | $ | (1,281 | ) | $ | 7,650 | |||||||||||
Net Income (Loss) | 577 | 468 | (2 | ) | — | 1,043 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 458 | 1,628 | 16 | — | 2,102 | |||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Total Assets | $ | 11,750 | $ | 20,917 | $ | 1,907 | $ | (427 | ) | $ | 34,147 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 122 | $ | — | $ | 3 | $ | — | $ | 125 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | ||||||||||||
(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 related to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 17. Related-Party Transactions. | |||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||
Financial Information By Business Segments | ' | |||||||||||||||||||||
Financial Information by Business Segments | ||||||||||||||||||||||
Power | PSE&G | Other (A) | Eliminations (B) | Consolidated | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,138 | $ | 1,655 | $ | 123 | $ | (275 | ) | $ | 2,641 | |||||||||||
Net Income (Loss) | 222 | 200 | 22 | — | 444 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 188 | 497 | 8 | — | 693 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,824 | $ | 5,235 | $ | 359 | $ | (1,305 | ) | $ | 8,113 | |||||||||||
Net Income (Loss) | 440 | 565 | 37 | — | 1,042 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 414 | 1,493 | 15 | — | 1,922 | |||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,174 | $ | 1,666 | $ | 3 | $ | (289 | ) | $ | 2,554 | |||||||||||
Net Income (Loss) | 226 | 168 | (4 | ) | — | 390 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 210 | 480 | 6 | — | 696 | |||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,818 | $ | 5,084 | $ | 29 | $ | (1,281 | ) | $ | 7,650 | |||||||||||
Net Income (Loss) | 577 | 468 | (2 | ) | — | 1,043 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 458 | 1,628 | 16 | — | 2,102 | |||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Total Assets | $ | 11,750 | $ | 20,917 | $ | 1,907 | $ | (427 | ) | $ | 34,147 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 122 | $ | — | $ | 3 | $ | — | $ | 125 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | ||||||||||||
(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 related to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 17. Related-Party Transactions. | |||||||||||||||||||||
PSE And G [Member] | ' | |||||||||||||||||||||
Financial Information By Business Segments | ' | |||||||||||||||||||||
Financial Information by Business Segments | ||||||||||||||||||||||
Power | PSE&G | Other (A) | Eliminations (B) | Consolidated | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,138 | $ | 1,655 | $ | 123 | $ | (275 | ) | $ | 2,641 | |||||||||||
Net Income (Loss) | 222 | 200 | 22 | — | 444 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 188 | 497 | 8 | — | 693 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,824 | $ | 5,235 | $ | 359 | $ | (1,305 | ) | $ | 8,113 | |||||||||||
Net Income (Loss) | 440 | 565 | 37 | — | 1,042 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 414 | 1,493 | 15 | — | 1,922 | |||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,174 | $ | 1,666 | $ | 3 | $ | (289 | ) | $ | 2,554 | |||||||||||
Net Income (Loss) | 226 | 168 | (4 | ) | — | 390 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 210 | 480 | 6 | — | 696 | |||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,818 | $ | 5,084 | $ | 29 | $ | (1,281 | ) | $ | 7,650 | |||||||||||
Net Income (Loss) | 577 | 468 | (2 | ) | — | 1,043 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 458 | 1,628 | 16 | — | 2,102 | |||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Total Assets | $ | 11,750 | $ | 20,917 | $ | 1,907 | $ | (427 | ) | $ | 34,147 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 122 | $ | — | $ | 3 | $ | — | $ | 125 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | ||||||||||||
(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 related to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 17. Related-Party Transactions. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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. | ||||||||||||||||||
Power | ||||||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Revenue from Affiliates: | ||||||||||||||||||
Billings to PSE&G through BGS and BGSS Contracts (A) | $ | 280 | $ | 284 | $ | 1,308 | $ | 1,275 | ||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Administrative Billings from Services (B) | $ | (41 | ) | $ | (43 | ) | $ | (129 | ) | $ | (131 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 132 | $ | 267 | ||||||||||||||
Receivable from (Payable to) Services (B) | (25 | ) | (31 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | (55 | ) | 97 | |||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 52 | $ | 333 | ||||||||||||||
Short-Term Loan to Affiliate (Demand Note to PSEG) (D) | $ | 623 | $ | 790 | ||||||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (57 | ) | $ | (53 | ) | ||||||||||||
PSE&G | ||||||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Billings from Power through BGS and BGSS (A) | $ | (280 | ) | $ | (284 | ) | $ | (1,308 | ) | $ | (1,275 | ) | ||||||
Administrative Billings from Services (B) | (59 | ) | (61 | ) | (183 | ) | (184 | ) | ||||||||||
Total Expense Billings from Affiliates | $ | (339 | ) | $ | (345 | ) | $ | (1,491 | ) | $ | (1,459 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (132 | ) | $ | (267 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (48 | ) | (73 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | 81 | 150 | ||||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (99 | ) | $ | (190 | ) | ||||||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (78 | ) | $ | (72 | ) | ||||||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||||||||||||||||
(C) | 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) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | |||||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. | |||||||||||||||||
Power [Member] | ' | |||||||||||||||||
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. | ||||||||||||||||||
Power | ||||||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Revenue from Affiliates: | ||||||||||||||||||
Billings to PSE&G through BGS and BGSS Contracts (A) | $ | 280 | $ | 284 | $ | 1,308 | $ | 1,275 | ||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Administrative Billings from Services (B) | $ | (41 | ) | $ | (43 | ) | $ | (129 | ) | $ | (131 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 132 | $ | 267 | ||||||||||||||
Receivable from (Payable to) Services (B) | (25 | ) | (31 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | (55 | ) | 97 | |||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 52 | $ | 333 | ||||||||||||||
Short-Term Loan to Affiliate (Demand Note to PSEG) (D) | $ | 623 | $ | 790 | ||||||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (57 | ) | $ | (53 | ) | ||||||||||||
PSE&G | ||||||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Billings from Power through BGS and BGSS (A) | $ | (280 | ) | $ | (284 | ) | $ | (1,308 | ) | $ | (1,275 | ) | ||||||
Administrative Billings from Services (B) | (59 | ) | (61 | ) | (183 | ) | (184 | ) | ||||||||||
Total Expense Billings from Affiliates | $ | (339 | ) | $ | (345 | ) | $ | (1,491 | ) | $ | (1,459 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (132 | ) | $ | (267 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (48 | ) | (73 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | 81 | 150 | ||||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (99 | ) | $ | (190 | ) | ||||||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (78 | ) | $ | (72 | ) | ||||||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||||||||||||||||
(C) | 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) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | |||||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. | |||||||||||||||||
PSE And G [Member] | ' | |||||||||||||||||
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. | ||||||||||||||||||
Power | ||||||||||||||||||
The financial statements for Power include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Revenue from Affiliates: | ||||||||||||||||||
Billings to PSE&G through BGS and BGSS Contracts (A) | $ | 280 | $ | 284 | $ | 1,308 | $ | 1,275 | ||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Administrative Billings from Services (B) | $ | (41 | ) | $ | (43 | ) | $ | (129 | ) | $ | (131 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 132 | $ | 267 | ||||||||||||||
Receivable from (Payable to) Services (B) | (25 | ) | (31 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | (55 | ) | 97 | |||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 52 | $ | 333 | ||||||||||||||
Short-Term Loan to Affiliate (Demand Note to PSEG) (D) | $ | 623 | $ | 790 | ||||||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (57 | ) | $ | (53 | ) | ||||||||||||
PSE&G | ||||||||||||||||||
The financial statements for PSE&G include transactions with related parties presented as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Billings from Power through BGS and BGSS (A) | $ | (280 | ) | $ | (284 | ) | $ | (1,308 | ) | $ | (1,275 | ) | ||||||
Administrative Billings from Services (B) | (59 | ) | (61 | ) | (183 | ) | (184 | ) | ||||||||||
Total Expense Billings from Affiliates | $ | (339 | ) | $ | (345 | ) | $ | (1,491 | ) | $ | (1,459 | ) | ||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (132 | ) | $ | (267 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (48 | ) | (73 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | 81 | 150 | ||||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (99 | ) | $ | (190 | ) | ||||||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (78 | ) | $ | (72 | ) | ||||||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||||||||||||||||
(C) | 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) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | |||||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. |
Guarantees_of_Debt
Guarantees of Debt | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Guarantees of Debt | ' | |||||||||||||||||||||
Guarantees of Debt | ||||||||||||||||||||||
Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities 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. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,125 | $ | 36 | $ | (23 | ) | $ | 1,138 | |||||||||||
Operating Expenses | 3 | 772 | 32 | (22 | ) | 785 | ||||||||||||||||
Operating Income (Loss) | (3 | ) | 353 | 4 | (1 | ) | 353 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 225 | (1 | ) | 4 | (224 | ) | 4 | |||||||||||||||
Other Income | 9 | 55 | — | (8 | ) | 56 | ||||||||||||||||
Other Deductions | (3 | ) | (4 | ) | — | 1 | (6 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (10 | ) | — | — | (10 | ) | |||||||||||||||
Interest Expense | (24 | ) | (10 | ) | (4 | ) | 7 | (31 | ) | |||||||||||||
Income Tax Benefit (Expense) | 18 | (161 | ) | (1 | ) | — | (144 | ) | ||||||||||||||
Net Income (Loss) | $ | 222 | $ | 222 | $ | 3 | $ | (225 | ) | $ | 222 | |||||||||||
Comprehensive Income (Loss) | $ | 195 | $ | 191 | $ | 3 | $ | (194 | ) | $ | 195 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,781 | $ | 118 | $ | (75 | ) | $ | 3,824 | |||||||||||
Operating Expenses | 12 | 3,079 | 106 | (75 | ) | 3,122 | ||||||||||||||||
Operating Income (Loss) | (12 | ) | 702 | 12 | — | 702 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 459 | (4 | ) | 11 | (455 | ) | 11 | |||||||||||||||
Other Income | 25 | 135 | — | (25 | ) | 135 | ||||||||||||||||
Other Deductions | (7 | ) | (18 | ) | — | — | (25 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (14 | ) | — | — | (14 | ) | |||||||||||||||
Interest Expense | (79 | ) | (23 | ) | (14 | ) | 24 | (92 | ) | |||||||||||||
Income Tax Benefit (Expense) | 54 | (329 | ) | (2 | ) | — | (277 | ) | ||||||||||||||
Net Income (Loss) | $ | 440 | $ | 449 | $ | 7 | $ | (456 | ) | $ | 440 | |||||||||||
Comprehensive Income (Loss) | $ | 432 | $ | 433 | $ | 7 | $ | (440 | ) | $ | 432 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 471 | $ | 1,252 | $ | 53 | $ | (666 | ) | $ | 1,110 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 187 | $ | (559 | ) | $ | (24 | ) | $ | 70 | $ | (326 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (652 | ) | $ | (693 | ) | $ | (29 | ) | $ | 596 | $ | (778 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,163 | $ | 71 | $ | (60 | ) | $ | 1,174 | |||||||||||
Operating Expenses | 2 | 797 | 66 | (61 | ) | 804 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 366 | 5 | 1 | 370 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 231 | (1 | ) | 4 | (230 | ) | 4 | |||||||||||||||
Other Income | 8 | 47 | — | (10 | ) | 45 | ||||||||||||||||
Other Deductions | 1 | (11 | ) | — | (1 | ) | (11 | ) | ||||||||||||||
Other-Than-Temporary | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (19 | ) | (13 | ) | (4 | ) | 10 | (26 | ) | |||||||||||||
Income Tax Benefit (Expense) | 7 | (160 | ) | — | — | (153 | ) | |||||||||||||||
Net Income (Loss) | $ | 226 | $ | 225 | $ | 5 | $ | (230 | ) | $ | 226 | |||||||||||
Comprehensive Income (Loss) | $ | 250 | $ | 242 | $ | 5 | $ | (247 | ) | $ | 250 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,787 | $ | 145 | $ | (114 | ) | $ | 3,818 | |||||||||||
Operating Expenses | 6 | 2,832 | 131 | (114 | ) | 2,855 | ||||||||||||||||
Operating Income (Loss) | (6 | ) | 955 | 14 | — | 963 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 603 | (3 | ) | 12 | (600 | ) | 12 | |||||||||||||||
Other Income | 27 | 130 | — | (30 | ) | 127 | ||||||||||||||||
Other Deductions | (9 | ) | (40 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary | — | (7 | ) | — | — | (7 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (72 | ) | (29 | ) | (14 | ) | 30 | (85 | ) | |||||||||||||
Income Tax Benefit (Expense) | 34 | (419 | ) | 1 | — | (384 | ) | |||||||||||||||
Net Income (Loss) | $ | 577 | $ | 587 | $ | 13 | $ | (600 | ) | $ | 577 | |||||||||||
Comprehensive Income (Loss) | $ | 626 | $ | 612 | $ | 13 | $ | (625 | ) | $ | 626 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 425 | $ | 1,360 | $ | 35 | $ | (506 | ) | $ | 1,314 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 40 | $ | (869 | ) | $ | (40 | ) | $ | 540 | $ | (329 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (461 | ) | $ | (492 | ) | $ | 5 | $ | (35 | ) | $ | (983 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,163 | $ | 1,891 | $ | 111 | $ | (4,035 | ) | $ | 2,130 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,140 | 1,163 | — | 7,384 | |||||||||||||||||
Investment in Subsidiaries | 4,358 | 120 | — | (4,478 | ) | — | ||||||||||||||||
Noncurrent Assets | 293 | 1,901 | 139 | (97 | ) | 2,236 | ||||||||||||||||
Total Assets | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
Current Liabilities | $ | 518 | $ | 3,510 | $ | 754 | $ | (4,035 | ) | $ | 747 | |||||||||||
Noncurrent Liabilities | 319 | 2,379 | 344 | (97 | ) | 2,945 | ||||||||||||||||
Long-Term Debt | 2,543 | — | — | — | 2,543 | |||||||||||||||||
Member's Equity | 5,515 | 4,163 | 315 | (4,478 | ) | 5,515 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | |||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | ||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | ||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | |||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Immaterial Correction of Prior Financial Information | ||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-Q filed on October 30, 2013 and Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | ||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | ||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | ||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases (decreases) to certain categories of the condensed consolidated balance sheet. | ||||||||||||||||||||||
The following three tables include corrected data for these aforementioned adjustments to the information previously filed in Power's Form 10-Q dated May 1, 2014 or 2013 10-K. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,684 | $ | 40 | $ | (24 | ) | $ | 1,700 | |||||||||||
Operating Expenses | 4 | 1,404 | 34 | (24 | ) | 1,418 | ||||||||||||||||
Operating Income (Loss) | (4 | ) | 280 | 6 | — | 282 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 177 | — | 4 | (177 | ) | 4 | ||||||||||||||||
Other Income | 8 | 33 | — | (8 | ) | 33 | ||||||||||||||||
Other Deductions | (4 | ) | (6 | ) | — | — | (10 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (28 | ) | (7 | ) | (5 | ) | 8 | (32 | ) | |||||||||||||
Income Tax Benefit (Expense) | 15 | (125 | ) | (1 | ) | — | (111 | ) | ||||||||||||||
Net Income (Loss) | $ | 164 | $ | 173 | $ | 4 | $ | (177 | ) | $ | 164 | |||||||||||
Comprehensive Income (Loss) | $ | 170 | $ | 176 | $ | 4 | $ | (180 | ) | $ | 170 | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 291 | $ | 603 | $ | 1 | $ | (221 | ) | $ | 674 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (122 | ) | $ | (315 | ) | $ | — | $ | 142 | $ | (295 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (166 | ) | $ | (287 | ) | $ | (1 | ) | $ | 79 | $ | (375 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,441 | $ | 37 | $ | (27 | ) | $ | 1,451 | |||||||||||
Operating Expenses | 2 | 1,200 | 33 | (26 | ) | 1,209 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 241 | 4 | (1 | ) | 242 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 153 | — | 3 | (153 | ) | 3 | ||||||||||||||||
Other Income | 9 | 48 | — | (10 | ) | 47 | ||||||||||||||||
Other Deductions | (8 | ) | (20 | ) | — | — | (28 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (27 | ) | (10 | ) | (4 | ) | 11 | (30 | ) | |||||||||||||
Income Tax Benefit (Expense) | 16 | (108 | ) | 1 | — | (91 | ) | |||||||||||||||
Net Income (Loss) | $ | 141 | $ | 149 | $ | 4 | $ | (153 | ) | $ | 141 | |||||||||||
Comprehensive Income (Loss) | $ | 173 | $ | 172 | $ | 4 | $ | (176 | ) | $ | 173 | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 189 | $ | 574 | $ | 1 | $ | (189 | ) | $ | 575 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (213 | ) | $ | (353 | ) | $ | (8 | ) | $ | 245 | $ | (329 | ) | ||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 24 | $ | (221 | ) | $ | 7 | $ | (57 | ) | $ | (247 | ) | |||||||||
Financing Activities | ||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,436 | $ | 2,097 | $ | 107 | $ | (4,341 | ) | $ | 2,299 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,082 | 1,172 | — | 7,335 | |||||||||||||||||
Investment in Subsidiaries | 4,570 | 122 | — | (4,692 | ) | — | ||||||||||||||||
Noncurrent Assets | 301 | 1,832 | 138 | (117 | ) | 2,154 | ||||||||||||||||
Total Assets | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Current Liabilities | $ | 930 | $ | 3,450 | $ | 741 | $ | (4,340 | ) | $ | 781 | |||||||||||
Noncurrent Liabilities | 308 | 2,323 | 344 | (118 | ) | 2,857 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,653 | 4,360 | 332 | (4,692 | ) | 5,653 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | |||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 3,993 | ||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | |||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | ||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | |||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | |||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | |||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | |||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | |||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | |||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 3,750 | ||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | |||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | ||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | |||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | |||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | ||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | |||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | |||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | ||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 4,255 | $ | 1,898 | $ | 104 | $ | (4,021 | ) | $ | 2,236 | |||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | |||||||||||||||||
Investment in Subsidiaries | 4,508 | 128 | — | (4,636 | ) | — | ||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | ||||||||||||||||
Total Assets | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Current Liabilities | $ | 815 | $ | 3,396 | $ | 778 | $ | (4,021 | ) | $ | 968 | |||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | ||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | |||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 319 | (4,637 | ) | 5,630 | ||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,139 | $ | 155 | $ | (144 | ) | $ | 6,150 | |||||||||||
Operating Expenses | 5 | 4,360 | 157 | (145 | ) | 4,377 | ||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | ||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | ||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | ||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | ||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | |||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | |||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | ||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | |||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | |||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (268 | ) | $ | (1,171 | ) | $ | 594 | $ | 267 | $ | (578 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (341 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 673 | $ | (1,238 | ) | ||||||||
The following two tables summarize the adjustments for all prior periods that have been revised in this Note. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (209 | ) | $ | — | $ | — | $ | 209 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 209 | $ | — | $ | — | $ | (209 | ) | $ | — | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (269 | ) | $ | — | $ | — | $ | 269 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 269 | $ | — | $ | — | $ | (269 | ) | $ | — | |||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 327 | $ | (7,048 | ) | $ | (844 | ) | $ | 7,565 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Current Liabilities | $ | 327 | $ | (7,653 | ) | $ | (239 | ) | $ | 7,565 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (520 | ) | $ | — | $ | — | $ | 520 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 520 | $ | — | $ | — | $ | (520 | ) | $ | — | |||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Current Liabilities | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | |||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 333 | $ | (6,186 | ) | $ | (838 | ) | $ | 6,691 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Current Liabilities | $ | 333 | $ | (6,791 | ) | $ | (233 | ) | $ | 6,691 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Net Cash Provided By (Used In) | $ | (864 | ) | $ | — | $ | — | $ | 864 | $ | — | |||||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 869 | $ | — | $ | — | $ | (869 | ) | $ | — | |||||||||||
Financing Activities | ||||||||||||||||||||||
These corrections to the presentation had no impact to Power’s condensed consolidated financial statements. These corrections to the presentation had no impact on any liquidity measures of Power. There was no impact to Power's loan covenants as a result of these corrections. Management believes these corrections are immaterial. | ||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||
Guarantees of Debt | ' | |||||||||||||||||||||
Guarantees of Debt | ||||||||||||||||||||||
Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities 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. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,125 | $ | 36 | $ | (23 | ) | $ | 1,138 | |||||||||||
Operating Expenses | 3 | 772 | 32 | (22 | ) | 785 | ||||||||||||||||
Operating Income (Loss) | (3 | ) | 353 | 4 | (1 | ) | 353 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 225 | (1 | ) | 4 | (224 | ) | 4 | |||||||||||||||
Other Income | 9 | 55 | — | (8 | ) | 56 | ||||||||||||||||
Other Deductions | (3 | ) | (4 | ) | — | 1 | (6 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (10 | ) | — | — | (10 | ) | |||||||||||||||
Interest Expense | (24 | ) | (10 | ) | (4 | ) | 7 | (31 | ) | |||||||||||||
Income Tax Benefit (Expense) | 18 | (161 | ) | (1 | ) | — | (144 | ) | ||||||||||||||
Net Income (Loss) | $ | 222 | $ | 222 | $ | 3 | $ | (225 | ) | $ | 222 | |||||||||||
Comprehensive Income (Loss) | $ | 195 | $ | 191 | $ | 3 | $ | (194 | ) | $ | 195 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,781 | $ | 118 | $ | (75 | ) | $ | 3,824 | |||||||||||
Operating Expenses | 12 | 3,079 | 106 | (75 | ) | 3,122 | ||||||||||||||||
Operating Income (Loss) | (12 | ) | 702 | 12 | — | 702 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 459 | (4 | ) | 11 | (455 | ) | 11 | |||||||||||||||
Other Income | 25 | 135 | — | (25 | ) | 135 | ||||||||||||||||
Other Deductions | (7 | ) | (18 | ) | — | — | (25 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (14 | ) | — | — | (14 | ) | |||||||||||||||
Interest Expense | (79 | ) | (23 | ) | (14 | ) | 24 | (92 | ) | |||||||||||||
Income Tax Benefit (Expense) | 54 | (329 | ) | (2 | ) | — | (277 | ) | ||||||||||||||
Net Income (Loss) | $ | 440 | $ | 449 | $ | 7 | $ | (456 | ) | $ | 440 | |||||||||||
Comprehensive Income (Loss) | $ | 432 | $ | 433 | $ | 7 | $ | (440 | ) | $ | 432 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 471 | $ | 1,252 | $ | 53 | $ | (666 | ) | $ | 1,110 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 187 | $ | (559 | ) | $ | (24 | ) | $ | 70 | $ | (326 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (652 | ) | $ | (693 | ) | $ | (29 | ) | $ | 596 | $ | (778 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,163 | $ | 71 | $ | (60 | ) | $ | 1,174 | |||||||||||
Operating Expenses | 2 | 797 | 66 | (61 | ) | 804 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 366 | 5 | 1 | 370 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 231 | (1 | ) | 4 | (230 | ) | 4 | |||||||||||||||
Other Income | 8 | 47 | — | (10 | ) | 45 | ||||||||||||||||
Other Deductions | 1 | (11 | ) | — | (1 | ) | (11 | ) | ||||||||||||||
Other-Than-Temporary | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (19 | ) | (13 | ) | (4 | ) | 10 | (26 | ) | |||||||||||||
Income Tax Benefit (Expense) | 7 | (160 | ) | — | — | (153 | ) | |||||||||||||||
Net Income (Loss) | $ | 226 | $ | 225 | $ | 5 | $ | (230 | ) | $ | 226 | |||||||||||
Comprehensive Income (Loss) | $ | 250 | $ | 242 | $ | 5 | $ | (247 | ) | $ | 250 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,787 | $ | 145 | $ | (114 | ) | $ | 3,818 | |||||||||||
Operating Expenses | 6 | 2,832 | 131 | (114 | ) | 2,855 | ||||||||||||||||
Operating Income (Loss) | (6 | ) | 955 | 14 | — | 963 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 603 | (3 | ) | 12 | (600 | ) | 12 | |||||||||||||||
Other Income | 27 | 130 | — | (30 | ) | 127 | ||||||||||||||||
Other Deductions | (9 | ) | (40 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary | — | (7 | ) | — | — | (7 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (72 | ) | (29 | ) | (14 | ) | 30 | (85 | ) | |||||||||||||
Income Tax Benefit (Expense) | 34 | (419 | ) | 1 | — | (384 | ) | |||||||||||||||
Net Income (Loss) | $ | 577 | $ | 587 | $ | 13 | $ | (600 | ) | $ | 577 | |||||||||||
Comprehensive Income (Loss) | $ | 626 | $ | 612 | $ | 13 | $ | (625 | ) | $ | 626 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 425 | $ | 1,360 | $ | 35 | $ | (506 | ) | $ | 1,314 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 40 | $ | (869 | ) | $ | (40 | ) | $ | 540 | $ | (329 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (461 | ) | $ | (492 | ) | $ | 5 | $ | (35 | ) | $ | (983 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,163 | $ | 1,891 | $ | 111 | $ | (4,035 | ) | $ | 2,130 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,140 | 1,163 | — | 7,384 | |||||||||||||||||
Investment in Subsidiaries | 4,358 | 120 | — | (4,478 | ) | — | ||||||||||||||||
Noncurrent Assets | 293 | 1,901 | 139 | (97 | ) | 2,236 | ||||||||||||||||
Total Assets | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
Current Liabilities | $ | 518 | $ | 3,510 | $ | 754 | $ | (4,035 | ) | $ | 747 | |||||||||||
Noncurrent Liabilities | 319 | 2,379 | 344 | (97 | ) | 2,945 | ||||||||||||||||
Long-Term Debt | 2,543 | — | — | — | 2,543 | |||||||||||||||||
Member's Equity | 5,515 | 4,163 | 315 | (4,478 | ) | 5,515 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | |||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | ||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | ||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | |||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Immaterial Correction of Prior Financial Information | ||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-Q filed on October 30, 2013 and Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | ||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | ||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | ||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases (decreases) to certain categories of the condensed consolidated balance sheet. | ||||||||||||||||||||||
The following three tables include corrected data for these aforementioned adjustments to the information previously filed in Power's Form 10-Q dated May 1, 2014 or 2013 10-K. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,684 | $ | 40 | $ | (24 | ) | $ | 1,700 | |||||||||||
Operating Expenses | 4 | 1,404 | 34 | (24 | ) | 1,418 | ||||||||||||||||
Operating Income (Loss) | (4 | ) | 280 | 6 | — | 282 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 177 | — | 4 | (177 | ) | 4 | ||||||||||||||||
Other Income | 8 | 33 | — | (8 | ) | 33 | ||||||||||||||||
Other Deductions | (4 | ) | (6 | ) | — | — | (10 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (28 | ) | (7 | ) | (5 | ) | 8 | (32 | ) | |||||||||||||
Income Tax Benefit (Expense) | 15 | (125 | ) | (1 | ) | — | (111 | ) | ||||||||||||||
Net Income (Loss) | $ | 164 | $ | 173 | $ | 4 | $ | (177 | ) | $ | 164 | |||||||||||
Comprehensive Income (Loss) | $ | 170 | $ | 176 | $ | 4 | $ | (180 | ) | $ | 170 | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 291 | $ | 603 | $ | 1 | $ | (221 | ) | $ | 674 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (122 | ) | $ | (315 | ) | $ | — | $ | 142 | $ | (295 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (166 | ) | $ | (287 | ) | $ | (1 | ) | $ | 79 | $ | (375 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,441 | $ | 37 | $ | (27 | ) | $ | 1,451 | |||||||||||
Operating Expenses | 2 | 1,200 | 33 | (26 | ) | 1,209 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 241 | 4 | (1 | ) | 242 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 153 | — | 3 | (153 | ) | 3 | ||||||||||||||||
Other Income | 9 | 48 | — | (10 | ) | 47 | ||||||||||||||||
Other Deductions | (8 | ) | (20 | ) | — | — | (28 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (27 | ) | (10 | ) | (4 | ) | 11 | (30 | ) | |||||||||||||
Income Tax Benefit (Expense) | 16 | (108 | ) | 1 | — | (91 | ) | |||||||||||||||
Net Income (Loss) | $ | 141 | $ | 149 | $ | 4 | $ | (153 | ) | $ | 141 | |||||||||||
Comprehensive Income (Loss) | $ | 173 | $ | 172 | $ | 4 | $ | (176 | ) | $ | 173 | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 189 | $ | 574 | $ | 1 | $ | (189 | ) | $ | 575 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (213 | ) | $ | (353 | ) | $ | (8 | ) | $ | 245 | $ | (329 | ) | ||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 24 | $ | (221 | ) | $ | 7 | $ | (57 | ) | $ | (247 | ) | |||||||||
Financing Activities | ||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,436 | $ | 2,097 | $ | 107 | $ | (4,341 | ) | $ | 2,299 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,082 | 1,172 | — | 7,335 | |||||||||||||||||
Investment in Subsidiaries | 4,570 | 122 | — | (4,692 | ) | — | ||||||||||||||||
Noncurrent Assets | 301 | 1,832 | 138 | (117 | ) | 2,154 | ||||||||||||||||
Total Assets | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Current Liabilities | $ | 930 | $ | 3,450 | $ | 741 | $ | (4,340 | ) | $ | 781 | |||||||||||
Noncurrent Liabilities | 308 | 2,323 | 344 | (118 | ) | 2,857 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,653 | 4,360 | 332 | (4,692 | ) | 5,653 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | |||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 3,993 | ||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | |||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | ||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | |||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | |||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | |||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | |||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | |||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | |||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 3,750 | ||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | |||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | ||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | |||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | |||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | ||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | |||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | |||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | ||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 4,255 | $ | 1,898 | $ | 104 | $ | (4,021 | ) | $ | 2,236 | |||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | |||||||||||||||||
Investment in Subsidiaries | 4,508 | 128 | — | (4,636 | ) | — | ||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | ||||||||||||||||
Total Assets | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Current Liabilities | $ | 815 | $ | 3,396 | $ | 778 | $ | (4,021 | ) | $ | 968 | |||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | ||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | |||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 319 | (4,637 | ) | 5,630 | ||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,139 | $ | 155 | $ | (144 | ) | $ | 6,150 | |||||||||||
Operating Expenses | 5 | 4,360 | 157 | (145 | ) | 4,377 | ||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | ||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | ||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | ||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | ||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | |||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | |||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | ||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | |||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | |||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (268 | ) | $ | (1,171 | ) | $ | 594 | $ | 267 | $ | (578 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (341 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 673 | $ | (1,238 | ) | ||||||||
The following two tables summarize the adjustments for all prior periods that have been revised in this Note. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (209 | ) | $ | — | $ | — | $ | 209 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 209 | $ | — | $ | — | $ | (209 | ) | $ | — | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (269 | ) | $ | — | $ | — | $ | 269 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 269 | $ | — | $ | — | $ | (269 | ) | $ | — | |||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 327 | $ | (7,048 | ) | $ | (844 | ) | $ | 7,565 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Current Liabilities | $ | 327 | $ | (7,653 | ) | $ | (239 | ) | $ | 7,565 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (520 | ) | $ | — | $ | — | $ | 520 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 520 | $ | — | $ | — | $ | (520 | ) | $ | — | |||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Current Liabilities | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | |||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 333 | $ | (6,186 | ) | $ | (838 | ) | $ | 6,691 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Current Liabilities | $ | 333 | $ | (6,791 | ) | $ | (233 | ) | $ | 6,691 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Net Cash Provided By (Used In) | $ | (864 | ) | $ | — | $ | — | $ | 864 | $ | — | |||||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 869 | $ | — | $ | — | $ | (869 | ) | $ | — | |||||||||||
Financing Activities | ||||||||||||||||||||||
These corrections to the presentation had no impact to Power’s condensed consolidated financial statements. These corrections to the presentation had no impact on any liquidity measures of Power. There was no impact to Power's loan covenants as a result of these corrections. Management believes these corrections are immaterial. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | |
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, 2013. | |
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. | |
Power [Member] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | |
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, 2013. | |
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. | |
PSE And G [Member] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to 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, 2013 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. | |
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, 2013. | |
On December 31, 2013, Energy Holdings distributed the outstanding equity of its 50% interest in a partnership that owns and operates a generation facility in Hawaii and its wholly owned interest in PSEG Solar Source LLC to PSEG. PSEG in turn contributed this distribution to Power as an additional equity investment. This transaction was accounted for as a non-cash transfer of equity interest between entities under common control with prior period financial statements for Power retrospectively adjusted to include the earnings related to the transfer. As a result, Power’s Operating Revenues increased $5 million and $12 million for the three months and nine months ended September 30, 2013, respectively, and Power's Net Income increased $5 million and $15 million for the three months and nine months ended September 30, 2013, respectively. |
Financing_Receivables_Tables
Financing Receivables (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
PSE And G [Member] | ' | ||||||||||||||||||||
Schedule Of Credit Risk Profile Based On Payment Activity | ' | ||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
Consumer Loans | September 30, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Commercial/Industrial | $ | 187 | $ | 192 | |||||||||||||||||
Residential | 14 | 15 | |||||||||||||||||||
Total | $ | 201 | $ | 207 | |||||||||||||||||
Energy Holdings [Member] | ' | ||||||||||||||||||||
Schedule Of Gross And Net Lease Investment | ' | ||||||||||||||||||||
As of | As of | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 698 | $ | 701 | |||||||||||||||||
Estimated Residual Value of Leased Assets | 529 | 529 | |||||||||||||||||||
Unearned and Deferred Income | (393 | ) | (405 | ) | |||||||||||||||||
Gross Investment in Leases | 834 | 825 | |||||||||||||||||||
Deferred Tax Liabilities | (705 | ) | (727 | ) | |||||||||||||||||
Net Investment in Leases | $ | 129 | $ | 98 | |||||||||||||||||
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | ' | ||||||||||||||||||||
Lease Receivables, Net of | |||||||||||||||||||||
Non-Recourse Debt | |||||||||||||||||||||
Counterparties’ Credit Rating (Standard & Poor's (S&P)) | As of | ||||||||||||||||||||
As of September 30, 2014 | September 30, 2014 | ||||||||||||||||||||
Millions | |||||||||||||||||||||
AA | $ | 18 | |||||||||||||||||||
AA- | 56 | ||||||||||||||||||||
BBB+ - BBB- | 316 | ||||||||||||||||||||
BB- | 134 | ||||||||||||||||||||
B | 165 | ||||||||||||||||||||
Not Rated | 9 | ||||||||||||||||||||
Total | $ | 698 | |||||||||||||||||||
Schedule Of Assets Under Lease Receivables | ' | ||||||||||||||||||||
Asset | Location | Gross | % | Total | Fuel | Counter-parties’ | Counterparty | ||||||||||||||
Investment | Owned | Type | S&P Credit | ||||||||||||||||||
Ratings | |||||||||||||||||||||
Millions | MW | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal | BB- | NRG Energy, Inc. | ||||||||||||
Keystone Station Units 1 and 2 | PA | $ | 117 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 118 | 17 | % | 1,711 | Coal | B | GenOn REMA, LLC | ||||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 110 | 100 | % | 603 | Coal | B | GenOn REMA, LLC | ||||||||||||
AvailableforSale_Securities_Ta
Available-for-Sale Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | ' | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 652 | $ | 240 | $ | (9 | ) | $ | 883 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 471 | 5 | (4 | ) | 472 | |||||||||||||||||||||||||||||
Other Debt Securities | 344 | 12 | (2 | ) | 354 | |||||||||||||||||||||||||||||
Total Debt Securities | 815 | 17 | (6 | ) | 826 | |||||||||||||||||||||||||||||
Other Securities | 30 | — | — | 30 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,497 | $ | 257 | $ | (15 | ) | $ | 1,739 | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 609 | $ | 290 | $ | (2 | ) | $ | 897 | |||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 438 | 3 | (12 | ) | 429 | |||||||||||||||||||||||||||||
Other Debt Securities | 285 | 10 | (4 | ) | 291 | |||||||||||||||||||||||||||||
Total Debt Securities | 723 | 13 | (16 | ) | 720 | |||||||||||||||||||||||||||||
Other Securities | 84 | — | — | 84 | ||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,416 | $ | 303 | $ | (18 | ) | $ | 1,701 | |||||||||||||||||||||||||
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds | ' | |||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 41 | $ | 39 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 35 | $ | 36 | ||||||||||||||||||||||||||||||
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | ' | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 116 | $ | (9 | ) | $ | 1 | $ | — | $ | 30 | $ | (2 | ) | $ | 2 | $ | — | ||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 148 | (2 | ) | 68 | (2 | ) | 300 | (11 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Other Debt Securities (C) | 101 | (1 | ) | 32 | (1 | ) | 107 | (4 | ) | 3 | — | |||||||||||||||||||||||
Total Debt Securities | 249 | (3 | ) | 100 | (3 | ) | 407 | (15 | ) | 4 | (1 | ) | ||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 365 | $ | (12 | ) | $ | 101 | $ | (3 | ) | $ | 437 | $ | (17 | ) | $ | 6 | $ | (1 | ) | ||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—Power’s investments in corporate bonds are limited to 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 September 30, 2014. | |||||||||||||||||||||||||||||||||
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | ' | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 221 | $ | 220 | $ | 779 | $ | 837 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | 45 | 35 | 101 | 95 | ||||||||||||||||||||||||||||||
Gross Realized Losses | (3 | ) | (9 | ) | (12 | ) | (34 | ) | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 42 | $ | 26 | $ | 89 | $ | 61 | ||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | ' | |||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | 20 | ||||||||||||||||||||||||||||||||
1 - 5 years | 239 | |||||||||||||||||||||||||||||||||
6 - 10 years | 217 | |||||||||||||||||||||||||||||||||
11 - 15 years | 62 | |||||||||||||||||||||||||||||||||
16 - 20 years | 42 | |||||||||||||||||||||||||||||||||
Over 20 years | 246 | |||||||||||||||||||||||||||||||||
Total NDT Available-for-Sale Debt Securities | $ | 826 | ||||||||||||||||||||||||||||||||
Rabbi Trust [Member] | ' | |||||||||||||||||||||||||||||||||
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 September 30, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 | Greater Than 12 | Less Than 12 | Greater Than 12 | |||||||||||||||||||||||||||||||
Months | Months | Months | Months | |||||||||||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations (B) | 26 | — | — | — | 47 | (2 | ) | 2 | — | |||||||||||||||||||||||||
Other Debt Securities (C) | 25 | — | — | — | 18 | (1 | ) | 1 | — | |||||||||||||||||||||||||
Total Debt Securities | 51 | — | — | — | 65 | (3 | ) | 3 | — | |||||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 51 | $ | — | $ | — | $ | — | $ | 65 | $ | (3 | ) | $ | 3 | $ | — | |||||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | |||||||||||||||||||||||||||||||||
(B) | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
(C) | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2014. | |||||||||||||||||||||||||||||||||
Securities Held In The Rabbi Trusts | ' | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 12 | $ | 10 | $ | — | $ | 22 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 88 | 1 | — | 89 | ||||||||||||||||||||||||||||||
Other Debt Securities | 75 | 1 | — | 76 | ||||||||||||||||||||||||||||||
Total Debt Securities | 163 | 2 | — | 165 | ||||||||||||||||||||||||||||||
Other Securities | 1 | — | — | 1 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 176 | $ | 12 | $ | — | $ | 188 | ||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Equity Securities | $ | 14 | $ | 9 | $ | — | $ | 23 | ||||||||||||||||||||||||||
Debt Securities | ||||||||||||||||||||||||||||||||||
Government Obligations | 109 | — | (2 | ) | 107 | |||||||||||||||||||||||||||||
Other Debt Securities | 46 | 1 | (1 | ) | 46 | |||||||||||||||||||||||||||||
Total Debt Securities | 155 | 1 | (3 | ) | 153 | |||||||||||||||||||||||||||||
Other Securities | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 172 | $ | 10 | $ | (3 | ) | $ | 179 | |||||||||||||||||||||||||
Schedule of Accounts Receivable and Accounts Payable 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 | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Accounts Receivable | $ | 2 | $ | 1 | ||||||||||||||||||||||||||||||
Accounts Payable | $ | 1 | $ | 2 | ||||||||||||||||||||||||||||||
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | ' | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 419 | $ | 13 | $ | 445 | $ | 77 | ||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust: | ||||||||||||||||||||||||||||||||||
Gross Realized Gains | $ | 2 | $ | — | $ | 4 | $ | 4 | ||||||||||||||||||||||||||
Gross Realized Losses | (2 | ) | — | (3 | ) | (3 | ) | |||||||||||||||||||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | — | $ | — | $ | 1 | $ | 1 | ||||||||||||||||||||||||||
Amount Of Available-For-Sale Debt Securities By Maturity Periods | ' | |||||||||||||||||||||||||||||||||
Time Frame | Fair Value | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Less than one year | $ | — | ||||||||||||||||||||||||||||||||
1 - 5 years | 51 | |||||||||||||||||||||||||||||||||
6 - 10 years | 28 | |||||||||||||||||||||||||||||||||
11 - 15 years | 7 | |||||||||||||||||||||||||||||||||
16 - 20 years | 7 | |||||||||||||||||||||||||||||||||
Over 20 years | 72 | |||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 165 | ||||||||||||||||||||||||||||||||
Fair Value Of The Rabbi Trusts | ' | |||||||||||||||||||||||||||||||||
As of | As of | |||||||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | 44 | $ | 39 | ||||||||||||||||||||||||||||||
PSE&G | 40 | 42 | ||||||||||||||||||||||||||||||||
Other | 104 | 98 | ||||||||||||||||||||||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 188 | $ | 179 | ||||||||||||||||||||||||||||||
Pension_and_OPEB_Tables
Pension and OPEB (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||
Service Cost | $ | 26 | $ | 29 | $ | 5 | $ | 6 | $ | 78 | $ | 87 | $ | 14 | $ | 16 | ||||||||||||||||||
Interest Cost | 58 | 54 | 18 | 15 | 176 | 161 | 52 | 47 | ||||||||||||||||||||||||||
Expected Return on Plan Assets | (99 | ) | (87 | ) | (7 | ) | (6 | ) | (299 | ) | (261 | ) | (20 | ) | (16 | ) | ||||||||||||||||||
Amortization of Net | ||||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (5 | ) | (4 | ) | (4 | ) | (14 | ) | (14 | ) | (11 | ) | (11 | ) | ||||||||||||||||||
Actuarial Loss | 14 | 47 | 6 | 11 | 42 | 141 | 18 | 32 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
Schedule Of Pension And OPEB Costs | ' | |||||||||||||||||||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
Power | $ | (2 | ) | $ | 11 | $ | 5 | $ | 6 | $ | (5 | ) | $ | 33 | $ | 15 | $ | 17 | ||||||||||||||||
PSE&G | (4 | ) | 23 | 12 | 16 | (14 | ) | 68 | 35 | 49 | ||||||||||||||||||||||||
Other | — | 4 | 1 | — | 2 | 13 | 3 | 2 | ||||||||||||||||||||||||||
Total Benefit Costs | $ | (6 | ) | $ | 38 | $ | 18 | $ | 22 | $ | (17 | ) | $ | 114 | $ | 53 | $ | 68 | ||||||||||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Power [Member] | ' | ||||||||||||||
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | ' | ||||||||||||||
As of | As of | ||||||||||||||
September 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Millions | |||||||||||||||
Face Value of Outstanding Guarantees | $ | 1,719 | $ | 1,639 | |||||||||||
Exposure under Current Guarantees | $ | 222 | $ | 246 | |||||||||||
Letters of Credit Margin Posted | $ | 138 | $ | 132 | |||||||||||
Letters of Credit Margin Received | $ | 17 | $ | 25 | |||||||||||
Cash Deposited and Received: | |||||||||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||||||||
Counterparty Cash Margin Received | $ | (25 | ) | $ | — | ||||||||||
Net Broker Balance Deposited (Received) | $ | 278 | $ | 80 | |||||||||||
In the Event Power were to Lose its Investment Grade Rating: | |||||||||||||||
Additional Collateral that could be Required | $ | 851 | $ | 691 | |||||||||||
Liquidity Available under PSEG’s and Power’s Credit Facilities to Post Collateral | $ | 3,516 | $ | 3,522 | |||||||||||
Additional Amounts Posted: | |||||||||||||||
Other Letters of Credit | $ | 45 | $ | 45 | |||||||||||
Total Minimum Purchase Commitments | ' | ||||||||||||||
As of September 30, 2014, the total minimum purchase requirements included in these commitments were as follows: | |||||||||||||||
Fuel Type | Power's Share of Commitments through 2018 | ||||||||||||||
Millions | |||||||||||||||
Nuclear Fuel | |||||||||||||||
Uranium | $ | 450 | |||||||||||||
Enrichment | $ | 369 | |||||||||||||
Fabrication | $ | 174 | |||||||||||||
Natural Gas | $ | 877 | |||||||||||||
Coal | $ | 367 | |||||||||||||
PSE And G [Member] | ' | ||||||||||||||
Contract For Anticipated BGS-Fixed Price Eligible Load | ' | ||||||||||||||
Auction Year | |||||||||||||||
2011 | 2012 | 2013 | 2014 | ||||||||||||
36-Month Terms Ending | May-14 | May-15 | May-16 | May-17 | (A) | ||||||||||
Load (MW) | 2,800 | 2,900 | 2,800 | 2,800 | |||||||||||
$ per kWh | 0.0943 | 0.08388 | 0.09218 | 0.09739 | |||||||||||
(A) | Prices set for the 2014 BGS auction year became effective on June 1, 2014 when the 2011 BGS auction agreements expired. |
Financial_Risk_Management_Acti1
Financial Risk Management Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges | ' | ||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Fair Value of Cash Flow Hedges | $ | 3 | $ | (4 | ) | ||||||||||||||||||||||||||
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $ | 2 | $ | (1 | ) | ||||||||||||||||||||||||||
Schedule Of Derivative Instruments Fair Value In Balance Sheets | ' | ||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | 4 | $ | 517 | $ | (471 | ) | $ | 50 | $ | 5 | $ | 16 | $ | 71 | ||||||||||||||||
Noncurrent Assets | — | 166 | (155 | ) | 11 | 8 | 10 | 29 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 4 | $ | 683 | $ | (626 | ) | $ | 61 | $ | 13 | $ | 26 | $ | 100 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (1 | ) | $ | (702 | ) | $ | 594 | $ | (109 | ) | $ | — | $ | — | $ | (109 | ) | |||||||||||||
Noncurrent Liabilities | — | (175 | ) | 138 | (37 | ) | — | — | (37 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (1 | ) | $ | (877 | ) | $ | 732 | $ | (146 | ) | $ | — | $ | — | $ | (146 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 3 | $ | (194 | ) | $ | 106 | $ | (85 | ) | $ | 13 | $ | 26 | $ | (46 | ) | ||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Power (A) | PSE&G (A) | PSEG (A) | Consolidated | ||||||||||||||||||||||||||||
Cash Flow | Non | Non | Fair Value | ||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||||||||
Balance Sheet Location | Energy- | Energy- | Netting | Total | Energy- | Interest | Total | ||||||||||||||||||||||||
Related | Related | (B) | Power | Related | Rate | Derivatives | |||||||||||||||||||||||||
Contracts | Contracts | Contracts | Swaps | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Assets | $ | — | $ | 323 | $ | (266 | ) | $ | 57 | $ | 25 | $ | 16 | $ | 98 | ||||||||||||||||
Noncurrent Assets | — | 155 | (83 | ) | 72 | 69 | 22 | 163 | |||||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | — | $ | 478 | $ | (349 | ) | $ | 129 | $ | 94 | $ | 38 | $ | 261 | ||||||||||||||||
Derivative Contracts | |||||||||||||||||||||||||||||||
Current Liabilities | $ | (4 | ) | $ | (343 | ) | $ | 271 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||||
Noncurrent Liabilities | — | (111 | ) | 80 | (31 | ) | — | — | (31 | ) | |||||||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (4 | ) | $ | (454 | ) | $ | 351 | $ | (107 | ) | $ | — | $ | — | $ | (107 | ) | |||||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | (4 | ) | $ | 24 | $ | 2 | $ | 22 | $ | 94 | $ | 38 | $ | 154 | ||||||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||||||||||||||||||||||||||||||
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014 and December 31, 2013, net cash collateral (received) paid of $106 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(12) million and $(21) million of cash collateral was netted against current assets and noncurrent assets, respectively, and $135 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. | ||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Designated As Cash Flow Hedges | ' | ||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total PSEG | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | 3 | $ | 1 | Operating Revenues | $ | 1 | $ | 3 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||||
Total Power | $ | 3 | $ | 1 | $ | 1 | $ | 3 | $ | — | $ | (1 | ) | ||||||||||||||||||
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||
Derivatives in | Amount of | Location | Amount of | Location of | Amount of | ||||||||||||||||||||||||||
Cash Flow Hedging | Pre-Tax | of Pre-Tax Gain | Pre-Tax | Pre-Tax Gain | Pre-Tax | ||||||||||||||||||||||||||
Relationships | Gain (Loss) | (Loss) Reclassified | Gain (Loss) | (Loss) Recognized in | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | from AOCI into | Reclassified | Income on | Recognized in | |||||||||||||||||||||||||||
AOCI on | Income | from AOCI | Derivatives | Income on | |||||||||||||||||||||||||||
Derivatives | into Income | (Ineffective Portion) | Derivatives | ||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Interest Rate Swaps | — | — | Interest Expense | — | (1 | ) | — | — | |||||||||||||||||||||||
Total PSEG | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 10 | $ | — | $ | (1 | ) | ||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | (4 | ) | $ | 1 | Operating Revenues | $ | (11 | ) | $ | 11 | Operating Revenues | $ | — | $ | (1 | ) | ||||||||||||||
Total Power | $ | (4 | ) | $ | 1 | $ | (11 | ) | $ | 11 | $ | — | $ | (1 | ) | ||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (4 | ) | $ | (2 | ) | |||||||||||||||||||||||||
Net Loss Recognized in AOCI | (7 | ) | (4 | ) | |||||||||||||||||||||||||||
Loss Reclassified into Income | 12 | 7 | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | 1 | |||||||||||||||||||||||||||
Gain Recognized in AOCI | 3 | 2 | |||||||||||||||||||||||||||||
Gain Reclassified into Income | (1 | ) | (1 | ) | |||||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | 2 | |||||||||||||||||||||||||||
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | ' | ||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||
Gain (Loss) | |||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||
on Derivatives | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG and Power | |||||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 93 | $ | 14 | $ | (759 | ) | $ | (32 | ) | ||||||||||||||||||||
Energy-Related Contracts | Energy Costs | (12 | ) | 10 | 65 | 63 | |||||||||||||||||||||||||
Total PSEG and Power | $ | 81 | $ | 24 | $ | (694 | ) | $ | 31 | ||||||||||||||||||||||
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | ' | ||||||||||||||||||||||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 341 | — | 277 | 64 | ||||||||||||||||||||||||||
Electricity | MWh | 329 | — | 329 | — | ||||||||||||||||||||||||||
Financial Transmission Rights (FTRs) | MWh | 21 | — | 21 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Natural Gas | Dth | 614 | — | 466 | 148 | ||||||||||||||||||||||||||
Electricity | MWh | 243 | — | 243 | — | ||||||||||||||||||||||||||
FTRs | MWh | 16 | — | 16 | — | ||||||||||||||||||||||||||
Interest Rate Swaps | U.S. Dollars | 850 | 850 | — | — | ||||||||||||||||||||||||||
Power [Member] | ' | ||||||||||||||||||||||||||||||
Schedule Providing Credit Risk From Others, Net Of Collateral | ' | ||||||||||||||||||||||||||||||
Rating | Current | Securities | Net | Number of | Net Exposure of | ||||||||||||||||||||||||||
Exposure | Held as | Exposure | Counterparties | Counterparties | |||||||||||||||||||||||||||
Collateral | >10% | >10% | |||||||||||||||||||||||||||||
Millions | Millions | ||||||||||||||||||||||||||||||
Investment Grade—External Rating | $ | 89 | $ | 27 | $ | 77 | 2 | $ | 52 | (A) | |||||||||||||||||||||
Non-Investment Grade—External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Investment Grade—No External Rating | 1 | — | 1 | — | — | ||||||||||||||||||||||||||
Non-Investment Grade—No External Rating | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 91 | $ | 27 | $ | 79 | 2 | $ | 52 | ||||||||||||||||||||||
(A) | Includes net exposure of $21 million with PSE&G. The remaining net exposure of $31 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||||||||
Recurring Fair Value Measurements as of September 30, 2014 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 667 | $ | — | $ | 667 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 74 | $ | (626 | ) | $ | — | $ | 687 | $ | 13 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 89 | $ | — | $ | — | $ | 89 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 76 | $ | — | $ | — | $ | 76 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 61 | $ | (626 | ) | $ | — | $ | 687 | $ | — | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 883 | $ | — | $ | 876 | $ | 7 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 472 | $ | — | $ | — | $ | 472 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 354 | $ | — | $ | — | $ | 354 | $ | — | |||||||||||||||||||||
Other Securities | $ | 30 | $ | — | $ | 30 | $ | — | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (146 | ) | $ | 732 | $ | — | $ | (857 | ) | $ | (21 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 293 | $ | — | $ | 293 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 19 | $ | — | $ | — | $ | 19 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | |||||||||||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Recurring Fair Value Measurements as of December 31, 2013 | |||||||||||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Cash Equivalents (A) | $ | 439 | $ | — | $ | 439 | $ | — | $ | — | |||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 223 | $ | (349 | ) | $ | — | $ | 474 | $ | 98 | ||||||||||||||||||||
Interest Rate Swaps (C) | $ | 38 | $ | — | $ | — | $ | 38 | $ | — | |||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 107 | $ | — | $ | — | $ | 107 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 46 | $ | — | $ | — | $ | 46 | $ | — | |||||||||||||||||||||
Other Securities | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 129 | $ | (349 | ) | $ | — | $ | 474 | $ | 4 | ||||||||||||||||||||
NDT Fund (D) | |||||||||||||||||||||||||||||||
Equity Securities | $ | 897 | $ | — | $ | 892 | $ | 5 | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 429 | $ | — | $ | — | $ | 429 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 291 | $ | — | $ | — | $ | 291 | $ | — | |||||||||||||||||||||
Other Securities | $ | 84 | $ | — | $ | 57 | $ | 27 | $ | — | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 23 | $ | — | $ | — | $ | 23 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (107 | ) | $ | 351 | $ | — | $ | (448 | ) | $ | (10 | ) | ||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative Contracts: | |||||||||||||||||||||||||||||||
Energy Related Contracts (B) | $ | 94 | $ | — | $ | — | $ | — | $ | 94 | |||||||||||||||||||||
Rabbi Trust (D) | |||||||||||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | |||||||||||||||||||||
Debt Securities—Govt Obligations | $ | 25 | $ | — | $ | — | $ | 25 | $ | — | |||||||||||||||||||||
Debt Securities—Other | $ | 11 | $ | — | $ | — | $ | 11 | $ | — | |||||||||||||||||||||
Other Securities | $ | 1 | $ | — | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
(A) | Represents money market mutual funds. | ||||||||||||||||||||||||||||||
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. | ||||||||||||||||||||||||||||||
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||||||||||||||||||||||||||||||
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | ||||||||||||||||||||||||||||||
(D) | The fair value measurement table excludes cash of less than $1 million which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). | ||||||||||||||||||||||||||||||
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. | |||||||||||||||||||||||||||||||
Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||||||||||||||||||||||||||||||
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014, net cash collateral (received) paid of $106 million, was netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(33) million of cash collateral was netted against assets, and $139 million was netted against liabilities. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. | ||||||||||||||||||||||||||||||
Schedule of Quantitative Information About Level 3 Fair Value Measurements | ' | ||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | 30-Sep-14 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Load Contracts | $ | — | $ | (21 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | ||||||||||||||||||||||
Other | Various (A) | — | — | ||||||||||||||||||||||||||||
Total Power | $ | — | $ | (21 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 13 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 13 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 13 | $ | (21 | ) | ||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||||||||
Fair Value as of | Valuation | Unobservable | |||||||||||||||||||||||||||||
Commodity | Level 3 Position | December 31, 2013 | Technique(s) | Input | Range | ||||||||||||||||||||||||||
Assets | (Liabilities) | ||||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Power | |||||||||||||||||||||||||||||||
Electricity | Electric Swaps | $ | 3 | $ | (1 | ) | Discounted Cash Flow | Power Basis | $0 to $10/MWh | ||||||||||||||||||||||
Electricity | Electric Load Contracts | — | (8 | ) | Discounted Cash Flow | Historic Load Variability | -5% to +10% | ||||||||||||||||||||||||
Other | Various (B) | 1 | (1 | ) | |||||||||||||||||||||||||||
Total Power | $ | 4 | $ | (10 | ) | ||||||||||||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Gas | Forward Contracts | $ | 94 | $ | — | Discounted Cash Flow | Transportation Costs | $0.70 to $1/dekatherm | |||||||||||||||||||||||
Total PSE&G | $ | 94 | $ | — | |||||||||||||||||||||||||||
Total PSEG | $ | 98 | $ | (10 | ) | ||||||||||||||||||||||||||
(A) | Includes gas supply positions and long-term electric capacity positions which were immaterial as of September 30, 2014. | ||||||||||||||||||||||||||||||
(B) | Includes gas supply positions which were immaterial as of December 31, 2013. | ||||||||||||||||||||||||||||||
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of July 1, 2014 | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | |||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | (8 | ) | $ | (9 | ) | $ | — | $ | (4 | ) | $ | — | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (9 | ) | $ | (8 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 22 | $ | — | $ | (9 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2014 | ||||||||||||||||||||||||
1-Jan-14 | Income (A) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 88 | $ | (66 | ) | $ | (81 | ) | $ | — | $ | 54 | $ | (3 | ) | $ | (8 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (6 | ) | $ | (66 | ) | $ | — | $ | — | $ | 54 | $ | (3 | ) | $ | (21 | ) | |||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 94 | $ | — | $ | (81 | ) | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||||||
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||
for the Three Months and Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jul-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (35 | ) | $ | 1 | $ | (11 | ) | $ | — | $ | (1 | ) | $ | — | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 6 | $ | 1 | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (41 | ) | $ | — | $ | (11 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Total Gains or (Losses) | |||||||||||||||||||||||||||||||
Realized/Unrealized | |||||||||||||||||||||||||||||||
Description | Balance as of | Included in | Included in | Purchases | Issuances/ | Transfers | Balance as of September 30, 2013 | ||||||||||||||||||||||||
1-Jan-13 | Income (E) | Regulatory Assets/ | (Sales) | Settlements | In/Out | ||||||||||||||||||||||||||
Liabilities (B) | (C) | (D) | |||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
PSEG | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (31 | ) | $ | (16 | ) | $ | (12 | ) | $ | — | $ | 9 | $ | 4 | $ | (46 | ) | |||||||||||||
Power | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | (16 | ) | $ | — | $ | — | $ | 9 | $ | 4 | $ | 6 | ||||||||||||||||
PSE&G | |||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | (40 | ) | $ | — | $ | (12 | ) | $ | — | $ | — | $ | — | $ | (52 | ) | ||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(8) million and $(66) million in Operating Income for the three months and nine months ended September 30, 2014, respectively. Of the $(8) million in Operating Income $(12) million is unrealized. Of the $(66) million in Operating Income, $(11) million is unrealized. | ||||||||||||||||||||||||||||||
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or 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 $(4) million and $54 million in settlements for the three months and nine months ended September 30, 2014. Represents $(1) million and $9 million in settlements for the three months and nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||
(D) | There were no transfers among levels during the three months ended September 30, 2014 and 2013. During the nine months ended September 30, 2014, $(3) million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. During the nine months ended September 30, 2013, $4 million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters in which the transfers first occurred, as per PSEG's policy. | ||||||||||||||||||||||||||||||
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $(16) million in Operating Income for the three months and nine months ended September 30, 2013, respectively. The $1 million in Operating Income is unrealized. Of the $(16) million in Operating Income, $(7) million is unrealized. | ||||||||||||||||||||||||||||||
Schedule of Fair Value of Debt | ' | ||||||||||||||||||||||||||||||
As of | As of | ||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||
PSEG (Parent) (A) | $ | 15 | $ | 26 | $ | 24 | $ | 38 | |||||||||||||||||||||||
Power -Recourse Debt (B) | 2,543 | 2,916 | 2,541 | 2,846 | |||||||||||||||||||||||||||
PSE&G (B) | 6,063 | 6,497 | 5,566 | 5,629 | |||||||||||||||||||||||||||
Transition Funding (PSE&G) (B) | 312 | 327 | 476 | 511 | |||||||||||||||||||||||||||
Transition Funding II (PSE&G) (B) | 14 | 15 | 20 | 21 | |||||||||||||||||||||||||||
Energy Holdings: | |||||||||||||||||||||||||||||||
Project Level, Non-Recourse Debt (C) | 16 | 16 | 16 | 16 | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | 8,963 | $ | 9,797 | $ | 8,643 | $ | 9,061 | |||||||||||||||||||||||
(A) | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. | ||||||||||||||||||||||||||||||
(B) | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | ||||||||||||||||||||||||||||||
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Other_Income_and_Deductions_Ta
Other Income and Deductions (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||
Schedule Of Other Income | ' | |||||||||||||||||
Other Income | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 55 | $ | — | $ | — | $ | 55 | ||||||||||
Allowance for Funds Used During Construction | — | 8 | — | 8 | ||||||||||||||
Solar Loan Interest | — | 6 | — | 6 | ||||||||||||||
Other | 1 | 2 | 3 | 6 | ||||||||||||||
Total Other Income | $ | 56 | $ | 16 | $ | 3 | $ | 75 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 45 | $ | — | $ | — | $ | 45 | ||||||||||
Allowance for Funds Used During Construction | — | 5 | — | 5 | ||||||||||||||
Solar Loan Interest | — | 7 | — | 7 | ||||||||||||||
Other | — | 1 | 1 | 2 | ||||||||||||||
Total Other Income | $ | 45 | $ | 13 | $ | 1 | $ | 59 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 133 | $ | — | $ | — | $ | 133 | ||||||||||
Allowance for Funds Used During Construction | — | 21 | — | 21 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 5 | 6 | 13 | ||||||||||||||
Total Other Income | $ | 135 | $ | 44 | $ | 6 | $ | 185 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||||
Allowance for Funds Used During Construction | — | 17 | — | 17 | ||||||||||||||
Solar Loan Interest | — | 18 | — | 18 | ||||||||||||||
Other | 2 | 6 | 4 | 12 | ||||||||||||||
Total Other Income | $ | 127 | $ | 41 | $ | 4 | $ | 172 | ||||||||||
Schedule Of Other Deductions | ' | |||||||||||||||||
Other Deductions | Power | PSE&G | Other (A) | Consolidated | ||||||||||||||
Millions | ||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||
Other | 2 | 2 | 1 | 5 | ||||||||||||||
Total Other Deductions | $ | 6 | $ | 2 | $ | 1 | $ | 9 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 11 | $ | — | $ | — | $ | 11 | ||||||||||
Other | — | 1 | — | 1 | ||||||||||||||
Total Other Deductions | $ | 11 | $ | 1 | $ | — | $ | 12 | ||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||
Other | 7 | 3 | 3 | 13 | ||||||||||||||
Total Other Deductions | $ | 25 | $ | 3 | $ | 3 | $ | 31 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | 40 | $ | — | $ | — | $ | 40 | ||||||||||
Other | 9 | 3 | 2 | 14 | ||||||||||||||
Total Other Deductions | $ | 49 | $ | 3 | $ | 2 | $ | 54 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Text Block [Abstract] | ' | |||||||||
Schedule Of Effective Tax Rates | ' | |||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
PSEG | 37.00% | 41.00% | 37.80% | 40.50% | ||||||
Power | 39.40% | 40.50% | 38.60% | 40.00% | ||||||
PSE&G | 38.50% | 40.60% | 38.60% | 40.00% | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
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 September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 1 | $ | (232 | ) | $ | 158 | $ | (73 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (15 | ) | (13 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 3 | (15 | ) | (13 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 3 | (30 | ) | (26 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 3 | $ | (466 | ) | $ | 101 | $ | (362 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 27 | 28 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 9 | (11 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 9 | 16 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (2 | ) | $ | (238 | ) | $ | 145 | $ | (95 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 19 | 17 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 9 | (36 | ) | (21 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 9 | (17 | ) | (4 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 2 | $ | (229 | ) | $ | 128 | $ | (99 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 7 | $ | (485 | ) | $ | 90 | $ | (388 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 53 | 54 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6 | ) | 28 | (26 | ) | (4 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (5 | ) | 28 | 27 | 50 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2 | $ | (457 | ) | $ | 117 | $ | (338 | ) | |||||||||||||||||||
Power | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 2 | $ | (199 | ) | $ | 153 | $ | (44 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 2 | — | (14 | ) | (12 | ) | |||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1 | ) | 2 | (16 | ) | (15 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 2 | (30 | ) | (27 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of June 30, 2013 | $ | 4 | $ | (405 | ) | $ | 98 | $ | (303 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 28 | 29 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2 | ) | 8 | (11 | ) | (5 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 8 | 17 | 24 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | (1 | ) | $ | (204 | ) | $ | 142 | $ | (63 | ) | ||||||||||||||||||
Other Comprehensive Income before Reclassifications | (2 | ) | — | 17 | 15 | ||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | 7 | (36 | ) | (23 | ) | |||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 4 | 7 | (19 | ) | (8 | ) | |||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 3 | $ | (197 | ) | $ | 123 | $ | (71 | ) | |||||||||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | |||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 9 | $ | (422 | ) | $ | 85 | $ | (328 | ) | |||||||||||||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 56 | 57 | |||||||||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (7 | ) | 25 | (26 | ) | (8 | ) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (6 | ) | 25 | 30 | 49 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 3 | $ | (397 | ) | $ | 115 | $ | (279 | ) | |||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | 30-Sep-14 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | — | — | — | ||||||||||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (8 | ) | 3 | (5 | ) | (22 | ) | 8 | (14 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (5 | ) | 2 | (3 | ) | (14 | ) | 5 | (9 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 47 | (24 | ) | 23 | 105 | (54 | ) | 51 | ||||||||||||||||||||
Realized Losses | Other Deductions | (5 | ) | 2 | (3 | ) | (15 | ) | 7 | (8 | ) | ||||||||||||||||||
Other-Than-Temporary Impairments (OTTI) | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 32 | (17 | ) | 15 | 76 | (40 | ) | 36 | |||||||||||||||||||||
Total | $ | 28 | $ | (15 | ) | $ | 13 | $ | 51 | $ | (30 | ) | $ | 21 | |||||||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Interest Rate Swaps | Interest Expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 10 | (4 | ) | 6 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 8 | (3 | ) | 5 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (18 | ) | 7 | (11 | ) | (56 | ) | 23 | (33 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (15 | ) | 6 | (9 | ) | (48 | ) | 20 | (28 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 99 | (51 | ) | 48 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (37 | ) | 18 | (19 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 55 | (29 | ) | 26 | |||||||||||||||||||||
Total | $ | 11 | $ | (7 | ) | $ | 4 | $ | 17 | $ | (13 | ) | $ | 4 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-14 | September 30, 2014 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 1 | $ | — | $ | 1 | $ | (11 | ) | $ | 5 | $ | (6 | ) | ||||||||||||||
Total Cash Flow Hedges | 1 | — | 1 | (11 | ) | 5 | (6 | ) | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (6 | ) | 2 | (4 | ) | (18 | ) | 7 | (11 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (3 | ) | 1 | (2 | ) | (11 | ) | 4 | (7 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 45 | (23 | ) | 22 | 101 | (52 | ) | 49 | ||||||||||||||||||||
Realized Losses | Other Deductions | (2 | ) | 1 | (1 | ) | (12 | ) | 6 | (6 | ) | ||||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (14 | ) | 7 | (7 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 33 | (17 | ) | 16 | 75 | (39 | ) | 36 | |||||||||||||||||||||
Total | $ | 31 | $ | (16 | ) | $ | 15 | $ | 53 | $ | (30 | ) | $ | 23 | |||||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | 30-Sep-13 | September 30, 2013 | ||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | 3 | $ | (1 | ) | $ | 2 | $ | 11 | $ | (4 | ) | $ | 7 | ||||||||||||||
Total Cash Flow Hedges | 3 | (1 | ) | 2 | 11 | (4 | ) | 7 | |||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 7 | (3 | ) | 4 | ||||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (49 | ) | 20 | (29 | ) | ||||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (42 | ) | 17 | (25 | ) | |||||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||||
Realized Gains | Other Income | 35 | (18 | ) | 17 | 95 | (49 | ) | 46 | ||||||||||||||||||||
Realized Losses | Other Deductions | (9 | ) | 4 | (5 | ) | (34 | ) | 17 | (17 | ) | ||||||||||||||||||
OTTI | OTTI | (3 | ) | 2 | (1 | ) | (7 | ) | 4 | (3 | ) | ||||||||||||||||||
Total Available-for-Sale Securities | 23 | (12 | ) | 11 | 54 | (28 | ) | 26 | |||||||||||||||||||||
Total | $ | 12 | $ | (7 | ) | $ | 5 | $ | 23 | $ | (15 | ) | $ | 8 | |||||||||||||||
Earnings_Per_Share_EPS_and_Div1
Earnings Per Share (EPS) and Dividends (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||||
Basic And Diluted Earnings Per Share Computation | ' | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||
EPS Numerator (Millions) | ||||||||||||||||||||||||||||||||||
Net Income | $ | 444 | $ | 444 | $ | 390 | $ | 390 | $ | 1,042 | $ | 1,042 | $ | 1,043 | $ | 1,043 | ||||||||||||||||||
EPS Denominator (Thousands) | ||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505,862 | 505,862 | 505,858 | 505,858 | 505,937 | 505,937 | 505,900 | 505,900 | ||||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 1,560 | — | 1,836 | — | 1,465 | — | 1,533 | ||||||||||||||||||||||||||
Total Shares | 505,862 | 507,422 | 505,858 | 507,694 | 505,937 | 507,402 | 505,900 | 507,433 | ||||||||||||||||||||||||||
EPS | ||||||||||||||||||||||||||||||||||
Net Income | $ | 0.88 | $ | 0.87 | $ | 0.77 | $ | 0.77 | $ | 2.06 | $ | 2.05 | $ | 2.06 | $ | 2.06 | ||||||||||||||||||
Dividend Payments On Common Stock | ' | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||
Dividend Payments on Common Stock | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Per Share | $ | 0.37 | $ | 0.36 | $ | 1.11 | $ | 1.08 | ||||||||||||||||||||||||||
In Millions | $ | 187 | $ | 182 | $ | 561 | $ | 546 | ||||||||||||||||||||||||||
Financial_Information_By_Busin1
Financial Information By Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||
Financial Information By Business Segments | ' | |||||||||||||||||||||
Power | PSE&G | Other (A) | Eliminations (B) | Consolidated | ||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,138 | $ | 1,655 | $ | 123 | $ | (275 | ) | $ | 2,641 | |||||||||||
Net Income (Loss) | 222 | 200 | 22 | — | 444 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 188 | 497 | 8 | — | 693 | |||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,824 | $ | 5,235 | $ | 359 | $ | (1,305 | ) | $ | 8,113 | |||||||||||
Net Income (Loss) | 440 | 565 | 37 | — | 1,042 | |||||||||||||||||
Gross Additions to Long-Lived Assets | 414 | 1,493 | 15 | — | 1,922 | |||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 1,174 | $ | 1,666 | $ | 3 | $ | (289 | ) | $ | 2,554 | |||||||||||
Net Income (Loss) | 226 | 168 | (4 | ) | — | 390 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 210 | 480 | 6 | — | 696 | |||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Total Operating Revenues | $ | 3,818 | $ | 5,084 | $ | 29 | $ | (1,281 | ) | $ | 7,650 | |||||||||||
Net Income (Loss) | 577 | 468 | (2 | ) | — | 1,043 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 458 | 1,628 | 16 | — | 2,102 | |||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Total Assets | $ | 11,750 | $ | 20,917 | $ | 1,907 | $ | (427 | ) | $ | 34,147 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 122 | $ | — | $ | 3 | $ | — | $ | 125 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Total Assets | $ | 12,002 | $ | 19,720 | $ | 4,025 | $ | (3,225 | ) | $ | 32,522 | |||||||||||
Investments in Equity Method Subsidiaries | $ | 123 | $ | — | $ | 3 | $ | — | $ | 126 | ||||||||||||
(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 related to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 17. Related-Party Transactions. |
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Power [Member] | ' | |||||||||||||||||
Schedule Of Related Party Transactions, Revenue | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Revenue from Affiliates: | ||||||||||||||||||
Billings to PSE&G through BGS and BGSS Contracts (A) | $ | 280 | $ | 284 | $ | 1,308 | $ | 1,275 | ||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Administrative Billings from Services (B) | $ | (41 | ) | $ | (43 | ) | $ | (129 | ) | $ | (131 | ) | ||||||
Schedule Of Related Party Transactions, Receivables | ' | |||||||||||||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Receivables from PSE&G through BGS and BGSS Contracts (A) | $ | 132 | $ | 267 | ||||||||||||||
Receivable from (Payable to) Services (B) | (25 | ) | (31 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | (55 | ) | 97 | |||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | 52 | $ | 333 | ||||||||||||||
Short-Term Loan to Affiliate (Demand Note to PSEG) (D) | $ | 623 | $ | 790 | ||||||||||||||
Working Capital Advances to Services (E) | $ | 17 | $ | 17 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (57 | ) | $ | (53 | ) | ||||||||||||
PSE And G [Member] | ' | |||||||||||||||||
Schedule Of Related Party Transactions, Revenue | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Related-Party Transactions | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Millions | ||||||||||||||||||
Expense Billings from Affiliates: | ||||||||||||||||||
Billings from Power through BGS and BGSS (A) | $ | (280 | ) | $ | (284 | ) | $ | (1,308 | ) | $ | (1,275 | ) | ||||||
Administrative Billings from Services (B) | (59 | ) | (61 | ) | (183 | ) | (184 | ) | ||||||||||
Total Expense Billings from Affiliates | $ | (339 | ) | $ | (345 | ) | $ | (1,491 | ) | $ | (1,459 | ) | ||||||
Schedule Of Related Party Transactions, Payables | ' | |||||||||||||||||
As of | As of | |||||||||||||||||
Related-Party Transactions | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Millions | ||||||||||||||||||
Payable to Power through BGS and BGSS Contracts (A) | $ | (132 | ) | $ | (267 | ) | ||||||||||||
Receivable from (Payable to) Services (B) | (48 | ) | (73 | ) | ||||||||||||||
Receivable from (Payable to) PSEG (C) | 81 | 150 | ||||||||||||||||
Accounts Receivable (Payable)—Affiliated Companies, net | $ | (99 | ) | $ | (190 | ) | ||||||||||||
Working Capital Advances to Services (E) | $ | 33 | $ | 33 | ||||||||||||||
Long-Term Accrued Taxes Receivable (Payable) | $ | (78 | ) | $ | (72 | ) | ||||||||||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||||||||||||||
(B) | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||||||||||||||||
(C) | 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) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | |||||||||||||||||
(E) | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. |
Guarantees_of_Debt_Tables
Guarantees of Debt (Tables) (Power [Member]) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||
Power [Member] | ' | |||||||||||||||||||||
Schedule Of Financial Statements Of Guarantors | ' | |||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,125 | $ | 36 | $ | (23 | ) | $ | 1,138 | |||||||||||
Operating Expenses | 3 | 772 | 32 | (22 | ) | 785 | ||||||||||||||||
Operating Income (Loss) | (3 | ) | 353 | 4 | (1 | ) | 353 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 225 | (1 | ) | 4 | (224 | ) | 4 | |||||||||||||||
Other Income | 9 | 55 | — | (8 | ) | 56 | ||||||||||||||||
Other Deductions | (3 | ) | (4 | ) | — | 1 | (6 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (10 | ) | — | — | (10 | ) | |||||||||||||||
Interest Expense | (24 | ) | (10 | ) | (4 | ) | 7 | (31 | ) | |||||||||||||
Income Tax Benefit (Expense) | 18 | (161 | ) | (1 | ) | — | (144 | ) | ||||||||||||||
Net Income (Loss) | $ | 222 | $ | 222 | $ | 3 | $ | (225 | ) | $ | 222 | |||||||||||
Comprehensive Income (Loss) | $ | 195 | $ | 191 | $ | 3 | $ | (194 | ) | $ | 195 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,781 | $ | 118 | $ | (75 | ) | $ | 3,824 | |||||||||||
Operating Expenses | 12 | 3,079 | 106 | (75 | ) | 3,122 | ||||||||||||||||
Operating Income (Loss) | (12 | ) | 702 | 12 | — | 702 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 459 | (4 | ) | 11 | (455 | ) | 11 | |||||||||||||||
Other Income | 25 | 135 | — | (25 | ) | 135 | ||||||||||||||||
Other Deductions | (7 | ) | (18 | ) | — | — | (25 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (14 | ) | — | — | (14 | ) | |||||||||||||||
Interest Expense | (79 | ) | (23 | ) | (14 | ) | 24 | (92 | ) | |||||||||||||
Income Tax Benefit (Expense) | 54 | (329 | ) | (2 | ) | — | (277 | ) | ||||||||||||||
Net Income (Loss) | $ | 440 | $ | 449 | $ | 7 | $ | (456 | ) | $ | 440 | |||||||||||
Comprehensive Income (Loss) | $ | 432 | $ | 433 | $ | 7 | $ | (440 | ) | $ | 432 | |||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 471 | $ | 1,252 | $ | 53 | $ | (666 | ) | $ | 1,110 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 187 | $ | (559 | ) | $ | (24 | ) | $ | 70 | $ | (326 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (652 | ) | $ | (693 | ) | $ | (29 | ) | $ | 596 | $ | (778 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,163 | $ | 71 | $ | (60 | ) | $ | 1,174 | |||||||||||
Operating Expenses | 2 | 797 | 66 | (61 | ) | 804 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 366 | 5 | 1 | 370 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 231 | (1 | ) | 4 | (230 | ) | 4 | |||||||||||||||
Other Income | 8 | 47 | — | (10 | ) | 45 | ||||||||||||||||
Other Deductions | 1 | (11 | ) | — | (1 | ) | (11 | ) | ||||||||||||||
Other-Than-Temporary | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (19 | ) | (13 | ) | (4 | ) | 10 | (26 | ) | |||||||||||||
Income Tax Benefit (Expense) | 7 | (160 | ) | — | — | (153 | ) | |||||||||||||||
Net Income (Loss) | $ | 226 | $ | 225 | $ | 5 | $ | (230 | ) | $ | 226 | |||||||||||
Comprehensive Income (Loss) | $ | 250 | $ | 242 | $ | 5 | $ | (247 | ) | $ | 250 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 3,787 | $ | 145 | $ | (114 | ) | $ | 3,818 | |||||||||||
Operating Expenses | 6 | 2,832 | 131 | (114 | ) | 2,855 | ||||||||||||||||
Operating Income (Loss) | (6 | ) | 955 | 14 | — | 963 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 603 | (3 | ) | 12 | (600 | ) | 12 | |||||||||||||||
Other Income | 27 | 130 | — | (30 | ) | 127 | ||||||||||||||||
Other Deductions | (9 | ) | (40 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary | — | (7 | ) | — | — | (7 | ) | |||||||||||||||
Impairments | ||||||||||||||||||||||
Interest Expense | (72 | ) | (29 | ) | (14 | ) | 30 | (85 | ) | |||||||||||||
Income Tax Benefit (Expense) | 34 | (419 | ) | 1 | — | (384 | ) | |||||||||||||||
Net Income (Loss) | $ | 577 | $ | 587 | $ | 13 | $ | (600 | ) | $ | 577 | |||||||||||
Comprehensive Income (Loss) | $ | 626 | $ | 612 | $ | 13 | $ | (625 | ) | $ | 626 | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 425 | $ | 1,360 | $ | 35 | $ | (506 | ) | $ | 1,314 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 40 | $ | (869 | ) | $ | (40 | ) | $ | 540 | $ | (329 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (461 | ) | $ | (492 | ) | $ | 5 | $ | (35 | ) | $ | (983 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,163 | $ | 1,891 | $ | 111 | $ | (4,035 | ) | $ | 2,130 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,140 | 1,163 | — | 7,384 | |||||||||||||||||
Investment in Subsidiaries | 4,358 | 120 | — | (4,478 | ) | — | ||||||||||||||||
Noncurrent Assets | 293 | 1,901 | 139 | (97 | ) | 2,236 | ||||||||||||||||
Total Assets | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
Current Liabilities | $ | 518 | $ | 3,510 | $ | 754 | $ | (4,035 | ) | $ | 747 | |||||||||||
Noncurrent Liabilities | 319 | 2,379 | 344 | (97 | ) | 2,945 | ||||||||||||||||
Long-Term Debt | 2,543 | — | — | — | 2,543 | |||||||||||||||||
Member's Equity | 5,515 | 4,163 | 315 | (4,478 | ) | 5,515 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 8,895 | $ | 10,052 | $ | 1,413 | $ | (8,610 | ) | $ | 11,750 | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 4,413 | $ | 2,076 | $ | 102 | $ | (4,115 | ) | $ | 2,476 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,108 | 1,178 | — | 7,367 | |||||||||||||||||
Investment in Subsidiaries | 4,645 | 124 | — | (4,769 | ) | — | ||||||||||||||||
Noncurrent Assets | 222 | 1,847 | 138 | (48 | ) | 2,159 | ||||||||||||||||
Total Assets | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Current Liabilities | $ | 697 | $ | 3,474 | $ | 745 | $ | (4,116 | ) | $ | 800 | |||||||||||
Noncurrent Liabilities | 309 | 2,247 | 338 | (47 | ) | 2,847 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,858 | 4,434 | 335 | (4,769 | ) | 5,858 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,361 | $ | 10,155 | $ | 1,418 | $ | (8,932 | ) | $ | 12,002 | |||||||||||
Immaterial Correction of Prior Financial Information | ||||||||||||||||||||||
The financial information included in the tables above has been corrected from the disclosure provided in Power's Form 10-Q filed on October 30, 2013 and Form 10-K filed on February 26, 2014 (2013 10-K) to conform to the requirements of Section 210.3-10 of SEC Regulation S-X. | ||||||||||||||||||||||
In the prior disclosure, Operating Revenues and Operating Expenses among the Guarantor Subsidiaries were eliminated in the Consolidating Adjustments column. The revised presentation eliminates this activity in the Guarantor Subsidiaries column and removes such activity from the Consolidating Adjustments column. This revised presentation decreased both Operating Revenues and Operating Expenses in both the Guarantor Subsidiaries and Consolidating Adjustments columns. This correction had no impact on Power’s consolidated Operating Revenues and Operating Expenses. | ||||||||||||||||||||||
In the prior disclosure, loans payable by Power parent company to one of its guarantor subsidiaries were netted against loans receivable in net cash flows used in investing activities. The revised presentation reclassifies the increase in loans payable by the parent company to the guarantor subsidiary from net cash flows used in investing activities to net cash flows provided by financing activities. This revised presentation decreased net cash flows used in investing activities and increased net cash flows provided by financing activities in the Power column with corresponding offsets to the amounts in the Consolidating Adjustments Column. | ||||||||||||||||||||||
In addition, the revised information was corrected to present the intercompany balances on a net basis when the right of offset exists in either Current Assets or Current Liabilities. This revised presentation resulted in increases (decreases) to certain categories of the condensed consolidated balance sheet. | ||||||||||||||||||||||
The following three tables include corrected data for these aforementioned adjustments to the information previously filed in Power's Form 10-Q dated May 1, 2014 or 2013 10-K. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,684 | $ | 40 | $ | (24 | ) | $ | 1,700 | |||||||||||
Operating Expenses | 4 | 1,404 | 34 | (24 | ) | 1,418 | ||||||||||||||||
Operating Income (Loss) | (4 | ) | 280 | 6 | — | 282 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 177 | — | 4 | (177 | ) | 4 | ||||||||||||||||
Other Income | 8 | 33 | — | (8 | ) | 33 | ||||||||||||||||
Other Deductions | (4 | ) | (6 | ) | — | — | (10 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (28 | ) | (7 | ) | (5 | ) | 8 | (32 | ) | |||||||||||||
Income Tax Benefit (Expense) | 15 | (125 | ) | (1 | ) | — | (111 | ) | ||||||||||||||
Net Income (Loss) | $ | 164 | $ | 173 | $ | 4 | $ | (177 | ) | $ | 164 | |||||||||||
Comprehensive Income (Loss) | $ | 170 | $ | 176 | $ | 4 | $ | (180 | ) | $ | 170 | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 291 | $ | 603 | $ | 1 | $ | (221 | ) | $ | 674 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (122 | ) | $ | (315 | ) | $ | — | $ | 142 | $ | (295 | ) | |||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (166 | ) | $ | (287 | ) | $ | (1 | ) | $ | 79 | $ | (375 | ) | ||||||||
Financing Activities | ||||||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,441 | $ | 37 | $ | (27 | ) | $ | 1,451 | |||||||||||
Operating Expenses | 2 | 1,200 | 33 | (26 | ) | 1,209 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 241 | 4 | (1 | ) | 242 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 153 | — | 3 | (153 | ) | 3 | ||||||||||||||||
Other Income | 9 | 48 | — | (10 | ) | 47 | ||||||||||||||||
Other Deductions | (8 | ) | (20 | ) | — | — | (28 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (2 | ) | — | — | (2 | ) | |||||||||||||||
Interest Expense | (27 | ) | (10 | ) | (4 | ) | 11 | (30 | ) | |||||||||||||
Income Tax Benefit (Expense) | 16 | (108 | ) | 1 | — | (91 | ) | |||||||||||||||
Net Income (Loss) | $ | 141 | $ | 149 | $ | 4 | $ | (153 | ) | $ | 141 | |||||||||||
Comprehensive Income (Loss) | $ | 173 | $ | 172 | $ | 4 | $ | (176 | ) | $ | 173 | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 189 | $ | 574 | $ | 1 | $ | (189 | ) | $ | 575 | |||||||||||
Operating Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | (213 | ) | $ | (353 | ) | $ | (8 | ) | $ | 245 | $ | (329 | ) | ||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 24 | $ | (221 | ) | $ | 7 | $ | (57 | ) | $ | (247 | ) | |||||||||
Financing Activities | ||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 4,436 | $ | 2,097 | $ | 107 | $ | (4,341 | ) | $ | 2,299 | |||||||||||
Property, Plant and Equipment, net | 81 | 6,082 | 1,172 | — | 7,335 | |||||||||||||||||
Investment in Subsidiaries | 4,570 | 122 | — | (4,692 | ) | — | ||||||||||||||||
Noncurrent Assets | 301 | 1,832 | 138 | (117 | ) | 2,154 | ||||||||||||||||
Total Assets | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Current Liabilities | $ | 930 | $ | 3,450 | $ | 741 | $ | (4,340 | ) | $ | 781 | |||||||||||
Noncurrent Liabilities | 308 | 2,323 | 344 | (118 | ) | 2,857 | ||||||||||||||||
Long-Term Debt | 2,497 | — | — | — | 2,497 | |||||||||||||||||
Member's Equity | 5,653 | 4,360 | 332 | (4,692 | ) | 5,653 | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 9,388 | $ | 10,133 | $ | 1,417 | $ | (9,150 | ) | $ | 11,788 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 5,022 | $ | 190 | $ | (149 | ) | $ | 5,063 | |||||||||||
Operating Expenses | 23 | 3,945 | 174 | (149 | ) | 3,993 | ||||||||||||||||
Operating Income (Loss) | (23 | ) | 1,077 | 16 | — | 1,070 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 684 | (5 | ) | 16 | (679 | ) | 16 | |||||||||||||||
Other Income | 35 | 157 | — | (38 | ) | 154 | ||||||||||||||||
Other Deductions | (14 | ) | (35 | ) | — | — | (49 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (12 | ) | — | — | (12 | ) | |||||||||||||||
Interest Expense | (93 | ) | (42 | ) | (19 | ) | 38 | (116 | ) | |||||||||||||
Income Tax Benefit (Expense) | 55 | (474 | ) | — | — | (419 | ) | |||||||||||||||
Net Income (Loss) | $ | 644 | $ | 666 | $ | 13 | $ | (679 | ) | $ | 644 | |||||||||||
Comprehensive Income (Loss) | $ | 909 | $ | 713 | $ | 11 | $ | (724 | ) | $ | 909 | |||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 288 | $ | 1,503 | $ | 82 | $ | (526 | ) | $ | 1,347 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (395 | ) | $ | (1,092 | ) | $ | (71 | ) | $ | 697 | $ | (861 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 107 | $ | (412 | ) | $ | (11 | ) | $ | (171 | ) | $ | (487 | ) | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 4,850 | $ | 135 | $ | (112 | ) | $ | 4,873 | |||||||||||
Operating Expenses | 7 | 3,730 | 125 | (112 | ) | 3,750 | ||||||||||||||||
Operating Income (Loss) | (7 | ) | 1,120 | 10 | — | 1,123 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 707 | (10 | ) | 15 | (697 | ) | 15 | |||||||||||||||
Other Income | 45 | 206 | 2 | (52 | ) | 201 | ||||||||||||||||
Other Deductions | (31 | ) | (59 | ) | — | — | (90 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (18 | ) | — | — | (18 | ) | |||||||||||||||
Interest Expense | (118 | ) | (51 | ) | (16 | ) | 53 | (132 | ) | |||||||||||||
Income Tax Benefit (Expense) | 70 | (501 | ) | (2 | ) | — | (433 | ) | ||||||||||||||
Net Income (Loss) | $ | 666 | $ | 687 | $ | 9 | $ | (696 | ) | $ | 666 | |||||||||||
Comprehensive Income (Loss) | $ | 614 | $ | 681 | $ | 9 | $ | (690 | ) | $ | 614 | |||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 298 | $ | 1,562 | $ | 67 | $ | (474 | ) | $ | 1,453 | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (14 | ) | $ | (1,206 | ) | $ | (151 | ) | $ | 899 | $ | (472 | ) | ||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (284 | ) | $ | (361 | ) | $ | 83 | $ | (424 | ) | $ | (986 | ) | ||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 4,255 | $ | 1,898 | $ | 104 | $ | (4,021 | ) | $ | 2,236 | |||||||||||
Property, Plant and Equipment, net | 80 | 5,988 | 1,154 | — | 7,222 | |||||||||||||||||
Investment in Subsidiaries | 4,508 | 128 | — | (4,636 | ) | — | ||||||||||||||||
Noncurrent Assets | 201 | 1,660 | 145 | (141 | ) | 1,865 | ||||||||||||||||
Total Assets | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Current Liabilities | $ | 815 | $ | 3,396 | $ | 778 | $ | (4,021 | ) | $ | 968 | |||||||||||
Noncurrent Liabilities | 559 | 1,960 | 306 | (140 | ) | 2,685 | ||||||||||||||||
Long-Term Debt | 2,040 | — | — | — | 2,040 | |||||||||||||||||
Member’s Equity | 5,630 | 4,318 | 319 | (4,637 | ) | 5,630 | ||||||||||||||||
Total Liabilities and Member’s Equity | $ | 9,044 | $ | 9,674 | $ | 1,403 | $ | (8,798 | ) | $ | 11,323 | |||||||||||
Power | Guarantor | Other | Consolidating | Total | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | 6,139 | $ | 155 | $ | (144 | ) | $ | 6,150 | |||||||||||
Operating Expenses | 5 | 4,360 | 157 | (145 | ) | 4,377 | ||||||||||||||||
Operating Income (Loss) | (5 | ) | 1,779 | (2 | ) | 1 | 1,773 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 1,186 | 92 | 14 | (1,278 | ) | 14 | ||||||||||||||||
Other Income | 40 | 195 | — | (45 | ) | 190 | ||||||||||||||||
Other Deductions | (28 | ) | (51 | ) | — | — | (79 | ) | ||||||||||||||
Other-Than-Temporary Impairments | (1 | ) | (19 | ) | — | — | (20 | ) | ||||||||||||||
Interest Expense | (146 | ) | (56 | ) | (18 | ) | 45 | (175 | ) | |||||||||||||
Income Tax Benefit (Expense) | 63 | (762 | ) | 9 | — | (690 | ) | |||||||||||||||
Income (Loss) on Discontinued Operations, net of Tax Benefit | — | — | 97 | (1 | ) | 96 | ||||||||||||||||
Net Income (Loss) | $ | 1,109 | $ | 1,178 | $ | 100 | $ | (1,278 | ) | $ | 1,109 | |||||||||||
Comprehensive Income (Loss) | $ | 928 | $ | 1,055 | $ | 100 | $ | (1,155 | ) | $ | 928 | |||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 609 | $ | 2,427 | $ | (279 | ) | $ | (940 | ) | $ | 1,817 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (268 | ) | $ | (1,171 | ) | $ | 594 | $ | 267 | $ | (578 | ) | |||||||||
Net Cash Provided By (Used In) Financing Activities | $ | (341 | ) | $ | (1,256 | ) | $ | (314 | ) | $ | 673 | $ | (1,238 | ) | ||||||||
The following two tables summarize the adjustments for all prior periods that have been revised in this Note. | ||||||||||||||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (393 | ) | $ | — | $ | 393 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (209 | ) | $ | — | $ | — | $ | 209 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 209 | $ | — | $ | — | $ | (209 | ) | $ | — | |||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (362 | ) | $ | — | $ | 362 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (269 | ) | $ | — | $ | — | $ | 269 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 269 | $ | — | $ | — | $ | (269 | ) | $ | — | |||||||||||
As of March 31, 2014 | ||||||||||||||||||||||
Current Assets | $ | 327 | $ | (7,048 | ) | $ | (844 | ) | $ | 7,565 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Current Liabilities | $ | 327 | $ | (7,653 | ) | $ | (239 | ) | $ | 7,565 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 327 | $ | (7,653 | ) | $ | (844 | ) | $ | 8,170 | $ | — | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (348 | ) | $ | — | $ | 348 | $ | — | |||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,062 | ) | $ | — | $ | 1,062 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (520 | ) | $ | — | $ | — | $ | 520 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 520 | $ | — | $ | — | $ | (520 | ) | $ | — | |||||||||||
Power | Guarantor | Other | Consolidating | Consolidated | ||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||||
Millions | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,468 | ) | $ | — | $ | 1,468 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (588 | ) | $ | — | $ | — | $ | 588 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 588 | $ | — | $ | — | $ | (588 | ) | $ | — | |||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Current Assets | $ | 253 | $ | (6,840 | ) | $ | (842 | ) | $ | 7,429 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Current Liabilities | 253 | $ | (7,445 | ) | $ | (237 | ) | $ | 7,429 | $ | — | |||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 253 | $ | (7,445 | ) | $ | (842 | ) | $ | 8,034 | $ | — | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,388 | ) | $ | — | $ | 1,388 | $ | — | |||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (729 | ) | $ | — | $ | — | $ | 729 | $ | — | |||||||||||
Net Cash Provided By (Used In) Financing Activities | $ | 679 | $ | — | $ | — | $ | (679 | ) | $ | — | |||||||||||
As of December 31, 2012 | ||||||||||||||||||||||
Current Assets | $ | 333 | $ | (6,186 | ) | $ | (838 | ) | $ | 6,691 | $ | — | ||||||||||
Investment in Subsidiaries | — | (605 | ) | — | 605 | — | ||||||||||||||||
Total Assets | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Current Liabilities | $ | 333 | $ | (6,791 | ) | $ | (233 | ) | $ | 6,691 | $ | — | ||||||||||
Member's Equity | — | — | (605 | ) | 605 | — | ||||||||||||||||
Total Liabilities and Member's Equity | $ | 333 | $ | (6,791 | ) | $ | (838 | ) | $ | 7,296 | $ | — | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||
Operating Revenues | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Operating Expenses | $ | — | $ | (1,313 | ) | $ | — | $ | 1,313 | $ | — | |||||||||||
Net Cash Provided By (Used In) | $ | (864 | ) | $ | — | $ | — | $ | 864 | $ | — | |||||||||||
Investing Activities | ||||||||||||||||||||||
Net Cash Provided By (Used In) | $ | 869 | $ | — | $ | — | $ | (869 | ) | $ | — | |||||||||||
Financing Activities | ||||||||||||||||||||||
These corrections to the presentation had no impact to Power’s condensed consolidated financial statements. These corrections to the presentation had no impact on any liquidity measures of Power. There was no impact to Power's loan covenants as a result of these corrections. Management believes these corrections are immaterial. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation Organization and Basis of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues | $2,641 | $2,554 | $8,113 | $7,650 |
Net Income | 444 | 390 | 1,042 | 1,043 |
Solar Source and Kalaeloa [Member] | ' | ' | ' | ' |
Operating Revenues | ' | 5 | ' | 12 |
Net Income | ' | 5 | ' | 15 |
Power [Member] | ' | ' | ' | ' |
Operating Revenues | 1,138 | 1,174 | 3,824 | 3,818 |
Net Income | $222 | $226 | $440 | $577 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Detail) (PSE And G [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PSE And G [Member] | ' | ' |
Maximum exposure to loss | $16 | $16 |
Rate_Filings_Details
Rate Filings (Details) (PSE And G [Member], USD $) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | 31-May-14 | Apr. 18, 2014 | Jan. 31, 2015 | Feb. 28, 2016 | Sep. 30, 2015 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Deferred Storm O&M Costs Approved for future recovery | ' | $240 | ' | ' | ' | ' | ' |
Deferred Storm Capital Costs Approved for future recovery | ' | 126 | ' | ' | ' | ' | ' |
Request for RAC Recovery | ' | ' | ' | 66 | ' | ' | ' |
Approved WNC Carryover Deficiency Revenues Recovery | ' | ' | ' | 26 | ' | ' | ' |
Request to Refund WNC overrecovery | ' | 45 | ' | ' | ' | ' | ' |
Self Implementing Bill Credit per therm | 0.25 | ' | ' | ' | 0.28 | ' | ' |
Self Implementing BGSS rate credit to residential customers | 93 | ' | ' | ' | ' | ' | ' |
BGSS Revenue Reduction | ' | ' | ' | ' | 160 | ' | 112 |
Current BGSS rate per therm | ' | ' | 0.54 | ' | ' | ' | ' |
Proposed BGSS rate per therm | ' | ' | 0.45 | ' | ' | ' | ' |
Approved CIP II revenues recovery | ' | 28 | ' | ' | ' | ' | ' |
Approved SBC and NGC revenue recovery | ' | ' | 400 | ' | ' | ' | ' |
True-up adjustment for Transmission Formula Rate Revenues | ' | 5 | ' | ' | ' | ' | ' |
Request for Increased Transmission Revenues | ' | 182 | ' | ' | ' | ' | ' |
Requested Annual Rate Increase for Energy Strong | ' | ' | ' | ' | ' | 1.6 | ' |
Proposed Recovery of costs for Electric Green Energy Program | ' | ' | ' | ' | ' | ' | 111 |
Proposed Recovery of costs for Gas Green Energy Programs | ' | ' | ' | ' | ' | ' | $18 |
Financing_Receivables_Schedule
Financing Receivables (Schedule Of Credit Risk Profile Based On Payment Activity) (Detail) (PSE And G [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | $201 | $207 |
Commercial/Industrial [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | 187 | 192 |
Residential [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit Risk Profile Based on Payment Activity | $14 | $15 |
Financing_Receivables_Gross_An
Financing Receivables (Gross And Net Lease Investment) (Detail) (Energy Holdings [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Energy Holdings [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | $698 | $701 |
Estimated Residual Value of Leased Assets | 529 | 529 |
Unearned and Deferred Income | -393 | -405 |
Gross Investments in Leases | 834 | 825 |
Deferred Tax Liabilities | -705 | -727 |
Net Investments in Leases | $129 | $98 |
Financing_Receivables_Schedule1
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Lease Receivables (net of Non-Recourse Debt) | $698 | $701 |
Standard & Poor's, AA Rating [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | 18 | ' |
Standard & Poor's, AA- Rating [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | 56 | ' |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | 316 | ' |
Standard & Poor's, BB- Rating [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | 134 | ' |
Standard & Poor's, B Rating [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | 165 | ' |
Standard Poors Not Rated [Member] | ' | ' |
Lease Receivables (net of Non-Recourse Debt) | $9 | ' |
Financing_Receivables_Narrativ
Financing Receivables (Narrative) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Lease investment with non-investment grade counterparties, gross | $563 |
Lease investment with non-investment grade counterparties, net of deferred taxes | 13 |
NRG commitment to invest | $350 |
Powerton Station [Member] | ' |
Lease Receivable Percent Owned | 64.00% |
Financing_Receivables_Schedule2
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
MW | |
Powerton Station Units 5 And 6 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'IL |
Lease Receivable, Gross Investment | $134 |
Lease Receivable Percent Owned | 64.00% |
Lease Receivable, Total, MW | 1,538 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'BB- |
Lease Receivable, Counterparty | 'NRG Energy, Inc. |
Joliet Station Units 7 And 8 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'IL |
Lease Receivable, Gross Investment | 84 |
Lease Receivable Percent Owned | 64.00% |
Lease Receivable, Total, MW | 1,044 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'BB- |
Lease Receivable, Counterparty | 'NRG Energy, Inc. |
Keystone Station Units 1 And 2 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | 117 |
Lease Receivable Percent Owned | 17.00% |
Lease Receivable, Total, MW | 1,711 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
Conemaugh Station Units 1 And 2 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | 118 |
Lease Receivable Percent Owned | 17.00% |
Lease Receivable, Total, MW | 1,711 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
Shawville Station Units 1, 2, 3 And 4 [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Lease Receivable, Asset Location | 'PA |
Lease Receivable, Gross Investment | $110 |
Lease Receivable Percent Owned | 100.00% |
Lease Receivable, Total, MW | 603 |
Lease Receivable, Asset, Fuel Type | 'Coal |
Lease Receivable, Counterparties' S&P Credit Ratings | 'B |
Lease Receivable, Counterparty | 'GenOn REMA, LLC |
AvailableForSale_Securities_Fa
Available-For-Sale Securities (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $1,497 | $1,416 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 257 | 303 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | -15 | -18 |
Fair Value | 1,739 | 1,701 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 652 | 609 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 240 | 290 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | -9 | -2 |
Fair Value | 883 | 897 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 471 | 438 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 5 | 3 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | -4 | -12 |
Fair Value | 472 | 429 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 344 | 285 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 12 | 10 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | -2 | -4 |
Fair Value | 354 | 291 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 815 | 723 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 17 | 13 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | -6 | -16 |
Fair Value | 826 | 720 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 30 | 84 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | 0 |
Fair Value | 30 | 84 |
Rabbi Trust [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 176 | 172 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 12 | 10 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | -3 |
Fair Value | 188 | 179 |
Rabbi Trust [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 12 | 14 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 10 | 9 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | 0 |
Fair Value | 22 | 23 |
Rabbi Trust [Member] | Government Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 88 | 109 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 1 | 0 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | -2 |
Fair Value | 89 | 107 |
Rabbi Trust [Member] | Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 75 | 46 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 1 | 1 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | -1 |
Fair Value | 76 | 46 |
Rabbi Trust [Member] | Total Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 163 | 155 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 2 | 1 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | -3 |
Fair Value | 165 | 153 |
Rabbi Trust [Member] | Other Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1 | 3 |
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss Accumulated in Investments | 0 | 0 |
Fair Value | 1 | 3 |
Rabbi Trust [Member] | Power [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | $44 | $39 |
AvailableForSale_Securities_Sc
Available-For-Sale Securities (Schedule Of Accounts Receivable And Accounts Payable) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' |
Accounts Receivable | $41 | $39 |
Accounts Payable | 35 | 36 |
Rabbi Trust [Member] | ' | ' |
Accounts Receivable | 2 | 1 |
Accounts Payable | $1 | $2 |
AvailableForSale_Securities_Va
Available-For-Sale Securities (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Rabbi Trust [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $51 | $65 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | 0 | -3 | ||
Rabbi Trust [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | [1] | 0 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | [1] | 0 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | [1] | 0 | [1] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | 0 | [1] | 0 | [1] |
Rabbi Trust [Member] | Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 26 | [2] | 47 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | [2] | 2 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | [2] | 0 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | 0 | [2] | -2 | [2] |
Rabbi Trust [Member] | Other Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 25 | [3] | 18 | [3] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | [3] | 1 | [3] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | [3] | 0 | [3] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | 0 | [3] | -1 | [3] |
Rabbi Trust [Member] | Total Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 51 | 65 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 3 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | 0 | -3 | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 365 | 437 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 101 | 6 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | -3 | -1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | -12 | -17 | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 116 | [4] | 30 | [4] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1 | [4] | 2 | [4] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | 0 | [4] | 0 | [4] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | -9 | [4] | -2 | [4] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 148 | [5] | 300 | [5] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 68 | [5] | 1 | [5] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | -2 | [5] | -1 | [5] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | -2 | [5] | -11 | [5] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 101 | [6] | 107 | [6] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32 | [6] | 3 | [6] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | -1 | [6] | 0 | [6] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | -1 | [6] | -4 | [6] |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 249 | 407 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 100 | 4 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer Aggregate Losses Accumulated in Investments | -3 | -1 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months Aggregate Losses Accumulated in Investments | ($3) | ($15) | ||
[1] | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | |||
[2] | Debt Securities (Government)—Unrealized losses on PSEG’s Rabbi Trust investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||
[3] | Debt Securities (Corporate)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2014. | |||
[4] | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||
[5] | Debt Securities (Government)—Unrealized losses on Power’s NDT investments in United States Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the United States government or an agency of the United States government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2014. | |||
[6] | Debt Securities (Corporate)—Power’s investments in corporate bonds are limited to 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 September 30, 2014. |
AvailableForSale_Securities_Pr
Available-For-Sale Securities (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Rabbi Trust [Member] | ' | ' | ' | ' | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||||
Proceeds from Sales | $419 | [1] | $13 | [1] | $445 | [1] | $77 | [1] |
Gross Realized Gains | 2 | 0 | 4 | 4 | ||||
Gross Realized Losses | -2 | 0 | -3 | -3 | ||||
Net Realized Gains (Losses) | 0 | 0 | 1 | 1 | ||||
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ' | ' | ' | ' | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ||||
Proceeds from Sales | 221 | [1] | 220 | [1] | 779 | [1] | 837 | [1] |
Gross Realized Gains | 45 | 35 | 101 | 95 | ||||
Gross Realized Losses | -3 | -9 | -12 | -34 | ||||
Net Realized Gains (Losses) | $42 | $26 | $89 | $61 | ||||
[1] | Includes activity in accounts related to the liquidation of funds being transitioned to new managers |
AvailableForSale_Securities_Am
Available-For-Sale Securities (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Rabbi Trust [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale debt securities, Less than one year | $0 |
Available-for-sale debt securities, 1-5 years | 51 |
Available-for-sale debt securities, 6-10 years | 28 |
Available-for-sale debt securities, 11-15 years | 7 |
Available-for-sale debt securities, 16-20 years | 7 |
Available-for-sale debt securities, Over 20 years | 72 |
Total Available-for-Sale Debt Securities | 165 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale debt securities, Less than one year | 20 |
Available-for-sale debt securities, 1-5 years | 239 |
Available-for-sale debt securities, 6-10 years | 217 |
Available-for-sale debt securities, 11-15 years | 62 |
Available-for-sale debt securities, 16-20 years | 42 |
Available-for-sale debt securities, Over 20 years | 246 |
Total Available-for-Sale Debt Securities | $826 |
AvailableForSale_Securities_Fa1
Available-For-Sale Securities (Fair Value Of Rabbi Trust) (Detail) (Rabbi Trust [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Total Rabbi Trust Available-for-Sale Securities | $188 | $179 |
Power [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | 44 | 39 |
PSE And G [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | 40 | 42 |
Other Entity [Member] | ' | ' |
Total Rabbi Trust Available-for-Sale Securities | $104 | $98 |
AvailableForSale_Securities_Na
Available-For-Sale Securities (Narrative) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Facility | |
Power [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Number of Nuclear Facilities | 5 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available For Sale Securities Impairment Charge | 14 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
After tax amount of net unrealized gains recognized in AOCI | 121 |
Rabbi Trust [Member] | Power [Member] | Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
After tax amount of net unrealized gains recognized in AOCI | 7 |
Pension_And_OPEB_Components_Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service Cost | $26 | $29 | $78 | $87 |
Interest Cost | 58 | 54 | 176 | 161 |
Expected Return on Plan Assets | -99 | -87 | -299 | -261 |
Amortization of Prior Service Cost | -5 | -5 | -14 | -14 |
Amortization of Actuarial Loss | 14 | 47 | 42 | 141 |
Total Benefit Costs | -6 | 38 | -17 | 114 |
OPEB [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service Cost | 5 | 6 | 14 | 16 |
Interest Cost | 18 | 15 | 52 | 47 |
Expected Return on Plan Assets | -7 | -6 | -20 | -16 |
Amortization of Prior Service Cost | -4 | -4 | -11 | -11 |
Amortization of Actuarial Loss | 6 | 11 | 18 | 32 |
Total Benefit Costs | $18 | $22 | $53 | $68 |
Pension_And_OPEB_Schedule_Of_P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | ($6) | $38 | ($17) | $114 |
Pension Benefits [Member] | Power [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | -2 | 11 | -5 | 33 |
Pension Benefits [Member] | PSE And G [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | -4 | 23 | -14 | 68 |
Pension Benefits [Member] | Other Entity [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | 0 | 4 | 2 | 13 |
OPEB [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | 18 | 22 | 53 | 68 |
OPEB [Member] | Power [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | 5 | 6 | 15 | 17 |
OPEB [Member] | PSE And G [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | 12 | 16 | 35 | 49 |
OPEB [Member] | Other Entity [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Total Benefit Costs | $1 | $0 | $3 | $2 |
Pension_And_OPEB_Narrative_Det
Pension And OPEB (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Postretirement Healthcare Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer contributions | ' | $14 | ' | ' | ' |
Total Benefit Costs | 18 | ' | 22 | 53 | 68 |
Long Island ServCo [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Total Benefit Costs | $21 | ' | ' | $67 | ' |
Recovered_Sheet1
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) (Power [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Power [Member] | ' | ' |
Face Value of Outstanding Guarantees | $1,719 | $1,639 |
Exposure under Current Guarantees | 222 | 246 |
Letters of Credit Margin Posted | 138 | 132 |
Letters of Credit Margin Received | 17 | 25 |
Counterparty Cash Margin Deposited | 0 | 0 |
Counterparty Cash Margin Received | -25 | 0 |
Net Broker Balance Deposited (Received) | 278 | 80 |
Additional Collateral that could be Required | 851 | 691 |
Liquidity Available under PSEG's and Power's Credit Facilities to Post Collateral | 3,516 | 3,522 |
Other Letters of Credit | $45 | $45 |
Recovered_Sheet2
Commitments And Contingent Liabilities (Environmental Matters) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2009 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Sep. 30, 2014 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2007 | Dec. 31, 2006 | Jun. 30, 2008 | Sep. 30, 2014 | Dec. 31, 2003 | Sep. 30, 2014 | Feb. 28, 2009 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
entity | MW | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | Power [Member] | PSEG [Member] | Psd Nsr Regulations Site Contingency [Member] | Pse G S Former Mgp Sites [Member] | Pse G S Former Mgp Sites [Member] | Pse G S Former Mgp Sites [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Passaic River Site Contingency [Member] | Remedial Investigation And Feasibility Study [Member] | MGP Remediation Site Contingency [Member] | Passaic River mile 10.9 contaminant removal [Member] | ||
site | Turbines | Power [Member] | Potentially_Responsible_Party | Potentially_Responsible_Party | Power [Member] | Potentially_Responsible_Party | PSE And G [Member] | Power [Member] | PSE And G [Member] | |||||||||||
Station | site | Plant | Defendant | |||||||||||||||||
mi | ||||||||||||||||||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of miles related to the Passaic River constituting a facility as determined by the US Environmental Protection Agency | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of miles on Passaic River tidal reach required to be studied as determined by the US Environmental Protection Agency | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former generating electric station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of former Manufactured Gas Plant (MGP) sites | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Number of potentially responsible parties ("PRPs") in connection with environmental liabilities for operations conducted near Passaic River | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cost attributable to potentially responsible party | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | 3.00% |
Estimated, total cost of the study | ' | ' | ' | ' | ' | ' | ' | ' | ' | $136,000,000 | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' |
Total Spend of Study to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company Share of Total Spend of Study to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cleanup costs-low estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' | ' | ' | ' | ' |
Estimated cleanup costs-high estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,250,000,000 | ' | ' | ' | ' | ' | ' |
Estimated Cleanup Costs EPA Preferred Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000,000 | ' | ' | ' | ' | ' | ' |
Estimated cleanup costs agreed to by two potentially responsible parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated Total Cost Of Study Low End of Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Aggregate number of defendants including registrant entities Power and PSE&G included in NJDEP complaint filed February 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320 | ' | ' | ' |
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional PRPs directed by the NJDEP to arrange for natural resource damage assessment and interim compensatory restoration along the lower Passaic River | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' |
Estimated cost of interim natural resource injury restoration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | ' |
Number of operating electric generating stations located on Hackensack River | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of former MGP contamination sites located on Hackensack river in conjunction with Newark Bay study area contamination | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of MGP sites identified by registrant and the NJDEP requiring some level of remedial action | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated expenditures, low end of range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 452,000,000 | ' |
Estimated expenditures, high end of range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 524,000,000 | ' |
Accrued environmental costs | 438,000,000 | 414,000,000 | ' | 386,000,000 | 363,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 452,000,000 | ' |
Remediation liability recorded as other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' |
Remediation liability recorded as environmental costs in noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 377,000,000 | ' |
Regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 452,000,000 | ' |
Penalty per day from date of violation-minimum | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty per day from date of violation-maximum | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of Keystone Coal fired plant in Pennsylvania | ' | ' | ' | ' | ' | ' | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent companies share of investment in Clean Air Act requirements | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of combustion turbines required to be retired to meet NOx emission reduction requirements | ' | ' | 86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of MW required to be retired to meet NOx emission reduction requirements | ' | ' | 1,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Salem facility cooling towers estimated cost total | $1,000,000,000 | ' | ' | ' | ' | ' | $575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingent_Lia2
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) | 9 Months Ended | |
Sep. 30, 2014 | ||
MW | ||
Long-term Purchase Commitment [Line Items] | ' | |
Number of cubic feet in gas hedging permitted to be recovered by BPU | 115,000,000,000 | |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80.00% | |
Number of cubic feet to be hedged | 70,000,000,000 | |
Percentage of annual residential gas supply requirements to be hedged | 50.00% | |
PSE And G [Member] | Auction Year 2011 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-14 | |
Load (MW) | 2,800 | |
$ per kWh | 0.0943 | |
PSE And G [Member] | Auction Year 2012 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-15 | |
Load (MW) | 2,900 | |
$ per kWh | 0.08388 | |
PSE And G [Member] | Auction Year 2013 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-16 | |
Load (MW) | 2,800 | |
$ per kWh | 0.09218 | |
PSE And G [Member] | Auction Year 2014 [Member] | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
36-Month Terms Ending | 31-May-17 | [1] |
Load (MW) | 2,800 | |
$ per kWh | 0.09739 | |
[1] | Prices set for the 2014 BGS auction year became effective on June 1, 2014 when the 2011 BGS auction agreements expired. |
Commitments_And_Contingent_Lia3
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) (Power [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Long-term Purchase Commitment [Line Items] | ' |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Commitments Through 2018 [Member] | Nuclear Fuel Uranium [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | $450 |
Commitments Through 2018 [Member] | Nuclear Fuel Enrichment [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 369 |
Commitments Through 2018 [Member] | Nuclear Fuel Fabrication [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 174 |
Commitments Through 2018 [Member] | Natural Gas [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | 877 |
Commitments Through 2018 [Member] | Coal [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Total minimum purchase requirements | $367 |
Commitments_And_Contingent_Lia4
Commitments And Contingent Liabilities (Regulatory Proceedings and Superstorm Sandy) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | |||||
New Jersey Clean Energy Program Unfavorable Regulatory Action [Member] | FERC Compliance [Domain] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | Superstorm Sandy [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency related to bidding errors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' |
Aggregate funding for New Jersey Clean Energy Program | ' | ' | ' | ' | 345 | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted liability recorded-current | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operation and Maintenance | 714 | 713 | 2,370 | 2,069 | ' | 366 | 408 | 1,190 | 1,204 | ' | 242 | 305 | 871 | 868 | ' | 4 | 23 | 79 | 85 |
Proceeds from Insurance Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 19 |
Estimate of Total Costs required to restore damaged facilities | $579 | $426 | $579 | $426 | ' | $95 | $62 | $95 | $62 | ' | $484 | $364 | $484 | $364 | ' | ' | ' | ' | ' |
Changes_In_Capitalization_Deta
Changes In Capitalization (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Power [Member] | Power [Member] | PSE And G [Member] | PSE And G [Member] | Medium Term Notes Five Point Zero Zero Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes Zero Point Eight Five Percentage Due On Two Thousand Fourteen [Member] | Medium Term Notes One Point Eight Percent Due In Two Thousand Nineteen [Member] [Domain] | Medium Term Notes Two Point Three Zero Percent Due In Two Thousand Eighteen [Member] [Member] | Medium Term Notes Two Point Zero Percent Due In Two Thousand Nineteen [Member] | Medium Term Notes Three Point One Five Percent Due In Two Thousand Twenty Four [Member] | Securitization Debt [Member] | Transition Fundings Ii Securitization Debt [Member] | PEDFA Variable Rate Bonds backed by letter of credit [Member] | ||
PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | Power [Member] | |||||||
Cash Dividends Paid to Parent Company | ' | ' | $775 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of debt instrument | ' | ' | ' | ' | ' | ' | 5.00% | 0.85% | 1.80% | 4.00% | 2.00% | 3.15% | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 250 | 250 | 250 | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | 250 | 250 | ' | ' | ' | ' | 164 | 6 | ' |
Contributed Capital | ' | ' | 0 | 24 | 175 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $8,963 | $8,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44 |
Financial_Risk_Management_Acti2
Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) (Power [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Power [Member] | ' | ' |
Fair Value of Cash Flow Hedges | $3 | ($4) |
Impact on Accumulated Other Comprehensive Income (Loss) (after tax) | $2 | ($1) |
Financial_Risk_Management_Acti3
Financial Risk Management Activities (Narrative) (Detail) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Power [Member] | Power [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | Non Current Assets [Member] | Non Current Assets [Member] | |||
Counterparty | Senior Notes 5.32% Due September 2016 [Member] | Senior Notes 5.5% Due December 2015 [Member] | Senior Notes 5.32% Due September 2016 [Member] | Senior Notes 2.75% Due September 2016 [Member] | ||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash collateral received in connection with net derivative contracts | $2 | $106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($21) | ($3) |
Amount of after-tax gains on derivatives designated and effective as cash flow hedges expected to be reclassified to earnings during the 12 months following period end | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of series of interest rate swaps converting to variable-rate debt | ' | ' | ' | ' | 850 | ' | 850 | ' | ' | ' | ' | ' | ' | ' |
Senior Notes converted into variable rate debt | ' | ' | ' | 300 | 303 | ' | 303 | ' | ' | 300 | ' | 250 | ' | ' |
Stated interest rate of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | 5.32% | 2.75% | ' | ' |
Fair value of interest rate swaps designated as underlying hedges | ' | ' | ' | ' | 26 | ' | 26 | ' | 38 | ' | ' | ' | ' | ' |
Aggregate amount of accumulated other comprehensive income (loss) attributed to interest rate derivatives designated as cash flow hedges | -1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 91 | 140 | ' | ' | 31 | ' | 31 | ' | 39 | ' | ' | ' | ' | ' |
Additional collateral aggregate fair value | 691 | 851 | ' | ' | 109 | ' | 109 | ' | 52 | ' | ' | ' | ' | ' |
Amount of reduction in interest expense attributed to interest rate swaps designated as fair value hedges | ' | ' | ' | ' | $5 | $4 | $15 | $14 | ' | ' | ' | ' | ' | ' |
Credit exposure, percentage | ' | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of active counterparties on credit risk derivatives | ' | ' | 136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Risk_Management_Acti4
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | $71 | [1] | $98 | |
Derivative Contracts, Noncurrent Assets | 29 | [1] | 163 | |
Total Mark-to-Market Derivative Assets | 100 | [1] | 261 | |
Derivative Contracts, Current Liabilities | -109 | [1] | -76 | |
Derivative Contracts, Noncurrent Liabilities | -37 | [1] | -31 | |
Total Mark-to-Market Derivative (Liabilities) | -146 | [1] | -107 | |
Net Mark-to-Market Derivative Assets (Liabilities) | -46 | [1] | 154 | |
Net cash collateral received in connection with net derivative contracts | 106 | 2 | ||
Power [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 50 | [1] | 57 | [1] |
Derivative Contracts, Noncurrent Assets | 11 | [1] | 72 | [1] |
Total Mark-to-Market Derivative Assets | 61 | [1] | 129 | [1] |
Derivative Contracts, Current Liabilities | -109 | [1] | -76 | [1] |
Derivative Contracts, Noncurrent Liabilities | -37 | [1] | -31 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -146 | [1] | -107 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | -85 | [1] | 22 | [1] |
Power [Member] | Netting [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | -471 | -266 | [1],[2] | |
Derivative Contracts, Noncurrent Assets | -155 | -83 | [1],[2] | |
Total Mark-to-Market Derivative Assets | -626 | [2] | -349 | [1],[2] |
Derivative Contracts, Current Liabilities | 594 | 271 | [1],[2] | |
Derivative Contracts, Noncurrent Liabilities | 138 | 80 | [1],[2] | |
Total Mark-to-Market Derivative (Liabilities) | 732 | [2] | 351 | [1],[2] |
Net Mark-to-Market Derivative Assets (Liabilities) | 106 | [2] | 2 | [1],[2] |
Power [Member] | Energy-Related Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 4 | 0 | [1] | |
Derivative Contracts, Noncurrent Assets | 0 | 0 | [1] | |
Total Mark-to-Market Derivative Assets | 4 | 0 | [1] | |
Derivative Contracts, Current Liabilities | -1 | -4 | [1] | |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | -1 | -4 | [1] | |
Net Mark-to-Market Derivative Assets (Liabilities) | 3 | -4 | [1] | |
PSE And G [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 5 | 25 | ||
Derivative Contracts, Noncurrent Assets | 8 | 69 | ||
PSEG [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 16 | 16 | [1] | |
Derivative Contracts, Noncurrent Assets | 10 | 22 | [1] | |
Total Mark-to-Market Derivative Assets | 26 | [1] | 38 | [1] |
Derivative Contracts, Current Liabilities | 0 | 0 | [1] | |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | 0 | [1] | 0 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 26 | [1] | 38 | [1] |
Not Designated as Hedging Instrument [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 517 | 323 | [1] | |
Derivative Contracts, Noncurrent Assets | 166 | 155 | [1] | |
Total Mark-to-Market Derivative Assets | 683 | 478 | [1] | |
Derivative Contracts, Current Liabilities | -702 | -343 | [1] | |
Derivative Contracts, Noncurrent Liabilities | -175 | -111 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | -877 | -454 | [1] | |
Net Mark-to-Market Derivative Assets (Liabilities) | -194 | 24 | [1] | |
Not Designated as Hedging Instrument [Member] | PSE And G [Member] | Energy-Related Contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Contracts, Current Assets | 5 | 25 | [1] | |
Derivative Contracts, Noncurrent Assets | 8 | 69 | [1] | |
Total Mark-to-Market Derivative Assets | 13 | [1] | 94 | [1] |
Derivative Contracts, Current Liabilities | 0 | 0 | [1] | |
Derivative Contracts, Noncurrent Liabilities | 0 | 0 | [1] | |
Total Mark-to-Market Derivative (Liabilities) | 0 | [1] | 0 | [1] |
Net Mark-to-Market Derivative Assets (Liabilities) | 13 | [1] | 94 | [1] |
Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | -12 | ' | ||
Non Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | -21 | -3 | ||
Current Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | 135 | 5 | ||
Noncurrent Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | $4 | ' | ||
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | |||
[2] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014 and December 31, 2013, net cash collateral (received) paid of $106 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(12) million and $(21) million of cash collateral was netted against current assets and noncurrent assets, respectively, and $135 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectively. |
Financial_Risk_Management_Acti5
Financial Risk Management Activities (Schedule Of Derivative Instruments Designated As Cash Flow Hedges) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Interest Expense | ($100) | ($100) | ($291) | ($303) |
Operating Revenues | 2,641 | 2,554 | 8,113 | 7,650 |
PSEG [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 3 | 1 | -4 | 1 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 0 | -1 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 1 | 3 | -11 | 10 |
Power [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 3 | 1 | -4 | 1 |
Interest Expense | -31 | -26 | -92 | -85 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 0 | -1 |
Operating Revenues | 1,138 | 1,174 | 3,824 | 3,818 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 1 | 3 | -11 | 11 |
Interest Expense [Member] | PSEG [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | ' | ' | 0 | 0 |
Interest Expense | ' | ' | 0 | -1 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | ' | ' | 0 | 0 |
Operating Revenues [Member] | PSEG [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 3 | 1 | -4 | 1 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 0 | -1 |
Operating Revenues | 1 | 3 | -11 | 11 |
Operating Revenues [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 3 | 1 | -4 | 1 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | -1 | 0 | -1 |
Operating Revenues | $1 | $3 | ($11) | $11 |
Financial_Risk_Management_Acti6
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Gain (Loss) in AOCI | ($13) | $28 | ' | $17 | $54 |
(Gain) Loss into Income | -13 | -4 | ' | -21 | -4 |
Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Pre-Tax Balance at Beginning of Period | 1 | ' | -4 | -4 | ' |
Gain (Loss) in AOCI | 3 | ' | -7 | ' | ' |
(Gain) Loss into Income | -1 | -3 | 12 | 11 | -10 |
Pre-Tax Balance at End of Period | 3 | ' | 1 | 3 | ' |
After-Tax Balance at Beginning of Period | 1 | ' | -2 | -2 | ' |
Gain (Loss) in AOCI | 2 | 1 | -4 | -2 | 1 |
(Gain) Loss into Income | -1 | -2 | 7 | 6 | -6 |
After-Tax Balance at End of Period | $2 | ' | $1 | $2 | ' |
Financial_Risk_Management_Acti7
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $81 | $24 | ($694) | $31 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | 93 | 14 | -759 | -32 |
Energy Costs [Member] | Energy-Related Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | ($12) | $10 | $65 | $63 |
Financial_Risk_Management_Acti8
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Natural Gas Dth [Member] | Natural Gas Dth [Member] | Electricity MWh [Member] | Electricity MWh [Member] | FTRs MWh [Member] | FTRs MWh [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | PSEG [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | Power [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | PSE And G [Member] | |
Natural Gas Dth [Member] | Natural Gas Dth [Member] | Electricity MWh [Member] | Electricity MWh [Member] | FTRs MWh [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Natural Gas Dth [Member] | Natural Gas Dth [Member] | Electricity MWh [Member] | Electricity MWh [Member] | FTRs MWh [Member] | FTRs MWh [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Natural Gas Dth [Member] | Natural Gas Dth [Member] | Electricity MWh [Member] | Electricity MWh [Member] | FTRs MWh [Member] | FTRs MWh [Member] | Interest Rate Swaps [Member] | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Volume of Derivative on Absolute Value Basis | 341,000,000 | 614,000,000 | 329,000,000 | 243,000,000 | 21,000,000 | 16,000,000 | 850,000,000 | 850,000,000 | 0 | 0 | 0 | 0 | 0 | 850,000,000 | 850,000,000 | 277,000,000 | 466,000,000 | 329,000,000 | 243,000,000 | 21,000,000 | 16,000,000 | 0 | 0 | 64,000,000 | 148,000,000 | 0 | 0 | 0 | 0 | 0 |
Financial_Risk_Management_Acti9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) (USD $) | Sep. 30, 2014 | |
In Millions, unless otherwise specified | ||
Nonaffiliated [Member] | Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Net exposure | $31 | [1] |
Power [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 91 | |
Securities held as Collateral | 27 | |
Net exposure | 79 | |
Number of Counterparties greater than 10% | 2 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 52 | |
Power [Member] | Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 89 | |
Securities held as Collateral | 27 | |
Net exposure | 77 | |
Number of Counterparties greater than 10% | 2 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 52 | [1] |
Power [Member] | Non-Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 1 | |
Securities held as Collateral | 0 | |
Net exposure | 1 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Power [Member] | Investment Grade - No External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 1 | |
Securities held as Collateral | 0 | |
Net exposure | 1 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Power [Member] | Non-Investment Grade - No External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Current Exposure | 0 | |
Securities held as Collateral | 0 | |
Net exposure | 0 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
PSE And G [Member] | Investment Grade - External Rating [Member] | ' | |
Derivative [Line Items] | ' | |
Net exposure | $21 | [1] |
[1] | (A)Includes net exposure of $21 million with PS |
Fair_Value_Measurements_PSEGs_
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | $100 | [1] | $261 | |
Total Mark-to-Market Derivative (Liabilities) | -146 | [1] | -107 | |
Net cash collateral received in connection with net derivative contracts | 106 | 2 | ||
Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 61 | [1] | 129 | [1] |
Total Mark-to-Market Derivative (Liabilities) | -146 | [1] | -107 | [1] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 667 | [2] | 439 | [2] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Energy-Related Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 74 | [3] | 223 | |
Total Mark-to-Market Derivative (Liabilities) | -146 | [3] | -107 | |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Interest Rate Swap [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 26 | [4] | 38 | [4] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 883 | [5] | 897 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 472 | [5] | 429 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 354 | [5] | 291 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 30 | [5] | 84 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 22 | [5] | 23 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 89 | [5] | 107 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 76 | [5] | 46 | [5] |
Total Estimate Of Fair Value [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | [5] | 3 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Energy-Related Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 61 | [3] | 129 | |
Total Mark-to-Market Derivative (Liabilities) | -146 | [3] | -107 | |
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 | 883 | [5] | 897 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 472 | [5] | 429 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 354 | [5] | 291 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 30 | [5] | 84 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 5 | [5] | 5 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 21 | [5] | 23 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 18 | [5] | 10 | [5] |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [5] | 1 | [5] |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 293 | [2] | ' | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Energy-Related Contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 13 | [3] | 94 | |
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 | 5 | [5] | 5 | [5] |
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 | 19 | [5] | 25 | [5] |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 16 | [5] | 11 | [5] |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [5] | 1 | [5] |
Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [2],[6] | 0 | [2],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [6] |
Cash Collateral Netting [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [6] |
Cash Collateral Netting [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [6] |
Cash Collateral Netting [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [2],[6] | ' | |
Cash Collateral Netting [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 | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [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 | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Cash Collateral Netting [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | [6] | 0 | [5],[6] |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 667 | [2] | 439 | [2] |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 876 | 892 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 30 | 57 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 22 | 23 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
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 | 876 | 892 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | ||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 30 | 57 | ||
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 | 5 | 5 | [5] | |
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 | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
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 and Cash Equivalents, Fair Value Disclosure | 293 | [2] | ' | |
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 | 5 | 5 | [5] | |
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 | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | [2] | 0 | [2] |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 7 | 5 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 472 | 429 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 354 | 291 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 27 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 89 | 107 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 76 | 46 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 1 | 3 | [5] | |
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 | 7 | 5 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 472 | 429 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 354 | 291 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 27 | ||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 21 | 23 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 18 | 10 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 1 | [5] | |
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 and Cash Equivalents, Fair Value Disclosure | 0 | [2] | ' | |
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 | 0 | 0 | [5] | |
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 | 19 | 25 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 16 | 11 | [5] | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 1 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | [2] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Equity Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Government Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Debt Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 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 | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and Cash Equivalents, Fair Value Disclosure | 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 | 0 | 0 | [5] | |
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 | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | [5] | |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | -626 | [6] | -349 | [6] |
Total Mark-to-Market Derivative (Liabilities) | 732 | [6] | 351 | [6] |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | -626 | [6] | -349 | [6] |
Total Mark-to-Market Derivative (Liabilities) | 732 | [6] | 351 | [6] |
Energy-Related Contracts [Member] | Cash Collateral Netting [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [6] | 0 | [6] |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | 0 | ||
Total Mark-to-Market Derivative (Liabilities) | 0 | 0 | ||
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 | 0 | 0 | ||
Total Mark-to-Market Derivative (Liabilities) | 0 | 0 | ||
Energy-Related Contracts [Member] | 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] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | 0 | ||
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 687 | 474 | [3] | |
Total Mark-to-Market Derivative (Liabilities) | -857 | -448 | [3] | |
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 | 687 | 474 | [3] | |
Total Mark-to-Market Derivative (Liabilities) | -857 | -448 | [3] | |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | 0 | [3] | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 13 | 98 | [3] | |
Total Mark-to-Market Derivative (Liabilities) | -21 | -10 | [3] | |
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 | 0 | 4 | [3] | |
Total Mark-to-Market Derivative (Liabilities) | -21 | -10 | [3] | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 13 | 94 | [3] | |
Interest Rate Swap [Member] | Cash Collateral Netting [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | [6] | 0 | [4],[6] |
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | 0 | [4] | |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 26 | 38 | [4] | |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total Mark-to-Market Derivative Assets | 0 | 0 | [4] | |
Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | -33 | ' | ||
Non Current Assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | -21 | -3 | ||
Other Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | 139 | ' | ||
Current Liabilities [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Net cash collateral received in connection with net derivative contracts | $135 | $5 | ||
[1] | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2014 and December 31, 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | |||
[2] | Represents money market mutual funds. | |||
[3] | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||
[4] | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. | |||
[5] | The fair value measurement table excludes cash of less than $1 million which is part of the NDT Fund. The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.†The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.â€Â These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market.Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds and United States Treasury obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||
[6] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2014, net cash collateral (received) paid of $106 million, was netted against the corresponding net derivative contract positions. Of the $106 million as of September 30, 2014, $(33) million of cash collateral was netted against assets, and $139 million was netted against liabilities. As of December 31, 2013, net cash collateral (received) paid of $2 million, was netted against the corresponding net derivative contract positions. Of the $2 million as of December 31, 2013, $(3) million of cash collateral was netted against assets, and $5 million was netted against liabilities. |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | $0 | $4 | ||
Liabilities, Fair Value | -21 | -10 | ||
PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | 13 | 94 | ||
Liabilities, Fair Value | 0 | 0 | ||
PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | 13 | 98 | ||
Liabilities, Fair Value | -21 | -10 | ||
Electric Swaps [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | ' | 3 | ||
Liabilities, Fair Value | ' | -1 | ||
Valuation Technique (s) | ' | 'Discounted Cash Flow | ||
Significant Unobservable Inputs | ' | 'Power Basis | ||
Electric Load Contracts [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | 0 | 0 | ||
Liabilities, Fair Value | -21 | -8 | ||
Valuation Technique (s) | 'Discounted Cash Flow | 'Discounted Cash Flow | ||
Significant Unobservable Inputs | 'Historic Load Variability | 'Historic Load Variability | ||
Various [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | 0 | [1] | 1 | [2] |
Liabilities, Fair Value | 0 | [1] | -1 | [2] |
Forward Contracts [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | 13 | 94 | ||
Liabilities, Fair Value | $0 | $0 | ||
Valuation Technique (s) | 'Discounted Cash Flow | 'Discounted Cash Flow | ||
Significant Unobservable Inputs | 'Transportation Costs | 'Transportation Costs | ||
Minimum [Member] | Electric Load Contracts [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Historic Load Variability | 0.00% | -5.00% | ||
Minimum [Member] | MWh [Member] | Electric Swaps [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Power Basis Range | ' | 0 | ||
Minimum [Member] | MWh [Member] | Forward Contracts [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Transportation Costs | 0.7 | 0.7 | ||
Maximum [Member] | Electric Load Contracts [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Historic Load Variability | 10.00% | 10.00% | ||
Maximum [Member] | MWh [Member] | Electric Swaps [Member] | Power [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Power Basis Range | ' | 10 | ||
Maximum [Member] | MWh [Member] | Forward Contracts [Member] | PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Transportation Costs | 1 | 1 | ||
[1] | Includes gas supply positions and long-term electric capacity positions which were immaterial as of September 30, 2014. | |||
[2] | Includes gas supply positions which were immaterial as of December 31, 2013. |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Settlements | ($4) | ($1) | $54 | $9 | ||||
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 | -8 | 1 | -66 | -16 | ||||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | -12 | 1 | -11 | -7 | ||||
Net Derivative Assets (Liabilities) [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Opening Balance | 13 | -35 | 88 | -31 | ||||
Included in Income | -8 | [1] | 1 | [1] | -66 | [1] | -16 | [1] |
Included in Regulatory Assets/Liabilities | -9 | [2] | -11 | [2] | -81 | [2] | -12 | [2] |
Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||
Issuances (Settlements) | -4 | [3] | -1 | [3] | 54 | [3] | 9 | [3] |
Transfers In (Out) | 0 | [4] | 0 | [4] | -3 | [4] | 4 | [4] |
Closing Balance | -8 | -46 | -8 | -46 | ||||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Opening Balance | -9 | 6 | -6 | 9 | ||||
Included in Income | -8 | [1] | 1 | [1] | -66 | [1] | -16 | [1] |
Included in Regulatory Assets/Liabilities | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||
Issuances (Settlements) | -4 | [3] | -1 | [3] | 54 | [3] | 9 | [3] |
Transfers In (Out) | 0 | [4] | 0 | [4] | -3 | [4] | 4 | [4] |
Closing Balance | -21 | 6 | -21 | 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 | 22 | -41 | 94 | -40 | ||||
Included in Income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Included in Regulatory Assets/Liabilities | -9 | [2] | -11 | [2] | -81 | [2] | -12 | [2] |
Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||
Issuances (Settlements) | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Transfers In (Out) | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Closing Balance | $13 | ($52) | $13 | ($52) | ||||
[1] | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $(8) million and $(66) million in Operating Income for the three months and nine months ended September 30, 2014, respectively. Of the $(8) million in Operating Income $(12) million is unrealized. Of the $(66) million in Operating Income, $(11) million is unrealized. | |||||||
[2] | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or 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 $(4) million and $54 million in settlements for the three months and nine months ended September 30, 2014. Represents $(1) million and $9 million in settlements for the three months and nine months ended September 30, 2013 | |||||||
[4] | three months ended September 30, 2014 and 2013. During the nine months ended September 30, 2014, $(3) million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. During the nine months ended September 30, 2013, $4 million, of net derivatives assets/liabilities were transferred from Level 3 to Level 2 due to more observable pricing for the underlying securities. The transfers were recognized as of the beginning of the quarters in which the transfers first occurred, as per PSEG's policy. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | ($4,000,000) | ($1,000,000) | $54,000,000 | $9,000,000 | ' |
Net assets measured at fair value on a recurring basis | 2,500,000,000 | ' | 2,500,000,000 | ' | 1,900,000,000 |
Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | -8,000,000 | ' | -8,000,000 | ' | -46,000,000 |
Power [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | -12,000,000 | 1,000,000 | -11,000,000 | -7,000,000 | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Trading Revenue | -8,000,000 | 1,000,000 | -66,000,000 | -16,000,000 | ' |
Derivative [Member] | Power [Member] | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | ' | ' | ($3,000,000) | $4,000,000 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Of Debt) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | $8,963 | $8,643 | ||
Long-Term Debt, Fair Value | 9,797 | 9,061 | ||
Power - Recourse Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 2,543 | [1] | 2,541 | [1] |
Long-Term Debt, Fair Value | 2,916 | [1] | 2,846 | [1] |
PSE And G [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 6,063 | [1] | 5,566 | [1] |
Long-Term Debt, Fair Value | 6,497 | [1] | 5,629 | [1] |
Transition Funding (PSE&G) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 312 | [1] | 476 | [1] |
Long-Term Debt, Fair Value | 327 | [1] | 511 | [1] |
Transition Funding II (PSE&G) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 14 | [1] | 20 | [1] |
Long-Term Debt, Fair Value | 15 | [1] | 21 | [1] |
Energy Holdings Project Level, Non-Recourse Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 16 | [2] | 16 | [2] |
Long-Term Debt, Fair Value | 16 | [2] | 16 | [2] |
PSEG [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long-Term Debt, Carrying Amount | 15 | [3] | 24 | [3] |
Long-Term Debt, Fair Value | $26 | [3] | $38 | [3] |
[1] | The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements). | |||
[2] | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | |||
[3] | Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. |
Other_Income_And_Deductions_Sc
Other Income And Deductions (Schedule Of Other Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Component of Other Income [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Gains, Interest, Dividend and Other Income | $55 | $45 | $133 | $125 | ||||
Allowance for Funds Used During Construction | 8 | 5 | 21 | 17 | ||||
Solar Loan Interest | 6 | 7 | 18 | 18 | ||||
Other | 6 | 2 | 13 | 12 | ||||
Total Other Income | 75 | 59 | 185 | 172 | ||||
PSE And G [Member] | ' | ' | ' | ' | ||||
Component of Other Income [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 | 0 | ||||
Allowance for Funds Used During Construction | 8 | 5 | 21 | 17 | ||||
Solar Loan Interest | 6 | 7 | 18 | 18 | ||||
Other | 2 | 1 | 5 | 6 | ||||
Total Other Income | 16 | 13 | 44 | 41 | ||||
Power [Member] | ' | ' | ' | ' | ||||
Component of Other Income [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Gains, Interest, Dividend and Other Income | 55 | 45 | 133 | 125 | ||||
Allowance for Funds Used During Construction | 0 | 0 | 0 | 0 | ||||
Solar Loan Interest | 0 | 0 | 0 | 0 | ||||
Other | 1 | 0 | 2 | 2 | ||||
Total Other Income | 56 | 45 | 135 | 127 | ||||
Other Entity [Member] | ' | ' | ' | ' | ||||
Component of Other Income [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Gains, Interest, Dividend and Other Income | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Allowance for Funds Used During Construction | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Solar Loan Interest | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Other | 3 | [1] | 1 | [1] | 6 | [1] | 4 | [1] |
Total Other Income | $3 | [1] | $1 | [1] | $6 | [1] | $4 | [1] |
[1] | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. |
Other_Income_And_Deductions_Sc1
Other Income And Deductions (Schedule Of Other Deductions) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Component of Other Deductions [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Realized Losses and Expenses | $4 | $11 | $18 | $40 | ||||
Other | 5 | 1 | 13 | 14 | ||||
Total Other Deductions | 9 | 12 | 31 | 54 | ||||
Power [Member] | ' | ' | ' | ' | ||||
Component of Other Deductions [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Realized Losses and Expenses | 4 | 11 | 18 | 40 | ||||
Other | 2 | 0 | 7 | 9 | ||||
Total Other Deductions | 6 | 11 | 25 | 49 | ||||
PSE And G [Member] | ' | ' | ' | ' | ||||
Component of Other Deductions [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Realized Losses and Expenses | 0 | 0 | 0 | 0 | ||||
Other | 2 | 1 | 3 | 3 | ||||
Total Other Deductions | 2 | 1 | 3 | 3 | ||||
Other Entity [Member] | ' | ' | ' | ' | ||||
Component of Other Deductions [Line Items] | ' | ' | ' | ' | ||||
NDT Fund Realized Losses and Expenses | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Other | 1 | [1] | 0 | [1] | 3 | [1] | 2 | [1] |
Total Other Deductions | $1 | [1] | $0 | [1] | $3 | [1] | $2 | [1] |
[1] | Other primarily consists of activity at PSEG (as parent company), Energy Holdings, Services and intercompany eliminations. |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Tax Rates) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
PSEG [Member] | ' | ' | ' | ' |
Effective tax rate | 37.00% | 41.00% | 37.80% | 40.50% |
Power [Member] | ' | ' | ' | ' |
Effective tax rate | 39.40% | 40.50% | 38.60% | 40.00% |
PSE And G [Member] | ' | ' | ' | ' |
Effective tax rate | 38.50% | 40.60% | 38.60% | 40.00% |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 16 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 09, 2014 | Sep. 30, 2014 | Dec. 31, 2011 |
PSEG [Member] | PSEG [Member] | ||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' |
Income Tax Refund from Settlement with IRS | ' | ' | ($121) | ' | ' |
Reduction of tax expense due to IRS settlement | 12 | ' | ' | ' | ' |
Unrecognized Tax Benefits, Period Decrease | 156 | ' | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 62 | ' | ' | ' | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $94 | ' | ' | ' | ' |
Bonus depreciation for tax purposes | ' | ' | ' | 50.00% | 100.00% |
Average tax benefits recognition period | ' | '20 years | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ($73) | ($362) | ($95) | ($95) | ($388) |
Other Comprehensive Income before Reclassifications | -13 | 28 | ' | 17 | 54 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -13 | -4 | ' | -21 | -4 |
Other Comprehensive Income (Loss), net of tax | -26 | 24 | ' | -4 | 50 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -99 | -338 | ' | -99 | -338 |
Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 1 | 3 | -2 | -2 | 7 |
Other Comprehensive Income before Reclassifications | 2 | 1 | -4 | -2 | 1 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -1 | -2 | 7 | 6 | -6 |
Other Comprehensive Income (Loss), net of tax | 1 | -1 | ' | 4 | -5 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 2 | 2 | 1 | 2 | 2 |
Pension and OPEB Plans [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -232 | -466 | -238 | -238 | -485 |
Other Comprehensive Income before Reclassifications | 0 | 0 | ' | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 9 | ' | 9 | 28 |
Other Comprehensive Income (Loss), net of tax | 3 | 9 | ' | 9 | 28 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -229 | -457 | ' | -229 | -457 |
Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 158 | 101 | 145 | 145 | 90 |
Other Comprehensive Income before Reclassifications | -15 | 27 | ' | 19 | 53 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -15 | -11 | ' | -36 | -26 |
Other Comprehensive Income (Loss), net of tax | -30 | 16 | ' | -17 | 27 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 128 | 117 | ' | 128 | 117 |
Power [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -44 | -303 | -63 | -63 | -328 |
Other Comprehensive Income before Reclassifications | -12 | 29 | ' | 15 | 57 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -15 | -5 | ' | -23 | -8 |
Other Comprehensive Income (Loss), net of tax | -27 | 24 | ' | -8 | 49 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -71 | -279 | ' | -71 | -279 |
Power [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2 | 4 | -1 | -1 | 9 |
Other Comprehensive Income before Reclassifications | 2 | 1 | ' | -2 | 1 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -1 | -2 | ' | 6 | -7 |
Other Comprehensive Income (Loss), net of tax | 1 | -1 | ' | 4 | -6 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 3 | 3 | ' | 3 | 3 |
Power [Member] | Pension and OPEB Plans [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | -199 | -405 | -204 | -204 | -422 |
Other Comprehensive Income before Reclassifications | 0 | 0 | ' | 0 | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | 8 | ' | 7 | 25 |
Other Comprehensive Income (Loss), net of tax | 2 | 8 | ' | 7 | 25 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -197 | -397 | ' | -197 | -397 |
Power [Member] | Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 153 | 98 | 142 | 142 | 85 |
Other Comprehensive Income before Reclassifications | -14 | 28 | ' | 17 | 56 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | -16 | -11 | ' | -36 | -26 |
Other Comprehensive Income (Loss), net of tax | -30 | 17 | ' | -19 | 30 |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $123 | $115 | ' | $123 | $115 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $28 | $11 | ' | $51 | $17 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | -15 | -7 | ' | -30 | -13 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 13 | 4 | ' | 21 | 4 |
Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Energy-Related Contracts, Pre-Tax | -1 | -3 | 12 | 11 | -10 |
Energy-Related Contracts, Tax | 0 | -1 | ' | 5 | -4 |
Energy-Related Contracts, After-Tax | -1 | -2 | ' | 6 | -6 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 2 | -7 | -6 | 6 |
Pension and OPEB Plans [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | -5 | -15 | ' | -14 | -48 |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 2 | 6 | ' | 5 | 20 |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | -3 | -9 | ' | -9 | -28 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -3 | -9 | ' | -9 | -28 |
Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification for Available for Sale Securities, Pre-Tax | 32 | 23 | ' | 76 | 55 |
Reclassification for Available for Sale Securities, Tax | -17 | -12 | ' | -40 | -29 |
Reclassification for Available for Sale Securities, After-Tax | 15 | 11 | ' | 36 | 26 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15 | 11 | ' | 36 | 26 |
Power [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 31 | 12 | ' | 53 | 23 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | -16 | -7 | ' | -30 | -15 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15 | 5 | ' | 23 | 8 |
Power [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Energy-Related Contracts, Pre-Tax | -1 | -3 | ' | 11 | -11 |
Energy-Related Contracts, Tax | 0 | -1 | ' | 5 | -4 |
Energy-Related Contracts, After-Tax | -1 | -2 | ' | 6 | -7 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 2 | ' | -6 | 7 |
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 | -3 | -14 | ' | -11 | -42 |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 1 | 6 | ' | 4 | 17 |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | -2 | -8 | ' | -7 | -25 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2 | -8 | ' | -7 | -25 |
Power [Member] | Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification for Available for Sale Securities, Pre-Tax | 33 | 23 | ' | 75 | 54 |
Reclassification for Available for Sale Securities, Tax | -17 | -12 | ' | -39 | -28 |
Reclassification for Available for Sale Securities, After-Tax | 16 | 11 | ' | 36 | 26 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 16 | 11 | ' | 36 | 26 |
Operating Expense [Member] | Pension and OPEB Plans [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Amortization of Prior Service (Cost) Credit, Pre-Tax | 3 | 3 | ' | 8 | 8 |
Amortization of Prior Service (Cost) Credit, Tax | -1 | -1 | ' | -3 | -3 |
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | ' | 5 | 5 |
Amortization of Actuarial Loss, Pre-Tax | -8 | -18 | ' | -22 | -56 |
Amortization of Actuarial Loss, Tax | 3 | 7 | ' | 8 | 23 |
Amortization of Actuarial Loss, After-Tax | -5 | -11 | ' | -14 | -33 |
Operating 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 | 3 | 3 | ' | 7 | 7 |
Amortization of Prior Service (Cost) Credit, Tax | -1 | -1 | ' | -3 | -3 |
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | ' | 4 | 4 |
Amortization of Actuarial Loss, Pre-Tax | -6 | -17 | ' | 18 | 49 |
Amortization of Actuarial Loss, Tax | 2 | 7 | ' | -7 | -20 |
Amortization of Actuarial Loss, After-Tax | -4 | -10 | ' | 11 | 29 |
Operating Revenues [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Energy-Related Contracts, Pre-Tax | -1 | 3 | ' | 11 | -11 |
Energy-Related Contracts, Tax | 0 | 1 | ' | 5 | -4 |
Energy-Related Contracts, After-Tax | -1 | 2 | ' | 6 | -7 |
Operating Revenues [Member] | Power [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Energy-Related Contracts, Pre-Tax | -1 | -3 | ' | 11 | -11 |
Energy-Related Contracts, Tax | 0 | -1 | ' | 5 | -4 |
Energy-Related Contracts, After-Tax | -1 | -2 | ' | 6 | -7 |
Interest Expense [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Energy-Related Contracts, Pre-Tax | 0 | 0 | ' | 0 | 1 |
Energy-Related Contracts, Tax | 0 | 0 | ' | ' | 0 |
Energy-Related Contracts, After-Tax | 0 | 0 | ' | 0 | 1 |
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 | 47 | 35 | ' | 105 | 99 |
Reclassification for Available for Sale Securities, Tax | -24 | -18 | ' | -54 | -51 |
Reclassification for Available for Sale Securities, After-Tax | 23 | 17 | ' | 51 | 48 |
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 | 45 | 35 | ' | 101 | 95 |
Reclassification for Available for Sale Securities, Tax | -23 | -18 | ' | -52 | -49 |
Reclassification for Available for Sale Securities, After-Tax | 22 | 17 | ' | 49 | 46 |
Other Expense [Member] | Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification for Available for Sale Securities, Pre-Tax | -5 | -9 | ' | -15 | -37 |
Reclassification for Available for Sale Securities, Tax | 2 | 4 | ' | 7 | 18 |
Reclassification for Available for Sale Securities, After-Tax | -3 | -5 | ' | -8 | -19 |
Other Expense [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 | -9 | ' | -12 | -34 |
Reclassification for Available for Sale Securities, Tax | 1 | 4 | ' | 6 | 17 |
Reclassification for Available for Sale Securities, After-Tax | -1 | -5 | ' | -6 | -17 |
Other-Than-Temporary Impairments [Member] | Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' |
Reclassification for Available for Sale Securities, Pre-Tax | -10 | -3 | ' | -14 | -7 |
Reclassification for Available for Sale Securities, Tax | 5 | 2 | ' | 7 | 4 |
Reclassification for Available for Sale Securities, After-Tax | -5 | -1 | ' | -7 | -3 |
Other-Than-Temporary Impairments [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 | -10 | -3 | ' | -14 | -7 |
Reclassification for Available for Sale Securities, Tax | 5 | 2 | ' | 7 | 4 |
Reclassification for Available for Sale Securities, After-Tax | ($5) | ($1) | ' | ($7) | ($3) |
Recovered_Sheet3
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Earnings Per Share E P S And Dividends Basic And Diluted Earnings Per Share Computation [Abstract] | ' | ' | ' | ' |
Net Income | $444 | $390 | $1,042 | $1,043 |
Weighted Average Common Shares Outstanding, Basic | 505,862 | 505,858 | 505,937 | 505,900 |
Effect of Stock Based Compensation Awards, Basic | 0 | 0 | 0 | 0 |
Total Shares, Basic | 505,862 | 505,858 | 505,937 | 505,900 |
Net Income, Basic | $0.88 | $0.77 | $2.06 | $2.06 |
Weighted Average Common Shares Outstanding, Diluted | 505,862 | 505,858 | 505,937 | 505,900 |
Effect of Stock Based Compensation Awards, Diluted | 1,560 | 1,836 | 1,465 | 1,533 |
Total Shares, Diluted | 507,422 | 507,694 | 507,402 | 507,433 |
Net Income, Diluted | $0.87 | $0.77 | $2.05 | $2.06 |
Recovered_Sheet4
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Earnings Per Share E P S And Dividends Dividend Payments On Common Stock [Abstract] | ' | ' | ' | ' |
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $0.37 | $0.36 | $1.11 | $1.08 |
Dividend Payments on Common Stock | $187 | $182 | $561 | $546 |
Financial_Information_By_Busin2
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | $2,641 | $2,554 | $8,113 | $7,650 | ' | |||||
Net Income (Loss) | 444 | 390 | 1,042 | 1,043 | ' | |||||
Total Assets | 34,147 | ' | 34,147 | ' | 32,522 | |||||
Power [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | 1,138 | 1,174 | 3,824 | 3,818 | ' | |||||
Net Income (Loss) | 222 | 226 | 440 | 577 | ' | |||||
Property, Plant and Equipment, Additions | 188 | 210 | 414 | 458 | ' | |||||
Total Assets | 11,750 | ' | 11,750 | ' | 12,002 | |||||
Investments in Equity Method Subsidiaries | 122 | ' | 122 | ' | 123 | |||||
PSE And G [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | 1,655 | 1,666 | 5,235 | 5,084 | ' | |||||
Net Income (Loss) | 200 | 168 | 565 | 468 | ' | |||||
Property, Plant and Equipment, Additions | 497 | 480 | 1,493 | 1,628 | ' | |||||
Total Assets | 20,917 | ' | 20,917 | ' | 19,720 | |||||
Investments in Equity Method Subsidiaries | 0 | ' | 0 | ' | 0 | |||||
Other [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | 123 | [1] | 3 | [1] | 359 | [1] | 29 | [1] | ' | |
Net Income (Loss) | 22 | [1] | -4 | [1] | 37 | [1] | -2 | [1] | ' | |
Property, Plant and Equipment, Additions | 8 | [1] | 6 | [1] | 15 | [1] | 16 | [1] | ' | |
Total Assets | 1,907 | [1] | ' | 1,907 | [1] | ' | 4,025 | [1] | ||
Investments in Equity Method Subsidiaries | 3 | [1] | ' | 3 | [1] | ' | 3 | [1] | ||
Eliminations [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | -275 | [2] | -289 | [2] | -1,305 | [2] | -1,281 | [2] | ' | |
Net Income (Loss) | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | |
Property, Plant and Equipment, Additions | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | |
Total Assets | -427 | [2] | ' | -427 | [2] | ' | -3,225 | [2] | ||
Investments in Equity Method Subsidiaries | 0 | [2] | ' | 0 | [2] | ' | 0 | [2] | ||
Consolidated [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Operating Revenues | 2,641 | 2,554 | 8,113 | 7,650 | ' | |||||
Net Income (Loss) | 444 | 390 | 1,042 | 1,043 | ' | |||||
Property, Plant and Equipment, Additions | 693 | 696 | 1,922 | 2,102 | ' | |||||
Total Assets | 34,147 | ' | 34,147 | ' | 32,522 | |||||
Investments in Equity Method Subsidiaries | $125 | ' | $125 | ' | $126 | |||||
[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 related to intercompany transactions between Power and PSE&G. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between Power and PSE&G, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between Power and PSE&G, see Note 17. Related-Party Transactions. |
RelatedParty_Transactions_Sche
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Power [Member] | ' | ' | ' | ' | ||||
Billings From Power through BGSS | $280 | $284 | $1,308 | [1] | $1,275 | [1] | ||
Administrative Billings from Services | -41 | [2] | -43 | [2] | -129 | [2] | -131 | [2] |
PSE And G [Member] | ' | ' | ' | ' | ||||
Billings To Affiliate Through Bgss | -280 | -284 | -1,308 | [1] | -1,275 | [1] | ||
Administrative Billings from Services | -59 | [2] | -61 | [2] | -183 | [2] | -184 | [2] |
Total Expense Billings from Affiliates | ($339) | ($345) | ($1,491) | ($1,459) | ||||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||||||
[2] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
RelatedParty_Transactions_Sche1
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) (Power [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Power [Member] | ' | ' | ||
Receivables from PSE&G through BGS and BGSS Contracts | $132 | [1] | $267 | [1] |
Receivable from (Payable to) Services | -25 | [2] | -31 | [2] |
Receivable from (Payable to) PSEG | -55 | [3] | 97 | [3] |
Accounts Receivable (Payable) - Affiliated Companies, net | 52 | 333 | ||
Short-Term Loan to Affiliate (Demand Note to PSEG) | 623 | [4] | 790 | [4] |
Working Capital Advances to Services | 17 | [5] | 17 | [5] |
Long-Term Accrued Taxes Receivable (Payable) | ($57) | ($53) | ||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||
[2] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||
[3] | 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] | Power and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. |
RelatedParty_Transactions_Sche2
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) (PSE And G [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
PSE And G [Member] | ' | ' | ||
Payable to Power through BGS and BGSS Contracts | ($132) | [1] | ($267) | [1] |
Receivable from (Payable to) Services | -48 | [2] | -73 | [2] |
Receivable from PSEG | 81 | [3] | 150 | [3] |
Accounts Receivable (Payable) - Affiliated Companies, net | -99 | -190 | ||
Working Capital Advances to Services | 33 | [4] | 33 | [4] |
Long-Term Accrued Taxes Receivable (Payable) | ($78) | ($72) | ||
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. | |||
[2] | Services provides and bills administrative services to Power and PSE&G at cost. In addition, Power and PSE&G have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | |||
[3] | 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 and PSE&G have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on Power’s and PSE&G’s Condensed Consolidated Balance Sheets. |
Guarantees_Of_Debt_Schedule_Of
Guarantees Of Debt (Schedule Of Financial Statements Of Guarantors) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenues | $2,641 | ' | $2,554 | ' | $8,113 | $7,650 | ' | ' | ' |
Operating Expenses | 1,895 | ' | 1,842 | ' | 6,297 | 5,716 | ' | ' | ' |
Operating Income (Loss) | 746 | ' | 712 | ' | 1,816 | 1,934 | ' | ' | ' |
Equity Earnings (Losses) of Subsidiaries | 3 | ' | 4 | ' | 10 | 9 | ' | ' | ' |
Other Income | 75 | ' | 59 | ' | 185 | 172 | ' | ' | ' |
Other Deductions | -9 | ' | -12 | ' | -31 | -54 | ' | ' | ' |
Other-Than-Temporary Impairments | -10 | ' | -3 | ' | -14 | -7 | ' | ' | ' |
Interest Expense | -100 | ' | -100 | ' | -291 | -303 | ' | ' | ' |
Income Tax Expense | -261 | ' | -270 | ' | -633 | -708 | ' | ' | ' |
Net Income | 444 | ' | 390 | ' | 1,042 | 1,043 | ' | ' | ' |
Net Cash Provided By (Used In) Operating Activities | ' | ' | ' | ' | 2,536 | 2,435 | ' | ' | ' |
Net Cash Provided By (Used In) Investing Activities | ' | ' | ' | ' | -1,988 | -2,088 | ' | ' | ' |
Net Cash Provided By (Used In) Financing Activities | ' | ' | ' | ' | -338 | -278 | ' | ' | ' |
Current Assets | 3,846 | ' | ' | ' | 3,846 | ' | 3,614 | ' | ' |
Property, Plant and Equipment, net | 22,836 | ' | ' | ' | 22,836 | ' | 21,645 | ' | ' |
Noncurrent Assets | 7,465 | ' | ' | ' | 7,465 | ' | 7,263 | ' | ' |
Total Assets | 34,147 | ' | ' | ' | 34,147 | ' | 32,522 | ' | ' |
Current Liabilities | 3,136 | ' | ' | ' | 3,136 | ' | 3,063 | ' | ' |
Noncurrent Liabilities | 10,538 | ' | ' | ' | 10,538 | ' | 9,988 | ' | ' |
Long-Term Debt | 8,389 | ' | ' | ' | 8,389 | ' | 7,862 | ' | ' |
Member's Equity | 12,084 | ' | ' | ' | 12,084 | ' | 11,609 | ' | ' |
TOTAL LIABILITIES AND CAPITALIZATION | 34,147 | ' | ' | ' | 34,147 | ' | 32,522 | ' | ' |
Power Senior Notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 1,138 | 1,700 | 1,174 | 1,451 | 3,824 | 3,818 | 5,063 | 4,873 | 6,150 |
Operating Expenses | 785 | 1,418 | 804 | 1,209 | 3,122 | 2,855 | 3,993 | 3,750 | 4,377 |
Operating Income (Loss) | 353 | 282 | 370 | 242 | 702 | 963 | 1,070 | 1,123 | 1,773 |
Equity Earnings (Losses) of Subsidiaries | 4 | 4 | 4 | 3 | 11 | 12 | 16 | 15 | 14 |
Other Income | 56 | 33 | 45 | 47 | 135 | 127 | 154 | 201 | 190 |
Other Deductions | -6 | -10 | -11 | -28 | -25 | -49 | -49 | -90 | -79 |
Other-Than-Temporary Impairments | -10 | -2 | -3 | -2 | -14 | -7 | -12 | -18 | -20 |
Interest Expense | -31 | -32 | -26 | -30 | -92 | -85 | -116 | -132 | -175 |
Income Tax Expense | -144 | -111 | -153 | -91 | -277 | -384 | -419 | -433 | -690 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 96 |
Net Income | 222 | 164 | 226 | 141 | 440 | 577 | 644 | 666 | 1,109 |
Comprehensive Income (Loss) | 195 | 170 | 250 | 173 | 432 | 626 | 909 | 614 | 928 |
Net Cash Provided By (Used In) Operating Activities | ' | 674 | ' | 575 | 1,110 | 1,314 | 1,347 | 1,453 | 1,817 |
Net Cash Provided By (Used In) Investing Activities | ' | -295 | ' | -329 | -326 | -329 | -861 | -472 | -578 |
Net Cash Provided By (Used In) Financing Activities | ' | -375 | ' | -247 | -778 | -983 | -487 | -986 | -1,238 |
Current Assets | 2,130 | 2,299 | ' | ' | 2,130 | ' | 2,476 | 2,236 | ' |
Property, Plant and Equipment, net | 7,384 | 7,335 | ' | ' | 7,384 | ' | 7,367 | 7,222 | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Noncurrent Assets | 2,236 | 2,154 | ' | ' | 2,236 | ' | 2,159 | 1,865 | ' |
Total Assets | 11,750 | 11,788 | ' | ' | 11,750 | ' | 12,002 | 11,323 | ' |
Current Liabilities | 747 | 781 | ' | ' | 747 | ' | 800 | 968 | ' |
Noncurrent Liabilities | 2,945 | 2,857 | ' | ' | 2,945 | ' | 2,847 | 2,685 | ' |
Long-Term Debt | 2,543 | 2,497 | ' | ' | 2,543 | ' | 2,497 | 2,040 | ' |
Member's Equity | 5,515 | 5,653 | ' | ' | 5,515 | ' | 5,858 | 5,630 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | 11,750 | 11,788 | ' | ' | 11,750 | ' | 12,002 | 11,323 | ' |
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 1,125 | 1,684 | 1,163 | 1,441 | 3,781 | 3,787 | 5,022 | 4,850 | 6,139 |
Operating Expenses | 772 | 1,404 | 797 | 1,200 | 3,079 | 2,832 | 3,945 | 3,730 | 4,360 |
Operating Income (Loss) | 353 | 280 | 366 | 241 | 702 | 955 | 1,077 | 1,120 | 1,779 |
Equity Earnings (Losses) of Subsidiaries | -1 | 0 | -1 | 0 | -4 | -3 | -5 | -10 | 92 |
Other Income | 55 | 33 | 47 | 48 | 135 | 130 | 157 | 206 | 195 |
Other Deductions | -4 | -6 | -11 | -20 | -18 | -40 | -35 | -59 | -51 |
Other-Than-Temporary Impairments | -10 | -2 | -3 | -2 | -14 | -7 | -12 | -18 | -19 |
Interest Expense | -10 | -7 | -13 | -10 | -23 | -29 | -42 | -51 | -56 |
Income Tax Expense | -161 | -125 | -160 | -108 | -329 | -419 | -474 | -501 | -762 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Income | 222 | 173 | 225 | 149 | 449 | 587 | 666 | 687 | 1,178 |
Comprehensive Income (Loss) | 191 | 176 | 242 | 172 | 433 | 612 | 713 | 681 | 1,055 |
Net Cash Provided By (Used In) Operating Activities | ' | 603 | ' | 574 | 1,252 | 1,360 | 1,503 | 1,562 | 2,427 |
Net Cash Provided By (Used In) Investing Activities | ' | -315 | ' | -353 | -559 | -869 | -1,092 | -1,206 | -1,171 |
Net Cash Provided By (Used In) Financing Activities | ' | -287 | ' | -221 | -693 | -492 | -412 | -361 | -1,256 |
Current Assets | 1,891 | 2,097 | ' | ' | 1,891 | ' | 2,076 | 1,898 | ' |
Property, Plant and Equipment, net | 6,140 | 6,082 | ' | ' | 6,140 | ' | 6,108 | 5,988 | ' |
Investment in Subsidiaries | 120 | 122 | ' | ' | 120 | ' | 124 | 128 | ' |
Noncurrent Assets | 1,901 | 1,832 | ' | ' | 1,901 | ' | 1,847 | 1,660 | ' |
Total Assets | 10,052 | 10,133 | ' | ' | 10,052 | ' | 10,155 | 9,674 | ' |
Current Liabilities | 3,510 | 3,450 | ' | ' | 3,510 | ' | 3,474 | 3,396 | ' |
Noncurrent Liabilities | 2,379 | 2,323 | ' | ' | 2,379 | ' | 2,247 | 1,960 | ' |
Long-Term Debt | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Member's Equity | 4,163 | 4,360 | ' | ' | 4,163 | ' | 4,434 | 4,318 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | 10,052 | 10,133 | ' | ' | 10,052 | ' | 10,155 | 9,674 | ' |
Power Senior Notes [Member] | Power Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Expenses | 3 | 4 | 2 | 2 | 12 | 6 | 23 | 7 | 5 |
Operating Income (Loss) | -3 | -4 | -2 | -2 | -12 | -6 | -23 | -7 | -5 |
Equity Earnings (Losses) of Subsidiaries | 225 | 177 | 231 | 153 | 459 | 603 | 684 | 707 | 1,186 |
Other Income | 9 | 8 | 8 | 9 | 25 | 27 | 35 | 45 | 40 |
Other Deductions | -3 | -4 | 1 | -8 | -7 | -9 | -14 | -31 | -28 |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
Interest Expense | -24 | -28 | -19 | -27 | -79 | -72 | -93 | -118 | -146 |
Income Tax Expense | 18 | 15 | 7 | 16 | 54 | 34 | 55 | 70 | 63 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Income | 222 | 164 | 226 | 141 | 440 | 577 | 644 | 666 | 1,109 |
Comprehensive Income (Loss) | 195 | 170 | 250 | 173 | 432 | 626 | 909 | 614 | 928 |
Net Cash Provided By (Used In) Operating Activities | ' | 291 | ' | 189 | 471 | 425 | 288 | 298 | 609 |
Net Cash Provided By (Used In) Investing Activities | ' | -122 | ' | -213 | 187 | 40 | -395 | -14 | -268 |
Net Cash Provided By (Used In) Financing Activities | ' | -166 | ' | 24 | -652 | -461 | 107 | -284 | -341 |
Current Assets | 4,163 | 4,436 | ' | ' | 4,163 | ' | 4,413 | 4,255 | ' |
Property, Plant and Equipment, net | 81 | 81 | ' | ' | 81 | ' | 81 | 80 | ' |
Investment in Subsidiaries | 4,358 | 4,570 | ' | ' | 4,358 | ' | 4,645 | 4,508 | ' |
Noncurrent Assets | 293 | 301 | ' | ' | 293 | ' | 222 | 201 | ' |
Total Assets | 8,895 | 9,388 | ' | ' | 8,895 | ' | 9,361 | 9,044 | ' |
Current Liabilities | 518 | 930 | ' | ' | 518 | ' | 697 | 815 | ' |
Noncurrent Liabilities | 319 | 308 | ' | ' | 319 | ' | 309 | 559 | ' |
Long-Term Debt | 2,543 | 2,497 | ' | ' | 2,543 | ' | 2,497 | 2,040 | ' |
Member's Equity | 5,515 | 5,653 | ' | ' | 5,515 | ' | 5,858 | 5,630 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | 8,895 | 9,388 | ' | ' | 8,895 | ' | 9,361 | 9,044 | ' |
Power Senior Notes [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | -23 | -24 | -60 | -27 | -75 | -114 | -149 | -112 | -144 |
Operating Expenses | -22 | -24 | -61 | -26 | -75 | -114 | -149 | -112 | -145 |
Operating Income (Loss) | -1 | 0 | 1 | -1 | 0 | 0 | 0 | 0 | 1 |
Equity Earnings (Losses) of Subsidiaries | -224 | -177 | -230 | -153 | -455 | -600 | -679 | -697 | -1,278 |
Other Income | -8 | -8 | -10 | -10 | -25 | -30 | -38 | -52 | -45 |
Other Deductions | 1 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 7 | 8 | 10 | 11 | 24 | 30 | 38 | 53 | 45 |
Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -1 |
Net Income | -225 | -177 | -230 | -153 | -456 | -600 | -679 | -696 | -1,278 |
Comprehensive Income (Loss) | -194 | -180 | -247 | -176 | -440 | -625 | -724 | -690 | -1,155 |
Net Cash Provided By (Used In) Operating Activities | ' | -221 | ' | -189 | -666 | -506 | -526 | -474 | -940 |
Net Cash Provided By (Used In) Investing Activities | ' | 142 | ' | 245 | 70 | 540 | 697 | 899 | 267 |
Net Cash Provided By (Used In) Financing Activities | ' | 79 | ' | -57 | 596 | -35 | -171 | -424 | 673 |
Current Assets | -4,035 | -4,341 | ' | ' | -4,035 | ' | -4,115 | -4,021 | ' |
Property, Plant and Equipment, net | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Investment in Subsidiaries | -4,478 | -4,692 | ' | ' | -4,478 | ' | -4,769 | -4,636 | ' |
Noncurrent Assets | -97 | -117 | ' | ' | -97 | ' | -48 | -141 | ' |
Total Assets | -8,610 | -9,150 | ' | ' | -8,610 | ' | -8,932 | -8,798 | ' |
Current Liabilities | -4,035 | -4,340 | ' | ' | -4,035 | ' | -4,116 | -4,021 | ' |
Noncurrent Liabilities | -97 | -118 | ' | ' | -97 | ' | -47 | -140 | ' |
Long-Term Debt | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Member's Equity | -4,478 | -4,692 | ' | ' | -4,478 | ' | -4,769 | -4,637 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | -8,610 | -9,150 | ' | ' | -8,610 | ' | -8,932 | -8,798 | ' |
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 36 | 40 | 71 | 37 | 118 | 145 | 190 | 135 | 155 |
Operating Expenses | 32 | 34 | 66 | 33 | 106 | 131 | 174 | 125 | 157 |
Operating Income (Loss) | 4 | 6 | 5 | 4 | 12 | 14 | 16 | 10 | -2 |
Equity Earnings (Losses) of Subsidiaries | 4 | 4 | 4 | 3 | 11 | 12 | 16 | 15 | 14 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
Other Deductions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | -4 | -5 | -4 | -4 | -14 | -14 | -19 | -16 | -18 |
Income Tax Expense | -1 | -1 | 0 | 1 | -2 | 1 | 0 | -2 | 9 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 97 |
Net Income | 3 | 4 | 5 | 4 | 7 | 13 | 13 | 9 | 100 |
Comprehensive Income (Loss) | 3 | 4 | 5 | 4 | 7 | 13 | 11 | 9 | 100 |
Net Cash Provided By (Used In) Operating Activities | ' | 1 | ' | 1 | 53 | 35 | 82 | 67 | -279 |
Net Cash Provided By (Used In) Investing Activities | ' | 0 | ' | -8 | -24 | -40 | -71 | -151 | 594 |
Net Cash Provided By (Used In) Financing Activities | ' | -1 | ' | 7 | -29 | 5 | -11 | 83 | -314 |
Current Assets | 111 | 107 | ' | ' | 111 | ' | 102 | 104 | ' |
Property, Plant and Equipment, net | 1,163 | 1,172 | ' | ' | 1,163 | ' | 1,178 | 1,154 | ' |
Investment in Subsidiaries | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Noncurrent Assets | 139 | 138 | ' | ' | 139 | ' | 138 | 145 | ' |
Total Assets | 1,413 | 1,417 | ' | ' | 1,413 | ' | 1,418 | 1,403 | ' |
Current Liabilities | 754 | 741 | ' | ' | 754 | ' | 745 | 778 | ' |
Noncurrent Liabilities | 344 | 344 | ' | ' | 344 | ' | 338 | 306 | ' |
Long-Term Debt | 0 | 0 | ' | ' | 0 | ' | 0 | 0 | ' |
Member's Equity | 315 | 332 | ' | ' | 315 | ' | 335 | 319 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | 1,413 | 1,417 | ' | ' | 1,413 | ' | 1,418 | 1,403 | ' |
Increase (Decrease) from Previously Reported | Power Senior Notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Operating Expenses | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Investing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Current Assets | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Investment in Subsidiaries | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Total Assets | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Current Liabilities | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Member's Equity | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Increase (Decrease) from Previously Reported | Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | -393 | -348 | -362 | ' | -1,062 | -1,468 | -1,388 | -1,313 |
Operating Expenses | ' | -393 | -348 | -362 | ' | -1,062 | -1,468 | -1,388 | -1,313 |
Net Cash Provided By (Used In) Investing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Current Assets | ' | -7,048 | ' | ' | ' | ' | -6,840 | -6,186 | ' |
Investment in Subsidiaries | ' | -605 | ' | ' | ' | ' | -605 | -605 | ' |
Total Assets | ' | -7,653 | ' | ' | ' | ' | -7,445 | -6,791 | ' |
Current Liabilities | ' | -7,653 | ' | ' | ' | ' | -7,445 | -6,791 | ' |
Member's Equity | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | ' | -7,653 | ' | ' | ' | ' | -7,445 | -6,791 | ' |
Increase (Decrease) from Previously Reported | Power Senior Notes [Member] | Power Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Operating Expenses | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Investing Activities | ' | -209 | ' | -269 | ' | -520 | -588 | -729 | -864 |
Net Cash Provided By (Used In) Financing Activities | ' | 209 | ' | 269 | ' | 520 | 588 | 679 | 869 |
Current Assets | ' | 327 | ' | ' | ' | ' | 253 | 333 | ' |
Investment in Subsidiaries | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Total Assets | ' | 327 | ' | ' | ' | ' | 253 | 333 | ' |
Current Liabilities | ' | 327 | ' | ' | ' | ' | 253 | 333 | ' |
Member's Equity | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | ' | 327 | ' | ' | ' | ' | 253 | 333 | ' |
Increase (Decrease) from Previously Reported | Power Senior Notes [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | 393 | 348 | 362 | ' | 1,062 | 1,468 | 1,388 | 1,313 |
Operating Expenses | ' | 393 | 348 | 362 | ' | 1,062 | 1,468 | 1,388 | 1,313 |
Net Cash Provided By (Used In) Investing Activities | ' | 209 | ' | 269 | ' | 520 | 588 | 729 | 864 |
Net Cash Provided By (Used In) Financing Activities | ' | -209 | ' | -269 | ' | -520 | -588 | -679 | -869 |
Current Assets | ' | 7,565 | ' | ' | ' | ' | 7,429 | 6,691 | ' |
Investment in Subsidiaries | ' | 605 | ' | ' | ' | ' | 605 | 605 | ' |
Total Assets | ' | 8,170 | ' | ' | ' | ' | 8,034 | 7,296 | ' |
Current Liabilities | ' | 7,565 | ' | ' | ' | ' | 7,429 | 6,691 | ' |
Member's Equity | ' | 605 | ' | ' | ' | ' | 605 | 605 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | ' | 8,170 | ' | ' | ' | ' | 8,034 | 7,296 | ' |
Increase (Decrease) from Previously Reported | Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Operating Expenses | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Investing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Net Cash Provided By (Used In) Financing Activities | ' | 0 | ' | 0 | ' | 0 | 0 | 0 | 0 |
Current Assets | ' | -844 | ' | ' | ' | ' | -842 | -838 | ' |
Investment in Subsidiaries | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' |
Total Assets | ' | -844 | ' | ' | ' | ' | -842 | -838 | ' |
Current Liabilities | ' | -239 | ' | ' | ' | ' | -237 | -233 | ' |
Member's Equity | ' | -605 | ' | ' | ' | ' | -605 | -605 | ' |
TOTAL LIABILITIES AND CAPITALIZATION | ' | ($844) | ' | ' | ' | ' | ($842) | ($838) | ' |