PUBLIC SERVICE ENTERPRISE GROUP INC, 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 36,632,552,572
Entity Common Stock, Shares Outstanding   498,561,467  
Documents Incorporated by Reference

Part of Form 10-K of
Public Service
Enterprise Group Incorporated

 

Documents Incorporated by Reference

III

 

Portions of the definitive Proxy Statement for the 2025 Annual Meeting of Stockholders of Public Service Enterprise Group Incorporated, which definitive Proxy Statement is expected to be filed with the Securities and Exchange Commission on or about March 13, 2025, as specified herein.
   
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Central Index Key 0000788784    
Auditor Firm ID 34    
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Location Morristown, New Jersey    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Public Service Enterprise Group Incorporated and subsidiaries (the “Company” or "PSEG") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the consolidated financial statement schedule listed in the Index at Item 15(B)(a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 25, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

    
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]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   132,450,344  
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Entity Central Index Key 0000788784    
Auditor Firm ID 34    
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Location Morristown, New Jersey    
Public Service Electric and Gas Company [Member] | 8.00% First and Refunding Mortgage Bonds, due 2037 [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] | 5.00% First and Refunding Mortgage Bonds, due 2037 [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    
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING REVENUES $ 10,290 $ 11,237 $ 9,800
OPERATING EXPENSES      
Energy Costs 3,393 3,260 4,018
Operation and Maintenance 3,356 3,150 3,178
Depreciation and Amortization 1,182 1,135 1,100
Losses on Asset Dispositions and Impairments 6 7 123
Total Operating Expenses 7,937 7,552 8,419
OPERATING INCOME 2,353 3,685 1,381
Income from Equity Method Investments 1 1 14
Net Gains (Losses) on Trust Investments 127 189 (265)
Net Other Income (Deductions) 153 172 124
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) (Costs) Credits 73 (218) 376
Interest Expense (882) (748) (628)
INCOME BEFORE INCOME TAXES 1,825 3,081 1,002
Income Tax (Expense) Benefit (53) (518) 29
NET INCOME $ 1,772 $ 2,563 $ 1,031
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:      
BASIC (shares) 498 498 498
DILUTED (shares) 500 500 501
NET INCOME (LOSS) PER SHARE:      
BASIC $ 3.56 $ 5.15 $ 2.07
DILUTED $ 3.54 $ 5.13 $ 2.06
Public Service Electric and Gas Company [Member]      
OPERATING REVENUES $ 8,449 $ 7,807 $ 7,935
OPERATING EXPENSES      
Energy Costs 3,189 3,010 3,270
Operation and Maintenance 1,949 1,843 1,838
Depreciation and Amortization 1,025 980 935
Total Operating Expenses 6,163 5,833 6,043
OPERATING INCOME 2,286 1,974 1,892
Net Gains (Losses) on Trust Investments 0 0 (2)
Net Other Income (Deductions) 64 80 88
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) (Costs) Credits 77 114 281
Interest Expense (582) (493) (427)
INCOME BEFORE INCOME TAXES 1,845 1,675 1,832
Income Tax (Expense) Benefit (298) (160) (267)
NET INCOME $ 1,547 $ 1,515 $ 1,565
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income $ 1,772 $ 2,563 $ 1,031
Other Comprehensive Income (Loss), net of tax      
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended (13) 41 (132)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit 33 6 3
Pension/OPEB adjustment, net of tax (expense) benefit 26 324 (71)
Other Comprehensive Income (Loss), net of tax 46 371 (200)
Comprehensive Income (Loss) 1,818 2,934 831
Public Service Electric and Gas Company [Member]      
Net Income 1,547 1,515 1,565
Other Comprehensive Income (Loss), net of tax      
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit for the years ended 0 1 (6)
Other Comprehensive Income (Loss), net of tax   1 (6)
Comprehensive Income (Loss) $ 1,547 $ 1,516 $ 1,559
v3.25.0.1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ 9 $ (27) $ 85
Unrealized Gains (Losses) on Cash Flow Hedges, Tax (13) (2) (2)
Pension/OPEB adjustment, tax (10) (127) 28
Public Service Electric and Gas Company [Member]      
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ 0 $ 0 $ 2
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and Cash Equivalents $ 125 $ 54
Accounts Receivable, net of allowance 1,597 1,482
Tax Receivable 394 10
Unbilled Revenues, net of allowance 313 244
Fuel 232 264
Materials and Supplies, net 892 759
Prepayments 117 144
Derivative Contracts 33 112
Regulatory Assets 516 273
Other 16 31
Total Current Assets 4,235 3,373
PROPERTY, PLANT AND EQUIPMENT 51,207 48,603
Less: Accumulated Depreciation and Amortization (11,143) (10,572)
Net Property, Plant and Equipment 40,064 38,031
NONCURRENT ASSETS    
Regulatory Assets 6,125 5,157
Operating Lease Right-of-Use Assets 162 179
Long-Term Investments 263 295
Nuclear Decommissioning Trust (NDT) Fund 2,670 2,524
Long-Term Receivable of Variable Interest Entity 558 632
Rabbi Trust Fund 165 179
Derivative Contracts 51 29
Other 347 342
Total Noncurrent Assets 10,341 9,337
TOTAL ASSETS 54,640 50,741
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 2,150 1,500
Commercial Paper and Loans 1,593 949
Accounts Payable 1,136 1,214
Derivative Contracts 5 86
Accrued Interest 219 170
Accrued Taxes 10 8
New Jersey Clean Energy Program 145 145
Obligation to Return Cash Collateral 93 89
Regulatory Liabilities 555 349
Other 599 547
Total Current Liabilities 6,505 5,057
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 7,248 6,671
Regulatory Liabilities 2,271 2,075
Operating Leases 153 173
Asset Retirement Obligations 1,500 1,468
Environmental Costs 225 213
Derivative Contracts 4 6
Long-Term Accrued Taxes 130 45
Other 205 201
Total Noncurrent Liabilities 13,057 12,423
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 18,964 17,784
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 5,057 5,018
Treasury Stock, at cost (1,403) (1,379)
Retained Earnings 12,593 12,017
Accumulated Other Comprehensive Loss (133) (179)
Total Stockholders' Equity 16,114 15,477
Total Capitalization 35,078 33,261
TOTAL LIABILITIES AND CAPITALIZATION 54,640 50,741
Consolidated Entity Excluding Variable Interest Entities (VIE)    
NONCURRENT LIABILITIES    
OPEB Costs 292 349
Accrued Pension Costs 488 606
Variable Interest Entity, Primary Beneficiary    
NONCURRENT LIABILITIES    
OPEB Costs 510 514
Accrued Pension Costs 31 102
Public Service Electric and Gas Company    
CURRENT ASSETS    
Cash and Cash Equivalents 79 30
Unbilled Revenues, net of allowance 313 244
Materials and Supplies, net 642 519
Prepayments 28 57
Regulatory Assets 516 273
Other 15 31
Total Current Assets 2,782 2,230
PROPERTY, PLANT AND EQUIPMENT 46,198 43,753
Less: Accumulated Depreciation and Amortization (9,160) (8,711)
Net Property, Plant and Equipment 37,038 35,042
NONCURRENT ASSETS    
Regulatory Assets 6,125 5,157
Operating Lease Right-of-Use Assets 93 99
Long-Term Investments 90 117
Rabbi Trust Fund 30 32
Long-Term Accrued Taxes 2 0
Other 204 196
Total Noncurrent Assets 6,544 5,601
TOTAL ASSETS 46,364 42,873
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 350 750
Commercial Paper and Loans 444 425
Accrued Interest 174 139
New Jersey Clean Energy Program 145 145
Obligation to Return Cash Collateral 93 89
Regulatory Liabilities 555 349
Other 371 434
Total Current Liabilities 3,198 3,615
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 6,477 5,813
Regulatory Liabilities 2,271 2,075
Operating Leases 83 89
Asset Retirement Obligations 457 401
OPEB Costs 164 210
Accrued Pension Costs 305 396
Environmental Costs 159 151
Long-Term Accrued Taxes 0 2
Other 157 160
Total Noncurrent Liabilities 10,073 9,297
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 14,648 12,913
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 892 892
Contributed Capital 2,156 2,156
Retained Earnings 15,401 14,004
Accumulated Other Comprehensive Loss (4) (4)
Total Stockholders' Equity 18,445 17,048
Total Capitalization 33,093 29,961
TOTAL LIABILITIES AND CAPITALIZATION 46,364 42,873
Public Service Electric and Gas Company | Nonrelated Party    
CURRENT ASSETS    
Accounts Receivable, net of allowance 1,189 1,076
CURRENT LIABILITIES    
Accounts Payable 704 780
Public Service Electric and Gas Company | Related Party    
CURRENT LIABILITIES    
Accounts Payable $ 362 $ 504
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, allowances $ 210 $ 279
Unbilled Revenues, allowance $ 5 $ 4
Common stock, authorized 1,000,000,000 1,000,000,000
Common Stock, issued 534,000,000 534,000,000
Treasury Stock, Common, Shares 36,000,000 36,000,000
Common Stock, outstanding [1] 498,000,000 498,000,000
Public Service Electric and Gas Company [Member]    
Accounts Receivable, allowances $ 210 $ 279
Unbilled Revenues, allowance $ 5 $ 4
Common stock, authorized 150,000,000 132,000,000
Common Stock, issued 150,000,000 132,000,000
Common Stock, outstanding 150,000,000 132,000,000
[1] PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2024 or 2023.
v3.25.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income $ 1,772 $ 2,563 $ 1,031
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:      
Depreciation and Amortization 1,182 1,135 1,100
Amortization of Nuclear Fuel 191 189 183
Losses on Asset Dispositions and Impairments 6 7 123
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual 0 3 55
Provision for Deferred Income Taxes and ITC 263 355 (261)
Non-Cash Employee Benefit Plan (Credits) Costs 75 366 (239)
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives 210 (1,333) 639
Cost of Removal (170) (166) (129)
Energy Efficiency Programs Regulatory Investment Expenditures (544) (466) (286)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures 125 82 48
Net Change in Other Regulatory Assets and Liabilities (273) 2 (78)
Net (Gains) Losses and (Income) Expense from NDT Fund (194) (248) 202
Net Change in Certain Current Assets and Liabilities:      
Tax Receivable (384) 75 1
Cash Collateral (131) 1,408 (677)
Obligation to Return Cash Collateral 4 (201) 111
Accrued Taxes 2 (10) (94)
Other Current Assets and Liabilities (95) 35 (188)
Employee Benefit Plan Funding and Related Payments (53) (40) (35)
Other 147 50 (3)
Net Cash Provided By (Used In) Operating Activities 2,133 3,806 1,503
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to Property, Plant and Equipment (3,380) (3,325) (2,888)
Proceeds from Sales of Trust Investments 1,537 1,714 1,586
Purchases of Trust Investments (1,563) (1,751) (1,611)
Proceeds from Sales of Long-Lived Assets and Lease Investments 0 37 1,918
Proceeds from Sales of Equity Method Investments 0 291 0
Contributions to Equity Method Investments 0 0 (124)
Other 100 76 18
Net Cash Provided By (Used In) Investing Activities (3,306) (2,958) (1,101)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Change in Commercial Paper and Loans 744 250 (819)
Proceeds from Short-Term Loans 400 750 2,000
Repayment of Short-Term Loans (500) (2,250) (2,500)
Issuance of Long-Term Debt 3,350 2,800 2,850
Redemption of Long-Term Debt (1,500) (1,575) (700)
Payments for Share Repurchase Program 0 0 (500)
Cash Dividends Paid on Common Stock (1,196) (1,137) (1,079)
Other (70) (98) (6)
Net Cash Provided By (Used In) Financing Activities 1,228 (1,260) (754)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 55 (412) (352)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 99 511 863
Cash, Cash Equivalents and Restricted Cash at End of Period 154 99 511
Supplemental Disclosure of Cash Flow Information:      
Income Taxes Paid (Received) 68 144 353
Interest Paid, Net of Amounts Capitalized 799 683 602
Accrued Property, Plant and Equipment Expenditures 326 443 366
Public Service Electric and Gas Company [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income 1,547 1,515 1,565
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:      
Depreciation and Amortization 1,025 980 935
Provision for Deferred Income Taxes and ITC 365 29 137
Non-Cash Employee Benefit Plan (Credits) Costs 41 8 (179)
Cost of Removal (170) (166) (129)
Energy Efficiency Programs Regulatory Investment Expenditures (544) (466) (286)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures 125 82 48
Net Change in Other Regulatory Assets and Liabilities (273) 2 (78)
Net Change in Certain Current Assets and Liabilities:      
Accounts Receivable and Unbilled Revenues (188) 72 (132)
Fuel, Materials and Supplies (123) (211) (73)
Prepayments 29 (50) 8
Accounts Payable 34 13 96
Accounts Receivable/Payable-Affiliated Companies, net (47) (3) 18
Obligation to Return Cash Collateral 4 (201) 111
Other Current Assets and Liabilities (29) 23 44
Employee Benefit Plan Funding and Related Payments (32) (20) (17)
Other (39) (67) (40)
Net Cash Provided By (Used In) Operating Activities 1,725 1,540 2,028
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to Property, Plant and Equipment (2,921) (2,998) (2,590)
Proceeds from Sales of Trust Investments 6 4 12
Purchases of Trust Investments (4) (3) (10)
Other 33 33 45
Net Cash Provided By (Used In) Investing Activities (2,886) (2,964) (2,543)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Change in Commercial Paper and Loans 19 425 0
Issuance of Long-Term Debt 2,100 1,800 900
Redemption of Long-Term Debt (750) (825) 0
Cash Dividends Paid on Common Stock (150) (150) (450)
Other (25) (17) (8)
Net Cash Provided By (Used In) Financing Activities 1,194 1,233 442
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 33 (191) (73)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 75 266 339
Cash, Cash Equivalents and Restricted Cash at End of Period 108 75 266
Supplemental Disclosure of Cash Flow Information:      
Income Taxes Paid (Received) 68 77 137
Interest Paid, Net of Amounts Capitalized 523 449 409
Accrued Property, Plant and Equipment Expenditures $ 286 $ 395 $ 331
v3.25.0.1
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [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]
Accumulated Other Comprehensive Income (Loss) [Member]
Public Service Electric and Gas Company [Member]
Contributed Capital [Member]
Beginning Balance at Dec. 31, 2021 $ 14,438 $ 5,045 $ 10,639 $ (350) $ (896) $ 14,573 $ 892 $ 11,524 $ 1 $ 2,156
Beginning Balance, Shares at Dec. 31, 2021   534.0     (30.0)          
Net Income (Loss) 1,031   1,031     1,565   1,565    
Other Comprehensive Income (Loss), net of tax (expense) benefit (200)     (200)   (6)     (6)  
Comprehensive Income 831         1,559        
Cash Dividends on Common Stock (1,079)   (1,079)     (450)   (450)    
Payments for Share Repurchase Program $ (500)       $ (500)          
Payments for Share Repurchase Program, Shares (7.4)       (7.0)          
Other $ 39 $ 20     $ 19          
Ending Balance at Dec. 31, 2022 13,729 $ 5,065 10,591 (550) $ (1,377) 15,682 892 12,639 (5) 2,156
Ending Balance, Shares at Dec. 31, 2022   534.0     (37.0)          
Net Income (Loss) 2,563   2,563     1,515   1,515    
Other Comprehensive Income (Loss), net of tax (expense) benefit 371     371   1     1  
Comprehensive Income 2,934         1,516        
Cash Dividends on Common Stock (1,137)   (1,137)     (150)   (150)    
Payments for Share Repurchase Program 0                  
Other (49) $ (47)     $ (2)          
Other, Shares         1.0          
Ending Balance at Dec. 31, 2023 15,477 $ 5,018 12,017 (179) $ (1,379) 17,048 892 14,004 (4) 2,156
Ending Balance, Shares at Dec. 31, 2023   534.0     (36.0)          
Net Income (Loss) 1,772   1,772     1,547   1,547    
Other Comprehensive Income (Loss), net of tax (expense) benefit 46     46            
Comprehensive Income 1,818         1,547        
Cash Dividends on Common Stock (1,196)   (1,196)     (150)   (150)    
Payments for Share Repurchase Program 0                  
Other 15 $ 39     $ (24)          
Ending Balance at Dec. 31, 2024 $ 16,114 $ 5,057 $ 12,593 $ (133) $ (1,403) $ 18,445 $ 892 $ 15,401 $ (4) $ 2,156
Ending Balance, Shares at Dec. 31, 2024   534.0     (36.0)          
v3.25.0.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Comprehensive Income (Loss), Tax $ (14) $ (156) $ 111
Common Stock, Cash Dividends, Per Share $ 2.40 $ 2.28 $ 2.16
Public Service Electric and Gas Company [Member]      
Other Comprehensive Income (Loss), Tax $ 0 $ 0 $ 2
v3.25.0.1
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

To reduce the likelihood and severity of cybersecurity incidents, we established a comprehensive cybersecurity program designed to protect and preserve the confidentiality, integrity and availability of our technology systems and business operations more broadly. For a discussion of the risks associated with cybersecurity threats, see Item 1A. Risk Factors.

Risk Management and Strategy

Our processes for assessing, identifying, and managing material risks from cybersecurity threats include:

•
Ongoing Assessment—The Cybersecurity department, led by the VP, Chief Information Security Officer (CISO), and reporting to the SVP, Chief Information and Digital Officer (CIDO) is staffed with cyber professionals tasked with the day-to-day responsibility of assessing material risks from cybersecurity threats. In addition, the Cybersecurity Council, comprised of senior management, is kept apprised of the state of PSEG’s cybersecurity program, including any emerging risks, and provides guidance on the strategic directions of the program.
•
Engagement of Nth Parties—We engage Nth parties (third parties and other business relationships, including fourth parties, etc.), such as cybersecurity service providers, risk management firms, and external legal counsel, to assess material risks from cybersecurity threats and assess our internal incident response preparedness and cyber posture, support incident response, conduct tabletop exercises, and comply with applicable laws and regulations. We also carry cybersecurity insurance that provides certain protection against losses from a cybersecurity incident. Regulatory agencies, including but not limited to the NRC and Transportation Security Administration (TSA), as well as NERC, inspect applicable components of our cybersecurity program.
•
Nth-Party Service Provider Management—We maintain processes to oversee and identify risks from cybersecurity threats associated with our use of Nth-party service providers. This includes a risk-based vendor management program, which incorporates robust cybersecurity contractual provisions, vendor security assessments and, if appropriate, periodic audits.
•
Technical Safeguards—We manage controls to protect our network perimeter, internal IT and Operational Technology (OT) environments, such as internal and external firewalls, network intrusion detection and prevention, penetration testing, vulnerability assessments, threat intelligence, endpoint security and access controls.
•
Training and Awareness—We provide mandatory annual cybersecurity training for all personnel with network access, and additional education for personnel with access to industrial control systems and/or customer information systems; and conduct phishing exercises with progressive consequences for failures. Employees also receive periodic cybersecurity awareness messages and each year, in recognition of Cybersecurity Awareness Month, are invited to presentations throughout October from internal and external cyber experts covering diverse cyber topics. These efforts better enable all employees to identify potential cybersecurity risks and escalate them appropriately.
•
Incident Response Plans—We maintain and periodically update a cyber incident response plan that addresses the life cycle of a cybersecurity incident from a technical perspective (i.e., detection, response, and recovery), and a data breach response plan (with a focus on external communication/disclosure and legal compliance); and conduct regular tabletop exercises to test plan effectiveness (both internally and through external exercises).
•
Mobile Security—We maintain controls to prevent loss of data through mobile device channels.
•
Physical Security—We also maintain physical security measures to protect our OT systems, consistent with a defense in-depth and risk-tiered approach. Physical security measures may include access control systems, video surveillance, around-the-clock command center monitoring, and physical barriers (such as fencing, walls, and bollards). Additional features of PSEG’s physical security program include threat intelligence, insider threat mitigation, background checks, a threat level advisory system, a business interruption management model, and active coordination with federal, state, and local law enforcement officials. See Item 1. Business. Regulatory Issues—Federal Regulation for a discussion of Critical Infrastructure Protection standards that the NERC promulgated that mitigate risk associated with both cybersecurity and physical security of PSEG’s critical facilities.

These processes are integral to our overall risk management system/processes and inform the identification and assessment of risks and mitigations through our Enterprise Risk Management (ERM) program. The ERM team, led by the SVP, Audit, Enterprise, Risk and Compliance (AERC) considers cybersecurity risks alongside other PSEG risks, and facilitates discussion

with PSEG subject matter experts to identify cybersecurity risks, evaluate their potential severity and likelihood, identify mitigations, including those identified above, and assess the impact of those mitigations on residual risk. In addition, PSEG maintains a Risk Management Committee (RMC), responsible for assessing exposure to and determining PSEG's overall risk management strategy, including with respect to cybersecurity. The RMC, supported by the ERM function, is chaired by the SVP, AERC and consists of members of senior management including the CIDO and six of the CEO’s other direct reports. In discharging its responsibilities related to cybersecurity threats, the RMC has received presentations from the CISO. To date, there has been no material impact or reasonably likely material impact on our business strategy, results of operations or financial condition from cybersecurity attacks or incidents, including as a result of prior cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

These processes are integral to our overall risk management system/processes and inform the identification and assessment of risks and mitigations through our Enterprise Risk Management (ERM) program. The ERM team, led by the SVP, Audit, Enterprise, Risk and Compliance (AERC) considers cybersecurity risks alongside other PSEG risks, and facilitates discussion

with PSEG subject matter experts to identify cybersecurity risks, evaluate their potential severity and likelihood, identify mitigations, including those identified above, and assess the impact of those mitigations on residual risk
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] there has been no material impact or reasonably likely material impact on our business strategy, results of operations or financial condition from cybersecurity attacks or incidents, including as a result of prior cybersecurity incidents
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

–
PSEG Board of Directors (Board) Oversight of Risks from Cybersecurity Threats:
•
PSEG Board—The PSEG Board has ultimate responsibility for the oversight of risk management at PSEG, overseeing PSEG’s risk management program and reviewing the most significant risks facing PSEG, including cybersecurity risks. The Governance, Nominating and Sustainability Committee of the PSEG Board reviews key enterprise risks, including cybersecurity risks, and recommends to the Board the mapping of each risk to an appropriate committee or the full Board, in accordance with the allocation of risk categories reflected in the charter of each committee. Through this process, cybersecurity risk is mapped primarily to the Board’s Industrial Operations Committee (IOC), and also the Audit Committee. In providing oversight of risks from cybersecurity threats, the Board is informed of cybersecurity incidents as appropriate, by way of updates from Senior Management, pursuant to PSEG’s Cybersecurity Event Escalation and Incident Response Practice, as administered by the CISO.
•
IOC—At the PSEG Board level, the IOC holds the primary responsibility, as enumerated in its charter, of overseeing PSEG’s cybersecurity program and assessing overall compliance through active, independent and critical oversight. The IOC is informed about cybersecurity risks by the CIDO and/or the CISO, during the IOC’s four regularly scheduled meetings per year, which each include cybersecurity as a standing agenda item. Cybersecurity updates to the IOC include discussions on OT and IT cyber risks, cybersecurity updates from the CISO and/or CIDO, and reviews of a corporate cybersecurity scorecard and other performance indicators. The CIDO and CISO regularly attend IOC meetings. In addition, the IOC meets with the CISO in executive session with no other members of management present. To ensure the full Board is kept informed about the cybersecurity risks discussed at the IOC meetings, the cybersecurity materials provided to the IOC are available for full viewing by all members of the Board, members of the Board who are not IOC members have a courtesy invitation to each IOC meeting, and the Chair of the IOC provides a summary of IOC meetings to the full Board, typically the day after the meeting takes place.
•
Audit Committee—The Audit Committee has the charter responsibility of overseeing cybersecurity risks related to financial reporting and internal controls. The Audit Committee receives a cybersecurity update twice a year from the CISO, either with the full Board or the IOC in attendance. Audit Committee members have a courtesy invitation to all IOC meetings, have full access to IOC meeting materials, and receive the summary of IOC meetings from the IOC Chair as noted above.
•
Governance, Nominating and Sustainability Committee and Audit Committee—These committees are briefed at least annually on enterprise-level risks and emerging risks, including those related to cybersecurity, and receive regular updates on PSEG RMC activities, including those related to cybersecurity.
•
Board of Directors, IOC, and Audit Committee—In providing oversight of risks from cybersecurity threats, the Board, IOC, and Audit Committee are informed of cybersecurity risks through frequent reports on such topics as personnel and resources to monitor and address cybersecurity threats, technological advances in cybersecurity protection, rapidly evolving cybersecurity threats that may affect us and our industry, cybersecurity incident response and applicable cybersecurity laws, regulations and standards, as well as collaboration mechanisms with intelligence and enforcement agencies and industry groups to assure timely threat awareness and response coordination. In addition, risks associated with cybersecurity incidents, or potential incidents, are escalated by senior management promptly to the Board outside of regularly scheduled meetings, if appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] PSEG Board—The PSEG Board has ultimate responsibility for the oversight of risk management at PSEG, overseeing PSEG’s risk management program and reviewing the most significant risks facing PSEG, including cybersecurity risks. IOC—At the PSEG Board level, the IOC holds the primary responsibility, as enumerated in its charter, of overseeing PSEG’s cybersecurity program and assessing overall compliance through active, independent and critical oversight.Audit Committee—The Audit Committee has the charter responsibility of overseeing cybersecurity risks related to financial reporting and internal controls.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Board of Directors, IOC, and Audit Committee—In providing oversight of risks from cybersecurity threats, the Board, IOC, and Audit Committee are informed of cybersecurity risks through frequent reports on such topics as personnel and resources to monitor and address cybersecurity threats, technological advances in cybersecurity protection, rapidly evolving cybersecurity threats that may affect us and our industry, cybersecurity incident response and applicable cybersecurity laws, regulations and standards, as well as collaboration mechanisms with intelligence and enforcement agencies and industry groups to assure timely threat awareness and response coordination
Cybersecurity Risk Role of Management [Text Block]
–
Management’s Role in Assessing and Managing Material Cybersecurity Risks:

The assessment and management of material risks from cyber threats is managed by the CIDO, CISO and Cybersecurity Council, as further described below.

•
CIDO—The CIDO has had the overall responsibility for PSEG’s cybersecurity since September 2022, including the assessment and management of material risks to PSEG from cybersecurity threats. The CIDO has served in that position since August 2020 and is a direct report to the CEO. The CIDO has over 25 years of energy experience inclusive of leading technology compliance with cybersecurity regulations for nuclear, transmission, gas and corporate assets. Our CIDO’s experience includes leading the secure technology design, development, and deployment strategy for grid modernization efforts, including digital customer engagement platforms, advanced metering, enterprise asset management and distribution automation functionality.

As noted above, the CIDO provides cybersecurity updates to the Board or its Committees, regularly attends and provides updates with the CISO to the IOC, and has met with the IOC, without other members of management present, during the IOC executive sessions.

The CIDO remains informed about the monitoring, prevention, detection, mitigation, and remediation of cybersecurity incidents through the CISO and other members of the cybersecurity team, as appropriate, who are tasked with these responsibilities on a day-to-day basis.

•
CISO—The CISO has day-to-day responsibility for PSEG’s cybersecurity, including the assessment and management of material risks to PSEG from cybersecurity threats, and leads the cybersecurity team. The CISO served in this role since July 2024. Our CISO has over 20 years of experience in cybersecurity and served as a VP, CISO in the manufacturing/chemicals sector prior to joining PSEG. Our CISO also started her career at the Department of Defense and led cyber teams in the financial and retail sectors. Our CISO holds an MBA in strategy, an MSE in Computer Science, a BS in Computer Science, and multiple cybersecurity certifications, including Certified Information Systems Security Professional.

As noted above, the CISO provides cybersecurity updates during the four regularly scheduled IOC meetings and regularly meets with the IOC, without other members of management present, during executive sessions. The CISO remains informed about the monitoring, prevention, detection, mitigation, and remediation of cybersecurity incidents through the members of the CISO’s cybersecurity team, who are tasked with these responsibilities on a day-to-day basis.

•
Cybersecurity Council—The Cybersecurity Council, chaired by the CISO, ensures that senior management, and ultimately, the Board, are given the information required to exercise proper oversight over cybersecurity risks and that escalation procedures are followed. The Cybersecurity Council meets at least six times annually to receive reports on the state of PSEG’s cybersecurity program, provide guidance on the strategic direction of the program, discuss emerging cybersecurity issues, and review the cybersecurity scorecard to measure performance of key risk indicators. The Cybersecurity Council receives presentations from the CISO, members of the Cybersecurity team, other IT domain experts, cybersecurity managing counsel and external cybersecurity experts, and participates in tabletop exercises led by external consultants. In addition to the CISO, the Cybersecurity Council members include the: (i) CIDO; (ii) EVP and General Counsel; (iii) EVP and CFO; (iv) President and COO of PSE&G; (v) President of PSEG Nuclear and Chief Nuclear Officer; (vi) SVP – Corporate Citizenship; (vii) SVP – Chief Human Resources and Diversity Officer; (viii) VP of Corporate Security and Properties; (ix) SVP – AERC; (x) Project Executive Advisor; and (xi) Vice President and Controller. PSEG’s Corporate Secretary and Managing Counsel – Cybersecurity serves as counsel to the Cybersecurity Council. In providing oversight of risks from cybersecurity threats, Senior Management is informed of cybersecurity risks through updates shared during Cybersecurity Council meetings and through notifications or updates by the CISO, pursuant to PSEG’s Cybersecurity Event Escalation and Incident Response Practice.

For a discussion of regulatory requirements relating to cybersecurity matters, see Item 1. Business—Regulatory Issues.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] CIDO—The CIDO has had the overall responsibility for PSEG’s cybersecurity since September 2022, including the assessment and management of material risks to PSEG from cybersecurity threats. CISO—The CISO has day-to-day responsibility for PSEG’s cybersecurity, including the assessment and management of material risks to PSEG from cybersecurity threats, and leads the cybersecurity team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIDO has over 25 years of energy experience inclusive of leading technology compliance with cybersecurity regulations for nuclear, transmission, gas and corporate assets. Our CIDO’s experience includes leading the secure technology design, development, and deployment strategy for grid modernization efforts, including digital customer engagement platforms, advanced metering, enterprise asset management and distribution automation functionalityOur CISO has over 20 years of experience in cybersecurity and served as a VP, CISO in the manufacturing/chemicals sector prior to joining PSEG. Our CISO also started her career at the Department of Defense and led cyber teams in the financial and retail sectors. Our CISO holds an MBA in strategy, an MSE in Computer Science, a BS in Computer Science, and multiple cybersecurity certifications, including Certified Information Systems Security Professional
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The CIDO remains informed about the monitoring, prevention, detection, mitigation, and remediation of cybersecurity incidents through the CISO and other members of the cybersecurity team, as appropriate, who are tasked with these responsibilities on a day-to-day basis.

The CISO remains informed about the monitoring, prevention, detection, mitigation, and remediation of cybersecurity incidents through the members of the CISO’s cybersecurity team, who are tasked with these responsibilities on a day-to-day basis.In providing oversight of risks from cybersecurity threats, Senior Management is informed of cybersecurity risks through updates shared during Cybersecurity Council meetings and through notifications or updates by the CISO, pursuant to PSEG’s Cybersecurity Event Escalation and Incident Response Practice
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 1,772 $ 2,563 $ 1,031
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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 December 31, 2024, none of PSEG’s directors or officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.0.1
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Basis of Presentation and Summary of Significant Accounting Policies

Note 1. Organization, Basis of Presentation and Summary of 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 consists of the operations of merchant nuclear generating assets and fuel supply functions engaged in 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 Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). 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

Principles of Consolidation

Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 4. Variable Interest Entity. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. All significant intercompany accounts and transactions are eliminated in consolidation.

PSE&G and PSEG Power also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. PSE&G and PSEG Power consolidate their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories.

Accounting for the Effects of Regulation

In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records the recognition of obligations (a Regulatory

Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities becomes no longer probable as a result of changes in regulation, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s T&D businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities.

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023. Restricted cash consists primarily of deposits received related to a construction project at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

79

 

 

$

46

 

 

$

125

 

 

 

Restricted Cash in Other Current Assets

 

 

8

 

 

 

—

 

 

 

8

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

108

 

 

$

46

 

 

$

154

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Derivative Instruments

Each company uses derivative instruments to manage risk pursuant to its business plans and prudent practices.

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed 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 and swaps to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. Changes in the fair market value of the derivative contracts are recorded in earnings. Cash flows related to derivative instruments are included as a component of operating, investing or financing cash flows in PSEG’s Consolidated Statements of Cash Flows, depending on the nature of hedges.

Determining whether a contract qualifies as a derivative requires that management exercise significant judgment, including assessing the contract’s market liquidity. PSEG has determined that contracts to purchase and sell certain products do not meet the definition of a derivative under the current authoritative guidance since they do not provide for net settlement, or the markets are not sufficiently liquid to conclude that physical forward contracts are readily convertible to cash.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, except for derivatives that may be designated as normal purchases and normal sales (NPNS). Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Certain offsetting derivative assets and liabilities 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, these positions are offset on the Consolidated Balance Sheets of PSEG.

For cash flow hedges, the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction.

For derivative contracts that do not qualify or are not designated as cash flow or fair value hedges or as NPNS, changes in fair value are recorded in current period earnings. PSEG does not currently elect hedge accounting on its commodity derivative positions.

For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities.

Revenue Recognition

PSE&G’s regulated electric and gas revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read and billed to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms.

Regulated revenues from the transmission of electricity are recognized as services are provided based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of estimated revenue requirement with rates effective January 1 of each year. After completion of the annual period ending December 31, PSE&G files a true-up whereby it compares its actual revenue requirement to the original estimate to determine any over or under collection of revenue. PSE&G records the estimated financial statement impact of the difference between the actual and the filed revenue requirement as a refund or deferral for future recovery when such amounts are probable and can be reasonably estimated in accordance with accounting guidance for rate-regulated entities.

PSEG Power currently owns generation within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG generally reports electricity sales and purchases conducted with the PJM Independent System Operator (ISO) at PSEG Power on a net hourly basis in either Revenues or Energy Costs in its Consolidated Statement of Operations, the classification of which depends on the net hourly activity. Capacity revenue and expense are also reported net based on PSEG Power’s monthly net sale or purchase position in PJM. PSEG Power also has revenues that relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. PSEG Power’s revenue also includes changes in the value of energy derivative contracts. See Note 16. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 4. Variable Interest Entity for further information.

For additional information regarding Revenues, see Note 2. Revenues.

Depreciation and Amortization

PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or FERC. The average depreciation rate stated as a percentage of original cost of depreciable property was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Electric Transmission

 

 

2.09

%

 

 

2.09

%

 

 

2.18

%

 

 

Electric Distribution

 

 

2.51

%

 

 

2.54

%

 

 

2.56

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 60 years to 80 years.

Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC)

AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at PSEG’s other subsidiaries. The amount of AFUDC or IDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate AFUDC or IDC for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

$

84

 

 

 

7.39

%

 

 

Other

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

$

4

 

 

 

2.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. Allocations between PSEG and its subsidiaries are recorded through intercompany accounts. Investment tax credits (ITC) deferred in prior years are being amortized over the useful lives of the related property.

Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold.

In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s qualified nuclear generation facilities within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes. See Note 20. Income Taxes for further discussion.

Impairment of Long-Lived Assets

Management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate, counterparty credit worthiness or market conditions, including prolonged periods of adverse commodity and capacity prices or a current expectation that a long-lived asset will be sold or disposed of significantly before the end of its previously estimated useful life, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset’s or asset group’s carrying amount exceeds the associated undiscounted estimated future cash flows, the asset/asset group is considered impaired to the extent that its fair value is less than its carrying amount. An impairment would result in a reduction of the value of the long-lived asset/asset group through a non-cash charge to earnings.

For PSEG, cash flows for long-lived assets and asset groups are determined at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The cash flows from the nuclear generation units are evaluated at the portfolio level. See Note 3. Asset Dispositions and Impairments for more information on impairment assessments performed on PSEG’s long-lived assets.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, are primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in 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 coronavirus pandemic on the outstanding balances as of

December 31, 2024. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism and incremental gas bad debt has been deferred for future recovery through the coronavirus (COVID-19) Regulatory Asset. See Note 2. Revenues and Note 6. Regulatory Assets and Liabilities.

Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received.

Materials and Supplies and Fuel

PSEG and PSE&G’s materials and supplies are carried at average cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at PSEG is valued at the lower of average cost or market and primarily includes stored natural gas used to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the units-of-production method.

Property, Plant and Equipment

PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation.

PSEG capitalizes costs related to its generating assets, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG also capitalizes spare parts for its generating assets that meet specific criteria. Capitalized spare parts are depreciated over the remaining lives of their associated assets.

Leases

PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property.

Lessee—Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Consolidated Balance Sheets of PSEG and PSE&G. PSEG and its subsidiaries do not recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less.

PSEG and its subsidiaries recognize the lease payments on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred.

As lessee, most of the operating leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s incremental borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and PSEG Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these

companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company.

Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised.

PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component.

Lessor—Property subject to operating leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues.

PSEG and its subsidiaries have lease agreements with lease and non-lease components, which are primarily related to domestic energy generation and real estate assets. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. See Note 7. Leases for detailed information on leases.

Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Long-Term Investments and Note 9. Financing Receivables.

Trust Investments

These securities comprise the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of PSEG’s nuclear facilities and amounts that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans.

Unrealized gains and losses on equity security investments are recorded in Net Income. The debt securities are classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 10. Trust Investments for further discussion.

Pension and Other Postretirement Benefits (OPEB) Plans

The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement date (December 31) as well as investments in unlisted real estate which are valued via third-party appraisals.

PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset. Pursuant to the OSA, Servco records expense for contributions to its pension plan trusts and for OPEB payments made to retirees.

See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Standards

Improvements to Reportable Segment Disclosures—Accounting Standards Update (ASU) 2023-07

This ASU requires disclosure of incremental segment information, including additional detail on certain significant segment expenses, on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. PSEG and PSE&G adopted this standard on December 31, 2024. The adoption of this standard did not have a material impact on the financial statements of PSEG and PSE&G.

Improvements to Income Tax Disclosures—ASU 2023-09

This ASU makes amendments to the current reconciliation disclosure to improve transparency by requiring consistent categories and greater jurisdictional disaggregation. The ASU also provides for the inclusion of an income taxes paid disclosure by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.

 

Disaggregation of Income Statement Expenses and Effective Date Clarification—ASU 2024-03

 

This ASU requires additional annual and interim disclosure about certain expenses in the notes to financial statements that provide disaggregated information (within a new tabular disclosure, the amounts of specified natural expenses included in each relevant expense caption: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) amortization, and (e) depletion) about an entity’s expense captions that are presented on the face of the income statement within continuing operations.

The ASU also requires certain expense related disclosures within the new tabular disclosure and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.
Public Service Electric and Gas Company [Member]  
Organization, Basis of Presentation and Summary of Significant Accounting Policies

Note 1. Organization, Basis of Presentation and Summary of 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 consists of the operations of merchant nuclear generating assets and fuel supply functions engaged in 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 Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). 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

Principles of Consolidation

Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 4. Variable Interest Entity. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. All significant intercompany accounts and transactions are eliminated in consolidation.

PSE&G and PSEG Power also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. PSE&G and PSEG Power consolidate their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories.

Accounting for the Effects of Regulation

In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records the recognition of obligations (a Regulatory

Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities becomes no longer probable as a result of changes in regulation, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s T&D businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities.

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023. Restricted cash consists primarily of deposits received related to a construction project at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

79

 

 

$

46

 

 

$

125

 

 

 

Restricted Cash in Other Current Assets

 

 

8

 

 

 

—

 

 

 

8

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

108

 

 

$

46

 

 

$

154

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Derivative Instruments

Each company uses derivative instruments to manage risk pursuant to its business plans and prudent practices.

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed 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 and swaps to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. Changes in the fair market value of the derivative contracts are recorded in earnings. Cash flows related to derivative instruments are included as a component of operating, investing or financing cash flows in PSEG’s Consolidated Statements of Cash Flows, depending on the nature of hedges.

Determining whether a contract qualifies as a derivative requires that management exercise significant judgment, including assessing the contract’s market liquidity. PSEG has determined that contracts to purchase and sell certain products do not meet the definition of a derivative under the current authoritative guidance since they do not provide for net settlement, or the markets are not sufficiently liquid to conclude that physical forward contracts are readily convertible to cash.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, except for derivatives that may be designated as normal purchases and normal sales (NPNS). Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Certain offsetting derivative assets and liabilities 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, these positions are offset on the Consolidated Balance Sheets of PSEG.

For cash flow hedges, the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction.

For derivative contracts that do not qualify or are not designated as cash flow or fair value hedges or as NPNS, changes in fair value are recorded in current period earnings. PSEG does not currently elect hedge accounting on its commodity derivative positions.

For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities.

Revenue Recognition

PSE&G’s regulated electric and gas revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read and billed to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms.

Regulated revenues from the transmission of electricity are recognized as services are provided based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of estimated revenue requirement with rates effective January 1 of each year. After completion of the annual period ending December 31, PSE&G files a true-up whereby it compares its actual revenue requirement to the original estimate to determine any over or under collection of revenue. PSE&G records the estimated financial statement impact of the difference between the actual and the filed revenue requirement as a refund or deferral for future recovery when such amounts are probable and can be reasonably estimated in accordance with accounting guidance for rate-regulated entities.

PSEG Power currently owns generation within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG generally reports electricity sales and purchases conducted with the PJM Independent System Operator (ISO) at PSEG Power on a net hourly basis in either Revenues or Energy Costs in its Consolidated Statement of Operations, the classification of which depends on the net hourly activity. Capacity revenue and expense are also reported net based on PSEG Power’s monthly net sale or purchase position in PJM. PSEG Power also has revenues that relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. PSEG Power’s revenue also includes changes in the value of energy derivative contracts. See Note 16. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 4. Variable Interest Entity for further information.

For additional information regarding Revenues, see Note 2. Revenues.

Depreciation and Amortization

PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or FERC. The average depreciation rate stated as a percentage of original cost of depreciable property was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Electric Transmission

 

 

2.09

%

 

 

2.09

%

 

 

2.18

%

 

 

Electric Distribution

 

 

2.51

%

 

 

2.54

%

 

 

2.56

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 60 years to 80 years.

Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC)

AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at PSEG’s other subsidiaries. The amount of AFUDC or IDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate AFUDC or IDC for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

$

84

 

 

 

7.39

%

 

 

Other

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

$

4

 

 

 

2.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes

PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. Allocations between PSEG and its subsidiaries are recorded through intercompany accounts. Investment tax credits (ITC) deferred in prior years are being amortized over the useful lives of the related property.

Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold.

In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s qualified nuclear generation facilities within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes. See Note 20. Income Taxes for further discussion.

Impairment of Long-Lived Assets

Management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate, counterparty credit worthiness or market conditions, including prolonged periods of adverse commodity and capacity prices or a current expectation that a long-lived asset will be sold or disposed of significantly before the end of its previously estimated useful life, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset’s or asset group’s carrying amount exceeds the associated undiscounted estimated future cash flows, the asset/asset group is considered impaired to the extent that its fair value is less than its carrying amount. An impairment would result in a reduction of the value of the long-lived asset/asset group through a non-cash charge to earnings.

For PSEG, cash flows for long-lived assets and asset groups are determined at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The cash flows from the nuclear generation units are evaluated at the portfolio level. See Note 3. Asset Dispositions and Impairments for more information on impairment assessments performed on PSEG’s long-lived assets.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, are primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in 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 coronavirus pandemic on the outstanding balances as of

December 31, 2024. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism and incremental gas bad debt has been deferred for future recovery through the coronavirus (COVID-19) Regulatory Asset. See Note 2. Revenues and Note 6. Regulatory Assets and Liabilities.

Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received.

Materials and Supplies and Fuel

PSEG and PSE&G’s materials and supplies are carried at average cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at PSEG is valued at the lower of average cost or market and primarily includes stored natural gas used to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the units-of-production method.

Property, Plant and Equipment

PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation.

PSEG capitalizes costs related to its generating assets, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG also capitalizes spare parts for its generating assets that meet specific criteria. Capitalized spare parts are depreciated over the remaining lives of their associated assets.

Leases

PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property.

Lessee—Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Consolidated Balance Sheets of PSEG and PSE&G. PSEG and its subsidiaries do not recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less.

PSEG and its subsidiaries recognize the lease payments on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred.

As lessee, most of the operating leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s incremental borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and PSEG Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these

companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company.

Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised.

PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component.

Lessor—Property subject to operating leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues.

PSEG and its subsidiaries have lease agreements with lease and non-lease components, which are primarily related to domestic energy generation and real estate assets. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. See Note 7. Leases for detailed information on leases.

Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Long-Term Investments and Note 9. Financing Receivables.

Trust Investments

These securities comprise the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of PSEG’s nuclear facilities and amounts that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans.

Unrealized gains and losses on equity security investments are recorded in Net Income. The debt securities are classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 10. Trust Investments for further discussion.

Pension and Other Postretirement Benefits (OPEB) Plans

The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement date (December 31) as well as investments in unlisted real estate which are valued via third-party appraisals.

PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset. Pursuant to the OSA, Servco records expense for contributions to its pension plan trusts and for OPEB payments made to retirees.

See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Standards

Improvements to Reportable Segment Disclosures—Accounting Standards Update (ASU) 2023-07

This ASU requires disclosure of incremental segment information, including additional detail on certain significant segment expenses, on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. PSEG and PSE&G adopted this standard on December 31, 2024. The adoption of this standard did not have a material impact on the financial statements of PSEG and PSE&G.

Improvements to Income Tax Disclosures—ASU 2023-09

This ASU makes amendments to the current reconciliation disclosure to improve transparency by requiring consistent categories and greater jurisdictional disaggregation. The ASU also provides for the inclusion of an income taxes paid disclosure by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.

 

Disaggregation of Income Statement Expenses and Effective Date Clarification—ASU 2024-03

 

This ASU requires additional annual and interim disclosure about certain expenses in the notes to financial statements that provide disaggregated information (within a new tabular disclosure, the amounts of specified natural expenses included in each relevant expense caption: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) amortization, and (e) depletion) about an entity’s expense captions that are presented on the face of the income statement within continuing operations.

The ASU also requires certain expense related disclosures within the new tabular disclosure and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenues

Note 2. 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 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 considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 20. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs.

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. This agreement expires in December 2025.

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 16. 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

 

 

 

 Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,977

 

 

$

—

 

 

$

—

 

 

$

3,977

 

 

 

Gas Distribution

 

 

2,059

 

 

 

—

 

 

 

—

 

 

 

2,059

 

 

 

Transmission

 

 

1,754

 

 

 

 

 

 

 

 

 

1,754

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

819

 

 

 

—

 

 

 

819

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

846

 

 

 

(846

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

692

 

 

 

(6

)

 

 

1,054

 

 

 

Total Revenues from Contracts with Customers

 

 

8,158

 

 

 

2,682

 

 

 

(966

)

 

 

9,874

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

291

 

 

 

125

 

 

 

—

 

 

 

416

 

 

 

Total Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,494

 

 

$

—

 

 

$

—

 

 

$

3,494

 

 

 

Gas Distribution

 

 

1,982

 

 

 

—

 

 

 

—

 

 

 

1,982

 

 

 

Transmission

 

 

1,673

 

 

 

—

 

 

 

—

 

 

 

1,673

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

892

 

 

 

—

 

 

 

892

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

13

 

 

 

—

 

 

 

13

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

984

 

 

 

(984

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

631

 

 

 

(5

)

 

 

994

 

 

 

Total Revenues from Contracts with Customers

 

 

7,517

 

 

 

2,840

 

 

 

(1,103

)

 

 

9,254

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

290

 

 

 

1,693

 

 

 

—

 

 

 

1,983

 

 

 

Total Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,503

 

 

$

—

 

 

$

—

 

 

$

3,503

 

 

 

Gas Distribution

 

 

2,357

 

 

 

—

 

 

 

(1

)

 

 

2,356

 

 

 

Transmission

 

 

1,589

 

 

 

—

 

 

 

—

 

 

 

1,589

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

2,152

 

 

 

—

 

 

 

2,152

 

 

 

Sales to Affiliates

 

 

—

 

 

 

151

 

 

 

(151

)

 

 

—

 

 

 

NYISO

 

 

—

 

 

 

88

 

 

 

—

 

 

 

88

 

 

 

ISO-NE

 

 

—

 

 

 

96

 

 

 

—

 

 

 

96

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

458

 

 

 

—

 

 

 

458

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,243

 

 

 

(1,243

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

390

 

 

 

605

 

 

 

(6

)

 

 

989

 

 

 

Total Revenues from Contracts with Customers

 

 

7,839

 

 

 

4,793

 

 

 

(1,401

)

 

 

11,231

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

96

 

 

 

(1,527

)

 

 

—

 

 

 

(1,431

)

 

 

Total Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024 and 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 13% and 18% of accounts receivable (including unbilled revenues) as of December 31, 2024 and 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. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of December 31, 2024, PSE&G had a deferred balance of $78 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 December 31, 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 6. Regulatory Assets and Liabilities for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

283

 

 

$

339

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

103

 

 

 

100

 

 

 

Write-offs, net of Recoveries of $31 million and $25 million for 2024 and 2023, respectively

 

 

(171

)

 

 

(156

)

 

 

Balance at End of Year

 

$

215

 

 

$

283

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2024 and 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 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 December 31, 2024 and 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 December 31, 2024 and 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. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 auction 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
MW-Day

 

 

MW
Cleared

 

 

 

June 2024 to May 2025

 

$

61

 

 

 

3,700

 

 

 

June 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 

 

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index (CPI).

Public Service Electric and Gas Company [Member]  
Revenues

Note 2. 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 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 considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 20. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs.

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. This agreement expires in December 2025.

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 16. 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

 

 

 

 Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,977

 

 

$

—

 

 

$

—

 

 

$

3,977

 

 

 

Gas Distribution

 

 

2,059

 

 

 

—

 

 

 

—

 

 

 

2,059

 

 

 

Transmission

 

 

1,754

 

 

 

 

 

 

 

 

 

1,754

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

819

 

 

 

—

 

 

 

819

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

846

 

 

 

(846

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

692

 

 

 

(6

)

 

 

1,054

 

 

 

Total Revenues from Contracts with Customers

 

 

8,158

 

 

 

2,682

 

 

 

(966

)

 

 

9,874

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

291

 

 

 

125

 

 

 

—

 

 

 

416

 

 

 

Total Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,494

 

 

$

—

 

 

$

—

 

 

$

3,494

 

 

 

Gas Distribution

 

 

1,982

 

 

 

—

 

 

 

—

 

 

 

1,982

 

 

 

Transmission

 

 

1,673

 

 

 

—

 

 

 

—

 

 

 

1,673

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

892

 

 

 

—

 

 

 

892

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

13

 

 

 

—

 

 

 

13

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

984

 

 

 

(984

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

631

 

 

 

(5

)

 

 

994

 

 

 

Total Revenues from Contracts with Customers

 

 

7,517

 

 

 

2,840

 

 

 

(1,103

)

 

 

9,254

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

290

 

 

 

1,693

 

 

 

—

 

 

 

1,983

 

 

 

Total Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,503

 

 

$

—

 

 

$

—

 

 

$

3,503

 

 

 

Gas Distribution

 

 

2,357

 

 

 

—

 

 

 

(1

)

 

 

2,356

 

 

 

Transmission

 

 

1,589

 

 

 

—

 

 

 

—

 

 

 

1,589

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

2,152

 

 

 

—

 

 

 

2,152

 

 

 

Sales to Affiliates

 

 

—

 

 

 

151

 

 

 

(151

)

 

 

—

 

 

 

NYISO

 

 

—

 

 

 

88

 

 

 

—

 

 

 

88

 

 

 

ISO-NE

 

 

—

 

 

 

96

 

 

 

—

 

 

 

96

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

458

 

 

 

—

 

 

 

458

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,243

 

 

 

(1,243

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

390

 

 

 

605

 

 

 

(6

)

 

 

989

 

 

 

Total Revenues from Contracts with Customers

 

 

7,839

 

 

 

4,793

 

 

 

(1,401

)

 

 

11,231

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

96

 

 

 

(1,527

)

 

 

—

 

 

 

(1,431

)

 

 

Total Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024 and 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 13% and 18% of accounts receivable (including unbilled revenues) as of December 31, 2024 and 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. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of December 31, 2024, PSE&G had a deferred balance of $78 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 December 31, 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 6. Regulatory Assets and Liabilities for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

283

 

 

$

339

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

103

 

 

 

100

 

 

 

Write-offs, net of Recoveries of $31 million and $25 million for 2024 and 2023, respectively

 

 

(171

)

 

 

(156

)

 

 

Balance at End of Year

 

$

215

 

 

$

283

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2024 and 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 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 December 31, 2024 and 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 December 31, 2024 and 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. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 auction 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
MW-Day

 

 

MW
Cleared

 

 

 

June 2024 to May 2025

 

$

61

 

 

 

3,700

 

 

 

June 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 

 

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index (CPI).

v3.25.0.1
Asset Dispositions and Impairments
 12 Months Ended
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]  
Asset Dispositions and Impairments

Note 3. Asset Dispositions and Impairments

In 2022, Energy Holdings recorded pre-tax impairments of $78 million related to one of its domestic energy generating facilities and its real estate assets. In March 2023, Energy Holdings completed the sale of its domestic energy generating facility and recorded an immaterial pre-tax gain. In December 2023, Energy Holdings completed the sale of its real estate assets and recorded an immaterial pre-tax gain.

In February 2022, PSEG completed the sale of PSEG Power’s fossil generating portfolio. As defined in the agreements, adjustments were required as a result of any purchase price or working capital adjustments, including an adjustment for positive or negative cash flow of the fossil generating assets based on actual performance starting after December 31, 2021 through the closing dates. As a result, in 2022 PSEG Power recorded an additional pre-tax impairment of approximately $50 million prior to completing the sale of this fossil generating portfolio in February 2022.

PSEG Power has retained ownership of certain liabilities excluded from the transactions primarily related to obligations under certain environmental regulations, including remediation obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA). The amounts for any such environmental remediation are not currently estimable, but will likely be material in the aggregate.
v3.25.0.1
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity [Line Items]  
Variable Interest Entities (VIEs)

Note 4. 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.

For transactions in which Servco acts as principal and controls the services provided to LIPA, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. In 2024, 2023 and 2022, Servco recorded $592 million, $533 million and $516 million, respectively, of O&M expense, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG’s Consolidated Statement of Operations.

v3.25.0.1
Property, Plant and Equipment and Jointly-Owned Facilities
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Line Items]  
Property Plant And Equipment And Jointly-Owned Facilities

Note 5. Property, Plant and Equipment and Jointly-Owned Facilities

Information related to Property, Plant and Equipment as of December 31, 2024 and 2023 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

17,874

 

 

$

17,379

 

 

 

Electric Distribution

 

 

12,520

 

 

 

11,554

 

 

 

Gas Distribution and Transmission

 

 

12,536

 

 

 

11,545

 

 

 

Construction Work in Progress

 

 

1,132

 

 

 

1,283

 

 

 

Other

 

 

2,136

 

 

 

1,992

 

 

 

Total PSE&G

 

$

46,198

 

 

$

43,753

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,649

 

 

$

3,496

 

 

 

Nuclear Fuel in Service

 

 

793

 

 

 

772

 

 

 

Construction Work in Progress

 

 

159

 

 

 

224

 

 

 

Other

 

 

408

 

 

 

358

 

 

 

Total PSEG Power & Other

 

$

5,009

 

 

$

4,850

 

 

 

Total

 

$

51,207

 

 

$

48,603

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G and PSEG Power have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities to which they are a party. All amounts reflect PSE&G’s or PSEG Power’s share of the jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as Operating Expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

164

 

 

$

72

 

 

$

164

 

 

$

69

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,420

 

 

$

564

 

 

$

1,451

 

 

$

534

 

 

 

Salem

 

 

57

%

 

$

1,539

 

 

$

601

 

 

$

1,461

 

 

$

534

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

180

 

 

$

84

 

 

$

178

 

 

$

77

 

 

 

Other

 

 

14

%

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power holds undivided ownership interests in the jointly-owned facilities above. PSEG Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. PSEG Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. PSEG Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures.

PSEG Power co-owns Salem and Peach Bottom with Constellation Energy Generation, LLC. PSEG Power is the operator of Salem and Constellation Energy Generation, LLC is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal PSEG Power governance process.
Public Service Electric and Gas Company [Member]  
Property, Plant and Equipment [Line Items]  
Property Plant And Equipment And Jointly-Owned Facilities

Note 5. Property, Plant and Equipment and Jointly-Owned Facilities

Information related to Property, Plant and Equipment as of December 31, 2024 and 2023 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

17,874

 

 

$

17,379

 

 

 

Electric Distribution

 

 

12,520

 

 

 

11,554

 

 

 

Gas Distribution and Transmission

 

 

12,536

 

 

 

11,545

 

 

 

Construction Work in Progress

 

 

1,132

 

 

 

1,283

 

 

 

Other

 

 

2,136

 

 

 

1,992

 

 

 

Total PSE&G

 

$

46,198

 

 

$

43,753

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,649

 

 

$

3,496

 

 

 

Nuclear Fuel in Service

 

 

793

 

 

 

772

 

 

 

Construction Work in Progress

 

 

159

 

 

 

224

 

 

 

Other

 

 

408

 

 

 

358

 

 

 

Total PSEG Power & Other

 

$

5,009

 

 

$

4,850

 

 

 

Total

 

$

51,207

 

 

$

48,603

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G and PSEG Power have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities to which they are a party. All amounts reflect PSE&G’s or PSEG Power’s share of the jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as Operating Expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

164

 

 

$

72

 

 

$

164

 

 

$

69

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,420

 

 

$

564

 

 

$

1,451

 

 

$

534

 

 

 

Salem

 

 

57

%

 

$

1,539

 

 

$

601

 

 

$

1,461

 

 

$

534

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

180

 

 

$

84

 

 

$

178

 

 

$

77

 

 

 

Other

 

 

14

%

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power holds undivided ownership interests in the jointly-owned facilities above. PSEG Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. PSEG Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. PSEG Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures.

PSEG Power co-owns Salem and Peach Bottom with Constellation Energy Generation, LLC. PSEG Power is the operator of Salem and Constellation Energy Generation, LLC is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal PSEG Power governance process.
v3.25.0.1
Regulatory Assets And Liabilities
 12 Months Ended
Dec. 31, 2024
Regulatory Assets And Liabilities [Line Items]  
Regulatory Assets and Liabilities

Note 6. Regulatory Assets and Liabilities

PSE&G prepares its financial statements in accordance with GAAP for regulated utilities as described in Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. PSE&G has deferred certain costs based on rate orders issued by the BPU or FERC or based on PSE&G’s experience with prior rate proceedings. Most of PSE&G’s Regulatory Assets and Liabilities as of December 31, 2024 are supported by written orders, either explicitly or implicitly through the BPU’s treatment of various cost items. These costs will be recovered and amortized over various future periods.

Regulatory Assets and other investments and costs incurred under our various infrastructure filings and clause mechanisms are subject to prudence reviews and can be disallowed in the future by regulatory authorities. To the extent that collection of any infrastructure or clause mechanism revenue, Regulatory Assets or payments of Regulatory Liabilities is no longer probable, the amounts would be charged or credited to income.

PSE&G had the following Regulatory Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,012

 

 

$

1,343

 

 

 

Pension and OPEB Costs

 

 

1,330

 

 

 

1,427

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,251

 

 

 

827

 

 

 

Conservation Incentive Program (CIP)

 

 

261

 

 

 

232

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

233

 

 

 

153

 

 

 

Asset Retirement Obligations (ARO)

 

 

221

 

 

 

210

 

 

 

Societal Benefits Clause (SBC)

 

 

211

 

 

 

155

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

210

 

 

 

199

 

 

 

Cost of Removal

 

 

195

 

 

 

172

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

COVID-19 Deferral

 

 

131

 

 

 

131

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

108

 

 

 

—

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

102

 

 

 

110

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

51

 

 

 

27

 

 

 

Deferred Storm Costs

 

 

—

 

 

 

109

 

 

 

Other

 

 

180

 

 

 

190

 

 

 

Total Regulatory Assets

 

 

6,641

 

 

 

5,430

 

 

 

Less: Current Regulatory Assets

 

 

516

 

 

 

273

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,125

 

 

$

5,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,619

 

 

$

2,245

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

145

 

 

 

97

 

 

 

Other

 

 

62

 

 

 

82

 

 

 

Total Regulatory Liabilities

 

 

2,826

 

 

 

2,424

 

 

 

Less: Current Regulatory Liabilities

 

 

555

 

 

 

349

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,271

 

 

$

2,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Regulatory Assets and Liabilities are excluded from PSE&G’s rate base unless otherwise noted. The Regulatory Assets and Liabilities in the table above are defined as follows:

•
ARO: These costs represent the differences between rate-regulated cost of removal accounting and asset retirement accounting under GAAP. These costs will be recovered in future rates as assets are retired.
•
BRC: Represents deferred costs, primarily comprised of storm costs incurred in the cleanup of major storms, approved for a five-year recovery pursuant to the 2024 Distribution Base Rate Case Settlement.
•
CEF-EC (AMI Meter Deployment): In October 2024, the BPU approved recovery of PSE&G’s CEF-EC capital and operating costs associated with its electric smart meter deployment program. Included in the approved recovery was the return on and of the capital investments in AMI meters and infrastructure, incremental operating costs of the program and stranded costs associated with the accelerated retirement of the non-AMI electric meters.
•
CIP: The CIP reduces the impact on electric and gas distribution revenues from changes in sales volumes and demand for most customers. The CIP provides for a true-up of current period revenue as compared to revenue established in PSE&G’s most recent distribution base rate proceeding. Recovery under the CIP is subject to certain limitations, including an actual versus allowed return on equity test and ceilings on customer rate increases.
•
CEF-EV (Electric Vehicles): In October 2024, the BPU approved recovery of PSE&G’s CEF-EV capital and operating costs associated with its electric vehicle program, which provides incentives to customers related to EV charger installations. Included in the approved recovery was the return on and of PSE&G’s capital investments and customer incentives, and recovery of incremental operating costs of the program, incurred through November 2024. The BPU also approved annual filings for recovery of future EV investments and costs associated with the program.
•
Cost of Removal: PSE&G accrues and collects in rates for the cost of removing, dismantling and disposing of its electric distribution, electric transmission and gas distribution upon retirement. The Regulatory Asset or Liability for non-legally required cost of removal represents the difference between amounts collected in rates and costs actually incurred.
•
COVID-19 Deferral: These amounts represent incremental costs related to COVID-19 as approved for recovery by the BPU over a five-year period starting June 1, 2025.
•
Deferred Income Tax Regulatory Assets: These amounts relate to deferred income taxes arising from utility operations that have not been included in customer rates relating to depreciation, ITCs and other flow-through items, including the accumulated deferred income taxes related to tax repair and mixed service cost deductions.

As part of PSE&G's 2018 distribution base rate case settlement with the BPU and the establishment of the TAC mechanism, PSE&G agreed to a ten-year flowback to customers of its accumulated deferred income taxes from previously realized tax repair deductions which resulted in the recognition of a $581 million Regulatory Asset and Regulatory Liability as of September 30, 2018. In addition, PSE&G agreed to the current flowback of tax benefits from ongoing tax repair deductions which results in the recording of a Regulatory Asset upon flowback each year.

As part of PSE&G’s 2024 base rate case settlement with the BPU, PSE&G agreed to an additional five-year flowback to customers of its accumulated deferred income taxes from previously realized mixed service cost deductions which resulted in the recognition of a $509 million Regulatory Asset and Regulatory Liability as of September 30, 2024. In addition, PSE&G agreed to the current flowback of tax benefits from ongoing mixed service cost deductions which results in the recording of a Regulatory Asset upon flowback each year.

For the years ended December 31, 2024, 2023 and 2022, PSE&G had provided $81 million, $80 million and $35 million, respectively, in current tax repair flowbacks to customers. The flowback of current mixed service costs commences in January 2025. The recovery and amortization of the tax repair and mixed service cost-related Deferred Income Tax Regulatory Assets is being recovered through the TAC regulatory mechanism, with the mixed service cost component commencing recovery in January 2025.

•
Deferred Income Tax Regulatory Liabilities: These liabilities primarily relate to amounts due to customers for excess deferred income taxes as a result of the reduction in the federal corporate income tax rate provided in the Tax Cuts and Jobs Act of 2017, and accumulated deferred income taxes from previously realized distribution-related tax repair and mixed service cost deductions. As part of its settlement with its regulators, PSE&G agreed to refund the excess deferred income taxes as follows:
•
Protected distribution-related excess deferred income taxes are being refunded to customers over the remaining useful lives of distribution property, plant and equipment through PSE&G’s TAC mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $840 million.
•
Previously realized distribution-related tax repair deductions are being refunded to customers over ten years through PSE&G’s TAC mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $310 million through 2028.
•
Previously realized distribution-related mixed service cost deductions are being refunded to customers over five years through PSE&G’s TAC mechanism. As of December 31, 2024, the balance to be flowed back to customers was approximately $509 million through 2029.
•
Protected transmission-related excess deferred income taxes are being refunded to customers over the remaining useful life of transmission property, plant and equipment through PSE&G’s transmission formula rate mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $928 million.
•
Electric Energy Costs—BGS: These costs represent the over or under recovered amounts associated with BGS, as approved by the BPU. Pursuant to BPU requirements, PSE&G serves as the supplier of last resort for electric customers within its service territory that are not served by another supplier. Pricing for those services are set by the BPU as a pass-through, resulting in no margin for PSE&G’s operations. Over or under recovered balances with interest are returned or recovered through monthly filings.
•
Gas Costs—BGSS: These costs represent the over or under recovered amounts associated with BGSS, as approved by the BPU. Pursuant to BPU requirements, PSE&G serves as the supplier of last resort for gas customers within its service territory that are not served by another supplier. Pricing for those services are set by the BPU as a pass-through, resulting in no margin for PSE&G’s operations. Over or under collected balances are returned or recovered through an annual filing. Interest is accrued only on over recovered balances.
•
GPRC: PSE&G files an annual GPRC petition with the BPU for recovery of amounts associated with the BPU Board-approved energy efficiency (EE) and solar (renewable) energy (RE) programs that include a return on and of investments and capital assets, as well as recovery for deferred expenses and incremental costs. The GPRC investment program component is recovered over the lives of the underlying investments and capital assets which range from five to twenty years.

The approved GPRC components receiving recovery for the return on and of investments include: Carbon Abatement, Energy Efficiency Economic Stimulus Program (EEE), EEE Extension Program, EEE Extension II Program, Solar Generation Investment Program (Solar 4 All®), Solar 4 All® Extension, Solar 4 All® Extension II, Solar Loan II Program, Solar Loan III Program, EE 2017 Program, Clean Energy Future–Energy Efficiency (CEF-EE) and CEF-EE-II.

In addition, the GPRC components receiving cost recovery for deferred expenses include: the Transition Renewable Energy Certificate Program, Community Solar Energy Program and the Successor Solar Incentive Program.

The Regulatory Asset balances represent the deferred investment and related undercollected balances with a Regulatory Liability recorded for any overrecovered balance. Interest is accrued monthly on any over-or under- recovered balances. Amortization of deferred investment and expenses are recorded in O&M expense. The capital asset portion of GPRC investments primarily in company-owned solar facilities is included in Property, Plant and Equipment, with depreciation recorded in Depreciation and Amortization Expense.

•
MGP Remediation Costs: Represents the low end of the range for the remaining environmental investigation and remediation program cleanup costs for MGPs that are probable of recovery in future rates. Once these costs are incurred, they are recovered through the RAC in the SBC over a seven year period with interest.
•
New Jersey Clean Energy Program: The BPU approved future funding requirements for EE and RE Programs. The BPU funding requirements are recovered through the SBC.
•
Pension and OPEB Costs: PSE&G records the unrecognized costs for defined benefit pension and other OPEB plans on the balance sheet as Regulatory Assets pursuant to the adoption of accounting guidance for employers’ defined benefit pension and OPEB plans, and relevant BPU orders. These costs represent net actuarial gains or losses and prior service costs which have not been expensed. These costs are amortized and recovered in future rates.
•
RAC (Other SBC): Costs incurred to clean up MGPs which are recovered over seven years with interest through an annual filing.
•
SBC: The SBC, as authorized by the BPU and the New Jersey Electric Discount and Energy Competition Act, includes costs related to PSE&G’s electric and gas business as follows: (1) the Universal Service Fund; (2) EE & RE Programs; (3) Electric bad debt expense; and (4) the RAC for incurred MGP remediation expenditures. Over or under recovered balances with interest are to be returned or recovered through an annual filing.

Significant 2024 regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
Electric and Gas Distribution Base Rate Case Filings – In October 2024, the BPU issued an Order approving the settlement of PSE&G’s distribution base rate case with new rates effective October 15, 2024. The Order provides for a $17.8 billion rate base, a 9.6% return on equity for PSE&G’s distribution business and a 55% equity component of its capitalization structure. The settlement results in a net increase in annual revenues of approximately $505 million, comprised of a $711 million increase in base revenues, offset by the return of tax benefits of approximately $206 million.

The return of tax benefits includes the flowback to customers of excess accumulated deferred income taxes and the flowback of previously recovered deferred income taxes and current tax repair deductions under the Tax Adjustment Credit (TAC) mechanism approved by the BPU in PSE&G’s 2018 distribution base rate case. The settlement approves an additional flowback of previously recovered deferred income taxes and current mixed service cost deductions. As a result of the approval to flowback previously recovered deferred income taxes related to mixed service costs, PSE&G recognized a $509 million regulatory liability and a corresponding regulatory asset as of September 30, 2024.

The settlement also approved the recovery of regulatory assets primarily associated with deferred storm costs, PSE&G’s electric vehicle charging program (CEF-EV) and electric meter AMI deployment program (CEF-EC), including stranded costs associated with the early retirement of legacy meters.

In addition, the Order approved mechanisms associated with the recovery of future storm costs as well as the recovery of annual pension and OPEB expenses beginning January 1, 2025.

•
BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of approximately 40 cents per therm.

In September 2024, the BPU approved on a provisional basis, PSE&G's request to decrease its BGSS rate to approximately 33 cents per therm, with the new rate effective October 1, 2024.

•
CIP—In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

In September 2024, BPU approved on a provisional basis, PSE&G's annual gas CIP petition to recover estimated deficient gas revenues of approximately $107 million based on the 12-month period ended September 30, 2024 with new rates effective October 1, 2024.

In February 2025, the BPU gave final approval for PSE&G’s updated electric CIP petition to recover approximately $96 million of deficient electric revenues over two years that resulted from the 12-month period ended May 31, 2024, with new rates effective August 1, 2024.

In February 2025, PSE&G filed its 2025 annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $65 Million based on the 12-month period ending May 31, 2025, with new rates proposed to be effective June 1, 2025. 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. 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 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.
•
Gas System Modernization Program II Extension (GSMP II Ext) – In February 2025, PSE&G filed its initial GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $53 million effective August 1, 2025. This filing requests the return on and of investment for GSMP II Ext gas investments expected to be placed in service through April 30, 2025. This matter is pending.
•
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.

In October 2024, the BPU approved PSE&G’s CEF-EE II investment program as a new component of GPRC. The Order authorizes a total spend of approximately $2.9 billion for energy efficiency projects committed between January 1, 2025 through June 30, 2027, and completed over an expected six-year period. The Order approving CEF-EE II will result in an annual increase in gas revenues of approximately $3 million, effective January 1, 2025.

•
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.

In February 2025, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates an annual revenue increase of $6 million and $3 million, respectively, effective May 1, 2025. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2025. This matter is pending.

•
RAC— In January 2025, the BPU approved PSE&G’s RAC 30 petition approving recovery of approximately $56 million of net MGP expenditures incurred from August 1, 2021 through July 31, 2022, with new rates effective February 15, 2025.
•
SBC and Non-Utility Generation Charge (NGC) —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 the Energy Efficiency & Renewable Energy and Social Programs components of the SBC. As part of the
COVID-19 Order approved by the BPU in June 2024, PSE&G will commence recovery of $78 million electric bad debt expense deferred within the Social Programs component over a five-year period effective with the approval of PSE&G’s next SBC filing.

In December 2024, PSE&G filed a petition to decrease its annual electric SBC and NGC rates by approximately $3 million and increase its annual SBC gas rate by $38 million based on PSE&G’s actual collections and expenses through November 30, 2024, and its projected collections and expenses through May 31, 2026 under the NGC and the Energy Efficiency & Renewable Energy and Social Programs components of the SBC. This petition includes the commencement of recovery of the previously deferred electric bad debt expense over a five-year period via the Social Programs component of the SBC.

•
Tax Adjustment Credit (TAC)—As part of PSE&G’s distribution rate case settlement, PSE&G agreed to change the electric and gas TAC rates effectuating an annual revenue decrease of approximately $99 million and $107 million, respectively, effective October 15, 2024. The revenue decrease is primarily the result of higher TAC credits to customers due to the flow-back of additional tax benefits related to mixed service costs.

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.

In October 2024, in accordance with its transmission formula rate protocols, PSE&G submitted with FERC its formula rate annual update for 2025. This 2025 update sets forth PSE&G’s annual transmission revenue requirement for the period commencing January 1, 2025 through December 31, 2025, which will result in a $64 million increase in its annual transmission revenue, subject to true-up.

•
ZEC Program—In August 2024, the BPU approved the final ZEC price of $9.95 per MWh for the Energy Year ended May 31, 2024. As a result, PSE&G purchased approximately $166 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2024. As total customer collections equaled the required ZEC payments, there were no over-collected revenues from customers for the Energy Year ended May 31, 2024.
Public Service Electric and Gas Company  
Regulatory Assets And Liabilities [Line Items]  
Regulatory Assets and Liabilities

Note 6. Regulatory Assets and Liabilities

PSE&G prepares its financial statements in accordance with GAAP for regulated utilities as described in Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies. PSE&G has deferred certain costs based on rate orders issued by the BPU or FERC or based on PSE&G’s experience with prior rate proceedings. Most of PSE&G’s Regulatory Assets and Liabilities as of December 31, 2024 are supported by written orders, either explicitly or implicitly through the BPU’s treatment of various cost items. These costs will be recovered and amortized over various future periods.

Regulatory Assets and other investments and costs incurred under our various infrastructure filings and clause mechanisms are subject to prudence reviews and can be disallowed in the future by regulatory authorities. To the extent that collection of any infrastructure or clause mechanism revenue, Regulatory Assets or payments of Regulatory Liabilities is no longer probable, the amounts would be charged or credited to income.

PSE&G had the following Regulatory Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,012

 

 

$

1,343

 

 

 

Pension and OPEB Costs

 

 

1,330

 

 

 

1,427

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,251

 

 

 

827

 

 

 

Conservation Incentive Program (CIP)

 

 

261

 

 

 

232

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

233

 

 

 

153

 

 

 

Asset Retirement Obligations (ARO)

 

 

221

 

 

 

210

 

 

 

Societal Benefits Clause (SBC)

 

 

211

 

 

 

155

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

210

 

 

 

199

 

 

 

Cost of Removal

 

 

195

 

 

 

172

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

COVID-19 Deferral

 

 

131

 

 

 

131

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

108

 

 

 

—

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

102

 

 

 

110

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

51

 

 

 

27

 

 

 

Deferred Storm Costs

 

 

—

 

 

 

109

 

 

 

Other

 

 

180

 

 

 

190

 

 

 

Total Regulatory Assets

 

 

6,641

 

 

 

5,430

 

 

 

Less: Current Regulatory Assets

 

 

516

 

 

 

273

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,125

 

 

$

5,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,619

 

 

$

2,245

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

145

 

 

 

97

 

 

 

Other

 

 

62

 

 

 

82

 

 

 

Total Regulatory Liabilities

 

 

2,826

 

 

 

2,424

 

 

 

Less: Current Regulatory Liabilities

 

 

555

 

 

 

349

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,271

 

 

$

2,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Regulatory Assets and Liabilities are excluded from PSE&G’s rate base unless otherwise noted. The Regulatory Assets and Liabilities in the table above are defined as follows:

•
ARO: These costs represent the differences between rate-regulated cost of removal accounting and asset retirement accounting under GAAP. These costs will be recovered in future rates as assets are retired.
•
BRC: Represents deferred costs, primarily comprised of storm costs incurred in the cleanup of major storms, approved for a five-year recovery pursuant to the 2024 Distribution Base Rate Case Settlement.
•
CEF-EC (AMI Meter Deployment): In October 2024, the BPU approved recovery of PSE&G’s CEF-EC capital and operating costs associated with its electric smart meter deployment program. Included in the approved recovery was the return on and of the capital investments in AMI meters and infrastructure, incremental operating costs of the program and stranded costs associated with the accelerated retirement of the non-AMI electric meters.
•
CIP: The CIP reduces the impact on electric and gas distribution revenues from changes in sales volumes and demand for most customers. The CIP provides for a true-up of current period revenue as compared to revenue established in PSE&G’s most recent distribution base rate proceeding. Recovery under the CIP is subject to certain limitations, including an actual versus allowed return on equity test and ceilings on customer rate increases.
•
CEF-EV (Electric Vehicles): In October 2024, the BPU approved recovery of PSE&G’s CEF-EV capital and operating costs associated with its electric vehicle program, which provides incentives to customers related to EV charger installations. Included in the approved recovery was the return on and of PSE&G’s capital investments and customer incentives, and recovery of incremental operating costs of the program, incurred through November 2024. The BPU also approved annual filings for recovery of future EV investments and costs associated with the program.
•
Cost of Removal: PSE&G accrues and collects in rates for the cost of removing, dismantling and disposing of its electric distribution, electric transmission and gas distribution upon retirement. The Regulatory Asset or Liability for non-legally required cost of removal represents the difference between amounts collected in rates and costs actually incurred.
•
COVID-19 Deferral: These amounts represent incremental costs related to COVID-19 as approved for recovery by the BPU over a five-year period starting June 1, 2025.
•
Deferred Income Tax Regulatory Assets: These amounts relate to deferred income taxes arising from utility operations that have not been included in customer rates relating to depreciation, ITCs and other flow-through items, including the accumulated deferred income taxes related to tax repair and mixed service cost deductions.

As part of PSE&G's 2018 distribution base rate case settlement with the BPU and the establishment of the TAC mechanism, PSE&G agreed to a ten-year flowback to customers of its accumulated deferred income taxes from previously realized tax repair deductions which resulted in the recognition of a $581 million Regulatory Asset and Regulatory Liability as of September 30, 2018. In addition, PSE&G agreed to the current flowback of tax benefits from ongoing tax repair deductions which results in the recording of a Regulatory Asset upon flowback each year.

As part of PSE&G’s 2024 base rate case settlement with the BPU, PSE&G agreed to an additional five-year flowback to customers of its accumulated deferred income taxes from previously realized mixed service cost deductions which resulted in the recognition of a $509 million Regulatory Asset and Regulatory Liability as of September 30, 2024. In addition, PSE&G agreed to the current flowback of tax benefits from ongoing mixed service cost deductions which results in the recording of a Regulatory Asset upon flowback each year.

For the years ended December 31, 2024, 2023 and 2022, PSE&G had provided $81 million, $80 million and $35 million, respectively, in current tax repair flowbacks to customers. The flowback of current mixed service costs commences in January 2025. The recovery and amortization of the tax repair and mixed service cost-related Deferred Income Tax Regulatory Assets is being recovered through the TAC regulatory mechanism, with the mixed service cost component commencing recovery in January 2025.

•
Deferred Income Tax Regulatory Liabilities: These liabilities primarily relate to amounts due to customers for excess deferred income taxes as a result of the reduction in the federal corporate income tax rate provided in the Tax Cuts and Jobs Act of 2017, and accumulated deferred income taxes from previously realized distribution-related tax repair and mixed service cost deductions. As part of its settlement with its regulators, PSE&G agreed to refund the excess deferred income taxes as follows:
•
Protected distribution-related excess deferred income taxes are being refunded to customers over the remaining useful lives of distribution property, plant and equipment through PSE&G’s TAC mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $840 million.
•
Previously realized distribution-related tax repair deductions are being refunded to customers over ten years through PSE&G’s TAC mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $310 million through 2028.
•
Previously realized distribution-related mixed service cost deductions are being refunded to customers over five years through PSE&G’s TAC mechanism. As of December 31, 2024, the balance to be flowed back to customers was approximately $509 million through 2029.
•
Protected transmission-related excess deferred income taxes are being refunded to customers over the remaining useful life of transmission property, plant and equipment through PSE&G’s transmission formula rate mechanism. As of December 31, 2024, the balance remaining to be flowed back to customers was approximately $928 million.
•
Electric Energy Costs—BGS: These costs represent the over or under recovered amounts associated with BGS, as approved by the BPU. Pursuant to BPU requirements, PSE&G serves as the supplier of last resort for electric customers within its service territory that are not served by another supplier. Pricing for those services are set by the BPU as a pass-through, resulting in no margin for PSE&G’s operations. Over or under recovered balances with interest are returned or recovered through monthly filings.
•
Gas Costs—BGSS: These costs represent the over or under recovered amounts associated with BGSS, as approved by the BPU. Pursuant to BPU requirements, PSE&G serves as the supplier of last resort for gas customers within its service territory that are not served by another supplier. Pricing for those services are set by the BPU as a pass-through, resulting in no margin for PSE&G’s operations. Over or under collected balances are returned or recovered through an annual filing. Interest is accrued only on over recovered balances.
•
GPRC: PSE&G files an annual GPRC petition with the BPU for recovery of amounts associated with the BPU Board-approved energy efficiency (EE) and solar (renewable) energy (RE) programs that include a return on and of investments and capital assets, as well as recovery for deferred expenses and incremental costs. The GPRC investment program component is recovered over the lives of the underlying investments and capital assets which range from five to twenty years.

The approved GPRC components receiving recovery for the return on and of investments include: Carbon Abatement, Energy Efficiency Economic Stimulus Program (EEE), EEE Extension Program, EEE Extension II Program, Solar Generation Investment Program (Solar 4 All®), Solar 4 All® Extension, Solar 4 All® Extension II, Solar Loan II Program, Solar Loan III Program, EE 2017 Program, Clean Energy Future–Energy Efficiency (CEF-EE) and CEF-EE-II.

In addition, the GPRC components receiving cost recovery for deferred expenses include: the Transition Renewable Energy Certificate Program, Community Solar Energy Program and the Successor Solar Incentive Program.

The Regulatory Asset balances represent the deferred investment and related undercollected balances with a Regulatory Liability recorded for any overrecovered balance. Interest is accrued monthly on any over-or under- recovered balances. Amortization of deferred investment and expenses are recorded in O&M expense. The capital asset portion of GPRC investments primarily in company-owned solar facilities is included in Property, Plant and Equipment, with depreciation recorded in Depreciation and Amortization Expense.

•
MGP Remediation Costs: Represents the low end of the range for the remaining environmental investigation and remediation program cleanup costs for MGPs that are probable of recovery in future rates. Once these costs are incurred, they are recovered through the RAC in the SBC over a seven year period with interest.
•
New Jersey Clean Energy Program: The BPU approved future funding requirements for EE and RE Programs. The BPU funding requirements are recovered through the SBC.
•
Pension and OPEB Costs: PSE&G records the unrecognized costs for defined benefit pension and other OPEB plans on the balance sheet as Regulatory Assets pursuant to the adoption of accounting guidance for employers’ defined benefit pension and OPEB plans, and relevant BPU orders. These costs represent net actuarial gains or losses and prior service costs which have not been expensed. These costs are amortized and recovered in future rates.
•
RAC (Other SBC): Costs incurred to clean up MGPs which are recovered over seven years with interest through an annual filing.
•
SBC: The SBC, as authorized by the BPU and the New Jersey Electric Discount and Energy Competition Act, includes costs related to PSE&G’s electric and gas business as follows: (1) the Universal Service Fund; (2) EE & RE Programs; (3) Electric bad debt expense; and (4) the RAC for incurred MGP remediation expenditures. Over or under recovered balances with interest are to be returned or recovered through an annual filing.

Significant 2024 regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
Electric and Gas Distribution Base Rate Case Filings – In October 2024, the BPU issued an Order approving the settlement of PSE&G’s distribution base rate case with new rates effective October 15, 2024. The Order provides for a $17.8 billion rate base, a 9.6% return on equity for PSE&G’s distribution business and a 55% equity component of its capitalization structure. The settlement results in a net increase in annual revenues of approximately $505 million, comprised of a $711 million increase in base revenues, offset by the return of tax benefits of approximately $206 million.

The return of tax benefits includes the flowback to customers of excess accumulated deferred income taxes and the flowback of previously recovered deferred income taxes and current tax repair deductions under the Tax Adjustment Credit (TAC) mechanism approved by the BPU in PSE&G’s 2018 distribution base rate case. The settlement approves an additional flowback of previously recovered deferred income taxes and current mixed service cost deductions. As a result of the approval to flowback previously recovered deferred income taxes related to mixed service costs, PSE&G recognized a $509 million regulatory liability and a corresponding regulatory asset as of September 30, 2024.

The settlement also approved the recovery of regulatory assets primarily associated with deferred storm costs, PSE&G’s electric vehicle charging program (CEF-EV) and electric meter AMI deployment program (CEF-EC), including stranded costs associated with the early retirement of legacy meters.

In addition, the Order approved mechanisms associated with the recovery of future storm costs as well as the recovery of annual pension and OPEB expenses beginning January 1, 2025.

•
BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of approximately 40 cents per therm.

In September 2024, the BPU approved on a provisional basis, PSE&G's request to decrease its BGSS rate to approximately 33 cents per therm, with the new rate effective October 1, 2024.

•
CIP—In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

In September 2024, BPU approved on a provisional basis, PSE&G's annual gas CIP petition to recover estimated deficient gas revenues of approximately $107 million based on the 12-month period ended September 30, 2024 with new rates effective October 1, 2024.

In February 2025, the BPU gave final approval for PSE&G’s updated electric CIP petition to recover approximately $96 million of deficient electric revenues over two years that resulted from the 12-month period ended May 31, 2024, with new rates effective August 1, 2024.

In February 2025, PSE&G filed its 2025 annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $65 Million based on the 12-month period ending May 31, 2025, with new rates proposed to be effective June 1, 2025. 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. 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 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.
•
Gas System Modernization Program II Extension (GSMP II Ext) – In February 2025, PSE&G filed its initial GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $53 million effective August 1, 2025. This filing requests the return on and of investment for GSMP II Ext gas investments expected to be placed in service through April 30, 2025. This matter is pending.
•
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.

In October 2024, the BPU approved PSE&G’s CEF-EE II investment program as a new component of GPRC. The Order authorizes a total spend of approximately $2.9 billion for energy efficiency projects committed between January 1, 2025 through June 30, 2027, and completed over an expected six-year period. The Order approving CEF-EE II will result in an annual increase in gas revenues of approximately $3 million, effective January 1, 2025.

•
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.

In February 2025, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates an annual revenue increase of $6 million and $3 million, respectively, effective May 1, 2025. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2025. This matter is pending.

•
RAC— In January 2025, the BPU approved PSE&G’s RAC 30 petition approving recovery of approximately $56 million of net MGP expenditures incurred from August 1, 2021 through July 31, 2022, with new rates effective February 15, 2025.
•
SBC and Non-Utility Generation Charge (NGC) —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 the Energy Efficiency & Renewable Energy and Social Programs components of the SBC. As part of the
COVID-19 Order approved by the BPU in June 2024, PSE&G will commence recovery of $78 million electric bad debt expense deferred within the Social Programs component over a five-year period effective with the approval of PSE&G’s next SBC filing.

In December 2024, PSE&G filed a petition to decrease its annual electric SBC and NGC rates by approximately $3 million and increase its annual SBC gas rate by $38 million based on PSE&G’s actual collections and expenses through November 30, 2024, and its projected collections and expenses through May 31, 2026 under the NGC and the Energy Efficiency & Renewable Energy and Social Programs components of the SBC. This petition includes the commencement of recovery of the previously deferred electric bad debt expense over a five-year period via the Social Programs component of the SBC.

•
Tax Adjustment Credit (TAC)—As part of PSE&G’s distribution rate case settlement, PSE&G agreed to change the electric and gas TAC rates effectuating an annual revenue decrease of approximately $99 million and $107 million, respectively, effective October 15, 2024. The revenue decrease is primarily the result of higher TAC credits to customers due to the flow-back of additional tax benefits related to mixed service costs.

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.

In October 2024, in accordance with its transmission formula rate protocols, PSE&G submitted with FERC its formula rate annual update for 2025. This 2025 update sets forth PSE&G’s annual transmission revenue requirement for the period commencing January 1, 2025 through December 31, 2025, which will result in a $64 million increase in its annual transmission revenue, subject to true-up.

•
ZEC Program—In August 2024, the BPU approved the final ZEC price of $9.95 per MWh for the Energy Year ended May 31, 2024. As a result, PSE&G purchased approximately $166 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2024. As total customer collections equaled the required ZEC payments, there were no over-collected revenues from customers for the Energy Year ended May 31, 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases

Note 7. Leases

As of December 31, 2024, PSEG and its subsidiaries were both a lessee and a lessor in operating leases.

Lessee

PSE&G

PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2044, some of which include options to extend the leases for up to four 5-year terms or one 10-year term; and two include options to extend the leases for one 45-year and one 48-year term, respectively. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments.

PSEG Power & Other

PSEG Power has operating leases for buildings and equipment. These leases have remaining terms through 2028, one of which includes an option to extend the lease for up to one 5-year term. One lease has fixed rent payments that has escalations based on the CPI. Certain leases contain variable payments.

Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two 5-year terms.

Operating Lease Costs

The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2024, 2023 and 2022 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

43

 

 

$

15

 

 

$

58

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

3

 

 

 

24

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

66

 

 

$

29

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

20

 

 

$

17

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

9

 

 

 

6

 

 

 

7

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

34

 

 

$

19

 

 

$

53

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

6

 

 

 

27

 

 

 

Variable Lease Costs

 

 

2

 

 

 

13

 

 

 

15

 

 

 

Total Operating Lease Costs

 

$

57

 

 

$

38

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

17

 

 

$

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

10

 

 

 

7

 

 

 

8

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

31

 

 

$

25

 

 

$

56

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

5

 

 

 

26

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

54

 

 

$

41

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

25

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

11

 

 

 

7

 

 

 

9

 

 

 

Weighted Average Discount Rate

 

 

3.5

%

 

 

4.1

%

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities as of December 31, 2024 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

19

 

 

$

16

 

 

$

35

 

 

 

2026

 

 

16

 

 

 

16

 

 

 

32

 

 

 

2027

 

 

13

 

 

 

17

 

 

 

30

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

Thereafter

 

 

47

 

 

 

13

 

 

 

60

 

 

 

Total Minimum Lease Payments

 

$

116

 

 

$

94

 

 

$

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

116

 

 

$

94

 

 

$

210

 

 

 

Reconciling Amount due to Discount Rate

 

 

(18

)

 

 

(11

)

 

 

(29

)

 

 

Total Discounted Operating Lease Liabilities

 

$

98

 

 

$

83

 

 

$

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

125

 

 

$

111

 

 

$

236

 

 

 

Reconciling Amount due to Discount Rate

 

 

(21

)

 

 

(15

)

 

 

(36

)

 

 

Total Discounted Operating Lease Liabilities

 

$

104

 

 

$

96

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $29 million and $15 million for PSEG and PSE&G, respectively. As of December 31, 2023, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $27 million and $15 million for PSEG and PSE&G, respectively.

Lessor

PSEG Power & Other

Energy Holdings is the lessor in leveraged leases. See Note 8. Long-Term Investments and Note 9. 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 December 31, 2024, Energy Holdings’ property subject to this lease had a total carrying value of $9 million.

In 2022, Energy Holdings recorded pre-tax impairments of $78 million related to one of its domestic energy generating facilities and its real estate assets. In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain. In December 2023, Energy Holdings completed the sale of its real estate assets and recorded an immaterial pre-tax gain.

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.

The following is the operating lease income for the years ended December 31, 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases had the following minimum future fixed lease receipts as of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2025

 

$

14

 

 

 

2026

 

 

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

13

 

 

 

Thereafter

 

 

96

 

 

 

Total Minimum Future Lease Receipts

 

$

165

 

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Leases

Note 7. Leases

As of December 31, 2024, PSEG and its subsidiaries were both a lessee and a lessor in operating leases.

Lessee

PSE&G

PSE&G has operating leases for office space for customer service centers, rooftops and land for its Solar 4 All® facilities, equipment, vehicles and land for certain electric substations. These leases have remaining lease terms through 2044, some of which include options to extend the leases for up to four 5-year terms or one 10-year term; and two include options to extend the leases for one 45-year and one 48-year term, respectively. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments.

PSEG Power & Other

PSEG Power has operating leases for buildings and equipment. These leases have remaining terms through 2028, one of which includes an option to extend the lease for up to one 5-year term. One lease has fixed rent payments that has escalations based on the CPI. Certain leases contain variable payments.

Services has operating leases for real estate and office equipment. These leases have remaining terms through 2030. Services’ lease for its headquarters, which ends in 2030, includes options to extend for two 5-year terms.

Operating Lease Costs

The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2024, 2023 and 2022 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

43

 

 

$

15

 

 

$

58

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

3

 

 

 

24

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

66

 

 

$

29

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

20

 

 

$

17

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

9

 

 

 

6

 

 

 

7

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

34

 

 

$

19

 

 

$

53

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

6

 

 

 

27

 

 

 

Variable Lease Costs

 

 

2

 

 

 

13

 

 

 

15

 

 

 

Total Operating Lease Costs

 

$

57

 

 

$

38

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

17

 

 

$

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

10

 

 

 

7

 

 

 

8

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

31

 

 

$

25

 

 

$

56

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

5

 

 

 

26

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

54

 

 

$

41

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

25

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

11

 

 

 

7

 

 

 

9

 

 

 

Weighted Average Discount Rate

 

 

3.5

%

 

 

4.1

%

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities as of December 31, 2024 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

19

 

 

$

16

 

 

$

35

 

 

 

2026

 

 

16

 

 

 

16

 

 

 

32

 

 

 

2027

 

 

13

 

 

 

17

 

 

 

30

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

Thereafter

 

 

47

 

 

 

13

 

 

 

60

 

 

 

Total Minimum Lease Payments

 

$

116

 

 

$

94

 

 

$

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

116

 

 

$

94

 

 

$

210

 

 

 

Reconciling Amount due to Discount Rate

 

 

(18

)

 

 

(11

)

 

 

(29

)

 

 

Total Discounted Operating Lease Liabilities

 

$

98

 

 

$

83

 

 

$

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

125

 

 

$

111

 

 

$

236

 

 

 

Reconciling Amount due to Discount Rate

 

 

(21

)

 

 

(15

)

 

 

(36

)

 

 

Total Discounted Operating Lease Liabilities

 

$

104

 

 

$

96

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $29 million and $15 million for PSEG and PSE&G, respectively. As of December 31, 2023, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $27 million and $15 million for PSEG and PSE&G, respectively.

Lessor

PSEG Power & Other

Energy Holdings is the lessor in leveraged leases. See Note 8. Long-Term Investments and Note 9. 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 December 31, 2024, Energy Holdings’ property subject to this lease had a total carrying value of $9 million.

In 2022, Energy Holdings recorded pre-tax impairments of $78 million related to one of its domestic energy generating facilities and its real estate assets. In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain. In December 2023, Energy Holdings completed the sale of its real estate assets and recorded an immaterial pre-tax gain.

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.

The following is the operating lease income for the years ended December 31, 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases had the following minimum future fixed lease receipts as of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2025

 

$

14

 

 

 

2026

 

 

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

13

 

 

 

Thereafter

 

 

96

 

 

 

Total Minimum Future Lease Receipts

 

$

165

 

 

 

 

 

 

 

 

 
v3.25.0.1
Long-Term Investments
 12 Months Ended
Dec. 31, 2024
Long-Term Investments [Line Items]  
Long-Term Investments

Note 8. Long-Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.

Leases

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 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 Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets.

Leveraged leases outstanding as of December 31, 2024 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.

Public Service Electric and Gas Company  
Long-Term Investments [Line Items]  
Long-Term Investments

Note 8. Long-Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.

Leases

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 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 Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Consolidated Balance Sheets.

Leveraged leases outstanding as of December 31, 2024 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.

v3.25.0.1
Financing Receivables
 12 Months Ended
Dec. 31, 2024
Schedule of Financial Receivables [Line Items]  
Financing Receivables

Note 9. 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 conducted a comprehensive credit review for all borrowers. As of December 31, 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 Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding Loans by Class of Customers

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

38

 

 

$

60

 

 

 

Residential

 

 

2

 

 

 

3

 

 

 

Total

 

 

40

 

 

 

63

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(17

)

 

 

(23

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

23

 

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

The solar loans originated under three Solar Loan Programs are comprised as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2024

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan I

 

$

1

 

 

prior to 2013

 

10 years

 

15 years

 

 

Solar Loan II

 

 

20

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

19

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 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 had net investments in assets subject to leveraged lease accounting of $117 million as of December 31, 2024 and $125 million as of December 31, 2023 (see Note 8. Long-Term Investments).

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

 

 

 

 

 

 

 

 

 

 

Lease Receivables, Net of
Non-Recourse Debt

 

 

 

Counterparties’ Standard & Poor’s (S&P) Credit Rating as of December 31, 2024

 

As of December 31, 2024

 

 

 

 

 

Millions

 

 

 

AA

 

$

7

 

 

 

A-

 

 

39

 

 

 

BBB+

 

 

154

 

 

 

Total

 

$

200

 

 

 

 

 

 

 

 

 

PSEG recorded no credit losses for the leveraged leases existing on December 31, 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

Note 9. 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 conducted a comprehensive credit review for all borrowers. As of December 31, 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 Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding Loans by Class of Customers

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

38

 

 

$

60

 

 

 

Residential

 

 

2

 

 

 

3

 

 

 

Total

 

 

40

 

 

 

63

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(17

)

 

 

(23

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

23

 

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

The solar loans originated under three Solar Loan Programs are comprised as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2024

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan I

 

$

1

 

 

prior to 2013

 

10 years

 

15 years

 

 

Solar Loan II

 

 

20

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

19

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 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 had net investments in assets subject to leveraged lease accounting of $117 million as of December 31, 2024 and $125 million as of December 31, 2023 (see Note 8. Long-Term Investments).

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

 

 

 

 

 

 

 

 

 

 

Lease Receivables, Net of
Non-Recourse Debt

 

 

 

Counterparties’ Standard & Poor’s (S&P) Credit Rating as of December 31, 2024

 

As of December 31, 2024

 

 

 

 

 

Millions

 

 

 

AA

 

$

7

 

 

 

A-

 

 

39

 

 

 

BBB+

 

 

154

 

 

 

Total

 

$

200

 

 

 

 

 

 

 

 

 

PSEG recorded no credit losses for the leveraged leases existing on December 31, 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.
v3.25.0.1
Trust Investments
 12 Months Ended
Dec. 31, 2024
Schedule of Trust Investments [Line Items]  
Trust Investments

Note 10. Trust Investments

NDT Fund

In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. PSEG Power is required to file periodic reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. 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. PSEG Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $3.6 billion and $3.8 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2024 was approximately $1 billion and is included in the ARO. 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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

508

 

 

$

393

 

 

$

(9

)

 

$

892

 

 

 

International

 

 

419

 

 

 

98

 

 

 

(29

)

 

 

488

 

 

 

Total Equity Securities

 

 

927

 

 

 

491

 

 

 

(38

)

 

 

1,380

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

853

 

 

 

1

 

 

 

(91

)

 

 

763

 

 

 

Corporate

 

 

531

 

 

 

3

 

 

 

(31

)

 

 

503

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,384

 

 

 

4

 

 

 

(122

)

 

 

1,266

 

 

 

Total NDT Fund Investments (A)

 

$

2,311

 

 

$

495

 

 

$

(160

)

 

$

2,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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 $(69) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Consolidated Balance Sheet as of December 31, 2024. The portion of net unrealized gains (losses) recognized during 2024 related to equity securities still held at the end of December 31, 2024 was $99 million.

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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

18

 

 

$

19

 

 

 

Accounts Payable

 

$

5

 

 

$

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 December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Equity Securities (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

44

 

 

$

(1

)

 

$

4

 

 

$

—

 

 

 

International

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

35

 

 

 

(4

)

 

 

28

 

 

 

(8

)

 

 

Total Equity Securities

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

79

 

 

 

(5

)

 

 

32

 

 

 

(8

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

90

 

 

 

(1

)

 

 

432

 

 

 

(71

)

 

 

Corporate (C)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

19

 

 

 

—

 

 

 

329

 

 

 

(39

)

 

 

Total Available-for-Sale Debt Securities

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

109

 

 

 

(1

)

 

 

761

 

 

 

(110

)

 

 

NDT Trust Investments

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

$

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,504

 

 

$

1,685

 

 

$

1,521

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

132

 

 

$

142

 

 

$

86

 

 

 

Gross Realized Losses

 

 

(54

)

 

 

(100

)

 

 

(136

)

 

 

Net Realized Gains (Losses) on NDT Fund (B)

 

 

78

 

 

 

42

 

 

 

(50

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

47

 

 

 

146

 

 

 

(205

)

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

125

 

 

$

188

 

 

$

(255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

17

 

 

 

1 - 5 years

 

 

358

 

 

 

6 - 10 years

 

 

215

 

 

 

11 - 15 years

 

 

64

 

 

 

16 - 20 years

 

 

109

 

 

 

Over 20 years

 

 

503

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,266

 

 

 

 

 

 

 

 

 

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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

105

 

 

 

—

 

 

 

(22

)

 

 

83

 

 

 

Corporate

 

 

76

 

 

 

—

 

 

 

(11

)

 

 

65

 

 

 

Total Available-for-Sale Debt Securities

 

 

181

 

 

 

—

 

 

 

(33

)

 

 

148

 

 

 

Total Rabbi Trust Investments

 

$

189

 

 

$

9

 

 

$

(33

)

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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 AOCL on PSEG’s Consolidated Balance Sheet as of December 31, 2024. The portion of net unrealized gains (losses) recognized during 2024 related to equity securities still held at the end of December 31, 2024 was approximately $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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

1

 

 

$

1

 

 

 

Accounts Payable

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (A)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

$

3

 

 

$

—

 

 

$

83

 

 

$

(19

)

 

 

Corporate (B)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

3

 

 

 

—

 

 

 

60

 

 

 

(10

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

6

 

 

 

—

 

 

 

143

 

 

 

(29

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

$

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

33

 

 

$

29

 

 

$

65

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

3

 

 

$

5

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(6

)

 

 

(9

)

 

 

Net Realized Gains (Losses) on Rabbi Trust (A)

 

 

1

 

 

 

(1

)

 

 

(4

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

2

 

 

 

(6

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

2

 

 

$

1

 

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

16

 

 

 

11 - 15 years

 

 

10

 

 

 

16 - 20 years

 

 

15

 

 

 

Over 20 years

 

 

73

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

148

 

 

 

 

 

 

 

 

 

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 PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

30

 

 

$

32

 

 

 

PSEG Power & Other

 

 

135

 

 

 

147

 

 

 

Total Rabbi Trust Investments

 

$

165

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Schedule of Trust Investments [Line Items]  
Trust Investments

Note 10. Trust Investments

NDT Fund

In accordance with NRC regulations, entities owning an interest in nuclear generating facilities are required to determine the costs and funding methods necessary to decommission such facilities upon termination of operation. As a general practice, each nuclear owner places funds in independent external trust accounts it maintains to provide for decommissioning. PSEG Power is required to file periodic reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. 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. PSEG Power’s share of decommissioning costs related to its five nuclear units was estimated to be between $3.6 billion and $3.8 billion, including contingencies. The liability for decommissioning recorded on a discounted basis as of December 31, 2024 was approximately $1 billion and is included in the ARO. 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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

508

 

 

$

393

 

 

$

(9

)

 

$

892

 

 

 

International

 

 

419

 

 

 

98

 

 

 

(29

)

 

 

488

 

 

 

Total Equity Securities

 

 

927

 

 

 

491

 

 

 

(38

)

 

 

1,380

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

853

 

 

 

1

 

 

 

(91

)

 

 

763

 

 

 

Corporate

 

 

531

 

 

 

3

 

 

 

(31

)

 

 

503

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,384

 

 

 

4

 

 

 

(122

)

 

 

1,266

 

 

 

Total NDT Fund Investments (A)

 

$

2,311

 

 

$

495

 

 

$

(160

)

 

$

2,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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 $(69) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Consolidated Balance Sheet as of December 31, 2024. The portion of net unrealized gains (losses) recognized during 2024 related to equity securities still held at the end of December 31, 2024 was $99 million.

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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

18

 

 

$

19

 

 

 

Accounts Payable

 

$

5

 

 

$

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 December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Equity Securities (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

44

 

 

$

(1

)

 

$

4

 

 

$

—

 

 

 

International

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

35

 

 

 

(4

)

 

 

28

 

 

 

(8

)

 

 

Total Equity Securities

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

79

 

 

 

(5

)

 

 

32

 

 

 

(8

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

90

 

 

 

(1

)

 

 

432

 

 

 

(71

)

 

 

Corporate (C)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

19

 

 

 

—

 

 

 

329

 

 

 

(39

)

 

 

Total Available-for-Sale Debt Securities

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

109

 

 

 

(1

)

 

 

761

 

 

 

(110

)

 

 

NDT Trust Investments

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

$

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,504

 

 

$

1,685

 

 

$

1,521

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

132

 

 

$

142

 

 

$

86

 

 

 

Gross Realized Losses

 

 

(54

)

 

 

(100

)

 

 

(136

)

 

 

Net Realized Gains (Losses) on NDT Fund (B)

 

 

78

 

 

 

42

 

 

 

(50

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

47

 

 

 

146

 

 

 

(205

)

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

125

 

 

$

188

 

 

$

(255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

17

 

 

 

1 - 5 years

 

 

358

 

 

 

6 - 10 years

 

 

215

 

 

 

11 - 15 years

 

 

64

 

 

 

16 - 20 years

 

 

109

 

 

 

Over 20 years

 

 

503

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,266

 

 

 

 

 

 

 

 

 

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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

105

 

 

 

—

 

 

 

(22

)

 

 

83

 

 

 

Corporate

 

 

76

 

 

 

—

 

 

 

(11

)

 

 

65

 

 

 

Total Available-for-Sale Debt Securities

 

 

181

 

 

 

—

 

 

 

(33

)

 

 

148

 

 

 

Total Rabbi Trust Investments

 

$

189

 

 

$

9

 

 

$

(33

)

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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 AOCL on PSEG’s Consolidated Balance Sheet as of December 31, 2024. The portion of net unrealized gains (losses) recognized during 2024 related to equity securities still held at the end of December 31, 2024 was approximately $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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

1

 

 

$

1

 

 

 

Accounts Payable

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (A)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

$

3

 

 

$

—

 

 

$

83

 

 

$

(19

)

 

 

Corporate (B)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

3

 

 

 

—

 

 

 

60

 

 

 

(10

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

6

 

 

 

—

 

 

 

143

 

 

 

(29

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

$

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

33

 

 

$

29

 

 

$

65

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

3

 

 

$

5

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(6

)

 

 

(9

)

 

 

Net Realized Gains (Losses) on Rabbi Trust (A)

 

 

1

 

 

 

(1

)

 

 

(4

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

2

 

 

 

(6

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

2

 

 

$

1

 

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

16

 

 

 

11 - 15 years

 

 

10

 

 

 

16 - 20 years

 

 

15

 

 

 

Over 20 years

 

 

73

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

148

 

 

 

 

 

 

 

 

 

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 PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

30

 

 

$

32

 

 

 

PSEG Power & Other

 

 

135

 

 

 

147

 

 

 

Total Rabbi Trust Investments

 

$

165

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Asset Retirement Obligations (AROs)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation [Line Items]  
Asset Retirement Obligations (AROs)

Note 11. Asset Retirement Obligations (AROs)

PSEG and PSE&G recognize liabilities for the expected cost of retiring long-lived assets for which a legal obligation exists to remove or dispose of an asset or some component of an asset at retirement. These AROs are recorded at fair value in the period in which they are incurred and are capitalized as part of the carrying amount of the related long-lived assets. PSEG’s subsidiaries, except for PSE&G, accrete the ARO liability to reflect the passage of time with the corresponding expense recorded in O&M. PSE&G, as a rate-regulated entity, recognizes Regulatory Assets or Liabilities as a result of timing differences between the recording of costs and costs recovered through the rate-making process.

PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life.

PSEG’s other ARO liability primarily relates to decommissioning of its nuclear power plants in accordance with NRC requirements. PSEG has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 10. Trust Investments. PSEG also identified conditional AROs related to PSEG’s retained fossil generation sites primarily related to liabilities for removal of asbestos. To estimate the fair value of its other AROs, PSEG uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third-party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates.

Updated nuclear cost studies are obtained triennially unless new information necessitates more frequent updates. The most recent cost study was completed in 2024. When assumptions are revised to calculate fair values of existing AROs, generally, the ARO balance and corresponding long-lived asset are adjusted which impact the amount of accretion and depreciation expense recognized in future periods. For PSE&G, Regulatory Assets and Regulatory Liabilities result when accretion and amortization are adjusted to match rates established by regulators resulting in the regulatory deferral of any gain or loss.

The changes to the ARO liabilities for PSEG and PSE&G during 2023 and 2024 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2023

 

$

1,499

 

 

$

384

 

 

$

1,115

 

 

 

Liabilities Settled

 

 

(13

)

 

 

(13

)

 

 

—

 

 

 

Accretion Expense

 

 

51

 

 

 

—

 

 

 

51

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(85

)

 

 

14

 

 

 

(99

)

 

 

ARO Liability as of December 31, 2023

 

$

1,468

 

 

$

401

 

 

$

1,067

 

 

 

Liabilities Settled

 

$

(26

)

 

$

(12

)

 

$

(14

)

 

 

Accretion Expense

 

 

49

 

 

 

—

 

 

 

49

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(7

)

 

 

52

 

 

 

(59

)

 

 

ARO Liability as of December 31, 2024

 

$

1,500

 

 

$

457

 

 

$

1,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Not reflected as expense in Consolidated Statements of Operations.

In 2024, PSE&G recorded an increase to its ARO liabilities primarily due to the impact of increases in labor rates and other costs, partially offset by decreases from changes in inflation and discount rate assumptions. Those changes had no impact on PSE&G’s Consolidated Statement of Operations.

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental

review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the ARO of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

In December 2023, PSEG Power reassessed its asset retirement cost (ARC) and ARO assumptions related to its Hope Creek and Salem nuclear plants, based upon the expectation of PTCs beginning in 2024. As a result, PSEG Power decreased its ARC asset and ARO liability by $99 million, reflecting a decrease in the probability of early retirement and an increase in the probability the units would obtain additional license renewals.

In December 2024, PSEG Power reassessed its ARC and ARO assumptions related to its nuclear plants, as part of the triennial cost study update. As a result, PSEG Power decreased its ARC asset and ARO liability by $59 million, primarily reflected by an increase in the probability the units would obtain additional license renewals, partially offset by increases in inflation rates and other costs.

Public Service Electric and Gas Company  
Asset Retirement Obligation [Line Items]  
Asset Retirement Obligations (AROs)

Note 11. Asset Retirement Obligations (AROs)

PSEG and PSE&G recognize liabilities for the expected cost of retiring long-lived assets for which a legal obligation exists to remove or dispose of an asset or some component of an asset at retirement. These AROs are recorded at fair value in the period in which they are incurred and are capitalized as part of the carrying amount of the related long-lived assets. PSEG’s subsidiaries, except for PSE&G, accrete the ARO liability to reflect the passage of time with the corresponding expense recorded in O&M. PSE&G, as a rate-regulated entity, recognizes Regulatory Assets or Liabilities as a result of timing differences between the recording of costs and costs recovered through the rate-making process.

PSE&G has conditional AROs primarily for legal obligations related to the removal of treated wood poles and the requirement to seal natural gas pipelines at all sources of gas when the pipelines are no longer in service. PSE&G does not record an ARO for its protected steel and poly-based natural gas lines, as management believes that these categories of gas lines have an indeterminable life.

PSEG’s other ARO liability primarily relates to decommissioning of its nuclear power plants in accordance with NRC requirements. PSEG has an independent external trust that is intended to fund decommissioning of its nuclear facilities upon termination of operation. For additional information, see Note 10. Trust Investments. PSEG also identified conditional AROs related to PSEG’s retained fossil generation sites primarily related to liabilities for removal of asbestos. To estimate the fair value of its other AROs, PSEG uses a probability weighted, discounted cash flow model which, on a unit by unit basis, considers multiple outcome scenarios that include significant estimates and assumptions, and are based on third-party decommissioning cost estimates, cost escalation rates, inflation rates and discount rates.

Updated nuclear cost studies are obtained triennially unless new information necessitates more frequent updates. The most recent cost study was completed in 2024. When assumptions are revised to calculate fair values of existing AROs, generally, the ARO balance and corresponding long-lived asset are adjusted which impact the amount of accretion and depreciation expense recognized in future periods. For PSE&G, Regulatory Assets and Regulatory Liabilities result when accretion and amortization are adjusted to match rates established by regulators resulting in the regulatory deferral of any gain or loss.

The changes to the ARO liabilities for PSEG and PSE&G during 2023 and 2024 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2023

 

$

1,499

 

 

$

384

 

 

$

1,115

 

 

 

Liabilities Settled

 

 

(13

)

 

 

(13

)

 

 

—

 

 

 

Accretion Expense

 

 

51

 

 

 

—

 

 

 

51

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(85

)

 

 

14

 

 

 

(99

)

 

 

ARO Liability as of December 31, 2023

 

$

1,468

 

 

$

401

 

 

$

1,067

 

 

 

Liabilities Settled

 

$

(26

)

 

$

(12

)

 

$

(14

)

 

 

Accretion Expense

 

 

49

 

 

 

—

 

 

 

49

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(7

)

 

 

52

 

 

 

(59

)

 

 

ARO Liability as of December 31, 2024

 

$

1,500

 

 

$

457

 

 

$

1,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Not reflected as expense in Consolidated Statements of Operations.

In 2024, PSE&G recorded an increase to its ARO liabilities primarily due to the impact of increases in labor rates and other costs, partially offset by decreases from changes in inflation and discount rate assumptions. Those changes had no impact on PSE&G’s Consolidated Statement of Operations.

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental

review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the ARO of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

In December 2023, PSEG Power reassessed its asset retirement cost (ARC) and ARO assumptions related to its Hope Creek and Salem nuclear plants, based upon the expectation of PTCs beginning in 2024. As a result, PSEG Power decreased its ARC asset and ARO liability by $99 million, reflecting a decrease in the probability of early retirement and an increase in the probability the units would obtain additional license renewals.

In December 2024, PSEG Power reassessed its ARC and ARO assumptions related to its nuclear plants, as part of the triennial cost study update. As a result, PSEG Power decreased its ARC asset and ARO liability by $59 million, primarily reflected by an increase in the probability the units would obtain additional license renewals, partially offset by increases in inflation rates and other costs.

v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Pension, Other Postretirement Benefits (OPEB) and Savings Plans

Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans

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’s qualified pension plans consist of two qualified defined benefit pension plans, Pension Plan of Public Service Enterprise Group Incorporated (Pension Plan I) and Pension Plan of Public Service Enterprise Group Incorporated II (Pension Plan II and, together, the Plans). Each of the qualified pension plans include a Final Average Pay and two Cash Balance components. In addition, represented and non-represented employees are eligible for participation in PSEG’s two defined contribution plans.

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. For underfunded plans, the liability is equal to the difference between the plan’s benefit obligation and the fair value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. For OPEB plans, the benefit obligation is the accumulated postretirement benefit obligation. In addition, GAAP requires that the total unrecognized costs for defined benefit pension and OPEB plans be recorded as an after-tax charge to Accumulated Other Comprehensive Income (Loss), a separate component of Stockholders’ Equity. However, for PSE&G, because the amortization of the unrecognized costs is being collected from customers, the accumulated unrecognized costs are recorded as a Regulatory Asset. The unrecognized costs represent actuarial gains or losses and prior service costs which have not been expensed. The charge to Accumulated Other Comprehensive Income (Loss) and the Regulatory Asset for PSE&G are amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Plans, entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that has transferred to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). In August 2023, assets were transferred to the Insurer and the transaction was closed. Under the contract, the Insurer made an irrevocable commitment, and is solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction resulted in no changes to the amount of benefits payable to Participants.

Amounts for Servco are not included in any of the following pension and OPEB benefit information for PSEG and its affiliates but rather are separately disclosed later in this note.

The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,758

 

 

$

5,628

 

 

$

802

 

 

$

851

 

 

 

Service Cost

 

 

94

 

 

 

90

 

 

 

3

 

 

 

3

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

37

 

 

 

41

 

 

 

Actuarial (Gain) Loss (B)

 

 

(291

)

 

 

103

 

 

 

(39

)

 

 

(30

)

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

4,140

 

 

$

4,911

 

 

$

440

 

 

$

429

 

 

 

Actual Return on Plan Assets

 

 

134

 

 

 

539

 

 

 

18

 

 

 

51

 

 

 

Employer Contributions

 

 

13

 

 

 

12

 

 

 

41

 

 

 

28

 

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Fair Value of Assets at End of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(11

)

 

$

(12

)

 

$

(12

)

 

$

(13

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(488

)

 

 

(606

)

 

 

(292

)

 

 

(349

)

 

 

Amounts Recognized

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities (C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

4

 

 

$

6

 

 

 

Net Actuarial Loss (Gain)

 

 

1,481

 

 

 

1,656

 

 

 

(26

)

 

 

(6

)

 

 

Total

 

$

1,481

 

 

$

1,656

 

 

$

(22

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates.
(C)
Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.

The pension benefits table above provides information relating to the funded status of the qualified and nonqualified pension and OPEB plans on an aggregate basis. As of December 31, 2024, PSEG had funded approximately 89% of its projected pension benefit obligation. This percentage does not include $165 million of assets in the Rabbi Trust as of December 31, 2024, which provide funding for the nonqualified pension plans and certain deferred compensation. The nonqualified pension plans included in

the projected benefit obligation in the above table were $132 million. As of December 31, 2024, PSEG had funded approximately 92% of its projected qualified pension benefit obligation.

 

Accumulated Benefit Obligation

The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.4 billion as of December 31, 2024 and $4.7 billion as of December 31, 2023.

The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2024, 2023 and 2022. 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 Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

94

 

 

$

90

 

 

$

142

 

 

$

3

 

 

$

3

 

 

$

6

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

167

 

 

 

37

 

 

 

41

 

 

 

26

 

 

 

Expected Return on Plan Assets

 

 

(321

)

 

 

(361

)

 

 

(484

)

 

 

(34

)

 

 

(33

)

 

 

(42

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

(52

)

 

 

(129

)

 

 

Actuarial Loss

 

 

71

 

 

 

83

 

 

 

60

 

 

 

(2

)

 

 

(2

)

 

 

15

 

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

(25

)

 

 

319

 

 

 

(257

)

 

 

3

 

 

 

(46

)

 

 

(130

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and OPEB (credits) costs for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

43

 

 

$

50

 

 

$

(70

)

 

$

(2

)

 

$

(42

)

 

$

(109

)

 

 

PSEG Power & Other

 

 

26

 

 

 

359

 

 

 

(45

)

 

 

8

 

 

 

(1

)

 

 

(15

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG completed the above mentioned “lift-out” transaction in August 2023. As a result of the transaction, PSEG recognized a settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. Additionally, a settlement charge of $6 million ($4 million, net of tax) related to lump sum payments to participants was recognized in the fourth quarter of 2023.

The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes

 

$

(104

)

 

$

(35

)

 

$

(22

)

 

$

(49

)

 

 

Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(39

)

 

 

—

 

 

 

—

 

 

 

Amortization of Net Actuarial Gain (Loss)

 

 

(71

)

 

 

(83

)

 

 

2

 

 

 

2

 

 

 

Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(338

)

 

 

—

 

 

 

—

 

 

 

Prior Service Cost (Credit) in Current Period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

52

 

 

 

Total

 

$

(175

)

 

$

(495

)

 

$

(22

)

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following assumptions were used to determine the benefit obligations and net periodic benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

 

Discount Rate

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31

 

 

 

Discount Rate

 

 

5.02

%

 

 

5.20

%

 

 

2.94

%

 

 

4.96

%

 

 

5.16

%

 

 

2.82

%

 

 

Service Cost Interest Rate

 

 

5.14

%

 

 

5.31

%

 

 

3.19

%

 

 

5.03

%

 

 

5.23

%

 

 

3.06

%

 

 

Interest Cost Interest Rate

 

 

4.91

%

 

 

5.09

%

 

 

2.37

%

 

 

4.88

%

 

 

5.07

%

 

 

2.21

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

9.08

%

 

 

8.89

%

 

 

6.98

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

The investments of pension and OPEB plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. As of December 31, 2024, the pension plan interest and OPEB plan interest in such assets of the Master Trust were approximately 90% and 10%, respectively.

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

21

 

 

$

13

 

 

$

8

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

661

 

 

 

661

 

 

 

—

 

 

 

Commingled (C)

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,099

 

 

 

—

 

 

 

1,099

 

 

 

Commingled

 

 

6

 

 

 

6

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,703

 

 

$

680

 

 

$

3,023

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

382

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

308

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

39

 

 

$

39

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

748

 

 

 

748

 

 

 

—

 

 

 

Commingled (C)

 

 

1,376

 

 

 

—

 

 

 

1,376

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,299

 

 

 

—

 

 

 

1,299

 

 

 

Commingled

 

 

4

 

 

 

4

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,466

 

 

$

791

 

 

$

2,675

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

745

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

365

 

 

 

 

 

 

 

 

 

Other

 

 

2

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)
Common stocks are measured using observable data in active markets and considered Level 1.
(C)
Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)
Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
(E)
Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)
The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)
Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

67

%

 

 

63

%

 

 

Debt Securities

 

 

25

%

 

 

28

%

 

 

Other Investments

 

 

8

%

 

 

9

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

PSEG utilizes forecasted returns, risk, and correlation of all asset classes in order to develop an efficient portfolio. PSEG’s long-term target asset allocation of 54% equities, 18% real assets and 28% fixed income is consistent with the funds’ financial objectives. Certain investments in real assets (13% as of December 31, 2024) are made through investing in equity securities and tracked as equities when reporting fair value; however, they are viewed by their asset class, real assets, in our target asset allocation. Derivative financial instruments are used by the plans’ investment managers primarily to adjust the fixed income duration of the portfolio and hedge the currency risk component of foreign investments. The expected long-term rate of return on plan assets was 8.1% for 2024 and will remain at 8.1% for 2025. This expected return includes a premium for active management.

Plan Contributions

PSEG plans to contribute $5 million to its OPEB plan and may choose to contribute up to $100 million to its pension plans in 2025. Internal Revenue Service (IRS) minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year.

Estimated Future Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

372

 

 

$

73

 

 

 

2026

 

 

333

 

 

 

71

 

 

 

2027

 

 

340

 

 

 

69

 

 

 

2028

 

 

346

 

 

 

67

 

 

 

2029

 

 

353

 

 

 

64

 

 

 

2030-2034

 

 

1,792

 

 

 

272

 

 

 

Total

 

$

3,536

 

 

$

616

 

 

 

 

 

 

 

 

 

 

 

 

401(k) Plans

PSEG sponsors two 401(k) plans, which are defined contribution retirement plans subject to the Employee Retirement Income Security Act (ERISA). Eligible represented employees of PSEG’s subsidiaries participate in the PSEG Employee Savings Plan (Savings Plan), while eligible non-represented employees of PSEG’s subsidiaries participate in the PSEG Thrift and Tax-Deferred Savings Plan (Thrift Plan). Eligible employees may contribute up to 50% of their annual eligible compensation to these plans, not to exceed the IRS maximums, including any catch-up contributions for those employees age 50 and above. PSEG matches 50% of such employee contributions up to 7% of pay for Savings Plan participants and up to 8% of pay for Thrift Plan participants. The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

31

 

 

$

29

 

 

$

28

 

 

 

PSEG Power & Other

 

 

14

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

45

 

 

$

43

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The 401(k) plans were amended to allow eligible employees hired on or after January 1, 2025 two options for participation in the 401(k) plans. The first option provides for pay credits in the Cash Balance components of PSEG's qualified pension plans and an employer match of employee 401(k) contributions noted above. The second option provides participants a 4% non-elective employer contribution and a 100% employer match of employee contributions up to 4% in the 401(k) plans, with no participation in the qualified pension plans.

 

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 4. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Consolidated Balance Sheet of PSEG.

The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

535

 

 

$

452

 

 

$

514

 

 

$

455

 

 

 

Service Cost

 

 

28

 

 

 

24

 

 

 

14

 

 

 

12

 

 

 

Interest Cost

 

 

26

 

 

 

23

 

 

 

25

 

 

 

24

 

 

 

Actuarial (Gain) Loss (B)

 

 

(54

)

 

 

31

 

 

 

(29

)

 

 

35

 

 

 

Plan Amendment

 

 

—

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Benefit Obligation at End of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

433

 

 

$

370

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

46

 

 

 

56

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

25

 

 

 

18

 

 

 

14

 

 

 

12

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Fair Value of Assets at End of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued Pension Costs of Servco

 

$

(31

)

 

$

(102

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(510

)

 

 

(514

)

 

 

Amounts Recognized (C)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates.
(C)
Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2024, 2023 and 2022 were $25 million, $18 million and $30 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2024. The OPEB-related revenues earned and costs incurred were $14 million, $12 million and $10 million in 2024, 2023 and 2022, respectively.

The following assumptions were used to determine the benefit obligations of Servco:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.13

%

 

 

5.30

%

 

 

5.87

%

 

 

5.16

%

 

 

5.34

%

 

 

Rate of Compensation Increase

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.13

%

 

 

4.30

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

7.46

%

 

 

6.84

%

 

 

6.71

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

All the investments of Servco’s pension plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Servco Master Trust. The investments in the pension are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

35

 

 

 

35

 

 

 

—

 

 

 

Commingled (B)

 

 

334

 

 

 

—

 

 

 

334

 

 

 

Commingled Bonds (B)

 

 

119

 

 

 

—

 

 

 

119

 

 

 

Total Fair Value

 

$

490

 

 

$

37

 

 

$

453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

32

 

 

 

32

 

 

 

—

 

 

 

Commingled (B)

 

 

294

 

 

 

—

 

 

 

294

 

 

 

Commingled Bonds (B)

 

 

105

 

 

 

—

 

 

 

105

 

 

 

Total Fair Value

 

$

433

 

 

$

34

 

 

$

399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Common stocks are measured using observable data in active markets and considered Level 1.
(B)
Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

76

%

 

 

76

%

 

 

Debt Securities

 

 

24

%

 

 

24

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

Servco utilizes forecasted returns, risk, and correlation of all asset classes in order to develop an efficient portfolio. Servco’s long-term target asset allocation of 60% equities, 15% real assets and 25% fixed income is consistent with the funds’ financial objectives. Certain investments in real assets (15% at December 31, 2024) are made through investing in equity securities and tracked as equities when reporting fair value; however, they are viewed by their asset class, real assets, in our target asset allocation. The expected long-term rate of return on plan assets was 8.0% for 2024 and will be 8.0% for 2025. This expected return includes a premium for active management.

Plan Contributions

Servco plans to contribute $23 million into its pension plan during 2025.

Estimated Future Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

17

 

 

$

14

 

 

 

2026

 

 

20

 

 

 

16

 

 

 

2027

 

 

23

 

 

 

18

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

22

 

 

 

2030-2034

 

 

181

 

 

 

140

 

 

 

Total

 

$

294

 

 

$

230

 

 

 

 

 

 

 

 

 

 

 

 

Servco 401(k) Plans

Servco sponsors two 401(k) plans, which are defined contribution retirement plans subject to ERISA. Eligible non-represented employees of Servco participate in the Long Island Electric Utility Servco LLC Incentive Thrift Plan I (Thrift Plan I), and eligible represented employees of Servco participate in the Long Island Electric Utility Servco LLC Incentive Thrift Plan II (Thrift Plan II). Participants in the plans may contribute up to 50% of their eligible compensation to these plans, not to exceed the IRS maximums, including any catch-up contributions for those employees age 50 and above. Servco does not provide an employer match or core contribution for employees in Thrift Plan II. For employees in Thrift Plan I, Servco matches 50% of such employee contributions up to 8% of eligible compensation and provides core contributions (based on years of service and age) to employees who do not participate in Servco’s Retirement Income Plan. The amount expensed by Servco for employer matching contributions was $13 million, $10 million and $9 million for the years ended December 31, 2024, 2023 and 2022. Pursuant to the OSA, Servco recognizes Operating Revenues for the reimbursement of these costs.
Public Service Electric and Gas Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension, Other Postretirement Benefits (OPEB) and Savings Plans

Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans

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’s qualified pension plans consist of two qualified defined benefit pension plans, Pension Plan of Public Service Enterprise Group Incorporated (Pension Plan I) and Pension Plan of Public Service Enterprise Group Incorporated II (Pension Plan II and, together, the Plans). Each of the qualified pension plans include a Final Average Pay and two Cash Balance components. In addition, represented and non-represented employees are eligible for participation in PSEG’s two defined contribution plans.

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. For underfunded plans, the liability is equal to the difference between the plan’s benefit obligation and the fair value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. For OPEB plans, the benefit obligation is the accumulated postretirement benefit obligation. In addition, GAAP requires that the total unrecognized costs for defined benefit pension and OPEB plans be recorded as an after-tax charge to Accumulated Other Comprehensive Income (Loss), a separate component of Stockholders’ Equity. However, for PSE&G, because the amortization of the unrecognized costs is being collected from customers, the accumulated unrecognized costs are recorded as a Regulatory Asset. The unrecognized costs represent actuarial gains or losses and prior service costs which have not been expensed. The charge to Accumulated Other Comprehensive Income (Loss) and the Regulatory Asset for PSE&G are amortized and recorded as net periodic pension cost in the Consolidated Statements of Operations.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Plans, entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that has transferred to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). In August 2023, assets were transferred to the Insurer and the transaction was closed. Under the contract, the Insurer made an irrevocable commitment, and is solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction resulted in no changes to the amount of benefits payable to Participants.

Amounts for Servco are not included in any of the following pension and OPEB benefit information for PSEG and its affiliates but rather are separately disclosed later in this note.

The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,758

 

 

$

5,628

 

 

$

802

 

 

$

851

 

 

 

Service Cost

 

 

94

 

 

 

90

 

 

 

3

 

 

 

3

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

37

 

 

 

41

 

 

 

Actuarial (Gain) Loss (B)

 

 

(291

)

 

 

103

 

 

 

(39

)

 

 

(30

)

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

4,140

 

 

$

4,911

 

 

$

440

 

 

$

429

 

 

 

Actual Return on Plan Assets

 

 

134

 

 

 

539

 

 

 

18

 

 

 

51

 

 

 

Employer Contributions

 

 

13

 

 

 

12

 

 

 

41

 

 

 

28

 

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Fair Value of Assets at End of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(11

)

 

$

(12

)

 

$

(12

)

 

$

(13

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(488

)

 

 

(606

)

 

 

(292

)

 

 

(349

)

 

 

Amounts Recognized

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities (C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

4

 

 

$

6

 

 

 

Net Actuarial Loss (Gain)

 

 

1,481

 

 

 

1,656

 

 

 

(26

)

 

 

(6

)

 

 

Total

 

$

1,481

 

 

$

1,656

 

 

$

(22

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates.
(C)
Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.

The pension benefits table above provides information relating to the funded status of the qualified and nonqualified pension and OPEB plans on an aggregate basis. As of December 31, 2024, PSEG had funded approximately 89% of its projected pension benefit obligation. This percentage does not include $165 million of assets in the Rabbi Trust as of December 31, 2024, which provide funding for the nonqualified pension plans and certain deferred compensation. The nonqualified pension plans included in

the projected benefit obligation in the above table were $132 million. As of December 31, 2024, PSEG had funded approximately 92% of its projected qualified pension benefit obligation.

 

Accumulated Benefit Obligation

The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.4 billion as of December 31, 2024 and $4.7 billion as of December 31, 2023.

The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2024, 2023 and 2022. 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 Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

94

 

 

$

90

 

 

$

142

 

 

$

3

 

 

$

3

 

 

$

6

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

167

 

 

 

37

 

 

 

41

 

 

 

26

 

 

 

Expected Return on Plan Assets

 

 

(321

)

 

 

(361

)

 

 

(484

)

 

 

(34

)

 

 

(33

)

 

 

(42

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

(52

)

 

 

(129

)

 

 

Actuarial Loss

 

 

71

 

 

 

83

 

 

 

60

 

 

 

(2

)

 

 

(2

)

 

 

15

 

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

(25

)

 

 

319

 

 

 

(257

)

 

 

3

 

 

 

(46

)

 

 

(130

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension and OPEB (credits) costs for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

43

 

 

$

50

 

 

$

(70

)

 

$

(2

)

 

$

(42

)

 

$

(109

)

 

 

PSEG Power & Other

 

 

26

 

 

 

359

 

 

 

(45

)

 

 

8

 

 

 

(1

)

 

 

(15

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG completed the above mentioned “lift-out” transaction in August 2023. As a result of the transaction, PSEG recognized a settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. Additionally, a settlement charge of $6 million ($4 million, net of tax) related to lump sum payments to participants was recognized in the fourth quarter of 2023.

The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes

 

$

(104

)

 

$

(35

)

 

$

(22

)

 

$

(49

)

 

 

Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(39

)

 

 

—

 

 

 

—

 

 

 

Amortization of Net Actuarial Gain (Loss)

 

 

(71

)

 

 

(83

)

 

 

2

 

 

 

2

 

 

 

Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(338

)

 

 

—

 

 

 

—

 

 

 

Prior Service Cost (Credit) in Current Period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

52

 

 

 

Total

 

$

(175

)

 

$

(495

)

 

$

(22

)

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following assumptions were used to determine the benefit obligations and net periodic benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

 

Discount Rate

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31

 

 

 

Discount Rate

 

 

5.02

%

 

 

5.20

%

 

 

2.94

%

 

 

4.96

%

 

 

5.16

%

 

 

2.82

%

 

 

Service Cost Interest Rate

 

 

5.14

%

 

 

5.31

%

 

 

3.19

%

 

 

5.03

%

 

 

5.23

%

 

 

3.06

%

 

 

Interest Cost Interest Rate

 

 

4.91

%

 

 

5.09

%

 

 

2.37

%

 

 

4.88

%

 

 

5.07

%

 

 

2.21

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

9.08

%

 

 

8.89

%

 

 

6.98

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

The investments of pension and OPEB plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Master Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. As of December 31, 2024, the pension plan interest and OPEB plan interest in such assets of the Master Trust were approximately 90% and 10%, respectively.

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

21

 

 

$

13

 

 

$

8

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

661

 

 

 

661

 

 

 

—

 

 

 

Commingled (C)

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,099

 

 

 

—

 

 

 

1,099

 

 

 

Commingled

 

 

6

 

 

 

6

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,703

 

 

$

680

 

 

$

3,023

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

382

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

308

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

39

 

 

$

39

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

748

 

 

 

748

 

 

 

—

 

 

 

Commingled (C)

 

 

1,376

 

 

 

—

 

 

 

1,376

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,299

 

 

 

—

 

 

 

1,299

 

 

 

Commingled

 

 

4

 

 

 

4

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,466

 

 

$

791

 

 

$

2,675

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

745

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

365

 

 

 

 

 

 

 

 

 

Other

 

 

2

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)
Common stocks are measured using observable data in active markets and considered Level 1.
(C)
Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)
Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
(E)
Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)
The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)
Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

67

%

 

 

63

%

 

 

Debt Securities

 

 

25

%

 

 

28

%

 

 

Other Investments

 

 

8

%

 

 

9

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

PSEG utilizes forecasted returns, risk, and correlation of all asset classes in order to develop an efficient portfolio. PSEG’s long-term target asset allocation of 54% equities, 18% real assets and 28% fixed income is consistent with the funds’ financial objectives. Certain investments in real assets (13% as of December 31, 2024) are made through investing in equity securities and tracked as equities when reporting fair value; however, they are viewed by their asset class, real assets, in our target asset allocation. Derivative financial instruments are used by the plans’ investment managers primarily to adjust the fixed income duration of the portfolio and hedge the currency risk component of foreign investments. The expected long-term rate of return on plan assets was 8.1% for 2024 and will remain at 8.1% for 2025. This expected return includes a premium for active management.

Plan Contributions

PSEG plans to contribute $5 million to its OPEB plan and may choose to contribute up to $100 million to its pension plans in 2025. Internal Revenue Service (IRS) minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year.

Estimated Future Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

372

 

 

$

73

 

 

 

2026

 

 

333

 

 

 

71

 

 

 

2027

 

 

340

 

 

 

69

 

 

 

2028

 

 

346

 

 

 

67

 

 

 

2029

 

 

353

 

 

 

64

 

 

 

2030-2034

 

 

1,792

 

 

 

272

 

 

 

Total

 

$

3,536

 

 

$

616

 

 

 

 

 

 

 

 

 

 

 

 

401(k) Plans

PSEG sponsors two 401(k) plans, which are defined contribution retirement plans subject to the Employee Retirement Income Security Act (ERISA). Eligible represented employees of PSEG’s subsidiaries participate in the PSEG Employee Savings Plan (Savings Plan), while eligible non-represented employees of PSEG’s subsidiaries participate in the PSEG Thrift and Tax-Deferred Savings Plan (Thrift Plan). Eligible employees may contribute up to 50% of their annual eligible compensation to these plans, not to exceed the IRS maximums, including any catch-up contributions for those employees age 50 and above. PSEG matches 50% of such employee contributions up to 7% of pay for Savings Plan participants and up to 8% of pay for Thrift Plan participants. The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

31

 

 

$

29

 

 

$

28

 

 

 

PSEG Power & Other

 

 

14

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

45

 

 

$

43

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The 401(k) plans were amended to allow eligible employees hired on or after January 1, 2025 two options for participation in the 401(k) plans. The first option provides for pay credits in the Cash Balance components of PSEG's qualified pension plans and an employer match of employee 401(k) contributions noted above. The second option provides participants a 4% non-elective employer contribution and a 100% employer match of employee contributions up to 4% in the 401(k) plans, with no participation in the qualified pension plans.

 

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 4. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Consolidated Balance Sheet of PSEG.

The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

535

 

 

$

452

 

 

$

514

 

 

$

455

 

 

 

Service Cost

 

 

28

 

 

 

24

 

 

 

14

 

 

 

12

 

 

 

Interest Cost

 

 

26

 

 

 

23

 

 

 

25

 

 

 

24

 

 

 

Actuarial (Gain) Loss (B)

 

 

(54

)

 

 

31

 

 

 

(29

)

 

 

35

 

 

 

Plan Amendment

 

 

—

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Benefit Obligation at End of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

433

 

 

$

370

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

46

 

 

 

56

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

25

 

 

 

18

 

 

 

14

 

 

 

12

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Fair Value of Assets at End of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued Pension Costs of Servco

 

$

(31

)

 

$

(102

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(510

)

 

 

(514

)

 

 

Amounts Recognized (C)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates.
(C)
Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2024, 2023 and 2022 were $25 million, $18 million and $30 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trusts during 2024. The OPEB-related revenues earned and costs incurred were $14 million, $12 million and $10 million in 2024, 2023 and 2022, respectively.

The following assumptions were used to determine the benefit obligations of Servco:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.13

%

 

 

5.30

%

 

 

5.87

%

 

 

5.16

%

 

 

5.34

%

 

 

Rate of Compensation Increase

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.13

%

 

 

4.30

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

7.46

%

 

 

6.84

%

 

 

6.71

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

All the investments of Servco’s pension plans are held in a trust account by the Trustee and consist of an undivided interest in an investment account of the Servco Master Trust. The investments in the pension are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 17. Fair Value Measurements for more information on fair value guidance.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

35

 

 

 

35

 

 

 

—

 

 

 

Commingled (B)

 

 

334

 

 

 

—

 

 

 

334

 

 

 

Commingled Bonds (B)

 

 

119

 

 

 

—

 

 

 

119

 

 

 

Total Fair Value

 

$

490

 

 

$

37

 

 

$

453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

32

 

 

 

32

 

 

 

—

 

 

 

Commingled (B)

 

 

294

 

 

 

—

 

 

 

294

 

 

 

Commingled Bonds (B)

 

 

105

 

 

 

—

 

 

 

105

 

 

 

Total Fair Value

 

$

433

 

 

$

34

 

 

$

399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Common stocks are measured using observable data in active markets and considered Level 1.
(B)
Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

76

%

 

 

76

%

 

 

Debt Securities

 

 

24

%

 

 

24

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

Servco utilizes forecasted returns, risk, and correlation of all asset classes in order to develop an efficient portfolio. Servco’s long-term target asset allocation of 60% equities, 15% real assets and 25% fixed income is consistent with the funds’ financial objectives. Certain investments in real assets (15% at December 31, 2024) are made through investing in equity securities and tracked as equities when reporting fair value; however, they are viewed by their asset class, real assets, in our target asset allocation. The expected long-term rate of return on plan assets was 8.0% for 2024 and will be 8.0% for 2025. This expected return includes a premium for active management.

Plan Contributions

Servco plans to contribute $23 million into its pension plan during 2025.

Estimated Future Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

17

 

 

$

14

 

 

 

2026

 

 

20

 

 

 

16

 

 

 

2027

 

 

23

 

 

 

18

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

22

 

 

 

2030-2034

 

 

181

 

 

 

140

 

 

 

Total

 

$

294

 

 

$

230

 

 

 

 

 

 

 

 

 

 

 

 

Servco 401(k) Plans

Servco sponsors two 401(k) plans, which are defined contribution retirement plans subject to ERISA. Eligible non-represented employees of Servco participate in the Long Island Electric Utility Servco LLC Incentive Thrift Plan I (Thrift Plan I), and eligible represented employees of Servco participate in the Long Island Electric Utility Servco LLC Incentive Thrift Plan II (Thrift Plan II). Participants in the plans may contribute up to 50% of their eligible compensation to these plans, not to exceed the IRS maximums, including any catch-up contributions for those employees age 50 and above. Servco does not provide an employer match or core contribution for employees in Thrift Plan II. For employees in Thrift Plan I, Servco matches 50% of such employee contributions up to 8% of eligible compensation and provides core contributions (based on years of service and age) to employees who do not participate in Servco’s Retirement Income Plan. The amount expensed by Servco for employer matching contributions was $13 million, $10 million and $9 million for the years ended December 31, 2024, 2023 and 2022. Pursuant to the OSA, Servco recognizes Operating Revenues for the reimbursement of these costs.
v3.25.0.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2024
Loss Contingencies [Line Items]  
Commitments and Contingent Liabilities

Note 13. Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and/or sale of energy, nuclear fuel and other 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 credit extended between entities and is 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 December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,272

 

 

$

1,381

 

 

 

Exposure under Current Guarantees

 

$

47

 

 

$

118

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

4

 

 

$

10

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

24

 

 

$

91

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(1

)

 

$

(2

)

 

 

Net Broker Balance Deposited (Received)

 

$

245

 

 

$

115

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

155

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 16. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the 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 Other Letters of Credit in 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 judgment of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA finalized and received court approval of a settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. 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 December 31, 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 agreed to participate in the technical study. 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.

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 $210 million and $234 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 $210 million as of December 31, 2024. Of this amount, $54 million was recorded in Other Current Liabilities and $156 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $210 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. In November 2024, Riverkeeper’s administrative hearing request was denied, though the denial is subject to review by the NJDEP Commissioner and appeal by Riverkeeper. If the Riverkeeper’s challenge is ultimately 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.

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 (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. As such, prices set through these auctions are impacted by prices set in the PJM capacity auctions, which significantly increased for the 2025/2026 auction year. See Note 2. Revenues for additional information. 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, 2025 is $696.05 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2025 of $378.21 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

 

 

 

 

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

 

 

36-Month Terms Ending

 

May 2025

 

 

May 2026

 

 

May 2027

 

 

May 2028

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

76.30

 

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2025 BGS auction will become effective on June 1, 2025 when the 2022 BGS auction agreements expire.

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 24. 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 2027 and a significant portion through 2028 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 December 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

 

 

 

 

 

 

 

 

Fuel Type

 

PSEG
Power’s
Share of
Commitments
through 2029

 

 

 

 

 

Millions

 

 

 

Nuclear Fuel

 

 

 

 

 

  Uranium

 

$

442

 

 

 

  Enrichment

 

$

357

 

 

 

  Fabrication

 

$

227

 

 

 

Natural Gas

 

$

1,406

 

 

 

 

 

 

 

 

 

FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley (RPV) transmission project. In December 2024, FERC approved an agreement between PSE&G and FERC Enforcement Staff resolving its investigation. The agreement includes a $6.6 million civil penalty and the implementation of certain compliance requirements, in addition to the process improvements that PSE&G has already implemented. It also includes a statement that nothing in the agreement reflects a challenge by FERC Enforcement to the end-of-life determination relative to the project and that no disgorgement has been sought. In a December 2024 proceeding related to PJM’s annual cost allocation filing, an intervenor raised an objection related to the recovery of costs for the RPV project. FERC issued an order declining to take action with respect to the intervenor’s objection. PSEG cannot predict whether there will be objections raised in other forums.

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 sought 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. At this time, 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.

Nuclear Insurance Coverages and Assessments

PSEG Power is a member of the joint underwriting association, American Nuclear Insurers (ANI), which provides nuclear liability insurance coverage at the Salem and Hope Creek site and the Peach Bottom site. The ANI policies are designed to satisfy the financial protection requirements outlined in the Price-Anderson Act, which sets the limit of liability for claims that could arise from an incident involving any licensed nuclear facility in the United States. The limit of liability per incident per site is composed of primary and excess layers. As of December 31, 2024, nuclear sites were required to purchase $500 million of primary liability coverage for each site through ANI. The primary layer is supplemented by an excess layer, which is an industry self-insurance pool. In the event a nuclear site, which is part of the industry self-insurance pool, has a claim that exceeds the primary layer, each licensee would be assessed a prorated share of the excess layer. The excess layer limit is $15.8 billion. PSEG Power’s maximum aggregate assessment per incident is $522 million based on PSEG Power’s ownership interests in Salem, Hope Creek and Peach Bottom and its maximum aggregate annual assessment per incident is $78 million. If the damages exceed the limit of liability, Congress could impose further revenue-raising measures on the nuclear industry to pay claims. Further, a decision by the U.S. Supreme Court, not involving PSEG Power, held that the Price-Anderson Act did not preclude punitive damage awards based on state law claims.

PSEG Power is also a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the property, decontamination and decommissioning liability insurance at the Salem and Hope Creek site and the Peach Bottom site. NEIL also provides replacement power coverage through its accidental outage policy. NEIL policies may make retrospective premium assessments in the case of adverse loss experience. The current maximum aggregate annual retrospective premium obligation for PSEG Power is approximately $52 million. NEIL requires its members to maintain an investment grade credit rating or to ensure collectability of their annual retrospective premium obligation by providing a financial guarantee, letter of credit, deposit premium, or some other means of assurance. Certain provisions in the NEIL policies provide that the insurer may suspend coverage with respect to all nuclear units on a site without notice if the NRC suspends or revokes the operating license for any unit on that site, issues a shutdown order with respect to such unit or issues a confirmatory order keeping such unit down.

The ANI and NEIL policies all include coverage for claims arising out of acts of terrorism. However, NEIL policies are subject to an industry aggregate limit of $3.24 billion plus such additional amounts as NEIL recovers for such losses from reinsurance, indemnity and any other source applicable to such losses.
Public Service Electric and Gas Company [Member]  
Loss Contingencies [Line Items]  
Commitments and Contingent Liabilities

Note 13. Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and/or sale of energy, nuclear fuel and other 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 credit extended between entities and is 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 December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,272

 

 

$

1,381

 

 

 

Exposure under Current Guarantees

 

$

47

 

 

$

118

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

4

 

 

$

10

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

24

 

 

$

91

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(1

)

 

$

(2

)

 

 

Net Broker Balance Deposited (Received)

 

$

245

 

 

$

115

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

155

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 16. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the 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 Other Letters of Credit in 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 judgment of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA finalized and received court approval of a settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. 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 December 31, 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 agreed to participate in the technical study. 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.

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 $210 million and $234 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 $210 million as of December 31, 2024. Of this amount, $54 million was recorded in Other Current Liabilities and $156 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $210 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. In November 2024, Riverkeeper’s administrative hearing request was denied, though the denial is subject to review by the NJDEP Commissioner and appeal by Riverkeeper. If the Riverkeeper’s challenge is ultimately 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.

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 (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. As such, prices set through these auctions are impacted by prices set in the PJM capacity auctions, which significantly increased for the 2025/2026 auction year. See Note 2. Revenues for additional information. 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, 2025 is $696.05 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2025 of $378.21 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

 

 

 

 

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

 

 

36-Month Terms Ending

 

May 2025

 

 

May 2026

 

 

May 2027

 

 

May 2028

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

76.30

 

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2025 BGS auction will become effective on June 1, 2025 when the 2022 BGS auction agreements expire.

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 24. 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 2027 and a significant portion through 2028 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 December 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

 

 

 

 

 

 

 

 

Fuel Type

 

PSEG
Power’s
Share of
Commitments
through 2029

 

 

 

 

 

Millions

 

 

 

Nuclear Fuel

 

 

 

 

 

  Uranium

 

$

442

 

 

 

  Enrichment

 

$

357

 

 

 

  Fabrication

 

$

227

 

 

 

Natural Gas

 

$

1,406

 

 

 

 

 

 

 

 

 

FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley (RPV) transmission project. In December 2024, FERC approved an agreement between PSE&G and FERC Enforcement Staff resolving its investigation. The agreement includes a $6.6 million civil penalty and the implementation of certain compliance requirements, in addition to the process improvements that PSE&G has already implemented. It also includes a statement that nothing in the agreement reflects a challenge by FERC Enforcement to the end-of-life determination relative to the project and that no disgorgement has been sought. In a December 2024 proceeding related to PJM’s annual cost allocation filing, an intervenor raised an objection related to the recovery of costs for the RPV project. FERC issued an order declining to take action with respect to the intervenor’s objection. PSEG cannot predict whether there will be objections raised in other forums.

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 sought 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. At this time, 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.

Nuclear Insurance Coverages and Assessments

PSEG Power is a member of the joint underwriting association, American Nuclear Insurers (ANI), which provides nuclear liability insurance coverage at the Salem and Hope Creek site and the Peach Bottom site. The ANI policies are designed to satisfy the financial protection requirements outlined in the Price-Anderson Act, which sets the limit of liability for claims that could arise from an incident involving any licensed nuclear facility in the United States. The limit of liability per incident per site is composed of primary and excess layers. As of December 31, 2024, nuclear sites were required to purchase $500 million of primary liability coverage for each site through ANI. The primary layer is supplemented by an excess layer, which is an industry self-insurance pool. In the event a nuclear site, which is part of the industry self-insurance pool, has a claim that exceeds the primary layer, each licensee would be assessed a prorated share of the excess layer. The excess layer limit is $15.8 billion. PSEG Power’s maximum aggregate assessment per incident is $522 million based on PSEG Power’s ownership interests in Salem, Hope Creek and Peach Bottom and its maximum aggregate annual assessment per incident is $78 million. If the damages exceed the limit of liability, Congress could impose further revenue-raising measures on the nuclear industry to pay claims. Further, a decision by the U.S. Supreme Court, not involving PSEG Power, held that the Price-Anderson Act did not preclude punitive damage awards based on state law claims.

PSEG Power is also a member of an industry mutual insurance company, Nuclear Electric Insurance Limited (NEIL), which provides the property, decontamination and decommissioning liability insurance at the Salem and Hope Creek site and the Peach Bottom site. NEIL also provides replacement power coverage through its accidental outage policy. NEIL policies may make retrospective premium assessments in the case of adverse loss experience. The current maximum aggregate annual retrospective premium obligation for PSEG Power is approximately $52 million. NEIL requires its members to maintain an investment grade credit rating or to ensure collectability of their annual retrospective premium obligation by providing a financial guarantee, letter of credit, deposit premium, or some other means of assurance. Certain provisions in the NEIL policies provide that the insurer may suspend coverage with respect to all nuclear units on a site without notice if the NRC suspends or revokes the operating license for any unit on that site, issues a shutdown order with respect to such unit or issues a confirmatory order keeping such unit down.

The ANI and NEIL policies all include coverage for claims arising out of acts of terrorism. However, NEIL policies are subject to an industry aggregate limit of $3.24 billion plus such additional amounts as NEIL recovers for such losses from reinsurance, indemnity and any other source applicable to such losses.
v3.25.0.1
Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 14. Debt and Credit Facilities

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

2.88%

 

2024

 

$

—

 

 

$

750

 

 

 

0.80%

 

2025

 

 

550

 

 

 

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Principal Amount Outstanding

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Amounts Due Within One Year

 

 

 

 

(550

)

 

 

(750

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(30

)

 

 

(25

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

4,316

 

 

$

3,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

First and Refunding Mortgage Bonds (A):

 

 

 

 

 

 

 

 

 

8.00%

2037

 

$

7

 

 

$

7

 

 

 

5.00%

2037

 

 

8

 

 

 

8

 

 

 

Total First and Refunding Mortgage Bonds

 

 

 

15

 

 

 

15

 

 

 

Medium-Term Notes (A):

 

 

 

 

 

 

 

 

 

3.75%

2024

 

 

—

 

 

 

250

 

 

 

3.15%

2024

 

 

—

 

 

 

250

 

 

 

3.05%

2024

 

 

—

 

 

 

250

 

 

 

3.00%

2025

 

 

350

 

 

 

350

 

 

 

0.95%

2026

 

 

450

 

 

 

450

 

 

 

2.25%

2026

 

 

425

 

 

 

425

 

 

 

3.00%

2027

 

 

425

 

 

 

425

 

 

 

3.70%

2028

 

 

375

 

 

 

375

 

 

 

3.65%

2028

 

 

325

 

 

 

325

 

 

 

3.20%

2029

 

 

375

 

 

 

375

 

 

 

2.45%

2030

 

 

300

 

 

 

300

 

 

 

1.90%

2031

 

 

425

 

 

 

425

 

 

 

3.10%

2032

 

 

500

 

 

 

500

 

 

 

4.90%

2032

 

 

400

 

 

 

400

 

 

 

4.65%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2034

 

 

450

 

 

 

—

 

 

 

4.85%

2034

 

 

600

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

5.70%

2036

 

 

250

 

 

 

250

 

 

 

5.80%

2037

 

 

350

 

 

 

350

 

 

 

5.38%

2039

 

 

250

 

 

 

250

 

 

 

5.50%

2040

 

 

300

 

 

 

300

 

 

 

3.95%

2042

 

 

450

 

 

 

450

 

 

 

3.65%

2042

 

 

350

 

 

 

350

 

 

 

3.80%

2043

 

 

400

 

 

 

400

 

 

 

4.00%

2044

 

 

250

 

 

 

250

 

 

 

4.05%

2045

 

 

250

 

 

 

250

 

 

 

4.15%

2045

 

 

250

 

 

 

250

 

 

 

3.80%

2046

 

 

550

 

 

 

550

 

 

 

3.60%

2047

 

 

350

 

 

 

350

 

 

 

4.05%

2048

 

 

325

 

 

 

325

 

 

 

3.85%

2049

 

 

375

 

 

 

375

 

 

 

3.20%

2049

 

 

400

 

 

 

400

 

 

 

3.15%

2050

 

 

300

 

 

 

300

 

 

 

2.70%

2050

 

 

375

 

 

 

375

 

 

 

2.05%

2050

 

 

375

 

 

 

375

 

 

 

3.00%

2051

 

 

450

 

 

 

450

 

 

 

5.13%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2054

 

 

550

 

 

 

—

 

 

 

5.30%

2054

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

15,100

 

 

 

13,750

 

 

 

Principal Amount Outstanding

 

 

 

15,115

 

 

 

13,765

 

 

 

Amounts Due Within One Year

 

 

 

(350

)

 

 

(750

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(117

)

 

 

(102

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

14,648

 

 

$

12,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

1,250

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

(1,250

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

—

 

 

$

1,250

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2024 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

550

 

 

$

350

 

 

$

1,250

 

 

$

2,150

 

 

 

2026

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

Thereafter

 

 

2,296

 

 

 

12,390

 

 

 

—

 

 

 

14,686

 

 

 

Total

 

$

4,896

 

 

$

15,115

 

 

$

1,250

 

 

$

21,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Financing Transactions

During 2024, the following long-term debt transactions occurred:

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,
•
issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034,
•
issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054,
•
retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity,
•
retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity, and
•
retired $250 million of 3.05% Secured Medium-Term Notes, Series J, at maturity.

In December 2024, PSEG Power amended its existing $1.25 billion variable rate 3-year term loan agreement to extend through June 2025.

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 $3.8 billion credit facilities are provided by a diverse bank group. As of December 31, 2024, the total available credit capacity was $2.5 billion.

As of December 31, 2024, no single institution represented more than 9% of the total commitments in the credit facilities.

As of December 31, 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 December 31, 2024 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

764

 

 

$

736

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

764

 

 

$

736

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

468

 

 

$

532

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

468

 

 

$

532

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2028

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

1,314

 

 

$

2,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.
(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 December 31, 2024, PSEG Power had $75 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.

Debt Covenants

PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations and the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain asset sales.

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. In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

4,866

 

 

$

4,754

 

 

$

4,371

 

 

$

4,240

 

 

 

PSE&G (A)

 

 

14,998

 

 

 

13,337

 

 

 

13,663

 

 

 

12,460

 

 

 

PSEG Power (B)

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

21,114

 

 

$

19,341

 

 

$

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.
Private term loan with book value approximating fair value (Level 2 measurement).
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 14. Debt and Credit Facilities

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

2.88%

 

2024

 

$

—

 

 

$

750

 

 

 

0.80%

 

2025

 

 

550

 

 

 

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Principal Amount Outstanding

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Amounts Due Within One Year

 

 

 

 

(550

)

 

 

(750

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(30

)

 

 

(25

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

4,316

 

 

$

3,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

First and Refunding Mortgage Bonds (A):

 

 

 

 

 

 

 

 

 

8.00%

2037

 

$

7

 

 

$

7

 

 

 

5.00%

2037

 

 

8

 

 

 

8

 

 

 

Total First and Refunding Mortgage Bonds

 

 

 

15

 

 

 

15

 

 

 

Medium-Term Notes (A):

 

 

 

 

 

 

 

 

 

3.75%

2024

 

 

—

 

 

 

250

 

 

 

3.15%

2024

 

 

—

 

 

 

250

 

 

 

3.05%

2024

 

 

—

 

 

 

250

 

 

 

3.00%

2025

 

 

350

 

 

 

350

 

 

 

0.95%

2026

 

 

450

 

 

 

450

 

 

 

2.25%

2026

 

 

425

 

 

 

425

 

 

 

3.00%

2027

 

 

425

 

 

 

425

 

 

 

3.70%

2028

 

 

375

 

 

 

375

 

 

 

3.65%

2028

 

 

325

 

 

 

325

 

 

 

3.20%

2029

 

 

375

 

 

 

375

 

 

 

2.45%

2030

 

 

300

 

 

 

300

 

 

 

1.90%

2031

 

 

425

 

 

 

425

 

 

 

3.10%

2032

 

 

500

 

 

 

500

 

 

 

4.90%

2032

 

 

400

 

 

 

400

 

 

 

4.65%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2034

 

 

450

 

 

 

—

 

 

 

4.85%

2034

 

 

600

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

5.70%

2036

 

 

250

 

 

 

250

 

 

 

5.80%

2037

 

 

350

 

 

 

350

 

 

 

5.38%

2039

 

 

250

 

 

 

250

 

 

 

5.50%

2040

 

 

300

 

 

 

300

 

 

 

3.95%

2042

 

 

450

 

 

 

450

 

 

 

3.65%

2042

 

 

350

 

 

 

350

 

 

 

3.80%

2043

 

 

400

 

 

 

400

 

 

 

4.00%

2044

 

 

250

 

 

 

250

 

 

 

4.05%

2045

 

 

250

 

 

 

250

 

 

 

4.15%

2045

 

 

250

 

 

 

250

 

 

 

3.80%

2046

 

 

550

 

 

 

550

 

 

 

3.60%

2047

 

 

350

 

 

 

350

 

 

 

4.05%

2048

 

 

325

 

 

 

325

 

 

 

3.85%

2049

 

 

375

 

 

 

375

 

 

 

3.20%

2049

 

 

400

 

 

 

400

 

 

 

3.15%

2050

 

 

300

 

 

 

300

 

 

 

2.70%

2050

 

 

375

 

 

 

375

 

 

 

2.05%

2050

 

 

375

 

 

 

375

 

 

 

3.00%

2051

 

 

450

 

 

 

450

 

 

 

5.13%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2054

 

 

550

 

 

 

—

 

 

 

5.30%

2054

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

15,100

 

 

 

13,750

 

 

 

Principal Amount Outstanding

 

 

 

15,115

 

 

 

13,765

 

 

 

Amounts Due Within One Year

 

 

 

(350

)

 

 

(750

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(117

)

 

 

(102

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

14,648

 

 

$

12,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

1,250

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

(1,250

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

—

 

 

$

1,250

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2024 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

550

 

 

$

350

 

 

$

1,250

 

 

$

2,150

 

 

 

2026

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

Thereafter

 

 

2,296

 

 

 

12,390

 

 

 

—

 

 

 

14,686

 

 

 

Total

 

$

4,896

 

 

$

15,115

 

 

$

1,250

 

 

$

21,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Financing Transactions

During 2024, the following long-term debt transactions occurred:

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,
•
issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034,
•
issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054,
•
retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity,
•
retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity, and
•
retired $250 million of 3.05% Secured Medium-Term Notes, Series J, at maturity.

In December 2024, PSEG Power amended its existing $1.25 billion variable rate 3-year term loan agreement to extend through June 2025.

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 $3.8 billion credit facilities are provided by a diverse bank group. As of December 31, 2024, the total available credit capacity was $2.5 billion.

As of December 31, 2024, no single institution represented more than 9% of the total commitments in the credit facilities.

As of December 31, 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 December 31, 2024 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

764

 

 

$

736

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

764

 

 

$

736

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

468

 

 

$

532

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

468

 

 

$

532

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2028

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

1,314

 

 

$

2,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.
(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 December 31, 2024, PSEG Power had $75 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.

Debt Covenants

PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations and the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain asset sales.

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. In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

4,866

 

 

$

4,754

 

 

$

4,371

 

 

$

4,240

 

 

 

PSE&G (A)

 

 

14,998

 

 

 

13,337

 

 

 

13,663

 

 

 

12,460

 

 

 

PSEG Power (B)

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

21,114

 

 

$

19,341

 

 

$

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.
Private term loan with book value approximating fair value (Level 2 measurement).
v3.25.0.1
Schedule of Consolidated Capital Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Consolidated Capital Stock

Note 15. Schedule of Consolidated Capital Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

Outstanding Shares

 

 

Book Value

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSEG Common Stock (no par value) (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized 1,000 shares

 

 

498

 

 

 

498

 

 

$

3,654

 

 

$

3,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2024 or 2023.

As of December 31, 2024, PSE&G had an aggregate of 7.5 million shares of $100 par value and 10 million shares of $25 par value Cumulative Preferred Stock, which were authorized and unissued and which, upon issuance, may or may not provide for mandatory sinking fund redemption.
v3.25.0.1
Financial Risk Management Activities
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Financial Risk Management Activities

Note 16. 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 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. PSEG Power is exposed 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 and swaps 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 13. Commitments and Contingent Liabilities.

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 and PSEG Power may use a mix of fixed and floating rate debt and interest rate hedges.

Cash Flow Hedges

PSEG uses interest rate hedges 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 or anticipated future long-term debt issuances.

As of December 31, 2024, PSEG had interest rate hedges outstanding through March 2025 which were executed to convert to fixed PSEG Power’s $1.25 billion variable rate term loan due June 2025. The fair value of these hedges was immaterial and $5 million as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, PSEG also had interest rate hedges outstanding to fix the interest rate portion of anticipated 2025 debt issuances for PSEG and PSEG Power. These interest rate hedges had a fair value of $32 million as of December 31, 2024.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $36 million and $3 million as of December 31, 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 are $2 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Consolidated Balance Sheets of PSEG. For additional information see Note 17. 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 December 31, 2024 and 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

Total
PSEG
Power

 

 

Total
Derivatives

 

 

 

 

 

Millions

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$

—

 

 

$

403

 

 

$

(370

)

 

$

33

 

 

$

33

 

 

 

Noncurrent Assets

 

 

32

 

 

 

375

 

 

 

(356

)

 

 

19

 

 

 

51

 

 

 

Total Mark-to-Market Derivative Assets

 

$

32

 

 

$

778

 

 

$

(726

)

 

$

52

 

 

$

84

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(448

)

 

$

443

 

 

$

(5

)

 

$

(5

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(408

)

 

 

404

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(856

)

 

$

847

 

 

$

(9

)

 

$

(9

)

 

 

Total Net Mark-to-Market Derivative Assets (Liabilities)

 

$

32

 

 

$

(78

)

 

$

121

 

 

$

43

 

 

$

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not
Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent 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 may also enter 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 $17 million and $77 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, PSEG Power had the contractual right of offset of $11 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 $6 million and $74 million as of December 31, 2024 and 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 Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives

 

 

Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

 

 

Derivatives in Cash Flow Hedging Relationships

 

Years Ended December 31,

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

59

 

 

$

13

 

 

$

—

 

 

Interest Expense

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

Total

 

$

59

 

 

$

13

 

 

$

—

 

 

 

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Consolidated Statement of Operations. The amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $9 million, $3 million and $(3) million after tax as of December 31, 2024, 2023 and 2022, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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 AOCI

 

 

13

 

 

 

9

 

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(3

)

 

 

Balance as of December 31, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCI

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

 

 

 

 

 

 

 

 

 

The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the years ended December 31, 2024, 2023 and 2022. PSEG Power’s derivative contracts reflected in this table primarily includes contracts to hedge the purchase and sale of electricity and natural gas.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedges

 

Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

27

 

 

$

1,567

 

 

$

(1,748

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Total

 

 

 

$

29

 

 

$

1,567

 

 

$

(1,746

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

66

 

 

 

Electricity

 

MWh

 

 

(49

)

 

 

(60

)

 

 

Financial Transmission Rights

 

MWh

 

 

16

 

 

 

19

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

2,290

 

 

 

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 for the purchase and/or sale of energy, nuclear fuel and other related products, where PSEG Power has extended unsecured credit. 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 December 31, 2024, more than 95% 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. This credit exposure was with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 24. 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 December 31, 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 December 31, 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

Note 16. 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 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. PSEG Power is exposed 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 and swaps 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 13. Commitments and Contingent Liabilities.

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 and PSEG Power may use a mix of fixed and floating rate debt and interest rate hedges.

Cash Flow Hedges

PSEG uses interest rate hedges 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 or anticipated future long-term debt issuances.

As of December 31, 2024, PSEG had interest rate hedges outstanding through March 2025 which were executed to convert to fixed PSEG Power’s $1.25 billion variable rate term loan due June 2025. The fair value of these hedges was immaterial and $5 million as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, PSEG also had interest rate hedges outstanding to fix the interest rate portion of anticipated 2025 debt issuances for PSEG and PSEG Power. These interest rate hedges had a fair value of $32 million as of December 31, 2024.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $36 million and $3 million as of December 31, 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 are $2 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Consolidated Balance Sheets of PSEG. For additional information see Note 17. 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 December 31, 2024 and 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

Total
PSEG
Power

 

 

Total
Derivatives

 

 

 

 

 

Millions

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$

—

 

 

$

403

 

 

$

(370

)

 

$

33

 

 

$

33

 

 

 

Noncurrent Assets

 

 

32

 

 

 

375

 

 

 

(356

)

 

 

19

 

 

 

51

 

 

 

Total Mark-to-Market Derivative Assets

 

$

32

 

 

$

778

 

 

$

(726

)

 

$

52

 

 

$

84

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(448

)

 

$

443

 

 

$

(5

)

 

$

(5

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(408

)

 

 

404

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(856

)

 

$

847

 

 

$

(9

)

 

$

(9

)

 

 

Total Net Mark-to-Market Derivative Assets (Liabilities)

 

$

32

 

 

$

(78

)

 

$

121

 

 

$

43

 

 

$

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not
Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent 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 may also enter 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 $17 million and $77 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, PSEG Power had the contractual right of offset of $11 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 $6 million and $74 million as of December 31, 2024 and 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 Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives

 

 

Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

 

 

Derivatives in Cash Flow Hedging Relationships

 

Years Ended December 31,

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

59

 

 

$

13

 

 

$

—

 

 

Interest Expense

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

Total

 

$

59

 

 

$

13

 

 

$

—

 

 

 

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Consolidated Statement of Operations. The amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $9 million, $3 million and $(3) million after tax as of December 31, 2024, 2023 and 2022, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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 AOCI

 

 

13

 

 

 

9

 

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(3

)

 

 

Balance as of December 31, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCI

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

 

 

 

 

 

 

 

 

 

The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the years ended December 31, 2024, 2023 and 2022. PSEG Power’s derivative contracts reflected in this table primarily includes contracts to hedge the purchase and sale of electricity and natural gas.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedges

 

Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

27

 

 

$

1,567

 

 

$

(1,748

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Total

 

 

 

$

29

 

 

$

1,567

 

 

$

(1,746

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

66

 

 

 

Electricity

 

MWh

 

 

(49

)

 

 

(60

)

 

 

Financial Transmission Rights

 

MWh

 

 

16

 

 

 

19

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

2,290

 

 

 

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 for the purchase and/or sale of energy, nuclear fuel and other related products, where PSEG Power has extended unsecured credit. 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 December 31, 2024, more than 95% 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. This credit exposure was with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 24. 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 December 31, 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 December 31, 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.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 17. 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 an exchange.

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 exchange and non-exchange traded derivatives such as futures or 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 December 31, 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 December 31, 2024

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

100

 

 

$

—

 

 

$

100

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

52

 

 

$

(726

)

 

$

2

 

 

$

776

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

32

 

 

$

—

 

 

$

—

 

 

$

32

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,380

 

 

$

—

 

 

$

1,380

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

366

 

 

$

—

 

 

$

—

 

 

$

366

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

397

 

 

$

—

 

 

$

—

 

 

$

397

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

503

 

 

$

—

 

 

$

—

 

 

$

503

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

55

 

 

$

—

 

 

$

—

 

 

$

55

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

28

 

 

$

—

 

 

$

—

 

 

$

28

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

65

 

 

$

—

 

 

$

—

 

 

$

65

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(9

)

 

$

847

 

 

$

(3

)

 

$

(852

)

 

$

(1

)

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

70

 

 

$

—

 

 

$

70

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

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 an exchange, 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 judgment.
(D)
As of December 31, 2024, the fair value measurement table excludes cash and foreign currency of $24 million and $1 million, respectively, in the NDT Fund. As of December 31, 2023, the fair value measurement table excludes foreign currency of $1 million in the NDT Fund. 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 16. 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 December 31, 2024, PSEG carried $3.0 billion of net assets that were measured at fair value on a recurring basis, of which $1 million of liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

As of December 31, 2023, PSEG carried $2.8 billion of net assets that were measured at fair value on a recurring basis, of which $2 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 in 2024 and 2023 to or from Level 3.
Public Service Electric and Gas Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 17. 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 an exchange.

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 exchange and non-exchange traded derivatives such as futures or 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 December 31, 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 December 31, 2024

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

100

 

 

$

—

 

 

$

100

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

52

 

 

$

(726

)

 

$

2

 

 

$

776

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

32

 

 

$

—

 

 

$

—

 

 

$

32

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,380

 

 

$

—

 

 

$

1,380

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

366

 

 

$

—

 

 

$

—

 

 

$

366

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

397

 

 

$

—

 

 

$

—

 

 

$

397

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

503

 

 

$

—

 

 

$

—

 

 

$

503

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

55

 

 

$

—

 

 

$

—

 

 

$

55

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

28

 

 

$

—

 

 

$

—

 

 

$

28

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

65

 

 

$

—

 

 

$

—

 

 

$

65

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(9

)

 

$

847

 

 

$

(3

)

 

$

(852

)

 

$

(1

)

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

70

 

 

$

—

 

 

$

70

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

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 an exchange, 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 judgment.
(D)
As of December 31, 2024, the fair value measurement table excludes cash and foreign currency of $24 million and $1 million, respectively, in the NDT Fund. As of December 31, 2023, the fair value measurement table excludes foreign currency of $1 million in the NDT Fund. 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 16. 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 December 31, 2024, PSEG carried $3.0 billion of net assets that were measured at fair value on a recurring basis, of which $1 million of liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

As of December 31, 2023, PSEG carried $2.8 billion of net assets that were measured at fair value on a recurring basis, of which $2 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 in 2024 and 2023 to or from Level 3.
v3.25.0.1
Stock Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock Based Compensation

Note 18. Stock Based Compensation

PSEG’s 2021 Long-Term Incentive Plan (2021 LTIP), approved by shareholders on April 20, 2021 and the Amended and Restated 2004 Long-Term Incentive Plan ((2004 LTIP) under which no new grants have been made effective April 20, 2021), are

broad-based equity compensation programs that provide for grants of various long-term incentive compensation awards, such as stock options, stock appreciation rights, performance share units (PSUs), restricted stock, restricted stock units (RSUs), cash awards or any combination thereof. The types of long-term incentive awards that have been granted under the LTIP are non-qualified options to purchase shares of PSEG’s common stock, restricted stock unit awards and performance share unit awards. The type of equity award that is granted and the details of that award may vary from time to time and is subject to the approval of the Organization and Compensation Committee of PSEG’s Board of Directors (O&CC), the LTIP’s administrative committee.

The 2021 LTIP currently provides for the issuance of equity awards with respect to 8 million shares of common stock. As of December 31, 2024, approximately 6 million shares were available for future awards under the 2021 LTIP.

In addition, on April 20, 2021 shareholders approved the PSEG 2021 Equity Compensation Plan for Outside Directors (2021 BOD Plan) and the PSEG 2007 Equity Compensation Plan for Outside Directors (2007 BOD Plan) was closed to new awards.

Under the 2021 BOD Plan, the only equity instrument which may be granted are RSUs and the Board member must defer the award until they have achieved their stock ownership requirement.

Stock Options

Under the 2021 LTIP, non-qualified options to acquire shares of PSEG common stock may be granted to officers and other key employees selected by the O&CC. No options have been granted since 2009.

RSUs

Under both the 2021 LTIP and 2004 LTIP (LTIPs), PSEG has granted RSU awards to officers and other key employees. These awards, which are bookkeeping entries only, are subject to risk of forfeiture until vested by continued employment. Until distributed, the units are credited with dividend equivalent units (DEUs) proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. The RSU grants for 2024 have a 3-year graded vesting (1/3 per year) starting from the grant date and 2023 cliff vest at the end of three years. Vesting may be accelerated (pro-rated basis or full vesting) upon certain events such as change-in-control, retirement, disability or death.

PSUs

Under the LTIPs, PSEG has granted PSUs to officers and other key employees. These provide for distribution in shares of PSEG common stock based on achievement of certain goals over a performance period of three years. Following the end of the performance period, the payout varies from 0% to 200% of the number of PSUs granted depending on PSEG’s performance with respect to those goals. The PSUs are credited with DEUs proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. Vesting may be accelerated on a pro-rated basis for the period of the employee’s service during the performance period as a result of certain events, such as change-in-control, retirement, death or disability.

Stock-Based Compensation

PSEG recognizes compensation expense for RSUs over the vesting period based on the grant date fair value of the shares, which is equal to the closing market price of PSEG’s common stock on the date of the grant.

PSEG recognizes compensation expense for the total shareholder return (TSR) target for its PSU awards based on the grant date fair values of the award, which are determined using the Monte Carlo model. The following table provides the assumptions used to calculate the grant date fair value of the TSR portion of the PSU awards for 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

February 15, 2022

 

1.76%

 

27.34%

 

 

 

 

 

 

 

 

 

The accrual of compensation cost is based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. PSEG recognizes compensation expense for all other components of its PSUs based on the grant date fair value of the awards, which is equal to the market price of PSEG’s common stock on the date of the grant. The accrual during the year of grant is estimated at 100% of the original grant. Such accrual may be adjusted to reflect the actual outcome.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

40

 

 

$

18

 

 

$

29

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

11

 

 

$

5

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For each of the years 2024, 2023 and 2022, PSEG also recorded excess tax benefits of $1 million, $22 million and $2 million, respectively.

PSEG recognizes compensation cost of awards issued over the shorter of the original vesting period or the period beginning on the date of grant and ending on the date an individual is eligible for retirement and the award vests.

RSUs

Changes in RSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

263,181

 

 

$

61.79

 

 

 

 

 

 

 

 

 

Granted

 

 

431,944

 

 

$

59.22

 

 

 

 

 

 

 

 

 

Vested

 

 

232,259

 

 

$

58.61

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

14,076

 

 

$

59.94

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

448,790

 

 

$

61.03

 

 

 

0.9

 

 

$

37,918,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for RSUs during the years ended December 31, 2024, 2023 and 2022 was $59.22, $61.44 and $64.44 per share, respectively.

The total intrinsic value of RSUs distributed during the years ended December 31, 2024, 2023 and 2022 was $16 million, $54 million and $19 million, respectively.

As of December 31, 2024, there was approximately $12 million of unrecognized compensation cost related to the RSUs, which is expected to be recognized over a weighted average period of 1.1 years. DEUs of 30,260 accrued on the RSUs during the year.

PSUs

Changes in PSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

482,416

 

 

$

68.31

 

 

 

 

 

 

 

 

 

Granted

 

 

371,438

 

 

$

65.44

 

 

 

 

 

 

 

 

 

Vested

 

 

359,232

 

 

$

67.65

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

20,769

 

 

$

67.74

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

473,853

 

 

$

66.59

 

 

 

1.6

 

 

$

40,035,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for PSUs during the years ended December 31, 2024, 2023 and 2022 was $65.44, $67.99 and $68.90 per share, respectively.

The total intrinsic value of PSUs distributed during the years ended December 31, 2024, 2023 and 2022 was $10 million, $95 million and $18 million, respectively.

As of December 31, 2024, there was approximately $25 million of unrecognized compensation cost related to the PSUs, which is expected to be recognized over a weighted average period of 1.5 years. DEUs of 35,102 accrued on the PSUs during the year.

Outside Directors

Under the closed 2007 BOD Plan and the new 2021 BOD Plan, annually, on the first business day of May, each non-employee member of the Board of Directors is awarded stock units based on the amount of annual compensation to be paid at the closing price of PSEG common stock on that date. DEUs are credited quarterly and distributions will occur as specified by their election in accordance with the provisions of the BOD Plan.

The fair value of these awards is recorded as compensation expense in the Consolidated Statements of Operations. Compensation expense for the plan was $2 million for the years ended December 31, 2024, 2023, and 2022.

ESPP

PSEG maintains an ESPP for all eligible employees of PSEG and its subsidiaries. Under the ESPP, shares of PSEG common stock may be purchased at 95% of the fair market value for represented employees and 90% for non-represented employees through payroll deductions. Dividends are to be paid out in cash unless the participant elects the dividends to be reinvested at fair market price. All employees are required to hold the shares purchased under the ESPP for at least three months from the purchase date. In any year, employees may purchase shares having a value not exceeding 10% of their base pay. Compensation expense recognized under this program was $2 million for each of the years ended December 31, 2024, 2023 and 2022.

During the years ended December 31, 2024, 2023 and 2022, employees purchased 287,982 shares, 339,807 shares and 321,429 shares, respectively, at an average price of $71.46, $55.84 and $57.72 per share, respectively. As of December 31, 2024, 1 million shares were available for future issuance under this plan.
Public Service Electric and Gas Company  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock Based Compensation

Note 18. Stock Based Compensation

PSEG’s 2021 Long-Term Incentive Plan (2021 LTIP), approved by shareholders on April 20, 2021 and the Amended and Restated 2004 Long-Term Incentive Plan ((2004 LTIP) under which no new grants have been made effective April 20, 2021), are

broad-based equity compensation programs that provide for grants of various long-term incentive compensation awards, such as stock options, stock appreciation rights, performance share units (PSUs), restricted stock, restricted stock units (RSUs), cash awards or any combination thereof. The types of long-term incentive awards that have been granted under the LTIP are non-qualified options to purchase shares of PSEG’s common stock, restricted stock unit awards and performance share unit awards. The type of equity award that is granted and the details of that award may vary from time to time and is subject to the approval of the Organization and Compensation Committee of PSEG’s Board of Directors (O&CC), the LTIP’s administrative committee.

The 2021 LTIP currently provides for the issuance of equity awards with respect to 8 million shares of common stock. As of December 31, 2024, approximately 6 million shares were available for future awards under the 2021 LTIP.

In addition, on April 20, 2021 shareholders approved the PSEG 2021 Equity Compensation Plan for Outside Directors (2021 BOD Plan) and the PSEG 2007 Equity Compensation Plan for Outside Directors (2007 BOD Plan) was closed to new awards.

Under the 2021 BOD Plan, the only equity instrument which may be granted are RSUs and the Board member must defer the award until they have achieved their stock ownership requirement.

Stock Options

Under the 2021 LTIP, non-qualified options to acquire shares of PSEG common stock may be granted to officers and other key employees selected by the O&CC. No options have been granted since 2009.

RSUs

Under both the 2021 LTIP and 2004 LTIP (LTIPs), PSEG has granted RSU awards to officers and other key employees. These awards, which are bookkeeping entries only, are subject to risk of forfeiture until vested by continued employment. Until distributed, the units are credited with dividend equivalent units (DEUs) proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. The RSU grants for 2024 have a 3-year graded vesting (1/3 per year) starting from the grant date and 2023 cliff vest at the end of three years. Vesting may be accelerated (pro-rated basis or full vesting) upon certain events such as change-in-control, retirement, disability or death.

PSUs

Under the LTIPs, PSEG has granted PSUs to officers and other key employees. These provide for distribution in shares of PSEG common stock based on achievement of certain goals over a performance period of three years. Following the end of the performance period, the payout varies from 0% to 200% of the number of PSUs granted depending on PSEG’s performance with respect to those goals. The PSUs are credited with DEUs proportionate to the dividends paid on PSEG common stock. Distributions are made in shares of common stock. Vesting may be accelerated on a pro-rated basis for the period of the employee’s service during the performance period as a result of certain events, such as change-in-control, retirement, death or disability.

Stock-Based Compensation

PSEG recognizes compensation expense for RSUs over the vesting period based on the grant date fair value of the shares, which is equal to the closing market price of PSEG’s common stock on the date of the grant.

PSEG recognizes compensation expense for the total shareholder return (TSR) target for its PSU awards based on the grant date fair values of the award, which are determined using the Monte Carlo model. The following table provides the assumptions used to calculate the grant date fair value of the TSR portion of the PSU awards for 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

February 15, 2022

 

1.76%

 

27.34%

 

 

 

 

 

 

 

 

 

The accrual of compensation cost is based on the probable achievement of the performance conditions, which result in a payout from 0% to 200% of the initial grant. PSEG recognizes compensation expense for all other components of its PSUs based on the grant date fair value of the awards, which is equal to the market price of PSEG’s common stock on the date of the grant. The accrual during the year of grant is estimated at 100% of the original grant. Such accrual may be adjusted to reflect the actual outcome.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

40

 

 

$

18

 

 

$

29

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

11

 

 

$

5

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For each of the years 2024, 2023 and 2022, PSEG also recorded excess tax benefits of $1 million, $22 million and $2 million, respectively.

PSEG recognizes compensation cost of awards issued over the shorter of the original vesting period or the period beginning on the date of grant and ending on the date an individual is eligible for retirement and the award vests.

RSUs

Changes in RSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

263,181

 

 

$

61.79

 

 

 

 

 

 

 

 

 

Granted

 

 

431,944

 

 

$

59.22

 

 

 

 

 

 

 

 

 

Vested

 

 

232,259

 

 

$

58.61

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

14,076

 

 

$

59.94

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

448,790

 

 

$

61.03

 

 

 

0.9

 

 

$

37,918,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for RSUs during the years ended December 31, 2024, 2023 and 2022 was $59.22, $61.44 and $64.44 per share, respectively.

The total intrinsic value of RSUs distributed during the years ended December 31, 2024, 2023 and 2022 was $16 million, $54 million and $19 million, respectively.

As of December 31, 2024, there was approximately $12 million of unrecognized compensation cost related to the RSUs, which is expected to be recognized over a weighted average period of 1.1 years. DEUs of 30,260 accrued on the RSUs during the year.

PSUs

Changes in PSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

482,416

 

 

$

68.31

 

 

 

 

 

 

 

 

 

Granted

 

 

371,438

 

 

$

65.44

 

 

 

 

 

 

 

 

 

Vested

 

 

359,232

 

 

$

67.65

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

20,769

 

 

$

67.74

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

473,853

 

 

$

66.59

 

 

 

1.6

 

 

$

40,035,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for PSUs during the years ended December 31, 2024, 2023 and 2022 was $65.44, $67.99 and $68.90 per share, respectively.

The total intrinsic value of PSUs distributed during the years ended December 31, 2024, 2023 and 2022 was $10 million, $95 million and $18 million, respectively.

As of December 31, 2024, there was approximately $25 million of unrecognized compensation cost related to the PSUs, which is expected to be recognized over a weighted average period of 1.5 years. DEUs of 35,102 accrued on the PSUs during the year.

Outside Directors

Under the closed 2007 BOD Plan and the new 2021 BOD Plan, annually, on the first business day of May, each non-employee member of the Board of Directors is awarded stock units based on the amount of annual compensation to be paid at the closing price of PSEG common stock on that date. DEUs are credited quarterly and distributions will occur as specified by their election in accordance with the provisions of the BOD Plan.

The fair value of these awards is recorded as compensation expense in the Consolidated Statements of Operations. Compensation expense for the plan was $2 million for the years ended December 31, 2024, 2023, and 2022.

ESPP

PSEG maintains an ESPP for all eligible employees of PSEG and its subsidiaries. Under the ESPP, shares of PSEG common stock may be purchased at 95% of the fair market value for represented employees and 90% for non-represented employees through payroll deductions. Dividends are to be paid out in cash unless the participant elects the dividends to be reinvested at fair market price. All employees are required to hold the shares purchased under the ESPP for at least three months from the purchase date. In any year, employees may purchase shares having a value not exceeding 10% of their base pay. Compensation expense recognized under this program was $2 million for each of the years ended December 31, 2024, 2023 and 2022.

During the years ended December 31, 2024, 2023 and 2022, employees purchased 287,982 shares, 339,807 shares and 321,429 shares, respectively, at an average price of $71.46, $55.84 and $57.72 per share, respectively. As of December 31, 2024, 1 million shares were available for future issuance under this plan.
v3.25.0.1
Net Other Income (Deductions)
 12 Months Ended
Dec. 31, 2024
Net Other Income (Deductions)

Note 19. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

81

 

 

$

81

 

 

 

AFUDC

 

 

41

 

 

 

—

 

 

 

41

 

 

 

Solar Loan Interest

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Other Interest

 

 

9

 

 

 

18

 

 

 

27

 

 

 

Other

 

 

9

 

 

 

(10

)

 

 

(1

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

89

 

 

$

153

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

68

 

 

$

68

 

 

 

AFUDC

 

 

60

 

 

 

—

 

 

 

60

 

 

 

Solar Loan Interest

 

 

7

 

 

 

—

 

 

 

7

 

 

 

Other Interest

 

 

12

 

 

 

34

 

 

 

46

 

 

 

Other

 

 

1

 

 

 

(10

)

 

 

(9

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

92

 

 

$

172

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

62

 

 

$

62

 

 

 

AFUDC

 

 

65

 

 

 

—

 

 

 

65

 

 

 

Solar Loan Interest

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Other Interest

 

 

9

 

 

 

12

 

 

 

21

 

 

 

Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program

 

 

—

 

 

 

(27

)

 

 

(27

)

 

 

Other

 

 

4

 

 

 

(11

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

88

 

 

$

36

 

 

$

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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  
Net Other Income (Deductions)

Note 19. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

81

 

 

$

81

 

 

 

AFUDC

 

 

41

 

 

 

—

 

 

 

41

 

 

 

Solar Loan Interest

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Other Interest

 

 

9

 

 

 

18

 

 

 

27

 

 

 

Other

 

 

9

 

 

 

(10

)

 

 

(1

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

89

 

 

$

153

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

68

 

 

$

68

 

 

 

AFUDC

 

 

60

 

 

 

—

 

 

 

60

 

 

 

Solar Loan Interest

 

 

7

 

 

 

—

 

 

 

7

 

 

 

Other Interest

 

 

12

 

 

 

34

 

 

 

46

 

 

 

Other

 

 

1

 

 

 

(10

)

 

 

(9

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

92

 

 

$

172

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

62

 

 

$

62

 

 

 

AFUDC

 

 

65

 

 

 

—

 

 

 

65

 

 

 

Solar Loan Interest

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Other Interest

 

 

9

 

 

 

12

 

 

 

21

 

 

 

Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program

 

 

—

 

 

 

(27

)

 

 

(27

)

 

 

Other

 

 

4

 

 

 

(11

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

88

 

 

$

36

 

 

$

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes [Line Items]  
Income Taxes

Note 20. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,772

 

 

$

2,563

 

 

$

1,031

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(225

)

 

$

144

 

 

$

262

 

 

 

State

 

 

15

 

 

 

19

 

 

 

(30

)

 

 

Total Current

 

 

(210

)

 

 

163

 

 

 

232

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

129

 

 

 

109

 

 

 

(335

)

 

 

State

 

 

140

 

 

 

253

 

 

 

80

 

 

 

Total Deferred

 

 

269

 

 

 

362

 

 

 

(255

)

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(6

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Pre-Tax Income

 

$

1,825

 

 

$

3,081

 

 

$

1,002

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

383

 

 

$

647

 

 

$

210

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

122

 

 

 

215

 

 

 

41

 

 

 

Uncertain Tax Positions

 

 

95

 

 

 

(14

)

 

 

(22

)

 

 

NDT Fund

 

 

21

 

 

 

26

 

 

 

(22

)

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(361

)

 

 

(10

)

 

 

(10

)

 

 

Audit Settlement

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

Leasing Activities

 

 

—

 

 

 

(22

)

 

 

—

 

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(1

)

 

 

(17

)

 

 

11

 

 

 

Subtotal

 

 

(330

)

 

 

(129

)

 

 

(239

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Effective Income Tax Rate

 

 

2.9

%

 

 

16.8

%

 

 

(2.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is an analysis of deferred income taxes for PSEG:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

49

 

 

 

58

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Corporate Alternative Minimum Tax (CAMT) Credit Carryforward

 

 

—

 

 

 

44

 

 

 

Operating Leases

 

 

38

 

 

 

42

 

 

 

Other

 

 

147

 

 

 

129

 

 

 

Total Assets

 

$

591

 

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,084

 

 

$

4,850

 

 

 

New Jersey Corporate Business Tax

 

 

1,414

 

 

 

1,284

 

 

 

Leasing Activities

 

 

33

 

 

 

35

 

 

 

AROs and NDT Fund

 

 

281

 

 

 

250

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Pension Costs

 

 

193

 

 

 

189

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Other

 

 

278

 

 

 

291

 

 

 

Total Liabilities

 

$

7,781

 

 

$

7,277

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,190

 

 

$

6,608

 

 

 

ITC

 

 

58

 

 

 

63

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,248

 

 

$

6,671

 

 

 

 

 

 

 

 

 

 

 

 

The deferred tax effect of certain assets and liabilities is presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals.

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,547

 

 

$

1,515

 

 

$

1,565

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(67

)

 

$

127

 

 

$

130

 

 

 

State

 

 

—

 

 

 

4

 

 

 

—

 

 

 

Total Current

 

 

(67

)

 

 

131

 

 

 

130

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

209

 

 

 

(113

)

 

 

(17

)

 

 

State

 

 

162

 

 

 

149

 

 

 

159

 

 

 

Total Deferred

 

 

371

 

 

 

36

 

 

 

142

 

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(5

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Pre-Tax Income

 

$

1,845

 

 

$

1,675

 

 

$

1,832

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

387

 

 

$

352

 

 

$

385

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

128

 

 

 

121

 

 

 

126

 

 

 

Uncertain Tax Positions

 

 

—

 

 

 

(9

)

 

 

2

 

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(9

)

 

 

(9

)

 

 

(9

)

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(2

)

 

 

5

 

 

 

—

 

 

 

Subtotal

 

 

(89

)

 

 

(192

)

 

 

(118

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Effective Income Tax Rate

 

 

16.2

%

 

 

9.6

%

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is an analysis of deferred income taxes for PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

22

 

 

 

28

 

 

 

CAMT Credit Carryforward

 

 

—

 

 

 

106

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Operating Leases

 

 

20

 

 

 

22

 

 

 

Other

 

 

54

 

 

 

60

 

 

 

Total Assets

 

$

453

 

 

$

612

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,631

 

 

$

4,396

 

 

 

New Jersey Corporate Business Tax

 

 

1,303

 

 

 

1,160

 

 

 

Pension Costs

 

 

199

 

 

 

198

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Conservation Costs

 

 

103

 

 

 

88

 

 

 

Operating Leases

 

 

20

 

 

 

21

 

 

 

Other

 

 

152

 

 

 

158

 

 

 

Total Liabilities

 

$

6,872

 

 

$

6,361

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

6,419

 

 

$

5,749

 

 

 

ITC

 

 

58

 

 

 

64

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

6,477

 

 

$

5,813

 

 

 

 

 

 

 

 

 

 

 

 

The deferred tax effect of certain assets and liabilities is presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals.

PSEG and PSE&G each provide deferred taxes at the enacted statutory tax rate for all temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities irrespective of the treatment for rate-making purposes. Management believes that it is probable that the accumulated tax benefits that previously have been treated as a flow-through item to PSE&G customers will be recovered from or refunded to PSE&G’s customers in the future. See Note 6. Regulatory Assets and Liabilities.

The 2018 decrease in the federal tax rate resulted in PSE&G recording excess deferred income taxes. As of December 31, 2024, the remaining balance of excess deferred income taxes is all protected and was approximately $1.3 billion with a Regulatory Liability of approximately $1.8 billion. In 2024, PSE&G returned approximately $202 million of excess deferred income taxes and previously realized and current period deferred income taxes related to tax repair deductions to its customers with a reduction to tax expense of approximately $145 million. The flowback to customers of the excess deferred income taxes and previously realized tax repair deductions resulted in a decrease of approximately $122 million in the Regulatory Liability. The current period tax repair deduction reduces tax expense and revenue and recognizes a Regulatory Asset as PSE&G believes it is probable that the current period tax repair deductions flowed through to the customers will be recovered from customers in the future. See Note 6. Regulatory Assets and Liabilities for additional information.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a 15% corporate alternative minimum tax (CAMT), which is based on adjusted financial statement income, effective in 2023, and made certain changes to existing energy tax credit laws.

PSEG has determined that it is not subject to the CAMT for 2023 and 2024 as it is not an applicable corporation in accordance with the statute. In September 2024, the U.S. Treasury issued proposed CAMT regulations on which taxpayers are not required to rely. The proposed CAMT regulations and certain relevant rules remain unclear and require further guidance. As such, the 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 reduction amount are subject to the Internal Revenue Service’s determination of annual inflation.

For the year ended December 31, 2024, PSEG recorded an income tax benefit associated with PTCs of approximately $350 million. PSEG also recorded an $89 million unrecognized tax benefit, which would affect the effective tax rate if recognized, since the PTCs recorded constitute an uncertain tax position and are subject to change when authoritative guidance is issued by the U.S. Treasury, particularly related to the definition of "gross receipts". Such guidance could result in a material increase or decrease in the net PTC recorded. Further, ZEC revenue has been reduced by the estimated PTCs generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated. See Note 2. Revenues for additional information.

Despite the issuance of proposed regulations and various Notices that provide interim guidance on numerous provisions of the IRA, many aspects of the IRA, including the PTCs and the CAMT, remain unclear and are in need of further guidance; therefore, the impact of several provisions of the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation.

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.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas T&D property. The impact, if any, this may have on PSEG and PSE&G’s financial statements is subject to continued evaluation and has not yet been determined.

As of December 31, 2024, PSEG had a $26 million state NOL and PSE&G had a $108 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G and PSEG’s other subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

2024

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2024

 

$

110

 

 

$

11

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

18

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(4

)

 

 

(3

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

90

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(4

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2024

 

$

209

 

 

$

8

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(30

)

 

 

(5

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

178

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2023

 

$

130

 

 

$

29

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

16

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(25

)

 

 

(12

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(10

)

 

 

(7

)

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2023

 

$

110

 

 

$

11

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(29

)

 

 

(7

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(2

)

 

 

(2

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

79

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2022

 

$

192

 

 

$

27

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

9

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(40

)

 

 

(2

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

1

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(28

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(4

)

 

 

1

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2022

 

$

130

 

 

$

29

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(37

)

 

 

(15

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(8

)

 

 

(8

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

85

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

In 2022, the IRS approved PSEG’s 2018 carryback claim, which resulted in the closure of PSEG’s federal tax years through 2018.

PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Interest and Penalties
on Uncertain Tax Positions
as of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

27

 

 

$

25

 

 

$

38

 

 

 

PSE&G

 

$

—

 

 

$

1

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is reasonably possible that total unrecognized tax benefits will significantly increase or decrease within the next twelve months due to either agreements with various taxing authorities upon audit, the expiration of the Statute of Limitations, or other pending tax matters. These potential increases or decreases are as follows:

 

 

 

 

 

 

 

 

Possible Decrease in Total Unrecognized Tax Benefits

 

Over the next
12 Months

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

28

 

 

 

PSE&G

 

$

—

 

 

 

 

 

 

 

 

 

Description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are:

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

PSE&G

 

 

United States

 

 

 

 

 

 

Federal

 

2021-2023

 

N/A

 

 

New Jersey

 

2011-2023

 

2015-2023

 

 

Pennsylvania

 

2017-2023

 

2021-2023

 

 

Connecticut

 

2021-2022

 

N/A

 

 

Maryland

 

2021-2022

 

N/A

 

 

New York

 

2017-2023

 

N/A

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Income Taxes [Line Items]  
Income Taxes

Note 20. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,772

 

 

$

2,563

 

 

$

1,031

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(225

)

 

$

144

 

 

$

262

 

 

 

State

 

 

15

 

 

 

19

 

 

 

(30

)

 

 

Total Current

 

 

(210

)

 

 

163

 

 

 

232

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

129

 

 

 

109

 

 

 

(335

)

 

 

State

 

 

140

 

 

 

253

 

 

 

80

 

 

 

Total Deferred

 

 

269

 

 

 

362

 

 

 

(255

)

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(6

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Pre-Tax Income

 

$

1,825

 

 

$

3,081

 

 

$

1,002

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

383

 

 

$

647

 

 

$

210

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

122

 

 

 

215

 

 

 

41

 

 

 

Uncertain Tax Positions

 

 

95

 

 

 

(14

)

 

 

(22

)

 

 

NDT Fund

 

 

21

 

 

 

26

 

 

 

(22

)

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(361

)

 

 

(10

)

 

 

(10

)

 

 

Audit Settlement

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

Leasing Activities

 

 

—

 

 

 

(22

)

 

 

—

 

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(1

)

 

 

(17

)

 

 

11

 

 

 

Subtotal

 

 

(330

)

 

 

(129

)

 

 

(239

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Effective Income Tax Rate

 

 

2.9

%

 

 

16.8

%

 

 

(2.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is an analysis of deferred income taxes for PSEG:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

49

 

 

 

58

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Corporate Alternative Minimum Tax (CAMT) Credit Carryforward

 

 

—

 

 

 

44

 

 

 

Operating Leases

 

 

38

 

 

 

42

 

 

 

Other

 

 

147

 

 

 

129

 

 

 

Total Assets

 

$

591

 

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,084

 

 

$

4,850

 

 

 

New Jersey Corporate Business Tax

 

 

1,414

 

 

 

1,284

 

 

 

Leasing Activities

 

 

33

 

 

 

35

 

 

 

AROs and NDT Fund

 

 

281

 

 

 

250

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Pension Costs

 

 

193

 

 

 

189

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Other

 

 

278

 

 

 

291

 

 

 

Total Liabilities

 

$

7,781

 

 

$

7,277

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,190

 

 

$

6,608

 

 

 

ITC

 

 

58

 

 

 

63

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,248

 

 

$

6,671

 

 

 

 

 

 

 

 

 

 

 

 

The deferred tax effect of certain assets and liabilities is presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals.

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,547

 

 

$

1,515

 

 

$

1,565

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(67

)

 

$

127

 

 

$

130

 

 

 

State

 

 

—

 

 

 

4

 

 

 

—

 

 

 

Total Current

 

 

(67

)

 

 

131

 

 

 

130

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

209

 

 

 

(113

)

 

 

(17

)

 

 

State

 

 

162

 

 

 

149

 

 

 

159

 

 

 

Total Deferred

 

 

371

 

 

 

36

 

 

 

142

 

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(5

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Pre-Tax Income

 

$

1,845

 

 

$

1,675

 

 

$

1,832

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

387

 

 

$

352

 

 

$

385

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

128

 

 

 

121

 

 

 

126

 

 

 

Uncertain Tax Positions

 

 

—

 

 

 

(9

)

 

 

2

 

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(9

)

 

 

(9

)

 

 

(9

)

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(2

)

 

 

5

 

 

 

—

 

 

 

Subtotal

 

 

(89

)

 

 

(192

)

 

 

(118

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Effective Income Tax Rate

 

 

16.2

%

 

 

9.6

%

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is an analysis of deferred income taxes for PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

22

 

 

 

28

 

 

 

CAMT Credit Carryforward

 

 

—

 

 

 

106

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Operating Leases

 

 

20

 

 

 

22

 

 

 

Other

 

 

54

 

 

 

60

 

 

 

Total Assets

 

$

453

 

 

$

612

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,631

 

 

$

4,396

 

 

 

New Jersey Corporate Business Tax

 

 

1,303

 

 

 

1,160

 

 

 

Pension Costs

 

 

199

 

 

 

198

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Conservation Costs

 

 

103

 

 

 

88

 

 

 

Operating Leases

 

 

20

 

 

 

21

 

 

 

Other

 

 

152

 

 

 

158

 

 

 

Total Liabilities

 

$

6,872

 

 

$

6,361

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

6,419

 

 

$

5,749

 

 

 

ITC

 

 

58

 

 

 

64

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

6,477

 

 

$

5,813

 

 

 

 

 

 

 

 

 

 

 

 

The deferred tax effect of certain assets and liabilities is presented in the table above net of the deferred tax effect associated with the respective regulatory deferrals.

PSEG and PSE&G each provide deferred taxes at the enacted statutory tax rate for all temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities irrespective of the treatment for rate-making purposes. Management believes that it is probable that the accumulated tax benefits that previously have been treated as a flow-through item to PSE&G customers will be recovered from or refunded to PSE&G’s customers in the future. See Note 6. Regulatory Assets and Liabilities.

The 2018 decrease in the federal tax rate resulted in PSE&G recording excess deferred income taxes. As of December 31, 2024, the remaining balance of excess deferred income taxes is all protected and was approximately $1.3 billion with a Regulatory Liability of approximately $1.8 billion. In 2024, PSE&G returned approximately $202 million of excess deferred income taxes and previously realized and current period deferred income taxes related to tax repair deductions to its customers with a reduction to tax expense of approximately $145 million. The flowback to customers of the excess deferred income taxes and previously realized tax repair deductions resulted in a decrease of approximately $122 million in the Regulatory Liability. The current period tax repair deduction reduces tax expense and revenue and recognizes a Regulatory Asset as PSE&G believes it is probable that the current period tax repair deductions flowed through to the customers will be recovered from customers in the future. See Note 6. Regulatory Assets and Liabilities for additional information.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a 15% corporate alternative minimum tax (CAMT), which is based on adjusted financial statement income, effective in 2023, and made certain changes to existing energy tax credit laws.

PSEG has determined that it is not subject to the CAMT for 2023 and 2024 as it is not an applicable corporation in accordance with the statute. In September 2024, the U.S. Treasury issued proposed CAMT regulations on which taxpayers are not required to rely. The proposed CAMT regulations and certain relevant rules remain unclear and require further guidance. As such, the 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 reduction amount are subject to the Internal Revenue Service’s determination of annual inflation.

For the year ended December 31, 2024, PSEG recorded an income tax benefit associated with PTCs of approximately $350 million. PSEG also recorded an $89 million unrecognized tax benefit, which would affect the effective tax rate if recognized, since the PTCs recorded constitute an uncertain tax position and are subject to change when authoritative guidance is issued by the U.S. Treasury, particularly related to the definition of "gross receipts". Such guidance could result in a material increase or decrease in the net PTC recorded. Further, ZEC revenue has been reduced by the estimated PTCs generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated. See Note 2. Revenues for additional information.

Despite the issuance of proposed regulations and various Notices that provide interim guidance on numerous provisions of the IRA, many aspects of the IRA, including the PTCs and the CAMT, remain unclear and are in need of further guidance; therefore, the impact of several provisions of the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation.

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.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas T&D property. The impact, if any, this may have on PSEG and PSE&G’s financial statements is subject to continued evaluation and has not yet been determined.

As of December 31, 2024, PSEG had a $26 million state NOL and PSE&G had a $108 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G and PSEG’s other subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

2024

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2024

 

$

110

 

 

$

11

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

18

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(4

)

 

 

(3

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

90

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(4

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2024

 

$

209

 

 

$

8

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(30

)

 

 

(5

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

178

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2023

 

$

130

 

 

$

29

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

16

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(25

)

 

 

(12

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(10

)

 

 

(7

)

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2023

 

$

110

 

 

$

11

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(29

)

 

 

(7

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(2

)

 

 

(2

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

79

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2022

 

$

192

 

 

$

27

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

9

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(40

)

 

 

(2

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

1

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(28

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(4

)

 

 

1

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2022

 

$

130

 

 

$

29

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(37

)

 

 

(15

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(8

)

 

 

(8

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

85

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

In 2022, the IRS approved PSEG’s 2018 carryback claim, which resulted in the closure of PSEG’s federal tax years through 2018.

PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Interest and Penalties
on Uncertain Tax Positions
as of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

27

 

 

$

25

 

 

$

38

 

 

 

PSE&G

 

$

—

 

 

$

1

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is reasonably possible that total unrecognized tax benefits will significantly increase or decrease within the next twelve months due to either agreements with various taxing authorities upon audit, the expiration of the Statute of Limitations, or other pending tax matters. These potential increases or decreases are as follows:

 

 

 

 

 

 

 

 

Possible Decrease in Total Unrecognized Tax Benefits

 

Over the next
12 Months

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

28

 

 

 

PSE&G

 

$

—

 

 

 

 

 

 

 

 

 

Description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are:

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

PSE&G

 

 

United States

 

 

 

 

 

 

Federal

 

2021-2023

 

N/A

 

 

New Jersey

 

2011-2023

 

2015-2023

 

 

Pennsylvania

 

2017-2023

 

2021-2023

 

 

Connecticut

 

2021-2022

 

N/A

 

 

Maryland

 

2021-2022

 

N/A

 

 

New York

 

2017-2023

 

N/A

 

 

 

 

 

 

 

 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss), Net of Tax
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss), Net of Tax

Note 21. Accumulated Other Comprehensive Income (Loss), Net of Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

Other Comprehensive Income (Loss)

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for -Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2021

 

$

(6

)

 

$

(355

)

 

$

11

 

 

$

(350

)

 

 

Current Period Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

—

 

 

 

(72

)

 

 

(158

)

 

 

(230

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

3

 

 

 

1

 

 

 

26

 

 

 

30

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

3

 

 

 

(71

)

 

 

(132

)

 

 

(200

)

 

 

Balance as of December 31, 2022

 

$

(3

)

 

$

(426

)

 

$

(121

)

 

$

(550

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

9

 

 

 

76

 

 

 

61

 

 

 

146

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(3

)

 

 

248

 

 

 

(20

)

 

 

225

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

6

 

 

 

324

 

 

 

41

 

 

 

371

 

 

 

Balance as of December 31, 2023

 

$

3

 

 

$

(102

)

 

$

(80

)

 

$

(179

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

42

 

 

 

19

 

 

 

(18

)

 

 

43

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(9

)

 

 

7

 

 

 

5

 

 

 

3

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

33

 

 

 

26

 

 

 

(13

)

 

 

46

 

 

 

Balance as of December 31, 2024

 

$

36

 

 

$

(76

)

 

$

(93

)

 

$

(133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

Location of Pre-Tax Amount in Statement of Operations

 

Pre-Tax Amount

 

 

Tax (Expense) Benefit

 

 

After-Tax Amount

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

(5

)

 

$

2

 

 

$

(3

)

 

 

Total Cash Flow Hedges

 

 

 

 

(5

)

 

 

2

 

 

 

(3

)

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

21

 

 

 

(6

)

 

 

15

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(22

)

 

 

6

 

 

 

(16

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(43

)

 

 

17

 

 

 

(26

)

 

 

Total Available-for-Sale Securities

 

 

 

 

(43

)

 

 

17

 

 

 

(26

)

 

 

Total

 

 

 

$

(49

)

 

$

19

 

 

$

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 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

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

5

 

 

$

(2

)

 

$

3

 

 

 

Total Cash Flow Hedges

 

 

 

 

5

 

 

 

(2

)

 

 

3

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

8

 

 

 

(2

)

 

 

6

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(20

)

 

 

6

 

 

 

(14

)

 

 

Pension Settlement Charge

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(334

)

 

 

94

 

 

 

(240

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(346

)

 

 

98

 

 

 

(248

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

34

 

 

 

(14

)

 

 

20

 

 

 

Total Available-for-Sale Securities

 

 

 

 

34

 

 

 

(14

)

 

 

20

 

 

 

Total

 

 

 

$

(307

)

 

$

82

 

 

$

(225

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 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

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

13

 

 

$

(4

)

 

$

9

 

 

 

Total Cash Flow Hedges

 

 

 

 

13

 

 

 

(4

)

 

 

9

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(10

)

 

 

3

 

 

 

(7

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(10

)

 

 

3

 

 

 

(7

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(8

)

 

 

3

 

 

 

(5

)

 

 

Total Available-for-Sale Securities

 

 

 

 

(8

)

 

 

3

 

 

 

(5

)

 

 

Total

 

 

 

$

(5

)

 

$

2

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Earnings Per Share (EPS) and Dividends
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share (EPS) and Dividends

Note 22. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. For additional information on PSEG’s stock compensation plans see Note 18. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,772

 

 

$

1,772

 

 

$

2,563

 

 

$

2,563

 

 

$

1,031

 

 

$

1,031

 

 

 

EPS Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

3

 

 

 

Total Shares

 

 

498

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

498

 

 

 

501

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

3.56

 

 

$

3.54

 

 

$

5.15

 

 

$

5.13

 

 

$

2.07

 

 

$

2.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From time to time, PSEG may repurchase shares to satisfy obligations under equity compensation awards and repurchase shares to satisfy purchases by employees under the ESPP.

For additional information on all the types of long-term incentive awards, see Note 18. Stock Based Compensation.

During 2022, PSEG completed a $500 million share repurchase program authorized by the Board of Directors in September 2021 resulting in an aggregate repurchase of approximately 7.4 million shares.

Common Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Dividend Payments on Common Stock

 

2024

 

 

2023

 

 

2022

 

 

 

Per Share

 

$

2.40

 

 

$

2.28

 

 

$

2.16

 

 

 

in Millions

 

$

1,196

 

 

$

1,137

 

 

$

1,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On February 11, 2025, PSEG’s Board of Directors approved a $0.63 per share common stock dividend for the first quarter of 2025.
v3.25.0.1
Financial Information By Business Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 23. Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment.

Based on management’s analysis, PSE&G and PSEG Power were determined to be operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG's reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment 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 selling energy and capacity 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 its gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants 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 4. 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 corporation) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

Energy Costs

 

 

3,189

 

 

 

1,170

 

 

 

(966

)

 

 

3,393

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,317

 

 

 

771

 

 

 

—

 

 

 

2,088

 

 

 

Depreciation and Amortization

 

 

1,025

 

 

 

157

 

 

 

—

 

 

 

1,182

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

448

 

 

 

—

 

 

 

953

 

 

 

Net Income

 

$

1,547

 

 

$

225

 

 

$

—

 

 

$

1,772

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,921

 

 

$

459

 

 

$

—

 

 

$

3,380

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

Energy Costs

 

 

3,010

 

 

 

1,353

 

 

 

(1,103

)

 

 

3,260

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,193

 

 

 

713

 

 

 

—

 

 

 

1,906

 

 

 

Depreciation and Amortization

 

 

980

 

 

 

155

 

 

 

—

 

 

 

1,135

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

686

 

 

 

—

 

 

 

1,161

 

 

 

Net Income

 

$

1,515

 

 

$

1,048

 

 

$

—

 

 

$

2,563

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,998

 

 

$

327

 

 

$

—

 

 

$

3,325

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

42,873

 

 

$

8,407

 

 

$

(539

)

 

$

50,741

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

17

 

 

$

—

 

 

$

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

Energy Costs

 

 

3,270

 

 

 

2,149

 

 

 

(1,401

)

 

 

4,018

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,219

 

 

 

712

 

 

 

—

 

 

 

1,931

 

 

 

Depreciation and Amortization

 

 

935

 

 

 

165

 

 

 

—

 

 

 

1,100

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

14

 

 

 

—

 

 

 

14

 

 

 

Interest Income

 

 

19

 

 

 

13

 

 

 

(1

)

 

 

31

 

 

 

Interest Expense

 

 

427

 

 

 

202

 

 

 

(1

)

 

 

628

 

 

 

Income Tax Expense (Benefit)

 

 

267

 

 

 

(296

)

 

 

—

 

 

 

(29

)

 

 

Other Segment Items (D)

 

 

271

 

 

 

895

 

 

 

—

 

 

 

1,166

 

 

 

Net Income (Loss)

 

$

1,565

 

 

$

(534

)

 

$

—

 

 

$

1,031

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,590

 

 

$

298

 

 

$

—

 

 

$

2,888

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

39,960

 

 

$

9,285

 

 

$

(527

)

 

$

48,718

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

306

 

 

$

—

 

 

$

306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
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 2. Revenues and Note 24. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 23. Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment.

Based on management’s analysis, PSE&G and PSEG Power were determined to be operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG's reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment 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 selling energy and capacity 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 its gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants 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 4. 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 corporation) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

Energy Costs

 

 

3,189

 

 

 

1,170

 

 

 

(966

)

 

 

3,393

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,317

 

 

 

771

 

 

 

—

 

 

 

2,088

 

 

 

Depreciation and Amortization

 

 

1,025

 

 

 

157

 

 

 

—

 

 

 

1,182

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

448

 

 

 

—

 

 

 

953

 

 

 

Net Income

 

$

1,547

 

 

$

225

 

 

$

—

 

 

$

1,772

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,921

 

 

$

459

 

 

$

—

 

 

$

3,380

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

Energy Costs

 

 

3,010

 

 

 

1,353

 

 

 

(1,103

)

 

 

3,260

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,193

 

 

 

713

 

 

 

—

 

 

 

1,906

 

 

 

Depreciation and Amortization

 

 

980

 

 

 

155

 

 

 

—

 

 

 

1,135

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

686

 

 

 

—

 

 

 

1,161

 

 

 

Net Income

 

$

1,515

 

 

$

1,048

 

 

$

—

 

 

$

2,563

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,998

 

 

$

327

 

 

$

—

 

 

$

3,325

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

42,873

 

 

$

8,407

 

 

$

(539

)

 

$

50,741

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

17

 

 

$

—

 

 

$

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

Energy Costs

 

 

3,270

 

 

 

2,149

 

 

 

(1,401

)

 

 

4,018

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,219

 

 

 

712

 

 

 

—

 

 

 

1,931

 

 

 

Depreciation and Amortization

 

 

935

 

 

 

165

 

 

 

—

 

 

 

1,100

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

14

 

 

 

—

 

 

 

14

 

 

 

Interest Income

 

 

19

 

 

 

13

 

 

 

(1

)

 

 

31

 

 

 

Interest Expense

 

 

427

 

 

 

202

 

 

 

(1

)

 

 

628

 

 

 

Income Tax Expense (Benefit)

 

 

267

 

 

 

(296

)

 

 

—

 

 

 

(29

)

 

 

Other Segment Items (D)

 

 

271

 

 

 

895

 

 

 

—

 

 

 

1,166

 

 

 

Net Income (Loss)

 

$

1,565

 

 

$

(534

)

 

$

—

 

 

$

1,031

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,590

 

 

$

298

 

 

$

—

 

 

$

2,888

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

39,960

 

 

$

9,285

 

 

$

(527

)

 

$

48,718

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

306

 

 

$

—

 

 

$

306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
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 2. Revenues and Note 24. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.
v3.25.0.1
Related-Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transaction [Line Items]  
Related-Party Transactions

Note 24. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Billings from Affiliates:

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

959

 

 

$

1,065

 

 

$

1,388

 

 

 

Administrative Billings from Services (B)

 

 

516

 

 

$

443

 

 

 

445

 

 

 

Total Billings from Affiliates

 

$

1,475

 

 

$

1,508

 

 

$

1,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Payable to PSEG Power (A)

 

$

209

 

 

$

264

 

 

 

Payable to Services (B)

 

 

116

 

 

 

121

 

 

 

Net Payable to PSEG (C)

 

 

37

 

 

 

119

 

 

 

Accounts Payable—Affiliated Companies

 

$

362

 

 

$

504

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes (Receivable) Payable

 

$

(2

)

 

$

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 pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. 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.
(D)
PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Consolidated Balance Sheets.
Public Service Electric and Gas Company [Member]  
Related Party Transaction [Line Items]  
Related-Party Transactions

Note 24. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Billings from Affiliates:

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

959

 

 

$

1,065

 

 

$

1,388

 

 

 

Administrative Billings from Services (B)

 

 

516

 

 

$

443

 

 

 

445

 

 

 

Total Billings from Affiliates

 

$

1,475

 

 

$

1,508

 

 

$

1,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Payable to PSEG Power (A)

 

$

209

 

 

$

264

 

 

 

Payable to Services (B)

 

 

116

 

 

 

121

 

 

 

Net Payable to PSEG (C)

 

 

37

 

 

 

119

 

 

 

Accounts Payable—Affiliated Companies

 

$

362

 

 

$

504

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes (Receivable) Payable

 

$

(2

)

 

$

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 pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. 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.
(D)
PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Consolidated Balance Sheets.
v3.25.0.1
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2024—December 31, 2022

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Column A

 

Column B

 

 

Column C Additions

 

 

Column D

 

 

 

Column E

 

 

 

Description

 

Balance at
Beginning
of Period

 

 

Charged to
cost and
expenses

 

 

 

Charged to
other
accounts-
describe

 

 

Deductions-
describe

 

 

 

Balance at
End of
Period

 

 

 

 

 

Millions

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

283

 

 

$

103

 

(A)

 

$

—

 

 

$

171

 

(B)

 

$

215

 

 

 

Materials and Supplies Valuation Reserve

 

 

14

 

 

 

1

 

 

 

 

—

 

 

 

2

 

(C)

 

 

13

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

339

 

 

$

100

 

(A)

 

$

—

 

 

$

156

 

(B)

 

$

283

 

 

 

Materials and Supplies Valuation Reserve

 

 

10

 

 

 

4

 

 

 

 

—

 

 

 

—

 

 

 

 

14

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

337

 

 

$

114

 

(A)

 

$

—

 

 

$

112

 

(B)

 

$

339

 

 

 

Materials and Supplies Valuation Reserve

 

 

12

 

 

 

1

 

 

 

 

—

 

 

 

3

 

(C)

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
(B)
Accounts Receivable written off.
(C)
Reserve reduced to appropriate level as a result of asset dispositions and to remove obsolete inventory.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Column A

 

Column B

 

 

Column C Additions

 

 

Column D

 

 

 

Column E

 

 

 

Description

 

Balance at
Beginning of
Period

 

 

Charged to
cost and
expenses

 

 

 

Charged to
other
accounts-
describe

 

 

Deductions-
describe

 

 

 

Balance at
End of
Period

 

 

 

 

 

Millions

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

283

 

 

$

103

 

(A)

 

$

—

 

 

$

171

 

(B)

 

$

215

 

 

 

Materials and Supplies Valuation Reserve

 

 

7

 

 

 

1

 

 

 

 

—

 

 

 

2

 

(C)

 

 

6

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

339

 

 

$

100

 

(A)

 

$

—

 

 

$

156

 

(B)

 

$

283

 

 

 

Materials and Supplies Valuation Reserve

 

 

4

 

 

 

3

 

 

 

 

—

 

 

 

—

 

 

 

 

7

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

337

 

 

$

114

 

(A)

 

$

—

 

 

$

112

 

(B)

 

$

339

 

 

 

Materials and Supplies Valuation Reserve

 

 

3

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
(B)
Accounts Receivable written off.
(C)
Reserve reduced to appropriate level and to remove obsolete inventory.
Public Service Electric and Gas Company  
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]  
Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2024—December 31, 2022

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Column A

 

Column B

 

 

Column C Additions

 

 

Column D

 

 

 

Column E

 

 

 

Description

 

Balance at
Beginning
of Period

 

 

Charged to
cost and
expenses

 

 

 

Charged to
other
accounts-
describe

 

 

Deductions-
describe

 

 

 

Balance at
End of
Period

 

 

 

 

 

Millions

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

283

 

 

$

103

 

(A)

 

$

—

 

 

$

171

 

(B)

 

$

215

 

 

 

Materials and Supplies Valuation Reserve

 

 

14

 

 

 

1

 

 

 

 

—

 

 

 

2

 

(C)

 

 

13

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

339

 

 

$

100

 

(A)

 

$

—

 

 

$

156

 

(B)

 

$

283

 

 

 

Materials and Supplies Valuation Reserve

 

 

10

 

 

 

4

 

 

 

 

—

 

 

 

—

 

 

 

 

14

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

337

 

 

$

114

 

(A)

 

$

—

 

 

$

112

 

(B)

 

$

339

 

 

 

Materials and Supplies Valuation Reserve

 

 

12

 

 

 

1

 

 

 

 

—

 

 

 

3

 

(C)

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
(B)
Accounts Receivable written off.
(C)
Reserve reduced to appropriate level as a result of asset dispositions and to remove obsolete inventory.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Column A

 

Column B

 

 

Column C Additions

 

 

Column D

 

 

 

Column E

 

 

 

Description

 

Balance at
Beginning of
Period

 

 

Charged to
cost and
expenses

 

 

 

Charged to
other
accounts-
describe

 

 

Deductions-
describe

 

 

 

Balance at
End of
Period

 

 

 

 

 

Millions

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

283

 

 

$

103

 

(A)

 

$

—

 

 

$

171

 

(B)

 

$

215

 

 

 

Materials and Supplies Valuation Reserve

 

 

7

 

 

 

1

 

 

 

 

—

 

 

 

2

 

(C)

 

 

6

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

339

 

 

$

100

 

(A)

 

$

—

 

 

$

156

 

(B)

 

$

283

 

 

 

Materials and Supplies Valuation Reserve

 

 

4

 

 

 

3

 

 

 

 

—

 

 

 

—

 

 

 

 

7

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

337

 

 

$

114

 

(A)

 

$

—

 

 

$

112

 

(B)

 

$

339

 

 

 

Materials and Supplies Valuation Reserve

 

 

3

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
(B)
Accounts Receivable written off.
(C)
Reserve reduced to appropriate level and to remove obsolete inventory.
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Annual Reports on Form 10-K and in accordance with accounting guidance generally accepted in the United States (GAAP). 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.
Principles of Consolidation

Principles of Consolidation

Each company consolidates those entities in which it has a controlling interest or is the primary beneficiary. See Note 4. Variable Interest Entity. Entities over which the companies exhibit significant influence, but do not have a controlling interest and/or are not the primary beneficiary, are accounted for under the equity method of accounting. Equity investments that do not qualify for consolidation or equity method accounting are recorded at fair value or, if fair value is not readily determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar investment of the same issuer or if the investment is impaired. All significant intercompany accounts and transactions are eliminated in consolidation.

PSE&G and PSEG Power also have undivided interests in certain jointly-owned facilities, with each responsible for paying its respective ownership share of construction costs, fuel purchases and operating expenses. PSE&G and PSEG Power consolidate their portion of any revenues and expenses related to their respective jointly-owned facilities in the appropriate revenue and expense categories.
Accounting for the Effects of Regulation

Accounting for the Effects of Regulation

In accordance with accounting guidance for rate-regulated entities, PSE&G’s financial statements reflect the economic effects of regulation. PSE&G defers the recognition of costs (a Regulatory Asset) or records the recognition of obligations (a Regulatory

Liability) if it is probable that, through the rate-making process, there will be a corresponding increase or decrease in future rates. Accordingly, PSE&G has deferred certain costs and recoveries, which are being amortized over various future periods. To the extent that collection of any such costs or payment of liabilities becomes no longer probable as a result of changes in regulation, the associated Regulatory Asset or Liability is charged or credited to income. Management believes that PSE&G’s T&D businesses continue to meet the accounting requirements for rate-regulated entities. For additional information, see Note 6. Regulatory Assets and Liabilities.
Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023. Restricted cash consists primarily of deposits received related to a construction project at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

79

 

 

$

46

 

 

$

125

 

 

 

Restricted Cash in Other Current Assets

 

 

8

 

 

 

—

 

 

 

8

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

108

 

 

$

46

 

 

$

154

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
Derivative Instruments

Derivative Instruments

Each company uses derivative instruments to manage risk pursuant to its business plans and prudent practices.

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed 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 and swaps to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. Changes in the fair market value of the derivative contracts are recorded in earnings. Cash flows related to derivative instruments are included as a component of operating, investing or financing cash flows in PSEG’s Consolidated Statements of Cash Flows, depending on the nature of hedges.

Determining whether a contract qualifies as a derivative requires that management exercise significant judgment, including assessing the contract’s market liquidity. PSEG has determined that contracts to purchase and sell certain products do not meet the definition of a derivative under the current authoritative guidance since they do not provide for net settlement, or the markets are not sufficiently liquid to conclude that physical forward contracts are readily convertible to cash.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, except for derivatives that may be designated as normal purchases and normal sales (NPNS). Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Certain offsetting derivative assets and liabilities 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, these positions are offset on the Consolidated Balance Sheets of PSEG.

For cash flow hedges, the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction.

For derivative contracts that do not qualify or are not designated as cash flow or fair value hedges or as NPNS, changes in fair value are recorded in current period earnings. PSEG does not currently elect hedge accounting on its commodity derivative positions.

For additional information regarding derivative financial instruments, see Note 16. Financial Risk Management Activities.
Revenue Recognition

Revenue Recognition

PSE&G’s regulated electric and gas revenues are recorded primarily based on services rendered to customers. PSE&G records unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read and billed to the end of the respective accounting period. The unbilled revenue is estimated each month based on usage per day, the number of unbilled days in the period, estimated seasonal loads based upon the time of year and the variance of actual degree-days and temperature-humidity-index hours of the unbilled period from expected norms.

Regulated revenues from the transmission of electricity are recognized as services are provided based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of estimated revenue requirement with rates effective January 1 of each year. After completion of the annual period ending December 31, PSE&G files a true-up whereby it compares its actual revenue requirement to the original estimate to determine any over or under collection of revenue. PSE&G records the estimated financial statement impact of the difference between the actual and the filed revenue requirement as a refund or deferral for future recovery when such amounts are probable and can be reasonably estimated in accordance with accounting guidance for rate-regulated entities.

PSEG Power currently owns generation within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG generally reports electricity sales and purchases conducted with the PJM Independent System Operator (ISO) at PSEG Power on a net hourly basis in either Revenues or Energy Costs in its Consolidated Statement of Operations, the classification of which depends on the net hourly activity. Capacity revenue and expense are also reported net based on PSEG Power’s monthly net sale or purchase position in PJM. PSEG Power also has revenues that relate to bilateral contracts, which are accounted for on the accrual basis as the energy is delivered. PSEG Power’s revenue also includes changes in the value of energy derivative contracts. See Note 16. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 4. Variable Interest Entity for further information.

For additional information regarding Revenues, see Note 2. Revenues.
Depreciation and Amortization

Depreciation and Amortization

PSE&G calculates depreciation under the straight-line method based on estimated average remaining lives of the several classes of property. These estimates are reviewed on a periodic basis and necessary adjustments are made as approved by the BPU or FERC. The average depreciation rate stated as a percentage of original cost of depreciable property was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Electric Transmission

 

 

2.09

%

 

 

2.09

%

 

 

2.18

%

 

 

Electric Distribution

 

 

2.51

%

 

 

2.54

%

 

 

2.56

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 60 years to 80 years.

Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC)

Allowance for Funds Used During Construction (AFUDC) and Interest Capitalized During Construction (IDC)

AFUDC represents the cost of debt and equity funds used to finance the construction of new utility assets at PSE&G. IDC represents the cost of debt used to finance construction at PSEG’s other subsidiaries. The amount of AFUDC or IDC capitalized as Property, Plant and Equipment is included as a reduction of interest charges or other income for the equity portion. The amounts and average rates used to calculate AFUDC or IDC for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

$

84

 

 

 

7.39

%

 

 

Other

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

$

4

 

 

 

2.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income Taxes

Income Taxes

PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. Allocations between PSEG and its subsidiaries are recorded through intercompany accounts. Investment tax credits (ITC) deferred in prior years are being amortized over the useful lives of the related property.

Uncertain income tax positions are accounted for using a benefit recognition model with a two-step approach, a more-likely-than-not recognition criterion and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit will be sustained on its technical merits, no benefit will be recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold.

In 2024, PSEG recorded the benefit of the estimated PTCs generated by PSEG’s qualified nuclear generation facilities within Income Tax Expense in its Consolidated Statements of Operations in accordance with Accounting Standards Codification Topic 740, Income Taxes. See Note 20. Income Taxes for further discussion.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Management evaluates long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate, counterparty credit worthiness or market conditions, including prolonged periods of adverse commodity and capacity prices or a current expectation that a long-lived asset will be sold or disposed of significantly before the end of its previously estimated useful life, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset’s or asset group’s carrying amount exceeds the associated undiscounted estimated future cash flows, the asset/asset group is considered impaired to the extent that its fair value is less than its carrying amount. An impairment would result in a reduction of the value of the long-lived asset/asset group through a non-cash charge to earnings.

For PSEG, cash flows for long-lived assets and asset groups are determined at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The cash flows from the nuclear generation units are evaluated at the portfolio level. See Note 3. Asset Dispositions and Impairments for more information on impairment assessments performed on PSEG’s long-lived assets.
Accounts Receivable-Allowance for Credit Losses

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, are primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in 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 coronavirus pandemic on the outstanding balances as of

December 31, 2024. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism and incremental gas bad debt has been deferred for future recovery through the coronavirus (COVID-19) Regulatory Asset. See Note 2. Revenues and Note 6. Regulatory Assets and Liabilities.

Accounts receivable are charged off in the period in which the receivable is deemed uncollectible. Recoveries of accounts receivable are recorded when it is known they will be received.
Materials and Supplies and Fuel

Materials and Supplies and Fuel

PSEG and PSE&G’s materials and supplies are carried at average cost and charged to inventory when purchased and expensed or capitalized to Property, Plant and Equipment, as appropriate, when installed or used. Fuel inventory at PSEG is valued at the lower of average cost or market and primarily includes stored natural gas used to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. The cost of nuclear fuel is capitalized within Property, Plant and Equipment and amortized to fuel expense using the units-of-production method.
Property, Plant and Equipment

Property, Plant and Equipment

PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation.

PSEG capitalizes costs related to its generating assets, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG also capitalizes spare parts for its generating assets that meet specific criteria. Capitalized spare parts are depreciated over the remaining lives of their associated assets.
Lessee, Leases

Leases

PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property.

Lessee—Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term.

The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Consolidated Balance Sheets of PSEG and PSE&G. PSEG and its subsidiaries do not recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less.

PSEG and its subsidiaries recognize the lease payments on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred.

As lessee, most of the operating leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s incremental borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and PSEG Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these

companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company.

Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised.

PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component.
Lessor, Leases

Lessor—Property subject to operating leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues.

PSEG and its subsidiaries have lease agreements with lease and non-lease components, which are primarily related to domestic energy generation and real estate assets. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. See Note 7. Leases for detailed information on leases.

Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Long-Term Investments and Note 9. Financing Receivables.
Trust Investments

Trust Investments

These securities comprise the Nuclear Decommissioning Trust (NDT) Fund, a master independent external trust account maintained to provide for the costs of decommissioning upon termination of operations of PSEG’s nuclear facilities and amounts that are deposited to fund a Rabbi Trust which was established to meet the obligations related to non-qualified pension plans and deferred compensation plans.

Unrealized gains and losses on equity security investments are recorded in Net Income. The debt securities are classified as available-for-sale with the unrealized gains and losses recorded as a component of Accumulated Other Comprehensive Income (Loss). Realized gains and losses on both equity and available-for-sale debt security investments are recorded in earnings and are included with the unrealized gains and losses on equity securities in Net Gains (Losses) on Trust Investments. Other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 10. Trust Investments for further discussion.
Pension and Other Postretirement Benefits (OPEB) Plans

Pension and Other Postretirement Benefits (OPEB) Plans

The market-related value of plan assets held for the qualified pension and OPEB plans is equal to the fair value of those assets as of year-end. Fair value is determined using quoted market prices and independent pricing services based upon the security type as reported by the trustee at the measurement date (December 31) as well as investments in unlisted real estate which are valued via third-party appraisals.

PSEG recognizes a long-term receivable primarily related to future funding by LIPA of Servco’s recognized pension and OPEB liabilities. This receivable is presented separately on the Consolidated Balance Sheet of PSEG as a noncurrent asset. Pursuant to the OSA, Servco records expense for contributions to its pension plan trusts and for OPEB payments made to retirees.

See Note 12. Pension, Other Postretirement Benefits (OPEB) and Savings Plans for further discussion.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Standards

Recent Accounting Standards

Improvements to Reportable Segment Disclosures—Accounting Standards Update (ASU) 2023-07

This ASU requires disclosure of incremental segment information, including additional detail on certain significant segment expenses, on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. PSEG and PSE&G adopted this standard on December 31, 2024. The adoption of this standard did not have a material impact on the financial statements of PSEG and PSE&G.

Improvements to Income Tax Disclosures—ASU 2023-09

This ASU makes amendments to the current reconciliation disclosure to improve transparency by requiring consistent categories and greater jurisdictional disaggregation. The ASU also provides for the inclusion of an income taxes paid disclosure by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.

 

Disaggregation of Income Statement Expenses and Effective Date Clarification—ASU 2024-03

 

This ASU requires additional annual and interim disclosure about certain expenses in the notes to financial statements that provide disaggregated information (within a new tabular disclosure, the amounts of specified natural expenses included in each relevant expense caption: (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) amortization, and (e) depletion) about an entity’s expense captions that are presented on the face of the income statement within continuing operations.

The ASU also requires certain expense related disclosures within the new tabular disclosure and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. PSEG and PSE&G are currently analyzing the impact of this ASU on their future disclosures.
v3.25.0.1
Revenues (Policies)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers

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 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 considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 20. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs.

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. This agreement expires in December 2025.

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 16. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023. Restricted cash consists primarily of deposits received related to a construction project at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

79

 

 

$

46

 

 

$

125

 

 

 

Restricted Cash in Other Current Assets

 

 

8

 

 

 

—

 

 

 

8

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

108

 

 

$

46

 

 

$

154

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
Depreciation Rate Stated Percentage The average depreciation rate stated as a percentage of original cost of depreciable property was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rate

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Electric Transmission

 

 

2.09

%

 

 

2.09

%

 

 

2.18

%

 

 

Electric Distribution

 

 

2.51

%

 

 

2.54

%

 

 

2.56

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 
Amounts and Average Rates Used to Calculate IDC or AFUDC The amounts and average rates used to calculate AFUDC or IDC for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

$

84

 

 

 

7.39

%

 

 

Other

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

$

4

 

 

 

2.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,977

 

 

$

—

 

 

$

—

 

 

$

3,977

 

 

 

Gas Distribution

 

 

2,059

 

 

 

—

 

 

 

—

 

 

 

2,059

 

 

 

Transmission

 

 

1,754

 

 

 

 

 

 

 

 

 

1,754

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

819

 

 

 

—

 

 

 

819

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

846

 

 

 

(846

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

692

 

 

 

(6

)

 

 

1,054

 

 

 

Total Revenues from Contracts with Customers

 

 

8,158

 

 

 

2,682

 

 

 

(966

)

 

 

9,874

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

291

 

 

 

125

 

 

 

—

 

 

 

416

 

 

 

Total Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,494

 

 

$

—

 

 

$

—

 

 

$

3,494

 

 

 

Gas Distribution

 

 

1,982

 

 

 

—

 

 

 

—

 

 

 

1,982

 

 

 

Transmission

 

 

1,673

 

 

 

—

 

 

 

—

 

 

 

1,673

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

892

 

 

 

—

 

 

 

892

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

13

 

 

 

—

 

 

 

13

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

984

 

 

 

(984

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

631

 

 

 

(5

)

 

 

994

 

 

 

Total Revenues from Contracts with Customers

 

 

7,517

 

 

 

2,840

 

 

 

(1,103

)

 

 

9,254

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

290

 

 

 

1,693

 

 

 

—

 

 

 

1,983

 

 

 

Total Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,503

 

 

$

—

 

 

$

—

 

 

$

3,503

 

 

 

Gas Distribution

 

 

2,357

 

 

 

—

 

 

 

(1

)

 

 

2,356

 

 

 

Transmission

 

 

1,589

 

 

 

—

 

 

 

—

 

 

 

1,589

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

2,152

 

 

 

—

 

 

 

2,152

 

 

 

Sales to Affiliates

 

 

—

 

 

 

151

 

 

 

(151

)

 

 

—

 

 

 

NYISO

 

 

—

 

 

 

88

 

 

 

—

 

 

 

88

 

 

 

ISO-NE

 

 

—

 

 

 

96

 

 

 

—

 

 

 

96

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

458

 

 

 

—

 

 

 

458

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,243

 

 

 

(1,243

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

390

 

 

 

605

 

 

 

(6

)

 

 

989

 

 

 

Total Revenues from Contracts with Customers

 

 

7,839

 

 

 

4,793

 

 

 

(1,401

)

 

 

11,231

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

96

 

 

 

(1,527

)

 

 

—

 

 

 

(1,431

)

 

 

Total Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Reconciliation of Allowance for Credit Losses

The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

283

 

 

$

339

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

103

 

 

 

100

 

 

 

Write-offs, net of Recoveries of $31 million and $25 million for 2024 and 2023, respectively

 

 

(171

)

 

 

(156

)

 

 

Balance at End of Year

 

$

215

 

 

$

283

 

 

 

 

 

 

 

 

 

 

 
Revenue, Capacity Auction Obligations

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. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 auction 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
MW-Day

 

 

MW
Cleared

 

 

 

June 2024 to May 2025

 

$

61

 

 

 

3,700

 

 

 

June 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Property, Plant and Equipment and Jointly-Owned Facilities (Tables)
 12 Months Ended
Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]  
Schedule Of Property, Plant And Equipment

Information related to Property, Plant and Equipment as of December 31, 2024 and 2023 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

17,874

 

 

$

17,379

 

 

 

Electric Distribution

 

 

12,520

 

 

 

11,554

 

 

 

Gas Distribution and Transmission

 

 

12,536

 

 

 

11,545

 

 

 

Construction Work in Progress

 

 

1,132

 

 

 

1,283

 

 

 

Other

 

 

2,136

 

 

 

1,992

 

 

 

Total PSE&G

 

$

46,198

 

 

$

43,753

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,649

 

 

$

3,496

 

 

 

Nuclear Fuel in Service

 

 

793

 

 

 

772

 

 

 

Construction Work in Progress

 

 

159

 

 

 

224

 

 

 

Other

 

 

408

 

 

 

358

 

 

 

Total PSEG Power & Other

 

$

5,009

 

 

$

4,850

 

 

 

Total

 

$

51,207

 

 

$

48,603

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Jointly-Owned Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

164

 

 

$

72

 

 

$

164

 

 

$

69

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,420

 

 

$

564

 

 

$

1,451

 

 

$

534

 

 

 

Salem

 

 

57

%

 

$

1,539

 

 

$

601

 

 

$

1,461

 

 

$

534

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

180

 

 

$

84

 

 

$

178

 

 

$

77

 

 

 

Other

 

 

14

%

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
PSEG Power holds undivided ownership interests in the jointly-owned facilities above.
Public Service Electric and Gas Company  
Public Utility, Property, Plant and Equipment [Line Items]  
Schedule Of Property, Plant And Equipment

Information related to Property, Plant and Equipment as of December 31, 2024 and 2023 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

17,874

 

 

$

17,379

 

 

 

Electric Distribution

 

 

12,520

 

 

 

11,554

 

 

 

Gas Distribution and Transmission

 

 

12,536

 

 

 

11,545

 

 

 

Construction Work in Progress

 

 

1,132

 

 

 

1,283

 

 

 

Other

 

 

2,136

 

 

 

1,992

 

 

 

Total PSE&G

 

$

46,198

 

 

$

43,753

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,649

 

 

$

3,496

 

 

 

Nuclear Fuel in Service

 

 

793

 

 

 

772

 

 

 

Construction Work in Progress

 

 

159

 

 

 

224

 

 

 

Other

 

 

408

 

 

 

358

 

 

 

Total PSEG Power & Other

 

$

5,009

 

 

$

4,850

 

 

 

Total

 

$

51,207

 

 

$

48,603

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Jointly-Owned Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

164

 

 

$

72

 

 

$

164

 

 

$

69

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,420

 

 

$

564

 

 

$

1,451

 

 

$

534

 

 

 

Salem

 

 

57

%

 

$

1,539

 

 

$

601

 

 

$

1,461

 

 

$

534

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

180

 

 

$

84

 

 

$

178

 

 

$

77

 

 

 

Other

 

 

14

%

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
PSEG Power holds undivided ownership interests in the jointly-owned facilities above.
v3.25.0.1
Regulatory Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Regulatory Assets and Liabilities Disclosure [Abstract]  
Schedule of Regulatory Assets

PSE&G had the following Regulatory Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,012

 

 

$

1,343

 

 

 

Pension and OPEB Costs

 

 

1,330

 

 

 

1,427

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,251

 

 

 

827

 

 

 

Conservation Incentive Program (CIP)

 

 

261

 

 

 

232

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

233

 

 

 

153

 

 

 

Asset Retirement Obligations (ARO)

 

 

221

 

 

 

210

 

 

 

Societal Benefits Clause (SBC)

 

 

211

 

 

 

155

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

210

 

 

 

199

 

 

 

Cost of Removal

 

 

195

 

 

 

172

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

COVID-19 Deferral

 

 

131

 

 

 

131

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

108

 

 

 

—

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

102

 

 

 

110

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

51

 

 

 

27

 

 

 

Deferred Storm Costs

 

 

—

 

 

 

109

 

 

 

Other

 

 

180

 

 

 

190

 

 

 

Total Regulatory Assets

 

 

6,641

 

 

 

5,430

 

 

 

Less: Current Regulatory Assets

 

 

516

 

 

 

273

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,125

 

 

$

5,157

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Regulatory Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,619

 

 

$

2,245

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

145

 

 

 

97

 

 

 

Other

 

 

62

 

 

 

82

 

 

 

Total Regulatory Liabilities

 

 

2,826

 

 

 

2,424

 

 

 

Less: Current Regulatory Liabilities

 

 

555

 

 

 

349

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,271

 

 

$

2,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease, Cost

The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2024, 2023 and 2022 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

43

 

 

$

15

 

 

$

58

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

3

 

 

 

24

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

66

 

 

$

29

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

20

 

 

$

17

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

9

 

 

 

6

 

 

 

7

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

34

 

 

$

19

 

 

$

53

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

6

 

 

 

27

 

 

 

Variable Lease Costs

 

 

2

 

 

 

13

 

 

 

15

 

 

 

Total Operating Lease Costs

 

$

57

 

 

$

38

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

17

 

 

$

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

10

 

 

 

7

 

 

 

8

 

 

 

Weighted Average Discount Rate

 

 

4.0

%

 

 

4.2

%

 

 

4.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Operating Lease Costs

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

31

 

 

$

25

 

 

$

56

 

 

 

Short-term Lease Costs

 

 

21

 

 

 

5

 

 

 

26

 

 

 

Variable Lease Costs

 

 

2

 

 

 

11

 

 

 

13

 

 

 

Total Operating Lease Costs

 

$

54

 

 

$

41

 

 

$

95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities

 

$

17

 

 

$

25

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

11

 

 

 

7

 

 

 

9

 

 

 

Weighted Average Discount Rate

 

 

3.5

%

 

 

4.1

%

 

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 
Lessee, Operating Lease, Liability, Maturity

Operating lease liabilities as of December 31, 2024 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

19

 

 

$

16

 

 

$

35

 

 

 

2026

 

 

16

 

 

 

16

 

 

 

32

 

 

 

2027

 

 

13

 

 

 

17

 

 

 

30

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

Thereafter

 

 

47

 

 

 

13

 

 

 

60

 

 

 

Total Minimum Lease Payments

 

$

116

 

 

$

94

 

 

$

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

116

 

 

$

94

 

 

$

210

 

 

 

Reconciling Amount due to Discount Rate

 

 

(18

)

 

 

(11

)

 

 

(29

)

 

 

Total Discounted Operating Lease Liabilities

 

$

98

 

 

$

83

 

 

$

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

125

 

 

$

111

 

 

$

236

 

 

 

Reconciling Amount due to Discount Rate

 

 

(21

)

 

 

(15

)

 

 

(36

)

 

 

Total Discounted Operating Lease Liabilities

 

$

104

 

 

$

96

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Operating Lease, Lease Income

The following is the operating lease income for the years ended December 31, 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

24

 

 

$

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Operating Lease Right-Of-Use Assets

Operating leases had the following minimum future fixed lease receipts as of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2025

 

$

14

 

 

 

2026

 

 

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

13

 

 

 

Thereafter

 

 

96

 

 

 

Total Minimum Future Lease Receipts

 

$

165

 

 

 

 

 

 

 

 

 
v3.25.0.1
Long-Term Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Long Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.
Schedule Of Net Investment In Leveraged Leases The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.

Public Service Electric and Gas Company [Member]  
Schedule of Long Term Investments

Long-Term Investments as of December 31, 2024 and 2023 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Life Insurance and Supplemental Benefits

 

$

67

 

 

$

77

 

 

 

Solar Loans

 

 

23

 

 

 

40

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

150

 

 

 

161

 

 

 

Equity Method Investments (A)

 

 

21

 

 

 

17

 

 

 

Other

 

 

2

 

 

 

—

 

 

 

Total Long-Term Investments

 

$

263

 

 

$

295

 

 

 

 

 

 

 

 

 

 

 

 

(A)
During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.
Schedule Of Net Investment In Leveraged Leases The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2024 and2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

200

 

 

 

223

 

 

 

Unearned and Deferred Income

 

 

(50

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

150

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

117

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2024, 2023 and 2022.

v3.25.0.1
Financing Receivables (Tables)
 12 Months Ended
Dec. 31, 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 December 31,

 

 

 

Outstanding Loans by Class of Customers

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

38

 

 

$

60

 

 

 

Residential

 

 

2

 

 

 

3

 

 

 

Total

 

 

40

 

 

 

63

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(17

)

 

 

(23

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

23

 

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

The solar loans originated under three Solar Loan Programs are comprised as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2024

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan I

 

$

1

 

 

prior to 2013

 

10 years

 

15 years

 

 

Solar Loan II

 

 

20

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

19

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 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 Lease Receivables, Net of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based on Counterparty Credit Rating

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

 

 

 

 

 

 

 

 

 

Lease Receivables, Net of
Non-Recourse Debt

 

 

 

Counterparties’ Standard & Poor’s (S&P) Credit Rating as of December 31, 2024

 

As of December 31, 2024

 

 

 

 

 

Millions

 

 

 

AA

 

$

7

 

 

 

A-

 

 

39

 

 

 

BBB+

 

 

154

 

 

 

Total

 

$

200

 

 

 

 

 

 

 

 
v3.25.0.1
Trust Investments (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

508

 

 

$

393

 

 

$

(9

)

 

$

892

 

 

 

International

 

 

419

 

 

 

98

 

 

 

(29

)

 

 

488

 

 

 

Total Equity Securities

 

 

927

 

 

 

491

 

 

 

(38

)

 

 

1,380

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

853

 

 

 

1

 

 

 

(91

)

 

 

763

 

 

 

Corporate

 

 

531

 

 

 

3

 

 

 

(31

)

 

 

503

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,384

 

 

 

4

 

 

 

(122

)

 

 

1,266

 

 

 

Total NDT Fund Investments (A)

 

$

2,311

 

 

$

495

 

 

$

(160

)

 

$

2,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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.
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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

18

 

 

$

19

 

 

 

Accounts Payable

 

$

5

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 
Schedule of Value of Securities 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 December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Equity Securities (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

44

 

 

$

(1

)

 

$

4

 

 

$

—

 

 

 

International

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

35

 

 

 

(4

)

 

 

28

 

 

 

(8

)

 

 

Total Equity Securities

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

79

 

 

 

(5

)

 

 

32

 

 

 

(8

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

90

 

 

 

(1

)

 

 

432

 

 

 

(71

)

 

 

Corporate (C)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

19

 

 

 

—

 

 

 

329

 

 

 

(39

)

 

 

Total Available-for-Sale Debt Securities

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

109

 

 

 

(1

)

 

 

761

 

 

 

(110

)

 

 

NDT Trust Investments

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

$

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.
Schedule of 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,504

 

 

$

1,685

 

 

$

1,521

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

132

 

 

$

142

 

 

$

86

 

 

 

Gross Realized Losses

 

 

(54

)

 

 

(100

)

 

 

(136

)

 

 

Net Realized Gains (Losses) on NDT Fund (B)

 

 

78

 

 

 

42

 

 

 

(50

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

47

 

 

 

146

 

 

 

(205

)

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

125

 

 

$

188

 

 

$

(255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The NDT Fund debt securities held as of December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

17

 

 

 

1 - 5 years

 

 

358

 

 

 

6 - 10 years

 

 

215

 

 

 

11 - 15 years

 

 

64

 

 

 

16 - 20 years

 

 

109

 

 

 

Over 20 years

 

 

503

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,266

 

 

 

 

 

 

 

 
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Schedule of Value of Securities 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 and greater than 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

As of December 31, 2023

 

 

 

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

Less Than 12 Months

 

 

Greater Than 12 Months

 

 

 

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

 

 

 

Millions

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (A)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

$

3

 

 

$

—

 

 

$

83

 

 

$

(19

)

 

 

Corporate (B)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

3

 

 

 

—

 

 

 

60

 

 

 

(10

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

6

 

 

 

—

 

 

 

143

 

 

 

(29

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

$

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.
Schedule of 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 December 31, 2024

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

105

 

 

 

—

 

 

 

(22

)

 

 

83

 

 

 

Corporate

 

 

76

 

 

 

—

 

 

 

(11

)

 

 

65

 

 

 

Total Available-for-Sale Debt Securities

 

 

181

 

 

 

—

 

 

 

(33

)

 

 

148

 

 

 

Total Rabbi Trust Investments

 

$

189

 

 

$

9

 

 

$

(33

)

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

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

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 Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

1

 

 

$

1

 

 

 

Accounts Payable

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 
Schedule of 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

33

 

 

$

29

 

 

$

65

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

3

 

 

$

5

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(6

)

 

 

(9

)

 

 

Net Realized Gains (Losses) on Rabbi Trust (A)

 

 

1

 

 

 

(1

)

 

 

(4

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

2

 

 

 

(6

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

2

 

 

$

1

 

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The cost of these securities was determined on the basis of specific identification.
Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The Rabbi Trust debt securities held as of December 31, 2024 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

16

 

 

 

11 - 15 years

 

 

10

 

 

 

16 - 20 years

 

 

15

 

 

 

Over 20 years

 

 

73

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

148

 

 

 

 

 

 

 

 
Schedule of Fair Value of the Rabbi Trusts

The fair value of the Rabbi Trust related to PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

30

 

 

$

32

 

 

 

PSEG Power & Other

 

 

135

 

 

 

147

 

 

 

Total Rabbi Trust Investments

 

$

165

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Asset Retirement Obligations (AROs) (Tables)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation [Line Items]  
Impact Of The Revisions On Asset Retirement Obligation

The changes to the ARO liabilities for PSEG and PSE&G during 2023 and 2024 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2023

 

$

1,499

 

 

$

384

 

 

$

1,115

 

 

 

Liabilities Settled

 

 

(13

)

 

 

(13

)

 

 

—

 

 

 

Accretion Expense

 

 

51

 

 

 

—

 

 

 

51

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(85

)

 

 

14

 

 

 

(99

)

 

 

ARO Liability as of December 31, 2023

 

$

1,468

 

 

$

401

 

 

$

1,067

 

 

 

Liabilities Settled

 

$

(26

)

 

$

(12

)

 

$

(14

)

 

 

Accretion Expense

 

 

49

 

 

 

—

 

 

 

49

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(7

)

 

 

52

 

 

 

(59

)

 

 

ARO Liability as of December 31, 2024

 

$

1,500

 

 

$

457

 

 

$

1,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Not reflected as expense in Consolidated Statements of Operations.
Public Service Electric and Gas Company  
Asset Retirement Obligation [Line Items]  
Impact Of The Revisions On Asset Retirement Obligation

The changes to the ARO liabilities for PSEG and PSE&G during 2023 and 2024 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2023

 

$

1,499

 

 

$

384

 

 

$

1,115

 

 

 

Liabilities Settled

 

 

(13

)

 

 

(13

)

 

 

—

 

 

 

Accretion Expense

 

 

51

 

 

 

—

 

 

 

51

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(85

)

 

 

14

 

 

 

(99

)

 

 

ARO Liability as of December 31, 2023

 

$

1,468

 

 

$

401

 

 

$

1,067

 

 

 

Liabilities Settled

 

$

(26

)

 

$

(12

)

 

$

(14

)

 

 

Accretion Expense

 

 

49

 

 

 

—

 

 

 

49

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

16

 

 

 

16

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(7

)

 

 

52

 

 

 

(59

)

 

 

ARO Liability as of December 31, 2024

 

$

1,500

 

 

$

457

 

 

$

1,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Not reflected as expense in Consolidated Statements of Operations.
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Changes in Benefit Obligation and Fair Value of Plan Assets

The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,758

 

 

$

5,628

 

 

$

802

 

 

$

851

 

 

 

Service Cost

 

 

94

 

 

 

90

 

 

 

3

 

 

 

3

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

37

 

 

 

41

 

 

 

Actuarial (Gain) Loss (B)

 

 

(291

)

 

 

103

 

 

 

(39

)

 

 

(30

)

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

4,140

 

 

$

4,911

 

 

$

440

 

 

$

429

 

 

 

Actual Return on Plan Assets

 

 

134

 

 

 

539

 

 

 

18

 

 

 

51

 

 

 

Employer Contributions

 

 

13

 

 

 

12

 

 

 

41

 

 

 

28

 

 

 

Gross Benefits Paid

 

 

(309

)

 

 

(352

)

 

 

(76

)

 

 

(68

)

 

 

Settlements

 

 

—

 

 

 

(970

)

 

 

—

 

 

 

—

 

 

 

Fair Value of Assets at End of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(11

)

 

$

(12

)

 

$

(12

)

 

$

(13

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(488

)

 

 

(606

)

 

 

(292

)

 

 

(349

)

 

 

Amounts Recognized

 

$

(499

)

 

$

(618

)

 

$

(304

)

 

$

(362

)

 

 

Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities (C)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

4

 

 

$

6

 

 

 

Net Actuarial Loss (Gain)

 

 

1,481

 

 

 

1,656

 

 

 

(26

)

 

 

(6

)

 

 

Total

 

$

1,481

 

 

$

1,656

 

 

$

(22

)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates.
(C)
Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.

The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2024 and 2023. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

535

 

 

$

452

 

 

$

514

 

 

$

455

 

 

 

Service Cost

 

 

28

 

 

 

24

 

 

 

14

 

 

 

12

 

 

 

Interest Cost

 

 

26

 

 

 

23

 

 

 

25

 

 

 

24

 

 

 

Actuarial (Gain) Loss (B)

 

 

(54

)

 

 

31

 

 

 

(29

)

 

 

35

 

 

 

Plan Amendment

 

 

—

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Benefit Obligation at End of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

433

 

 

$

370

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

46

 

 

 

56

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

25

 

 

 

18

 

 

 

14

 

 

 

12

 

 

 

Gross Benefits Paid

 

 

(14

)

 

 

(11

)

 

 

(14

)

 

 

(12

)

 

 

Fair Value of Assets at End of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued Pension Costs of Servco

 

$

(31

)

 

$

(102

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(510

)

 

 

(514

)

 

 

Amounts Recognized (C)

 

$

(31

)

 

$

(102

)

 

$

(510

)

 

$

(514

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)
For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates.
(C)
Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.
Schedule of Components of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2024, 2023 and 2022. 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 Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

94

 

 

$

90

 

 

$

142

 

 

$

3

 

 

$

3

 

 

$

6

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

225

 

 

 

259

 

 

 

167

 

 

 

37

 

 

 

41

 

 

 

26

 

 

 

Expected Return on Plan Assets

 

 

(321

)

 

 

(361

)

 

 

(484

)

 

 

(34

)

 

 

(33

)

 

 

(42

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

(52

)

 

 

(129

)

 

 

Actuarial Loss

 

 

71

 

 

 

83

 

 

 

60

 

 

 

(2

)

 

 

(2

)

 

 

15

 

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Non-Service Components of Pension and OPEB (Credits) Costs

 

 

(25

)

 

 

319

 

 

 

(257

)

 

 

3

 

 

 

(46

)

 

 

(130

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Pension and OPEB Costs

Pension and OPEB (credits) costs for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

43

 

 

$

50

 

 

$

(70

)

 

$

(2

)

 

$

(42

)

 

$

(109

)

 

 

PSEG Power & Other

 

 

26

 

 

 

359

 

 

 

(45

)

 

 

8

 

 

 

(1

)

 

 

(15

)

 

 

Total Net Benefit (Credits) Costs

 

$

69

 

 

$

409

 

 

$

(115

)

 

$

6

 

 

$

(43

)

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes

 

$

(104

)

 

$

(35

)

 

$

(22

)

 

$

(49

)

 

 

Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(39

)

 

 

—

 

 

 

—

 

 

 

Amortization of Net Actuarial Gain (Loss)

 

 

(71

)

 

 

(83

)

 

 

2

 

 

 

2

 

 

 

Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments

 

 

—

 

 

 

(338

)

 

 

—

 

 

 

—

 

 

 

Prior Service Cost (Credit) in Current Period

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

52

 

 

 

Total

 

$

(175

)

 

$

(495

)

 

$

(22

)

 

$

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs

The following assumptions were used to determine the benefit obligations and net periodic benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

 

Discount Rate

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

4.60

%

 

 

4.60

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31

 

 

 

Discount Rate

 

 

5.02

%

 

 

5.20

%

 

 

2.94

%

 

 

4.96

%

 

 

5.16

%

 

 

2.82

%

 

 

Service Cost Interest Rate

 

 

5.14

%

 

 

5.31

%

 

 

3.19

%

 

 

5.03

%

 

 

5.23

%

 

 

3.06

%

 

 

Interest Cost Interest Rate

 

 

4.91

%

 

 

5.09

%

 

 

2.37

%

 

 

4.88

%

 

 

5.07

%

 

 

2.21

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

8.10

%

 

 

8.10

%

 

 

7.20

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

4.60

%

 

 

4.40

%

 

 

4.40

%

 

 

Cash Balance Interest Crediting Rate

 

 

6.00

%

 

 

6.00

%

 

 

6.00

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

9.08

%

 

 

8.89

%

 

 

6.98

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following assumptions were used to determine the benefit obligations of Servco:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.13

%

 

 

5.30

%

 

 

5.87

%

 

 

5.16

%

 

 

5.34

%

 

 

Rate of Compensation Increase

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

5.50

%

 

 

5.54

%

 

 

3.95

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.13

%

 

 

4.30

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

7.46

%

 

 

6.84

%

 

 

6.71

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2033

 

 

2032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Allocation of Plan Assets

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

21

 

 

$

13

 

 

$

8

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

661

 

 

 

661

 

 

 

—

 

 

 

Commingled (C)

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,099

 

 

 

—

 

 

 

1,099

 

 

 

Commingled

 

 

6

 

 

 

6

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,703

 

 

$

680

 

 

$

3,023

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

382

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

308

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

39

 

 

$

39

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

748

 

 

 

748

 

 

 

—

 

 

 

Commingled (C)

 

 

1,376

 

 

 

—

 

 

 

1,376

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,299

 

 

 

—

 

 

 

1,299

 

 

 

Commingled

 

 

4

 

 

 

4

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

3,466

 

 

$

791

 

 

$

2,675

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

745

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

365

 

 

 

 

 

 

 

 

 

Other

 

 

2

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)
Common stocks are measured using observable data in active markets and considered Level 1.
(C)
Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)
Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
(E)
Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)
The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)
Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2024 and 2023, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2024

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

35

 

 

 

35

 

 

 

—

 

 

 

Commingled (B)

 

 

334

 

 

 

—

 

 

 

334

 

 

 

Commingled Bonds (B)

 

 

119

 

 

 

—

 

 

 

119

 

 

 

Total Fair Value

 

$

490

 

 

$

37

 

 

$

453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents

 

$

2

 

 

$

2

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (A)

 

 

32

 

 

 

32

 

 

 

—

 

 

 

Commingled (B)

 

 

294

 

 

 

—

 

 

 

294

 

 

 

Commingled Bonds (B)

 

 

105

 

 

 

—

 

 

 

105

 

 

 

Total Fair Value

 

$

433

 

 

$

34

 

 

$

399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Common stocks are measured using observable data in active markets and considered Level 1.
(B)
Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).
Schedule of Percentage of Fair Value of Total Plan Assets

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

67

%

 

 

63

%

 

 

Debt Securities

 

 

25

%

 

 

28

%

 

 

Other Investments

 

 

8

%

 

 

9

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Investments

 

2024

 

 

2023

 

 

 

Equity Securities

 

 

76

%

 

 

76

%

 

 

Debt Securities

 

 

24

%

 

 

24

%

 

 

Total Percentage

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 
Schedule of Expected Benefit Payments

The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

372

 

 

$

73

 

 

 

2026

 

 

333

 

 

 

71

 

 

 

2027

 

 

340

 

 

 

69

 

 

 

2028

 

 

346

 

 

 

67

 

 

 

2029

 

 

353

 

 

 

64

 

 

 

2030-2034

 

 

1,792

 

 

 

272

 

 

 

Total

 

$

3,536

 

 

$

616

 

 

 

 

 

 

 

 

 

 

 

The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2025

 

$

17

 

 

$

14

 

 

 

2026

 

 

20

 

 

 

16

 

 

 

2027

 

 

23

 

 

 

18

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

22

 

 

 

2030-2034

 

 

181

 

 

 

140

 

 

 

Total

 

$

294

 

 

$

230

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amount Paid for Employer Matching Contributions The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

31

 

 

$

29

 

 

$

28

 

 

 

PSEG Power & Other

 

 

14

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

45

 

 

$

43

 

 

$

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
PSEG Power [Member]  
Loss Contingencies [Line Items]  
Schedule 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 December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,272

 

 

$

1,381

 

 

 

Exposure under Current Guarantees

 

$

47

 

 

$

118

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

4

 

 

$

10

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

24

 

 

$

91

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(1

)

 

$

(2

)

 

 

Net Broker Balance Deposited (Received)

 

$

245

 

 

$

115

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

155

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 
Schedule of Total Minimum Purchase Commitments

As of December 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

 

 

 

 

 

 

 

 

Fuel Type

 

PSEG
Power’s
Share of
Commitments
through 2029

 

 

 

 

 

Millions

 

 

 

Nuclear Fuel

 

 

 

 

 

  Uranium

 

$

442

 

 

 

  Enrichment

 

$

357

 

 

 

  Fabrication

 

$

227

 

 

 

Natural Gas

 

$

1,406

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Loss Contingencies [Line Items]  
Schedule of Contract for Anticipated BGS-RSCP Fixed Price Eligible Load The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auction Year

 

 

 

 

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

 

 

36-Month Terms Ending

 

May 2025

 

 

May 2026

 

 

May 2027

 

 

May 2028

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

76.30

 

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2025 BGS auction will become effective on June 1, 2025 when the 2022 BGS auction agreements expire.
v3.25.0.1
Debt and Credit Facilities (Tables)
 12 Months Ended
Dec. 31, 2024
Debt and Credit Facilities [Abstract]  
Long-Term Debt

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

2.88%

 

2024

 

$

—

 

 

$

750

 

 

 

0.80%

 

2025

 

 

550

 

 

 

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Principal Amount Outstanding

 

 

 

 

4,896

 

 

 

4,396

 

 

 

Amounts Due Within One Year

 

 

 

 

(550

)

 

 

(750

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(30

)

 

 

(25

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

4,316

 

 

$

3,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

First and Refunding Mortgage Bonds (A):

 

 

 

 

 

 

 

 

 

8.00%

2037

 

$

7

 

 

$

7

 

 

 

5.00%

2037

 

 

8

 

 

 

8

 

 

 

Total First and Refunding Mortgage Bonds

 

 

 

15

 

 

 

15

 

 

 

Medium-Term Notes (A):

 

 

 

 

 

 

 

 

 

3.75%

2024

 

 

—

 

 

 

250

 

 

 

3.15%

2024

 

 

—

 

 

 

250

 

 

 

3.05%

2024

 

 

—

 

 

 

250

 

 

 

3.00%

2025

 

 

350

 

 

 

350

 

 

 

0.95%

2026

 

 

450

 

 

 

450

 

 

 

2.25%

2026

 

 

425

 

 

 

425

 

 

 

3.00%

2027

 

 

425

 

 

 

425

 

 

 

3.70%

2028

 

 

375

 

 

 

375

 

 

 

3.65%

2028

 

 

325

 

 

 

325

 

 

 

3.20%

2029

 

 

375

 

 

 

375

 

 

 

2.45%

2030

 

 

300

 

 

 

300

 

 

 

1.90%

2031

 

 

425

 

 

 

425

 

 

 

3.10%

2032

 

 

500

 

 

 

500

 

 

 

4.90%

2032

 

 

400

 

 

 

400

 

 

 

4.65%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2033

 

 

500

 

 

 

500

 

 

 

5.20%

2034

 

 

450

 

 

 

—

 

 

 

4.85%

2034

 

 

600

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

5.70%

2036

 

 

250

 

 

 

250

 

 

 

5.80%

2037

 

 

350

 

 

 

350

 

 

 

5.38%

2039

 

 

250

 

 

 

250

 

 

 

5.50%

2040

 

 

300

 

 

 

300

 

 

 

3.95%

2042

 

 

450

 

 

 

450

 

 

 

3.65%

2042

 

 

350

 

 

 

350

 

 

 

3.80%

2043

 

 

400

 

 

 

400

 

 

 

4.00%

2044

 

 

250

 

 

 

250

 

 

 

4.05%

2045

 

 

250

 

 

 

250

 

 

 

4.15%

2045

 

 

250

 

 

 

250

 

 

 

3.80%

2046

 

 

550

 

 

 

550

 

 

 

3.60%

2047

 

 

350

 

 

 

350

 

 

 

4.05%

2048

 

 

325

 

 

 

325

 

 

 

3.85%

2049

 

 

375

 

 

 

375

 

 

 

3.20%

2049

 

 

400

 

 

 

400

 

 

 

3.15%

2050

 

 

300

 

 

 

300

 

 

 

2.70%

2050

 

 

375

 

 

 

375

 

 

 

2.05%

2050

 

 

375

 

 

 

375

 

 

 

3.00%

2051

 

 

450

 

 

 

450

 

 

 

5.13%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2053

 

 

400

 

 

 

400

 

 

 

5.45%

2054

 

 

550

 

 

 

—

 

 

 

5.30%

2054

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

15,100

 

 

 

13,750

 

 

 

Principal Amount Outstanding

 

 

 

15,115

 

 

 

13,765

 

 

 

Amounts Due Within One Year

 

 

 

(350

)

 

 

(750

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(117

)

 

 

(102

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

14,648

 

 

$

12,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2024

 

 

2023

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

1,250

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

(1,250

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

—

 

 

$

1,250

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
Aggregate Principal Amounts of Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2024 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2025

 

$

550

 

 

$

350

 

 

$

1,250

 

 

$

2,150

 

 

 

2026

 

 

—

 

 

 

875

 

 

 

—

 

 

 

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

Thereafter

 

 

2,296

 

 

 

12,390

 

 

 

—

 

 

 

14,686

 

 

 

Total

 

$

4,896

 

 

$

15,115

 

 

$

1,250

 

 

$

21,261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Line of Credit Facilities

The total committed credit facilities and available liquidity as of December 31, 2024 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

764

 

 

$

736

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

764

 

 

$

736

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

468

 

 

$

532

 

 

Mar 2028

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

468

 

 

$

532

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2028

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

1,314

 

 

$

2,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.
Estimated Fair Values

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

4,866

 

 

$

4,754

 

 

$

4,371

 

 

$

4,240

 

 

 

PSE&G (A)

 

 

14,998

 

 

 

13,337

 

 

 

13,663

 

 

 

12,460

 

 

 

PSEG Power (B)

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

21,114

 

 

$

19,341

 

 

$

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.
Private term loan with book value approximating fair value (Level 2 measurement).
v3.25.0.1
Schedule of Consolidated Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Consolidated Capital Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

Outstanding Shares

 

 

Book Value

 

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSEG Common Stock (no par value) (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized 1,000 shares

 

 

498

 

 

 

498

 

 

$

3,654

 

 

$

3,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2024 or 2023.
v3.25.0.1
Financial Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Fair Value in Balance Sheets

The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Consolidated Balance Sheets of PSEG. For additional information see Note 17. 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 December 31, 2024 and 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

Total
PSEG
Power

 

 

Total
Derivatives

 

 

 

 

 

Millions

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$

—

 

 

$

403

 

 

$

(370

)

 

$

33

 

 

$

33

 

 

 

Noncurrent Assets

 

 

32

 

 

 

375

 

 

 

(356

)

 

 

19

 

 

 

51

 

 

 

Total Mark-to-Market Derivative Assets

 

$

32

 

 

$

778

 

 

$

(726

)

 

$

52

 

 

$

84

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(448

)

 

$

443

 

 

$

(5

)

 

$

(5

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(408

)

 

 

404

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(856

)

 

$

847

 

 

$

(9

)

 

$

(9

)

 

 

Total Net Mark-to-Market Derivative Assets (Liabilities)

 

$

32

 

 

$

(78

)

 

$

121

 

 

$

43

 

 

$

75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023

 

 

 

 

 

PSEG

 

 

PSEG Power

 

 

Consolidated

 

 

 

 

 

Cash Flow
Hedges

 

 

Not
Designated

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Location

 

Interest
Rate
Derivatives

 

 

Energy-
Related
Contracts

 

 

Netting
(A)

 

 

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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent 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 Derivative Transactions Designated and Effective as Cash Flow Hedges

The following shows the effect on the Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives

 

 

Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income

 

 

 

Derivatives in Cash Flow Hedging Relationships

 

Years Ended December 31,

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

59

 

 

$

13

 

 

$

—

 

 

Interest Expense

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

Total

 

$

59

 

 

$

13

 

 

$

—

 

 

 

 

$

13

 

 

$

5

 

 

$

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Reconciliation for Derivative Activity Included in Accumulated Other Comprehensive Income (Loss)

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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 AOCI

 

 

13

 

 

 

9

 

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(3

)

 

 

Balance as of December 31, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCI

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

 

 

 

 

 

 

 

 
Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations

The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the years ended December 31, 2024, 2023 and 2022. PSEG Power’s derivative contracts reflected in this table primarily includes contracts to hedge the purchase and sale of electricity and natural gas.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives Not Designated as Hedges

 

Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

Pre-Tax Gain (Loss) Recognized in Income on Derivatives

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

27

 

 

$

1,567

 

 

$

(1,748

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Total

 

 

 

$

29

 

 

$

1,567

 

 

$

(1,746

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Net Notional Volume for Open Derivative Contracts

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

66

 

 

 

Electricity

 

MWh

 

 

(49

)

 

 

(60

)

 

 

Financial Transmission Rights

 

MWh

 

 

16

 

 

 

19

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

2,290

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
PSEG'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 December 31, 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 December 31, 2024

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

100

 

 

$

—

 

 

$

100

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

52

 

 

$

(726

)

 

$

2

 

 

$

776

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

32

 

 

$

—

 

 

$

—

 

 

$

32

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,380

 

 

$

—

 

 

$

1,380

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

366

 

 

$

—

 

 

$

—

 

 

$

366

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

397

 

 

$

—

 

 

$

—

 

 

$

397

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

503

 

 

$

—

 

 

$

—

 

 

$

503

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

55

 

 

$

—

 

 

$

—

 

 

$

55

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

28

 

 

$

—

 

 

$

—

 

 

$

28

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

65

 

 

$

—

 

 

$

—

 

 

$

65

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(9

)

 

$

847

 

 

$

(3

)

 

$

(852

)

 

$

(1

)

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

70

 

 

$

—

 

 

$

70

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2023

 

 

 

Description

 

Total

 

 

Netting (E)

 

 

Quoted Market Prices for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

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 an exchange, 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 judgment.
(D)
As of December 31, 2024, the fair value measurement table excludes cash and foreign currency of $24 million and $1 million, respectively, in the NDT Fund. As of December 31, 2023, the fair value measurement table excludes foreign currency of $1 million in the NDT Fund. 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 16. Financial Risk Management Activities for additional detail.
v3.25.0.1
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Valuation Assumptions The following table provides the assumptions used to calculate the grant date fair value of the TSR portion of the PSU awards for 2024, 2023 and 2022:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

February 15, 2022

 

1.76%

 

27.34%

 

 

 

 

 

 

 

 
Stock Compensation Expense and Tax Impacts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

40

 

 

$

18

 

 

$

29

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

11

 

 

$

5

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Changes in RSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

263,181

 

 

$

61.79

 

 

 

 

 

 

 

 

 

Granted

 

 

431,944

 

 

$

59.22

 

 

 

 

 

 

 

 

 

Vested

 

 

232,259

 

 

$

58.61

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

14,076

 

 

$

59.94

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

448,790

 

 

$

61.03

 

 

 

0.9

 

 

$

37,918,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Share-based Payment Arrangement, Performance Shares, Outstanding Activity

Changes in PSUs for the year ended December 31, 2024 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Years
Contractual
Term

 

 

Aggregate
Intrinsic
Value

 

 

 

Non-vested as of January 1, 2024

 

 

482,416

 

 

$

68.31

 

 

 

 

 

 

 

 

 

Granted

 

 

371,438

 

 

$

65.44

 

 

 

 

 

 

 

 

 

Vested

 

 

359,232

 

 

$

67.65

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

20,769

 

 

$

67.74

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2024

 

 

473,853

 

 

$

66.59

 

 

 

1.6

 

 

$

40,035,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Net Other Income (Deductions) (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

81

 

 

$

81

 

 

 

AFUDC

 

 

41

 

 

 

—

 

 

 

41

 

 

 

Solar Loan Interest

 

 

5

 

 

 

—

 

 

 

5

 

 

 

Other Interest

 

 

9

 

 

 

18

 

 

 

27

 

 

 

Other

 

 

9

 

 

 

(10

)

 

 

(1

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

89

 

 

$

153

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

68

 

 

$

68

 

 

 

AFUDC

 

 

60

 

 

 

—

 

 

 

60

 

 

 

Solar Loan Interest

 

 

7

 

 

 

—

 

 

 

7

 

 

 

Other Interest

 

 

12

 

 

 

34

 

 

 

46

 

 

 

Other

 

 

1

 

 

 

(10

)

 

 

(9

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

92

 

 

$

172

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

62

 

 

$

62

 

 

 

AFUDC

 

 

65

 

 

 

—

 

 

 

65

 

 

 

Solar Loan Interest

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Other Interest

 

 

9

 

 

 

12

 

 

 

21

 

 

 

Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program

 

 

—

 

 

 

(27

)

 

 

(27

)

 

 

Other

 

 

4

 

 

 

(11

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

88

 

 

$

36

 

 

$

124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Line Items]  
Schedule of Unrecognized Tax Benefits

PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G and PSEG’s other subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

2024

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2024

 

$

110

 

 

$

11

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

18

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(4

)

 

 

(3

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

90

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(4

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2024

 

$

209

 

 

$

8

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(30

)

 

 

(5

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

178

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2023

 

$

130

 

 

$

29

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

16

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(25

)

 

 

(12

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(10

)

 

 

(7

)

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

(1

)

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2023

 

$

110

 

 

$

11

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(29

)

 

 

(7

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(2

)

 

 

(2

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

79

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2022

 

$

192

 

 

$

27

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

9

 

 

 

2

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(40

)

 

 

(2

)

 

 

Increases as a Result of Positions Taken during the Current Period

 

 

1

 

 

 

1

 

 

 

Decreases as a Result of Positions Taken during the Current Period

 

 

—

 

 

 

—

 

 

 

Decreases as a Result of Settlements with Taxing Authorities

 

 

(28

)

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(4

)

 

 

1

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2022

 

$

130

 

 

$

29

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(37

)

 

 

(15

)

 

 

Regulatory Asset—Unrecognized Tax Benefits

 

 

(8

)

 

 

(8

)

 

 

Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)

 

$

85

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Interest And Penalties Related To Uncertain Tax Positions

PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Interest and Penalties
on Uncertain Tax Positions
as of December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

27

 

 

$

25

 

 

$

38

 

 

 

PSE&G

 

$

—

 

 

$

1

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Possible Decrease In Total Unrecognized Tax Benefits Including Interest

It is reasonably possible that total unrecognized tax benefits will significantly increase or decrease within the next twelve months due to either agreements with various taxing authorities upon audit, the expiration of the Statute of Limitations, or other pending tax matters. These potential increases or decreases are as follows:

 

 

 

 

 

 

 

 

Possible Decrease in Total Unrecognized Tax Benefits

 

Over the next
12 Months

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

28

 

 

 

PSE&G

 

$

—

 

 

 

 

 

 

 

 
Schedule Of Possible Description Of Income Tax Years Material Jurisdictions

Description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are:

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

PSE&G

 

 

United States

 

 

 

 

 

 

Federal

 

2021-2023

 

N/A

 

 

New Jersey

 

2011-2023

 

2015-2023

 

 

Pennsylvania

 

2017-2023

 

2021-2023

 

 

Connecticut

 

2021-2022

 

N/A

 

 

Maryland

 

2021-2022

 

N/A

 

 

New York

 

2017-2023

 

N/A

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Income Taxes [Line Items]  
Schedule Of Effective Tax Rates

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,547

 

 

$

1,515

 

 

$

1,565

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(67

)

 

$

127

 

 

$

130

 

 

 

State

 

 

—

 

 

 

4

 

 

 

—

 

 

 

Total Current

 

 

(67

)

 

 

131

 

 

 

130

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

209

 

 

 

(113

)

 

 

(17

)

 

 

State

 

 

162

 

 

 

149

 

 

 

159

 

 

 

Total Deferred

 

 

371

 

 

 

36

 

 

 

142

 

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(5

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Pre-Tax Income

 

$

1,845

 

 

$

1,675

 

 

$

1,832

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

387

 

 

$

352

 

 

$

385

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

128

 

 

 

121

 

 

 

126

 

 

 

Uncertain Tax Positions

 

 

—

 

 

 

(9

)

 

 

2

 

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(9

)

 

 

(9

)

 

 

(9

)

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(2

)

 

 

5

 

 

 

—

 

 

 

Subtotal

 

 

(89

)

 

 

(192

)

 

 

(118

)

 

 

Total Income Tax Expense

 

$

298

 

 

$

160

 

 

$

267

 

 

 

Effective Income Tax Rate

 

 

16.2

%

 

 

9.6

%

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Deferred Income Taxes

The following is an analysis of deferred income taxes for PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

22

 

 

 

28

 

 

 

CAMT Credit Carryforward

 

 

—

 

 

 

106

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Operating Leases

 

 

20

 

 

 

22

 

 

 

Other

 

 

54

 

 

 

60

 

 

 

Total Assets

 

$

453

 

 

$

612

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,631

 

 

$

4,396

 

 

 

New Jersey Corporate Business Tax

 

 

1,303

 

 

 

1,160

 

 

 

Pension Costs

 

 

199

 

 

 

198

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Conservation Costs

 

 

103

 

 

 

88

 

 

 

Operating Leases

 

 

20

 

 

 

21

 

 

 

Other

 

 

152

 

 

 

158

 

 

 

Total Liabilities

 

$

6,872

 

 

$

6,361

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

6,419

 

 

$

5,749

 

 

 

ITC

 

 

58

 

 

 

64

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

6,477

 

 

$

5,813

 

 

 

 

 

 

 

 

 

 

 
PSEG [Member]  
Income Taxes [Line Items]  
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Net Income

 

$

1,772

 

 

$

2,563

 

 

$

1,031

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(225

)

 

$

144

 

 

$

262

 

 

 

State

 

 

15

 

 

 

19

 

 

 

(30

)

 

 

Total Current

 

 

(210

)

 

 

163

 

 

 

232

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

129

 

 

 

109

 

 

 

(335

)

 

 

State

 

 

140

 

 

 

253

 

 

 

80

 

 

 

Total Deferred

 

 

269

 

 

 

362

 

 

 

(255

)

 

 

ITC

 

 

(6

)

 

 

(7

)

 

 

(6

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Pre-Tax Income

 

$

1,825

 

 

$

3,081

 

 

$

1,002

 

 

 

Tax Computed at Statutory Rate @ 21%

 

$

383

 

 

$

647

 

 

$

210

 

 

 

Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:

 

 

 

 

 

 

 

 

 

 

 

State Income Taxes (net of federal income tax)

 

 

122

 

 

 

215

 

 

 

41

 

 

 

Uncertain Tax Positions

 

 

95

 

 

 

(14

)

 

 

(22

)

 

 

NDT Fund

 

 

21

 

 

 

26

 

 

 

(22

)

 

 

Plant-Related Items

 

 

5

 

 

 

(7

)

 

 

(6

)

 

 

Tax Credits

 

 

(361

)

 

 

(10

)

 

 

(10

)

 

 

Audit Settlement

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

Leasing Activities

 

 

—

 

 

 

(22

)

 

 

—

 

 

 

GPRC-CEF-EE

 

 

(52

)

 

 

(52

)

 

 

(37

)

 

 

TAC

 

 

(145

)

 

 

(232

)

 

 

(193

)

 

 

Bad Debt Flow-Through

 

 

(14

)

 

 

(9

)

 

 

(1

)

 

 

Other

 

 

(1

)

 

 

(17

)

 

 

11

 

 

 

Subtotal

 

 

(330

)

 

 

(129

)

 

 

(239

)

 

 

Total Income Tax Expense (Benefit)

 

$

53

 

 

$

518

 

 

$

(29

)

 

 

Effective Income Tax Rate

 

 

2.9

%

 

 

16.8

%

 

 

(2.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Deferred Income Taxes

The following is an analysis of deferred income taxes for PSEG:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

314

 

 

$

339

 

 

 

OPEB

 

 

49

 

 

 

58

 

 

 

Bad Debt

 

 

43

 

 

 

57

 

 

 

Corporate Alternative Minimum Tax (CAMT) Credit Carryforward

 

 

—

 

 

 

44

 

 

 

Operating Leases

 

 

38

 

 

 

42

 

 

 

Other

 

 

147

 

 

 

129

 

 

 

Total Assets

 

$

591

 

 

$

669

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,084

 

 

$

4,850

 

 

 

New Jersey Corporate Business Tax

 

 

1,414

 

 

 

1,284

 

 

 

Leasing Activities

 

 

33

 

 

 

35

 

 

 

AROs and NDT Fund

 

 

281

 

 

 

250

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

250

 

 

 

201

 

 

 

GPRC-CEF-EE

 

 

214

 

 

 

139

 

 

 

Pension Costs

 

 

193

 

 

 

189

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Other

 

 

278

 

 

 

291

 

 

 

Total Liabilities

 

$

7,781

 

 

$

7,277

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,190

 

 

$

6,608

 

 

 

ITC

 

 

58

 

 

 

63

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,248

 

 

$

6,671

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income by Component

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

Other Comprehensive Income (Loss)

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for -Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2021

 

$

(6

)

 

$

(355

)

 

$

11

 

 

$

(350

)

 

 

Current Period Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

—

 

 

 

(72

)

 

 

(158

)

 

 

(230

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

3

 

 

 

1

 

 

 

26

 

 

 

30

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

3

 

 

 

(71

)

 

 

(132

)

 

 

(200

)

 

 

Balance as of December 31, 2022

 

$

(3

)

 

$

(426

)

 

$

(121

)

 

$

(550

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

9

 

 

 

76

 

 

 

61

 

 

 

146

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(3

)

 

 

248

 

 

 

(20

)

 

 

225

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

6

 

 

 

324

 

 

 

41

 

 

 

371

 

 

 

Balance as of December 31, 2023

 

$

3

 

 

$

(102

)

 

$

(80

)

 

$

(179

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

42

 

 

 

19

 

 

 

(18

)

 

 

43

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(9

)

 

 

7

 

 

 

5

 

 

 

3

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

33

 

 

 

26

 

 

 

(13

)

 

 

46

 

 

 

Balance as of December 31, 2024

 

$

36

 

 

$

(76

)

 

$

(93

)

 

$

(133

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

Location of Pre-Tax Amount in Statement of Operations

 

Pre-Tax Amount

 

 

Tax (Expense) Benefit

 

 

After-Tax Amount

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

(5

)

 

$

2

 

 

$

(3

)

 

 

Total Cash Flow Hedges

 

 

 

 

(5

)

 

 

2

 

 

 

(3

)

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

21

 

 

 

(6

)

 

 

15

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(22

)

 

 

6

 

 

 

(16

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(43

)

 

 

17

 

 

 

(26

)

 

 

Total Available-for-Sale Securities

 

 

 

 

(43

)

 

 

17

 

 

 

(26

)

 

 

Total

 

 

 

$

(49

)

 

$

19

 

 

$

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 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

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

5

 

 

$

(2

)

 

$

3

 

 

 

Total Cash Flow Hedges

 

 

 

 

5

 

 

 

(2

)

 

 

3

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

8

 

 

 

(2

)

 

 

6

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(20

)

 

 

6

 

 

 

(14

)

 

 

Pension Settlement Charge

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(334

)

 

 

94

 

 

 

(240

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(346

)

 

 

98

 

 

 

(248

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

34

 

 

 

(14

)

 

 

20

 

 

 

Total Available-for-Sale Securities

 

 

 

 

34

 

 

 

(14

)

 

 

20

 

 

 

Total

 

 

 

$

(307

)

 

$

82

 

 

$

(225

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations

 

 

 

 

 

 

 

Year Ended December 31, 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

 

 

 

 

 

 

 

Millions

 

 

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

Interest Expense

 

$

13

 

 

$

(4

)

 

$

9

 

 

 

Total Cash Flow Hedges

 

 

 

 

13

 

 

 

(4

)

 

 

9

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(10

)

 

 

3

 

 

 

(7

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(10

)

 

 

3

 

 

 

(7

)

 

 

Available-for-Sale Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(8

)

 

 

3

 

 

 

(5

)

 

 

Total Available-for-Sale Securities

 

 

 

 

(8

)

 

 

3

 

 

 

(5

)

 

 

Total

 

 

 

$

(5

)

 

$

2

 

 

$

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Earnings Per Share (EPS) and Dividends (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,772

 

 

$

1,772

 

 

$

2,563

 

 

$

2,563

 

 

$

1,031

 

 

$

1,031

 

 

 

EPS Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

3

 

 

 

Total Shares

 

 

498

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

498

 

 

 

501

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

3.56

 

 

$

3.54

 

 

$

5.15

 

 

$

5.13

 

 

$

2.07

 

 

$

2.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Dividend Payments on Common Stock

Common Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Dividend Payments on Common Stock

 

2024

 

 

2023

 

 

2022

 

 

 

Per Share

 

$

2.40

 

 

$

2.28

 

 

$

2.16

 

 

 

in Millions

 

$

1,196

 

 

$

1,137

 

 

$

1,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.0.1
Financial Information By Business Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Financial Information By Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

Energy Costs

 

 

3,189

 

 

 

1,170

 

 

 

(966

)

 

 

3,393

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,317

 

 

 

771

 

 

 

—

 

 

 

2,088

 

 

 

Depreciation and Amortization

 

 

1,025

 

 

 

157

 

 

 

—

 

 

 

1,182

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

448

 

 

 

—

 

 

 

953

 

 

 

Net Income

 

$

1,547

 

 

$

225

 

 

$

—

 

 

$

1,772

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,921

 

 

$

459

 

 

$

—

 

 

$

3,380

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

Energy Costs

 

 

3,010

 

 

 

1,353

 

 

 

(1,103

)

 

 

3,260

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,193

 

 

 

713

 

 

 

—

 

 

 

1,906

 

 

 

Depreciation and Amortization

 

 

980

 

 

 

155

 

 

 

—

 

 

 

1,135

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

686

 

 

 

—

 

 

 

1,161

 

 

 

Net Income

 

$

1,515

 

 

$

1,048

 

 

$

—

 

 

$

2,563

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,998

 

 

$

327

 

 

$

—

 

 

$

3,325

 

 

 

As of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

42,873

 

 

$

8,407

 

 

$

(539

)

 

$

50,741

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

17

 

 

$

—

 

 

$

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,935

 

 

$

3,266

 

 

$

(1,401

)

 

$

9,800

 

 

 

Energy Costs

 

 

3,270

 

 

 

2,149

 

 

 

(1,401

)

 

 

4,018

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,219

 

 

 

712

 

 

 

—

 

 

 

1,931

 

 

 

Depreciation and Amortization

 

 

935

 

 

 

165

 

 

 

—

 

 

 

1,100

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

14

 

 

 

—

 

 

 

14

 

 

 

Interest Income

 

 

19

 

 

 

13

 

 

 

(1

)

 

 

31

 

 

 

Interest Expense

 

 

427

 

 

 

202

 

 

 

(1

)

 

 

628

 

 

 

Income Tax Expense (Benefit)

 

 

267

 

 

 

(296

)

 

 

—

 

 

 

(29

)

 

 

Other Segment Items (D)

 

 

271

 

 

 

895

 

 

 

—

 

 

 

1,166

 

 

 

Net Income (Loss)

 

$

1,565

 

 

$

(534

)

 

$

—

 

 

$

1,031

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,590

 

 

$

298

 

 

$

—

 

 

$

2,888

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

39,960

 

 

$

9,285

 

 

$

(527

)

 

$

48,718

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

306

 

 

$

—

 

 

$

306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
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 2. Revenues and Note 24. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.
v3.25.0.1
Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]
 12 Months Ended
Dec. 31, 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Millions

 

 

 

Billings from Affiliates:

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

959

 

 

$

1,065

 

 

$

1,388

 

 

 

Administrative Billings from Services (B)

 

 

516

 

 

$

443

 

 

 

445

 

 

 

Total Billings from Affiliates

 

$

1,475

 

 

$

1,508

 

 

$

1,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Related Party Transactions, Payables

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Payable to PSEG Power (A)

 

$

209

 

 

$

264

 

 

 

Payable to Services (B)

 

 

116

 

 

 

121

 

 

 

Net Payable to PSEG (C)

 

 

37

 

 

 

119

 

 

 

Accounts Payable—Affiliated Companies

 

$

362

 

 

$

504

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes (Receivable) Payable

 

$

(2

)

 

$

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 pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. 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.
(D)
PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Consolidated Balance Sheets.
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents $ 125 $ 54    
Restricted Cash in Other Current Assets 8 23    
Restricted Cash in Other Noncurrent Assets 21 22    
Cash, Cash Equivalents and Restricted Cash 154 99 $ 511 $ 863
Public Service Electric and Gas Company [Member]        
Cash and Cash Equivalents 79 30    
Restricted Cash in Other Current Assets 8 23    
Restricted Cash in Other Noncurrent Assets 21 22    
Cash, Cash Equivalents and Restricted Cash 108 75 $ 266 $ 339
PSEG Power & Other [Member]        
Cash and Cash Equivalents [1] 46 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] $ 46 $ 24    
[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
Nuclear Production [Member] | Minimum [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Estimated useful lives 60 years
Nuclear Production [Member] | Maximum [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Estimated useful lives 80 years
ASU 2023-07 [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
Change in Accounting Principle, Accounting Standards Update, Adoption Date Dec. 31, 2024
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
Public Service Electric and Gas Company [Member] | ASU 2023-07 [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
Change in Accounting Principle, Accounting Standards Update, Adoption Date Dec. 31, 2024
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Depreciation Rate Stated Percentage (Details) - Public Service Electric and Gas Company [Member]
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Electric Transmission [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 2.09% 2.09% 2.18%
Electric Distribution [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 2.51% 2.54% 2.56%
Gas Distribution [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 1.84% 1.84% 1.93%
v3.25.0.1
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Amounts and Average Rates Used to Calculate IDC or AFUDC (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Public Service Electric and Gas Company [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
IDC/AFUDC $ 62 $ 83 $ 84
Average Rate 6.43% 7.13% 7.39%
Other [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
IDC/AFUDC $ 9 $ 9 $ 4
Average Rate 6.08% 5.66% 2.24%
v3.25.0.1
Revenues - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues [Line Items]      
Revenue from Contract with Customers $ 9,874 $ 9,254 $ 11,231
Revenues Unrelated to Contracts with Customers [1] 416 1,983 (1,431)
Total Operating Revenues 10,290 11,237 9,800
Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers (966) (1,103) (1,401)
Revenues Unrelated to Contracts with Customers [1] 0 0 0
Total Operating Revenues [2] (966) (1,103) (1,401)
Electric Distribution [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 3,977 3,494 3,503
Electric Distribution [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Gas Distribution [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 2,059 1,982 2,356
Gas Distribution [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 (1)
Transmission [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 1,754 1,673 1,589
Transmission [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers   0 0
Electricity and Related Product Sales [Member] | PJM [Member] | Third-Party Sales [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 819 892 2,152
Electricity and Related Product Sales [Member] | PJM [Member] | Third-Party Sales [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Electricity and Related Product Sales [Member] | PJM [Member] | Sales to Affiliates [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Electricity and Related Product Sales [Member] | PJM [Member] | Sales to Affiliates [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers (114) (114) (151)
Electricity and Related Product Sales [Member] | NYISO [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers     88
Electricity and Related Product Sales [Member] | NYISO [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers     0
Electricity and Related Product Sales [Member] | ISO-NE [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 5 13 96
Electricity and Related Product Sales [Member] | ISO-NE [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Gas Sales [Member] | Third-Party Sales [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 206 206 458
Gas Sales [Member] | Third-Party Sales [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Gas Sales [Member] | Sales to Affiliates [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers (846) (984) (1,243)
Other Revenues from Contracts with Customers [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3] 1,054 994 989
Other Revenues from Contracts with Customers [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3] (6) (5) (6)
Public Service Electric and Gas Company [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 8,158 7,517 7,839
Revenues Unrelated to Contracts with Customers [1] 291 290 96
Total Operating Revenues 8,449 7,807 7,935
Public Service Electric and Gas Company [Member] | Electric Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 3,977 3,494 3,503
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 2,059 1,982 2,357
Public Service Electric and Gas Company [Member] | Transmission [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 1,754 1,673 1,589
Public Service Electric and Gas Company [Member] | Electricity and Related Product Sales [Member] | PJM [Member] | Third-Party Sales [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Public Service Electric and Gas Company [Member] | Electricity and Related Product Sales [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Public Service Electric and Gas Company [Member] | Electricity and Related Product Sales [Member] | NYISO [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers     0
Public Service Electric and Gas Company [Member] | Electricity and Related Product Sales [Member] | ISO-NE [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 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
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
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] 368 368 390
PSEG Power & Other [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 2,682 2,840 4,793
Revenues Unrelated to Contracts with Customers [1],[4] 125 1,693 (1,527)
Total Operating Revenues [4],[5] 2,807 4,533 3,266
PSEG Power & Other [Member] | Electric Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 0 0 0
PSEG Power & Other [Member] | Gas Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 0 0 0
PSEG Power & Other [Member] | Transmission [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4]   0 0
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | PJM [Member] | Third-Party Sales [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 819 892 2,152
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 114 114 151
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | NYISO [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4]     88
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | ISO-NE [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 5 13 96
PSEG Power & Other [Member] | Gas Sales [Member] | Third-Party Sales [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 206 206 458
PSEG Power & Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 846 984 1,243
PSEG Power & Other [Member] | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3],[4] $ 692 $ 631 $ 605
[1] Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.
[2] 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 2. Revenues and Note 24. Related-Party Transactions.
[3] 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.
[4] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.
[5] PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
v3.25.0.1
Revenues - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenues [Line Items]      
Regulatory assets   $ 6,125 $ 5,157
Other [Member] | LIPA OSA Contract Fixed Component [Member]      
Revenues [Line Items]      
Anticipated contract revenues   $ 45  
Public Service Electric and Gas Company [Member]      
Revenues [Line Items]      
Allowances percentage of accounts receivable   13.00% 18.00%
Regulatory assets   $ 6,641 $ 5,430
Regulatory assets   6,125 5,157
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion [Member]      
Revenues [Line Items]      
Regulatory assets $ 68 68  
Public Service Electric and Gas Company [Member] | Societal Benefits Charges SBC [Member]      
Revenues [Line Items]      
Regulatory assets   211 $ 155
Public Service Electric and Gas Company [Member] | Societal Benefits Charges SBC [Member] | Electric Bad Debt Deferral [Member]      
Revenues [Line Items]      
Regulatory assets   78  
Public utilities, approved rate increase (decrease), amount $ 78 $ 78  
v3.25.0.1
Revenues - Reconciliation of Allowance for Credit Losses (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenues [Line Items]    
Balance $ 283 $ 339
Provision 103 100
Write-offs, net of Recoveries (171) (156)
Balance $ 215 $ 283
v3.25.0.1
Revenues - Reconciliation of Allowance for Credit Losses (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Public Service Electric and Gas Company    
Revenues [Line Items]    
Recoveries $ 31 $ 25
v3.25.0.1
Revenues - Revenue, Capacity Auction Obligations (Details) - PSEG Power - PJM [Member]
Dec. 31, 2024
$ / MK
MW
June 2024 to May 2025  
Revenues [Line Items]  
$ per Megawatt (MW)-Day | $ / MK 61
MW Cleared | MW 3,700
June 2025 to May 2026  
Revenues [Line Items]  
$ per Megawatt (MW)-Day | $ / MK 270
MW Cleared | MW 3,500
v3.25.0.1
Asset Dispositions and Impairments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Fossil Production [Member]  
Restructuring Cost and Reserve [Line Items]  
Impairment of Long-Lived Assets to be Disposed of $ 50
Energy Holdings [Member]  
Restructuring Cost and Reserve [Line Items]  
Impairment of Long-Lived Assets to be Disposed of $ 78
v3.25.0.1
Variable Interest Entities (VIEs) - Additional information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Operating Revenues $ 10,290 $ 11,237 $ 9,800
Operation and Maintenance 3,356 3,150 3,178
Long Island ServCo [Member]      
Variable Interest Entity [Line Items]      
Operating Revenues 592 533 516
Operation and Maintenance $ 592 $ 533 $ 516
v3.25.0.1
Property, Plant and Equipment and Jointly-Owned Facilities - Schedule Of Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]    
Total $ 51,207 $ 48,603
Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Other 2,136 1,992
Total 46,198 43,753
Public Service Electric Gas and Other Company [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Other 408 358
Total 5,009 4,850
Electric Transmission | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 17,874 17,379
Electric Distribution | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 12,520 11,554
Gas Distribution and Transmission | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 12,536 11,545
Construction Work In Progress | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 1,132 1,283
Construction Work In Progress | Public Service Electric Gas and Other Company [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation 159 224
Nuclear Production | Public Service Electric Gas and Other Company [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation 3,649 3,496
Nuclear Fuel in Service | Public Service Electric Gas and Other Company [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation $ 793 $ 772
v3.25.0.1
Property, Plant and Equipment and Jointly-Owned Facilities - Schedule Of Jointly-Owned Facilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Public Service Electric and Gas Company | Transmission Facilities    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant $ 164 $ 164
Accumulated Depreciation $ 72 $ 69
PSEG Power | Peach Bottom    
Public Utility, Property, Plant and Equipment [Line Items]    
Ownership Interest 50.00% 50.00%
Plant $ 1,420 $ 1,451
Accumulated Depreciation $ 564 $ 534
PSEG Power | Salem    
Public Utility, Property, Plant and Equipment [Line Items]    
Ownership Interest 57.00% 57.00%
Plant $ 1,539 $ 1,461
Accumulated Depreciation 601 534
PSEG Power | Nuclear Support Facilities    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant 180 178
Accumulated Depreciation $ 84 $ 77
PSEG Power | Merrill Creek Reservoir    
Public Utility, Property, Plant and Equipment [Line Items]    
Ownership Interest 14.00% 14.00%
Plant $ 1 $ 1
Accumulated Depreciation $ 0 $ 0
v3.25.0.1
Regulatory Assets And Liabilities - (Schedule Of Regulatory Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2018
Regulatory Assets And Liabilities [Line Items]        
Regulatory Assets, Current $ 516   $ 273  
Regulatory Assets, Noncurrent 6,125   5,157  
Regulatory Liabilities, Current 555   349  
Regulatory Liabilities, Noncurrent 2,271   2,075  
Public Service Electric and Gas Company        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 6,641   5,430  
Regulatory Assets, Current 516   273  
Regulatory Assets, Noncurrent 6,125   5,157  
Total Regulatory Liabilities 2,826   2,424  
Regulatory Liabilities, Current 555   349  
Regulatory Liabilities, Noncurrent 2,271   2,075  
Public Service Electric and Gas Company | Tax Adjustment Credit [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets   $ 509   $ 581
Public Service Electric and Gas Company | Deferred Income Taxes [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 2,012   1,343  
Public Service Electric and Gas Company | Pension and Other Postretirement Benefit Costs [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 1,330   1,427  
Public Service Electric and Gas Company | Green Program Recovery Charges [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 1,251   827  
Public Service Electric and Gas Company | Conservation Incentive Program [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 261   232  
Public Service Electric and Gas Company | Clean Energy Future - Energy Cloud [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 233   153  
Public Service Electric and Gas Company | Conditional Asset Retirement Obligation [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 221   210  
Public Service Electric and Gas Company | Societal Benefits Charges Sbc [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 211   155  
Public Service Electric and Gas Company | Manufactured Gas Plant Remediation Costs [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 210   199  
Public Service Electric and Gas Company | Electric Cost Of Removal [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 195   172  
Public Service Electric and Gas Company | New Jersey Clean Energy Program [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 145   145  
Public Service Electric and Gas Company | COVID-19 Deferral [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 131   131  
Public Service Electric and Gas Company | Base Rate Case [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 108   0  
Public Service Electric and Gas Company | Remediation Adjustment Clause Other Sbc [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 102   110  
Public Service Electric and Gas Company | Clean Energy Future-Electric Vehicles [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 51   27  
Public Service Electric and Gas Company | Deferred Storm Costs [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 0   109  
Public Service Electric and Gas Company | Other Regulatory Assets [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 180   190  
Public Service Electric and Gas Company | Excess Deferred Income Taxes [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities 2,619   2,245  
Public Service Electric and Gas Company | Gas Costs - BGSS [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities 145   97  
Public Service Electric and Gas Company | Other [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities $ 62   $ 82  
v3.25.0.1
Regulatory Assets And Liabilities - Additional Information (Details)
 1 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Oct. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
May 31, 2024
USD ($)
$ / MWh
Apr. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2018
USD ($)
Regulatory Asset [Line Items]                            
Regulatory Assets     $ 6,125,000,000               $ 6,125,000,000 $ 5,157,000,000    
Electric Transmission [Member]                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount       $ 64,000,000                    
Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets     6,125,000,000               6,125,000,000 5,157,000,000    
Regulatory Assets     6,641,000,000               6,641,000,000 5,430,000,000    
Flowback of tax benefits                     81,000,000 80,000,000 $ 35,000,000  
Public Service Electric and Gas Company | COVID-19 deferrals [Member]                            
Regulatory Asset [Line Items]                            
Regulatory Assets           $ 68,000,000                
Regulatory Assets           131,000,000                
Public Service Electric and Gas Company | Electric Transmission [Member]                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount           12,000,000                
Public Service Electric and Gas Company | Distribution Base Rate [Member]                            
Regulatory Asset [Line Items]                            
Regulatory Assets         $ 509,000,000                  
Public utilities, approved rate base       $ 17,800,000,000                    
Public utilities, approved return on equity, percentage       9.60%                    
Public utilities, approved equity capital structure, percentage       55.00%                    
Public utilities, approved rate increase (decrease), amount       $ 505,000,000                    
Public Service Electric and Gas Company | distributed related repair deductions [Member]                            
Regulatory Asset [Line Items]                            
Excess Deferred income taxes to be refunded     840,000,000               840,000,000      
Public Service Electric and Gas Company | distribution related repair deduction [Member]                            
Regulatory Asset [Line Items]                            
Excess Deferred income taxes to be refunded     310,000,000               310,000,000      
Public Service Electric and Gas Company | Distribution-related mixed service cost deductions [Member]                            
Regulatory Asset [Line Items]                            
Excess Deferred income taxes to be refunded     509,000,000               509,000,000      
Public Service Electric and Gas Company | Transmission related over remaining useful life [Member]                            
Regulatory Asset [Line Items]                            
Excess Deferred income taxes to be refunded     928,000,000               928,000,000      
Public Service Electric and Gas Company | Base Revenues [Member] | Distribution Base Rate [Member]                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount       711,000,000                    
Public Service Electric and Gas Company | Return of tax benefits [Member] | Distribution Base Rate [Member]                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount       (206,000,000)                    
Z E C Liability [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Price Per Mega watt Hour | $ / MWh             9.95              
Z E C Purchases             $ 166,000,000              
Tax Adjustment Credit [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets         $ 509,000,000                 $ 581,000,000
Basic Gas Supply Service [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Approved BGSS rate per therm         0.33     0.40            
Societal Benefits Charges Sbc [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets     211,000,000               211,000,000 155,000,000    
Societal Benefits Charges Sbc [Member] | Public Service Electric and Gas Company | Electric Bad Debt Deferral [Member]                            
Regulatory Asset [Line Items]                            
Regulatory Assets     78,000,000               78,000,000      
Public utilities, approved rate increase (decrease), amount           78,000,000         78,000,000      
Conservation Incentive Program | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount         $ 107,000,000                  
Conservation Incentive Program | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount $ 96,000,000                          
Conservation Incentive Program Gas First Twelve Months | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount 65,000,000                          
COVID-19 Deferral [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets     131,000,000               131,000,000 131,000,000    
COVID-19 Deferral - Bad Debt portion [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets     68,000,000     68,000,000         68,000,000      
Gas System Modernization Program II [Member] | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount 53,000,000                          
Energy Strong II Electric [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount               $ 12,000,000            
Electric Green Program Recovery [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public Utilities, Requested Rate Increase (Decrease), Amount           68,000,000                
Public utilities, approved rate increase (decrease), amount           49,000,000                
Gas Green Program Recovery [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public Utilities, Requested Rate Increase (Decrease), Amount           24,000,000                
Public Utilities, Approved Investment, Amount       2,900,000,000                    
Public utilities, approved rate increase (decrease), amount       $ 3,000,000   $ 15,000,000                
Clean Energy Future-EE [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount             300,000,000              
Pension Ratemaking deferral [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Regulatory Assets     103,000,000               103,000,000 $ 55,000,000    
Infrastructure Advancement Program [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount             $ 5,000,000              
Electric Infrastructure Advancement Program [Member] | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public Utilities, Requested Rate Increase (Decrease), Amount 6,000,000                          
Gas Infrastructure Advancement Program [Member] | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public Utilities, Requested Rate Increase (Decrease), Amount $ 3,000,000                          
Tax Adjustment Credits Electric Distribution [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount                   $ 61,000,000 (99,000,000)      
Tax Adjustment Credits Gas Distribution [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount                   $ 40,000,000 $ (107,000,000)      
Remediation Adjustment Clause [Member] | Subsequent Event [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount   $ 56,000,000                        
Electric Societal Benefits Clause [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount     (3,000,000)           $ 27,000,000          
Gas Societal Benefit Clause [Member] | Public Service Electric and Gas Company                            
Regulatory Asset [Line Items]                            
Public utilities, approved rate increase (decrease), amount     $ 38,000,000           $ 32,000,000          
v3.25.0.1
Leases - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Renewal
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Five year renewals | Subsidiaries | Services      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 2 years    
Public Service Electric and Gas Company [Member]      
Lessor, Lease, Description [Line Items]      
Operating lease liabilities, current $ 15   $ 15
Public Service Electric and Gas Company [Member] | Five year renewals      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 4 years    
Public Service Electric and Gas Company [Member] | Ten year renewals      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 1 year    
Lessor, Operating Lease, Number Of Renewal Periods | Renewal 5    
Public Service Electric and Gas Company [Member] | Forty Five year renewals      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 1 year    
Public Service Electric and Gas Company [Member] | Forty Eight Year renewals      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 1 year    
PSEG Power | Five year renewals      
Lessor, Lease, Description [Line Items]      
Number of lease renewal terms 1 year    
PSEG      
Lessor, Lease, Description [Line Items]      
Operating lease liabilities, current $ 29   $ 27
Energy Holdings [Member]      
Lessor, Lease, Description [Line Items]      
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation $ 9    
Impairment of Long-Lived Assets to be Disposed of   $ 78  
v3.25.0.1
Leases - Operating Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease Cost [Line Item]      
Long-term Lease Costs $ 58 $ 53 $ 56
Short-term Lease Costs 24 27 26
Variable Lease Costs 13 15 13
Total Operating Lease Costs 95 95 95
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 37 $ 34 $ 42
Weighted Average Remaining Lease Term in Years 7 years 8 years 9 years
Weighted Average Discount Rate 4.10% 4.10% 3.90%
Public Service Electric and Gas Company [Member]      
Lease Cost [Line Item]      
Long-term Lease Costs $ 43 $ 34 $ 31
Short-term Lease Costs 21 21 21
Variable Lease Costs 2 2 2
Total Operating Lease Costs 66 57 54
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 20 $ 17 $ 17
Weighted Average Remaining Lease Term in Years 9 years 10 years 11 years
Weighted Average Discount Rate 4.00% 4.00% 3.50%
Other Segments      
Lease Cost [Line Item]      
Long-term Lease Costs $ 15 $ 19 $ 25
Short-term Lease Costs 3 6 5
Variable Lease Costs 11 13 11
Total Operating Lease Costs 29 38 41
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 17 $ 17 $ 25
Weighted Average Remaining Lease Term in Years 6 years 7 years 7 years
Weighted Average Discount Rate 4.20% 4.20% 4.10%
v3.25.0.1
Leases - Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, Liability, to be Paid, Year One $ 35  
Lessee, Operating Lease, Liability, to be Paid, Year Two 32  
Lessee, Operating Lease, Liability, to be Paid, Year Three 30  
Lessee, Operating Lease, Liability, to be Paid, Year Four 27  
Lessee, Operating Lease, Liability, to be Paid, Year Five 26  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 60  
Total Minimum Lease Payments 210 $ 236
Public Service Electric and Gas Company [Member]    
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, Liability, to be Paid, Year One 19  
Lessee, Operating Lease, Liability, to be Paid, Year Two 16  
Lessee, Operating Lease, Liability, to be Paid, Year Three 13  
Lessee, Operating Lease, Liability, to be Paid, Year Four 11  
Lessee, Operating Lease, Liability, to be Paid, Year Five 10  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 47  
Total Minimum Lease Payments 116 125
Other Segments    
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, Liability, to be Paid, Year One 16  
Lessee, Operating Lease, Liability, to be Paid, Year Two 16  
Lessee, Operating Lease, Liability, to be Paid, Year Three 17  
Lessee, Operating Lease, Liability, to be Paid, Year Four 16  
Lessee, Operating Lease, Liability, to be Paid, Year Five 16  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 13  
Total Minimum Lease Payments $ 94 $ 111
v3.25.0.1
Leases - Reconciliation of Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments $ 210 $ 236
Reconciling Amount due to Discount Rate (29) (36)
Total Discounted Operating Lease Liabilities 181 200
Public Service Electric and Gas Company [Member]    
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments 116 125
Reconciling Amount due to Discount Rate (18) (21)
Total Discounted Operating Lease Liabilities 98 104
Other Segments    
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments 94 111
Reconciling Amount due to Discount Rate (11) (15)
Total Discounted Operating Lease Liabilities $ 83 $ 96
v3.25.0.1
Leases - Operating Lease Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Leases, Income Statement, Lease Revenue [Abstract]      
Fixed Lease Income $ 14 $ 24 $ 31
Variable Lease Income 0 0 0
Total Operating Lease Income $ 14 $ 24 $ 31
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag true    
v3.25.0.1
Leases - Operating Lease Right-Of-Use Assets (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]  
Lessor, Operating Lease, Payment to be Received, Year One $ 14
Lessor, Operating Lease, Payment to be Received, Year Two 14
Lessor, Operating Lease, Payment to be Received, Year Three 14
Lessor, Operating Lease, Payment to be Received, Year Four 14
Lessor, Operating Lease, Payment to be Received, Year Five 13
Lessor, Operating Lease, Payment to be Received, after Year Five 96
Total Minimum Future Lease Receipts $ 165
v3.25.0.1
Long-Term Investments - Schedule Of Long Term Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Long-Term Investments [Line Items]    
Total Long-Term Investments $ 263 $ 295
Leases [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 150 161
Partnerships And Corporate Joint Ventures [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments [1] 21 17
Other [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 2 0
Public Service Electric and Gas Company [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 90 117
Public Service Electric and Gas Company [Member] | Life Insurance And Supplemental Benefits [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 67 77
Public Service Electric and Gas Company [Member] | Solar Loan Investment [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments $ 23 $ 40
[1] During the years ended December 31, 2024 and 2023, there were no dividends from these investments. During the year ended December 31, 2022, dividends from these investments were $8 million.
v3.25.0.1
Long-Term Investments - Schedule Of Long Term Investments (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Long-Term Investments [Abstract]      
Dividends from Equity Method Investments $ 0 $ 0 $ 8
v3.25.0.1
Long-Term Investments - Schedule Of Net Investment In Leveraged Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Net Investments in Leases $ 117 $ 125
Energy Holdings [Member]    
Schedule of Investments [Line Items]    
Lease Receivables (net of Non-Recourse Debt) 200 223
Estimated Residual Value of Leased Assets 0 0
Total Investment in Rental Receivables 200 223
Unearned and Deferred Income (50) (62)
Gross Investments in Leases 150 161
Deferred Tax Liabilities (33) (36)
Net Investments in Leases $ 117 $ 125
v3.25.0.1
Financing Receivables - Schedule of Outstanding Loans by Class of Customer (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 40 $ 63
Current Portion (included in Accounts Receivable) (17) (23)
Noncurrent Portion (included in Long-Term Investments) 23 40
Commercial/Industrial [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 38 60
Residential [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 2 $ 3
Solar Loan I [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 1  
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 Customers $ 20  
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 Customers $ 19  
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  
v3.25.0.1
Financing Receivables - Schedule of Lease Receivables, Net of Nonrecourse Debt, Associated with Leveraged Lease Portfolio Based on Counterparty Credit Rating (Details) - Energy Holdings [Member] - USD ($)
$ in Millions
Dec. 31, 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 [Member]    
Schedule of Financial Receivables [Line Items]    
Lease Receivables (net of Non-Recourse Debt) $ 154  
v3.25.0.1
Financing Receivables - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Schedule of Financial Receivables [Line Items]    
Net Investments in Leases $ 117 $ 125
Energy Holdings [Member]    
Schedule of Financial Receivables [Line Items]    
Net Investments in Leases $ 117 $ 125
Public Service Electric and Gas Company [Member]    
Schedule of Financial Receivables [Line Items]    
Average loan repayment period 8 years  
Average loan remaining repayment period 2 years  
Public Service Electric and Gas Company [Member] | Minimum [Member]    
Schedule of Financial Receivables [Line Items]    
Loan receivable, term 10 years  
Public Service Electric and Gas Company [Member] | Maximum [Member]    
Schedule of Financial Receivables [Line Items]    
Loan receivable, term 15 years  
v3.25.0.1
Trust Investments - Schedule of Fair Values and Gross Unrealized Gains and Losses for the Securities Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost $ 2,311 [1] $ 2,219 [2]
Gross Unrealized Gains 495 [1] 428 [2]
Gross Unrealized Losses (160) [1] (124) [2]
Trust Investments, Fair Value 2,646 [1] 2,523 [2]
Nuclear Decommissioning Trust (NDT) Fund [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 1,384 1,314
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 4 10
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (122) (111)
Debt Securities, Available-for-Sale, Fair Value 1,266 1,213
Nuclear Decommissioning Trust (NDT) Fund [Member] | Domestic Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 508 482
Equity Securities, Accumulated Gross Unrealized Gain 393 300
Equity Securities, FV-NI, Unrealized Loss (9) (2)
Equity Securities, Fair Value 892 780
Nuclear Decommissioning Trust (NDT) Fund [Member] | International Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 419 423
Equity Securities, Accumulated Gross Unrealized Gain 98 118
Equity Securities, FV-NI, Unrealized Loss (29) (11)
Equity Securities, Fair Value 488 530
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 927 905
Equity Securities, Accumulated Gross Unrealized Gain 491 418
Equity Securities, FV-NI, Unrealized Loss (38) (13)
Equity Securities, Fair Value 1,380 1,310
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 853 759
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 1 4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (91) (72)
Debt Securities, Available-for-Sale, Fair Value 763 691
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 531 555
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 3 6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (31) (39)
Debt Securities, Available-for-Sale, Fair Value 503 522
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost 189 200
Gross Unrealized Gains 9 8
Gross Unrealized Losses (33) (29)
Trust Investments, Fair Value 165 179
Rabbi Trust [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 181 190
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (33) (29)
Debt Securities, Available-for-Sale, Fair Value 148 161
Rabbi Trust [Member] | Domestic Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 8 10
Equity Securities, Accumulated Gross Unrealized Gain 9 8
Equity Securities, FV-NI, Unrealized Loss 0 0
Equity Securities, Fair Value 17 18
Rabbi Trust [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 105 110
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (22) (19)
Debt Securities, Available-for-Sale, Fair Value 83 91
Rabbi Trust [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 76 80
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (11) (10)
Debt Securities, Available-for-Sale, Fair Value $ 65 $ 70
[1] The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.
[2] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.
v3.25.0.1
Trust Investments - Schedule of Fair Values and Gross Unrealized Gains and Losses for the Securities Held (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Debt Securities, Available-for-Sale [Line Items]    
NDT Fund Foreign Currency $ 24 $ 1
v3.25.0.1
Trust Investments - Schedule of Accounts Receivable and Accounts Payable (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Accounts Receivable $ 18 $ 19
Accounts Payable 5 6
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Accounts Receivable 1 1
Accounts Payable $ 0 $ 0
v3.25.0.1
Trust Investments - Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months (Details) - USD ($)
$ in Millions
Dec. 31, 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 $ 613 $ 188
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (36) (6)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 635 793
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (124) (118)
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 199 79
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (27) (5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 26 32
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (11) (8)
Nuclear Decommissioning Trust (NDT) Fund [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 414 109
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (9) (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 609 761
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (113) (110)
Nuclear Decommissioning Trust (NDT) Fund [Member] | Domestic Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 73 44
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (8) (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
Nuclear Decommissioning Trust (NDT) Fund [Member] | International Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 126 35
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (19) (4)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 22 28
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (10) (8)
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] 295 90
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] (7) (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [2] 382 432
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [2] (84) (71)
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] 119 19
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] (2) 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [3] 227 329
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [3] (29) (39)
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 21 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 120 143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (33) (29)
Rabbi Trust [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 21 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 120 143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (33) (29)
Rabbi Trust [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] 10 3
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [4] 71 83
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [4] (22) (19)
Rabbi Trust [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [5] 11 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] 49 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.
[3] 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.
[4] Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. 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.
[5] 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.
v3.25.0.1
Trust Investments - Schedule of Proceeds from the Sales of and Net Realized Gains (Losses) on Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments $ 1,537 $ 1,714 $ 1,586
Net Gains (Losses) on Trust Investments 127 189 (265)
Nuclear Decommissioning Trust (NDT) Fund [Member]      
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments [1] 1,504 1,685 1,521
Gross Realized Gains 132 142 86
Gross Realized Losses (54) (100) (136)
Net Realized Gains (Losses) [2] 78 42 (50)
Unrealized Gain (Loss) on Equity Securities 47 146 (205)
Net Gains (Losses) on Trust Investments 125 188 (255)
Rabbi Trust [Member]      
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments 33 29 65
Gross Realized Gains 3 5 5
Gross Realized Losses (2) (6) (9)
Net Realized Gains (Losses) [3] 1 (1) (4)
Unrealized Gain (Loss) on Equity Securities 1 2 (6)
Net Gains (Losses) on Trust Investments $ 2 $ 1 $ (10)
[1] Includes activity in accounts related to the liquidation of funds being transitioned within the trust.
[2] The cost of these securities was determined on the basis of specific identification.
[3] The cost of these securities was determined on the basis of specific identification.
v3.25.0.1
Trust Investments - Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities $ 1,266
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities 148
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 17
1 - 5 years 358
6 - 10 years 215
11 - 15 years 64
16 - 20 years 109
Over 20 years 503
Debt Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 4
1 - 5 years 30
6 - 10 years 16
11 - 15 years 10
16 - 20 years 15
Over 20 years $ 73
v3.25.0.1
Trust Investments - Schedule of Fair Value of Rabbi Trust (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 165 $ 179
Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 30 32
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 165 179
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 30 32
Rabbi Trust [Member] | PSEG Power & Other    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 135 $ 147
v3.25.0.1
Trust Investments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Facility
Schedule of Trust Investments [Line Items]  
Number of Nuclear Facilities | Facility 5
Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Decommissioning Liability, Noncurrent $ 1,000
Nuclear Decommissioning Trust (NDT) Fund [Member] | Minimum [Member]  
Schedule of Trust Investments [Line Items]  
Decommissioning Costs Including Contingencies 3,600
Nuclear Decommissioning Trust (NDT) Fund [Member] | Maximum [Member]  
Schedule of Trust Investments [Line Items]  
Decommissioning Costs Including Contingencies 3,800
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 (69)
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 99
Equity Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Unrealized Gains (Losses) on Equity Securities still held $ 1
v3.25.0.1
Asset Retirement Obligations (AROs) - Impact Of The Revisions On Asset Retirement Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance $ 1,468 $ 1,499
Liabilities Settled (26) (13)
Accretion Expense 49 51
Accretion Expense Deferred and Recovered in Rate Base [1] 16 16
Revision to Present Values of Estimated Cash Flows (7) (85)
ARO Liability, Ending Balance 1,500 1,468
Public Service Electric and Gas Company    
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance 401 384
Liabilities Settled (12) (13)
Accretion Expense 0 0
Accretion Expense Deferred and Recovered in Rate Base [1] 16 16
Revision to Present Values of Estimated Cash Flows 52 14
ARO Liability, Ending Balance 457 401
PSEG Power & Other    
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance 1,067 1,115
Liabilities Settled (14) 0
Accretion Expense 49 51
Accretion Expense Deferred and Recovered in Rate Base [1] 0 0
Revision to Present Values of Estimated Cash Flows (59) (99)
ARO Liability, Ending Balance $ 1,043 $ 1,067
[1] Not reflected as expense in Consolidated Statements of Operations.
v3.25.0.1
Asset Retirement Obligations (AROs) - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Asset Retirement Obligation [Line Items]    
Revision to Present Values of Estimated Cash Flows $ (7) $ (85)
PSEG Power    
Asset Retirement Obligation [Line Items]    
Revision to Present Values of Estimated Cash Flows 59 99
PSE&G    
Asset Retirement Obligation [Line Items]    
Revision to Present Values of Estimated Cash Flows 52 $ 14
Impact of change in ARO in operations $ 0  
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jan. 01, 2025
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Retiree
Dec. 31, 2025
Dec. 31, 2024
USD ($)
Plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]              
Number of PSEG's defined contribution plans | Plan         2    
Defined benefit plan funded status of plan percentage         89.00%    
Rabbi trust fund   $ 179     $ 165 $ 179  
Defined benefit plan funded status of plan qualified pension plan percentage         92.00%    
Defined benefit plans, projected benefit and accumulated benefit obligations   4,700     $ 4,400 4,700  
Pension Lift Out Settlement Charge   6 $ 332        
Pension lift out settlement charge, net of tax   4 239     239  
Maximum annual 401(k) contribution per employee, percent         50.00%    
Defined contribution plan, employer matching contribution, percent of match         50.00%    
Employer matching contributions         $ 45 43 $ 42
Subsequent Event              
Defined Benefit Plan Disclosure [Line Items]              
Non-elective employer contributions 4.00%            
Defined contribution plan, employer matching contribution, percent of match 4.00%            
Employer matching contribution, percent 100.00%            
Equity Securities [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         54.00%    
Other Investments [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         18.00%    
Real asset through equity securities percentage at year end         0.13    
Fixed Income Securities [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         28.00%    
Public Service Electric and Gas Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Rabbi trust fund   $ 32     $ 30 32  
Employer matching contributions         31 29 28
Pension Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined Benefit Plan, Benefit Obligation, Payment for Settlement     $ 1,000   0 (970)  
Number of retirees | Retiree     2,000        
Total benefit costs         69 409 (115)
Pension Lift Out Settlement Charge         $ 0 $ 338 $ 0
Interest in Master Trust assets percentage         90.00%    
Expected long-term rate of return on plan assets         8.10% 8.10% 7.20%
Defined benefit plan, expected future employer contributions, next fiscal year         $ 100    
Pension Benefits [Member] | Subsequent Event              
Defined Benefit Plan Disclosure [Line Items]              
Expected long-term rate of return on plan assets       8.10%      
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         43 $ 50 $ (70)
Other Pension Plan, Defined Benefit [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined benefit plan, benefit obligation         132    
Other Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined Benefit Plan, Benefit Obligation, Payment for Settlement         0 0  
Total benefit costs         6 (43) (124)
Pension Lift Out Settlement Charge         $ 0 $ 0 $ 0
Interest in Master Trust assets percentage         10.00%    
Expected long-term rate of return on plan assets         8.10% 8.10% 7.20%
Defined benefit plan, expected future employer contributions, next fiscal year         $ 5    
Other Benefits [Member] | Public Service Electric and Gas Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         $ (2) $ (42) $ (109)
Long Island Electric Utility Servco LLC Pension and OPEB [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Number of PSEG's defined contribution plans | Plan         2    
Defined benefit plan, expected future employer contributions, next fiscal year         $ 23    
Maximum annual 401(k) contribution per employee, percent         50.00%    
Defined contribution plan, employer matching contribution, percent of match         50.00%    
Employer matching contribution, percent         8.00%    
Employer matching contributions         $ 13 10 9
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Equity Securities [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         60.00%    
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Investments [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         15.00%    
Real asset through equity securities percentage at year end         0.15    
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Fixed Income Securities [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         25.00%    
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         $ 25 18 30
Expected long-term rate of return on plan assets         8.00%    
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | Subsequent Event              
Defined Benefit Plan Disclosure [Line Items]              
Expected long-term rate of return on plan assets       8.00%      
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Other Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         $ 14 $ 12 $ 10
Savings Plan [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Employer matching contribution, percent         7.00%    
Thrift Plan [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Employer matching contribution, percent         8.00%    
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Changes in Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year [1]   $ 4,578    
Fair Value of Assets at End of Year [1]   4,394 $ 4,578  
Long Island Electric Utility Servco LLC Pension and OPEB [Member]        
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   433    
Fair Value of Assets at End of Year   490 433  
Pension Benefits [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [2]   4,758 5,628  
Service Cost   94 90 $ 142
Interest Cost   225 259 167
Actuarial (Gain) Loss [3]   (291) 103  
Gross Benefits Paid   (309) (352)  
Settlements $ 1,000 0 (970)  
Other   0 0  
Benefit Obligation at End of Year [2]   4,477 4,758 5,628
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   4,140 4,911  
Actual Return on Plan Assets   134 539  
Employer Contributions   13 12  
Gross Benefits Paid   (309) (352)  
Settlements   0 (970)  
Fair Value of Assets at End of Year   3,978 4,140 4,911
Funded Status (Plan Assets less Benefit Obligation)   (499) (618)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Current Accrued Benefit Cost   (11) (12)  
Noncurrent Accrued Benefit Cost   (488) (606)  
Amounts Recognized   (499) (618)  
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities        
Prior Service Cost (Credit) [4]   0 0  
Net Actuarial Loss (Gain) [4]   1,481 1,656  
Total [4]   1,481 1,656  
Pension Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [5]   535 452  
Service Cost   28 24  
Interest Cost   26 23  
Actuarial (Gain) Loss [6]   (54) 31  
Plan Assumptions   0 16  
Gross Benefits Paid   (14) (11)  
Benefit Obligation at End of Year [5]   521 535 452
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   433 370  
Actual Return on Plan Assets   46 56  
Employer Contributions   25 18  
Gross Benefits Paid   (14) (11)  
Fair Value of Assets at End of Year   490 433 370
Funded Status (Plan Assets less Benefit Obligation)   (31) (102)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Noncurrent Accrued Benefit Cost   (31) (102)  
Amounts Recognized [7]   (31) (102)  
Other Benefits [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [2]   802 851  
Service Cost   3 3 6
Interest Cost   37 41 26
Actuarial (Gain) Loss [3]   (39) (30)  
Gross Benefits Paid   (76) (68)  
Settlements   0 0  
Other   0 5  
Benefit Obligation at End of Year [2]   727 802 851
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   440 429  
Actual Return on Plan Assets   18 51  
Employer Contributions   41 28  
Gross Benefits Paid   (76) (68)  
Settlements   0 0  
Fair Value of Assets at End of Year   423 440 429
Funded Status (Plan Assets less Benefit Obligation)   (304) (362)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Current Accrued Benefit Cost   (12) (13)  
Noncurrent Accrued Benefit Cost   (292) (349)  
Amounts Recognized   (304) (362)  
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets, Deferred Assets and Deferred Liabilities        
Prior Service Cost (Credit) [4]   4 6  
Net Actuarial Loss (Gain) [4]   (26) (6)  
Total [4]   (22) 0  
Other Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [5]   514 455  
Service Cost   14 12  
Interest Cost   25 24  
Actuarial (Gain) Loss [6]   (29) 35  
Plan Assumptions   0 0  
Gross Benefits Paid   (14) (12)  
Benefit Obligation at End of Year [5]   510 514 455
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   0 0  
Actual Return on Plan Assets   0 0  
Employer Contributions   14 12  
Gross Benefits Paid   (14) (12)  
Fair Value of Assets at End of Year   0 0 $ 0
Funded Status (Plan Assets less Benefit Obligation)   (510) (514)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Noncurrent Accrued Benefit Cost   (510) (514)  
Amounts Recognized [7]   $ (510) $ (514)  
[1] Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.
[2] Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
[3] For pension benefits and OPEB, the net actuarial gains in 2024 were due primarily to an increase in the discount rate, partially offset by actuarial losses driven by a lower than expected return on assets. For pension benefits, the net actuarial loss in 2023 was due primarily to a decrease in the discount rate. For OPEB, the net actuarial gain in 2023 was primarily due to assumption updates.
[4] Includes $107 million ($76 million, after-tax) and $143 million ($102 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2024 and 2023, respectively. Also includes Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024 and Regulatory Assets of $1,427 million and Deferred Assets of $141 million as of December 31, 2023. The Regulatory Asset amounts do not include $103 million and $55 million as of December 31, 2024 and 2023, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.
[5] Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
[6] For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates. For pension benefits and OPEB, the net actuarial losses in 2023 were due primarily to a decrease in the discount rate and other assumption updates.
[7] Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Changes In The Benefit Obligation And The Fair Value Of Plan Assets (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Deferred Costs and Other Assets $ 10,341 $ 9,337
Regulatory Assets 6,125 5,157
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated Other Comprehensive Income (Loss), Defined Benefit Pension and Other Postretirement Plans, Before Tax 107 143
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax 76 102
Regulatory Assets 1,227 1,427
Deferred Costs and Other Assets 134 141
Deferred Liabilities 9  
Public Service Electric and Gas Company    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory Assets 6,641 5,430
Deferred Costs and Other Assets 6,544 5,601
Regulatory Assets 6,125 5,157
Public Service Electric and Gas Company | Pension Ratemaking deferral [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory Assets $ 103 $ 55
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Components of Net Periodic Benefit Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]          
Settlement Charge Resulting from Pension Lift-Out $ 6 $ 332      
Pension Benefits [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Service Cost (included in O&M Expense)     $ 94 $ 90 $ 142
Interest Cost     225 259 167
Expected Return on Plan Assets     (321) (361) (484)
Amortization of Net Prior Service Credit     0 0 0
Amortization of Net Actuarial Loss     71 83 60
Settlement Charge Resulting from Pension Lift-Out     0 338 0
Non-Service Components of Pension and OPEB (Credits) Costs     (25) 319 (257)
Total Net Benefit (Credits) Costs     69 409 (115)
OPEB [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Service Cost (included in O&M Expense)     3 3 6
Interest Cost     37 41 26
Expected Return on Plan Assets     (34) (33) (42)
Amortization of Net Prior Service Credit     2 (52) (129)
Amortization of Net Actuarial Loss     (2) (2) 15
Settlement Charge Resulting from Pension Lift-Out     0 0 0
Non-Service Components of Pension and OPEB (Credits) Costs     3 (46) (130)
Total Net Benefit (Credits) Costs     $ 6 $ (43) $ (124)
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Pension and OPEB Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs $ 69 $ 409 $ (115)
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs 43 50 (70)
Pension Benefits [Member] | PSEG Power & Other      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs 26 359 (45)
OPEB [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs 6 (43) (124)
OPEB [Member] | Public Service Electric and Gas Company [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs (2) (42) (109)
OPEB [Member] | PSEG Power & Other      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Benefit (Credits) Costs $ 8 $ (1) $ (15)
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes $ (104) $ (35)
Net Actuarial (Gain) Loss due to Settlements/Curtailments 0 (39)
Amortization of Net Actuarial Gain (Loss) (71) (83)
Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments 0 (338)
Prior Service Cost (Credit) in Current Period 0 0
Amortization of Prior Service Credit 0 0
Total (175) (495)
Other Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes (22) (49)
Net Actuarial (Gain) Loss due to Settlements/Curtailments 0 0
Amortization of Net Actuarial Gain (Loss) 2 2
Recognition of Net Actuarial (Gain) Loss due to Settlements/Curtailments 0 0
Prior Service Cost (Credit) in Current Period 0 6
Amortization of Prior Service Credit (2) 52
Total $ (22) $ 11
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.68% 5.02% 5.20%
Rate of Compensation Increase 4.60% 4.60% 4.40%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate 6.00% 6.00% 6.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.02% 5.20% 2.94%
Service Cost Interest Rate 5.14% 5.31% 3.19%
Interest Cost Interest Rate 4.91% 5.09% 2.37%
Expected Return on Plan Assets 8.10% 8.10% 7.20%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.60% 4.40% 4.40%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate 6.00% 6.00% 6.00%
Pension Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.84% 5.13% 5.30%
Rate of Compensation Increase 5.50% 5.54% 3.95%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate 4.84% 4.13% 4.30%
Expected Return on Plan Assets 8.00%    
Other Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.59% 4.96% 5.16%
Rate of Compensation Increase 4.60% 4.60% 4.40%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 4.96% 5.16% 2.82%
Service Cost Interest Rate 5.03% 5.23% 3.06%
Interest Cost Interest Rate 4.88% 5.07% 2.21%
Expected Return on Plan Assets 8.10% 8.10% 7.20%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.60% 4.40% 4.40%
Immediate Rate 9.08% 8.89% 6.98%
Ultimate Rate 4.75% 4.75% 4.75%
Other Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.87% 5.16% 5.34%
Rate of Compensation Increase 5.50% 5.54% 3.95%
Immediate Rate 7.46% 6.84% 6.71%
Ultimate Rate 4.75% 4.75% 4.75%
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Fair Value Measurements and Levels of Inputs Used In Determining Fair Values (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [1] $ 4,394 $ 4,578
Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 490 433
Quoted Market Prices of Identical Assets (Level 1) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 37 34
Significant Other Observable Inputs (Level 2) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 453 399
Cash and Cash Equivalents [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [2] 21 39
Cash and Cash Equivalents [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 2 2
Cash and Cash Equivalents [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [2] 13 39
Cash and Cash Equivalents [Member] | Quoted Market Prices of Identical Assets (Level 1) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 2 2
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 8 0
Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Common Stock [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [3] 661 748
Common Stock [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [4] 35 32
Common Stock [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [3] 661 748
Common Stock [Member] | Quoted Market Prices of Identical Assets (Level 1) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [4] 35 32
Common Stock [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Common Stock [Member] | Significant Other Observable Inputs (Level 2) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [4] 0 0
Commingled Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [5] 1,916 1,376
Commingled Equities [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] 334 294
Commingled Equities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Commingled Equities [Member] | Quoted Market Prices of Identical Assets (Level 1) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] 0 0
Commingled Equities [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [5] 1,916 1,376
Commingled Equities [Member] | Significant Other Observable Inputs (Level 2) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] 334 294
US Treasury Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 1,099 1,299
US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 1,099 1,299
Commingled Debt [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 6 4
Commingled Debt [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 6 4
Commingled Debt [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0 0
Subtotal before Measured at Net Asset Value Practical Expedient [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, subtotal 3,703 3,466
Subtotal before Measured at Net Asset Value Practical Expedient [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, subtotal 680 791
Subtotal before Measured at Net Asset Value Practical Expedient [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, subtotal 3,023 2,675
Commingled Equities at NAV [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [8] 382 745
Real Estate Investment [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [9] 308 365
Private Equity [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 1 2
Commingled Bonds [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] 119 105
Commingled Bonds [Member] | Quoted Market Prices of Identical Assets (Level 1) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] 0 0
Commingled Bonds [Member] | Significant Other Observable Inputs (Level 2) | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [6] $ 119 $ 105
[1] Excludes net receivables of $6 million and $2 million as of December 31, 2024 and 2023, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $1 million as of December 31, 2024.
[2] The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
[3] Common stocks are measured using observable data in active markets and considered Level 1.
[4] Common stocks are measured using observable data in active markets and considered Level 1.
[5] Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
[6] Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).
[7] Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
[8] Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
[9] The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Fair Value Measurements and Levels of Inputs Used In Determining Fair Values (Parenthetical) (Details) - Pension Plan [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Net receivables excluded from Fair Value $ 6 $ 2
Cash and foreign currency excluded from Fair Value $ 1  
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Percentage of Fair Value of Total Plan Assets (Details)
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 100.00% 100.00%
Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 100.00% 100.00%
Equity Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 67.00% 63.00%
Equity Securities [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 76.00% 76.00%
Fixed Income Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 25.00% 28.00%
Fixed Income Securities [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 24.00% 24.00%
Other Investments [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Actual plan asset allocation, percent 8.00% 9.00%
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 372
2026 333
2027 340
2028 346
2029 353
2030-2034 1,792
Total Estimated Future Benefit Payments 3,536
Pension Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2025 17
2026 20
2027 23
2028 25
2029 28
2030-2034 181
Total Estimated Future Benefit Payments 294
Other Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2025 73
2026 71
2027 69
2028 67
2029 64
2030-2034 272
Total Estimated Future Benefit Payments 616
Other Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2025 14
2026 16
2027 18
2028 20
2029 22
2030-2034 140
Total Estimated Future Benefit Payments $ 230
v3.25.0.1
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Amount Paid for Employer Matching Contributions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions $ 45 $ 43 $ 42
Public Service Electric and Gas Company      
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions 31 29 28
Other [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions $ 14 $ 14 $ 14
v3.25.0.1
Commitments and Contingent Liabilities - Schedule of Outstanding Guarantees, Current Exposure and Margin Positions (Details) - PSEG Power - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]    
Face Value of Outstanding Guarantees $ 1,272 $ 1,381
Exposure under Current Guarantees 47 118
Letters of Credit - Counterparty Margining Posted 4 10
Letters of Credit - Counterparty Margining Received 24 91
Counterparty Cash Collateral Deposited 0 0
Counterparty Cash Collateral Received (1) (2)
Net Broker Balance Deposited (Received) 245 115
Other Letters of Credit $ 155 $ 180
v3.25.0.1
Commitments and Contingent Liabilities - Environmental Matters - Additional Information (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Plant
Dec. 31, 2023
USD ($)
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  
Public Service Electric and Gas Company [Member]    
Site Contingency [Line Items]    
Regulatory assets 6,641 $ 5,430
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    
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 54  
Remediation Liability Recorded As Other Noncurrent Liabilities 156  
Regulatory assets 210  
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 210  
Accrual for Environmental Loss Contingencies $ 210  
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Accrued Environmental Loss Contingencies, Noncurrent  
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]    
Site Contingency [Line Items]    
Loss Contingency, Estimate of Possible Loss $ 234  
v3.25.0.1
Commitments and Contingent Liabilities - Basic Generation Service (BGS), Basic Gas Supply Service (BGSS) and Zero Emission Certificates (ZECs) - Additional Information (Details)
Cf in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
Cf
$ / MWh
Long-term Purchase Commitment [Line Items]  
Number of cubic feet in gas hedging permitted to be recovered by BPU | Cf 115
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU 80.00%
Number Of Cubic Feet To Be Hedged | Cf 70
Percentage of annual residential gas supply requirements to be hedged 50.00%
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 2023  
Long-term Purchase Commitment [Line Items]  
Dollars Per Megawatt-Day | $ / MWh 378.21
Public Service Electric and Gas Company [Member] | Auction Year 2024  
Long-term Purchase Commitment [Line Items]  
Dollars Per Megawatt-Day | $ / MWh 696.05
v3.25.0.1
Commitments and Contingent Liabilities - Schedule of Contract for Anticipated BGS-RSCP Fixed Price Eligible Load (Details) (Details) - Public Service Electric and Gas Company [Member]
 12 Months Ended
Dec. 31, 2024
$ / MWh
MW
Auction Year 2022  
Long-Term Purchase Commitment [Line Items]  
36-Month Terms Ending 2025-05 [1]
Load (MW) | MW 2,800
Dollars Per Megawatt Hour | $ / MWh 76.3
Auction Year 2023  
Long-Term Purchase Commitment [Line Items]  
36-Month Terms Ending 2026-05 [1]
Load (MW) | MW 2,800
Dollars Per Megawatt Hour | $ / MWh 93.11
Auction Year 2024  
Long-Term Purchase Commitment [Line Items]  
36-Month Terms Ending 2027-05 [1]
Load (MW) | MW 2,900
Dollars Per Megawatt Hour | $ / MWh 80.88
Auction Year 2025  
Long-Term Purchase Commitment [Line Items]  
36-Month Terms Ending 2028-05 [1]
Load (MW) | MW 2,800
Dollars Per Megawatt Hour | $ / MWh 107.36
[1] Prices set in the 2025 BGS auction will become effective on June 1, 2025 when the 2022 BGS auction agreements expire.
v3.25.0.1
Commitments and Contingent Liabilities - Minimum Fuel Purchase Requirements - Additional Information (Details)
Dec. 31, 2024
PSEG Power  
Long-Term Purchase Commitment [Line Items]  
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements for current year 100.00%
v3.25.0.1
Commitments and Contingent Liabilities - Schedule of Total Minimum Purchase Commitments (Details) - PSEG Power
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Nuclear Fuel Uranium [Member]  
Long-term Purchase Commitment [Line Items]  
Total five-year minimum purchase requirements $ 442
Nuclear Fuel Enrichment [Member]  
Long-term Purchase Commitment [Line Items]  
Total five-year minimum purchase requirements 357
Nuclear Fuel Fabrication [Member]  
Long-term Purchase Commitment [Line Items]  
Total five-year minimum purchase requirements 227
Natural Gas [Member]  
Long-term Purchase Commitment [Line Items]  
Total five-year minimum purchase requirements $ 1,406
v3.25.0.1
Commitments and Contingent Liabilities - FERC Matters - Additional Information (Details)
$ in Millions
Dec. 31, 2024
USD ($)
PSE&G and FERC Enforcement Staff  
Loss Contingencies [Line Items]  
Civil penalty $ 6.6
v3.25.0.1
Commitments and Contingent Liabilities - Litigation - Additional Information (Details) - PSEG Power - Sewaren 7 Litigation [Member]
$ in Millions
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]  
Original Claim Amount $ 93
Maximum [Member]  
Loss Contingencies [Line Items]  
Complaint amount $ 68
v3.25.0.1
Commitments and Contingent Liabilities - Nuclear Insurance Coverages and Assessments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]  
Maximum Aggregate Assessment Per Incident $ 522
Maximum Aggregate Annual Assessment 78
Nuclear Insurance Aggregate Limit 3,240
Total Site Coverage for Nuclear Event [Member]  
Loss Contingencies [Line Items]  
Nuclear Liability Total 15,800
Total Site Coverage for Nuclear Event [Member] | American Nuclear Insurers [Member]  
Loss Contingencies [Line Items]  
Public And Nuclear Worker Liability Primary Layer 500
Retrospective Assessments [Member]  
Loss Contingencies [Line Items]  
Replacement Power Total $ 52
v3.25.0.1
Debt and Credit Facilities - Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term Debt $ 21,261  
Long-term Debt, Current Maturities (2,150) $ (1,500)
Total Long-Term Debt 18,964 17,784
PSEG [Member]    
Debt Instrument [Line Items]    
Long-term Debt 4,896 4,396
Long-term Debt, Current Maturities (550) (750)
Net Unamortized Discount and Debt Issuance Costs (30) (25)
Total Long-Term Debt 4,316 3,621
PSEG [Member] | Senior Notes Two Point Eight Eight Percent Due in Two Thousand Twenty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 0 750
Stated interest rate of debt instrument 2.88%  
PSEG [Member] | Senior Notes Zero Point Eight Zero Percent Due in Two Thousand Twenty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 550 550
Stated interest rate of debt instrument 0.80%  
PSEG [Member] | Senior Notes Five Point Eight Five Percent Due in Two Thousand Twenty Seven [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 700 700
Stated interest rate of debt instrument 5.85%  
PSEG [Member] | Senior Notes Five Point Eight Eight Percent Due Two Thousand Twenty Eight [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 600 600
Stated interest rate of debt instrument 5.88%  
PSEG [Member] | Senior Notes Five Point Two Zero Percent Due Two Thousand Twenty Nine [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 750 0
Stated interest rate of debt instrument 5.20%  
PSEG [Member] | Senior Notes One Point Six Zero Percent Due In Two Thousand Thirty [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 550 550
Stated interest rate of debt instrument 1.60%  
PSEG [Member] | Senior Notes Eight Point Six Three Percent Due In Two Thousand Thirty One [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 96 96
Stated interest rate of debt instrument 8.63%  
PSEG [Member] | Senior Notes Two Point Four Five Percent Due In Two Thousand Thirty One [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 750 750
Stated interest rate of debt instrument 2.45%  
PSEG [Member] | Senior Notes Six Point One Three Percent Due Two Thousand Thirty Three [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 400 400
Stated interest rate of debt instrument 6.13%  
PSEG [Member] | Senior Notes Five Point Four Five Percent Due Two Thousand Thirty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 500 0
Stated interest rate of debt instrument 5.45%  
PSEG [Member] | Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 4,896 4,396
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Long-term Debt 15,115 13,765
Long-term Debt, Current Maturities (350) (750)
Net Unamortized Discount and Debt Issuance Costs (117) (102)
Total Long-Term Debt 14,648 12,913
Public Service Electric and Gas Company [Member] | First And Refunding Mortgage Bonds Eight Point Zero Zero Percentage Due On Two Thirty Seven [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 7 7
Stated interest rate of debt instrument 8.00%  
Public Service Electric and Gas Company [Member] | First And Refunding Mortgage Bonds Five Point Zero Zero Percentage Due On Two Thirty Seven [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 8 8
Stated interest rate of debt instrument 5.00%  
Public Service Electric and Gas Company [Member] | First And Refunding Mortgage Bonds [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 15 15
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Seven Five Percent Due In Two Thousand Twenty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 0 250
Stated interest rate of debt instrument 3.75%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point One Five Percent Due In Two Thousand Twenty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 0 250
Stated interest rate of debt instrument 3.15%  
Public Service Electric and Gas Company [Member] | Medium-Term Notes Three Point Zero Five Percent Due in Two Thousand Twenty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 0 250
Stated interest rate of debt instrument 3.05%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Zero Zero Percent Due In Two Thousand Twenty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 350 350
Stated interest rate of debt instrument 3.00%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Zero Point Nine Five Percent Due In Two Thousand Twenty Six [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 450 450
Stated interest rate of debt instrument 0.95%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Two Point Two Five Percent due Two Thousand Twenty Six [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 425 425
Stated interest rate of debt instrument 2.25%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Zero Percent due Two Thousand Twenty Seven [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 425 425
Stated interest rate of debt instrument 3.00%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Seven Zero Percent due Two Thousand Twenty Eight [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 375 375
Stated interest rate of debt instrument 3.70%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Six Five Percent due Two Thousand Twenty Eight [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 325 325
Stated interest rate of debt instrument 3.65%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Three Point Two Zero Percent due Two Thousand Twenty NIne [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 375 375
Stated interest rate of debt instrument 3.20%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Two Point Four Five due Two Thousand Thirty [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 300 300
Stated interest rate of debt instrument 2.45%  
Public Service Electric and Gas Company [Member] | Medium Term Notes One Point Nine Zero due Two Thousand Thirty One [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 425 425
Stated interest rate of debt instrument 1.90%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Three Point One Zero due Two Thousand Thirty Two [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 500 500
Stated interest rate of debt instrument 3.10%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Four Point Nine Zero due Two Thousand Thirty Two [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 400 400
Stated interest rate of debt instrument 4.90%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Four Point Six Five Percent due Two Thousand Thirty Three [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 500 500
Stated interest rate of debt instrument 4.65%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Two Zero Percent due Two Thousand Thirty Three [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 500 500
Stated interest rate of debt instrument 5.20%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Five Point Two Zero Percent due Two Thousand Thirty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 450 0
Stated interest rate of debt instrument 5.20%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Four Point Eight Five Percent Due Two Thousand Thirty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 600 0
Stated interest rate of debt instrument 4.85%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Two Five Percentage Due On Two Thousand Thirty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 5.25%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Seven Zero Percentage Due On Two Thousand Thirty Six [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 5.70%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Eight Zero Percentage Due On Two Thousand Thirty Seven [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 350 350
Stated interest rate of debt instrument 5.80%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Three Eight Percentage Due On Two Thousand Thirty Nine [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 5.38%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Five Zero Percentage Due On Two Thousand Forty [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 300 300
Stated interest rate of debt instrument 5.50%  
Public Service Electric and Gas Company [Member] | Medium-Term Notes 3.95% Due on 2042 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 450 450
Stated interest rate of debt instrument 3.95%  
Public Service Electric and Gas Company [Member] | Medium-Term Notes 3.65% Due on 2042 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 350 350
Stated interest rate of debt instrument 3.65%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.80% Due In 2043 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 400 400
Stated interest rate of debt instrument 3.80%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 4.00% Due in 2044 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 4.00%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 4.05% due 2045 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 4.05%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 4.15% Due In 2045 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 250 250
Stated interest rate of debt instrument 4.15%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.80% due 2046 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 550 550
Stated interest rate of debt instrument 3.80%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.60% due 2047 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 350 350
Stated interest rate of debt instrument 3.60%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 4.05% due 2048 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 325 325
Stated interest rate of debt instrument 4.05%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.85% due 2049 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 375 375
Stated interest rate of debt instrument 3.85%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.20% due 2049 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 400 400
Stated interest rate of debt instrument 3.20%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.15% due 2050 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 300 300
Stated interest rate of debt instrument 3.15%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 2.70% due 2050 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 375 375
Stated interest rate of debt instrument 2.70%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 2.05% due 2050 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 375 375
Stated interest rate of debt instrument 2.05%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 3.00% due 2051 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 450 450
Stated interest rate of debt instrument 3.00%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 5.13% due 2053 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 400 400
Stated interest rate of debt instrument 5.13%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 5.45% due 2053 [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 400 400
Stated interest rate of debt instrument 5.45%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Four Five Percent due Two Thousand Fifty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 550 0
Stated interest rate of debt instrument 5.45%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Three Zero Percent due Two Thousand Fifty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 500 0
Stated interest rate of debt instrument 5.30%  
Public Service Electric and Gas Company [Member] | Total Medium Term Notes [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 15,100 13,750
PSEG Power LLC [Member]    
Debt Instrument [Line Items]    
Long-term Debt 1,250 1,250
Long-term Debt, Current Maturities (1,250) 0
Total Long-Term Debt 0 1,250
PSEG Power LLC [Member] | Senior Notes Three Point Eight Five Percent due Two Thousand Twenty Three [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 1,250 $ 1,250
[1] Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
v3.25.0.1
Debt and Credit Facilities - Changes in Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Issuance of Long-term Debt   $ 3,350 $ 2,800 $ 2,850
Proceeds from Short-Term Loans   400 750 2,000
Repayments of Long-term Debt   1,500 1,575 700
December 2024 Term Loan [Member]        
Debt Instrument [Line Items]        
Proceeds from Short-Term Loans $ 400      
Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Issuance of Long-term Debt   2,100 1,800 900
Repayments of Long-term Debt   750 $ 825 $ 0
PSEG Power | December 2024 Term Loan [Member]        
Debt Instrument [Line Items]        
Proceeds from Short-Term Loans $ 1,250      
Senior Notes Five Point Two Zero Due Two Thousand Twenty Nine [Member]        
Debt Instrument [Line Items]        
Issuance of Long-term Debt   $ 750    
Debt Instrument, Interest Rate, Stated Percentage 5.20% 5.20%    
Senior Notes Five Point Four Five due Two Thousand Thirty Four [Member]        
Debt Instrument [Line Items]        
Issuance of Long-term Debt   $ 500    
Debt Instrument, Interest Rate, Stated Percentage 5.45% 5.45%    
Senior Notes Two Point Eight Eight Percent due 2024 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 2.88% 2.88%    
Repayments of Long-term Debt   $ 750    
Medium Term Notes Five Point Two Zero due Two Thousand Thirty Four [Member] | 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% 5.20%    
Medium Term Notes Five Point Four Five Percent due Two Thousand Fifty Four [Member] | 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% 5.45%    
Medium Term Notes Four Point Eight Five Percent due Two Thousand Thirty Four [Member] | Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Issuance of Long-term Debt   $ 600    
Debt Instrument, Interest Rate, Stated Percentage 4.85% 4.85%    
Medium Term Notes Five Point Three Zero Percent due Two Thousand Fifty Four [Member] | Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Issuance of Long-term Debt   $ 500    
Debt Instrument, Interest Rate, Stated Percentage 5.30% 5.30%    
Medium Term Notes Three Point Seven Five Percent due Two Thousand Twenty Four [Member] | Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75%    
Repayments of Long-term Debt   $ 250    
Medium Term Notes Three Point One Five Percent due Two Thousand Twenty Four [Member] | Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 3.15% 3.15%    
Repayments of Long-term Debt   $ 250    
Medium-Term Notes Three Point Zero Five Percent Due in Two Thousand Twenty Four [Member] | Public Service Electric and Gas Company [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 3.05% 3.05%    
Repayments of Long-term Debt   $ 250    
v3.25.0.1
Debt and Credit Facilities - Long-Term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
2025 $ 2,150  
2026 875  
2027 1,125  
2028 1,300  
2029 1,125  
Thereafter 14,686  
Total 21,261  
PSEG [Member]    
Debt Instrument [Line Items]    
2025 550  
2026 0  
2027 700  
2028 600  
2029 750  
Thereafter 2,296  
Total 4,896 $ 4,396
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
2025 350  
2026 875  
2027 425  
2028 700  
2029 375  
Thereafter 12,390  
Total 15,115  
PSEG Power [Member]    
Debt Instrument [Line Items]    
2025 1,250  
2026 0  
2027 0  
2028 0  
2029 0  
Thereafter 0  
Total $ 1,250  
v3.25.0.1
Debt and Credit Facilities - Long-Term Debt Financing Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 3,350 $ 2,800 $ 2,850
Repayments of Long-term Debt $ 1,500 1,575 700
PSEG [Member] | Senior Notes Five Point Eight Eight Percent Due Two Thousand Twenty Eight      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 5.88%    
PSEG [Member] | Senior Notes Six Point One Three Percent Due Two Thousand Thirty Three      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 6.13%    
Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 2,100 1,800 900
Repayments of Long-term Debt $ 750 $ 825 $ 0
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Four Point Six Five Percent due Two Thousand Thirty Three      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 4.65%    
Public Service Electric and Gas Company [Member] | Medium Term Notes Green Bond Five Point One Three Percent Due Two Thousand Fifty Three      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 5.13%    
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Two Zero Percent due Two Thousand Thirty Three      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 5.20%    
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Four Five Percent Due Two Thousand Fifty Three      
Debt Instrument [Line Items]      
Stated interest rate of debt instrument 5.45%    
v3.25.0.1
Debt and Credit Facilities Debt - Short-Term Liquidity - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Apr. 30, 2024
Aug. 31, 2023
Apr. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]              
Commitments of Single Institution as Percentage of Total Commitments 9.00%       9.00%    
Line of Credit Facility, Remaining Borrowing Capacity [1] $ 2,511       $ 2,511    
Line of Credit Facility, Maximum Borrowing Capacity [1] 3,825       3,825    
Line of Credit Facility, Fair Value of Amount Outstanding [1],[2] 1,314       1,314    
Proceeds from Short-Term Loans         400 $ 750 $ 2,000
Repayments of Short-term Debt         500 $ 2,250 $ 2,500
Public Service Electric and Gas Company              
Debt Instrument [Line Items]              
Line of Credit Facility, Remaining Borrowing Capacity 532       532    
Line of Credit Facility, Maximum Borrowing Capacity 1,000       1,000    
Line of Credit Facility, Fair Value of Amount Outstanding [2] 468       468    
PSEG Power [Member]              
Debt Instrument [Line Items]              
Line of Credit Facility, Remaining Borrowing Capacity 1,243       1,243    
Line of Credit Facility, Maximum Borrowing Capacity 1,325       1,325    
Line of Credit Facility, Fair Value of Amount Outstanding [2] 82       82    
Uncommitted Letter of Credit Facility [Member] | PSEG Power [Member]              
Debt Instrument [Line Items]              
Line of Credit Facility, Maximum Borrowing Capacity 200       200    
Line of Credit Facility, Fair Value of Amount Outstanding 75       75    
Subsidiary Uncommitted Letter of Credit Facility [Member] | PSEG Power [Member]              
Debt Instrument [Line Items]              
Line of Credit Facility, Maximum Borrowing Capacity 150       $ 150    
December 2024 Term Loan [Member]              
Debt Instrument [Line Items]              
Proceeds from Short-Term Loans 400            
December 2024 Term Loan [Member] | PSEG Power [Member]              
Debt Instrument [Line Items]              
Proceeds from Short-Term Loans $ 1,250            
April 2023 Term Loan [Member]              
Debt Instrument [Line Items]              
Proceeds from Short-Term Loans       $ 750      
Repayments of Short-term Debt   $ 500 $ 250        
[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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.
v3.25.0.1
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Available Liquidity $ 2,511 [1]
Total Facility 3,825 [1]
Usage (B) 1,314 [1],[2]
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Available Liquidity 532
Total Facility 1,000
Usage (B) 468 [2]
Public Service Electric and Gas Company [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Available Liquidity 532
Total Facility 1,000
Usage (B) $ 468 [2]
Expiration Date Mar 2028
PSEG Power  
Debt Instrument [Line Items]  
Available Liquidity $ 1,243
Total Facility 1,325
Usage (B) 82 [2]
PSEG Power | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Available Liquidity 1,213 [3]
Total Facility 1,250 [3]
Usage (B) $ 37 [2],[3]
Expiration Date Mar 2028 [3]
PSEG Power | Letter Of Credit Facilities expiring April 2026 [Member]  
Debt Instrument [Line Items]  
Available Liquidity $ 30
Total Facility 75
Usage (B) $ 45 [2]
Expiration Date Apr 2026
Revolving Credit Facility [Member] | PSEG Power  
Debt Instrument [Line Items]  
Total Facility $ 1,250
PSEG [Member]  
Debt Instrument [Line Items]  
Available Liquidity 736
Total Facility 1,500
Usage (B) 764 [2]
PSEG [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Available Liquidity 736 [3]
Total Facility 1,500 [3]
Usage (B) $ 764 [2],[3]
Expiration Date Mar 2028 [3]
PSEG [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Total Facility $ 1,500
[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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.
[3] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
v3.25.0.1
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity [1] $ 3,825  
Commercial Paper 1,593 $ 949
PSEG Power    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,325  
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,000  
Commercial Paper 444 $ 425
Revolving Credit Facility | PSEG Power    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,250  
Revolving Credit Facility | Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Commercial Paper $ 444  
Short-term Debt, Weighted Average Interest Rate, at Point in Time 4.71%  
PSEG [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity $ 1,500  
PSEG [Member] | Revolving Credit Facility    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,500  
Commercial Paper $ 749  
Short-term Debt, Weighted Average Interest Rate, at Point in Time 4.78%  
[1] Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.
v3.25.0.1
Debt and Credit Facilities - Fair Value of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value $ 21,114 $ 19,284
Long-term Debt, Fair Value 19,341 17,950
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [1] 14,998 13,663
Long-term Debt, Fair Value [1] 13,337 12,460
PSEG Power    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [2] 1,250 1,250
Long-term Debt, Fair Value [2] 1,250 1,250
PSEG [Member]    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [1] 4,866 4,371
Long-term Debt, Fair Value [1] $ 4,754 $ 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).
v3.25.0.1
Schedule of Consolidated Capital Stock - Schedule Of Consolidated Capital Stock (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]    
Common stock, shares, outstanding [1] 498,000,000 498,000,000
Common stock, value, outstanding [1] $ 3,654 $ 3,639
[1] PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2024 or 2023.
v3.25.0.1
Schedule of Consolidated Capital Stock - Schedule Of Consolidated Capital Stock (Parenthetical) (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]    
Common stock, authorized 1,000,000,000 1,000,000,000
v3.25.0.1
Schedule of Consolidated Capital Stock - Additional Information (Details) - Public Service Electric and Gas Company [Member]
Dec. 31, 2024
$ / shares
shares
Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, shares authorized | shares 7,500,000
Preferred stock, par value | $ / shares $ 100
Cumulative Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, shares authorized | shares 10,000,000
Preferred stock, par value | $ / shares $ 25
v3.25.0.1
Financial Risk Management Activities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]      
Aoci, cash flow hedge, cumulative gain (loss), after tax $ 36 $ 3  
Unrealized gain to be reclassified to earnings during the next twelve months 2    
Reclassification from accumulated other comprehensive income (loss), net of tax (3) (225) $ (30)
Derivative, fair value, net 75 49  
Issuance of Long-term Debt 3,350 2,800 2,850
Interest rate hedge derivative at fair value, net 32    
PSEG Power      
Derivatives, Fair Value [Line Items]      
Fair value of derivatives with credit-risk related contingent features 17 77  
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral 11 3  
Additional collateral aggregate fair value 6 74  
Derivative, fair value, net 43 60  
Public Service Electric and Gas Company [Member]      
Derivatives, Fair Value [Line Items]      
Issuance of Long-term Debt 2,100 1,800 900
Total credit exposure with counterparties 0    
Interest Rate Swap | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net $ 32 (11)  
Investment Grade - External Rating | PSEG Power      
Derivatives, Fair Value [Line Items]      
Percentage of credit exposure 95.00%    
Investment Grade - External Rating | PSEG Power | Minimum [Member]      
Derivatives, Fair Value [Line Items]      
Percentage of credit exposure 10.00%    
Cash Flow Hedges [Member]      
Derivatives, Fair Value [Line Items]      
Reclassification from accumulated other comprehensive income (loss), net of tax $ 9 3 $ (3)
Three Year Variable Rate Term Loan | PSEG Power      
Derivatives, Fair Value [Line Items]      
Issuance of Long-term Debt 1,250    
Three Year Variable Rate Term Loan | Interest Rate Swap | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net $ 5 $ 5  
v3.25.0.1
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets $ 33 $ 112
Derivative Contracts, Noncurrent Assets 51 29
Total Mark-to-Market Derivative Assets 84 141
Derivative Contracts, Current Liabilities (5) (86)
Derivative Contracts, Noncurrent Liabilities (4) (6)
Total Mark-to-Market Derivative (Liabilities) (9) (92)
Net Mark-to-Market Derivative Assets (Liabilities) 75 49
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 121 22
PSEG Power    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 33 106
Derivative Contracts, Noncurrent Assets 19 29
Total Mark-to-Market Derivative Assets 52 135
Derivative Contracts, Current Liabilities (5) (70)
Derivative Contracts, Noncurrent Liabilities (4) (5)
Total Mark-to-Market Derivative (Liabilities) (9) (75)
Net Mark-to-Market Derivative Assets (Liabilities) 43 60
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 48 8
Other Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net   (1)
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 73 15
Energy-Related Contracts | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 403 912
Derivative Contracts, Noncurrent Assets 375 440
Total Mark-to-Market Derivative Assets 778 1,352
Derivative Contracts, Current Liabilities (448) (890)
Derivative Contracts, Noncurrent Liabilities (408) (424)
Total Mark-to-Market Derivative (Liabilities) (856) (1,314)
Net Mark-to-Market Derivative Assets (Liabilities) (78) 38
Energy-Related Contracts | Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 404 419
Energy-Related Contracts | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (370) (806)
Energy-Related Contracts | Other Noncurrent Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (356) (411)
Energy-Related Contracts | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] (726) (1,217)
Energy-Related Contracts | Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 443 820
Energy-Related Contracts | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] 847 1,239
Interest Rate Swap | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 0 6
Derivative Contracts, Noncurrent Assets 32 0
Total Mark-to-Market Derivative Assets 32 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) $ 32 (11)
Interest Rate Swap | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [3]   $ 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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent 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 an exchange, 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.
[3] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 16. Financial Risk Management Activities for additional detail.
v3.25.0.1
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Collateral already posted, aggregate fair value $ 244 $ 113
Derivative, fair value, amount offset against collateral, net [1] 121 22
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net 73 15
Other Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net   (1)
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net $ 48 $ 8
[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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.
v3.25.0.1
Financial Risk Management Activities - Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized Gain (Loss) on Cash Flow Hedging Instruments $ 59 $ 13 $ 0
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion 13 5  
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion     (5)
Interest Rate Swap      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Unrealized Gain (Loss) on Cash Flow Hedging Instruments 59 13 0
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion $ 13 $ 5  
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion     $ (5)
v3.25.0.1
Financial Risk Management Activities - Schedule of Reconciliation for Derivative Activity Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
(Gain) Loss Reclassified into Income, pre-tax $ 5 $ 307 $ 49
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax 43 146 (230)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 3 225 30
Cash Flow Hedges [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Pre-Tax Balance at Beginning of Period 4 (4)  
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax 59 13  
(Gain) Loss Reclassified into Income, pre-tax (13) (5)  
Pre-Tax Balance at End of Period 50 4 (4)
After-Tax Balance at Beginning of Period 3 (3)  
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax 42 9 0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (9) (3) 3
After-Tax Balance at End of Period $ 36 $ 3 $ (3)
v3.25.0.1
Financial Risk Management Activities - Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrealized Gain (Loss) on Cash Flow Hedging Instruments $ 59 $ 13 $ 0
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion 13 5  
Energy-Related Contracts      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 29 1,567 (1,746)
Energy-Related Contracts | Operating Revenues      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 27 1,567 (1,748)
Energy-Related Contracts | Energy Costs      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 2 0 2
Interest Rate Swap      
Unrealized Gain (Loss) on Cash Flow Hedging Instruments 59 13 $ 0
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion $ 13 $ 5  
v3.25.0.1
Financial Risk Management Activities - Schedule of Net Notional Volume for Open Derivative Contracts (Details) - PSEG Power [Member]
 12 Months Ended
Dec. 31, 2024
$ / MWh
$ / $
$ / dth
Dec. 31, 2023
$ / dth
$ / MWh
$ / $
Natural Gas Dth [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / dth 70 66
Electricity Mwh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions (49) (60)
Ftrs Mwh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions 16 19
Interest Rate Swaps [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / $ 2,290 2,000
v3.25.0.1
Fair Value Measurements - PSEG's and PSE&G's Respective Assets and (Liabilities) Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets $ 84 $ 141
Total Mark-to-Market Derivative (Liabilities) (9) (92)
Collateral netted against assets and liabilities [1] (121) (22)
Quoted Market Prices of Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents, Fair Value Disclosure [2] 100 20
Quoted Market Prices of Identical Assets (Level 1) | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents, Fair Value Disclosure [2] 70 20
Significant Other Observable Inputs (Level 2)    
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) | Public Service Electric and Gas Company    
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)    
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) | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents, Fair Value Disclosure [2] 0 0
Total Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents, Fair Value Disclosure [2] 100 20
Total Estimate of Fair Value | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash Equivalents, Fair Value Disclosure [2] 70 20
Energy-Related Contracts | Quoted Market Prices of Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets [3] 2 13
Total Mark-to-Market Derivative (Liabilities) [3] (3) (1)
Energy-Related Contracts | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets [3] 776 1,339
Total Mark-to-Market Derivative (Liabilities) [3] (852) (1,311)
Energy-Related Contracts | Significant Unobservable Inputs (Level 3)    
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 | Total Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets [3] 52 135
Total Mark-to-Market Derivative (Liabilities) [3] (9) (75)
Interest Rate Swap | Quoted Market Prices of Identical Assets (Level 1)    
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)   0
Interest Rate Swap | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets [4] 32 6
Total Mark-to-Market Derivative (Liabilities)   (17)
Interest Rate Swap | Significant Unobservable Inputs (Level 3)    
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)   0
Interest Rate Swap | Total Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets [4] 32 6
Total Mark-to-Market Derivative (Liabilities)   (17)
Cash and Cash Equivalents    
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 | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [2],[5] 0 0
Assets | Energy-Related Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [1],[3],[5] 726 1,217
Other Liabilities | Energy-Related Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [1],[3],[5] (847) (1,239)
Other Liabilities | Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5]   0
Other Assets | Interest Rate Swap    
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] | Corporate Debt Obligations [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1)    
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)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 503 522
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3)    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 503 522
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],[6] 0 0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
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)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 397 398
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3)    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 397 398
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities | Quoted Market Prices of Identical Assets (Level 1)    
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 | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 366 293
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities | Significant Unobservable Inputs (Level 3)    
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 | Total Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 366 293
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],[6] 0 0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 1,380 1,310
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2)    
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)    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 1,380 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],[6] 0 0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1)    
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) | Public Service Electric and Gas Company    
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)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 65 70
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 12 12
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3)    
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) | Public Service Electric and Gas Company    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 65 70
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate of Fair Value | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 12 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],[6] 0 0
Rabbi Trust [Member] | Government Debt Securities [Member] | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Rabbi Trust [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
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) | Public Service Electric and Gas Company    
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)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 28 32
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) | Public Service Electric and Gas Company    
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)    
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) | Public Service Electric and Gas Company    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 28 32
Rabbi Trust [Member] | Government Debt Securities [Member] | Total Estimate of Fair Value | Public Service Electric and Gas Company    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Rabbi Trust [Member] | US Treasury Securities | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Rabbi Trust [Member] | US Treasury Securities | Quoted Market Prices of Identical Assets (Level 1)    
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 | Quoted Market Prices of Identical Assets (Level 1) | Public Service Electric and Gas Company    
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 | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 55 59
Rabbi Trust [Member] | US Treasury Securities | Significant Other Observable Inputs (Level 2) | Public Service Electric and Gas Company    
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 | Significant Unobservable Inputs (Level 3)    
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 | Significant Unobservable Inputs (Level 3) | Public Service Electric and Gas Company    
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 | Total Estimate of Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 55 59
Rabbi Trust [Member] | US Treasury Securities | Total Estimate of Fair Value | Public Service Electric and Gas Company    
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],[6] 0 0
Rabbi Trust [Member] | Equity Securities [Member] | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [5],[6] 0 0
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 17 18
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) | Public Service Electric and Gas Company    
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)    
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) | Public Service Electric and Gas Company    
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)    
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) | Public Service Electric and Gas Company    
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    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 17 18
Rabbi Trust [Member] | Equity Securities [Member] | Total Estimate of Fair Value | Public Service Electric and Gas Company    
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 Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent 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.
[3] Level 1—These contracts represent natural gas futures contracts executed on an exchange, 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.
[4] 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 judgment.
[5] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 16. Financial Risk Management Activities for additional detail.
[6] As of December 31, 2024, the fair value measurement table excludes cash and foreign currency of $24 million and $1 million, respectively, in the NDT Fund. As of December 31, 2023, the fair value measurement table excludes foreign currency of $1 million in the NDT Fund. 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.
v3.25.0.1
Fair Value Measurements - PSEG's and PSE&G's Respective Assets and (Liabilities) Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and foreign currency excluded from Fair Value $ 24 $ 1
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net assets measured at fair value on a recurring basis $ 3,000 $ 2,800
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) $ (2)
v3.25.0.1
Stock Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Number of shares authorized for issuance of equity awards 8,000,000    
Excess tax benefit $ 1 $ 22 $ 2
Compensation expense $ 40 18 29
Percentage of fair market value being expected purchase price of employee stock purchase plan for represented employees 95.00%    
Percentage of fair market value being expected purchase price of employee stock purchase plan for non-represented employees 90.00%    
Minimum holding period for stock purchased through employee stock purchase plan 3 months    
Maximum percentage limit of base pay for employees for purchasing shares 10.00%    
Employee Stock Ownership Plan (ESOP), Compensation expense $ 2 $ 2 $ 2
Shares issued under employee stock purchase plan 287,982 339,807 321,429
Shares issued under employee purchase plan, Average price per share $ 71.46 $ 55.84 $ 57.72
Various      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Common stock available for future awards 6,000,000    
Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Weighted average grant date fair value of granted shares $ 59.22 $ 61.44 $ 64.44
Total intrinsic value of restricted stock units vested $ 16 $ 54 $ 19
Unrecognized compensation cost expected to be recognized $ 12    
Weighted average period for recognizing unrecognized compensation cost 1 year 1 month 6 days    
Dividend equivalents accrued on stock units 30,260    
Restricted Stock Units (RSUs) | Minimum [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Options vesting period 3 years 3 years  
Performance Units      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 100.00%    
Weighted average grant date fair value of granted shares $ 65.44 $ 67.99 $ 68.9
Total intrinsic value of performance units vested $ 10 $ 95 $ 18
Unrecognized compensation cost expected to be recognized $ 25    
Weighted average period for recognizing unrecognized compensation cost 1 year 6 months    
Dividend equivalents accrued on stock units 35,102    
Performance Units | Maximum [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Options vesting period 3 years    
Award vesting rights, percentage 200.00%    
Performance Units | Minimum [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Award vesting rights, percentage 0.00%    
Outside Directors Stock Compensation      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Compensation expense $ 2 $ 2 $ 2
Employee Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Common stock available for future awards 1,000,000    
v3.25.0.1
Stock Based Compensation - Schedule of Share-based Payment Award, Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Risk-Free Interest Rate 4.35% 4.24% 1.76%
Volatility 20.32% 25.09% 27.34%
v3.25.0.1
Stock Based Compensation - Stock Compensation Expense and Tax Impacts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Compensation Cost included in O&M Expense $ 40 $ 18 $ 29
Income Tax Benefit Recognized in Consolidated Statements of Operations $ 11 $ 5 $ 8
v3.25.0.1
Stock Based Compensation - Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock Units (RSUs) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Shares, Non-vested Beginning Balance 263,181    
Shares, Granted 431,944    
Shares, Vested 232,259    
Shares, Canceled/Forfeited 14,076    
Shares, Non-vested Ending Balance 448,790 263,181  
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance $ 61.79    
Weighted Average Grant Date Fair Value, Granted 59.22 $ 61.44 $ 64.44
Weighted Average Grant Date Fair Value, Vested 58.61    
Weighted Average Grant Date Fair Value, Canceled/Forfeited 59.94    
Weighted Average Grant Date Fair Value, Non-vested Ending Balance $ 61.03 $ 61.79  
Weighted Average Remaining Years Contractual Term, Non-vested Ending Balance 10 months 24 days    
Aggregate Intrinsic Value, Non-vested Ending Balance $ 37,918,251    
v3.25.0.1
Stock Based Compensation - Share-based Payment Arrangement, Performance Shares, Outstanding Activity (Details) - Performance Units - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Shares, Non-vested Beginning Balance 482,416    
Shares, Granted 371,438    
Shares, Vested 359,232    
Shares, Canceled/Forfeited 20,769    
Shares, Non-vested Ending Balance 473,853 482,416  
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance $ 68.31    
Weighted Average Grant Date Fair Value, Granted 65.44 $ 67.99 $ 68.9
Weighted Average Grant Date Fair Value, Vested 67.65    
Weighted Average Grant Date Fair Value, Canceled/Forfeited 67.74    
Weighted Average Grant Date Fair Value, Non-vested Ending Balance $ 66.59 $ 68.31  
Weighted Average Remaining Years Contractual Term, Non-vested Ending Balance 1 year 7 months 6 days    
Aggregate Intrinsic Value, Non-vested Ending Balance $ 40,035,812    
v3.25.0.1
Net Other Income (Deductions) - Schedule of Net Other Income (Deductions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Component of Other Income (Deductions) [Line Items]      
Total Other Income and Deductions $ 153 $ 172 $ 124
Public Service Electric and Gas Company [Member]      
Component of Other Income (Deductions) [Line Items]      
NDT Fund Interest and Dividends 0 0 0
Allowance for Funds Used During Construction 41 60 65
Solar Loan Interest 5 7 10
Other Interest 9 12 9
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program     0
Other 9 1 4
Total Other Income and Deductions 64 80 88
PSEG Power & Other      
Component of Other Income (Deductions) [Line Items]      
NDT Fund Interest and Dividends [1] 81 68 62
Allowance for Funds Used During Construction [1] 0 0 0
Solar Loan Interest [1] 0 0 0
Other Interest [1] 18 34 12
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program [1]     (27)
Other [1] (10) (10) (11)
Total Other Income and Deductions [1] 89 92 36
PSEG Power      
Component of Other Income (Deductions) [Line Items]      
NDT Fund Interest and Dividends 81 68 62
Allowance for Funds Used During Construction 41 60 65
Solar Loan Interest 5 7 10
Other Interest 27 46 21
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program     (27)
Other (1) (9) (7)
Total Other Income and Deductions $ 153 $ 172 $ 124
[1] PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.0.1
Income Taxes - Schedule Of Effective Tax Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Net Income $ 1,772 $ 2,563 $ 1,031
Current Expense (Benefit):      
Federal (225) 144 262
State 15 19 (30)
Total Current (210) 163 232
Deferred Expense (Benefit):      
Federal 129 109 (335)
State 140 253 80
Total Deferred 269 362 (255)
ITC (6) (7) (6)
Total Income Tax Expense (Benefit) 53 518 (29)
Pre-Tax Income 1,825 3,081 1,002
Tax Computed at Statutory Rate 383 647 210
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:      
State Income Taxes (net of federal income tax) 122 215 41
Uncertain Tax Positions 95 (14) (22)
NDT Fund 21 26 (22)
Plant-Related Items 5 (7) (6)
Tax Credits (361) (10) (10)
Audit Settlement 0 (7) 0
Leasing Activities 0 (22) 0
GPRC-CEF-EE (52) (52) (37)
Tax Adjustment Credit (145) (232) (193)
Bad Debt Flow-Through (14) (9) (1)
Other (1) (17) 11
Subtotal (330) (129) (239)
Total Income Tax Expense (Benefit) $ 53 $ 518 $ (29)
Effective Income Tax Rate 2.90% 16.80% (2.90%)
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Net Income $ 1,547 $ 1,515 $ 1,565
Current Expense (Benefit):      
Federal (67) 127 130
State 0 4 0
Total Current (67) 131 130
Deferred Expense (Benefit):      
Federal 209 (113) (17)
State 162 149 159
Total Deferred 371 36 142
ITC (6) (7) (5)
Total Income Tax Expense (Benefit) 298 160 267
Pre-Tax Income 1,845 1,675 1,832
Tax Computed at Statutory Rate 387 352 385
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:      
State Income Taxes (net of federal income tax) 128 121 126
Uncertain Tax Positions 0 (9) 2
Plant-Related Items 5 (7) (6)
Tax Credits (9) (9) (9)
GPRC-CEF-EE (52) (52) (37)
Tax Adjustment Credit (145) (232) (193)
Bad Debt Flow-Through (14) (9) (1)
Other (2) 5 0
Subtotal (89) (192) (118)
Total Income Tax Expense (Benefit) $ 298 $ 160 $ 267
Effective Income Tax Rate 16.20% 9.60% 14.60%
v3.25.0.1
Income Taxes - Schedule Of Deferred Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Income Taxes Assets:    
Regulatory Liability Excess Deferred Tax $ 314 $ 339
OPEB 49 58
Bad Debt 43 57
Corporate Alternative Minimum Tax (CAMT) Credit Carryforward 0 44
Operating Leases 38 42
Other 147 129
Total Assets 591 669
Deferred Income Taxes Liabilities:    
Plant-Related Items 5,084 4,850
New Jersey Corporate Business Tax 1,414 1,284
Leasing Activities 33 35
AROs and NDT Fund 281 250
Taxes Recoverable Through Future Rate (net) 250 201
GPRC-CEF-EE 214 139
Pension Costs 193 189
Operating Leases 34 38
Other 278 291
Total Liabilities 7,781 7,277
Summary of Accumulated Deferred Income Taxes:    
Net Deferred Income Tax Liabilities 7,190 6,608
ITC 58 63
Net Total Deferred Income Taxes and ITC 7,248 6,671
Public Service Electric and Gas Company    
Deferred Income Taxes Assets:    
Regulatory Liability Excess Deferred Tax 314 339
OPEB 22 28
Bad Debt 43 57
Corporate Alternative Minimum Tax (CAMT) Credit Carryforward 0 106
Operating Leases 20 22
Other 54 60
Total Assets 453 612
Deferred Income Taxes Liabilities:    
Plant-Related Items 4,631 4,396
New Jersey Corporate Business Tax 1,303 1,160
Taxes Recoverable Through Future Rate (net) 250 201
GPRC-CEF-EE 214 139
Conservation Costs 103 88
Pension Costs 199 198
Operating Leases 20 21
Other 152 158
Total Liabilities 6,872 6,361
Summary of Accumulated Deferred Income Taxes:    
Net Deferred Income Tax Liabilities 6,419 5,749
ITC 58 64
Net Total Deferred Income Taxes and ITC $ 6,477 $ 5,813
v3.25.0.1
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized Tax Benefits, Beginning Balance $ 110 $ 130 $ 192
Increases as a Result of Positions Taken in a Prior Period 18 16 9
Decreases as a Result of Positions Taken in a Prior Period (4) (25) (40)
Increases as a Result of Positions Taken during the Current Period 90 0 1
Decreases as a Result of Positions Taken during the Current Period 0 0 0
Decreases as a Result of Settlements with Taxing Authorities (4) (10) (28)
Decreases due to Lapses of Applicable Statute of Limitations (1) (1) (4)
Unrecognized Tax Benefits, Ending Balance 209 110 130
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits (30) (29) (37)
Regulatory Asset-Unrecognized Tax Benefits (1) (2) (8)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) 178 79 85
Public Service Electric and Gas Company      
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized Tax Benefits, Beginning Balance 11 29 27
Increases as a Result of Positions Taken in a Prior Period 0 2 2
Decreases as a Result of Positions Taken in a Prior Period (3) (12) (2)
Increases as a Result of Positions Taken during the Current Period 1 0 1
Decreases as a Result of Positions Taken during the Current Period 0 0 0
Decreases as a Result of Settlements with Taxing Authorities 0 (7) 0
Decreases due to Lapses of Applicable Statute of Limitations (1) (1)  
Unrecognized Tax Benefit, Increase Resulting from     1
Unrecognized Tax Benefits, Ending Balance 8 11 29
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits (5) (7) (15)
Regulatory Asset-Unrecognized Tax Benefits (1) (2) (8)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) $ 2 $ 2 $ 6
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Effective income tax rate reconciliation, at federal statutory income tax rate, percent 21.00%    
Effective Income Tax Rate Reconciliation, Percent, Total 2.90% 16.80% (2.90%)
Regulatory Liabilities $ 2,271 $ 2,075  
NOL Carryforwards 26    
Tax Adjustment Credit (145) (232) $ (193)
Income tax benefit (53) (518) 29
Unrecognized tax benefit, which would affect the effective tax rate if recognized $ 178 $ 79 $ 85
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Effective Income Tax Rate Reconciliation, Percent, Total 16.20% 9.60% 14.60%
Regulatory Liabilities $ 2,271 $ 2,075  
NOL Carryforwards 108    
Tax Adjustment Credit (145) (232) $ (193)
Excess deferred income tax flowback 202    
Income tax benefit (298) (160) (267)
Unrecognized tax benefit, which would affect the effective tax rate if recognized 2 $ 2 $ 6
Public Service Electric and Gas Company [Member] | Nuclear PTCs      
Income Taxes [Line Items]      
Income tax benefit 350    
Unrecognized tax benefit, which would affect the effective tax rate if recognized 89    
Public Service Electric and Gas Company [Member] | Excess Deferred Income Taxes excluding amounts from previously realized repair deductions [Member]      
Income Taxes [Line Items]      
Regulatory Liabilities 1,800    
Reduction in Regulatory Liability 122    
Reduction in Deferred Tax Liabilities $ 1,300    
v3.25.0.1
IncomeTaxes - Schedule Of Interest And Penalties Related To Uncertain Tax Position (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Accumulated Interest and Penalties on Uncertain Tax Positions $ 27 $ 25 $ 38
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Accumulated Interest and Penalties on Uncertain Tax Positions $ 0 $ 1 $ 8
v3.25.0.1
Income Taxes - Schedule Of Possible Decrease in Total Unrecognized Tax Benefits (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Income Taxes [Line Items]  
Possible Decrease in Total Unrecognized Tax Benefits including interest in next twelve months $ 28
Public Service Electric and Gas Company  
Income Taxes [Line Items]  
Possible Decrease in Total Unrecognized Tax Benefits including interest in next twelve months $ 0
v3.25.0.1
Income Taxes - Schedule Of Description Of Income Tax Years Material Jurisdictions (Details)
 12 Months Ended
Dec. 31, 2024
PSEG [Member] | Federal  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2023
PSEG [Member] | New Jersey  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2011-2023
PSEG [Member] | Pennsylvania  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2017-2023
PSEG [Member] | Connecticut  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2022
PSEG [Member] | Maryland  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2022
PSEG [Member] | New York  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2017-2023
Public Service Electric and Gas Company [Member] | Federal  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions N/A
Public Service Electric and Gas Company [Member] | New Jersey  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2015-2023
Public Service Electric and Gas Company [Member] | Pennsylvania  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2023
Public Service Electric and Gas Company [Member] | Connecticut  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions N/A
Public Service Electric and Gas Company [Member] | Maryland  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions N/A
Public Service Electric and Gas Company [Member] | New York  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions N/A
v3.25.0.1
Accumulated Other Comprehensive Income (Loss), Net of Tax - Schedule of Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance $ (179) $ (550) $ (350)
Other Comprehensive Income (Loss) before Reclassifications 43 146 (230)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 3 225 30
Net Current Period Other Comprehensive Income (Loss) 46 371 (200)
Accumulated Other Comprehensive Income (Loss), Ending Balance (133) (179) (550)
Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance 3 (3) (6)
Other Comprehensive Income (Loss) before Reclassifications 42 9 0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (9) (3) 3
Net Current Period Other Comprehensive Income (Loss) 33 6 3
Accumulated Other Comprehensive Income (Loss), Ending Balance 36 3 (3)
Pension and OPEB Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance (102) (426) (355)
Other Comprehensive Income (Loss) before Reclassifications 19 76 (72)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 7 248 1
Net Current Period Other Comprehensive Income (Loss) 26 324 (71)
Accumulated Other Comprehensive Income (Loss), Ending Balance (76) (102) (426)
Available-for-Sale Securities [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Beginning Balance (80) (121) 11
Other Comprehensive Income (Loss) before Reclassifications (18) 61 (158)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 5 (20) 26
Net Current Period Other Comprehensive Income (Loss) (13) 41 (132)
Accumulated Other Comprehensive Income (Loss), Ending Balance $ (93) $ (80) $ (121)
v3.25.0.1
Accumulated Other Comprehensive Income (Loss), Net of Tax - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Pension Lift Out Settlement Charge $ (6) $ (332)      
Pension Lift Out Settlement Charge, net of tax $ (4) $ (239)   $ (239)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax     $ (5) (307) $ (49)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax     2 82 19
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (3) (225) (30)
Cash Flow Hedges [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Cash Flow Hedge, Pre-tax     13 5 (5)
Cash Flow Hedge, Tax     (4) (2) 2
Cash Flow Hedge, After Tax     9 3 (3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax     13 5  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     9 3 (3)
Pension and OPEB Plans [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax     (10) (346) (1)
Reclassification Adjustment from AOCI, Pension and OPEB, Tax     3 98 0
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax     (7) (248) (1)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (7) (248) (1)
Available-for-Sale Securities [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Reclassification for Available for Sale Securities, Pre-Tax     (8) 34 (43)
Reclassification for Available for Sale Securities, Tax     3 (14) 17
Reclassification for Available for Sale Securities, After-Tax     (5) 20 (26)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (5) 20 (26)
Interest Expense [Member] | Cash Flow Hedges [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Cash Flow Hedge, Pre-tax     13 5 (5)
Cash Flow Hedge, Tax     (4) (2) 2
Cash Flow Hedge, After Tax     9 3 (3)
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     0 8 21
Amortization of Prior Service (Cost) Credit, Tax     0 (2) (6)
Amortization of Prior Service (Cost) Credit, After-Tax     0 6 15
Amortization of Actuarial Loss, Pre-Tax       (20) (22)
Amortization of Actuarial Loss, Tax       6 6
Amortization of Actuarial Loss, After-Tax       (14) (16)
Pension Lift Out Settlement Charge       (334)  
Pension Settlement Charge, tax       94  
Pension Lift Out Settlement Charge, net of tax       (240)  
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax     (10)    
Reclassification Adjustment from AOCI, Pension and OPEB, Tax     3    
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax     (7)    
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     (8) 34 (43)
Reclassification for Available for Sale Securities, Tax     3 (14) 17
Reclassification for Available for Sale Securities, After-Tax     $ (5) $ 20 $ (26)
v3.25.0.1
Earnings Per Share (EPS) and Dividends - Schedule of Basic and Diluted Earnings Per Share Computation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net Income (Loss) $ 1,772 $ 2,563 $ 1,031
Weighted Average Common Shares Outstanding, Basic (shares) 498 498 498
Effect of Stock Based Compensation Awards, Basic (shares) 0 0 0
Total Shares, Basic (shares) 498 498 498
Net Income, Basic (dollars per share) $ 3.56 $ 5.15 $ 2.07
Weighted Average Common Shares Outstanding, Diluted (shares) 498 498 498
Effect of Stock Based Compensation Awards, Diluted (shares) 2 2 3
Total Shares, Diluted (shares) 500 500 501
Net Income, Diluted (dollars per share) $ 3.54 $ 5.13 $ 2.06
v3.25.0.1
Earnings Per Share (EPS) and Dividends - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Feb. 11, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Payments for Repurchase of common stock   $ 0 $ 0 $ 500
Treasury stock, shares, acquired       7.4
Subsequent Event [Member]        
Common Stock, Dividends, Per Share, Declared $ 0.63      
v3.25.0.1
Earnings Per Share (EPS) and Dividends - Schedule of Dividend Payments on Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Common Stock, Cash Dividends, Per Share $ 2.40 $ 2.28 $ 2.16
Dividend Payments on Common Stock $ 1,196 $ 1,137 $ 1,079
v3.25.0.1
Financial Information By Business Segments - Financial Information By Business Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating Revenues $ 10,290 $ 11,237 $ 9,800
Energy Costs 3,393 3,260 4,018
Controllable Operation and Maintenance (C) [1] 2,088 1,906 1,931
Depreciation and Amortization 1,182 1,135 1,100
Operating Income (Loss) 2,353 3,685 1,381
Income from Equity Method Investments 1 1 14
Interest Income 32 53 31
Interest Expense 882 748 628
Income (Loss) before Income Taxes 1,825 3,081 1,002
Income Tax Expense (Benefit) 53 518 (29)
Other Segment Items (D) [2] 953 1,161 1,166
Net Income (Loss) 1,772 2,563 1,031
Gross Additions to Long-Lived Assets 3,380 3,325 2,888
Total Assets 54,640 50,741 48,718
Investments in Equity Method Subsidiaries 21 17 306
Operating Segments [Member] | Public Service Electric and Gas Company [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues 8,449 7,807 7,935
Energy Costs 3,189 3,010 3,270
Controllable Operation and Maintenance (C) [1] 1,317 1,193 1,219
Depreciation and Amortization 1,025 980 935
Income from Equity Method Investments 0 0 0
Interest Income 14 19 19
Interest Expense 582 493 427
Income Tax Expense (Benefit) 298 160 267
Other Segment Items (D) [2] 505 475 271
Net Income (Loss) 1,547 1,515 1,565
Gross Additions to Long-Lived Assets 2,921 2,998 2,590
Total Assets 46,364 42,873 39,960
Investments in Equity Method Subsidiaries 0 0 0
Operating Segments [Member] | PSEG Power & Other [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [3],[4] 2,807 4,533 3,266
Energy Costs [4] 1,170 1,353 2,149
Controllable Operation and Maintenance (C) [1],[4] 771 713 712
Depreciation and Amortization [4] 157 155 165
Income from Equity Method Investments [4] 1 1 14
Interest Income [4] 23 38 13
Interest Expense [4] 305 259 202
Income Tax Expense (Benefit) [4] (245) 358 (296)
Other Segment Items (D) [2],[4] 448 686 895
Net Income (Loss) [4] 225 1,048 (534)
Gross Additions to Long-Lived Assets [4] 459 327 298
Total Assets [4] 8,673 8,407 9,285
Investments in Equity Method Subsidiaries [4] 21 17 306
Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [5] (966) (1,103) (1,401)
Energy Costs [5] (966) (1,103) (1,401)
Controllable Operation and Maintenance (C) [1],[5] 0 0 0
Depreciation and Amortization [5] 0 0 0
Income from Equity Method Investments [5] 0 0 0
Interest Income [5] (5) (4) (1)
Interest Expense [5] (5) (4) (1)
Income Tax Expense (Benefit) [5] 0 0 0
Other Segment Items (D) [2],[5] 0 0 0
Net Income (Loss) [5] 0 0 0
Gross Additions to Long-Lived Assets [5] 0 0 0
Total Assets [5] (397) (539) (527)
Investments in Equity Method Subsidiaries [5] $ 0 $ 0 $ 0
[1] Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM.
[2] Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.
[3] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.
[4] PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
[5] Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 24. Related-Party Transactions.
v3.25.0.1
Financial Information By Business Segments - Financial Information By Business Segments (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Pension lift out settlement charge, net of tax $ 4 $ 239   $ 239  
PSEG Power & Other [Member]          
Segment Reporting Information [Line Items]          
Gain (loss) on sale, net of tax         $ 92
Operating Segments [Member] | PSEG Power & Other [Member]          
Segment Reporting Information [Line Items]          
Non trading commodity mark to market gains (losses), net of tax     $ (151) $ 959 $ (457)
v3.25.0.1
Related-Party Transactions - Schedule of Related Party Transactions, Revenue (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Net Billings from Power primarily through BGS and BGSS [1] $ 959 $ 1,065 $ 1,388
Administrative Billings from Services [2] 516 443 445
Total Billings from Affiliates $ 1,475 $ 1,508 $ 1,833
[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.
v3.25.0.1
Related-Party Transactions - Schedule of Related Party Transactions, Payables (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Accounts Payable $ 1,136 $ 1,214
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] 209 264
Public Service Electric and Gas Company [Member] | PSEG Parent    
Related Party Transaction [Line Items]    
Accounts Payable [3] 37 119
Public Service Electric and Gas Company [Member] | PSEG Services    
Related Party Transaction [Line Items]    
Accounts Payable [4] 116 121
Public Service Electric and Gas Company [Member] | Related Party    
Related Party Transaction [Line Items]    
Accounts Payable 362 504
Long Term Accrued Taxes Receivable $ (2)  
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 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 pays net wages and payroll taxes and receives reimbursement from its affiliated companies for their respective portions. PSEG and its subsidiaries file a consolidated federal income tax return and PSEG and PSE&G file state income tax returns, some of which are combined or unitary. Income taxes are allocated to PSEG’s subsidiaries in accordance with a tax allocation agreement whereby each PSEG subsidiary’s current and deferred tax expense is computed on a stand-alone basis. Each subsidiary is allocated an amount of tax similar to that which would be paid if it filed a separate income tax return, except for certain tax attributes and state apportionment results. 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.
[4] 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.
v3.25.0.1
Valuation and Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Credit Losses [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 283 $ 339 $ 337
Additions, Charged to cost and expenses [1] 103 100 114
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe [2] 171 156 112
Balance at End of Period 215 283 339
Allowance for Credit Losses [Member] | Public Service Electric and Gas Company      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 283 339 337
Additions, Charged to cost and expenses [3] 103 100 114
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe [4] 171 156 112
Balance at End of Period 215 283 339
Materials And Supplies Valuation Reserve [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 14 10 12
Additions, Charged to cost and expenses 1 4 1
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe 2 0 3 [5]
Balance at End of Period 13 14 10
Materials And Supplies Valuation Reserve [Member] | Public Service Electric and Gas Company      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 7 4 3
Additions, Charged to cost and expenses 1 3 1
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe 2 0 0
Balance at End of Period $ 6 $ 7 $ 4
[1] For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
[2] Accounts Receivable written off.
[3] For a discussion of bad debt recoveries, see Item 8. Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies.
[4] Accounts Receivable written off.
(C)
Reserve reduced to appropriate level and to remove obsolete inventory.
[5] Reserve reduced to appropriate level as a result of asset dispositions and to remove obsolete inventory.