Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 16, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-09120 | |
Entity Registrant Name | Public Service Enterprise Group Incorporated | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2625848 | |
Entity Address, Address Line One | 80 Park Plaza | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 430-7000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 498,161,668 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000788784 | |
Common Stock without par value [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock without par value | |
Trading Symbol | PEG | |
Security Exchange Name | NYSE | |
Public Service Electric and Gas Company [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 001-00973 | |
Entity Registrant Name | Public Service Electric and Gas Company | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1212800 | |
Entity Address, Address Line One | 80 Park Plaza | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 430-7000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 132,450,344 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000081033 | |
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Eight Percent, Due Two Thousand Thirty Seven [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.00% First and Refunding Mortgage Bonds, due 2037 | |
Trading Symbol | PEG37D | |
Security Exchange Name | NYSE | |
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Five Percent, Due Two Thousand Thirty Seven [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.00% First and Refunding Mortgage Bonds, due 2037 | |
Trading Symbol | PEG37J | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Operating Revenues | $ 2,423 | $ 2,421 | $ 5,183 | $ 6,176 | |
Operating Expenses [Abstract] | |||||
Energy Costs | 732 | 604 | 1,729 | 1,686 | |
Operation and Maintenance | 824 | 744 | 1,607 | 1,487 | |
Depreciation and Amortization | 285 | 279 | 580 | 561 | |
Total Operating Expenses | 1,841 | 1,627 | 3,916 | 3,734 | |
OPERATING INCOME | 582 | 794 | 1,267 | 2,442 | |
Income from Equity Method Investments | 1 | 0 | 1 | 1 | |
Net Gains (Losses) on Trust Investments | 7 | 57 | 102 | 103 | |
Net Other Income (Deductions) | 47 | 49 | 82 | 91 | |
Net Non-Operating Pension and OPEB Credits (Costs) | 18 | 29 | 37 | 57 | |
Interest Expense | (218) | (185) | (423) | (365) | |
Income Before Income Taxes | 437 | 744 | 1,066 | 2,329 | |
Income Tax Expense | (3) | (153) | (100) | (451) | |
Net Income | [1] | $ 434 | $ 591 | $ 966 | $ 1,878 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||
BASIC (shares) | 498 | 497 | 498 | 497 | |
DILUTED (shares) | 500 | 500 | 500 | 500 | |
EARNINGS PER SHARE: | |||||
BASIC (dollars per share) | $ 0.87 | $ 1.19 | $ 1.94 | $ 3.78 | |
DILUTED (dollars per share) | $ 0.87 | $ 1.18 | $ 1.93 | $ 3.76 | |
Public Service Electric and Gas Company [Member] | |||||
Operating Revenues | $ 1,863 | $ 1,662 | $ 4,196 | $ 3,955 | |
Operating Expenses [Abstract] | |||||
Energy Costs | 683 | 551 | 1,611 | 1,535 | |
Operation and Maintenance | 466 | 429 | 931 | 889 | |
Depreciation and Amortization | 247 | 240 | 504 | 484 | |
Total Operating Expenses | 1,396 | 1,220 | 3,046 | 2,908 | |
OPERATING INCOME | 467 | 442 | 1,150 | 1,047 | |
Net Other Income (Deductions) | 16 | 23 | 32 | 44 | |
Net Non-Operating Pension and OPEB Credits (Costs) | 19 | 28 | 38 | 56 | |
Interest Expense | (141) | (123) | (279) | (236) | |
Income Before Income Taxes | 361 | 370 | 941 | 911 | |
Income Tax Expense | (59) | (34) | (151) | (88) | |
Net Income | $ 302 | $ 336 | $ 790 | $ 823 | |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Net Income | [1] | $ 434 | $ 591 | $ 966 | $ 1,878 |
Other Comprehensive Income (Loss), net of tax | |||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (5) | (8) | (15) | 18 | |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | (1) | 11 | 17 | 10 | |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 2 | 4 | 4 | 7 | |
Other Comprehensive Income (Loss), net of tax | (4) | 7 | 6 | 35 | |
COMPREHENSIVE INCOME (LOSS) | 430 | 598 | 972 | 1,913 | |
Public Service Electric and Gas Company [Member] | |||||
Net Income | 302 | 336 | 790 | 823 | |
Other Comprehensive Income (Loss), net of tax | |||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 0 | 0 | 0 | 1 | |
Other Comprehensive Income (Loss), net of tax | 1 | ||||
COMPREHENSIVE INCOME (LOSS) | $ 302 | $ 336 | $ 790 | $ 824 | |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ 4 | $ 6 | $ 10 | $ (11) |
Unrealized Gains (Losses) on Cash Flow Hedges, Tax | 0 | (5) | (7) | (4) |
Pension/OPEB adjustment, tax | 0 | (1) | (1) | (3) |
Public Service Electric and Gas Company [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and Cash Equivalents | $ 113 | $ 54 |
Accounts Receivable, net of allowance | 1,402 | 1,482 |
Unbilled Revenues, net of allowance | 248 | 244 |
Fuel | 179 | 264 |
Materials and Supplies, net | 857 | 759 |
Prepayments | 349 | 144 |
Derivative Contracts | 49 | 112 |
Regulatory Assets | 305 | 273 |
Other | 74 | 41 |
Total Current Assets | 3,576 | 3,373 |
PROPERTY, PLANT AND EQUIPMENT | 49,813 | 48,603 |
Less: Accumulated Depreciation and Amortization | (10,792) | (10,572) |
Net Property, Plant and Equipment | 39,021 | 38,031 |
NONCURRENT ASSETS | ||
Regulatory Assets | 5,479 | 5,157 |
Operating Lease, Right-of-Use Asset | 171 | 179 |
Long-Term Investments | 268 | 295 |
Nuclear Decommissioning Trust (NDT) Fund | 2,652 | 2,524 |
Long-Term Receivable of Variable Interest Entities (VIEs) | 642 | 632 |
Rabbi Trust Fund | 171 | 179 |
Derivative Contracts | 30 | 29 |
Other | 372 | 342 |
Total Noncurrent Assets | 9,785 | 9,337 |
Total Assets | 52,382 | 50,741 |
CURRENT LIABILITIES | ||
Long-Term Debt Due Within One Year | 2,100 | 1,500 |
Commercial Paper and Loans | 879 | 949 |
Accounts Payable | 1,052 | 1,214 |
Derivative Contracts | 31 | 86 |
Accrued Interest | 200 | 170 |
Accrued Taxes | 13 | 8 |
Clean Energy Program | 226 | 145 |
Obligation to Return Cash Collateral | 98 | 89 |
Regulatory Liabilities | 354 | 349 |
Other | 581 | 547 |
Total Current Liabilities | 5,534 | 5,057 |
NONCURRENT LIABILITIES | ||
Deferred Income Taxes and Investment Tax Credits (ITC) | 6,935 | 6,671 |
Regulatory Liabilities | 2,024 | 2,075 |
Operating Leases | 164 | 173 |
Asset Retirement Obligations | 1,483 | 1,468 |
Environmental Costs | 211 | 213 |
Derivative Contracts | 4 | 6 |
Long-Term Accrued Taxes | 40 | 45 |
Other | 192 | 201 |
Total Noncurrent Liabilities | 12,605 | 12,423 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
LONG-TERM DEBT | ||
Total Long-Term Debt | 18,419 | 17,784 |
STOCKHOLDER'S EQUITY | ||
Common Stock, Value, Issued | 5,020 | 5,018 |
Treasury Stock, at cost | (1,408) | (1,379) |
Retained Earnings | 12,385 | 12,017 |
Accumulated Other Comprehensive Income (Loss) | (173) | (179) |
Total Stockholder's Equity | 15,824 | 15,477 |
Total Capitalization | 34,243 | 33,261 |
TOTAL LIABILITIES AND CAPITALIZATION | 52,382 | 50,741 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
NONCURRENT LIABILITIES | ||
OPEB Costs | 328 | 349 |
Accrued Pension Costs | 598 | 606 |
Variable Interest Entity, Primary Beneficiary | ||
NONCURRENT LIABILITIES | ||
OPEB Costs | 527 | 514 |
Accrued Pension Costs | 99 | 102 |
Public Service Electric and Gas Company [Member] | ||
CURRENT ASSETS | ||
Cash and Cash Equivalents | 15 | 30 |
Unbilled Revenues, net of allowance | 248 | 244 |
Materials and Supplies, net | 605 | 519 |
Prepayments | 257 | 57 |
Regulatory Assets | 305 | 273 |
Other | 20 | 31 |
Total Current Assets | 2,539 | 2,230 |
PROPERTY, PLANT AND EQUIPMENT | 44,894 | 43,753 |
Less: Accumulated Depreciation and Amortization | (8,867) | (8,711) |
Net Property, Plant and Equipment | 36,027 | 35,042 |
NONCURRENT ASSETS | ||
Regulatory Assets | 5,479 | 5,157 |
Operating Lease, Right-of-Use Asset | 98 | 99 |
Long-Term Investments | 104 | 117 |
Rabbi Trust Fund | 31 | 32 |
Other | 211 | 196 |
Total Noncurrent Assets | 5,924 | 5,601 |
Total Assets | 44,490 | 42,873 |
CURRENT LIABILITIES | ||
Long-Term Debt Due Within One Year | 850 | 750 |
Commercial Paper and Loans | 390 | 425 |
Accrued Interest | 155 | 139 |
Clean Energy Program | 226 | 145 |
Obligation to Return Cash Collateral | 98 | 89 |
Regulatory Liabilities | 354 | 349 |
Other | 438 | 434 |
Total Current Liabilities | 3,644 | 3,615 |
NONCURRENT LIABILITIES | ||
Deferred Income Taxes and Investment Tax Credits (ITC) | 6,052 | 5,813 |
Regulatory Liabilities | 2,024 | 2,075 |
Operating Leases | 87 | 89 |
Asset Retirement Obligations | 402 | 401 |
OPEB Costs | 191 | 210 |
Accrued Pension Costs | 388 | 396 |
Environmental Costs | 143 | 151 |
Long-Term Accrued Taxes | 0 | 2 |
Other | 165 | 160 |
Total Noncurrent Liabilities | 9,452 | 9,297 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
LONG-TERM DEBT | ||
Total Long-Term Debt | 13,556 | 12,913 |
STOCKHOLDER'S EQUITY | ||
Common Stock, Value, Issued | 892 | 892 |
Contributed Capital | 2,156 | 2,156 |
Retained Earnings | 14,794 | 14,004 |
Accumulated Other Comprehensive Income (Loss) | (4) | (4) |
Total Stockholder's Equity | 17,838 | 17,048 |
Total Capitalization | 31,394 | 29,961 |
TOTAL LIABILITIES AND CAPITALIZATION | 44,490 | 42,873 |
Public Service Electric and Gas Company [Member] | Nonrelated Party | ||
CURRENT ASSETS | ||
Accounts Receivable, net of allowance | 1,089 | 1,076 |
CURRENT LIABILITIES | ||
Accounts Payable | 676 | 780 |
Public Service Electric and Gas Company [Member] | Related Party | ||
NONCURRENT ASSETS | ||
Long Term Accrued Taxes Receivable | 1 | 0 |
CURRENT LIABILITIES | ||
Accounts Payable | $ 457 | $ 504 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts Receivable, allowance | $ 249 | $ 279 |
Unbilled Revenues, allowance | $ 4 | $ 4 |
Common Stock, authorized | 1,000 | 1,000 |
Common Stock, issued | 534 | 534 |
Treasury Stock, Shares | 36 | 36 |
Public Service Electric and Gas Company [Member] | ||
Accounts Receivable, allowance | $ 249 | $ 279 |
Unbilled Revenues, allowance | $ 4 | $ 4 |
Common Stock, authorized | 150 | 150 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | [1] | $ 966 | $ 1,878 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 580 | 561 | |
Amortization of Nuclear Fuel | 93 | 94 | |
Provision for Deferred Income Taxes and ITC | 123 | 377 | |
Non-Cash Employee Benefit Plan (Credits) Costs | 37 | 19 | |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 100 | (1,066) | |
Payments for Removal Costs | (91) | (82) | |
Net Change in Regulatory Assets and Liabilities | (51) | (21) | |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (137) | (132) | |
Net Change in Certain Current Assets and Liabilities: | |||
Margin Deposit | (24) | 1,095 | |
Prepayments | (205) | (270) | |
Obligation to Return Cash Collateral | 9 | (198) | |
Other Current Assets and Liabilities | (56) | 351 | |
Employee Benefit Plan Funding and Related Payments | (31) | (21) | |
Other | 10 | (8) | |
Net Cash Provided By (Used In) Operating Activities | 1,143 | 2,409 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | (1,634) | (1,444) | |
Proceeds from Sale of Trust Investments | 814 | 721 | |
Purchases of Trust Investments | (841) | (742) | |
Proceeds from Equity Method Investment, Distribution, Return of Capital | 0 | 290 | |
Proceeds from Sales of Long-Lived Assets and Lease Investments | 0 | 20 | |
Other | 49 | 36 | |
Net Cash Provided By (Used In) Investing Activities | (1,612) | (1,119) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Change in Commercial Paper and Loans | 430 | 247 | |
Proceeds from Short-Term Loan | 0 | 750 | |
Repayments of Short-term Debt | (500) | (2,000) | |
Proceeds from Issuance of Other Long-term Debt | 2,250 | 900 | |
Repayments of Long-term Debt | 1,000 | 500 | |
Cash Dividends Paid on Common Stock | (598) | (569) | |
Other | (67) | (32) | |
Net Cash Provided By (Used In) Financing Activities | 515 | (1,204) | |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 46 | 86 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 99 | 511 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 145 | 597 | |
Supplemental Disclosure of Cash Flow Information: | |||
Income Taxes Paid (Received) | 17 | 63 | |
Interest Paid, Net of Amounts Capitalized | 375 | 347 | |
Accrued Property, Plant and Equipment Expenditures | 383 | 413 | |
Energy Efficiency Program Regulatory Investment Expenditures | (237) | (204) | |
Amortization of Energy Efficiency Program Expenditures | 57 | 36 | |
Public Service Electric and Gas Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | 790 | 823 | |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||
Depreciation and Amortization | 504 | 484 | |
Provision for Deferred Income Taxes and ITC | 97 | 65 | |
Non-Cash Employee Benefit Plan (Credits) Costs | 20 | 7 | |
Payments for Removal Costs | (91) | (82) | |
Net Change in Regulatory Assets and Liabilities | (51) | (21) | |
Net Change in Certain Current Assets and Liabilities: | |||
Accounts Receivable and Unbilled Revenues | (20) | 229 | |
Fuel, Materials and Supplies | (86) | (97) | |
Prepayments | (200) | (228) | |
Obligation to Return Cash Collateral | 9 | (198) | |
Accounts Payable | (19) | (67) | |
Accounts Receivable/Payable-Affiliated Companies, net | 4 | (189) | |
Other Current Assets and Liabilities | 14 | 40 | |
Employee Benefit Plan Funding and Related Payments | (21) | (11) | |
Other | (31) | (44) | |
Net Cash Provided By (Used In) Operating Activities | 739 | 543 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to Property, Plant and Equipment | (1,485) | (1,336) | |
Proceeds from Sale of Trust Investments | 2 | 3 | |
Purchases of Trust Investments | (2) | (2) | |
Other | 15 | 12 | |
Net Cash Provided By (Used In) Investing Activities | (1,470) | (1,323) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net Change in Commercial Paper and Loans | (35) | 298 | |
Proceeds from Issuance of Other Long-term Debt | 1,000 | 900 | |
Repayments of Long-term Debt | 250 | 500 | |
Other | (12) | (8) | |
Net Cash Provided By (Used In) Financing Activities | 703 | 690 | |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (28) | (90) | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 75 | 266 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | 47 | 176 | |
Supplemental Disclosure of Cash Flow Information: | |||
Income Taxes Paid (Received) | 13 | 65 | |
Interest Paid, Net of Amounts Capitalized | 251 | 218 | |
Accrued Property, Plant and Equipment Expenditures | 310 | 390 | |
Energy Efficiency Program Regulatory Investment Expenditures | (237) | (204) | |
Amortization of Energy Efficiency Program Expenditures | $ 57 | $ 36 | |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Public Service Electric and Gas Company [Member] | Public Service Electric and Gas Company [Member] Common Stock [Member] | Public Service Electric and Gas Company [Member] Retained Earnings [Member] | Public Service Electric and Gas Company [Member] AOCI Attributable to Parent [Member] | Public Service Electric and Gas Company [Member] Contributed Capital [Member] | |
Shares, Outstanding | 534 | (37) | |||||||||
Total Stockholder's Equity | $ 13,729 | $ 5,065 | $ 10,591 | $ (550) | $ (1,377) | $ 15,682 | $ 892 | $ 12,639 | $ (5) | $ 2,156 | |
Net Income | 1,878 | [1] | 1,878 | 823 | 823 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 35 | 35 | 1 | 1 | |||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,913 | 824 | |||||||||
Dividends, Common Stock, Cash | (569) | (569) | 0 | ||||||||
Stockholders' Equity, Other | (20) | $ (11) | 0 | 0 | $ (9) | ||||||
Stockholders' Equity, Other Shares | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), Tax | $ (18) | 0 | |||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.14 | ||||||||||
Shares, Outstanding | 534 | (37) | |||||||||
Total Stockholder's Equity | $ 14,726 | $ 5,045 | 11,594 | (522) | $ (1,391) | 16,170 | 892 | 13,126 | (4) | 2,156 | |
Net Income | 591 | [1] | 591 | 336 | 336 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 7 | 7 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 598 | 336 | |||||||||
Dividends, Common Stock, Cash | (285) | (285) | |||||||||
Stockholders' Equity, Other | 14 | $ 9 | $ 5 | ||||||||
Stockholders' Equity, Other Shares | 0 | ||||||||||
Other Comprehensive Income (Loss), Tax | $ 0 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.57 | ||||||||||
Shares, Outstanding | 534 | (37) | |||||||||
Total Stockholder's Equity | $ 15,053 | $ 5,054 | 11,900 | (515) | $ (1,386) | 16,506 | 892 | 13,462 | (4) | 2,156 | |
Shares, Outstanding | 534 | (36) | |||||||||
Total Stockholder's Equity | 15,477 | $ 5,018 | 12,017 | (179) | $ (1,379) | 17,048 | 892 | 14,004 | (4) | 2,156 | |
Net Income | 966 | [1] | 966 | 790 | 790 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 6 | 6 | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 972 | 790 | |||||||||
Dividends, Common Stock, Cash | (598) | (598) | 0 | ||||||||
Stockholders' Equity, Other | (27) | $ 2 | 0 | 0 | $ (29) | ||||||
Stockholders' Equity, Other Shares | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), Tax | $ 2 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | ||||||||||
Shares, Outstanding | 534 | (35) | |||||||||
Total Stockholder's Equity | $ 15,718 | $ 5,003 | 12,250 | (169) | $ (1,366) | 17,536 | 892 | 14,492 | (4) | 2,156 | |
Net Income | 434 | [1] | 434 | 302 | 302 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (4) | (4) | |||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 430 | 302 | |||||||||
Dividends, Common Stock, Cash | (299) | (299) | |||||||||
Stockholders' Equity, Other | (25) | $ 17 | $ (42) | ||||||||
Stockholders' Equity, Other Shares | (1) | ||||||||||
Other Comprehensive Income (Loss), Tax | $ 4 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.60 | ||||||||||
Shares, Outstanding | 534 | (36) | |||||||||
Total Stockholder's Equity | $ 15,824 | $ 5,020 | $ 12,385 | $ (173) | $ (1,408) | $ 17,838 | $ 892 | $ 14,794 | $ (4) | $ 2,156 | |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Comprehensive Income (Loss), Tax | $ 4 | $ 0 | $ 2 | $ (18) |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.60 | $ 0.57 | $ 1.20 | $ 1.14 |
Public Service Electric and Gas Company [Member] | ||||
Other Comprehensive Income (Loss), Tax | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are: • Public Service Electric and Gas Company (PSE&G) —which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (PSEG Power) —which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; 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 guidance 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, 2023. 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, 2023. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power & Other (A) Consolidated Millions As of December 31, 2023 Cash and Cash Equivalents $ 30 $ 24 $ 54 Restricted Cash in Other Current Assets 23 — 23 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 75 $ 24 $ 99 As of June 30, 2024 Cash and Cash Equivalents $ 15 $ 98 $ 113 Restricted Cash in Other Current Assets 10 — 10 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 47 $ 98 $ 145 (A) Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company). |
Public Service Electric and Gas Company [Member] | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are: • Public Service Electric and Gas Company (PSE&G) —which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (PSEG Power) —which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; 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 guidance 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, 2023. 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, 2023. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power & Other (A) Consolidated Millions As of December 31, 2023 Cash and Cash Equivalents $ 30 $ 24 $ 54 Restricted Cash in Other Current Assets 23 — 23 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 75 $ 24 $ 99 As of June 30, 2024 Cash and Cash Equivalents $ 15 $ 98 $ 113 Restricted Cash in Other Current Assets 10 — 10 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 47 $ 98 $ 145 (A) Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company). |
Revenues Revenues
Revenues Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products —PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants. Gas Contracts— PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract —PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 983 $ — $ — $ 983 Gas Distribution 301 — — 301 Transmission 436 — — 436 Electricity and Related Product Sales PJM Third-Party Sales — 167 — 167 Sales to Affiliates — 26 (26) — ISO-New England (NE) — 2 — 2 Gas Sales Third-Party Sales — 34 — 34 Sales to Affiliates — 97 (97) — Other Revenues from Contracts with Customers (B) 92 169 (2) 259 Total Revenues from Contracts with Customers 1,812 495 (125) 2,182 Revenues Unrelated to Contracts with Customers (C) 51 190 — 241 Total Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 1,764 $ — $ — $ 1,764 Gas Distribution 1,223 — — 1,223 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 394 — 394 Sales to Affiliates — 56 (56) — ISO-NE — 5 — 5 Gas Sales Third-Party Sales — 110 — 110 Sales to Affiliates — 511 (511) — Other Revenues from Contracts with Customers (B) 176 343 (3) 516 Total Revenues from Contracts with Customers 4,035 1,419 (570) 4,884 Revenues Unrelated to Contracts with Customers (C) 161 138 — 299 Total Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 784 $ — $ — $ 784 Gas Distribution 274 — — 274 Transmission 447 — — 447 Electricity and Related Product Sales PJM Third-Party Sales — 211 — 211 Sales to Affiliates — 27 (27) — ISO-NE — 3 — 3 Gas Sales Third-Party Sales — 26 — 26 Sales to Affiliates — 115 (115) — Other Revenues from Contracts with Customers (B) 94 153 (1) 246 Total Revenues from Contracts with Customers 1,599 535 (143) 1,991 Revenues Unrelated to Contracts with Customers (C) 63 367 — 430 Total Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 1,514 $ — $ — $ 1,514 Gas Distribution 1,233 — — 1,233 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 487 — 487 Sales to Affiliates — 58 (58) — ISO-NE — 6 — 6 Gas Sales Third-Party Sales — 112 — 112 Sales to Affiliates — 648 (648) — Other Revenues from Contracts with Customers (B) 172 306 (2) 476 Total Revenues from Contracts with Customers 3,791 1,617 (708) 4,700 Revenues Unrelated to Contracts with Customers (C) 164 1,312 — 1,476 Total Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 (A) Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B) Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. (C) Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of June 30, 2024 and December 31, 2023, respectively. Accounts Receivable — Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of June 30, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of June 30, 2024, PSE&G had a deferred balance of $139 million from electric bad debts recorded as a Regulatory Asset, which included approximately $78 million of incremental bad debt due to the impact of the coronavirus pandemic. In addition, as of June 30, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. In June 2024, the BPU approved recovery of the incremental electric and gas bad debt amounts of $78 million and $68 million charged to PSE&G’s electric SBC and deferred COVID-19 deferrals, respectively. See Note 4. Rate Filings for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2024 and 2023: 2024 2023 Millions Balance as of March 31 $ 273 $ 319 Utility Customer and Other Accounts Provision 19 15 Write-offs, net of Recoveries of $7 million and $6 million in 2024 and 2023, respectively (39) (40) Balance as of June 30 $ 253 $ 294 2024 2023 Millions Balance as of Beginning of Year $ 283 $ 339 Utility Customer and Other Accounts Provision 45 24 Write-offs, net of Recoveries of $14 million and $13 million in 2024 and 2023, respectively (75) (69) Balance as of End of Period $ 253 $ 294 PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2024 and December 31, 2023. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of June 30, 2024 and December 31, 2023. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per Megawatt (MW)-Day MW Cleared June 2023 to May 2024 $50 3,700 June 2024 to May 2025 $61 3,700 Amended OSA |
Public Service Electric and Gas Company [Member] | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products —PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants. Gas Contracts— PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract —PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 983 $ — $ — $ 983 Gas Distribution 301 — — 301 Transmission 436 — — 436 Electricity and Related Product Sales PJM Third-Party Sales — 167 — 167 Sales to Affiliates — 26 (26) — ISO-New England (NE) — 2 — 2 Gas Sales Third-Party Sales — 34 — 34 Sales to Affiliates — 97 (97) — Other Revenues from Contracts with Customers (B) 92 169 (2) 259 Total Revenues from Contracts with Customers 1,812 495 (125) 2,182 Revenues Unrelated to Contracts with Customers (C) 51 190 — 241 Total Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 1,764 $ — $ — $ 1,764 Gas Distribution 1,223 — — 1,223 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 394 — 394 Sales to Affiliates — 56 (56) — ISO-NE — 5 — 5 Gas Sales Third-Party Sales — 110 — 110 Sales to Affiliates — 511 (511) — Other Revenues from Contracts with Customers (B) 176 343 (3) 516 Total Revenues from Contracts with Customers 4,035 1,419 (570) 4,884 Revenues Unrelated to Contracts with Customers (C) 161 138 — 299 Total Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 784 $ — $ — $ 784 Gas Distribution 274 — — 274 Transmission 447 — — 447 Electricity and Related Product Sales PJM Third-Party Sales — 211 — 211 Sales to Affiliates — 27 (27) — ISO-NE — 3 — 3 Gas Sales Third-Party Sales — 26 — 26 Sales to Affiliates — 115 (115) — Other Revenues from Contracts with Customers (B) 94 153 (1) 246 Total Revenues from Contracts with Customers 1,599 535 (143) 1,991 Revenues Unrelated to Contracts with Customers (C) 63 367 — 430 Total Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 1,514 $ — $ — $ 1,514 Gas Distribution 1,233 — — 1,233 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 487 — 487 Sales to Affiliates — 58 (58) — ISO-NE — 6 — 6 Gas Sales Third-Party Sales — 112 — 112 Sales to Affiliates — 648 (648) — Other Revenues from Contracts with Customers (B) 172 306 (2) 476 Total Revenues from Contracts with Customers 3,791 1,617 (708) 4,700 Revenues Unrelated to Contracts with Customers (C) 164 1,312 — 1,476 Total Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 (A) Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B) Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. (C) Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of June 30, 2024 and December 31, 2023, respectively. Accounts Receivable — Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of June 30, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of June 30, 2024, PSE&G had a deferred balance of $139 million from electric bad debts recorded as a Regulatory Asset, which included approximately $78 million of incremental bad debt due to the impact of the coronavirus pandemic. In addition, as of June 30, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. In June 2024, the BPU approved recovery of the incremental electric and gas bad debt amounts of $78 million and $68 million charged to PSE&G’s electric SBC and deferred COVID-19 deferrals, respectively. See Note 4. Rate Filings for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2024 and 2023: 2024 2023 Millions Balance as of March 31 $ 273 $ 319 Utility Customer and Other Accounts Provision 19 15 Write-offs, net of Recoveries of $7 million and $6 million in 2024 and 2023, respectively (39) (40) Balance as of June 30 $ 253 $ 294 2024 2023 Millions Balance as of Beginning of Year $ 283 $ 339 Utility Customer and Other Accounts Provision 45 24 Write-offs, net of Recoveries of $14 million and $13 million in 2024 and 2023, respectively (75) (69) Balance as of End of Period $ 253 $ 294 PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2024 and December 31, 2023. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of June 30, 2024 and December 31, 2023. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per Megawatt (MW)-Day MW Cleared June 2023 to May 2024 $50 3,700 June 2024 to May 2025 $61 3,700 Amended OSA |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entity (VIE) VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco’s operating costs are paid 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 payment of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contract management fee, in certain situations, could be partially offset by Servco’s annual storm costs that are denied reimbursement by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. |
Rate Filings
Rate Filings | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows: BGSS — In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm. In May 2024, PSE&G made its annual BGSS filing with the BPU requesting a decrease to its BGSS rate to approximately 33 cents per therm, effective October 1, 2024. This matter is pending. CIP — In July 2024, the BPU approved PSE&G’s annual electric CIP petition to recover deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates effective August 1, 2024. In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023. In May 2024, PSE&G filed its annual gas CIP petition seeking BPU approval to recover estimated deficient gas revenues of approximately $107 million based on the 12-month period ending September 2024 with new rates proposed to be effective October 1, 2024. This matter is pending. COVID-19 Deferral— In June 2024, the BPU approved recovery of PSE&G’s previously deferred incremental COVID-19 costs over a five-year period, effective June 1, 2025. As of June 30, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. Energy Strong II— In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023. Green Program Recovery Charges (GPRC)— In May 2024, the BPU approved PSE&G’s petition for a second extension of its Clean Energy Future (CEF)-EE subprogram investment (a component of GPRC) by approximately $300 million covering a commitment period from July 2024 through December 2024. In June 2024, the BPU approved PSE&G’s updated 2023 GPRC cost recovery petition for $49 million and $15 million in annual electric and gas revenues, respectively. In June 2024, PSE&G filed its 2024 GPRC cost recovery petition requesting BPU approval for recovery of increases of $68 million and $24 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)— In May 2024, the BPU approved PSE&G's updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. New rates were effective June 1, 2024. SBC— In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense of approximately $78 million as a result of COVID-19 collection moratoriums. As part of the COVID-19 Order approved by the BPU in June 2024, PSE&G will commence recovery of the $78 million deferred electric bad debt expense over a five-year period effective with the approval of PSE&G’s next SBC filing. Tax Adjustment Credit (TAC)— In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024. Transmission Formula Rates— In June 2024, in accordance with its transmission formula rate protocols, PSE&G filed with the FERC its 2023 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2023, as established by its 2023 annual forecast filing. The June 2024 true-up filing resulted in an approximate $12 million increase in the 2023 annual revenue requirement from the revenue requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the increased revenue requirement in 2023. |
Public Service Electric and Gas Company [Member] | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows: BGSS — In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm. In May 2024, PSE&G made its annual BGSS filing with the BPU requesting a decrease to its BGSS rate to approximately 33 cents per therm, effective October 1, 2024. This matter is pending. CIP — In July 2024, the BPU approved PSE&G’s annual electric CIP petition to recover deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates effective August 1, 2024. In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023. In May 2024, PSE&G filed its annual gas CIP petition seeking BPU approval to recover estimated deficient gas revenues of approximately $107 million based on the 12-month period ending September 2024 with new rates proposed to be effective October 1, 2024. This matter is pending. COVID-19 Deferral— In June 2024, the BPU approved recovery of PSE&G’s previously deferred incremental COVID-19 costs over a five-year period, effective June 1, 2025. As of June 30, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. Energy Strong II— In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023. Green Program Recovery Charges (GPRC)— In May 2024, the BPU approved PSE&G’s petition for a second extension of its Clean Energy Future (CEF)-EE subprogram investment (a component of GPRC) by approximately $300 million covering a commitment period from July 2024 through December 2024. In June 2024, the BPU approved PSE&G’s updated 2023 GPRC cost recovery petition for $49 million and $15 million in annual electric and gas revenues, respectively. In June 2024, PSE&G filed its 2024 GPRC cost recovery petition requesting BPU approval for recovery of increases of $68 million and $24 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)— In May 2024, the BPU approved PSE&G's updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. New rates were effective June 1, 2024. SBC— In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense of approximately $78 million as a result of COVID-19 collection moratoriums. As part of the COVID-19 Order approved by the BPU in June 2024, PSE&G will commence recovery of the $78 million deferred electric bad debt expense over a five-year period effective with the approval of PSE&G’s next SBC filing. Tax Adjustment Credit (TAC)— In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024. Transmission Formula Rates— In June 2024, in accordance with its transmission formula rate protocols, PSE&G filed with the FERC its 2023 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2023, as established by its 2023 annual forecast filing. The June 2024 true-up filing resulted in an approximate $12 million increase in the 2023 annual revenue requirement from the revenue requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the increased revenue requirement in 2023. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets . Rental income from these leases is included in Operating Revenues. A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years. Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of June 30, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million. The following is the operating lease income for the three months and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Fixed Lease Income $ 4 $ 6 $ 7 $ 12 Total Operating Lease Income $ 4 $ 6 $ 7 $ 12 |
Public Service Electric and Gas Company [Member] | |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets . Rental income from these leases is included in Operating Revenues. A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years. Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of June 30, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million. The following is the operating lease income for the three months and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Fixed Lease Income $ 4 $ 6 $ 7 $ 12 Total Operating Lease Income $ 4 $ 6 $ 7 $ 12 |
Financing Receivables
Financing Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of June 30, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.” As of Outstanding Loans by Class of Customers June 30, December 31, Millions Commercial/Industrial $ 50 $ 60 Residential 2 3 Total 52 63 Current Portion (included in Accounts Receivable) (20) (23) Noncurrent Portion (included in Long-Term Investments) $ 32 $ 40 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of June 30, 2024 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 3 prior to 2013 10 years 15 years Solar Loan II 25 prior to 2015 10 years 15 years Solar Loan III 24 prior to 2022 10 years 10 years Total $ 52 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2024 and have an average remaining life of approximately two years. There are no remaining residential loans outstanding under the Solar Loan I program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, 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. Leveraged leases outstanding as of June 30, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2024 and December 31, 2023. As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 200 $ 223 Unearned and Deferred Income (56) (62) Gross Investments in Leases 144 161 Deferred Tax Liabilities (32) (36) Net Investments in Leases $ 112 $ 125 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2024 As of June 30, 2024 Millions AA $ 7 A- 39 BBB+ 154 Total $ 200 PSEG recorded no credit losses for the leveraged leases existing on June 30, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. |
Public Service Electric and Gas Company [Member] | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of June 30, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.” As of Outstanding Loans by Class of Customers June 30, December 31, Millions Commercial/Industrial $ 50 $ 60 Residential 2 3 Total 52 63 Current Portion (included in Accounts Receivable) (20) (23) Noncurrent Portion (included in Long-Term Investments) $ 32 $ 40 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of June 30, 2024 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 3 prior to 2013 10 years 15 years Solar Loan II 25 prior to 2015 10 years 15 years Solar Loan III 24 prior to 2022 10 years 10 years Total $ 52 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2024 and have an average remaining life of approximately two years. There are no remaining residential loans outstanding under the Solar Loan I program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, 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. Leveraged leases outstanding as of June 30, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2024 and December 31, 2023. As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 200 $ 223 Unearned and Deferred Income (56) (62) Gross Investments in Leases 144 161 Deferred Tax Liabilities (32) (36) Net Investments in Leases $ 112 $ 125 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2024 As of June 30, 2024 Millions AA $ 7 A- 39 BBB+ 154 Total $ 200 PSEG recorded no credit losses for the leveraged leases existing on June 30, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. |
Trust Investments
Trust Investments | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2024 Cost Gross Gross Fair Millions Equity Securities Domestic $ 546 $ 362 $ (5) $ 903 International 405 121 (17) 509 Total Equity Securities 951 483 (22) 1,412 Available-for-Sale Debt Securities Government 799 1 (88) 712 Corporate 562 2 (37) 527 Total Available-for-Sale Debt Securities 1,361 3 (125) 1,239 Total NDT Fund Investments (A) $ 2,312 $ 486 $ (147) $ 2,651 (A) The NDT Fund Investments table excludes cash and foreign currency of $1 million as of June 30, 2024, which is part of the NDT Fund. As of December 31, 2023 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 300 $ (2) $ 780 International 423 118 (11) 530 Total Equity Securities 905 418 (13) 1,310 Available-for-Sale Debt Securities Government 759 4 (72) 691 Corporate 555 6 (39) 522 Total Available-for-Sale Debt Securities 1,314 10 (111) 1,213 Total NDT Fund Investments (A) $ 2,219 $ 428 $ (124) $ 2,523 (A) The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $(71) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2024. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2024 related to equity securities still held as of June 30, 2024 was $14 million and $88 million, respectively. The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 18 $ 19 Accounts Payable $ 18 $ 6 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 67 $ (4) $ 4 $ (1) $ 44 $ (1) $ 4 $ — International 95 (11) 19 (6) 35 (4) 28 (8) Total Equity Securities 162 (15) 23 (7) 79 (5) 32 (8) Available-for-Sale Debt Securities Government (B) 139 (2) 465 (86) 90 (1) 432 (71) Corporate (C) 100 (1) 287 (36) 19 — 329 (39) Total Available-for-Sale Debt Securities 239 (3) 752 (122) 109 (1) 761 (110) NDT Trust Investments $ 401 $ (18) $ 775 $ (129) $ 188 $ (6) $ 793 $ (118) (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. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from NDT Fund Sales (A) $ 439 $ 308 $ 799 $ 704 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 46 $ 25 $ 77 $ 46 Gross Realized Losses (17) (28) (31) (55) Net Realized Gains (Losses) on NDT Fund (B) 29 (3) 46 (9) Net Unrealized Gains (Losses) on Equity Securities (23) 60 55 111 Net Gains (Losses) on NDT Fund Investments $ 6 $ 57 $ 101 $ 102 (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 330 6 - 10 years 228 11 - 15 years 67 16 - 20 years 103 Over 20 years 489 Total NDT Available-for-Sale Debt Securities $ 1,239 PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2024 Cost Gross Gross Fair Millions Domestic Equity Securities $ 9 $ 9 $ — $ 18 Available-for-Sale Debt Securities Government 108 — (21) 87 Corporate 77 — (11) 66 Total Available-for-Sale Debt Securities 185 — (32) 153 Total Rabbi Trust Investments $ 194 $ 9 $ (32) $ 171 As of December 31, 2023 Cost Gross Gross Fair Millions Domestic Equity Securities $ 10 $ 8 $ — $ 18 Available-for-Sale Debt Securities Government 110 — (19) 91 Corporate 80 — (10) 70 Total Available-for-Sale Debt Securities 190 — (29) 161 Total Rabbi Trust Investments $ 200 $ 8 $ (29) $ 179 Net unrealized gains (losses) on debt securities of $(24) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2024. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2024 related to equity securities still held as of June 30, 2024 were each less than $1 million. The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ 1 $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 6 $ — $ 77 $ (21) $ 3 $ — $ 83 $ (19) Corporate (B) 6 — 56 (11) 3 — 60 (10) Total Available-for-Sale Debt Securities 12 — 133 (32) 6 — 143 (29) Rabbi Trust Investments $ 12 $ — $ 133 $ (32) $ 6 $ — $ 143 $ (29) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from Rabbi Trust Sales $ 6 $ 11 $ 15 $ 17 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 3 $ 2 $ 4 Gross Realized Losses — (4) (1) (5) Net Realized Gains (Losses) on Rabbi Trust (A) 1 (1) 1 (1) Net Unrealized Gains (Losses) on Equity Securities — 1 — 2 Net Gains (Losses) on Rabbi Trust Investments $ 1 $ — $ 1 $ 1 (A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 7 1 - 5 years 27 6 - 10 years 18 11 - 15 years 9 16 - 20 years 17 Over 20 years 75 Total Rabbi Trust Available-for-Sale Debt Securities $ 153 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 31 $ 32 PSEG Power & Other 140 147 Total Rabbi Trust Investments $ 171 $ 179 |
Public Service Electric and Gas Company [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2024 Cost Gross Gross Fair Millions Equity Securities Domestic $ 546 $ 362 $ (5) $ 903 International 405 121 (17) 509 Total Equity Securities 951 483 (22) 1,412 Available-for-Sale Debt Securities Government 799 1 (88) 712 Corporate 562 2 (37) 527 Total Available-for-Sale Debt Securities 1,361 3 (125) 1,239 Total NDT Fund Investments (A) $ 2,312 $ 486 $ (147) $ 2,651 (A) The NDT Fund Investments table excludes cash and foreign currency of $1 million as of June 30, 2024, which is part of the NDT Fund. As of December 31, 2023 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 300 $ (2) $ 780 International 423 118 (11) 530 Total Equity Securities 905 418 (13) 1,310 Available-for-Sale Debt Securities Government 759 4 (72) 691 Corporate 555 6 (39) 522 Total Available-for-Sale Debt Securities 1,314 10 (111) 1,213 Total NDT Fund Investments (A) $ 2,219 $ 428 $ (124) $ 2,523 (A) The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $(71) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2024. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2024 related to equity securities still held as of June 30, 2024 was $14 million and $88 million, respectively. The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 18 $ 19 Accounts Payable $ 18 $ 6 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 67 $ (4) $ 4 $ (1) $ 44 $ (1) $ 4 $ — International 95 (11) 19 (6) 35 (4) 28 (8) Total Equity Securities 162 (15) 23 (7) 79 (5) 32 (8) Available-for-Sale Debt Securities Government (B) 139 (2) 465 (86) 90 (1) 432 (71) Corporate (C) 100 (1) 287 (36) 19 — 329 (39) Total Available-for-Sale Debt Securities 239 (3) 752 (122) 109 (1) 761 (110) NDT Trust Investments $ 401 $ (18) $ 775 $ (129) $ 188 $ (6) $ 793 $ (118) (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. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from NDT Fund Sales (A) $ 439 $ 308 $ 799 $ 704 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 46 $ 25 $ 77 $ 46 Gross Realized Losses (17) (28) (31) (55) Net Realized Gains (Losses) on NDT Fund (B) 29 (3) 46 (9) Net Unrealized Gains (Losses) on Equity Securities (23) 60 55 111 Net Gains (Losses) on NDT Fund Investments $ 6 $ 57 $ 101 $ 102 (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 330 6 - 10 years 228 11 - 15 years 67 16 - 20 years 103 Over 20 years 489 Total NDT Available-for-Sale Debt Securities $ 1,239 PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2024 Cost Gross Gross Fair Millions Domestic Equity Securities $ 9 $ 9 $ — $ 18 Available-for-Sale Debt Securities Government 108 — (21) 87 Corporate 77 — (11) 66 Total Available-for-Sale Debt Securities 185 — (32) 153 Total Rabbi Trust Investments $ 194 $ 9 $ (32) $ 171 As of December 31, 2023 Cost Gross Gross Fair Millions Domestic Equity Securities $ 10 $ 8 $ — $ 18 Available-for-Sale Debt Securities Government 110 — (19) 91 Corporate 80 — (10) 70 Total Available-for-Sale Debt Securities 190 — (29) 161 Total Rabbi Trust Investments $ 200 $ 8 $ (29) $ 179 Net unrealized gains (losses) on debt securities of $(24) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2024. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2024 related to equity securities still held as of June 30, 2024 were each less than $1 million. The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ 1 $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 6 $ — $ 77 $ (21) $ 3 $ — $ 83 $ (19) Corporate (B) 6 — 56 (11) 3 — 60 (10) Total Available-for-Sale Debt Securities 12 — 133 (32) 6 — 143 (29) Rabbi Trust Investments $ 12 $ — $ 133 $ (32) $ 6 $ — $ 143 $ (29) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from Rabbi Trust Sales $ 6 $ 11 $ 15 $ 17 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 3 $ 2 $ 4 Gross Realized Losses — (4) (1) (5) Net Realized Gains (Losses) on Rabbi Trust (A) 1 (1) 1 (1) Net Unrealized Gains (Losses) on Equity Securities — 1 — 2 Net Gains (Losses) on Rabbi Trust Investments $ 1 $ — $ 1 $ 1 (A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 7 1 - 5 years 27 6 - 10 years 18 11 - 15 years 9 16 - 20 years 17 Over 20 years 75 Total Rabbi Trust Available-for-Sale Debt Securities $ 153 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 31 $ 32 PSEG Power & Other 140 147 Total Rabbi Trust Investments $ 171 $ 179 |
Pension and OPEB
Pension and OPEB | 6 Months Ended |
Jun. 30, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 24 $ 23 $ — $ 1 $ 47 $ 45 $ 1 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 56 69 10 11 112 138 19 21 Expected Return on Plan Assets (81) (96) (8) (9) (161) (191) (17) (17) Amortization of Net Prior Service Credit — — 1 (13) — — 1 (26) Actuarial Loss (Gain) 18 24 (1) — 36 48 (1) (1) Non-Service Components of Pension and OPEB (Credits) Costs (7) (3) 2 (11) (13) (5) 2 (23) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions PSE&G $ 10 $ 14 $ (1) $ (10) $ 21 $ 27 $ (1) $ (20) PSEG Power & Other 7 6 3 — 13 13 4 (1) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) PSEG plans to contribute $5 million to its OPEB plan and does not plan to contribute to its pension plan in 2024. Servco Pension and OPEB Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco’s pension-related revenues and costs were $7 million and $4 million for three months ended June 30, 2024 and 2023, respectively, and $13 million and $9 million for the six months ended June 30, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $4 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $6 million for the six months ended June 30, 2024 and 2023, respectively. |
Public Service Electric and Gas Company [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 24 $ 23 $ — $ 1 $ 47 $ 45 $ 1 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 56 69 10 11 112 138 19 21 Expected Return on Plan Assets (81) (96) (8) (9) (161) (191) (17) (17) Amortization of Net Prior Service Credit — — 1 (13) — — 1 (26) Actuarial Loss (Gain) 18 24 (1) — 36 48 (1) (1) Non-Service Components of Pension and OPEB (Credits) Costs (7) (3) 2 (11) (13) (5) 2 (23) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions PSE&G $ 10 $ 14 $ (1) $ (10) $ 21 $ 27 $ (1) $ (20) PSEG Power & Other 7 6 3 — 13 13 4 (1) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) PSEG plans to contribute $5 million to its OPEB plan and does not plan to contribute to its pension plan in 2024. Servco Pension and OPEB Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco’s pension-related revenues and costs were $7 million and $4 million for three months ended June 30, 2024 and 2023, respectively, and $13 million and $9 million for the six months ended June 30, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $4 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $7 million and $6 million for the six months ended June 30, 2024 and 2023, respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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, letters of credit or guarantees as a form of collateral. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of 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. PSEG Power is subject to • counterparty collateral calls related to commodity contracts of its subsidiaries, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for PSEG 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 PSEG Power has provided a guarantee, and • the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG 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, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2024 and December 31, 2023. As of As of June 30, 2024 December 31, 2023 Millions Face Value of Outstanding Guarantees $ 1,392 $ 1,381 Exposure under Current Guarantees $ 61 $ 118 Letters of Credit Margin Posted $ 4 $ 10 Letters of Credit Margin Received $ 21 $ 91 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (1) $ (2) Net Broker Balance Deposited (Received) $ 138 $ 115 Additional Amounts Posted Other Letters of Credit $ 226 $ 180 As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work. Occidental Chemical Corporation (Occidental) has voluntarily completed the design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation. The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer. As of June 30, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Natural Resource Damage Claims New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Hackensack River In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have offered to participate in the technical study, subject to negotiation of further details. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (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 $196 million and $215 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $196 million as of June 30, 2024. Of this amount, $57 million was recorded in Other Current Liabilities and $139 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $196 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. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy. Legacy Environmental Obligations at Former Fossil Generating Sites PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015. PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls. In May 2024, the EPA finalized revisions to the coal combustion residuals rule (CCR Rule) which established new requirements for the investigation and, if necessary, the cleanup of certain types of coal ash placed at certain fossil generation station sites, including certain sites owned or formerly owned by PSEG Power. PSEG is in the process of investigating each of the sites that PSEG Power currently owns that are subject to the CCR Rule, as well as sites that were formerly owned that are subject to the CCR Rule where PSEG Power retained certain environmental obligations to investigate and, if necessary, remediate. PSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on PSEG’s business, results of operations and cash flows. Clean Water Act (CWA) Section 316(b) Rule The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation 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. In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. Basic Generation Service (BGS), BGSS and ZECs Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kilowatt (kW)) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: Auction Year 2021 2022 2023 2024 36-Month Terms Ending May 2024 May 2025 May 2026 May 2027 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $64.80 $76.30 $93.11 $80.88 (A) Prices set in the 2024 BGS auction became effective on June 1, 2024 when the 2021 BGS auction agreements expired. PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG 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 PSEG 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 18. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period from June 2022 through May 2025. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. Minimum Fuel Purchase Requirements PSEG 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. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom. PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. As of June 30, 2024, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2028 Millions Nuclear Fuel Uranium $ 392 Enrichment $ 312 Fabrication $ 187 Natural Gas $ 1,266 Pending FERC Matters FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated FERC regulations. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition. BPU Audit of PSE&G In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period. |
Public Service Electric and Gas Company [Member] | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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, letters of credit or guarantees as a form of collateral. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of 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. PSEG Power is subject to • counterparty collateral calls related to commodity contracts of its subsidiaries, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for PSEG 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 PSEG Power has provided a guarantee, and • the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG 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, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2024 and December 31, 2023. As of As of June 30, 2024 December 31, 2023 Millions Face Value of Outstanding Guarantees $ 1,392 $ 1,381 Exposure under Current Guarantees $ 61 $ 118 Letters of Credit Margin Posted $ 4 $ 10 Letters of Credit Margin Received $ 21 $ 91 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (1) $ (2) Net Broker Balance Deposited (Received) $ 138 $ 115 Additional Amounts Posted Other Letters of Credit $ 226 $ 180 As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work. Occidental Chemical Corporation (Occidental) has voluntarily completed the design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation. The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer. As of June 30, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Natural Resource Damage Claims New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Hackensack River In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have offered to participate in the technical study, subject to negotiation of further details. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (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 $196 million and $215 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $196 million as of June 30, 2024. Of this amount, $57 million was recorded in Other Current Liabilities and $139 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $196 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. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy. Legacy Environmental Obligations at Former Fossil Generating Sites PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015. PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls. In May 2024, the EPA finalized revisions to the coal combustion residuals rule (CCR Rule) which established new requirements for the investigation and, if necessary, the cleanup of certain types of coal ash placed at certain fossil generation station sites, including certain sites owned or formerly owned by PSEG Power. PSEG is in the process of investigating each of the sites that PSEG Power currently owns that are subject to the CCR Rule, as well as sites that were formerly owned that are subject to the CCR Rule where PSEG Power retained certain environmental obligations to investigate and, if necessary, remediate. PSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on PSEG’s business, results of operations and cash flows. Clean Water Act (CWA) Section 316(b) Rule The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation 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. In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. Basic Generation Service (BGS), BGSS and ZECs Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kilowatt (kW)) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: Auction Year 2021 2022 2023 2024 36-Month Terms Ending May 2024 May 2025 May 2026 May 2027 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $64.80 $76.30 $93.11 $80.88 (A) Prices set in the 2024 BGS auction became effective on June 1, 2024 when the 2021 BGS auction agreements expired. PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG 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 PSEG 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 18. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period from June 2022 through May 2025. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. Minimum Fuel Purchase Requirements PSEG 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. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom. PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. As of June 30, 2024, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2028 Millions Nuclear Fuel Uranium $ 392 Enrichment $ 312 Fabrication $ 187 Natural Gas $ 1,266 Pending FERC Matters FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated FERC regulations. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition. BPU Audit of PSE&G In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period. |
Debt and Credit Facilities
Debt and Credit Facilities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2024: PSEG • issued $750 million of 5.20% Senior Notes due April 2029, • issued $500 million of 5.45% Senior Notes due April 2034, and • retired $750 million of 2.88% Senior Notes at maturity. PSE&G • issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034, • issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and • retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility. The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of June 30, 2024, the total available credit capacity was $2.9 billion. As of June 30, 2024, no single institution represented more than 10% of the total commitments in the credit facilities. As of June 30, 2024, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total committed credit facilities and available liquidity as of June 30, 2024 were as follows: As of June 30, 2024 Company/Facility Total Usage (B) Available Expiration Primary Purpose Millions PSEG Revolving Credit Facility (A) $ 1,500 $ 504 $ 996 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 504 $ 996 PSE&G Revolving Credit Facility $ 1,000 $ 411 $ 589 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 1,000 $ 411 $ 589 PSEG Power Revolving Credit Facility (A) $ 1,250 $ 39 $ 1,211 Mar 2028 Funding/Letters of Credit Letter of Credit Facility 75 45 30 Apr 2026 Letters of Credit Letter of Credit Facility 200 77 123 Sept 2024 Letters of Credit Total PSEG Power $ 1,525 $ 161 $ 1,364 Total (C) $ 4,025 $ 1,076 $ 2,949 (A) Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. (B) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2024, PSEG had $489 million outstanding commercial paper at a weighted average interest rate of 5.52% and PSE&G had $390 million outstanding at a weighted average interest rate of 5.49%. (C) Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply. PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of June 30, 2024, PSEG Power had $68 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. Short-Term Loans In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024. |
Public Service Electric and Gas Company [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2024: PSEG • issued $750 million of 5.20% Senior Notes due April 2029, • issued $500 million of 5.45% Senior Notes due April 2034, and • retired $750 million of 2.88% Senior Notes at maturity. PSE&G • issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034, • issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and • retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility. The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of June 30, 2024, the total available credit capacity was $2.9 billion. As of June 30, 2024, no single institution represented more than 10% of the total commitments in the credit facilities. As of June 30, 2024, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total committed credit facilities and available liquidity as of June 30, 2024 were as follows: As of June 30, 2024 Company/Facility Total Usage (B) Available Expiration Primary Purpose Millions PSEG Revolving Credit Facility (A) $ 1,500 $ 504 $ 996 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 504 $ 996 PSE&G Revolving Credit Facility $ 1,000 $ 411 $ 589 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 1,000 $ 411 $ 589 PSEG Power Revolving Credit Facility (A) $ 1,250 $ 39 $ 1,211 Mar 2028 Funding/Letters of Credit Letter of Credit Facility 75 45 30 Apr 2026 Letters of Credit Letter of Credit Facility 200 77 123 Sept 2024 Letters of Credit Total PSEG Power $ 1,525 $ 161 $ 1,364 Total (C) $ 4,025 $ 1,076 $ 2,949 (A) Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. (B) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2024, PSEG had $489 million outstanding commercial paper at a weighted average interest rate of 5.52% and PSE&G had $390 million outstanding at a weighted average interest rate of 5.49%. (C) Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply. PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of June 30, 2024, PSEG Power had $68 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. Short-Term Loans In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024. |
Financial Risk Management Activ
Financial Risk Management Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. 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. As of June 30, 2024, PSEG had interest rate hedges outstanding totaling $1.25 billion which were executed to convert PSEG Power’s $1.25 billion variable rate term loan due March 2025. The fair value of these hedges was $7 million and $5 million as of June 30, 2024 and December 31, 2023, respectively. The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $20 million and $3 million as of June 30, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $8 million. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements. Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2024 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 7 $ 631 $ (589) $ 42 $ 49 Noncurrent Assets — 574 (544) 30 30 Total Mark-to-Market Derivative Assets $ 7 $ 1,205 $ (1,133) $ 72 $ 79 Derivative Contracts Current Liabilities $ — $ (701) $ 670 $ (31) $ (31) Noncurrent Liabilities — (524) 520 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ — $ (1,225) $ 1,190 $ (35) $ (35) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 7 $ (20) $ 57 $ 37 $ 44 As of December 31, 2023 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 6 $ 912 $ (806) $ 106 $ 112 Noncurrent Assets — 440 (411) 29 29 Total Mark-to-Market Derivative Assets $ 6 $ 1,352 $ (1,217) $ 135 $ 141 Derivative Contracts Current Liabilities $ (16) $ (890) $ 820 $ (70) $ (86) Noncurrent Liabilities (1) (424) 419 (5) (6) Total Mark-to-Market Derivative (Liabilities) $ (17) $ (1,314) $ 1,239 $ (75) $ (92) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 38 $ 22 $ 60 $ 49 (A) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities. Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG 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 PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $53 million as of June 30, 2024 and $77 million as of December 31, 2023. As of June 30, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $21 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $32 million and $74 million as of June 30, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2024 and 2023: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 2 $ 17 Interest Expense $ 4 $ 1 Total PSEG $ 2 $ 17 $ 4 $ 1 Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Six Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 30 $ 14 Interest Expense $ 7 $ — Total PSEG $ 30 $ 14 $ 7 $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2024 and 2023, the amount of gain on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $5 million and less than $1 million after-tax, respectively. The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2022 $ (4) $ (3) Gain Recognized in AOCL 13 9 Less: Gain Reclassified into Income (5) (3) Balance as of December 31, 2023 $ 4 $ 3 Gain Recognized in AOCL 30 22 Less: Gain Reclassified into Income (7) (5) Balance as of June 30, 2024 $ 27 $ 20 The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2024 and 2023, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Energy-Related Contracts Operating Revenues $ 225 $ 339 $ 77 $ 1,241 Energy-Related Contracts Energy Costs (1) (1) — — Total $ 224 $ 338 $ 77 $ 1,241 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2024 and December 31, 2023. As of As of Type Notional June 30, 2024 December 31, 2023 Millions Natural Gas Dekatherm (Dth) 68 66 Electricity MWh (64) (60) Financial Transmission Rights (FTRs) MWh 27 19 Interest Rate Derivatives U.S. Dollars 1,250 2,000 Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows. As of June 30, 2024, 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information. PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of June 30, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2024, PSE&G had no unsecured mark-to-market credit exposure with its suppliers. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
Public Service Electric and Gas Company [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements. 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. As of June 30, 2024, PSEG had interest rate hedges outstanding totaling $1.25 billion which were executed to convert PSEG Power’s $1.25 billion variable rate term loan due March 2025. The fair value of these hedges was $7 million and $5 million as of June 30, 2024 and December 31, 2023, respectively. The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $20 million and $3 million as of June 30, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $8 million. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements. Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables. As of June 30, 2024 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 7 $ 631 $ (589) $ 42 $ 49 Noncurrent Assets — 574 (544) 30 30 Total Mark-to-Market Derivative Assets $ 7 $ 1,205 $ (1,133) $ 72 $ 79 Derivative Contracts Current Liabilities $ — $ (701) $ 670 $ (31) $ (31) Noncurrent Liabilities — (524) 520 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ — $ (1,225) $ 1,190 $ (35) $ (35) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 7 $ (20) $ 57 $ 37 $ 44 As of December 31, 2023 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 6 $ 912 $ (806) $ 106 $ 112 Noncurrent Assets — 440 (411) 29 29 Total Mark-to-Market Derivative Assets $ 6 $ 1,352 $ (1,217) $ 135 $ 141 Derivative Contracts Current Liabilities $ (16) $ (890) $ 820 $ (70) $ (86) Noncurrent Liabilities (1) (424) 419 (5) (6) Total Mark-to-Market Derivative (Liabilities) $ (17) $ (1,314) $ 1,239 $ (75) $ (92) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 38 $ 22 $ 60 $ 49 (A) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities. Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG 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 PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $53 million as of June 30, 2024 and $77 million as of December 31, 2023. As of June 30, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $21 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $32 million and $74 million as of June 30, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2024 and 2023: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 2 $ 17 Interest Expense $ 4 $ 1 Total PSEG $ 2 $ 17 $ 4 $ 1 Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Six Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 30 $ 14 Interest Expense $ 7 $ — Total PSEG $ 30 $ 14 $ 7 $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2024 and 2023, the amount of gain on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $5 million and less than $1 million after-tax, respectively. The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2022 $ (4) $ (3) Gain Recognized in AOCL 13 9 Less: Gain Reclassified into Income (5) (3) Balance as of December 31, 2023 $ 4 $ 3 Gain Recognized in AOCL 30 22 Less: Gain Reclassified into Income (7) (5) Balance as of June 30, 2024 $ 27 $ 20 The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2024 and 2023, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Energy-Related Contracts Operating Revenues $ 225 $ 339 $ 77 $ 1,241 Energy-Related Contracts Energy Costs (1) (1) — — Total $ 224 $ 338 $ 77 $ 1,241 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2024 and December 31, 2023. As of As of Type Notional June 30, 2024 December 31, 2023 Millions Natural Gas Dekatherm (Dth) 68 66 Electricity MWh (64) (60) Financial Transmission Rights (FTRs) MWh 27 19 Interest Rate Derivatives U.S. Dollars 1,250 2,000 Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows. As of June 30, 2024, 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information. PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of June 30, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2024, PSE&G had no unsecured mark-to-market credit exposure with its suppliers. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G. Recurring Fair Value Measurements as of June 30, 2024 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 70 $ — $ 70 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 72 $ (1,133) $ 1 $ 1,204 $ — Interest Rate Derivatives (C) $ 7 $ — $ — $ 7 $ — NDT Fund (D) Equity Securities $ 1,412 $ — $ 1,412 $ — $ — Debt Securities—U.S. Treasury $ 331 $ — $ — $ 331 $ — Debt Securities—Govt Other $ 381 $ — $ — $ 381 $ — Debt Securities—Corporate $ 527 $ — $ — $ 527 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 29 $ — $ — $ 29 $ — Debt Securities—Corporate $ 66 $ — $ — $ 66 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (35) $ 1,190 $ (2) $ (1,222) $ (1) PSE&G Assets: Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 5 $ — $ — $ 5 $ — Debt Securities—Corporate $ 13 $ — $ — $ 13 $ — Recurring Fair Value Measurements as of December 31, 2023 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 135 $ (1,217) $ 13 $ 1,339 $ — Interest Rate Derivatives (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 1,310 $ — $ 1,310 $ — $ — Debt Securities—U.S. Treasury $ 293 $ — $ — $ 293 $ — Debt Securities—Govt Other $ 398 $ — $ — $ 398 $ — Debt Securities—Corporate $ 522 $ — $ — $ 522 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 32 $ — $ — $ 32 $ — Debt Securities—Corporate $ 70 $ — $ — $ 70 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (75) $ 1,239 $ (1) $ (1,311) $ (2) Interest Rate Derivatives (C) $ (17) $ — $ — $ (17) $ — PSE&G Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 12 $ — $ — $ 12 $ — (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs. (C) Interest rate derivatives 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 judgement. (D) The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of June 30, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. See Note 11. Financial Risk Management Activities for additional detail. 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 considers credit and non-performance 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 non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. As of June 30, 2024, PSEG carried $2.9 billion of net assets that were measured at fair value on a recurring basis, of which $1 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial. As of June 30, 2023, PSEG carried $3.1 billion of net assets that were measured at fair value on a recurring basis, of which $4 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial. There were no transfers to or from Level 3 during the six months ended June 30, 2024 and 2023, respectively. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2024 and December 31, 2023 are included in the following table and accompanying notes. As of As of June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 4,863 $ 4,685 $ 4,371 $ 4,240 PSE&G (A) 14,406 12,760 13,663 12,460 PSEG Power (B) 1,250 1,250 1,250 1,250 Total Long-Term Debt $ 20,519 $ 18,695 $ 19,284 $ 17,950 (A) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. (B) Private term loan with book value approximating fair value (Level 2 measurement). |
Public Service Electric and Gas Company [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G. Recurring Fair Value Measurements as of June 30, 2024 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 70 $ — $ 70 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 72 $ (1,133) $ 1 $ 1,204 $ — Interest Rate Derivatives (C) $ 7 $ — $ — $ 7 $ — NDT Fund (D) Equity Securities $ 1,412 $ — $ 1,412 $ — $ — Debt Securities—U.S. Treasury $ 331 $ — $ — $ 331 $ — Debt Securities—Govt Other $ 381 $ — $ — $ 381 $ — Debt Securities—Corporate $ 527 $ — $ — $ 527 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 29 $ — $ — $ 29 $ — Debt Securities—Corporate $ 66 $ — $ — $ 66 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (35) $ 1,190 $ (2) $ (1,222) $ (1) PSE&G Assets: Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 5 $ — $ — $ 5 $ — Debt Securities—Corporate $ 13 $ — $ — $ 13 $ — Recurring Fair Value Measurements as of December 31, 2023 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 135 $ (1,217) $ 13 $ 1,339 $ — Interest Rate Derivatives (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 1,310 $ — $ 1,310 $ — $ — Debt Securities—U.S. Treasury $ 293 $ — $ — $ 293 $ — Debt Securities—Govt Other $ 398 $ — $ — $ 398 $ — Debt Securities—Corporate $ 522 $ — $ — $ 522 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 32 $ — $ — $ 32 $ — Debt Securities—Corporate $ 70 $ — $ — $ 70 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (75) $ 1,239 $ (1) $ (1,311) $ (2) Interest Rate Derivatives (C) $ (17) $ — $ — $ (17) $ — PSE&G Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 12 $ — $ — $ 12 $ — (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs. (C) Interest rate derivatives 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 judgement. (D) The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of June 30, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. See Note 11. Financial Risk Management Activities for additional detail. 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 considers credit and non-performance 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 non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. As of June 30, 2024, PSEG carried $2.9 billion of net assets that were measured at fair value on a recurring basis, of which $1 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial. As of June 30, 2023, PSEG carried $3.1 billion of net assets that were measured at fair value on a recurring basis, of which $4 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial. There were no transfers to or from Level 3 during the six months ended June 30, 2024 and 2023, respectively. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2024 and December 31, 2023 are included in the following table and accompanying notes. As of As of June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 4,863 $ 4,685 $ 4,371 $ 4,240 PSE&G (A) 14,406 12,760 13,663 12,460 PSEG Power (B) 1,250 1,250 1,250 1,250 Total Long-Term Debt $ 20,519 $ 18,695 $ 19,284 $ 17,950 (A) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. (B) Private term loan with book value approximating fair value (Level 2 measurement). |
Other Income (Deductions)
Other Income (Deductions) | 6 Months Ended |
Jun. 30, 2024 | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G PSEG Power & Other (A) Consolidated Millions Three Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 23 $ 23 Allowance for Funds Used During Construction 9 — 9 Solar Loan Interest 1 — 1 Other Interest 1 11 12 Other 5 (3) 2 Total Net Other Income (Deductions) $ 16 $ 31 $ 47 Six Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 40 $ 40 Allowance for Funds Used During Construction 20 — 20 Solar Loan Interest 3 — 3 Other Interest 3 16 19 Other 6 (6) — Total Net Other Income (Deductions) $ 32 $ 50 $ 82 Three Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 19 $ 19 Allowance for Funds Used During Construction 15 — 15 Solar Loan Interest 2 — 2 Other Interest 5 9 14 Other 1 (2) (1) Total Net Other Income (Deductions) $ 23 $ 26 $ 49 Six Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 34 $ 34 Allowance for Funds Used During Construction 30 — 30 Solar Loan Interest 4 — 4 Other Interest 7 16 23 Other 3 (3) — Total Net Other Income (Deductions) $ 44 $ 47 $ 91 (A) PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations. |
Public Service Electric and Gas Company [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G PSEG Power & Other (A) Consolidated Millions Three Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 23 $ 23 Allowance for Funds Used During Construction 9 — 9 Solar Loan Interest 1 — 1 Other Interest 1 11 12 Other 5 (3) 2 Total Net Other Income (Deductions) $ 16 $ 31 $ 47 Six Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 40 $ 40 Allowance for Funds Used During Construction 20 — 20 Solar Loan Interest 3 — 3 Other Interest 3 16 19 Other 6 (6) — Total Net Other Income (Deductions) $ 32 $ 50 $ 82 Three Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 19 $ 19 Allowance for Funds Used During Construction 15 — 15 Solar Loan Interest 2 — 2 Other Interest 5 9 14 Other 1 (2) (1) Total Net Other Income (Deductions) $ 23 $ 26 $ 49 Six Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 34 $ 34 Allowance for Funds Used During Construction 30 — 30 Solar Loan Interest 4 — 4 Other Interest 7 16 23 Other 3 (3) — Total Net Other Income (Deductions) $ 44 $ 47 $ 91 (A) PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSEG June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 437 $ 744 $ 1,066 $ 2,329 Tax Computed at Statutory Rate 21% $ 92 $ 156 $ 224 $ 489 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 34 50 74 158 NDT Fund 3 7 15 13 Uncertain Tax Positions 1 (1) 2 (7) Leasing Activities — — — (17) GPRC-CEF-EE (13) (8) (28) (24) Tax Credits (104) (3) (106) (5) Estimated Annual Effective Tax Rate Interim Period Adjustment 5 7 (12) (16) TAC (24) (51) (67) (126) Other 9 (4) (2) (14) Subtotal (89) (3) (124) (38) Total Income Tax Expense $ 3 $ 153 $ 100 $ 451 Effective Income Tax Rate 0.7 % 20.6 % 9.4 % 19.4 % A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSE&G June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 361 $ 370 $ 941 $ 911 Tax Computed at Statutory Rate 21% $ 76 $ 78 $ 198 $ 191 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 25 30 66 68 Uncertain Tax Positions — (6) — (6) Tax Credits (2) (3) (4) (5) GPRC-CEF-EE (13) (8) (28) (24) TAC (24) (51) (67) (126) Bad Debt Flow-Through (4) (5) (6) (7) Other 1 (1) (8) (3) Subtotal (17) (44) (47) (103) Total Income Tax Expense $ 59 $ 34 $ 151 $ 88 Effective Income Tax Rate 16.3 % 9.2 % 16.0 % 9.7 % PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. PSEG and PSE&G have recorded their best estimates of the impact of the CAMT for 2023 and 2024. However, as the CAMT rules remain unclear and require further guidance, the final impact of the CAMT on PSEG’s and PSE&G’s financial statements is subject to continued evaluation. The IRA established a new PTC for existing qualified nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, inclusive of both new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of energy tax credits, effective 2023. The PTC for a given nuclear facility can be multiplied by five if prevailing wage requirements are met, and the value of the PTC is designed to phase down as the facility’s gross receipts increase. Both the PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation. In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s nuclear plants within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes . The amounts recorded are subject to change based on several factors, including but not limited to, adjustments to estimated market prices and generation, the definition of “gross receipts” used to determine the phase out, and the issuance of authoritative guidance by Treasury or the Internal Revenue Service. Any adjustments to amounts previously recorded could be material. The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements. |
Public Service Electric and Gas Company [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSEG June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 437 $ 744 $ 1,066 $ 2,329 Tax Computed at Statutory Rate 21% $ 92 $ 156 $ 224 $ 489 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 34 50 74 158 NDT Fund 3 7 15 13 Uncertain Tax Positions 1 (1) 2 (7) Leasing Activities — — — (17) GPRC-CEF-EE (13) (8) (28) (24) Tax Credits (104) (3) (106) (5) Estimated Annual Effective Tax Rate Interim Period Adjustment 5 7 (12) (16) TAC (24) (51) (67) (126) Other 9 (4) (2) (14) Subtotal (89) (3) (124) (38) Total Income Tax Expense $ 3 $ 153 $ 100 $ 451 Effective Income Tax Rate 0.7 % 20.6 % 9.4 % 19.4 % A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSE&G June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 361 $ 370 $ 941 $ 911 Tax Computed at Statutory Rate 21% $ 76 $ 78 $ 198 $ 191 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 25 30 66 68 Uncertain Tax Positions — (6) — (6) Tax Credits (2) (3) (4) (5) GPRC-CEF-EE (13) (8) (28) (24) TAC (24) (51) (67) (126) Bad Debt Flow-Through (4) (5) (6) (7) Other 1 (1) (8) (3) Subtotal (17) (44) (47) (103) Total Income Tax Expense $ 59 $ 34 $ 151 $ 88 Effective Income Tax Rate 16.3 % 9.2 % 16.0 % 9.7 % PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments. In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. PSEG and PSE&G have recorded their best estimates of the impact of the CAMT for 2023 and 2024. However, as the CAMT rules remain unclear and require further guidance, the final impact of the CAMT on PSEG’s and PSE&G’s financial statements is subject to continued evaluation. The IRA established a new PTC for existing qualified nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, inclusive of both new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of energy tax credits, effective 2023. The PTC for a given nuclear facility can be multiplied by five if prevailing wage requirements are met, and the value of the PTC is designed to phase down as the facility’s gross receipts increase. Both the PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation. In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s nuclear plants within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes . The amounts recorded are subject to change based on several factors, including but not limited to, adjustments to estimated market prices and generation, the definition of “gross receipts” used to determine the phase out, and the issuance of authoritative guidance by Treasury or the Internal Revenue Service. Any adjustments to amounts previously recorded could be material. The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax Three Months Ended June 30, 2024 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2024 $ 21 $ (100) $ (90) $ (169) Other Comprehensive Income (Loss) before Reclassifications 2 — (7) (5) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (3) 2 2 1 Net Current Period Other Comprehensive Income (Loss) (1) 2 (5) (4) Balance as of June 30, 2024 $ 20 $ (98) $ (95) $ (173) Three Months Ended June 30, 2023 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2023 $ (4) $ (423) $ (95) $ (522) Other Comprehensive Income (Loss) before Reclassifications 12 — (12) — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) 4 4 7 Net Current Period Other Comprehensive Income (Loss) 11 4 (8) 7 Balance as of June 30, 2023 $ 7 $ (419) $ (103) $ (515) Six Months Ended June 30, 2024 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2023 $ 3 $ (102) $ (80) $ (179) Other Comprehensive Income (Loss) before Reclassifications 22 — (19) 3 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (5) 4 4 3 Net Current Period Other Comprehensive Income (Loss) 17 4 (15) 6 Balance as of June 30, 2024 $ 20 $ (98) $ (95) $ (173) Six Months Ended June 30, 2023 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2022 $ (3) $ (426) $ (121) $ (550) Other Comprehensive Income (Loss) before Reclassifications 10 — 8 18 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 10 17 Net Current Period Other Comprehensive Income (Loss) 10 7 18 35 Balance as of June 30, 2023 $ 7 $ (419) $ (103) $ (515) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Derivatives Interest Expense $ 4 $ (1) $ 3 $ 7 $ (2) $ 5 Total Cash Flow Hedges 4 (1) 3 7 (2) 5 Pension and OPEB Plans Amortization of Net Actuarial Loss Net Non-Operating Pension and OPEB Credits (Costs) (2) — (2) (5) 1 (4) Total Pension and OPEB Plans (2) — (2) (5) 1 (4) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (2) — (2) (6) 2 (4) Total Available-for-Sale Debt Securities (2) — (2) (6) 2 (4) Total $ — $ (1) $ (1) $ (4) $ 1 $ (3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Derivatives Interest Expense $ 1 $ — $ 1 $ — $ — $ — Total Cash Flow Hedges 1 — 1 — — — Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Net Non-Operating Pension and OPEB Credits (Costs) 2 (1) 1 4 (1) 3 Amortization of Net Actuarial Loss Net Non-Operating Pension and OPEB Credits (Costs) (7) 2 (5) (14) 4 (10) Total Pension and OPEB Plans (5) 1 (4) (10) 3 (7) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (7) 3 (4) (17) 7 (10) Total Available-for-Sale Debt Securities (7) 3 (4) (17) 7 (10) Total $ (11) $ 4 $ (7) $ (27) $ 10 $ (17) |
Earnings Per Share (EPS) and Di
Earnings Per Share (EPS) and Dividends | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends EPS Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 434 $ 434 $ 591 $ 591 $ 966 $ 966 $ 1,878 $ 1,878 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 498 498 497 497 498 498 497 497 Effect of Stock Based Compensation Awards — 2 — 3 — 2 — 3 Total Shares 498 500 497 500 498 500 497 500 EPS Net Income $ 0.87 $ 0.87 $ 1.19 $ 1.18 $ 1.94 $ 1.93 $ 3.78 $ 3.76 Dividends Three Months Ended Six Months Ended June 30, June 30, Dividend Payments on Common Stock 2024 2023 2024 2023 Per Share $ 0.60 $ 0.57 $ 1.20 $ 1.14 In Millions $ 299 $ 285 $ 598 $ 569 |
Financial Information By Busine
Financial Information By Business Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and receive ZEC revenue from the EDCs in New Jersey, including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services. PSE&G PSEG Power & Other Eliminations (A) Consolidated Total Millions Three Months Ended June 30, 2024 Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 Net Income (B) 302 132 — 434 Gross Additions to Long-Lived Assets 746 91 — 837 Six Months Ended June 30, 2024 Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 Net Income (B) 790 176 — 966 Gross Additions to Long-Lived Assets 1,485 149 — 1,634 Three Months Ended June 30, 2023 Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 Net Income (B) 336 255 — 591 Gross Additions to Long-Lived Assets 660 45 — 705 Six Months Ended June 30, 2023 Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 Net Income (B) 823 1,055 — 1,878 Gross Additions to Long-Lived Assets 1,336 108 — 1,444 As of June 30, 2024 Total Assets $ 44,490 $ 8,393 $ (501) $ 52,382 Investments in Equity Method Subsidiaries $ — $ 20 $ — $ 20 As of December 31, 2023 Total Assets $ 42,873 $ 8,407 $ (539) $ 50,741 Investments in Equity Method Subsidiaries $ — $ 17 $ — $ 17 (A) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions. (B) |
Public Service Electric and Gas Company [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and receive ZEC revenue from the EDCs in New Jersey, including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services. PSE&G PSEG Power & Other Eliminations (A) Consolidated Total Millions Three Months Ended June 30, 2024 Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 Net Income (B) 302 132 — 434 Gross Additions to Long-Lived Assets 746 91 — 837 Six Months Ended June 30, 2024 Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 Net Income (B) 790 176 — 966 Gross Additions to Long-Lived Assets 1,485 149 — 1,634 Three Months Ended June 30, 2023 Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 Net Income (B) 336 255 — 591 Gross Additions to Long-Lived Assets 660 45 — 705 Six Months Ended June 30, 2023 Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 Net Income (B) 823 1,055 — 1,878 Gross Additions to Long-Lived Assets 1,336 108 — 1,444 As of June 30, 2024 Total Assets $ 44,490 $ 8,393 $ (501) $ 52,382 Investments in Equity Method Subsidiaries $ — $ 20 $ — $ 20 As of December 31, 2023 Total Assets $ 42,873 $ 8,407 $ (539) $ 50,741 Investments in Equity Method Subsidiaries $ — $ 17 $ — $ 17 (A) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions. (B) |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2024 2023 2024 2023 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 123 $ 114 $ 567 $ 675 Administrative Billings from Services (B) 136 118 253 220 Total Billings from Affiliates $ 259 $ 232 $ 820 $ 895 As of As of Related-Party Transactions June 30, 2024 December 31, 2023 Millions Payable to PSEG Power (A) $ 159 $ 264 Payable to Services (B) 102 121 Payable to PSEG (C) 196 119 Accounts Payable—Affiliated Companies $ 457 $ 504 Noncurrent Payable to PSEG Power (A) $ 10 $ — Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Receivable (Payable) $ 1 $ (2) (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G. (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 separate return basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs 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. In addition, PSEG pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. (D) |
Public Service Electric and Gas Company [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2024 2023 2024 2023 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 123 $ 114 $ 567 $ 675 Administrative Billings from Services (B) 136 118 253 220 Total Billings from Affiliates $ 259 $ 232 $ 820 $ 895 As of As of Related-Party Transactions June 30, 2024 December 31, 2023 Millions Payable to PSEG Power (A) $ 159 $ 264 Payable to Services (B) 102 121 Payable to PSEG (C) 196 119 Accounts Payable—Affiliated Companies $ 457 $ 504 Noncurrent Payable to PSEG Power (A) $ 10 $ — Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Receivable (Payable) $ 1 $ (2) (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G. (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 separate return basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs 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. In addition, PSEG pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. (D) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Pay vs Performance Disclosure | |||||
Net Income | [1] | $ 434 | $ 591 | $ 966 | $ 1,878 |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans During the three months ended June 30, 2024, certain of our officers and directors adopted or terminated trading plans for the sale of PSEG common stock which are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as shown in the following table: Name and Title Action Date Aggregate Number of Shares to be Sold or Purchased Expiration (A) Ralph A. LaRossa Adoption May 23, 2024 Sell 17,918 shares July 31, 2025 Chair of the Board, President and Chief Executive Officer Tamara L. Linde Adoption May 15, 2024 Sell 38,254 shares October 17, 2024 Executive Vice President and General Counsel (A) Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Tamara L. Linde [Member] | |
Trading Arrangements, by Individual | |
Name | Tamara L. Linde |
Title | Executive Vice President and General Counsel |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 15, 2024 |
Arrangement Duration | 155 days |
Aggregate Available | 38,254 |
Ralph A. LaRossa [Member] | |
Trading Arrangements, by Individual | |
Name | Ralph A. LaRossa |
Title | Chair of the Board, President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 23, 2024 |
Arrangement Duration | 1 year 69 days |
Aggregate Available | 17,918 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 guidance 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, 2023. 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, 2023. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows. |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power & Other (A) Consolidated Millions As of December 31, 2023 Cash and Cash Equivalents $ 30 $ 24 $ 54 Restricted Cash in Other Current Assets 23 — 23 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 75 $ 24 $ 99 As of June 30, 2024 Cash and Cash Equivalents $ 15 $ 98 $ 113 Restricted Cash in Other Current Assets 10 — 10 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 47 $ 98 $ 145 (A) Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company). |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Policy Text Block] | PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products —PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants. Gas Contracts— PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract —PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. |
Income Taxes (Policies)
Income Taxes (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy | In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s nuclear plants within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes |
Organization and Basis of Pre_3
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash [Table Text Block] | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power & Other (A) Consolidated Millions As of December 31, 2023 Cash and Cash Equivalents $ 30 $ 24 $ 54 Restricted Cash in Other Current Assets 23 — 23 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 75 $ 24 $ 99 As of June 30, 2024 Cash and Cash Equivalents $ 15 $ 98 $ 113 Restricted Cash in Other Current Assets 10 — 10 Restricted Cash in Other Noncurrent Assets 22 — 22 Cash, Cash Equivalents and Restricted Cash $ 47 $ 98 $ 145 (A) Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company). |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 983 $ — $ — $ 983 Gas Distribution 301 — — 301 Transmission 436 — — 436 Electricity and Related Product Sales PJM Third-Party Sales — 167 — 167 Sales to Affiliates — 26 (26) — ISO-New England (NE) — 2 — 2 Gas Sales Third-Party Sales — 34 — 34 Sales to Affiliates — 97 (97) — Other Revenues from Contracts with Customers (B) 92 169 (2) 259 Total Revenues from Contracts with Customers 1,812 495 (125) 2,182 Revenues Unrelated to Contracts with Customers (C) 51 190 — 241 Total Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2024 Revenues from Contracts with Customers Electric Distribution $ 1,764 $ — $ — $ 1,764 Gas Distribution 1,223 — — 1,223 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 394 — 394 Sales to Affiliates — 56 (56) — ISO-NE — 5 — 5 Gas Sales Third-Party Sales — 110 — 110 Sales to Affiliates — 511 (511) — Other Revenues from Contracts with Customers (B) 176 343 (3) 516 Total Revenues from Contracts with Customers 4,035 1,419 (570) 4,884 Revenues Unrelated to Contracts with Customers (C) 161 138 — 299 Total Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Three Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 784 $ — $ — $ 784 Gas Distribution 274 — — 274 Transmission 447 — — 447 Electricity and Related Product Sales PJM Third-Party Sales — 211 — 211 Sales to Affiliates — 27 (27) — ISO-NE — 3 — 3 Gas Sales Third-Party Sales — 26 — 26 Sales to Affiliates — 115 (115) — Other Revenues from Contracts with Customers (B) 94 153 (1) 246 Total Revenues from Contracts with Customers 1,599 535 (143) 1,991 Revenues Unrelated to Contracts with Customers (C) 63 367 — 430 Total Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 PSE&G PSEG Power & Other (A) Eliminations Consolidated Millions Six Months Ended June 30, 2023 Revenues from Contracts with Customers Electric Distribution $ 1,514 $ — $ — $ 1,514 Gas Distribution 1,233 — — 1,233 Transmission 872 — — 872 Electricity and Related Product Sales PJM Third-Party Sales — 487 — 487 Sales to Affiliates — 58 (58) — ISO-NE — 6 — 6 Gas Sales Third-Party Sales — 112 — 112 Sales to Affiliates — 648 (648) — Other Revenues from Contracts with Customers (B) 172 306 (2) 476 Total Revenues from Contracts with Customers 3,791 1,617 (708) 4,700 Revenues Unrelated to Contracts with Customers (C) 164 1,312 — 1,476 Total Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 (A) Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B) Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. (C) Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2024 and 2023: 2024 2023 Millions Balance as of March 31 $ 273 $ 319 Utility Customer and Other Accounts Provision 19 15 Write-offs, net of Recoveries of $7 million and $6 million in 2024 and 2023, respectively (39) (40) Balance as of June 30 $ 253 $ 294 2024 2023 Millions Balance as of Beginning of Year $ 283 $ 339 Utility Customer and Other Accounts Provision 45 24 Write-offs, net of Recoveries of $14 million and $13 million in 2024 and 2023, respectively (75) (69) Balance as of End of Period $ 253 $ 294 |
Revenue, Capacity Auction Obligations [Table Text Block] | Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per Megawatt (MW)-Day MW Cleared June 2023 to May 2024 $50 3,700 June 2024 to May 2025 $61 3,700 |
Leases Leases (Tables)
Leases Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Operating Lease, Lease Income | The following is the operating lease income for the three months and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Fixed Lease Income $ 4 $ 6 $ 7 $ 12 Total Operating Lease Income $ 4 $ 6 $ 7 $ 12 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Public Service Electric and Gas Company [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Credit Risk Profile Based On Payment Activity | As of Outstanding Loans by Class of Customers June 30, December 31, Millions Commercial/Industrial $ 50 $ 60 Residential 2 3 Total 52 63 Current Portion (included in Accounts Receivable) (20) (23) Noncurrent Portion (included in Long-Term Investments) $ 32 $ 40 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of June 30, 2024 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 3 prior to 2013 10 years 15 years Solar Loan II 25 prior to 2015 10 years 15 years Solar Loan III 24 prior to 2022 10 years 10 years Total $ 52 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2024 and have an average remaining life of approximately two years. There are no remaining residential loans outstanding under the Solar Loan I program. |
Energy Holdings [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Gross And Net Lease Investment | The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2024 and December 31, 2023. As of June 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 200 $ 223 Unearned and Deferred Income (56) (62) Gross Investments in Leases 144 161 Deferred Tax Liabilities (32) (36) Net Investments in Leases $ 112 $ 125 |
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2024 As of June 30, 2024 Millions AA $ 7 A- 39 BBB+ 154 Total $ 200 |
Trust Investments (Tables)
Trust Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Trust Investments [Line Items] | |
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of June 30, 2024 Cost Gross Gross Fair Millions Equity Securities Domestic $ 546 $ 362 $ (5) $ 903 International 405 121 (17) 509 Total Equity Securities 951 483 (22) 1,412 Available-for-Sale Debt Securities Government 799 1 (88) 712 Corporate 562 2 (37) 527 Total Available-for-Sale Debt Securities 1,361 3 (125) 1,239 Total NDT Fund Investments (A) $ 2,312 $ 486 $ (147) $ 2,651 (A) The NDT Fund Investments table excludes cash and foreign currency of $1 million as of June 30, 2024, which is part of the NDT Fund. As of December 31, 2023 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 300 $ (2) $ 780 International 423 118 (11) 530 Total Equity Securities 905 418 (13) 1,310 Available-for-Sale Debt Securities Government 759 4 (72) 691 Corporate 555 6 (39) 522 Total Available-for-Sale Debt Securities 1,314 10 (111) 1,213 Total NDT Fund Investments (A) $ 2,219 $ 428 $ (124) $ 2,523 (A) |
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds | The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of June 30, December 31, Millions Accounts Receivable $ 18 $ 19 Accounts Payable $ 18 $ 6 |
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 67 $ (4) $ 4 $ (1) $ 44 $ (1) $ 4 $ — International 95 (11) 19 (6) 35 (4) 28 (8) Total Equity Securities 162 (15) 23 (7) 79 (5) 32 (8) Available-for-Sale Debt Securities Government (B) 139 (2) 465 (86) 90 (1) 432 (71) Corporate (C) 100 (1) 287 (36) 19 — 329 (39) Total Available-for-Sale Debt Securities 239 (3) 752 (122) 109 (1) 761 (110) NDT Trust Investments $ 401 $ (18) $ 775 $ (129) $ 188 $ (6) $ 793 $ (118) (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. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from NDT Fund Sales (A) $ 439 $ 308 $ 799 $ 704 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 46 $ 25 $ 77 $ 46 Gross Realized Losses (17) (28) (31) (55) Net Realized Gains (Losses) on NDT Fund (B) 29 (3) 46 (9) Net Unrealized Gains (Losses) on Equity Securities (23) 60 55 111 Net Gains (Losses) on NDT Fund Investments $ 6 $ 57 $ 101 $ 102 (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT Fund debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 330 6 - 10 years 228 11 - 15 years 67 16 - 20 years 103 Over 20 years 489 Total NDT Available-for-Sale Debt Securities $ 1,239 |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of June 30, 2024 As of December 31, 2023 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 6 $ — $ 77 $ (21) $ 3 $ — $ 83 $ (19) Corporate (B) 6 — 56 (11) 3 — 60 (10) Total Available-for-Sale Debt Securities 12 — 133 (32) 6 — 143 (29) Rabbi Trust Investments $ 12 $ — $ 133 $ (32) $ 6 $ — $ 143 $ (29) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) |
Securities Held In The Rabbi Trusts | The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of June 30, 2024 Cost Gross Gross Fair Millions Domestic Equity Securities $ 9 $ 9 $ — $ 18 Available-for-Sale Debt Securities Government 108 — (21) 87 Corporate 77 — (11) 66 Total Available-for-Sale Debt Securities 185 — (32) 153 Total Rabbi Trust Investments $ 194 $ 9 $ (32) $ 171 As of December 31, 2023 Cost Gross Gross Fair Millions Domestic Equity Securities $ 10 $ 8 $ — $ 18 Available-for-Sale Debt Securities Government 110 — (19) 91 Corporate 80 — (10) 70 Total Available-for-Sale Debt Securities 190 — (29) 161 Total Rabbi Trust Investments $ 200 $ 8 $ (29) $ 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 June 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ 1 $ — |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Proceeds from Rabbi Trust Sales $ 6 $ 11 $ 15 $ 17 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 3 $ 2 $ 4 Gross Realized Losses — (4) (1) (5) Net Realized Gains (Losses) on Rabbi Trust (A) 1 (1) 1 (1) Net Unrealized Gains (Losses) on Equity Securities — 1 — 2 Net Gains (Losses) on Rabbi Trust Investments $ 1 $ — $ 1 $ 1 (A) The cost of these securities was determined on the basis of specific identification. |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust debt securities held as of June 30, 2024 had the following maturities: Time Frame Fair Value Millions Less than one year $ 7 1 - 5 years 27 6 - 10 years 18 11 - 15 years 9 16 - 20 years 17 Over 20 years 75 Total Rabbi Trust Available-for-Sale Debt Securities $ 153 |
Fair Value Of The Rabbi Trusts | The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows: As of As of June 30, December 31, Millions PSE&G $ 31 $ 32 PSEG Power & Other 140 147 Total Rabbi Trust Investments $ 171 $ 179 |
Pension and OPEB (Tables)
Pension and OPEB (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 24 $ 23 $ — $ 1 $ 47 $ 45 $ 1 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 56 69 10 11 112 138 19 21 Expected Return on Plan Assets (81) (96) (8) (9) (161) (191) (17) (17) Amortization of Net Prior Service Credit — — 1 (13) — — 1 (26) Actuarial Loss (Gain) 18 24 (1) — 36 48 (1) (1) Non-Service Components of Pension and OPEB (Credits) Costs (7) (3) 2 (11) (13) (5) 2 (23) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) |
Schedule Of Pension And OPEB Costs | Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Millions PSE&G $ 10 $ 14 $ (1) $ (10) $ 21 $ 27 $ (1) $ (20) PSEG Power & Other 7 6 3 — 13 13 4 (1) Total Net Benefit (Credits) Costs $ 17 $ 20 $ 2 $ (10) $ 34 $ 40 $ 3 $ (21) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
PSEG Power [Member] | |
Loss Contingencies [Line Items] | |
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2024 and December 31, 2023. As of As of June 30, 2024 December 31, 2023 Millions Face Value of Outstanding Guarantees $ 1,392 $ 1,381 Exposure under Current Guarantees $ 61 $ 118 Letters of Credit Margin Posted $ 4 $ 10 Letters of Credit Margin Received $ 21 $ 91 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (1) $ (2) Net Broker Balance Deposited (Received) $ 138 $ 115 Additional Amounts Posted Other Letters of Credit $ 226 $ 180 |
Total Minimum Purchase Commitments | As of June 30, 2024, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2028 Millions Nuclear Fuel Uranium $ 392 Enrichment $ 312 Fabrication $ 187 Natural Gas $ 1,266 |
Public Service Electric and Gas Company [Member] | |
Loss Contingencies [Line Items] | |
Contract For Anticipated BGS-Fixed Price Eligible Load | Auction Year 2021 2022 2023 2024 36-Month Terms Ending May 2024 May 2025 May 2026 May 2027 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $64.80 $76.30 $93.11 $80.88 (A) Prices set in the 2024 BGS auction became effective on June 1, 2024 when the 2021 BGS auction agreements expired. |
Debt and Credit Facilities Debt
Debt and Credit Facilities Debt and Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt and Credit Facilities [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | The total committed credit facilities and available liquidity as of June 30, 2024 were as follows: As of June 30, 2024 Company/Facility Total Usage (B) Available Expiration Primary Purpose Millions PSEG Revolving Credit Facility (A) $ 1,500 $ 504 $ 996 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 504 $ 996 PSE&G Revolving Credit Facility $ 1,000 $ 411 $ 589 Mar 2028 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 1,000 $ 411 $ 589 PSEG Power Revolving Credit Facility (A) $ 1,250 $ 39 $ 1,211 Mar 2028 Funding/Letters of Credit Letter of Credit Facility 75 45 30 Apr 2026 Letters of Credit Letter of Credit Facility 200 77 123 Sept 2024 Letters of Credit Total PSEG Power $ 1,525 $ 161 $ 1,364 Total (C) $ 4,025 $ 1,076 $ 2,949 (A) Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. (B) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2024, PSEG had $489 million outstanding commercial paper at a weighted average interest rate of 5.52% and PSE&G had $390 million outstanding at a weighted average interest rate of 5.49%. (C) |
Financial Risk Management Act_2
Financial Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Derivative Instruments Fair Value In Balance Sheets | As of June 30, 2024 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 7 $ 631 $ (589) $ 42 $ 49 Noncurrent Assets — 574 (544) 30 30 Total Mark-to-Market Derivative Assets $ 7 $ 1,205 $ (1,133) $ 72 $ 79 Derivative Contracts Current Liabilities $ — $ (701) $ 670 $ (31) $ (31) Noncurrent Liabilities — (524) 520 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ — $ (1,225) $ 1,190 $ (35) $ (35) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 7 $ (20) $ 57 $ 37 $ 44 As of December 31, 2023 PSEG PSEG Power Consolidated Cash Flow Hedges Not Designated Balance Sheet Location Interest Energy- Netting Total PSEG Power Total Derivatives Millions Derivative Contracts Current Assets $ 6 $ 912 $ (806) $ 106 $ 112 Noncurrent Assets — 440 (411) 29 29 Total Mark-to-Market Derivative Assets $ 6 $ 1,352 $ (1,217) $ 135 $ 141 Derivative Contracts Current Liabilities $ (16) $ (890) $ 820 $ (70) $ (86) Noncurrent Liabilities (1) (424) 419 (5) (6) Total Mark-to-Market Derivative (Liabilities) $ (17) $ (1,314) $ 1,239 $ (75) $ (92) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 38 $ 22 $ 60 $ 49 (A) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2024 and 2023: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 2 $ 17 Interest Expense $ 4 $ 1 Total PSEG $ 2 $ 17 $ 4 $ 1 Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Six Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Millions PSEG Interest Rate Derivatives $ 30 $ 14 Interest Expense $ 7 $ — Total PSEG $ 30 $ 14 $ 7 $ — |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2022 $ (4) $ (3) Gain Recognized in AOCL 13 9 Less: Gain Reclassified into Income (5) (3) Balance as of December 31, 2023 $ 4 $ 3 Gain Recognized in AOCL 30 22 Less: Gain Reclassified into Income (7) (5) Balance as of June 30, 2024 $ 27 $ 20 |
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and six months ended June 30, 2024 and 2023, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Millions Energy-Related Contracts Operating Revenues $ 225 $ 339 $ 77 $ 1,241 Energy-Related Contracts Energy Costs (1) (1) — — Total $ 224 $ 338 $ 77 $ 1,241 |
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2024 and December 31, 2023. As of As of Type Notional June 30, 2024 December 31, 2023 Millions Natural Gas Dekatherm (Dth) 68 66 Electricity MWh (64) (60) Financial Transmission Rights (FTRs) MWh 27 19 Interest Rate Derivatives U.S. Dollars 1,250 2,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G. Recurring Fair Value Measurements as of June 30, 2024 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 70 $ — $ 70 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 72 $ (1,133) $ 1 $ 1,204 $ — Interest Rate Derivatives (C) $ 7 $ — $ — $ 7 $ — NDT Fund (D) Equity Securities $ 1,412 $ — $ 1,412 $ — $ — Debt Securities—U.S. Treasury $ 331 $ — $ — $ 331 $ — Debt Securities—Govt Other $ 381 $ — $ — $ 381 $ — Debt Securities—Corporate $ 527 $ — $ — $ 527 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 58 $ — $ — $ 58 $ — Debt Securities—Govt Other $ 29 $ — $ — $ 29 $ — Debt Securities—Corporate $ 66 $ — $ — $ 66 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (35) $ 1,190 $ (2) $ (1,222) $ (1) PSE&G Assets: Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 10 $ — $ — $ 10 $ — Debt Securities—Govt Other $ 5 $ — $ — $ 5 $ — Debt Securities—Corporate $ 13 $ — $ — $ 13 $ — Recurring Fair Value Measurements as of December 31, 2023 Description Total Netting (E) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 135 $ (1,217) $ 13 $ 1,339 $ — Interest Rate Derivatives (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 1,310 $ — $ 1,310 $ — $ — Debt Securities—U.S. Treasury $ 293 $ — $ — $ 293 $ — Debt Securities—Govt Other $ 398 $ — $ — $ 398 $ — Debt Securities—Corporate $ 522 $ — $ — $ 522 $ — Rabbi Trust (D) Equity Securities $ 18 $ — $ 18 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 32 $ — $ — $ 32 $ — Debt Securities—Corporate $ 70 $ — $ — $ 70 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (75) $ 1,239 $ (1) $ (1,311) $ (2) Interest Rate Derivatives (C) $ (17) $ — $ — $ (17) $ — PSE&G Assets: Cash Equivalents (A) $ 20 $ — $ 20 $ — $ — Rabbi Trust (D) Equity Securities $ 3 $ — $ 3 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 12 $ — $ — $ 12 $ — (A) Represents money market mutual funds. (B) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs. (C) Interest rate derivatives 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 judgement. (D) The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of June 30, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. See Note 11. Financial Risk Management Activities for additional detail. |
Schedule of Fair Value of Debt | The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2024 and December 31, 2023 are included in the following table and accompanying notes. As of As of June 30, 2024 December 31, 2023 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 4,863 $ 4,685 $ 4,371 $ 4,240 PSE&G (A) 14,406 12,760 13,663 12,460 PSEG Power (B) 1,250 1,250 1,250 1,250 Total Long-Term Debt $ 20,519 $ 18,695 $ 19,284 $ 17,950 (A) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. (B) Private term loan with book value approximating fair value (Level 2 measurement). |
Other Income (Deductions) (Tabl
Other Income (Deductions) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule Of Other Income (Deductions) | PSE&G PSEG Power & Other (A) Consolidated Millions Three Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 23 $ 23 Allowance for Funds Used During Construction 9 — 9 Solar Loan Interest 1 — 1 Other Interest 1 11 12 Other 5 (3) 2 Total Net Other Income (Deductions) $ 16 $ 31 $ 47 Six Months Ended June 30, 2024 NDT Fund Interest and Dividends $ — $ 40 $ 40 Allowance for Funds Used During Construction 20 — 20 Solar Loan Interest 3 — 3 Other Interest 3 16 19 Other 6 (6) — Total Net Other Income (Deductions) $ 32 $ 50 $ 82 Three Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 19 $ 19 Allowance for Funds Used During Construction 15 — 15 Solar Loan Interest 2 — 2 Other Interest 5 9 14 Other 1 (2) (1) Total Net Other Income (Deductions) $ 23 $ 26 $ 49 Six Months Ended June 30, 2023 NDT Fund Interest and Dividends $ — $ 34 $ 34 Allowance for Funds Used During Construction 30 — 30 Solar Loan Interest 4 — 4 Other Interest 7 16 23 Other 3 (3) — Total Net Other Income (Deductions) $ 44 $ 47 $ 91 (A) PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Tax Rates | A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSEG June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 437 $ 744 $ 1,066 $ 2,329 Tax Computed at Statutory Rate 21% $ 92 $ 156 $ 224 $ 489 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 34 50 74 158 NDT Fund 3 7 15 13 Uncertain Tax Positions 1 (1) 2 (7) Leasing Activities — — — (17) GPRC-CEF-EE (13) (8) (28) (24) Tax Credits (104) (3) (106) (5) Estimated Annual Effective Tax Rate Interim Period Adjustment 5 7 (12) (16) TAC (24) (51) (67) (126) Other 9 (4) (2) (14) Subtotal (89) (3) (124) (38) Total Income Tax Expense $ 3 $ 153 $ 100 $ 451 Effective Income Tax Rate 0.7 % 20.6 % 9.4 % 19.4 % A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows: Three Months Ended Six Months Ended PSE&G June 30, June 30, 2024 2023 2024 2023 Millions Pre-Tax Income $ 361 $ 370 $ 941 $ 911 Tax Computed at Statutory Rate 21% $ 76 $ 78 $ 198 $ 191 Increase (Decrease) Attributable to: State Income Taxes (net of federal income tax) 25 30 66 68 Uncertain Tax Positions — (6) — (6) Tax Credits (2) (3) (4) (5) GPRC-CEF-EE (13) (8) (28) (24) TAC (24) (51) (67) (126) Bad Debt Flow-Through (4) (5) (6) (7) Other 1 (1) (8) (3) Subtotal (17) (44) (47) (103) Total Income Tax Expense $ 59 $ 34 $ 151 $ 88 Effective Income Tax Rate 16.3 % 9.2 % 16.0 % 9.7 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income by Component | Three Months Ended June 30, 2024 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2024 $ 21 $ (100) $ (90) $ (169) Other Comprehensive Income (Loss) before Reclassifications 2 — (7) (5) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (3) 2 2 1 Net Current Period Other Comprehensive Income (Loss) (1) 2 (5) (4) Balance as of June 30, 2024 $ 20 $ (98) $ (95) $ (173) Three Months Ended June 30, 2023 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of March 31, 2023 $ (4) $ (423) $ (95) $ (522) Other Comprehensive Income (Loss) before Reclassifications 12 — (12) — Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) 4 4 7 Net Current Period Other Comprehensive Income (Loss) 11 4 (8) 7 Balance as of June 30, 2023 $ 7 $ (419) $ (103) $ (515) Six Months Ended June 30, 2024 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2023 $ 3 $ (102) $ (80) $ (179) Other Comprehensive Income (Loss) before Reclassifications 22 — (19) 3 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (5) 4 4 3 Net Current Period Other Comprehensive Income (Loss) 17 4 (15) 6 Balance as of June 30, 2024 $ 20 $ (98) $ (95) $ (173) Six Months Ended June 30, 2023 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2022 $ (3) $ (426) $ (121) $ (550) Other Comprehensive Income (Loss) before Reclassifications 10 — 8 18 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 10 17 Net Current Period Other Comprehensive Income (Loss) 10 7 18 35 Balance as of June 30, 2023 $ 7 $ (419) $ (103) $ (515) |
Reclassifications out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Derivatives Interest Expense $ 4 $ (1) $ 3 $ 7 $ (2) $ 5 Total Cash Flow Hedges 4 (1) 3 7 (2) 5 Pension and OPEB Plans Amortization of Net Actuarial Loss Net Non-Operating Pension and OPEB Credits (Costs) (2) — (2) (5) 1 (4) Total Pension and OPEB Plans (2) — (2) (5) 1 (4) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (2) — (2) (6) 2 (4) Total Available-for-Sale Debt Securities (2) — (2) (6) 2 (4) Total $ — $ (1) $ (1) $ (4) $ 1 $ (3) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Derivatives Interest Expense $ 1 $ — $ 1 $ — $ — $ — Total Cash Flow Hedges 1 — 1 — — — Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Net Non-Operating Pension and OPEB Credits (Costs) 2 (1) 1 4 (1) 3 Amortization of Net Actuarial Loss Net Non-Operating Pension and OPEB Credits (Costs) (7) 2 (5) (14) 4 (10) Total Pension and OPEB Plans (5) 1 (4) (10) 3 (7) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (7) 3 (4) (17) 7 (10) Total Available-for-Sale Debt Securities (7) 3 (4) (17) 7 (10) Total $ (11) $ 4 $ (7) $ (27) $ 10 $ (17) |
Earnings Per Share (EPS) and _2
Earnings Per Share (EPS) and Dividends (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share Computation | The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 434 $ 434 $ 591 $ 591 $ 966 $ 966 $ 1,878 $ 1,878 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 498 498 497 497 498 498 497 497 Effect of Stock Based Compensation Awards — 2 — 3 — 2 — 3 Total Shares 498 500 497 500 498 500 497 500 EPS Net Income $ 0.87 $ 0.87 $ 1.19 $ 1.18 $ 1.94 $ 1.93 $ 3.78 $ 3.76 |
Dividend Payments On Common Stock | Dividends Three Months Ended Six Months Ended June 30, June 30, Dividend Payments on Common Stock 2024 2023 2024 2023 Per Share $ 0.60 $ 0.57 $ 1.20 $ 1.14 In Millions $ 299 $ 285 $ 598 $ 569 |
Financial Information By Busi_2
Financial Information By Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Financial Information By Business Segments | PSE&G PSEG Power & Other Eliminations (A) Consolidated Total Millions Three Months Ended June 30, 2024 Operating Revenues $ 1,863 $ 685 $ (125) $ 2,423 Net Income (B) 302 132 — 434 Gross Additions to Long-Lived Assets 746 91 — 837 Six Months Ended June 30, 2024 Operating Revenues $ 4,196 $ 1,557 $ (570) $ 5,183 Net Income (B) 790 176 — 966 Gross Additions to Long-Lived Assets 1,485 149 — 1,634 Three Months Ended June 30, 2023 Operating Revenues $ 1,662 $ 902 $ (143) $ 2,421 Net Income (B) 336 255 — 591 Gross Additions to Long-Lived Assets 660 45 — 705 Six Months Ended June 30, 2023 Operating Revenues $ 3,955 $ 2,929 $ (708) $ 6,176 Net Income (B) 823 1,055 — 1,878 Gross Additions to Long-Lived Assets 1,336 108 — 1,444 As of June 30, 2024 Total Assets $ 44,490 $ 8,393 $ (501) $ 52,382 Investments in Equity Method Subsidiaries $ — $ 20 $ — $ 20 As of December 31, 2023 Total Assets $ 42,873 $ 8,407 $ (539) $ 50,741 Investments in Equity Method Subsidiaries $ — $ 17 $ — $ 17 (A) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions. (B) |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member] | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended Six Months Ended June 30, June 30, Related-Party Transactions 2024 2023 2024 2023 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 123 $ 114 $ 567 $ 675 Administrative Billings from Services (B) 136 118 253 220 Total Billings from Affiliates $ 259 $ 232 $ 820 $ 895 |
Schedule Of Related Party Transactions, Payables | As of As of Related-Party Transactions June 30, 2024 December 31, 2023 Millions Payable to PSEG Power (A) $ 159 $ 264 Payable to Services (B) 102 121 Payable to PSEG (C) 196 119 Accounts Payable—Affiliated Companies $ 457 $ 504 Noncurrent Payable to PSEG Power (A) $ 10 $ — Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Receivable (Payable) $ 1 $ (2) (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G. (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 separate return basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs 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. In addition, PSEG pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. (D) |
Organization and Basis of Pre_4
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents | $ 113 | $ 54 | |||
Restricted Cash in Other Current Assets | 10 | 23 | |||
Restricted Cash in Other Noncurrent Assets | 22 | 22 | |||
Cash, Cash Equivalents and Restricted Cash | 145 | 99 | $ 597 | $ 511 | |
Public Service Electric and Gas Company [Member] | |||||
Cash and Cash Equivalents | 15 | 30 | |||
Restricted Cash in Other Current Assets | 10 | 23 | |||
Restricted Cash in Other Noncurrent Assets | 22 | 22 | |||
Cash, Cash Equivalents and Restricted Cash | 47 | 75 | $ 176 | $ 266 | |
PSEG Power & Other | |||||
Cash and Cash Equivalents | [1] | 98 | 24 | ||
Restricted Cash in Other Current Assets | [1] | 0 | 0 | ||
Restricted Cash in Other Noncurrent Assets | [1] | 0 | 0 | ||
Cash, Cash Equivalents and Restricted Cash | [1] | $ 98 | $ 24 | ||
[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company). |
Revenues Revenues (Details)
Revenues Revenues (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) $ / mwd MW | Jun. 30, 2024 USD ($) $ / mwd MW | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) $ / mwd MW | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | ||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | $ 2,182 | $ 1,991 | $ 4,884 | $ 4,700 | |||
Revenues Unrelated to Contracts with Customers | [1] | 241 | 430 | 299 | 1,476 | ||
Total Operating Revenues | 2,423 | 2,421 | 5,183 | 6,176 | |||
Regulatory Assets | $ 5,479 | 5,479 | 5,479 | $ 5,157 | |||
Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (125) | (143) | (570) | (708) | |||
Revenues Unrelated to Contracts with Customers | [1] | 0 | 0 | 0 | 0 | ||
Total Operating Revenues | [2] | (125) | (143) | (570) | (708) | ||
Electric Distribution Contracts [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 983 | 784 | 1,764 | 1,514 | |||
Electric Distribution Contracts [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Gas Distribution [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 301 | 274 | 1,223 | 1,233 | |||
Gas Distribution [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Electric Transmission [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 436 | 447 | 872 | 872 | |||
Electric Transmission [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 167 | 211 | 394 | 487 | |||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (26) | (27) | (56) | (58) | |||
Electricity and Related Products [Member] | ISO New England [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 2 | 3 | 5 | 6 | |||
Electricity and Related Products [Member] | ISO New England [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Gas Sales [Member] | Third Party Sales [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 34 | 26 | 110 | 112 | |||
Gas Sales [Member] | Third Party Sales [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Gas Sales [Member] | Sales to Affiliates [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | (97) | (115) | (511) | (648) | |||
Other Revenues from Contracts with Customers [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [3] | 259 | 246 | 516 | 476 | ||
Other Revenues from Contracts with Customers [Member] | Eliminations [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [3] | $ (2) | (1) | $ (3) | (2) | ||
Public Service Electric and Gas Company [Member] | |||||||
Revenues [Line Items] | |||||||
Allowances percentage of accounts receivable | 16% | 16% | 16% | 18% | |||
Public Service Electric and Gas Company [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | $ 1,812 | 1,599 | $ 4,035 | 3,791 | |||
Revenues Unrelated to Contracts with Customers | [1] | 51 | 63 | 161 | 164 | ||
Total Operating Revenues | 1,863 | 1,662 | 4,196 | 3,955 | |||
Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 983 | 784 | 1,764 | 1,514 | |||
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 301 | 274 | 1,223 | 1,233 | |||
Public Service Electric and Gas Company [Member] | Electric Transmission [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 436 | 447 | 872 | 872 | |||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | ISO New England [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Third Party Sales [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | 0 | 0 | 0 | 0 | |||
Public Service Electric and Gas Company [Member] | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [3] | $ 92 | 94 | $ 176 | 172 | ||
PSEG Power [Member] | PJM [Member] | June 2023 to May 2024 [Member] | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 50 | 50 | 50 | ||||
Load (MW) | MW | 3,700 | 3,700 | 3,700 | ||||
PSEG Power [Member] | PJM [Member] | June 2024 to May 2025 | |||||||
Revenues [Line Items] | |||||||
Dollars Per Megawatt-Day | $ / mwd | 61 | 61 | 61 | ||||
Load (MW) | MW | 3,700 | 3,700 | 3,700 | ||||
Other [Member] | LIPA OSA contract fixed component [Member] | |||||||
Revenues [Line Items] | |||||||
Anticipated Contract Revenues | $ 44 | $ 44 | $ 44 | ||||
PSEG Power & Other | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 495 | 535 | 1,419 | 1,617 | ||
Revenues Unrelated to Contracts with Customers | [1],[4] | 190 | 367 | 138 | 1,312 | ||
Total Operating Revenues | [4] | 685 | 902 | 1,557 | 2,929 | ||
PSEG Power & Other | Electric Distribution Contracts [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 0 | 0 | 0 | 0 | ||
PSEG Power & Other | Gas Distribution [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 0 | 0 | 0 | 0 | ||
PSEG Power & Other | Electric Transmission [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 0 | 0 | 0 | 0 | ||
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 167 | 211 | 394 | 487 | ||
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 26 | 27 | 56 | 58 | ||
PSEG Power & Other | Electricity and Related Products [Member] | ISO New England [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 2 | 3 | 5 | 6 | ||
PSEG Power & Other | Gas Sales [Member] | Third Party Sales [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 34 | 26 | 110 | 112 | ||
PSEG Power & Other | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [4] | 97 | 115 | 511 | 648 | ||
PSEG Power & Other | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member] | |||||||
Revenues [Line Items] | |||||||
Revenue from Contract with Customers | [3],[4] | 169 | 153 | 343 | 306 | ||
Public Service Electric and Gas Company [Member] | |||||||
Revenues [Line Items] | |||||||
Total Operating Revenues | 1,863 | 1,662 | 4,196 | 3,955 | |||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 273 | 319 | 283 | 339 | |||
Provision for Other Credit Losses | 19 | 15 | 45 | 24 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (39) | (40) | (75) | (69) | |||
Accounts Receivable, Allowance for Credit Loss, Recovery | 7 | 6 | 14 | 13 | |||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 253 | 253 | 294 | 253 | 294 | ||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 253 | 253 | $ 294 | 253 | $ 294 | $ 283 | |
Regulatory Assets | 5,479 | 5,479 | 5,479 | $ 5,157 | |||
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion | |||||||
Revenues [Line Items] | |||||||
Regulatory Assets | 68 | 68 | 68 | ||||
Public Service Electric and Gas Company [Member] | Societal Benefits Charges Sbc | Electric Bad Debt Deferral | |||||||
Revenues [Line Items] | |||||||
Regulatory Assets | 139 | $ 139 | $ 139 | ||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 78 | ||||||
[1] Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions. Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Variable Interest Entity [Line Items] | ||||
Operating Revenues | $ 2,423 | $ 2,421 | $ 5,183 | $ 6,176 |
Operation and Maintenance | 824 | 744 | 1,607 | 1,487 |
Long Island ServCo [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 142 | 129 | 292 | 257 |
Operation and Maintenance | $ 142 | $ 129 | $ 292 | $ 257 |
Rate Filings (Details)
Rate Filings (Details) $ in Millions | 1 Months Ended | ||||||
Jul. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | May 31, 2024 USD ($) | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Feb. 28, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets | $ 5,479 | $ 5,157 | |||||
Regulatory Assets | 305 | 273 | |||||
Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets | 5,479 | 5,157 | |||||
Regulatory Assets | 305 | $ 273 | |||||
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets | 68 | ||||||
Public Service Electric and Gas Company [Member] | Basic Gas Supply Service | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Approved BGSS rate per therm | 0.33 | 0.40 | |||||
Public Service Electric and Gas Company [Member] | Energy Strong II Electric | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 12 | ||||||
Public Service Electric and Gas Company [Member] | Electric Green Program Recovery [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 49 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 68 | ||||||
Public Service Electric and Gas Company [Member] | Gas Green Program Recovery [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 15 | ||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 24 | ||||||
Public Service Electric and Gas Company [Member] | Infrastructure Advancement Program | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 5 | ||||||
Public Service Electric and Gas Company [Member] | Conservation Incentive Program | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 107 | ||||||
Public Service Electric and Gas Company [Member] | Clean Energy Future Energy Efficiency | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Investment, Amount | $ 300 | ||||||
COVID-19 deferrals [Member] | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Regulatory Assets | 131 | ||||||
Electric Societal Benefits Clause | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 27 | ||||||
Gas Societal Benefit Clause | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 32 | ||||||
Tax Adjustment Credits Gas Distribution [Member] | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 40 | ||||||
Tax Adjustment Credits Electric Distribution [Member] | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 61 | ||||||
Electric Bad Debt Deferral | Public Service Electric and Gas Company [Member] | Societal Benefits Charges Sbc | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 78 | ||||||
Regulatory Assets | 139 | ||||||
Electric Transmission [Member] | Public Service Electric and Gas Company [Member] | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 12 | ||||||
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Conservation Incentive Program Electric | |||||||
Regulatory Assets And Liabilities [Line Items] | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 99 |
Leases Operating Lease Income (
Leases Operating Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ||||
Fixed Lease Income | $ 4 | $ 6 | $ 7 | $ 12 |
Total Operating Lease Income | 4 | $ 6 | 7 | $ 12 |
Energy Holdings [Member] | ||||
Operating Leases, Income Statement, Lease Revenue [Abstract] | ||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | $ 10 | $ 10 |
Financing Receivables (Outstand
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Concentration Risk [Line Items] | ||
Average Loan Repayment Period | 8 years | |
Outstanding Loans by Class of Customer | $ 52 | $ 63 |
Current Portion of Outstanding Loans | 20 | 23 |
Noncurrent Portion of Outstanding Loans | $ 32 | 40 |
Average Loan Remaining Repayment Period | 2 years | |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 50 | 60 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 2 | $ 3 |
Solar Loan I [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 3 | |
Solar Loan I [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years | |
Solar Loan I [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan II [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 25 | |
Solar Loan II [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years | |
Solar Loan II [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan III [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 24 | |
Solar Loan III [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan III [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years |
Financing Receivables (Gross An
Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 200 | $ 223 |
Unearned and Deferred Income | (56) | (62) |
Gross Investments in Leases | 144 | 161 |
Deferred Tax Liabilities | (32) | (36) |
Net Investments in Leases | $ 112 | $ 125 |
Financing Receivables (Schedule
Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 200 | $ 223 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 7 | |
Standard & Poor's, A- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 39 | |
Standard & Poor's, BBB+ Rating | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 154 |
Financing Receivables (Narrativ
Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Energy Holdings [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | $ 112 | $ 125 |
Trust Investments (Fair Values
Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | ||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Trust Investments, Cost | $ 2,312 | $ 2,312 | $ 2,219 | |||
Gross Unrealized Gains | 486 | 486 | 428 | |||
Gross Unrealized Losses | (147) | (147) | (124) | |||
Trust Investments, Fair Value | 2,651 | [1] | 2,651 | [1] | 2,523 | [2] |
NDT Fund Foreign Currency | 1 | 1 | 1 | |||
Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Trust Investments, Cost | 194 | 194 | 200 | |||
Gross Unrealized Gains | 9 | 9 | 8 | |||
Gross Unrealized Losses | (32) | (32) | (29) | |||
Trust Investments, Fair Value | 171 | 171 | 179 | |||
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 1,361 | 1,361 | 1,314 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3 | 3 | 10 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (125) | (125) | (111) | |||
Debt Securities, Available-for-Sale, Fair Value | 1,239 | 1,239 | 1,213 | |||
Total Debt Securities [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 185 | 185 | 190 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (32) | (32) | (29) | |||
Debt Securities, Available-for-Sale, Fair Value | 153 | 153 | 161 | |||
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Equity Securities, Cost | 951 | 951 | 905 | |||
Equity Securities, Accumulated Gross Unrealized Gain | 483 | 418 | ||||
Equity Securities, FV-NI, Unrealized Loss | (22) | (13) | ||||
Equity Securities, Fair Value | 1,412 | 1,412 | 1,310 | |||
Unrealized Gains (Losses) on Equity Securities still held | 14 | 88 | ||||
Equity Securities [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Unrealized Gains (Losses) on Equity Securities still held | 1 | 1 | ||||
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 562 | 562 | 555 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 2 | 6 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (37) | (37) | (39) | |||
Debt Securities, Available-for-Sale, Fair Value | 527 | 527 | 522 | |||
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 77 | 77 | 80 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (11) | (11) | (10) | |||
Debt Securities, Available-for-Sale, Fair Value | 66 | 66 | 70 | |||
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 799 | 799 | 759 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1 | 1 | 4 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (88) | (88) | (72) | |||
Debt Securities, Available-for-Sale, Fair Value | 712 | 712 | 691 | |||
Government Debt Securities [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Debt Securities, Available-for-sale, Amortized Cost | 108 | 108 | 110 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (21) | (21) | (19) | |||
Debt Securities, Available-for-Sale, Fair Value | 87 | 87 | 91 | |||
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Equity Securities, Cost | 405 | 405 | 423 | |||
Equity Securities, Accumulated Gross Unrealized Gain | 121 | 118 | ||||
Equity Securities, FV-NI, Unrealized Loss | (17) | (11) | ||||
Equity Securities, Fair Value | 509 | 509 | 530 | |||
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Equity Securities, Cost | 546 | 546 | 482 | |||
Equity Securities, Accumulated Gross Unrealized Gain | 362 | 300 | ||||
Equity Securities, FV-NI, Unrealized Loss | (5) | (2) | ||||
Equity Securities, Fair Value | 903 | 903 | 780 | |||
Domestic Equity Securities [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
Equity Securities, Cost | 9 | 9 | 10 | |||
Equity Securities, Accumulated Gross Unrealized Gain | 9 | 8 | ||||
Equity Securities, FV-NI, Unrealized Loss | 0 | 0 | ||||
Equity Securities, Fair Value | $ 18 | 18 | $ 18 | |||
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
After tax amount of net unrealized gains (losses) recognized in AOCI | (71) | |||||
Debt Securities [Member] | Rabbi Trust [Member] | ||||||
Schedule of Trust Investments [Line Items] | ||||||
After tax amount of net unrealized gains (losses) recognized in AOCI | $ (24) | |||||
[1] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of June 30, 2024, which is part of the NDT Fund. The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund. |
Trust Investments (Schedule Of
Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | $ 18 | $ 19 |
Accounts Payable | 18 | 6 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | 1 | 1 |
Accounts Payable | $ 1 | $ 0 |
Trust Investments (Value Of Sec
Trust Investments (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 401 | $ 188 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | (18) | (6) | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 775 | 793 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | (129) | (118) | |
Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 12 | 6 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 133 | 143 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | (32) | (29) | |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | 162 | 79 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | (15) | (5) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [1] | 23 | 32 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [1] | (7) | (8) |
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 239 | 109 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | (3) | (1) | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 752 | 761 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | (122) | (110) | |
Total Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 12 | 6 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 133 | 143 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | (32) | (29) | |
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | 67 | 44 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | (4) | (1) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [1] | 4 | 4 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [1] | (1) | 0 |
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | 95 | 35 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [1] | (11) | (4) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [1] | 19 | 28 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [1] | (6) | (8) |
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | 139 | 90 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | (2) | (1) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [2] | 465 | 432 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [2] | (86) | (71) |
Government Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 6 | 3 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 0 | 0 |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [3] | 77 | 83 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [3] | (21) | (19) |
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | 100 | 19 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | (1) | 0 |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [4] | 287 | 329 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [4] | (36) | (39) |
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 6 | 3 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 0 | 0 |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [5] | 56 | 60 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [5] | $ (11) | $ (10) |
[1]Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.[2] Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. |
Trust Investments (Proceeds Fro
Trust Investments (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Schedule of Trust Investments [Line Items] | |||||
Proceeds from Sale of Trust Investments | $ 814 | $ 721 | |||
Net Gains (Losses) on Trust Investments | $ 7 | $ 57 | 102 | 103 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||||
Schedule of Trust Investments [Line Items] | |||||
Proceeds from Sale of Trust Investments | [1] | 439 | 308 | 799 | 704 |
Gross Realized Gains | 46 | 25 | 77 | 46 | |
Gross Realized Losses | (17) | (28) | (31) | (55) | |
Net Realized Gains (Losses) | [2] | 29 | (3) | 46 | (9) |
Unrealized Gain (Loss) on Equity Securities | (23) | 60 | 55 | 111 | |
Net Gains (Losses) on Trust Investments | 6 | 57 | 101 | 102 | |
Rabbi Trust [Member] | |||||
Schedule of Trust Investments [Line Items] | |||||
Proceeds from Sale of Trust Investments | 6 | 11 | 15 | 17 | |
Gross Realized Gains | 1 | 3 | 2 | 4 | |
Gross Realized Losses | 0 | (4) | (1) | (5) | |
Net Realized Gains (Losses) | [3] | 1 | (1) | 1 | (1) |
Unrealized Gain (Loss) on Equity Securities | 0 | 1 | 0 | 2 | |
Net Gains (Losses) on Trust Investments | $ 1 | $ 0 | $ 1 | $ 1 | |
[1] Includes activity in accounts related to the liquidation of funds being transitioned within the trust. The cost of these securities was determined on the basis of specific identification. The cost of these securities was determined on the basis of specific identification. |
Trust Investments (Amount Of Av
Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions | Jun. 30, 2024 USD ($) |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Total Available-for-Sale Debt Securities | $ 1,239 |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Total Available-for-Sale Debt Securities | 153 |
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 22 |
1 - 5 years | 330 |
6 - 10 years | 228 |
11 - 15 years | 67 |
16 - 20 years | 103 |
Over 20 years | 489 |
Debt Securities [Member] | Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 7 |
1 - 5 years | 27 |
6 - 10 years | 18 |
11 - 15 years | 9 |
16 - 20 years | 17 |
Over 20 years | $ 75 |
Trust Investments (Fair Value O
Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 171 | $ 179 |
Public Service Electric and Gas Company [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 31 | 32 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 171 | 179 |
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 31 | 32 |
Rabbi Trust [Member] | PSEG Power & Other | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 140 | $ 147 |
Trust Investments (Narrative) (
Trust Investments (Narrative) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) Facility | Dec. 31, 2023 USD ($) | |
Schedule of Trust Investments [Line Items] | |||
Number of Nuclear Facilities | Facility | 5 | ||
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
NDT Fund Foreign Currency | $ 1 | $ 1 | $ 1 |
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
After tax amount of net unrealized gains (losses) recognized in AOCI | (71) | ||
Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
After tax amount of net unrealized gains (losses) recognized in AOCI | (24) | ||
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Unrealized Gains (Losses) on Equity Securities still held | 14 | 88 | |
Equity Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Unrealized Gains (Losses) on Equity Securities still held | $ 1 | $ 1 |
Pension And OPEB (Components Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 24 | $ 23 | $ 47 | $ 45 |
Interest Cost | 56 | 69 | 112 | 138 |
Expected Return on Plan Assets | (81) | (96) | (161) | (191) |
Amortization of Prior Service Cost | 0 | 0 | 0 | 0 |
Amortization of Actuarial Loss | 18 | 24 | 36 | 48 |
Non-Operating Pension and OPEB (Credits) Costs | (7) | (3) | (13) | (5) |
Total Benefit (Credits) Costs | 17 | 20 | 34 | 40 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 0 | 1 | 1 | 2 |
Interest Cost | 10 | 11 | 19 | 21 |
Expected Return on Plan Assets | (8) | (9) | (17) | (17) |
Amortization of Prior Service Cost | 1 | (13) | 1 | (26) |
Amortization of Actuarial Loss | (1) | 0 | (1) | (1) |
Non-Operating Pension and OPEB (Credits) Costs | 2 | (11) | 2 | (23) |
Total Benefit (Credits) Costs | $ 2 | $ (10) | $ 3 | $ (21) |
Pension And OPEB (Schedule Of P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | $ 17 | $ 20 | $ 34 | $ 40 |
Pension Benefits [Member] | Public Service Electric and Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | 10 | 14 | 21 | 27 |
Pension Benefits [Member] | PSEG Power & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | 7 | 6 | 13 | 13 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | 2 | (10) | 3 | (21) |
OPEB [Member] | Public Service Electric and Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | (1) | (10) | (1) | (20) |
OPEB [Member] | PSEG Power & Other | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefits (Credits) Costs | $ 3 | $ 0 | $ 4 | $ (1) |
Pension And OPEB (Narrative) (D
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 17 | $ 20 | $ 34 | $ 40 |
Pension Plan [Member] | Public Service Electric and Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 10 | 14 | 21 | 27 |
Postretirement Healthcare Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 2 | (10) | 3 | (21) |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 5 | 5 | ||
Postretirement Healthcare Plans [Member] | Public Service Electric and Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | (1) | (10) | (1) | (20) |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 25 | 25 | ||
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 7 | 4 | 13 | 9 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 4 | $ 3 | $ 7 | $ 6 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 1,392 | $ 1,381 |
Exposure under Current Guarantees | 61 | 118 |
Letters of Credit Margin Posted | 4 | 10 |
Letters of Credit Margin Received | 21 | 91 |
Counterparty Cash Collateral Deposited | 0 | 0 |
Counterparty Cash Collateral Received | (1) | (2) |
Net Broker Balance Deposited (Received) | 138 | 115 |
Other Letters of Credit | $ 226 | $ 180 |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions | Jun. 30, 2024 USD ($) Plant |
Site Contingency [Line Items] | |
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | 21 |
EPA estimated study costs for Hackensack River | $ 55 |
Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Estimated Cleanup Costs EPA Preferred Method | 2,300 |
Accrual for Environmental Loss Contingencies | $ 66 |
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | 56 |
Passaic River Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Number of former generating electric station | Plant | 1 |
Accrual for Environmental Loss Contingencies | $ 53 |
Passaic River Site Contingency [Member] | PSEG Power [Member] | |
Site Contingency [Line Items] | |
Accrual for Environmental Loss Contingencies | 13 |
Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Remediation Liability Recorded As Other Current Liabilities | 57 |
Remediation Liability Recorded As Other Noncurrent Liabilities | 139 |
Regulatory Assets | 196 |
Passaic River Site Upper 9 Miles | |
Site Contingency [Line Items] | |
Estimated Cleanup Costs EPA Preferred Method | 550 |
Passaic River proposed settlement other PRPs | 150 |
Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 196 |
Accrual for Environmental Loss Contingencies | 196 |
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 215 |
Commitments And Contingent Li_5
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions | 6 Months Ended | |
Jun. 30, 2024 USD ($) cf $ / MWh $ / mwd MW | ||
Long-term Purchase Commitment [Line Items] | ||
Number of cubic feet in gas hedging permitted to be recovered by BPU | cf | 115 | |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80% | |
Number Of Cubic Feet To Be Hedged | cf | 70 | |
Percentage of annual residential gas supply requirements to be hedged | 50% | |
Public Service Electric and Gas Company [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
ZEC Charge per kwh | $ | $ 0.004 | |
Public Service Electric and Gas Company [Member] | Auction Year 2021 | ||
Long-term Purchase Commitment [Line Items] | ||
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / MWh | 64.80 | |
Public Service Electric and Gas Company [Member] | Auction Year 2022 | ||
Long-term Purchase Commitment [Line Items] | ||
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / MWh | 76.30 | |
Public Service Electric and Gas Company [Member] | Auction Year 2023 | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 330.72 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / MWh | 93.11 | |
Public Service Electric and Gas Company [Member] | Auction Year 2024 | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 378.21 | |
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / MWh | 80.88 | [1] |
[1] Prices set in the 2024 BGS auction became effective on June 1, 2024 when the 2021 BGS auction agreements expired. |
Commitments And Contingent Li_6
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements for current year | 100% |
Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 392 |
Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 312 |
Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 187 |
Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 1,266 |
Commitments And Contingent Li_7
Commitments And Contingent Liabilities (Litigation) (Detail) - PSEG Power [Member] - Sewaren 7 Litigation [Member] $ in Millions | Jun. 30, 2024 USD ($) |
Loss Contingencies [Line Items] | |
Original Claim Amount | $ 93 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Complaint amount | $ 68 |
Debt and Credit Facilities (Cha
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 2,250 | $ 900 |
Repayments of Long-term Debt | 1,000 | 500 |
Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | 1,000 | 900 |
Repayments of Long-term Debt | 250 | $ 500 |
Three Year Variable rate term loan | PSEG Power [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | 1,250 | |
Senior Notes Five Point Two Zero Due Two Thousand Twenty Nine | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 750 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |
Senior Notes Five Point Four Five due Two Thousand Thirty Four | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |
Medium Term Notes Five Point Two Zero due Two Thousand Thirty Four | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 450 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |
Medium Term Notes Five Point Four Five Percent due Two Thousand Fifty Four | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 550 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |
Medium Term Notes Three Point Seven Five Percent due Two Thousand Twenty Four | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Repayments of Long-term Debt | $ 250 | |
Senior Notes Two Point Eight Eight Percent due 2024 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.88% | |
Repayments of Long-term Debt | $ 750 |
Debt and Credit Facilities De_2
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Apr. 30, 2024 | Aug. 31, 2023 | Apr. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Commercial Paper | $ 879 | $ 949 | |||||
Commitments of Single Institution as Percentage of Total Commitments | 10% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | [1] | $ 2,949 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | [1] | 4,025 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | [1],[2] | 1,076 | |||||
Proceeds from Short-Term Loan | 0 | $ 750 | |||||
Repayments of Short-term Debt | 500 | 2,000 | |||||
Collateral Already Posted, Aggregate Fair Value | 137 | 113 | |||||
Net Change in Commercial Paper and Loans | 430 | 247 | |||||
Public Service Electric and Gas Company [Member] | |||||||
Commercial Paper | 390 | $ 425 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 589 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 411 | ||||||
Net Change in Commercial Paper and Loans | (35) | $ 298 | |||||
PSEG Power [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,364 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,525 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 161 | ||||||
Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 589 | ||||||
Debt Instrument, Maturity Date, Description | Mar 2028 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | [2] | 411 | |||||
Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,211 | ||||||
Debt Instrument, Maturity Date, Description | Mar 2028 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | [3] | $ 1,250 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | 39 | ||||||
Letter of Credit Facilities expiring April 2025 | PSEG Power [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 30 | ||||||
Debt Instrument, Maturity Date, Description | Apr 2026 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 45 | ||||||
Letter of Credit Facilities expiring September 2024 | PSEG Power [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 123 | ||||||
Debt Instrument, Maturity Date, Description | Sept 2024 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 77 | ||||||
Uncommitted Letter of Credit Facility | PSEG Power [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 68 | ||||||
Subsidiary Uncommitted Letter of Credit Facility | PSEG Power [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | ||||||
April 2023 Term Loan | |||||||
Proceeds from Short-Term Loan | $ 750 | ||||||
Repayments of Short-term Debt | $ 500 | $ 250 | |||||
PSEG [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 996 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 504 | ||||||
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 996 | ||||||
Debt Instrument, Maturity Date, Description | Mar 2028 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | [3] | $ 1,500 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | [2] | 504 | |||||
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member] | |||||||
Commercial Paper | $ 489 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.52% | ||||||
Public Service Electric and Gas Company [Member] | Five Year Credit Facility Maturing March 2023 [Member] | |||||||
Commercial Paper | $ 390 | ||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.49% | ||||||
[1]Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.[2] The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2024, PSEG had $489 million outstanding commercial paper at a weighted average interest rate of 5.52% and PSE&G had $390 million outstanding at a weighted average interest rate of 5.49%. Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. |
Financial Risk Management Act_3
Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 2 | $ 17 | $ 30 | $ 14 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | (7) | (3) | (17) | |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 4 | 1 | 7 | ||
Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | 1 | 5 | 0 | $ 3 |
Interest Rate Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 2 | 17 | 30 | 14 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | $ 0 | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 4 | $ 1 | $ 7 |
Financial Risk Management Act_4
Financial Risk Management Activities (Narrative) (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Derivatives, Fair Value [Line Items] | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 20 | $ 3 | ||
Unrealized Gain to be Reclassified to Earnings During the Next Twelve Months | 8 | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | 57 | 22 | |
Derivative, Fair Value, Net | 44 | 49 | ||
Issuance of Long-term Debt | 2,250 | $ 900 | ||
PSEG Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives with credit-risk related contingent features | 53 | 77 | ||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 21 | 3 | ||
Additional collateral aggregate fair value | 32 | 74 | ||
Derivative, Fair Value, Net | 37 | 60 | ||
Public Service Electric and Gas Company [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Issuance of Long-term Debt | 1,000 | $ 900 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Net | 7 | (11) | ||
Three Year Variable rate term loan | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | 1,250 | |||
Three Year Variable rate term loan | PSEG Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Issuance of Long-term Debt | 1,250 | |||
Three Year Variable rate term loan | Interest Rate Swap [Member] | Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Net | $ 7 | $ 5 | ||
[1]Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities. |
Financial Risk Management Act_5
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives, Fair Value [Line Items] | |||
Collateral Already Posted, Aggregate Fair Value | $ 137 | $ 113 | |
Derivative Contracts, Current Assets | 49 | 112 | |
Derivative Contracts, Noncurrent Assets | 30 | 29 | |
Total Mark-to-Market Derivative Assets | 79 | 141 | |
Derivative Contracts, Current Liabilities | (31) | (86) | |
Derivative Contracts, Noncurrent Liabilities | (4) | (6) | |
Total Mark-to-Market Derivative (Liabilities) | (35) | (92) | |
Net Mark-to-Market Derivative Assets (Liabilities) | 44 | 49 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | 57 | 22 |
PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 42 | 106 | |
Derivative Contracts, Noncurrent Assets | 30 | 29 | |
Total Mark-to-Market Derivative Assets | 72 | 135 | |
Derivative Contracts, Current Liabilities | (31) | (70) | |
Derivative Contracts, Noncurrent Liabilities | (4) | (5) | |
Total Mark-to-Market Derivative (Liabilities) | (35) | (75) | |
Net Mark-to-Market Derivative Assets (Liabilities) | 37 | 60 | |
Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 8 | ||
Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | ||
Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 81 | 15 | |
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 631 | 912 | |
Derivative Contracts, Noncurrent Assets | 574 | 440 | |
Total Mark-to-Market Derivative Assets | 1,205 | 1,352 | |
Derivative Contracts, Current Liabilities | (701) | (890) | |
Derivative Contracts, Noncurrent Liabilities | (524) | (424) | |
Total Mark-to-Market Derivative (Liabilities) | (1,225) | (1,314) | |
Net Mark-to-Market Derivative Assets (Liabilities) | (20) | 38 | |
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | 520 | 419 |
Energy-Related Contracts [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (589) | (806) |
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (544) | (411) |
Energy-Related Contracts [Member] | Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | (1,133) | (1,217) |
Energy-Related Contracts [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | 670 | 820 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | 1,190 | 1,239 |
Interest Rate Swap [Member] | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 7 | 6 | |
Derivative Contracts, Noncurrent Assets | 0 | 0 | |
Total Mark-to-Market Derivative Assets | 7 | 6 | |
Derivative Contracts, Current Liabilities | 0 | (16) | |
Derivative Contracts, Noncurrent Liabilities | 0 | (1) | |
Total Mark-to-Market Derivative (Liabilities) | 0 | (17) | |
Net Mark-to-Market Derivative Assets (Liabilities) | $ 7 | (11) | |
Interest Rate Swap [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3],[4] | $ 0 | |
[1]Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.[2] Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs. Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail. Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement. |
Financial Risk Management Act_6
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
(Gain) Loss Reclassified into Income, pre-tax | $ 0 | $ 11 | $ 4 | $ 27 | |
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | (5) | 0 | 3 | 18 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 7 | 3 | 17 | |
Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Pre-Tax Balance at Beginning of Period | 4 | (4) | $ (4) | ||
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax | 30 | 13 | |||
(Gain) Loss Reclassified into Income, pre-tax | (7) | (5) | |||
Pre-Tax Balance at End of Period | 27 | 27 | 4 | ||
After-Tax Balance at Beginning of Period | 3 | (3) | (3) | ||
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax | 2 | 12 | 22 | 10 | 9 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | $ (1) | (5) | $ 0 | (3) |
After-Tax Balance at End of Period | $ 20 | $ 20 | $ 3 |
Financial Risk Management Act_7
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 2 | $ 17 | $ 30 | $ 14 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 4 | 1 | 7 | |
Energy-Related Contracts [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 224 | 338 | 77 | 1,241 |
Energy-Related Contracts [Member] | Operating Revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 225 | 339 | 77 | 1,241 |
Energy-Related Contracts [Member] | Energy Costs [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1) | (1) | 0 | 0 |
Interest Rate Swap [Member] | ||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 2 | 17 | 30 | $ 14 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 4 | $ 1 | $ 7 |
Financial Risk Management Act_8
Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) - PSEG Power [Member] $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 $ / mwh $ / DTH $ / Derivative | Dec. 31, 2023 $ / mwh $ / DTH $ / Derivative | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | $ / DTH | 68 | 66 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | (64) | (60) |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 27 | 19 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | $ / Derivative | 1,250 | 2,000 |
Financial Risk Management Act_9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
PSEG Power [Member] | Investment Grade - External Rating [Member] | |
Derivative [Line Items] | |
Percentage Of Credit Exposure | 100% |
Public Service Electric and Gas Company [Member] | |
Derivative [Line Items] | |
Total Credit Exposure With Counterparties | $ 0 |
Fair Value Measurements (PSEG's
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Already Posted, Aggregate Fair Value | $ 137 | $ 113 | |
Total Mark-to-Market Derivative Assets | 79 | 141 | |
Total Mark-to-Market Derivative (Liabilities) | (35) | (92) | |
Collateral netted against assets and liabilities | [1] | (57) | (22) |
PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | 72 | 135 | |
Total Mark-to-Market Derivative (Liabilities) | (35) | (75) | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 70 | 20 |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 20 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 0 | |
Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 70 | 20 |
Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [2] | 20 | |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [3] | 1 | 13 |
Total Mark-to-Market Derivative (Liabilities) | [3] | (2) | (1) |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [3] | 1,204 | 1,339 |
Total Mark-to-Market Derivative (Liabilities) | [3] | (1,222) | (1,311) |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [3] | 0 | 0 |
Total Mark-to-Market Derivative (Liabilities) | [3] | (1) | (2) |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [3] | 72 | 135 |
Total Mark-to-Market Derivative (Liabilities) | [3] | (35) | (75) |
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | 0 | 0 |
Total Mark-to-Market Derivative (Liabilities) | [4] | 0 | |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | (7) | (6) |
Total Mark-to-Market Derivative (Liabilities) | [4] | (17) | |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative (Liabilities) | [4] | 0 | 0 |
Interest Rate Swap [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | (7) | (6) |
Total Mark-to-Market Derivative (Liabilities) | [4] | (17) | |
Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [2],[5] | 0 | 0 |
Cash and Cash Equivalents [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [2],[5] | 0 | |
Assets [Member] | Energy-Related Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [1],[3],[5] | 1,133 | 1,217 |
Other Liabilities [Member] | Energy-Related Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [1],[3],[5] | (1,190) | (1,239) |
Other Liabilities [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [4],[5] | 0 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [4],[5] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
NDT Fund Foreign Currency | 1 | 1 | |
Cash and foreign currency excluded from Fair Value | 1 | 1 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 527 | 522 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 527 | 522 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 381 | 398 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 381 | 398 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 331 | 293 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 331 | 293 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 1,412 | 1,310 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 1,412 | 1,310 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 66 | 70 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 13 | 12 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 66 | 70 |
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 13 | 12 |
Rabbi Trust [Member] | Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 29 | 32 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 5 | 6 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 29 | 32 |
Rabbi Trust [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 5 | 6 |
Rabbi Trust [Member] | US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 58 | 59 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 10 | 11 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 58 | 59 |
Rabbi Trust [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 10 | 11 |
Rabbi Trust [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 18 | 18 |
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 3 | 3 |
Rabbi Trust [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 0 | 0 |
Rabbi Trust [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 18 | 18 |
Rabbi Trust [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | $ 3 | $ 3 |
[1]Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $137 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $57 million and $22 million as of June 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $57 million as of June 30, 2024, $(24) million was netted against noncurrent assets and $81 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.[2] Represents money market mutual funds. Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs. Interest rate derivatives 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 judgement. Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail. The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of June 30, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - Net Derivative Assets (Liabilities) [Member] $ in Millions | Jun. 30, 2024 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Opening Balance | $ (4) |
Closing Balance | $ (1) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net assets measured at fair value on a recurring basis | $ 2,900 | $ 3,100 | |
Net Derivative Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (1) | $ (4) | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
NDT Fund Foreign Currency | $ 1 | $ 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | $ 20,519 | $ 19,284 | |
Long-Term Debt, Fair Value | 18,695 | 17,950 | |
Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 14,406 | 13,663 |
Long-Term Debt, Fair Value | [1] | 12,760 | 12,460 |
PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [2] | 1,250 | 1,250 |
Long-Term Debt, Fair Value | [2] | 1,250 | 1,250 |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 4,863 | 4,371 |
Long-Term Debt, Fair Value | [1] | $ 4,685 | $ 4,240 |
[1]Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.[2] Private term loan with book value approximating fair value (Level 2 measurement). |
Other Income (Deductions) (Sche
Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
Component of Other Income (Deductions) [Line Items] | |||||||
NDT Fund Interest and Dividends | $ 23 | $ 19 | $ 40 | $ 34 | |||
Allowance for Funds Used During Construction | 9 | 15 | 20 | 30 | |||
Solar Loan Interest | 1 | 2 | 3 | 4 | |||
Interest Income, Other | 12 | 14 | 19 | 23 | |||
Other | 2 | (1) | 0 | 0 | |||
Net Other Income (Deductions) | 47 | 49 | 82 | 91 | |||
Public Service Electric and Gas Company [Member] | |||||||
Component of Other Income (Deductions) [Line Items] | |||||||
NDT Fund Interest and Dividends | 0 | 0 | 0 | 0 | |||
Allowance for Funds Used During Construction | 9 | 15 | 20 | 30 | |||
Solar Loan Interest | 1 | 2 | 3 | 4 | |||
Interest Income, Other | 1 | 5 | 3 | 7 | |||
Other | 5 | 1 | 6 | 3 | |||
Net Other Income (Deductions) | 16 | 23 | 32 | 44 | |||
PSEG Power & Other | |||||||
Component of Other Income (Deductions) [Line Items] | |||||||
NDT Fund Interest and Dividends | [1] | 23 | 19 | 40 | 34 | ||
Allowance for Funds Used During Construction | [1] | 0 | 0 | 0 | 0 | ||
Solar Loan Interest | [1] | 0 | 0 | 0 | 0 | ||
Interest Income, Other | 11 | 9 | 16 | [1] | 16 | [1] | |
Other | [1] | (3) | (2) | (6) | (3) | ||
Net Other Income (Deductions) | [1] | $ 31 | $ 26 | $ 50 | $ 47 | ||
[1] (A) PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations. |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rates) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Line Items] | ||||
Pre-Tax Income | $ 437 | $ 744 | $ 1,066 | $ 2,329 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 92 | 156 | 224 | 489 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 34 | 50 | 74 | 158 |
Effective Income Tax Rate Reconciliation, NDT Fund, Amount | 3 | 7 | 15 | 13 |
Effective Income Tax Rate Reconciliation, UTP, amount | 1 | (1) | 2 | (7) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (104) | (3) | (106) | (5) |
Effective Income Tax Rate Reconciliation, Leasing Activities, Amount | 0 | 0 | 0 | (17) |
Effective Income Tax Rate Reconciliation, GPRC | (13) | (8) | (28) | (24) |
Effective Tax Rate Reconciliation, Effective Tax Rate Adjustment | 5 | 7 | (12) | (16) |
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount | (24) | (51) | (67) | (126) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 9 | (4) | (2) | (14) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (89) | (3) | (124) | (38) |
Income Tax Provision | $ 3 | $ 153 | $ 100 | $ 451 |
Effective tax rate | 0.70% | 20.60% | 9.40% | 19.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Public Service Electric and Gas Company [Member] | ||||
Income Taxes [Line Items] | ||||
Pre-Tax Income | $ 361 | $ 370 | $ 941 | $ 911 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 76 | 78 | 198 | 191 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 25 | 30 | 66 | 68 |
Effective Income Tax Rate Reconciliation, UTP, amount | 0 | (6) | 0 | (6) |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (2) | (3) | (4) | (5) |
Effective Income Tax Rate Reconciliation, GPRC | (13) | (8) | (28) | (24) |
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount | (24) | (51) | (67) | (126) |
Effective Income Tax Rate Reconciliation, Bad Debt Flow Through, Amount | (4) | (5) | (6) | (7) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1 | (1) | (8) | (3) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (17) | (44) | (47) | (103) |
Income Tax Provision | $ 59 | $ 34 | $ 151 | $ 88 |
Effective tax rate | 16.30% | 9.20% | 16% | 9.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (169) | $ (522) | $ (179) | $ (550) | $ (550) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | 0 | 3 | 18 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 7 | 3 | 17 | |
Other Comprehensive Income (Loss), net of tax | (4) | 7 | 6 | 35 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (173) | (515) | (173) | (515) | (179) |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 21 | (4) | 3 | (3) | (3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2 | 12 | 22 | 10 | 9 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (1) | (5) | 0 | (3) |
Other Comprehensive Income (Loss), net of tax | (1) | 11 | 17 | 10 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 20 | 7 | 20 | 7 | 3 |
Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (100) | (423) | (102) | (426) | (426) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | 4 | 4 | 7 | |
Other Comprehensive Income (Loss), net of tax | 2 | 4 | 4 | 7 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (98) | (419) | (98) | (419) | (102) |
Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (90) | (95) | (80) | (121) | (121) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7) | (12) | (19) | 8 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | 4 | 4 | 10 | |
Other Comprehensive Income (Loss), net of tax | (5) | (8) | (15) | 18 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ (95) | $ (103) | $ (95) | $ (103) | $ (80) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0 | $ (11) | $ (4) | $ (27) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | (1) | 4 | 1 | 10 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | (7) | (3) | (17) | |
Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cash Flow Hedge, Pre-tax | 4 | 1 | 7 | 0 | |
Cash Flow Hedge, Tax | 1 | 0 | 2 | 0 | |
Cash Flow Hedge, After Tax | 3 | 1 | 5 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 7 | $ 5 | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 1 | 5 | 0 | $ 3 |
Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (5) | (5) | (10) | (10) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 1 | 1 | 3 | 3 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (4) | (4) | (7) | (7) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2) | (5) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | (4) | (4) | (7) | |
Reclassification from AOCI, Current Period, Tax | 0 | 1 | |||
Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | (7) | (6) | (17) | |
Reclassification for Available for Sale Securities, Tax | 0 | 3 | 2 | 7 | |
Reclassification for Available for Sale Securities, After-Tax | (2) | (4) | (4) | (10) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | (4) | (4) | (10) | |
Interest Expense [Member] | Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cash Flow Hedge, Pre-tax | 4 | 1 | 7 | 0 | |
Cash Flow Hedge, Tax | (1) | 0 | (2) | 0 | |
Cash Flow Hedge, After Tax | 3 | (1) | 5 | 0 | |
Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 2 | 4 | |||
Amortization of Prior Service (Cost) Credit, Tax | (1) | (1) | |||
Amortization of Prior Service (Cost) Credit, After-Tax | 1 | 3 | |||
Amortization of Actuarial Loss, Pre-Tax | (2) | (7) | (5) | (14) | |
Amortization of Actuarial Loss, Tax | 0 | 2 | 1 | 4 | |
Amortization of Actuarial Loss, After-Tax | (2) | (5) | (4) | (10) | |
Net Gains (Losses) on Trust Investments [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (2) | (7) | (6) | (17) | |
Reclassification for Available for Sale Securities, Tax | 0 | 3 | 2 | 7 | |
Reclassification for Available for Sale Securities, After-Tax | $ (2) | $ (4) | $ (4) | $ (10) |
Earnings Per Share (EPS) And _3
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Net Income | [1] | $ 434 | $ 591 | $ 966 | $ 1,878 |
Weighted Average Common Shares Outstanding, Basic (shares) | 498 | 497 | 498 | 497 | |
Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 | 0 | 0 | |
Total Shares, Basic (shares) | 498 | 497 | 498 | 497 | |
Net Income, Basic (dollars per share) | $ 0.87 | $ 1.19 | $ 1.94 | $ 3.78 | |
Weighted Average Common Shares Outstanding, Diluted (shares) | 498 | 497 | 498 | 497 | |
Effect of Stock Based Compensation Awards, Diluted (shares) | 2 | 3 | 2 | 3 | |
Total Shares, Diluted (shares) | 500 | 500 | 500 | 500 | |
Net Income, Diluted (dollars per share) | $ 0.87 | $ 1.18 | $ 1.93 | $ 3.76 | |
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. |
Earnings Per Share (EPS) And _4
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.60 | $ 0.57 | $ 1.20 | $ 1.14 | |
Dividend Payments on Common Stock | $ 299 | $ 285 | $ 598 | $ 569 | |
Subsequent Event [Member] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.60 |
Financial Information By Busi_3
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | $ 2,423 | $ 2,421 | $ 5,183 | $ 6,176 | ||
Net Income | [1] | 434 | 591 | 966 | 1,878 | |
Gross Addition to Long-Lived Assets | 837 | 705 | 1,634 | 1,444 | ||
Total Assets | 52,382 | 52,382 | $ 50,741 | |||
Investments in Equity Method Subsidiaries | 20 | 20 | 17 | |||
Operating Segments [Member] | Public Service Electric and Gas Company [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 1,863 | 1,662 | 4,196 | 3,955 | ||
Net Income | 302 | 336 | 790 | 823 | ||
Gross Addition to Long-Lived Assets | 746 | 660 | 1,485 | 1,336 | ||
Total Assets | 44,490 | 44,490 | 42,873 | |||
Investments in Equity Method Subsidiaries | 0 | 0 | 0 | |||
Operating Segments [Member] | PSEG Power & Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | [2] | 685 | 902 | 1,557 | 2,929 | |
Net Income | [1] | 132 | 255 | 176 | 1,055 | |
Gross Addition to Long-Lived Assets | 91 | 45 | 149 | 108 | ||
Total Assets | 8,393 | 8,393 | 8,407 | |||
Investments in Equity Method Subsidiaries | 20 | 20 | 17 | |||
non trading commodity mark to market gains (losses), net of tax | 114 | 212 | (72) | 767 | ||
Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | [3] | (125) | (143) | (570) | (708) | |
Net Income | [3] | 0 | 0 | 0 | 0 | |
Gross Addition to Long-Lived Assets | [3] | 0 | $ 0 | 0 | $ 0 | |
Total Assets | [3] | (501) | (501) | (539) | ||
Investments in Equity Method Subsidiaries | [3] | $ 0 | $ 0 | $ 0 | ||
[1] Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions. |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Related Party Transaction [Line Items] | |||||
Net Billings from Power primarily through BGS and BGSS | [1] | $ 123 | $ 114 | $ 567 | $ 675 |
Administrative Billings from Services | [2] | 136 | 118 | 253 | 220 |
Total Billings from Affiliates | $ 259 | $ 232 | $ 820 | $ 895 | |
[1]PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.[2] Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G. |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Accounts Payable | $ 1,052 | $ 1,214 | |
Accounts Receivable, net of allowance | 1,402 | 1,482 | |
Public Service Electric and Gas Company [Member] | |||
Related Party Transaction [Line Items] | |||
Working Capital Advances to Services | [1] | 33 | 33 |
Public Service Electric and Gas Company [Member] | PSEG Power [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [2] | 159 | 264 |
Long Term Accrued Taxes Payable | [2] | (10) | 0 |
Public Service Electric and Gas Company [Member] | PSEG Parent | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [3] | 196 | 119 |
Public Service Electric and Gas Company [Member] | PSEG Services | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [4] | 102 | 121 |
Public Service Electric and Gas Company [Member] | Related Party | |||
Related Party Transaction [Line Items] | |||
Long Term Accrued Taxes Receivable | 1 | 0 | |
Accounts Payable | $ 457 | 504 | |
Long Term Accrued Taxes Payable | $ (2) | ||
[1]PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.[2]PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.[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 separate return basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs 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. In addition, PSEG pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G. |