PUBLIC SERVICE ENTERPRISE GROUP INC, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 41,911,658,020
Entity Common Stock, Shares Outstanding   498,739,910  
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 2026 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 12, 2026, as specified herein.
   
Amendment Flag false    
Document Fiscal Year Focus 2025    
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, 2025 and 2024, the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, 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, 2025, 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 26, 2026, 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, 2025    
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 2025    
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    
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUES $ 12,168 $ 10,290 $ 11,237
OPERATING EXPENSES      
Energy Costs 4,159 3,393 3,260
Operation and Maintenance 3,772 3,362 3,157
Depreciation and Amortization 1,257 1,182 1,135
Total Operating Expenses 9,188 7,937 7,552
OPERATING INCOME 2,980 2,353 3,685
Net Gains (Losses) on Trust Investments 189 127 189
Net Other Income (Deductions) 145 154 173
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) (Costs) Credits 65 73 (218)
Interest Expense (1,005) (882) (748)
INCOME BEFORE INCOME TAXES 2,374 1,825 3,081
Income Tax Expense (263) (53) (518)
NET INCOME $ 2,111 $ 1,772 $ 2,563
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:      
BASIC (shares) 499 498 498
DILUTED (shares) 501 500 500
NET INCOME PER SHARE:      
BASIC $ 4.23 $ 3.56 $ 5.15
DILUTED $ 4.22 $ 3.54 $ 5.13
Public Service Electric and Gas Company [Member]      
OPERATING REVENUES $ 9,558 $ 8,449 $ 7,807
OPERATING EXPENSES      
Energy Costs 3,782 3,189 3,010
Operation and Maintenance 2,253 1,949 1,843
Depreciation and Amortization 1,116 1,025 980
Total Operating Expenses 7,151 6,163 5,833
OPERATING INCOME 2,407 2,286 1,974
Net Other Income (Deductions) 64 64 80
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) (Costs) Credits 70 77 114
Interest Expense (644) (582) (493)
INCOME BEFORE INCOME TAXES 1,897 1,845 1,675
Income Tax Expense (152) (298) (160)
NET INCOME $ 1,745 $ 1,547 $ 1,515
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
NET INCOME $ 2,111 $ 1,772 $ 2,563
Other Comprehensive Income (Loss), net of tax      
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit 34 (13) 41
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit (12) 33 6
Pension/OPEB adjustment, net of tax (expense) benefit 20 26 324
Other Comprehensive Income (Loss), net of tax 42 46 371
COMPREHENSIVE INCOME 2,153 1,818 2,934
Public Service Electric and Gas Company [Member]      
NET INCOME 1,745 1,547 1,515
Other Comprehensive Income (Loss), net of tax      
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit 1 0 1
Other Comprehensive Income (Loss), net of tax 1   1
COMPREHENSIVE INCOME $ 1,746 $ 1,547 $ 1,516
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ (22) $ 9 $ (27)
Unrealized Gains (Losses) on Cash Flow Hedges, Tax 4 (13) (2)
Pension/OPEB adjustment, tax (8) (10) (127)
Public Service Electric and Gas Company [Member]      
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ 0 $ 0 $ 0
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and Cash Equivalents $ 132 $ 125
Accounts Receivable, net of allowance 1,888 1,597
Tax Receivable 406 394
Unbilled Revenues, net of allowance 381 313
Fuel 282 232
Materials and Supplies, net 873 892
Prepayments 75 117
Derivative Contracts 11 33
Regulatory Assets 537 516
Other 11 16
Total Current Assets 4,596 4,235
PROPERTY, PLANT AND EQUIPMENT 53,920 51,207
Less: Accumulated Depreciation and Amortization (11,856) (11,143)
Net Property, Plant and Equipment 42,064 40,064
NONCURRENT ASSETS    
Regulatory Assets 6,431 6,125
Operating Lease Right-of-Use Assets 138 162
Long-Term Investments 372 263
Nuclear Decommissioning Trust (NDT) Fund 2,915 2,670
Long-Term Receivable of Variable Interest Entity 520 558
Rabbi Trust Fund 162 165
Derivative Contracts 6 51
Other 372 347
Total Noncurrent Assets 10,916 10,341
TOTAL ASSETS 57,576 54,640
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 875 2,150
Commercial Paper and Loans 1,529 1,593
Accounts Payable 1,489 1,136
Derivative Contracts 65 5
Accrued Interest 265 219
Accrued Taxes 95 10
New Jersey Clean Energy Program 145 145
Obligation to Return Cash Collateral 106 93
Regulatory Liabilities 484 555
Other 687 599
Total Current Liabilities 5,740 6,505
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 7,930 7,248
Regulatory Liabilities 2,048 2,271
Operating Leases 128 153
Asset Retirement Obligations 1,381 1,500
Environmental Costs 225 225
Derivative Contracts 21 4
Long-Term Accrued Taxes 141 130
Other 262 205
Total Noncurrent Liabilities 13,184 13,057
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 21,670 18,964
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 5,062 5,057
Treasury Stock, at cost (1,435) (1,403)
Retained Earnings 13,446 12,593
Accumulated Other Comprehensive Loss (91) (133)
Total Stockholders' Equity 16,982 16,114
Total Capitalization 38,652 35,078
TOTAL LIABILITIES AND CAPITALIZATION 57,576 54,640
Consolidated Entity Excluding Variable Interest Entities (VIE)    
NONCURRENT LIABILITIES    
OPEB Costs 242 292
Accrued Pension Costs 305 488
Variable Interest Entity, Primary Beneficiary    
NONCURRENT LIABILITIES    
OPEB Costs 501 510
Accrued Pension Costs 0 31
Public Service Electric and Gas Company    
CURRENT ASSETS    
Cash and Cash Equivalents 97 79
Unbilled Revenues, net of allowance 381 313
Materials and Supplies, net 613 642
Prepayments 17 28
Regulatory Assets 537 516
Other 11 15
Total Current Assets 3,087 2,782
PROPERTY, PLANT AND EQUIPMENT 48,752 46,198
Less: Accumulated Depreciation and Amortization (9,767) (9,160)
Net Property, Plant and Equipment 38,985 37,038
NONCURRENT ASSETS    
Regulatory Assets 6,431 6,125
Operating Lease Right-of-Use Assets 84 93
Long-Term Investments 199 90
Rabbi Trust Fund 29 30
Long-Term Accrued Taxes 0 2
Other 209 204
Total Noncurrent Assets 6,952 6,544
TOTAL ASSETS 49,024 46,364
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 875 350
Commercial Paper and Loans 325 444
Accrued Interest 197 174
New Jersey Clean Energy Program 145 145
Obligation to Return Cash Collateral 106 93
Regulatory Liabilities 484 555
Other 324 371
Total Current Liabilities 3,794 3,198
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 7,074 6,477
Regulatory Liabilities 2,048 2,271
Operating Leases 73 83
Asset Retirement Obligations 457 457
OPEB Costs 126 164
Accrued Pension Costs 164 305
Environmental Costs 160 159
Long-Term Accrued Taxes 7 0
Other 188 157
Total Noncurrent Liabilities 10,297 10,073
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 15,117 14,648
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 892 892
Contributed Capital 2,156 2,156
Retained Earnings 16,771 15,401
Accumulated Other Comprehensive Loss (3) (4)
Total Stockholders' Equity 19,816 18,445
Total Capitalization 34,933 33,093
TOTAL LIABILITIES AND CAPITALIZATION 49,024 46,364
Public Service Electric and Gas Company | Nonrelated Party    
CURRENT ASSETS    
Accounts Receivable, net of allowance 1,431 1,189
CURRENT LIABILITIES    
Accounts Payable 866 704
Public Service Electric and Gas Company | Related Party    
CURRENT LIABILITIES    
Accounts Payable $ 472 $ 362
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts Receivable, allowances $ 248 $ 210
Unbilled Revenues, allowance $ 6 $ 5
Common Stock, No Par Value
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 $ 248 $ 210
Unbilled Revenues, allowance $ 6 $ 5
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 2025 or 2024.
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
NET INCOME $ 2,111 $ 1,772 $ 2,563
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:      
Depreciation and Amortization 1,257 1,182 1,135
Amortization of Nuclear Fuel 202 191 189
Provision for Deferred Income Taxes and ITC 100 263 355
Non-Cash Employee Benefit Plan (Credits) Costs 76 75 366
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives 52 210 (1,333)
Cost of Removal (156) (170) (166)
Energy Efficiency Programs Regulatory Investment Expenditures (552) (544) (466)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures 169 125 82
Net Change in Other Regulatory Assets and Liabilities 116 (273) 2
Net (Gains) Losses and (Income) Expense from NDT Fund (267) (194) (248)
Net Change in Certain Current Assets and Liabilities:      
Tax Receivable (12) (384) 75
Cash Collateral 22 (131) 1,408
Obligation to Return Cash Collateral 13 4 (201)
Accrued Taxes 85 2 (10)
Other Current Assets and Liabilities 85 (95) 35
Employee Benefit Plan Funding and Related Payments (100) (53) (40)
Other 97 153 60
Net Cash Provided By (Used In) Operating Activities 3,298 2,133 3,806
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to Property, Plant and Equipment (3,272) (3,380) (3,325)
Proceeds from Sales of Trust Investments 1,378 1,537 1,714
Purchases of Trust Investments (1,371) (1,563) (1,751)
Proceeds from Sales of Long-Lived Assets and Lease Investments 0 0 37
Proceeds from Sales of Equity Method Investments 0 0 291
Other (43) 100 76
Net Cash Provided By (Used In) Investing Activities (3,308) (3,306) (2,958)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Change in Commercial Paper and Loans (164) 744 250
Proceeds from Short-Term Loans 100 400 750
Repayment of Short-Term Loans 0 (500) (2,250)
Issuance of Long-Term Debt 3,600 3,350 2,800
Redemption of Long-Term Debt (2,150) (1,500) (1,575)
Cash Dividends Paid (1,258) (1,196) (1,137)
Other (116) (70) (98)
Net Cash Provided By (Used In) Financing Activities 12 1,228 (1,260)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 2 55 (412)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 154 99 511
Cash, Cash Equivalents and Restricted Cash at End of Period 156 154 99
Supplemental Disclosure of Cash Flow Information:      
Income Taxes Paid (Received) 0 68 144
Interest Paid, Net of Amounts Capitalized 932 799 683
Accrued Property, Plant and Equipment Expenditures 416 326 443
Public Service Electric and Gas Company [Member]      
CASH FLOWS FROM OPERATING ACTIVITIES      
NET INCOME 1,745 1,547 1,515
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:      
Depreciation and Amortization 1,116 1,025 980
Provision for Deferred Income Taxes and ITC 36 365 29
Non-Cash Employee Benefit Plan (Credits) Costs 43 41 8
Cost of Removal (156) (170) (166)
Energy Efficiency Programs Regulatory Investment Expenditures (552) (544) (466)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures 169 125 82
Net Change in Other Regulatory Assets and Liabilities 116 (273) 2
Net Change in Certain Current Assets and Liabilities:      
Accounts Receivable and Unbilled Revenues (303) (188) 72
Fuel, Materials and Supplies 29 (123) (211)
Prepayments 11 29 (50)
Accounts Payable 82 34 13
Accounts Receivable/Payable-Affiliated Companies, net 68 (47) (3)
Obligation to Return Cash Collateral 13 4 (201)
Other Current Assets and Liabilities 7 (29) 23
Employee Benefit Plan Funding and Related Payments (66) (32) (20)
Other 10 (39) (67)
Net Cash Provided By (Used In) Operating Activities 2,368 1,725 1,540
CASH FLOWS FROM INVESTING ACTIVITIES      
Additions to Property, Plant and Equipment (2,731) (2,921) (2,998)
Proceeds from Sales of Trust Investments 5 6 4
Purchases of Trust Investments (3) (4) (3)
Other (116) 33 33
Net Cash Provided By (Used In) Investing Activities (2,845) (2,886) (2,964)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net Change in Commercial Paper and Loans (119) 19 425
Issuance of Long-Term Debt 1,350 2,100 1,800
Redemption of Long-Term Debt (350) (750) (825)
Cash Dividends Paid (375) (150) (150)
Other (16) (25) (17)
Net Cash Provided By (Used In) Financing Activities 490 1,194 1,233
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 13 33 (191)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 108 75 266
Cash, Cash Equivalents and Restricted Cash at End of Period 121 108 75
Supplemental Disclosure of Cash Flow Information:      
Income Taxes Paid (Received) 8 68 77
Interest Paid, Net of Amounts Capitalized 606 523 449
Accrued Property, Plant and Equipment Expenditures $ 365 $ 286 $ 395
v3.25.4
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, 2022 $ 13,729 $ 5,065 $ 10,591 $ (550) $ (1,377) $ 15,682 $ 892 $ 12,639 $ (5) $ 2,156
Beginning Balance, Shares at Dec. 31, 2022   534                
Treasury Stock, Beginning Balance at Dec. 31, 2022         (37)          
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)    
Other (49) $ (47)     $ (2)          
Other, Shares         1          
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                
Treasury Stock, Ending Balance at Dec. 31, 2023         (36)          
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)    
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                
Treasury Stock, Ending Balance at Dec. 31, 2024 36       (36)          
Net Income (Loss) $ 2,111   2,111     1,745   1,745    
Other Comprehensive Income (Loss), net of tax (expense) benefit 42     42   1     1  
Comprehensive Income 2,153         1,746        
Cash Dividends on Common Stock (1,258)   (1,258)     (375)   (375)    
Other (27) $ 5     $ (32)          
Ending Balance at Dec. 31, 2025 $ 16,982 $ 5,062 $ 13,446 $ (91) $ (1,435) $ 19,816 $ 892 $ 16,771 $ (3) $ 2,156
Ending Balance, Shares at Dec. 31, 2025   534                
Treasury Stock, Ending Balance at Dec. 31, 2025 36       (36)          
v3.25.4
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Comprehensive Income (Loss), Tax $ (26) $ (14) $ (156)
Common Stock, Cash Dividends, Per Share $ 2.52 $ 2.40 $ 2.28
Public Service Electric and Gas Company [Member]      
Other Comprehensive Income (Loss), Tax $ 0 $ 0 $ 0
v3.25.4
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2025
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 maintain a comprehensive cybersecurity program designed to protect and preserve the confidentiality, integrity, and availability of our technology systems and business operations. For a discussion of cybersecurity risks, see Item 1A. Risk Factors.

Risk Management and Strategy

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

•
Ongoing Assessment—Cybersecurity, led by the VP, Chief Information Security Officer (CISO), reporting to the SVP, Chief Information and Digital Officer (CIDO), is staffed with cyber professionals who assess material risks from cybersecurity threats. In addition, the Cybersecurity Council, comprised of senior management, is kept apprised of PSEG’s cybersecurity program, including any emerging risks, and provides guidance on the strategic direction 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, 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, Transportation Security Administration (TSA), and 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, including a risk-based vendor management program, which incorporates 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, including internal and external firewalls, network intrusion detection and prevention tools, penetration testing, vulnerability assessments, threat intelligence, endpoint security, and access controls.
•
Training and Awareness—We provide mandatory annual cybersecurity training to all personnel with network access, and additional education to personnel with access to industrial control systems and/or customer information systems. We conduct phishing exercises with progressive consequences for failures. We also share periodic cybersecurity awareness messages and each year, in recognition of Cybersecurity Awareness Month, we host presentations from internal and external cyber experts on diverse cyber topics. These efforts better enable those with network access to identify potential cybersecurity risks and escalate them appropriately.
•
Incident Response Plans—We maintain and periodically update a cyber incident response plan that covers technical (i.e., detection, response, and recovery) and collaborative (i.e. external communication/disclosure and legal compliance) aspects of cyber incident and breach response; and conduct tabletop exercises to test plan effectiveness (both internally and through external exercises).
•
Mobile Security—We maintain controls to prevent loss of data through mobile devices.
•
Artificial Intelligence Security—We maintain AI governance, including policies and a council, incorporating AI into our Nth Party Risk Assessment process, and implementing technical controls that enable people to use AI to complete tasks more efficiently and our cyber team to better combat more sophisticated threats that make use of AI.
•
Physical Security—We 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 (e.g. 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.
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 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 risks are 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 Incident Response Plan, as administered by the CISO.
•
IOC—At the PSEG Board level, the IOC holds the primary responsibility, as enumerated in its charter, for overseeing PSEG’s cybersecurity program and assessing overall compliance through active, independent and critical oversight. The IOC is informed of 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 is responsible for overseeing cybersecurity risks related to financial reporting and internal controls. The Audit Committee receives an annual cybersecurity update from the CISO, either with the full Board or the IOC in attendance. Audit Committee members have an 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, for overseeing PSEG’s cybersecurity program and assessing overall compliance through active, independent and critical oversight.Audit Committee—The Audit Committee is responsible for 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 regularly attends and provides updates with the CISO to the IOC.

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, 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 24 years of experience in cybersecurity and served as a VP, CISO in the manufacturing/chemicals sector prior to joining PSEG. Our CISO 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. In addition to the CISO, the Cybersecurity Council members include the: (i) SVP, CIDO; (ii) EVP, General Counsel; (iii) EVP, CFO; (iv) President and COO of PSE&G; (v) President of PSEG Nuclear and Chief Nuclear Officer; (vi) SVP, Corporate Citizenship; (vii) SVP, Chief Administrative Officer and Chief Human Resources Officer; (viii) VP, Corporate Security and Properties; (ix) SVP, AERC; (x) President and COO of PSEG LI; (xi) SVP, Chief Commercial Officer and Strategic Partnerships; and (xii) Vice President, Controller. PSEG’s cybersecurity counsel is also a regular attendee at Cybersecurity Council meetings. 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 Incident Response Plan.

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 24 years of experience in cybersecurity and served as a VP, CISO in the manufacturing/chemicals sector prior to joining PSEG. Our CISO 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, 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 Incident Response Plan
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 2,111 $ 1,772 $ 2,563
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended December 31, 2025, certain of our officers and directors adopted, terminated or modified trading plans for the sale of PSEG common stock which are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as shown in the following table:

Name and Title

Action

Date

Aggregate Number of Shares to be Sold or Purchased

Expiration (A)

Ralph A. LaRossa

Adoption

November 12, 2025

Sell 37,500 shares

August 31, 2027

Chair of the Board, President and Chief Executive Officer

(A) Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan.
Name Ralph A. LaRossa
Title Chair of the Board, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Non-Rule 10b5-1 Arrangement Adopted true
Adoption Date November 12, 2025
Expiration Date August 31, 2027 [1]
Arrangement Duration 657 days
Aggregate Available 37,500
[1] Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan.
v3.25.4
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
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 regulated 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 3. 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 5. 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, 2025 and 2024. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

97

 

 

$

35

 

 

$

132

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

121

 

 

$

35

 

 

$

156

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G.

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. 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.

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. Certain other contracts may be designated as normal purchases and normal sales (NPNS) and qualify for a scope exception under derivative accounting guidance. Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, and changes in fair value are recorded in earnings unless they are designated as cash flow hedges. For cash flow hedges, the gain or loss is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged

transaction. 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.

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 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 15. 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 15. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 3. 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

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Electric Transmission

 

 

2.12

%

 

 

2.09

%

 

 

2.09

%

 

 

Electric Distribution

 

 

2.54

%

 

 

2.51

%

 

 

2.54

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 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, 2025, 2024 and 2023 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.64

%

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

 

Other

 

$

10

 

 

 

5.31

%

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

PSEG records any benefit from 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 19. 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. There were no impairments recorded for the year ended December 31, 2025.

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.

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. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism. See Note 2. Revenues and Note 5. 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 6. 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 7. Long-Term Investments and Note 8. 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 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. When applicable, other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 9. 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 trust and for OPEB payments made to retirees.

See Note 11. 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 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 adopted this standard on December 31, 2025 without a material impact on their financial statements.

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 [Line Items]  
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 regulated 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 3. 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 5. 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, 2025 and 2024. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

97

 

 

$

35

 

 

$

132

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

121

 

 

$

35

 

 

$

156

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G.

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. 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.

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. Certain other contracts may be designated as normal purchases and normal sales (NPNS) and qualify for a scope exception under derivative accounting guidance. Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, and changes in fair value are recorded in earnings unless they are designated as cash flow hedges. For cash flow hedges, the gain or loss is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged

transaction. 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.

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 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 15. 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 15. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 3. 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

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Electric Transmission

 

 

2.12

%

 

 

2.09

%

 

 

2.09

%

 

 

Electric Distribution

 

 

2.54

%

 

 

2.51

%

 

 

2.54

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 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, 2025, 2024 and 2023 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.64

%

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

 

Other

 

$

10

 

 

 

5.31

%

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

PSEG records any benefit from 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 19. 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. There were no impairments recorded for the year ended December 31, 2025.

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.

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. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism. See Note 2. Revenues and Note 5. 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 6. 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 7. Long-Term Investments and Note 8. 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 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. When applicable, other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 9. 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 trust and for OPEB payments made to retirees.

See Note 11. 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 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 adopted this standard on December 31, 2025 without a material impact on their financial statements.

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.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Disaggregation of Revenue [Line Items]  
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, which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM 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. 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.

In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. These nuclear plants received ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognized revenue when the units generated electricity, which was when the performance obligation was satisfied. These revenues have been considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue has been adjusted by the estimated production tax credits (PTCs) generated from these nuclear plants. 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 19. 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. In September 2025, the LIPA board of trustees approved a five-year extension of the contract. See Amended OSA below for further information.

Other Revenues from Contracts with Customers

PSEG Power has contracted to provide energy management and fuel procurement services for LIPA. Revenue is recognized over time as services are rendered. This agreement expired 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 15. 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, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

4,858

 

 

$

—

 

 

$

—

 

 

$

4,858

 

 

 

Gas Distribution

 

 

2,461

 

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

Transmission

 

 

1,779

 

 

 

—

 

 

 

—

 

 

 

1,779

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

1,540

 

 

 

—

 

 

 

1,540

 

 

 

Sales to Affiliates

 

 

—

 

 

 

47

 

 

 

(47

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

353

 

 

 

—

 

 

 

353

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,060

 

 

 

(1,060

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

385

 

 

 

752

 

 

 

(5

)

 

 

1,132

 

 

 

Total Revenues from Contracts with Customers

 

 

9,483

 

 

 

3,752

 

 

 

(1,112

)

 

 

12,123

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

75

 

 

 

(30

)

 

 

—

 

 

 

45

 

 

 

Total Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

824

 

 

 

—

 

 

 

824

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

905

 

 

 

—

 

 

 

905

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in the future periods, 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, 2025 and 2024. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. The allowance for credit losses represented approximately 12% and 13% of accounts receivable (including unbilled revenues) as of December 31, 2025 and 2024, 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.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

215

 

 

$

283

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

145

 

 

 

103

 

 

 

Write-offs, net of Recoveries of $42 million and $31 million for 2025 and 2024, respectively

 

 

(106

)

 

 

(171

)

 

 

Balance at End of Year

 

$

254

 

 

$

215

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025 and 2024.

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, 2025 and 2024. 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, 2025 and 2024.

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 July 2024 the results of the 2025/2026 auction were released, in July 2025 the results of the 2026/2027 auction were released and in December 2025 the results of the 2027/2028 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 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

June 2026 to May 2027

 

$

329

 

 

 

3,500

 

 

 

June 2027 to May 2028

 

$

333

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 

 

Amended OSA—PSEG LI has been operating LIPA’s electric T&D system in Long Island, New York since 2014 under a 12-year OSA with LIPA that expired on December 31, 2025, with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 was approximately $45 million. In December 2025, PSEG LI entered into a five-year extension of the

OSA ending on December 31, 2030. The fixed fee for the provision of services thereunder in 2026 and 2027 is approximately $43 million, escalating to approximately $47 million in 2028 and updated annually thereafter based on the change in the Consumer Price Index through the remainder of the contract. A competitor in the contract bidding process filed litigation against LIPA challenging the process. LIPA filed a motion to dismiss the competitor’s claim as untimely, which was granted by the New York Supreme Court. The competitor filed an appeal in January 2026.

Public Service Electric and Gas Company [Member]  
Disaggregation of Revenue [Line Items]  
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, which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM 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. 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.

In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. These nuclear plants received ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognized revenue when the units generated electricity, which was when the performance obligation was satisfied. These revenues have been considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue has been adjusted by the estimated production tax credits (PTCs) generated from these nuclear plants. 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 19. 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. In September 2025, the LIPA board of trustees approved a five-year extension of the contract. See Amended OSA below for further information.

Other Revenues from Contracts with Customers

PSEG Power has contracted to provide energy management and fuel procurement services for LIPA. Revenue is recognized over time as services are rendered. This agreement expired 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 15. 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, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

4,858

 

 

$

—

 

 

$

—

 

 

$

4,858

 

 

 

Gas Distribution

 

 

2,461

 

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

Transmission

 

 

1,779

 

 

 

—

 

 

 

—

 

 

 

1,779

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

1,540

 

 

 

—

 

 

 

1,540

 

 

 

Sales to Affiliates

 

 

—

 

 

 

47

 

 

 

(47

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

353

 

 

 

—

 

 

 

353

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,060

 

 

 

(1,060

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

385

 

 

 

752

 

 

 

(5

)

 

 

1,132

 

 

 

Total Revenues from Contracts with Customers

 

 

9,483

 

 

 

3,752

 

 

 

(1,112

)

 

 

12,123

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

75

 

 

 

(30

)

 

 

—

 

 

 

45

 

 

 

Total Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

824

 

 

 

—

 

 

 

824

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

905

 

 

 

—

 

 

 

905

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in the future periods, 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, 2025 and 2024. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. The allowance for credit losses represented approximately 12% and 13% of accounts receivable (including unbilled revenues) as of December 31, 2025 and 2024, 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.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

215

 

 

$

283

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

145

 

 

 

103

 

 

 

Write-offs, net of Recoveries of $42 million and $31 million for 2025 and 2024, respectively

 

 

(106

)

 

 

(171

)

 

 

Balance at End of Year

 

$

254

 

 

$

215

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025 and 2024.

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, 2025 and 2024. 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, 2025 and 2024.

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 July 2024 the results of the 2025/2026 auction were released, in July 2025 the results of the 2026/2027 auction were released and in December 2025 the results of the 2027/2028 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 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

June 2026 to May 2027

 

$

329

 

 

 

3,500

 

 

 

June 2027 to May 2028

 

$

333

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 

 

Amended OSA—PSEG LI has been operating LIPA’s electric T&D system in Long Island, New York since 2014 under a 12-year OSA with LIPA that expired on December 31, 2025, with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 was approximately $45 million. In December 2025, PSEG LI entered into a five-year extension of the

OSA ending on December 31, 2030. The fixed fee for the provision of services thereunder in 2026 and 2027 is approximately $43 million, escalating to approximately $47 million in 2028 and updated annually thereafter based on the change in the Consumer Price Index through the remainder of the contract. A competitor in the contract bidding process filed litigation against LIPA challenging the process. LIPA filed a motion to dismiss the competitor’s claim as untimely, which was granted by the New York Supreme Court. The competitor filed an appeal in January 2026.

v3.25.4
Variable Interest Entities (VIEs)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity [Line Items]  
Variable Interest Entities (VIEs)

Note 3. 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 O&M Expense, respectively. In 2025, 2024 and 2023, Servco recorded $644 million, $592 million and $533 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.

v3.25.4
Property, Plant and Equipment and Jointly-Owned Facilities
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Line Items]  
Property Plant And Equipment And Jointly-Owned Facilities

Note 4. Property, Plant and Equipment and Jointly-Owned Facilities

Information related to Property, Plant and Equipment as of December 31, 2025 and 2024 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

18,701

 

 

$

17,874

 

 

 

Electric Distribution

 

 

13,717

 

 

 

12,520

 

 

 

Gas Distribution and Transmission

 

 

13,350

 

 

 

12,536

 

 

 

Construction Work in Progress

 

 

1,233

 

 

 

1,132

 

 

 

Other

 

 

1,751

 

 

 

2,136

 

 

 

Total PSE&G

 

$

48,752

 

 

$

46,198

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,615

 

 

$

3,649

 

 

 

Nuclear Fuel in Service

 

 

891

 

 

 

793

 

 

 

Construction Work in Progress

 

 

256

 

 

 

159

 

 

 

Other

 

 

406

 

 

 

408

 

 

 

Total PSEG Power & Other

 

$

5,168

 

 

$

5,009

 

 

 

Total

 

$

53,920

 

 

$

51,207

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

163

 

 

$

75

 

 

$

164

 

 

$

72

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,450

 

 

$

598

 

 

$

1,420

 

 

$

564

 

 

 

Salem

 

 

57

%

 

$

1,572

 

 

$

656

 

 

$

1,539

 

 

$

601

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

186

 

 

$

88

 

 

$

180

 

 

$

84

 

 

 

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 4. Property, Plant and Equipment and Jointly-Owned Facilities

Information related to Property, Plant and Equipment as of December 31, 2025 and 2024 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

18,701

 

 

$

17,874

 

 

 

Electric Distribution

 

 

13,717

 

 

 

12,520

 

 

 

Gas Distribution and Transmission

 

 

13,350

 

 

 

12,536

 

 

 

Construction Work in Progress

 

 

1,233

 

 

 

1,132

 

 

 

Other

 

 

1,751

 

 

 

2,136

 

 

 

Total PSE&G

 

$

48,752

 

 

$

46,198

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,615

 

 

$

3,649

 

 

 

Nuclear Fuel in Service

 

 

891

 

 

 

793

 

 

 

Construction Work in Progress

 

 

256

 

 

 

159

 

 

 

Other

 

 

406

 

 

 

408

 

 

 

Total PSEG Power & Other

 

$

5,168

 

 

$

5,009

 

 

 

Total

 

$

53,920

 

 

$

51,207

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

163

 

 

$

75

 

 

$

164

 

 

$

72

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,450

 

 

$

598

 

 

$

1,420

 

 

$

564

 

 

 

Salem

 

 

57

%

 

$

1,572

 

 

$

656

 

 

$

1,539

 

 

$

601

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

186

 

 

$

88

 

 

$

180

 

 

$

84

 

 

 

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.
v3.25.4
Regulatory Assets And Liabilities
 12 Months Ended
Dec. 31, 2025
Regulatory Assets And Liabilities [Line Items]  
Regulatory Assets and Liabilities

Note 5. 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, 2025 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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,273

 

 

$

2,012

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,593

 

 

 

1,251

 

 

 

Pension and OPEB Costs

 

 

1,213

 

 

 

1,330

 

 

 

Asset Retirement Obligations (ARO)

 

 

237

 

 

 

221

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

206

 

 

 

233

 

 

 

Cost of Removal

 

 

184

 

 

 

195

 

 

 

Societal Benefits Clause (SBC)

 

 

182

 

 

 

211

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

179

 

 

 

210

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

Conservation Incentive Program (CIP)

 

 

127

 

 

 

261

 

 

 

COVID-19 Deferral

 

 

109

 

 

 

131

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

101

 

 

 

102

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

92

 

 

 

51

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

85

 

 

 

108

 

 

 

Other

 

 

242

 

 

 

180

 

 

 

Total Regulatory Assets

 

 

6,968

 

 

 

6,641

 

 

 

Less: Current Regulatory Assets

 

 

537

 

 

 

516

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,431

 

 

$

6,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,317

 

 

$

2,619

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

118

 

 

 

145

 

 

 

Other

 

 

97

 

 

 

62

 

 

 

Total Regulatory Liabilities

 

 

2,532

 

 

 

2,826

 

 

 

    Less: Current Regulatory Liabilities

 

 

484

 

 

 

555

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,048

 

 

$

2,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 flowthrough 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, 2025, 2024 and 2023, PSE&G had provided $58 million, $81 million and $80 million, respectively, in current tax repair flowbacks to customers. The flowback of current mixed service costs commenced in January 2025 and was $22 million for the year ended December 31, 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.

•
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, 2025, the balance remaining to be flowed back to customers was approximately $808 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, 2025, the balance remaining to be flowed back to customers was approximately $232 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, 2025, the balance to be flowed back to customers was approximately $266 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, 2025, the balance remaining to be flowed back to customers was approximately $926 million.
•
Gas Costs—BGSS: These costs represent the over or under recovered amounts associated with BGSS, pursuant to processes 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 2025 regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
BGSS—In April 2025, the BPU gave final approval to PSE&G’s BGSS rate of approximately 33 cents per therm, which was effective on October 1 2024.

In May 2025, PSE&G made its annual filing with the BPU requesting an increase to its BGSS rate to approximately 36 cents per therm, effective October 1, 2025. This matter is pending.

Under BGSS Orders issued by the BPU, New Jersey gas distribution companies (GDCs) may self-implement a rate increase resulting in no more than a 5% bill increase effective December 1 of the current year, and February 1 of the following year, with one month’s advance notice to the BPU and New Jersey Rate Counsel, and implement a decrease in its BGSS rate at any time during the year upon five days’ notice to the BPU and New Jersey Rate Counsel. On December 1, 2025, in compliance with the BGSS Orders, PSE&G self-implemented a BGSS increase from approximately 33 cents per therm to approximately 36 cents per therm, resulting in an approximate 3% bill increase.

•
Clean Energy Future-Electric Vehicles (CEF-EV)—In January 2026, PSE&G filed an updated cost recovery petition to recover $8 million annually in electric base rates effective April 1, 2026. This filing requests the return on and of investment for CEF-EV electric investments placed in service through December 31, 2025. This matter is pending.
•
CIP—In February 2025, the BPU gave final approval to provisional electric CIP rates which were effective August 1, 2024.

In May 2025, the BPU gave final approval to the provisional gas CIP rates which were effective October 1, 2024.

In December 2025, the BPU approved on a provisional basis, PSE&G’s annual gas CIP petition recover deficient gas revenues of approximately $97 million effective January 1, 2026, based on the 12-month period ending September 2025.

In January 2026, the BPU gave final approval to the provisional electric CIP rates recovering annual deficient electric revenues of approximately $65 million. The provisional rate was effective June 1, 2025.

•
Electric Generation/Capacity Cost Deferral (EGCCD)—In June 2025, the BPU approved an Order authorizing PSE&G to provide a $30 credit to each residential electric customer’s monthly bill for the two-month period July through August 2025. For the six-month period September 2025 through February 2026, PSE&G is applying a charge to each residential electric customer’s monthly bill of $10. Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of sufficient new generation resources, which led to significant price increases in the 2025/2026 PJM capacity auction.
•
Gas System Modernization Program II Extension (GSMP II Ext)—In July 2025, the BPU approved PSE&G’s updated GSMP II Ext petition to recover $49 million annually in gas base rates effective August 1, 2025. The approved gas revenue increase represents the return on and of actual GSMP II Ext investments placed in service through April 30, 2025.

In November 2025, PSE&G updated its GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $23 million effective February 1, 2026. This filing requests the return on and of investment for GSMP II Ext gas investments placed in service through October 31, 2025. This matter is pending.

•
Green Program Recovery Charges (GPRC)—In May 2025, the BPU approved PSE&G's updated 2024 cost recovery petition for annual electric and gas revenue increases of $54 million and $22 million, respectively.

In June 2025, PSE&G filed its 2025 GPRC cost recovery petition requesting BPU approval for recovery of increases of $207 million and $24 million in annual electric and gas revenues, respectively. This matter is pending.

•
Infrastructure Advancement Program (IAP)—In April 2025, the BPU approved PSE&G's updated cost recovery petition to recover in electric and gas base rates an annual revenue increase of approximately $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.

In January 2026, 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 $10 million and $4 million, respectively, effective April 1, 2026. This increase represents the return of and on IAP investments in service through December 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.
•
Tax Adjustment Credit (TAC)—In October 2025, PSE&G submitted its annual 2025 TAC filing requesting a reduction to the tax benefits being flowed back to customers, which would result in an increase to annual electric and gas revenues by approximately $15 million and $10 million, respectively. This matter is pending.
•
Transmission Formula Rates—In June 2025, in accordance with its transmission formula protocols, PSE&G filed with the FERC its 2024 true-up adjustment relating to its transmission formula rates in effect for calendar year 2024. The June 2025 true-up filing resulted in an approximate $28 million increase in the 2024 revenue requirement from the revenue requirement amount contained in the forecast filing. PSE&G previously recognized the majority of the increased revenue in 2024.

In October 2025, PSE&G filed its annual transmission formula rate update with FERC, which will result in an approximate $82 million increase in its annual transmission revenue effective January 1, 2026, subject to true-up.

•
ZEC Program—In August 2025, the BPU approved the final ZEC price of $10 per MWh for the Energy Year ended May 31, 2025. As a result, PSE&G purchased approximately $164 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2025. As a result of the collections and required ZEC payments, there were overcollected revenues totaling $5.5 million, including interest. In January 2026, the BPU directed PSE&G to eliminate its ZEC tariff rate, effective February 1, 2026 and for PSE&G to apply the overcollected ZEC revenue balance into the USF component of PSE&G’s SBC clause.
Public Service Electric and Gas Company  
Regulatory Assets And Liabilities [Line Items]  
Regulatory Assets and Liabilities

Note 5. 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, 2025 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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,273

 

 

$

2,012

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,593

 

 

 

1,251

 

 

 

Pension and OPEB Costs

 

 

1,213

 

 

 

1,330

 

 

 

Asset Retirement Obligations (ARO)

 

 

237

 

 

 

221

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

206

 

 

 

233

 

 

 

Cost of Removal

 

 

184

 

 

 

195

 

 

 

Societal Benefits Clause (SBC)

 

 

182

 

 

 

211

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

179

 

 

 

210

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

Conservation Incentive Program (CIP)

 

 

127

 

 

 

261

 

 

 

COVID-19 Deferral

 

 

109

 

 

 

131

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

101

 

 

 

102

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

92

 

 

 

51

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

85

 

 

 

108

 

 

 

Other

 

 

242

 

 

 

180

 

 

 

Total Regulatory Assets

 

 

6,968

 

 

 

6,641

 

 

 

Less: Current Regulatory Assets

 

 

537

 

 

 

516

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,431

 

 

$

6,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,317

 

 

$

2,619

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

118

 

 

 

145

 

 

 

Other

 

 

97

 

 

 

62

 

 

 

Total Regulatory Liabilities

 

 

2,532

 

 

 

2,826

 

 

 

    Less: Current Regulatory Liabilities

 

 

484

 

 

 

555

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,048

 

 

$

2,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 flowthrough 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, 2025, 2024 and 2023, PSE&G had provided $58 million, $81 million and $80 million, respectively, in current tax repair flowbacks to customers. The flowback of current mixed service costs commenced in January 2025 and was $22 million for the year ended December 31, 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.

•
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, 2025, the balance remaining to be flowed back to customers was approximately $808 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, 2025, the balance remaining to be flowed back to customers was approximately $232 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, 2025, the balance to be flowed back to customers was approximately $266 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, 2025, the balance remaining to be flowed back to customers was approximately $926 million.
•
Gas Costs—BGSS: These costs represent the over or under recovered amounts associated with BGSS, pursuant to processes 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 2025 regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
BGSS—In April 2025, the BPU gave final approval to PSE&G’s BGSS rate of approximately 33 cents per therm, which was effective on October 1 2024.

In May 2025, PSE&G made its annual filing with the BPU requesting an increase to its BGSS rate to approximately 36 cents per therm, effective October 1, 2025. This matter is pending.

Under BGSS Orders issued by the BPU, New Jersey gas distribution companies (GDCs) may self-implement a rate increase resulting in no more than a 5% bill increase effective December 1 of the current year, and February 1 of the following year, with one month’s advance notice to the BPU and New Jersey Rate Counsel, and implement a decrease in its BGSS rate at any time during the year upon five days’ notice to the BPU and New Jersey Rate Counsel. On December 1, 2025, in compliance with the BGSS Orders, PSE&G self-implemented a BGSS increase from approximately 33 cents per therm to approximately 36 cents per therm, resulting in an approximate 3% bill increase.

•
Clean Energy Future-Electric Vehicles (CEF-EV)—In January 2026, PSE&G filed an updated cost recovery petition to recover $8 million annually in electric base rates effective April 1, 2026. This filing requests the return on and of investment for CEF-EV electric investments placed in service through December 31, 2025. This matter is pending.
•
CIP—In February 2025, the BPU gave final approval to provisional electric CIP rates which were effective August 1, 2024.

In May 2025, the BPU gave final approval to the provisional gas CIP rates which were effective October 1, 2024.

In December 2025, the BPU approved on a provisional basis, PSE&G’s annual gas CIP petition recover deficient gas revenues of approximately $97 million effective January 1, 2026, based on the 12-month period ending September 2025.

In January 2026, the BPU gave final approval to the provisional electric CIP rates recovering annual deficient electric revenues of approximately $65 million. The provisional rate was effective June 1, 2025.

•
Electric Generation/Capacity Cost Deferral (EGCCD)—In June 2025, the BPU approved an Order authorizing PSE&G to provide a $30 credit to each residential electric customer’s monthly bill for the two-month period July through August 2025. For the six-month period September 2025 through February 2026, PSE&G is applying a charge to each residential electric customer’s monthly bill of $10. Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of sufficient new generation resources, which led to significant price increases in the 2025/2026 PJM capacity auction.
•
Gas System Modernization Program II Extension (GSMP II Ext)—In July 2025, the BPU approved PSE&G’s updated GSMP II Ext petition to recover $49 million annually in gas base rates effective August 1, 2025. The approved gas revenue increase represents the return on and of actual GSMP II Ext investments placed in service through April 30, 2025.

In November 2025, PSE&G updated its GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $23 million effective February 1, 2026. This filing requests the return on and of investment for GSMP II Ext gas investments placed in service through October 31, 2025. This matter is pending.

•
Green Program Recovery Charges (GPRC)—In May 2025, the BPU approved PSE&G's updated 2024 cost recovery petition for annual electric and gas revenue increases of $54 million and $22 million, respectively.

In June 2025, PSE&G filed its 2025 GPRC cost recovery petition requesting BPU approval for recovery of increases of $207 million and $24 million in annual electric and gas revenues, respectively. This matter is pending.

•
Infrastructure Advancement Program (IAP)—In April 2025, the BPU approved PSE&G's updated cost recovery petition to recover in electric and gas base rates an annual revenue increase of approximately $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.

In January 2026, 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 $10 million and $4 million, respectively, effective April 1, 2026. This increase represents the return of and on IAP investments in service through December 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.
•
Tax Adjustment Credit (TAC)—In October 2025, PSE&G submitted its annual 2025 TAC filing requesting a reduction to the tax benefits being flowed back to customers, which would result in an increase to annual electric and gas revenues by approximately $15 million and $10 million, respectively. This matter is pending.
•
Transmission Formula Rates—In June 2025, in accordance with its transmission formula protocols, PSE&G filed with the FERC its 2024 true-up adjustment relating to its transmission formula rates in effect for calendar year 2024. The June 2025 true-up filing resulted in an approximate $28 million increase in the 2024 revenue requirement from the revenue requirement amount contained in the forecast filing. PSE&G previously recognized the majority of the increased revenue in 2024.

In October 2025, PSE&G filed its annual transmission formula rate update with FERC, which will result in an approximate $82 million increase in its annual transmission revenue effective January 1, 2026, subject to true-up.

•
ZEC Program—In August 2025, the BPU approved the final ZEC price of $10 per MWh for the Energy Year ended May 31, 2025. As a result, PSE&G purchased approximately $164 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2025. As a result of the collections and required ZEC payments, there were overcollected revenues totaling $5.5 million, including interest. In January 2026, the BPU directed PSE&G to eliminate its ZEC tariff rate, effective February 1, 2026 and for PSE&G to apply the overcollected ZEC revenue balance into the USF component of PSE&G’s SBC clause.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Lessor, Lease, Description [Line Items]  
Leases

Note 6. Leases

As of December 31, 2025, 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 2030, one of which has fixed rent payments that has escalations based on the CPI. One lease contains 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, 2025, 2024 and 2023 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, 2025

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

48

 

 

$

15

 

 

$

63

 

 

 

Short-term Lease Costs

 

 

17

 

 

 

3

 

 

 

20

 

 

 

Variable Lease Costs

 

 

2

 

 

 

12

 

 

 

14

 

 

 

Total Operating Lease Costs

 

$

67

 

 

$

30

 

 

$

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

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

 

$

19

 

 

$

16

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

8

 

 

 

5

 

 

 

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, 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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities as of December 31, 2025 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

18

 

 

$

16

 

 

$

34

 

 

 

2027

 

 

15

 

 

 

16

 

 

 

31

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

2030

 

 

10

 

 

 

12

 

 

 

22

 

 

 

Thereafter

 

 

39

 

 

 

—

 

 

 

39

 

 

 

Total Minimum Lease Payments

 

$

103

 

 

$

76

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

103

 

 

$

76

 

 

$

179

 

 

 

Reconciling Amount due to Discount Rate

 

 

(16

)

 

 

(7

)

 

 

(23

)

 

 

Total Discounted Operating Lease Liabilities

 

$

87

 

 

$

69

 

 

$

156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $28 million and $14 million for PSEG and PSE&G, respectively. 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.

Lessor

PSEG Power & Other

Energy Holdings is the lessor in leveraged leases. See Note 7. Long-Term Investments and Note 8. 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, 2025, Energy Holdings’ property subject to this lease had a total carrying value of $9 million.

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, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases had the following minimum future fixed lease receipts as of December 31, 2025:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2026

 

$

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

14

 

 

 

2030

 

 

14

 

 

 

Thereafter

 

 

94

 

 

 

Total Minimum Future Lease Receipts

 

$

164

 

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Lessor, Lease, Description [Line Items]  
Leases

Note 6. Leases

As of December 31, 2025, 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 2030, one of which has fixed rent payments that has escalations based on the CPI. One lease contains 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, 2025, 2024 and 2023 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, 2025

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

48

 

 

$

15

 

 

$

63

 

 

 

Short-term Lease Costs

 

 

17

 

 

 

3

 

 

 

20

 

 

 

Variable Lease Costs

 

 

2

 

 

 

12

 

 

 

14

 

 

 

Total Operating Lease Costs

 

$

67

 

 

$

30

 

 

$

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

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

 

$

19

 

 

$

16

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

8

 

 

 

5

 

 

 

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, 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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities as of December 31, 2025 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

18

 

 

$

16

 

 

$

34

 

 

 

2027

 

 

15

 

 

 

16

 

 

 

31

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

2030

 

 

10

 

 

 

12

 

 

 

22

 

 

 

Thereafter

 

 

39

 

 

 

—

 

 

 

39

 

 

 

Total Minimum Lease Payments

 

$

103

 

 

$

76

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

103

 

 

$

76

 

 

$

179

 

 

 

Reconciling Amount due to Discount Rate

 

 

(16

)

 

 

(7

)

 

 

(23

)

 

 

Total Discounted Operating Lease Liabilities

 

$

87

 

 

$

69

 

 

$

156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025, the current portions of Operating Lease Liabilities included in Other Current Liabilities were $28 million and $14 million for PSEG and PSE&G, respectively. 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.

Lessor

PSEG Power & Other

Energy Holdings is the lessor in leveraged leases. See Note 7. Long-Term Investments and Note 8. 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, 2025, Energy Holdings’ property subject to this lease had a total carrying value of $9 million.

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, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases had the following minimum future fixed lease receipts as of December 31, 2025:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2026

 

$

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

14

 

 

 

2030

 

 

14

 

 

 

Thereafter

 

 

94

 

 

 

Total Minimum Future Lease Receipts

 

$

164

 

 

 

 

 

 

 

 

 
v3.25.4
Long-Term Investments
 12 Months Ended
Dec. 31, 2025
Long-Term Investments [Line Items]  
Long-Term Investments

Note 7. Long-Term Investments

Long-Term Investments as of December 31, 2025 and 2024 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

CEF-EE II On-Bill Repayment (OBR) Program (A)

 

$

131

 

 

$

—

 

 

 

Life Insurance and Supplemental Benefits

 

 

59

 

 

 

67

 

 

 

Solar Loans

 

 

9

 

 

 

23

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

138

 

 

 

150

 

 

 

Equity Method Investments (B)

 

 

26

 

 

 

21

 

 

 

Other

 

 

9

 

 

 

2

 

 

 

Total Long-Term Investments

 

$

372

 

 

$

263

 

 

 

 

 

 

 

 

 

 

 

 

(A)
As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.
(B)
During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.

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, 2025 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

178

 

 

$

200

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

178

 

 

 

200

 

 

 

Unearned and Deferred Income

 

 

(40

)

 

 

(50

)

 

 

Gross Investments in Leases

 

 

138

 

 

 

150

 

 

 

Deferred Tax Liabilities

 

 

(31

)

 

 

(33

)

 

 

Net Investments in Leases

 

$

107

 

 

$

117

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2025, 2024 and 2023.

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

Note 7. Long-Term Investments

Long-Term Investments as of December 31, 2025 and 2024 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

CEF-EE II On-Bill Repayment (OBR) Program (A)

 

$

131

 

 

$

—

 

 

 

Life Insurance and Supplemental Benefits

 

 

59

 

 

 

67

 

 

 

Solar Loans

 

 

9

 

 

 

23

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

138

 

 

 

150

 

 

 

Equity Method Investments (B)

 

 

26

 

 

 

21

 

 

 

Other

 

 

9

 

 

 

2

 

 

 

Total Long-Term Investments

 

$

372

 

 

$

263

 

 

 

 

 

 

 

 

 

 

 

 

(A)
As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.
(B)
During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.

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, 2025 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

178

 

 

$

200

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

178

 

 

 

200

 

 

 

Unearned and Deferred Income

 

 

(40

)

 

 

(50

)

 

 

Gross Investments in Leases

 

 

138

 

 

 

150

 

 

 

Deferred Tax Liabilities

 

 

(31

)

 

 

(33

)

 

 

Net Investments in Leases

 

$

107

 

 

$

117

 

 

 

 

 

 

 

 

 

 

 

 

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2025, 2024 and 2023.

v3.25.4
Financing Receivables
 12 Months Ended
Dec. 31, 2025
Schedule of Financial Receivables [Line Items]  
Financing Receivables

Note 8. Financing Receivables

PSE&G

OBR Program

As part of the CEF–EE II OBR program that began in 2025, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. The OBR program allows customers to repay their portion of costs for equipment upgrades over time directly through their PSE&G bill. The terms of these agreements can be five, seven or ten years. Customers must meet acceptable credit standards to participate in the program. As of December 31, 2025, there have been no defaults under the OBR program; however, in the event a default, amounts would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for the OBR program. A substantial portion of these 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 amounts by class of customer.

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding OBR Loans by Class of Customers

 

2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

17

 

 

 

Residential

 

 

128

 

 

 

Total

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

131

 

 

 

 

 

 

 

 

 

Payments on all outstanding loans were current as of December 31, 2025 and have an average remaining life of approximately 7 years.

Solar Loan Program

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, 2025, 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. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding Solar Loans by Class of Customers

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

19

 

 

$

38

 

 

 

Residential

 

 

1

 

 

 

2

 

 

 

Total

 

 

20

 

 

 

40

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(11

)

 

 

(17

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

9

 

 

$

23

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2025

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan II

 

 

9

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

11

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The average life of loans paid in full is 8 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, 2025 and have an average remaining life of approximately 2 years. There are no remaining residential loans outstanding under the Solar Loan I and II programs.

 

Energy Holdings

Energy Holdings had net investments in assets subject to leveraged lease accounting of $107 million as of December 31, 2025 and $117 million as of December 31, 2024 (see Note 7. 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, 2025

 

As of December 31, 2025

 

 

 

 

 

Millions

 

 

 

AA

 

$

6

 

 

 

A-

 

 

172

 

 

 

Total

 

$

178

 

 

 

 

 

 

 

 

 

PSEG recorded no credit losses for the leveraged leases existing on December 31, 2025. 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 8. Financing Receivables

PSE&G

OBR Program

As part of the CEF–EE II OBR program that began in 2025, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. The OBR program allows customers to repay their portion of costs for equipment upgrades over time directly through their PSE&G bill. The terms of these agreements can be five, seven or ten years. Customers must meet acceptable credit standards to participate in the program. As of December 31, 2025, there have been no defaults under the OBR program; however, in the event a default, amounts would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for the OBR program. A substantial portion of these 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 amounts by class of customer.

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding OBR Loans by Class of Customers

 

2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

17

 

 

 

Residential

 

 

128

 

 

 

Total

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

131

 

 

 

 

 

 

 

 

 

Payments on all outstanding loans were current as of December 31, 2025 and have an average remaining life of approximately 7 years.

Solar Loan Program

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, 2025, 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. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding Solar Loans by Class of Customers

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

19

 

 

$

38

 

 

 

Residential

 

 

1

 

 

 

2

 

 

 

Total

 

 

20

 

 

 

40

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(11

)

 

 

(17

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

9

 

 

$

23

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2025

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan II

 

 

9

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

11

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The average life of loans paid in full is 8 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, 2025 and have an average remaining life of approximately 2 years. There are no remaining residential loans outstanding under the Solar Loan I and II programs.

 

Energy Holdings

Energy Holdings had net investments in assets subject to leveraged lease accounting of $107 million as of December 31, 2025 and $117 million as of December 31, 2024 (see Note 7. 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, 2025

 

As of December 31, 2025

 

 

 

 

 

Millions

 

 

 

AA

 

$

6

 

 

 

A-

 

 

172

 

 

 

Total

 

$

178

 

 

 

 

 

 

 

 

 

PSEG recorded no credit losses for the leveraged leases existing on December 31, 2025. 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.
v3.25.4
Trust Investments
 12 Months Ended
Dec. 31, 2025
Schedule of Trust Investments [Line Items]  
Trust Investments

Note 9. 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 biennial reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. Any funding shortfalls are required to be cured prior to the next NDT reporting period. PSEG Power does not currently expect to be required to provide supplemental funding of the NDT Fund. PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. 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, 2025 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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

544

 

 

$

397

 

 

$

(9

)

 

$

932

 

 

 

International

 

 

452

 

 

 

180

 

 

 

(9

)

 

 

623

 

 

 

Total Equity Securities

 

 

996

 

 

 

577

 

 

 

(18

)

 

 

1,555

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

849

 

 

 

6

 

 

 

(65

)

 

 

790

 

 

 

Corporate

 

 

581

 

 

 

7

 

 

 

(19

)

 

 

569

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,430

 

 

 

13

 

 

 

(84

)

 

 

1,359

 

 

 

Total NDT Fund Investments (A)

 

$

2,426

 

 

$

590

 

 

$

(102

)

 

$

2,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2025, which is part of 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.

Net unrealized gains (losses) on debt securities of $(41) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Consolidated Balance Sheet as of December 31, 2025. The portion of net unrealized gains (losses) recognized during 2025 related to equity securities still held at the end of December 31, 2025 was $270 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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

23

 

 

$

18

 

 

 

Accounts Payable

 

$

16

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

Total Equity Securities

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

Corporate (C)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

Total Available-for-Sale Debt Securities

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

NDT Trust Investments

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,349

 

 

$

1,504

 

 

$

1,685

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

172

 

 

$

132

 

 

$

142

 

 

 

Gross Realized Losses

 

 

(90

)

 

 

(54

)

 

 

(100

)

 

 

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

 

 

82

 

 

 

78

 

 

 

42

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

106

 

 

 

47

 

 

 

146

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

188

 

 

$

125

 

 

$

188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

16

 

 

 

1 - 5 years

 

 

371

 

 

 

6 - 10 years

 

 

257

 

 

 

11 - 15 years

 

 

72

 

 

 

16 - 20 years

 

 

110

 

 

 

Over 20 years

 

 

533

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,359

 

 

 

 

 

 

 

 

 

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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

102

 

 

 

—

 

 

 

(18

)

 

 

84

 

 

 

Corporate

 

 

69

 

 

 

—

 

 

 

(8

)

 

 

61

 

 

 

Total Available-for-Sale Debt Securities

 

 

171

 

 

 

—

 

 

 

(26

)

 

 

145

 

 

 

Total Rabbi Trust Investments

 

$

179

 

 

$

9

 

 

$

(26

)

 

$

162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on debt securities of $(18) million (after-tax) were included in AOCL on PSEG’s Consolidated Balance Sheet as of December 31, 2025. The portion of net unrealized gains (losses) recognized during 2025 related to equity securities still held at the end of December 31, 2025 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 were immaterial as of December 31, 2025 and 2024.

 

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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

 

Corporate (B)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

Total Available-for-Sale Debt Securities

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

Rabbi Trust Investments

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

29

 

 

$

33

 

 

$

29

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

2

 

 

$

3

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(2

)

 

 

(6

)

 

 

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

 

 

—

 

 

 

1

 

 

 

(1

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

1

 

 

 

2

 

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

1

 

 

$

2

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

The Rabbi Trust debt securities held as of December 31, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

5

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

64

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

145

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

29

 

 

$

30

 

 

 

PSEG Power & Other

 

 

133

 

 

 

135

 

 

 

Total Rabbi Trust Investments

 

$

162

 

 

$

165

 

 

 

 

 

 

 

 

 

 

 

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

Note 9. 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 biennial reports with the NRC demonstrating that its NDT Fund meets the formula-based minimum NRC funding requirements. Any funding shortfalls are required to be cured prior to the next NDT reporting period. PSEG Power does not currently expect to be required to provide supplemental funding of the NDT Fund. PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. 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, 2025 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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

544

 

 

$

397

 

 

$

(9

)

 

$

932

 

 

 

International

 

 

452

 

 

 

180

 

 

 

(9

)

 

 

623

 

 

 

Total Equity Securities

 

 

996

 

 

 

577

 

 

 

(18

)

 

 

1,555

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

849

 

 

 

6

 

 

 

(65

)

 

 

790

 

 

 

Corporate

 

 

581

 

 

 

7

 

 

 

(19

)

 

 

569

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,430

 

 

 

13

 

 

 

(84

)

 

 

1,359

 

 

 

Total NDT Fund Investments (A)

 

$

2,426

 

 

$

590

 

 

$

(102

)

 

$

2,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2025, which is part of 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.

Net unrealized gains (losses) on debt securities of $(41) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Consolidated Balance Sheet as of December 31, 2025. The portion of net unrealized gains (losses) recognized during 2025 related to equity securities still held at the end of December 31, 2025 was $270 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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

23

 

 

$

18

 

 

 

Accounts Payable

 

$

16

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

Total Equity Securities

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

Corporate (C)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

Total Available-for-Sale Debt Securities

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

NDT Trust Investments

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,349

 

 

$

1,504

 

 

$

1,685

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

172

 

 

$

132

 

 

$

142

 

 

 

Gross Realized Losses

 

 

(90

)

 

 

(54

)

 

 

(100

)

 

 

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

 

 

82

 

 

 

78

 

 

 

42

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

106

 

 

 

47

 

 

 

146

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

188

 

 

$

125

 

 

$

188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

16

 

 

 

1 - 5 years

 

 

371

 

 

 

6 - 10 years

 

 

257

 

 

 

11 - 15 years

 

 

72

 

 

 

16 - 20 years

 

 

110

 

 

 

Over 20 years

 

 

533

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,359

 

 

 

 

 

 

 

 

 

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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

102

 

 

 

—

 

 

 

(18

)

 

 

84

 

 

 

Corporate

 

 

69

 

 

 

—

 

 

 

(8

)

 

 

61

 

 

 

Total Available-for-Sale Debt Securities

 

 

171

 

 

 

—

 

 

 

(26

)

 

 

145

 

 

 

Total Rabbi Trust Investments

 

$

179

 

 

$

9

 

 

$

(26

)

 

$

162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on debt securities of $(18) million (after-tax) were included in AOCL on PSEG’s Consolidated Balance Sheet as of December 31, 2025. The portion of net unrealized gains (losses) recognized during 2025 related to equity securities still held at the end of December 31, 2025 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 were immaterial as of December 31, 2025 and 2024.

 

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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

 

Corporate (B)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

Total Available-for-Sale Debt Securities

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

Rabbi Trust Investments

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

29

 

 

$

33

 

 

$

29

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

2

 

 

$

3

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(2

)

 

 

(6

)

 

 

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

 

 

—

 

 

 

1

 

 

 

(1

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

1

 

 

 

2

 

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

1

 

 

$

2

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

The Rabbi Trust debt securities held as of December 31, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

5

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

64

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

145

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

29

 

 

$

30

 

 

 

PSEG Power & Other

 

 

133

 

 

 

135

 

 

 

Total Rabbi Trust Investments

 

$

162

 

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Asset Retirement Obligations (AROs)
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation [Line Items]  
Asset Retirement Obligations (AROs)

Note 10. 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 9. 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 2024 and 2025 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2024

 

$

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

 

 

 

Liabilities Settled

 

$

(12

)

 

$

(10

)

 

$

(2

)

 

 

Accretion Expense

 

 

43

 

 

 

—

 

 

 

43

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

20

 

 

 

20

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(170

)

 

 

(10

)

 

 

(160

)

 

 

ARO Liability as of December 31, 2025

 

$

1,381

 

 

$

457

 

 

$

924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 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.

Effective April 2025, PSEG Power revised the estimated useful lives for the Salem 1, Salem 2 and Hope Creek nuclear plants due primarily to the expectation that a 20-year license extension will be approved for these facilities. As a result, PSEG revised the related Asset Retirement Cost (ARC) asset and Asset Retirement Obligation (ARO) liability assumptions, including the probabilities associated with the retirement dates for the nuclear plants, which resulted in a decrease to the ARC asset and ARO liability of $160 million as of March 31, 2025.
Public Service Electric and Gas Company  
Asset Retirement Obligation [Line Items]  
Asset Retirement Obligations (AROs)

Note 10. 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 9. 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 2024 and 2025 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2024

 

$

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

 

 

 

Liabilities Settled

 

$

(12

)

 

$

(10

)

 

$

(2

)

 

 

Accretion Expense

 

 

43

 

 

 

—

 

 

 

43

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

20

 

 

 

20

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(170

)

 

 

(10

)

 

 

(160

)

 

 

ARO Liability as of December 31, 2025

 

$

1,381

 

 

$

457

 

 

$

924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 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.

Effective April 2025, PSEG Power revised the estimated useful lives for the Salem 1, Salem 2 and Hope Creek nuclear plants due primarily to the expectation that a 20-year license extension will be approved for these facilities. As a result, PSEG revised the related Asset Retirement Cost (ARC) asset and Asset Retirement Obligation (ARO) liability assumptions, including the probabilities associated with the retirement dates for the nuclear plants, which resulted in a decrease to the ARC asset and ARO liability of $160 million as of March 31, 2025.
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Pension, Other Postretirement Benefits (OPEB) and Savings Plans

Note 11. Pension, Other Postretirement Benefits (OPEB) and Savings Plans

PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG merged its two qualified defined benefit pension plans (Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II, or the Plans) effective January 1, 2026. The merged qualified pension plan includes a Final Average Pay and two Cash Balance components and both represented and non-represented employees are eligible for participation.

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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Service Cost

 

 

88

 

 

 

94

 

 

 

2

 

 

 

3

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

37

 

 

 

37

 

 

 

Actuarial Loss (Gain) (B)

 

 

138

 

 

 

(291

)

 

 

23

 

 

 

(39

)

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Plan Amendments

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,618

 

 

$

4,477

 

 

$

706

 

 

$

727

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Actual Return on Plan Assets

 

 

577

 

 

 

134

 

 

 

64

 

 

 

18

 

 

 

Employer Contributions

 

 

62

 

 

 

13

 

 

 

41

 

 

 

41

 

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Fair Value of Assets at End of Year

 

$

4,301

 

 

$

3,978

 

 

$

451

 

 

$

423

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(12

)

 

$

(11

)

 

$

(13

)

 

$

(12

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(305

)

 

 

(488

)

 

 

(242

)

 

 

(292

)

 

 

Amounts Recognized

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

(4

)

 

$

4

 

 

 

Net Actuarial Loss (Gain)

 

 

1,287

 

 

 

1,481

 

 

 

(30

)

 

 

(26

)

 

 

Total

 

$

1,287

 

 

$

1,481

 

 

$

(34

)

 

$

(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, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as other assumption and demographic updates. For OPEB, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as demographic updates, partially offset by other assumption updates. 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.
(C)
Includes $79 million ($56 million, after-tax) and $107 million ($76 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2025 and 2024, respectively. Also includes Regulatory Assets of $1,064 million, Deferred Assets of $118 million and Deferred Liabilities of $8 million as of December 31, 2025 and Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024. The Regulatory Asset amounts do not include $140 million and $103 million as of December 31, 2025 and 2024, 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, 2025, PSEG had funded approximately 93% of its projected pension benefit obligation. This percentage does not include $162 million of assets in the Rabbi Trust as of December 31, 2025, 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 $136 million. As of December 31, 2025, PSEG had funded approximately 96% of its projected qualified pension benefit obligation.

Accumulated Benefit Obligation

The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.5 billion as of December 31, 2025 and $4.4 billion as of December 31, 2024.

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2025, 2024 and 2023. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and certain regulatory orders. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

88

 

 

$

94

 

 

$

90

 

 

$

2

 

 

$

3

 

 

$

3

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

259

 

 

 

37

 

 

 

37

 

 

 

41

 

 

 

Expected Return on Plan Assets

 

 

(308

)

 

 

(321

)

 

 

(361

)

 

 

(33

)

 

 

(34

)

 

 

(33

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

(52

)

 

 

Actuarial Loss (Gain)

 

 

62

 

 

 

71

 

 

 

83

 

 

 

(5

)

 

 

(2

)

 

 

(2

)

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

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

 

 

(15

)

 

 

(25

)

 

 

319

 

 

 

1

 

 

 

3

 

 

 

(46

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

47

 

 

$

43

 

 

$

50

 

 

$

(4

)

 

$

(2

)

 

$

(42

)

 

 

PSEG Power & Other

 

 

26

 

 

 

26

 

 

 

359

 

 

 

7

 

 

 

8

 

 

 

(1

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

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

 

$

(132

)

 

$

(104

)

 

$

(9

)

 

$

(22

)

 

 

Amortization of Net Actuarial (Loss) Gain

 

 

(62

)

 

 

(71

)

 

 

5

 

 

 

2

 

 

 

Prior Service (Credit) Cost in Current Period

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

 

 

Total

 

$

(194

)

 

$

(175

)

 

$

(12

)

 

$

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Discount Rate

 

 

5.49

%

 

 

5.68

%

 

 

5.02

%

 

 

5.31

%

 

 

5.59

%

 

 

4.96

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

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

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Service Cost Interest Rate

 

 

5.85

%

 

 

5.14

%

 

 

5.31

%

 

 

5.74

%

 

 

5.03

%

 

 

5.23

%

 

 

Interest Cost Interest Rate

 

 

5.38

%

 

 

4.91

%

 

 

5.09

%

 

 

5.29

%

 

 

4.88

%

 

 

5.07

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

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

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.54

%

 

 

9.08

%

 

 

8.89

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2034

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

The investments of pension and OPEB plans are held in trust accounts by the Trustee and consist of an undivided interest in an investment account of the Master Retirement Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 16. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. Additional investments of OPEB plans included in the Fair Value of Assets are held in a Welfare Trust. As of December 31, 2025, the pension plan interest and OPEB plan interest in such assets were approximately 91% and 9%, respectively.

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

29

 

 

$

29

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

723

 

 

 

723

 

 

 

—

 

 

 

Commingled (C)

 

 

2,139

 

 

 

—

 

 

 

2,139

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,138

 

 

 

—

 

 

 

1,138

 

 

 

Commingled

 

 

8

 

 

 

8

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

4,037

 

 

$

760

 

 

$

3,277

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

450

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

256

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 $7 million and $6 million as of December 31, 2025 and 2024, 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 for each of the years ended December 31, 2025 and 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

 

2025

 

 

2024

 

 

 

Equity Securities

 

 

70

%

 

 

67

%

 

 

Debt Securities

 

 

24

%

 

 

25

%

 

 

Other Investments

 

 

6

%

 

 

8

%

 

 

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, 2025) 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 2025 and will decrease to 8.0% for 2026. This expected return includes a premium for active management.

Plan Contributions

PSEG contributed $5 million to its OPEB plan and $50 million to its pension plans in 2025. PSEG will make future pension contributions to satisfy Internal Revenue Service (IRS) minimum funding requirements. Depending on market performance, actuarial assumptions and financial estimates, PSEG could contribute up to $100 million to its pension plan in 2026.

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

 

 

 

2026

 

$

398

 

 

$

72

 

 

 

2027

 

 

344

 

 

 

69

 

 

 

2028

 

 

349

 

 

 

67

 

 

 

2029

 

 

356

 

 

 

64

 

 

 

2030

 

 

361

 

 

 

61

 

 

 

2031-2035

 

 

1,824

 

 

 

251

 

 

 

Total

 

$

3,632

 

 

$

584

 

 

 

 

 

 

 

 

 

 

 

 

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.

Employees hired or rehired on or after January 1, 2025 can choose between two different Retirement Program options - the “Core Contribution / 401(k) Program” or the “Cash Balance / 401(k) Program.” The Cash Balance / 401(k) Program provides pay credits in the Cash Balance components of PSEG's qualified pension plans and a 401(k) company match of employee contributions as noted above. The Core Contribution / 401(k) Program provides participants with a non-elective Core Contribution equal to 4% of their eligible earnings in the 401(k) Plan, as well as a dollar-for-dollar company match of up to 4% each pay period. Active participants in the Cash Balance components of PSEG’s qualified pension plans as of December 31, 2024 were also given a one-time election period to choose between the two Retirement Programs above. Elections to switch to the Core Contribution / 401(k) Program were effective January 1, 2026.

In addition to the above, beginning January 1, 2025, employees who are not participants in the Final Average Pay Component of PSEG’s qualified pension plans may also be eligible for an annual company contribution to the 401(k) Plan.

The amounts expensed for employer contributions to the above plans for PSE&G and PSEG Power & Other are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

35

 

 

$

31

 

 

$

29

 

 

 

PSEG Power & Other

 

 

16

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

51

 

 

$

45

 

 

$

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the 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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Service Cost

 

 

24

 

 

 

28

 

 

 

12

 

 

 

14

 

 

 

Interest Cost

 

 

29

 

 

 

26

 

 

 

28

 

 

 

25

 

 

 

Actuarial Gain (B)

 

 

(1

)

 

 

(54

)

 

 

(34

)

 

 

(29

)

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Benefit Obligation at End of Year (A)

 

$

557

 

 

$

521

 

 

$

501

 

 

$

510

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

86

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

23

 

 

 

25

 

 

 

15

 

 

 

14

 

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Fair Value of Assets at End of Year

 

$

583

 

 

$

490

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid (Accrued) Pension Costs of Servco

 

$

26

 

 

$

(31

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(501

)

 

 

(510

)

 

 

Amounts Recognized (C)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 2025 was due primarily to demographic updates, partially offset by other assumption updates. For OPEB, the net actuarial gain in 2025 was due primarily to other assumption updates. 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.
(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. Prepaid Pension costs as of December 31, 2025 are included in Other Noncurrent Assets.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trust and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2025, 2024 and 2023 were $23 million, $25 million and $18 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trust during 2025. The OPEB-related revenues earned and costs incurred were $15 million, $14 million and $12 million in 2025, 2024 and 2023, respectively.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

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

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.84

%

 

 

5.13

%

 

 

5.90

%

 

 

5.87

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.84

%

 

 

4.13

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.42

%

 

 

7.46

%

 

 

6.84

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2036

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 16. 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, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

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)

 

 

39

 

 

 

39

 

 

 

—

 

 

 

Commingled (B)

 

 

402

 

 

 

—

 

 

 

402

 

 

 

Commingled Bonds (B)

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Total Fair Value

 

$

583

 

 

$

41

 

 

$

542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

2025

 

 

2024

 

 

 

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 (14% at December 31, 2025) 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 2025 and will be 8.0% for 2026. This expected return includes a premium for active management.

Plan Contributions

Servco plans to contribute $15 million into its pension plan during 2026.

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

 

 

 

2026

 

$

19

 

 

$

15

 

 

 

2027

 

 

23

 

 

 

17

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

21

 

 

 

2030

 

 

31

 

 

 

24

 

 

 

2031-2035

 

 

193

 

 

 

143

 

 

 

Total

 

$

319

 

 

$

240

 

 

 

 

 

 

 

 

 

 

 

 

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 $14 million, $13 million and $10 million for the years ended December 31, 2025, 2024 and 2023. 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 11. Pension, Other Postretirement Benefits (OPEB) and Savings Plans

PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG merged its two qualified defined benefit pension plans (Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II, or the Plans) effective January 1, 2026. The merged qualified pension plan includes a Final Average Pay and two Cash Balance components and both represented and non-represented employees are eligible for participation.

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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Service Cost

 

 

88

 

 

 

94

 

 

 

2

 

 

 

3

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

37

 

 

 

37

 

 

 

Actuarial Loss (Gain) (B)

 

 

138

 

 

 

(291

)

 

 

23

 

 

 

(39

)

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Plan Amendments

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,618

 

 

$

4,477

 

 

$

706

 

 

$

727

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Actual Return on Plan Assets

 

 

577

 

 

 

134

 

 

 

64

 

 

 

18

 

 

 

Employer Contributions

 

 

62

 

 

 

13

 

 

 

41

 

 

 

41

 

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Fair Value of Assets at End of Year

 

$

4,301

 

 

$

3,978

 

 

$

451

 

 

$

423

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(12

)

 

$

(11

)

 

$

(13

)

 

$

(12

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(305

)

 

 

(488

)

 

 

(242

)

 

 

(292

)

 

 

Amounts Recognized

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

(4

)

 

$

4

 

 

 

Net Actuarial Loss (Gain)

 

 

1,287

 

 

 

1,481

 

 

 

(30

)

 

 

(26

)

 

 

Total

 

$

1,287

 

 

$

1,481

 

 

$

(34

)

 

$

(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, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as other assumption and demographic updates. For OPEB, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as demographic updates, partially offset by other assumption updates. 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.
(C)
Includes $79 million ($56 million, after-tax) and $107 million ($76 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2025 and 2024, respectively. Also includes Regulatory Assets of $1,064 million, Deferred Assets of $118 million and Deferred Liabilities of $8 million as of December 31, 2025 and Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024. The Regulatory Asset amounts do not include $140 million and $103 million as of December 31, 2025 and 2024, 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, 2025, PSEG had funded approximately 93% of its projected pension benefit obligation. This percentage does not include $162 million of assets in the Rabbi Trust as of December 31, 2025, 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 $136 million. As of December 31, 2025, PSEG had funded approximately 96% of its projected qualified pension benefit obligation.

Accumulated Benefit Obligation

The accumulated benefit obligation for all PSEG’s defined benefit pension plans was $4.5 billion as of December 31, 2025 and $4.4 billion as of December 31, 2024.

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2025, 2024 and 2023. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and certain regulatory orders. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

88

 

 

$

94

 

 

$

90

 

 

$

2

 

 

$

3

 

 

$

3

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

259

 

 

 

37

 

 

 

37

 

 

 

41

 

 

 

Expected Return on Plan Assets

 

 

(308

)

 

 

(321

)

 

 

(361

)

 

 

(33

)

 

 

(34

)

 

 

(33

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

(52

)

 

 

Actuarial Loss (Gain)

 

 

62

 

 

 

71

 

 

 

83

 

 

 

(5

)

 

 

(2

)

 

 

(2

)

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

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

 

 

(15

)

 

 

(25

)

 

 

319

 

 

 

1

 

 

 

3

 

 

 

(46

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

47

 

 

$

43

 

 

$

50

 

 

$

(4

)

 

$

(2

)

 

$

(42

)

 

 

PSEG Power & Other

 

 

26

 

 

 

26

 

 

 

359

 

 

 

7

 

 

 

8

 

 

 

(1

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

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

 

$

(132

)

 

$

(104

)

 

$

(9

)

 

$

(22

)

 

 

Amortization of Net Actuarial (Loss) Gain

 

 

(62

)

 

 

(71

)

 

 

5

 

 

 

2

 

 

 

Prior Service (Credit) Cost in Current Period

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

 

 

Total

 

$

(194

)

 

$

(175

)

 

$

(12

)

 

$

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Discount Rate

 

 

5.49

%

 

 

5.68

%

 

 

5.02

%

 

 

5.31

%

 

 

5.59

%

 

 

4.96

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

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

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Service Cost Interest Rate

 

 

5.85

%

 

 

5.14

%

 

 

5.31

%

 

 

5.74

%

 

 

5.03

%

 

 

5.23

%

 

 

Interest Cost Interest Rate

 

 

5.38

%

 

 

4.91

%

 

 

5.09

%

 

 

5.29

%

 

 

4.88

%

 

 

5.07

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

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

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.54

%

 

 

9.08

%

 

 

8.89

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2034

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan Assets

The investments of pension and OPEB plans are held in trust accounts by the Trustee and consist of an undivided interest in an investment account of the Master Retirement Trust. The investments in the pension and OPEB plans are measured at fair value within a hierarchy that prioritizes the inputs to fair value measurements into three levels. See Note 16. Fair Value Measurements for more information on fair value guidance. Use of the Master Trust permits the commingling of pension plan assets and OPEB plan assets for investment and administrative purposes. Although assets of the plans are commingled in the Master Trust, the Trustee maintains supporting records for the purpose of allocating the net gain or loss of the investment account to the respective participating plans. The net investment income of the investment assets is allocated by the Trustee to each participating plan based on the relationship of the interest of each plan to the total of the interests of the participating plans. Additional investments of OPEB plans included in the Fair Value of Assets are held in a Welfare Trust. As of December 31, 2025, the pension plan interest and OPEB plan interest in such assets were approximately 91% and 9%, respectively.

The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

29

 

 

$

29

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

723

 

 

 

723

 

 

 

—

 

 

 

Commingled (C)

 

 

2,139

 

 

 

—

 

 

 

2,139

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,138

 

 

 

—

 

 

 

1,138

 

 

 

Commingled

 

 

8

 

 

 

8

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

4,037

 

 

$

760

 

 

$

3,277

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

450

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

256

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 $7 million and $6 million as of December 31, 2025 and 2024, 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 for each of the years ended December 31, 2025 and 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

 

2025

 

 

2024

 

 

 

Equity Securities

 

 

70

%

 

 

67

%

 

 

Debt Securities

 

 

24

%

 

 

25

%

 

 

Other Investments

 

 

6

%

 

 

8

%

 

 

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, 2025) 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 2025 and will decrease to 8.0% for 2026. This expected return includes a premium for active management.

Plan Contributions

PSEG contributed $5 million to its OPEB plan and $50 million to its pension plans in 2025. PSEG will make future pension contributions to satisfy Internal Revenue Service (IRS) minimum funding requirements. Depending on market performance, actuarial assumptions and financial estimates, PSEG could contribute up to $100 million to its pension plan in 2026.

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

 

 

 

2026

 

$

398

 

 

$

72

 

 

 

2027

 

 

344

 

 

 

69

 

 

 

2028

 

 

349

 

 

 

67

 

 

 

2029

 

 

356

 

 

 

64

 

 

 

2030

 

 

361

 

 

 

61

 

 

 

2031-2035

 

 

1,824

 

 

 

251

 

 

 

Total

 

$

3,632

 

 

$

584

 

 

 

 

 

 

 

 

 

 

 

 

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.

Employees hired or rehired on or after January 1, 2025 can choose between two different Retirement Program options - the “Core Contribution / 401(k) Program” or the “Cash Balance / 401(k) Program.” The Cash Balance / 401(k) Program provides pay credits in the Cash Balance components of PSEG's qualified pension plans and a 401(k) company match of employee contributions as noted above. The Core Contribution / 401(k) Program provides participants with a non-elective Core Contribution equal to 4% of their eligible earnings in the 401(k) Plan, as well as a dollar-for-dollar company match of up to 4% each pay period. Active participants in the Cash Balance components of PSEG’s qualified pension plans as of December 31, 2024 were also given a one-time election period to choose between the two Retirement Programs above. Elections to switch to the Core Contribution / 401(k) Program were effective January 1, 2026.

In addition to the above, beginning January 1, 2025, employees who are not participants in the Final Average Pay Component of PSEG’s qualified pension plans may also be eligible for an annual company contribution to the 401(k) Plan.

The amounts expensed for employer contributions to the above plans for PSE&G and PSEG Power & Other are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

35

 

 

$

31

 

 

$

29

 

 

 

PSEG Power & Other

 

 

16

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

51

 

 

$

45

 

 

$

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the 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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Service Cost

 

 

24

 

 

 

28

 

 

 

12

 

 

 

14

 

 

 

Interest Cost

 

 

29

 

 

 

26

 

 

 

28

 

 

 

25

 

 

 

Actuarial Gain (B)

 

 

(1

)

 

 

(54

)

 

 

(34

)

 

 

(29

)

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Benefit Obligation at End of Year (A)

 

$

557

 

 

$

521

 

 

$

501

 

 

$

510

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

86

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

23

 

 

 

25

 

 

 

15

 

 

 

14

 

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Fair Value of Assets at End of Year

 

$

583

 

 

$

490

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid (Accrued) Pension Costs of Servco

 

$

26

 

 

$

(31

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(501

)

 

 

(510

)

 

 

Amounts Recognized (C)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 2025 was due primarily to demographic updates, partially offset by other assumption updates. For OPEB, the net actuarial gain in 2025 was due primarily to other assumption updates. 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.
(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. Prepaid Pension costs as of December 31, 2025 are included in Other Noncurrent Assets.

Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trust and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. The pension-related revenues and costs for 2025, 2024 and 2023 were $23 million, $25 million and $18 million, respectively. Servco has contributed its entire planned contribution amount to its pension plan trust during 2025. The OPEB-related revenues earned and costs incurred were $15 million, $14 million and $12 million in 2025, 2024 and 2023, respectively.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

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

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.84

%

 

 

5.13

%

 

 

5.90

%

 

 

5.87

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.84

%

 

 

4.13

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.42

%

 

 

7.46

%

 

 

6.84

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2036

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 16. 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, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

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)

 

 

39

 

 

 

39

 

 

 

—

 

 

 

Commingled (B)

 

 

402

 

 

 

—

 

 

 

402

 

 

 

Commingled Bonds (B)

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Total Fair Value

 

$

583

 

 

$

41

 

 

$

542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

2025

 

 

2024

 

 

 

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 (14% at December 31, 2025) 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 2025 and will be 8.0% for 2026. This expected return includes a premium for active management.

Plan Contributions

Servco plans to contribute $15 million into its pension plan during 2026.

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

 

 

 

2026

 

$

19

 

 

$

15

 

 

 

2027

 

 

23

 

 

 

17

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

21

 

 

 

2030

 

 

31

 

 

 

24

 

 

 

2031-2035

 

 

193

 

 

 

143

 

 

 

Total

 

$

319

 

 

$

240

 

 

 

 

 

 

 

 

 

 

 

 

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 $14 million, $13 million and $10 million for the years ended December 31, 2025, 2024 and 2023. Pursuant to the OSA, Servco recognizes Operating Revenues for the reimbursement of these costs.
v3.25.4
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2025
Loss Contingencies [Line Items]  
Commitments and Contingent Liabilities

Note 12. 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 credit support.

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 unsecured credit thresholds from counterparties.

PSEG Power is subject to

•
counterparty collateral calls due to margining provisions included in commodity contracts, 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 primarily for electricity as part of its operations and for natural gas from time to time. 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, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

996

 

 

$

1,272

 

 

 

Exposure under Current Guarantees

 

$

132

 

 

$

47

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

95

 

 

$

4

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

16

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

—

 

 

$

(1

)

 

 

Net Broker Balance Deposited (Received)

 

$

222

 

 

$

245

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

155

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 15. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Accounts 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

Newark Bay Complex

The Newark Bay Complex is a tidal estuary in northern New Jersey that includes Newark Bay, as well as portions of the Passaic River, the Hackensack River and other surrounding waterways. The U.S. Environmental Protection Agency (EPA) has designated various portions of the Newark Bay Complex as federal Superfund sites that must be investigated and remediated under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA).

Lower Passaic River Study Area

The 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. 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.

Occidental has filed two lawsuits against PSE&G and others to attempt to recover costs associated with its past investigation and cleanup work within the LPRSA and to obtain a declaratory judgment of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

 

In January 2026, Occidental’s parent company completed the sale of Occidental to a third party and identified a new company, Environmental Resource Holdings, LLC, as the successor to Occidental’s environmental liability at the Newark Bay Complex and elsewhere. PSE&G and others have filed suit for a declaratory judgment that Occidental remains liable for investigation and cleanup costs within the Newark Bay Complex and elsewhere.

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. This settlement is being appealed. PSE&G and PSEG Power are not included in the 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, 2025, 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

EPA has designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. The site runs from the river's confluence with Newark Bay north to the Oradell Dam. 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 Lower Hackensack River designated as “Operable Unit 2.” 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; however, future costs related to this matter could be material.

In September 2025, the EPA identified PSE&G and three other parties as PRPs for a new portion of the Lower Hackensack River. EPA requested the PRPs voluntarily perform a technical study for this incremental portion designated as “Operable Unit 3.” PSE&G and PSEG Power are considering the EPA’s request. We cannot predict the outcome of this matter.

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 $179 million and $196 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 $179 million as of December 31, 2025. Of this amount, $23 million was recorded in Other Current Liabilities and $156 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $179 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.

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 FERC-approved prices set in the PJM capacity auctions, which significantly increased for the 2025/2026 and subsequent auction years. 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, 2026 is $677.73 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2026 of $696.05 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

 

 

 

 

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

 

 

36-Month Terms Ending

 

May 2026

 

 

May 2027

 

 

May 2028

 

 

May 2029

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

$

109.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2026 BGS auction will become effective on June 1, 2026 when the 2023 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 23. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, were 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 purchased the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The ZEC program ended effective June 1, 2025, and the final ZEC payment from PSE&G to PSEG Power settled in August 2025.

 

 

FERC Matters

FERC has completed 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 included 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 included a statement that nothing in the agreement reflected a challenge by FERC Enforcement to the end-of-life determination relative to the project and that no disgorgement had been sought. In both a December 2024 proceeding related to PJM’s annual cost allocation filing and in PSE&G’s 2025 annual formula rate true-up filing, an intervenor raised an objection related to the recovery of costs for the RPV project. FERC rejected the first challenge as procedurally out of scope and has not acted on, and does not need to act on, the second filing. In January 2026, that same intervenor filed a FERC complaint against PSE&G requesting that FERC set a hearing on the recovery of these costs. PSE&G has sought dismissal of the complaint but cannot predict the outcome of this matter.

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.

Sherman Act Antitrust Matter

In July 2025, a putative class action complaint was filed in the United States District Court for the District of Maryland against 26 nuclear generation power companies, including PSEG, and two consulting companies. The plaintiffs allege defendants violated federal antitrust laws by conspiring to fix the compensation and exchange information regarding compensation for nuclear generation workers. The alleged class includes all persons employed in nuclear power generation by the defendants and their subsidiaries from 2003 until the present, and the relief sought includes treble damages. PSEG cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG 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, 2025, 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 $63 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 12. 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 credit support.

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 unsecured credit thresholds from counterparties.

PSEG Power is subject to

•
counterparty collateral calls due to margining provisions included in commodity contracts, 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 primarily for electricity as part of its operations and for natural gas from time to time. 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, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

996

 

 

$

1,272

 

 

 

Exposure under Current Guarantees

 

$

132

 

 

$

47

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

95

 

 

$

4

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

16

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

—

 

 

$

(1

)

 

 

Net Broker Balance Deposited (Received)

 

$

222

 

 

$

245

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

155

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 15. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Accounts 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

Newark Bay Complex

The Newark Bay Complex is a tidal estuary in northern New Jersey that includes Newark Bay, as well as portions of the Passaic River, the Hackensack River and other surrounding waterways. The U.S. Environmental Protection Agency (EPA) has designated various portions of the Newark Bay Complex as federal Superfund sites that must be investigated and remediated under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA).

Lower Passaic River Study Area

The 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. 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.

Occidental has filed two lawsuits against PSE&G and others to attempt to recover costs associated with its past investigation and cleanup work within the LPRSA and to obtain a declaratory judgment of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

 

In January 2026, Occidental’s parent company completed the sale of Occidental to a third party and identified a new company, Environmental Resource Holdings, LLC, as the successor to Occidental’s environmental liability at the Newark Bay Complex and elsewhere. PSE&G and others have filed suit for a declaratory judgment that Occidental remains liable for investigation and cleanup costs within the Newark Bay Complex and elsewhere.

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. This settlement is being appealed. PSE&G and PSEG Power are not included in the 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, 2025, 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

EPA has designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. The site runs from the river's confluence with Newark Bay north to the Oradell Dam. 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 Lower Hackensack River designated as “Operable Unit 2.” 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; however, future costs related to this matter could be material.

In September 2025, the EPA identified PSE&G and three other parties as PRPs for a new portion of the Lower Hackensack River. EPA requested the PRPs voluntarily perform a technical study for this incremental portion designated as “Operable Unit 3.” PSE&G and PSEG Power are considering the EPA’s request. We cannot predict the outcome of this matter.

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 $179 million and $196 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 $179 million as of December 31, 2025. Of this amount, $23 million was recorded in Other Current Liabilities and $156 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $179 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.

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 FERC-approved prices set in the PJM capacity auctions, which significantly increased for the 2025/2026 and subsequent auction years. 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, 2026 is $677.73 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2026 of $696.05 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

 

 

 

 

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

 

 

36-Month Terms Ending

 

May 2026

 

 

May 2027

 

 

May 2028

 

 

May 2029

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

$

109.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2026 BGS auction will become effective on June 1, 2026 when the 2023 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 23. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, were 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 purchased the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The ZEC program ended effective June 1, 2025, and the final ZEC payment from PSE&G to PSEG Power settled in August 2025.

 

 

FERC Matters

FERC has completed 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 included 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 included a statement that nothing in the agreement reflected a challenge by FERC Enforcement to the end-of-life determination relative to the project and that no disgorgement had been sought. In both a December 2024 proceeding related to PJM’s annual cost allocation filing and in PSE&G’s 2025 annual formula rate true-up filing, an intervenor raised an objection related to the recovery of costs for the RPV project. FERC rejected the first challenge as procedurally out of scope and has not acted on, and does not need to act on, the second filing. In January 2026, that same intervenor filed a FERC complaint against PSE&G requesting that FERC set a hearing on the recovery of these costs. PSE&G has sought dismissal of the complaint but cannot predict the outcome of this matter.

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.

Sherman Act Antitrust Matter

In July 2025, a putative class action complaint was filed in the United States District Court for the District of Maryland against 26 nuclear generation power companies, including PSEG, and two consulting companies. The plaintiffs allege defendants violated federal antitrust laws by conspiring to fix the compensation and exchange information regarding compensation for nuclear generation workers. The alleged class includes all persons employed in nuclear power generation by the defendants and their subsidiaries from 2003 until the present, and the relief sought includes treble damages. PSEG cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG 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, 2025, 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 $63 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.
v3.25.4
Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 13. Debt and Credit Facilities

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

0.80%

 

2025

 

$

—

 

 

$

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

750

 

 

 

4.90%

 

 

2030

 

 

600

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

500

 

 

 

5.40%

 

 

2035

 

 

400

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Principal Amount Outstanding

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Amounts Due Within One Year

 

 

 

 

—

 

 

 

(550

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(31

)

 

 

(30

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

5,315

 

 

$

4,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

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):

 

 

 

 

 

 

 

 

 

3.00%

2025

 

 

—

 

 

 

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

 

 

 

450

 

 

 

4.85%

2034

 

 

600

 

 

 

600

 

 

 

5.05%

2035

 

 

400

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

4.90%

2035

 

 

450

 

 

 

—

 

 

 

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

 

 

 

550

 

 

 

5.30%

2054

 

 

500

 

 

 

500

 

 

 

5.50%

2055

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

16,100

 

 

 

15,100

 

 

 

Principal Amount Outstanding

 

 

 

16,115

 

 

 

15,115

 

 

 

Amounts Due Within One Year

 

 

 

(875

)

 

 

(350

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(123

)

 

 

(117

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

15,117

 

 

$

14,648

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

—

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

—

 

 

 

1,250

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

5.20%

2030

 

 

750

 

 

 

—

 

 

 

5.75%

2035

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

1,250

 

 

 

—

 

 

 

Principal Amount Outstanding

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

—

 

 

 

(1,250

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

(12

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

1,238

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2025 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

—

 

 

$

875

 

 

$

—

 

 

$

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

2030

 

 

1,150

 

 

 

300

 

 

 

750

 

 

 

2,200

 

 

 

Thereafter

 

 

2,146

 

 

 

13,440

 

 

 

500

 

 

 

16,086

 

 

 

Total

 

$

5,346

 

 

$

16,115

 

 

$

1,250

 

 

$

22,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Financing Transactions

During 2025, the following long-term debt transactions occurred:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030,
•
issued $400 million of 5.40% Senior Notes due March 2035, and
•
retired $550 million of 0.80% Senior Notes at maturity.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035,
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055,
•
issued $450 million of 4.90% Secured Medium-Term Notes, Series Q, due August 2035, and
•
retired $350 million of 3.00% Secured Medium-Term Notes, Series K, at maturity.

PSEG Power

•
issued $750 million of 5.20% Senior Unsecured Notes, due May 2030,
•
issued $500 million of 5.75% Senior Unsecured Notes, due May 2035, and
•
repaid $1.25 billion variable rate term loan in May 2025, due June 2025.

PSE&G

In January 2026, PSE&G issued $500 million of 4.20% Secured Medium-Term Notes, Series R, due January 2031 and $500 million of 5.63% Secured Medium-Term Notes, Series R, due January 2056.

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, 2025, the total available credit capacity was $2.7 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the $150 million uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of December 31, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of December 31, 2025, 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, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

719

 

 

$

781

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

719

 

 

$

781

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

351

 

 

$

649

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

351

 

 

$

649

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

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

 

 

$

1,152

 

 

$

2,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025, PSEG had $704 million outstanding commercial paper at a weighted average
interest rate of 4.07% and PSE&G had $325 million commercial paper outstanding at a weighted average interest rate of 3.89%.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $425 million, which can be utilized for letters of credit. As of December 31, 2025, PSEG Power had $243 million in letters of credit outstanding under these uncommitted credit facilities.

PSE&G has an uncommitted credit facility totaling $30 million, which can be utilized for letters of credit. As of December 31, 2025, PSE&G's letters of credit outstanding were immaterial under this uncommitted credit facility.

Debt Covenants

PSEG Power’s credit agreements and debt instruments contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations, and contain limitations on the incurrence of certain subsidiary debt and the incurrence of liens. PSEG Power’s bank credit agreements contain limitations on sales of assets and PSEG Power’s debt instruments contain limitations on sale and leaseback transactions.

Short-Term Loans

In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026.

In February 2026, PSEG entered into a 364-day variable rate term loan agreement for $500 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, 2025 and 2024 are included in the following table and accompanying notes as of December 31, 2025 and 2024. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,315

 

 

$

5,371

 

 

$

4,866

 

 

$

4,754

 

 

 

PSE&G (A)

 

 

15,992

 

 

 

14,705

 

 

 

14,998

 

 

 

13,337

 

 

 

PSEG Power (A)(B)

 

 

1,238

 

 

 

1,288

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

22,545

 

 

$

21,364

 

 

$

21,114

 

 

$

19,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
(B)
As of December 31, 2024, PSEG Power had a 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 13. Debt and Credit Facilities

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

0.80%

 

2025

 

$

—

 

 

$

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

750

 

 

 

4.90%

 

 

2030

 

 

600

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

500

 

 

 

5.40%

 

 

2035

 

 

400

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Principal Amount Outstanding

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Amounts Due Within One Year

 

 

 

 

—

 

 

 

(550

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(31

)

 

 

(30

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

5,315

 

 

$

4,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

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):

 

 

 

 

 

 

 

 

 

3.00%

2025

 

 

—

 

 

 

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

 

 

 

450

 

 

 

4.85%

2034

 

 

600

 

 

 

600

 

 

 

5.05%

2035

 

 

400

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

4.90%

2035

 

 

450

 

 

 

—

 

 

 

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

 

 

 

550

 

 

 

5.30%

2054

 

 

500

 

 

 

500

 

 

 

5.50%

2055

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

16,100

 

 

 

15,100

 

 

 

Principal Amount Outstanding

 

 

 

16,115

 

 

 

15,115

 

 

 

Amounts Due Within One Year

 

 

 

(875

)

 

 

(350

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(123

)

 

 

(117

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

15,117

 

 

$

14,648

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

—

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

—

 

 

 

1,250

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

5.20%

2030

 

 

750

 

 

 

—

 

 

 

5.75%

2035

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

1,250

 

 

 

—

 

 

 

Principal Amount Outstanding

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

—

 

 

 

(1,250

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

(12

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

1,238

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2025 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

—

 

 

$

875

 

 

$

—

 

 

$

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

2030

 

 

1,150

 

 

 

300

 

 

 

750

 

 

 

2,200

 

 

 

Thereafter

 

 

2,146

 

 

 

13,440

 

 

 

500

 

 

 

16,086

 

 

 

Total

 

$

5,346

 

 

$

16,115

 

 

$

1,250

 

 

$

22,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt Financing Transactions

During 2025, the following long-term debt transactions occurred:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030,
•
issued $400 million of 5.40% Senior Notes due March 2035, and
•
retired $550 million of 0.80% Senior Notes at maturity.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035,
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055,
•
issued $450 million of 4.90% Secured Medium-Term Notes, Series Q, due August 2035, and
•
retired $350 million of 3.00% Secured Medium-Term Notes, Series K, at maturity.

PSEG Power

•
issued $750 million of 5.20% Senior Unsecured Notes, due May 2030,
•
issued $500 million of 5.75% Senior Unsecured Notes, due May 2035, and
•
repaid $1.25 billion variable rate term loan in May 2025, due June 2025.

PSE&G

In January 2026, PSE&G issued $500 million of 4.20% Secured Medium-Term Notes, Series R, due January 2031 and $500 million of 5.63% Secured Medium-Term Notes, Series R, due January 2056.

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, 2025, the total available credit capacity was $2.7 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the $150 million uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of December 31, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of December 31, 2025, 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, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

719

 

 

$

781

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

719

 

 

$

781

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

351

 

 

$

649

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

351

 

 

$

649

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

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

 

 

$

1,152

 

 

$

2,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025, PSEG had $704 million outstanding commercial paper at a weighted average
interest rate of 4.07% and PSE&G had $325 million commercial paper outstanding at a weighted average interest rate of 3.89%.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $425 million, which can be utilized for letters of credit. As of December 31, 2025, PSEG Power had $243 million in letters of credit outstanding under these uncommitted credit facilities.

PSE&G has an uncommitted credit facility totaling $30 million, which can be utilized for letters of credit. As of December 31, 2025, PSE&G's letters of credit outstanding were immaterial under this uncommitted credit facility.

Debt Covenants

PSEG Power’s credit agreements and debt instruments contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations, and contain limitations on the incurrence of certain subsidiary debt and the incurrence of liens. PSEG Power’s bank credit agreements contain limitations on sales of assets and PSEG Power’s debt instruments contain limitations on sale and leaseback transactions.

Short-Term Loans

In December 2025, PSEG Power amended its existing $400 million 364-day variable rate term loan, which increased the balance to $500 million and extended the maturity to December 2026.

In February 2026, PSEG entered into a 364-day variable rate term loan agreement for $500 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, 2025 and 2024 are included in the following table and accompanying notes as of December 31, 2025 and 2024. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,315

 

 

$

5,371

 

 

$

4,866

 

 

$

4,754

 

 

 

PSE&G (A)

 

 

15,992

 

 

 

14,705

 

 

 

14,998

 

 

 

13,337

 

 

 

PSEG Power (A)(B)

 

 

1,238

 

 

 

1,288

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

22,545

 

 

$

21,364

 

 

$

21,114

 

 

$

19,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
(B)
As of December 31, 2024, PSEG Power had a private term loan with book value approximating fair value (Level 2 measurement).
v3.25.4
Schedule of Consolidated Capital Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Consolidated Capital Stock

Note 14. Schedule of Consolidated Capital Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

Outstanding Shares

 

 

Book Value

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSEG Common Stock (no par value) (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized 1,000 shares

 

 

498

 

 

 

498

 

 

$

3,627

 

 

$

3,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2025 or 2024.

As of December 31, 2025, 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.
v3.25.4
Financial Risk Management Activities
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Financial Risk Management Activities

Note 15. Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. 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 12. 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, 2025, PSEG had interest rate hedges outstanding through December 2026 which were executed to convert to fixed, a portion of PSEG Power’s $500 million variable rate loan due December 2026. The fair value of these hedges was immaterial as of December 31, 2025.

As of December 31, 2025, PSEG also had interest rate hedges outstanding to fix the interest rate for anticipated 2026 debt issuances. The fair value of these hedges was $4 million as of December 31, 2025.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $24 million and $36 million as of December 31, 2025 and December 31, 2024, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are $4 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 16. 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, 2025 and 2024. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

—

 

 

$

782

 

 

$

(771

)

 

$

11

 

 

$

11

 

 

 

Noncurrent Assets

 

 

4

 

 

 

871

 

 

 

(869

)

 

 

2

 

 

 

6

 

 

 

Total Mark-to-Market Derivative Assets

 

$

4

 

 

$

1,653

 

 

$

(1,640

)

 

$

13

 

 

$

17

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(850

)

 

$

785

 

 

$

(65

)

 

$

(65

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(975

)

 

 

954

 

 

 

(21

)

 

 

(21

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(1,825

)

 

$

1,739

 

 

$

(86

)

 

$

(86

)

 

 

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

 

$

4

 

 

$

(172

)

 

$

99

 

 

$

(73

)

 

$

(69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 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), Nodal Exchange (Nodal) and Intercontinental Exchange (ICE). The NYMEX, Nodal and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX, Nodal 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, Nodal and ICE that are fully collateralized) was $96 million and $17 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, PSEG Power had the contractual right of offset of $11 million, 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 $85 million and $6 million as of December 31, 2025 and 2024, 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, 2025, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

(11

)

 

$

59

 

 

$

13

 

 

Interest Expense

 

$

5

 

 

$

13

 

 

$

5

 

 

 

Total

 

$

(11

)

 

$

59

 

 

$

13

 

 

 

 

$

5

 

 

$

13

 

 

$

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 on interest rate hedges reclassified from AOCL into income was $4 million, $9 million and $3 million after tax as of December 31, 2025, 2024 and 2023, 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, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCL

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025, 2024 and 2023. 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,

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(108

)

 

$

27

 

 

$

1,567

 

 

 

Energy-Related Contracts

 

Energy Costs

 

 

(3

)

 

 

2

 

 

 

—

 

 

 

Total

 

 

 

$

(111

)

 

$

29

 

 

$

1,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2025

 

 

2024

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(73

)

 

 

(49

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

16

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

970

 

 

 

2,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Credit Risk

Credit risk relates to the risk of loss that PSEG 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. 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, 2025, more than 98% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There is one counterparty with credit exposure greater than 10% of the total. The credit exposures were with PSE&G. The PSE&G credit exposure is eliminated in consolidation. See Note 23. 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, 2025, PSE&G 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, 2025, PSE&G had $6 million in 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 15. Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. 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 12. 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, 2025, PSEG had interest rate hedges outstanding through December 2026 which were executed to convert to fixed, a portion of PSEG Power’s $500 million variable rate loan due December 2026. The fair value of these hedges was immaterial as of December 31, 2025.

As of December 31, 2025, PSEG also had interest rate hedges outstanding to fix the interest rate for anticipated 2026 debt issuances. The fair value of these hedges was $4 million as of December 31, 2025.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $24 million and $36 million as of December 31, 2025 and December 31, 2024, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are $4 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 16. 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, 2025 and 2024. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

—

 

 

$

782

 

 

$

(771

)

 

$

11

 

 

$

11

 

 

 

Noncurrent Assets

 

 

4

 

 

 

871

 

 

 

(869

)

 

 

2

 

 

 

6

 

 

 

Total Mark-to-Market Derivative Assets

 

$

4

 

 

$

1,653

 

 

$

(1,640

)

 

$

13

 

 

$

17

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(850

)

 

$

785

 

 

$

(65

)

 

$

(65

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(975

)

 

 

954

 

 

 

(21

)

 

 

(21

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(1,825

)

 

$

1,739

 

 

$

(86

)

 

$

(86

)

 

 

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

 

$

4

 

 

$

(172

)

 

$

99

 

 

$

(73

)

 

$

(69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 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), Nodal Exchange (Nodal) and Intercontinental Exchange (ICE). The NYMEX, Nodal and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX, Nodal 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, Nodal and ICE that are fully collateralized) was $96 million and $17 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, PSEG Power had the contractual right of offset of $11 million, 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 $85 million and $6 million as of December 31, 2025 and 2024, 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, 2025, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

(11

)

 

$

59

 

 

$

13

 

 

Interest Expense

 

$

5

 

 

$

13

 

 

$

5

 

 

 

Total

 

$

(11

)

 

$

59

 

 

$

13

 

 

 

 

$

5

 

 

$

13

 

 

$

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 on interest rate hedges reclassified from AOCL into income was $4 million, $9 million and $3 million after tax as of December 31, 2025, 2024 and 2023, 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, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCL

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025, 2024 and 2023. 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,

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(108

)

 

$

27

 

 

$

1,567

 

 

 

Energy-Related Contracts

 

Energy Costs

 

 

(3

)

 

 

2

 

 

 

—

 

 

 

Total

 

 

 

$

(111

)

 

$

29

 

 

$

1,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2025

 

 

2024

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(73

)

 

 

(49

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

16

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

970

 

 

 

2,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Credit Risk

Credit risk relates to the risk of loss that PSEG 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. 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, 2025, more than 98% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There is one counterparty with credit exposure greater than 10% of the total. The credit exposures were with PSE&G. The PSE&G credit exposure is eliminated in consolidation. See Note 23. 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, 2025, PSE&G 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, 2025, PSE&G had $6 million in 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.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 16. 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 and electric 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 non-exchange traded derivatives such as forward contracts, all option contracts 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 capacity contracts that deliver beyond the PJM capacity auction periods.

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. There were no transfers in 2025 and 2024 to or from Level 3.

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, 2025 and December 31, 2024, 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, 2025

 

 

 

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)

 

$

80

 

 

$

—

 

 

$

80

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

13

 

 

$

(1,640

)

 

$

1,610

 

 

$

43

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,555

 

 

$

—

 

 

$

1,555

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

384

 

 

$

—

 

 

$

—

 

 

$

384

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

406

 

 

$

—

 

 

$

—

 

 

$

406

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

569

 

 

$

—

 

 

$

—

 

 

$

569

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

57

 

 

$

—

 

 

$

—

 

 

$

57

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

27

 

 

$

—

 

 

$

—

 

 

$

27

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

61

 

 

$

—

 

 

$

—

 

 

$

61

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(86

)

 

$

1,739

 

 

$

(1,715

)

 

$

(110

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

60

 

 

$

—

 

 

$

60

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1— During 2025, electric futures contracts executed on an exchange were transferred from Level 2 into Level 1. Also included in Level 1 are natural gas futures contracts executed on an exchange. All Level 1 energy-related contracts are being valued solely on settled pricing inputs which come directly from an exchange such as NYMEX, ICE and Nodal 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, swaps, and all options) 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 electricity, capacity and natural gas 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)
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). The fair value measurement table excludes any cash and foreign currency included in these trusts. For additional information, see Note 9. Trust Investments.

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 securities classified as equity 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 primarily 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 15. 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, 2025, PSEG carried $3.1 billion of net assets that were measured at fair value on a recurring basis. No liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy.

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 net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.
Public Service Electric and Gas Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 16. 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 and electric 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 non-exchange traded derivatives such as forward contracts, all option contracts 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 capacity contracts that deliver beyond the PJM capacity auction periods.

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. There were no transfers in 2025 and 2024 to or from Level 3.

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, 2025 and December 31, 2024, 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, 2025

 

 

 

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)

 

$

80

 

 

$

—

 

 

$

80

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

13

 

 

$

(1,640

)

 

$

1,610

 

 

$

43

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,555

 

 

$

—

 

 

$

1,555

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

384

 

 

$

—

 

 

$

—

 

 

$

384

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

406

 

 

$

—

 

 

$

—

 

 

$

406

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

569

 

 

$

—

 

 

$

—

 

 

$

569

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

57

 

 

$

—

 

 

$

—

 

 

$

57

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

27

 

 

$

—

 

 

$

—

 

 

$

27

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

61

 

 

$

—

 

 

$

—

 

 

$

61

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(86

)

 

$

1,739

 

 

$

(1,715

)

 

$

(110

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

60

 

 

$

—

 

 

$

60

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1— During 2025, electric futures contracts executed on an exchange were transferred from Level 2 into Level 1. Also included in Level 1 are natural gas futures contracts executed on an exchange. All Level 1 energy-related contracts are being valued solely on settled pricing inputs which come directly from an exchange such as NYMEX, ICE and Nodal 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, swaps, and all options) 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 electricity, capacity and natural gas 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)
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). The fair value measurement table excludes any cash and foreign currency included in these trusts. For additional information, see Note 9. Trust Investments.

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 securities classified as equity 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 primarily 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 15. 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, 2025, PSEG carried $3.1 billion of net assets that were measured at fair value on a recurring basis. No liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy.

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 net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.
v3.25.4
Stock Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Stock Based Compensation

Note 17. 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, 2025, approximately 5 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 2025 and 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 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 11, 2025

 

4.19%

 

21.51%

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

43

 

 

$

40

 

 

$

18

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

12

 

 

$

11

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For each of the years 2025, 2024 and 2023, PSEG also recorded excess tax benefits of $9 million, $1 million and $22 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, 2025 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, 2025

 

 

448,790

 

 

$

61.03

 

 

 

 

 

 

 

 

 

Granted

 

 

326,735

 

 

$

83.74

 

 

 

 

 

 

 

 

 

Vested

 

 

354,257

 

 

$

69.34

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

9,265

 

 

$

72.79

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

412,003

 

 

$

71.63

 

 

 

0.7

 

 

$

33,083,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for RSUs during the years ended December 31, 2025, 2024 and 2023 was $83.74, $59.22 and $61.44 per share, respectively.

The total intrinsic value of RSUs distributed during the years ended December 31, 2025, 2024 and 2023 was $36 million, $16 million and $54 million, respectively.

As of December 31, 2025, there was approximately $16 million of unrecognized compensation cost related to the RSUs, which is expected to be recognized over a weighted average period of 1.2 years. DEUs of 30,462 accrued on the RSUs during the year.

PSUs

Changes in PSUs for the year ended December 31, 2025 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, 2025

 

 

473,853

 

 

$

66.59

 

 

 

 

 

 

 

 

 

Granted

 

 

319,884

 

 

$

80.29

 

 

 

 

 

 

 

 

 

Vested

 

 

369,333

 

 

$

69.70

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

19,499

 

 

$

70.99

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

404,905

 

 

$

74.36

 

 

 

1.6

 

 

$

32,513,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for PSUs during the years ended December 31, 2025, 2024 and 2023 was $80.29, $65.44 and $67.99 per share, respectively.

The total intrinsic value of PSUs distributed during the years ended December 31, 2025, 2024 and 2023 was $50 million, $10 million and $95 million, respectively.

As of December 31, 2025, 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 1.6 years. DEUs of 39,162 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, 2025, 2024, and 2023.

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, 2025, 2024 and 2023.

During the years ended December 31, 2025, 2024 and 2023, employees purchased 286,500 shares, 287,982 shares and 339,807 shares, respectively, at an average price of $76.00, $71.46 and $55.84 per share, respectively. As of December 31, 2025, 672,250 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 17. 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, 2025, approximately 5 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 2025 and 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 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 11, 2025

 

4.19%

 

21.51%

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

43

 

 

$

40

 

 

$

18

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

12

 

 

$

11

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For each of the years 2025, 2024 and 2023, PSEG also recorded excess tax benefits of $9 million, $1 million and $22 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, 2025 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, 2025

 

 

448,790

 

 

$

61.03

 

 

 

 

 

 

 

 

 

Granted

 

 

326,735

 

 

$

83.74

 

 

 

 

 

 

 

 

 

Vested

 

 

354,257

 

 

$

69.34

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

9,265

 

 

$

72.79

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

412,003

 

 

$

71.63

 

 

 

0.7

 

 

$

33,083,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for RSUs during the years ended December 31, 2025, 2024 and 2023 was $83.74, $59.22 and $61.44 per share, respectively.

The total intrinsic value of RSUs distributed during the years ended December 31, 2025, 2024 and 2023 was $36 million, $16 million and $54 million, respectively.

As of December 31, 2025, there was approximately $16 million of unrecognized compensation cost related to the RSUs, which is expected to be recognized over a weighted average period of 1.2 years. DEUs of 30,462 accrued on the RSUs during the year.

PSUs

Changes in PSUs for the year ended December 31, 2025 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, 2025

 

 

473,853

 

 

$

66.59

 

 

 

 

 

 

 

 

 

Granted

 

 

319,884

 

 

$

80.29

 

 

 

 

 

 

 

 

 

Vested

 

 

369,333

 

 

$

69.70

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

19,499

 

 

$

70.99

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

404,905

 

 

$

74.36

 

 

 

1.6

 

 

$

32,513,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The weighted average grant date fair value per share for PSUs during the years ended December 31, 2025, 2024 and 2023 was $80.29, $65.44 and $67.99 per share, respectively.

The total intrinsic value of PSUs distributed during the years ended December 31, 2025, 2024 and 2023 was $50 million, $10 million and $95 million, respectively.

As of December 31, 2025, 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 1.6 years. DEUs of 39,162 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, 2025, 2024, and 2023.

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, 2025, 2024 and 2023.

During the years ended December 31, 2025, 2024 and 2023, employees purchased 286,500 shares, 287,982 shares and 339,807 shares, respectively, at an average price of $76.00, $71.46 and $55.84 per share, respectively. As of December 31, 2025, 672,250 shares were available for future issuance under this plan.
v3.25.4
Net Other Income (Deductions)
 12 Months Ended
Dec. 31, 2025
Component of Other Income [Line Items]  
Net Other Income (Deductions)

Note 18. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

90

 

 

$

90

 

 

 

AFUDC

 

 

44

 

 

 

—

 

 

 

44

 

 

 

Solar Loan Interest

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Other Interest

 

 

13

 

 

 

16

 

 

 

29

 

 

 

Donations

 

 

—

 

 

 

(16

)

 

 

(16

)

 

 

Other

 

 

4

 

 

 

(9

)

 

 

(5

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

81

 

 

$

145

 

 

 

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

 

 

 

Donations

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

Other

 

 

9

 

 

 

(8

)

 

 

1

 

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

90

 

 

$

154

 

 

 

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

 

 

 

Donations

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Other

 

 

2

 

 

 

(9

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

93

 

 

$

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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  
Component of Other Income [Line Items]  
Net Other Income (Deductions)

Note 18. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

90

 

 

$

90

 

 

 

AFUDC

 

 

44

 

 

 

—

 

 

 

44

 

 

 

Solar Loan Interest

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Other Interest

 

 

13

 

 

 

16

 

 

 

29

 

 

 

Donations

 

 

—

 

 

 

(16

)

 

 

(16

)

 

 

Other

 

 

4

 

 

 

(9

)

 

 

(5

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

81

 

 

$

145

 

 

 

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

 

 

 

Donations

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

Other

 

 

9

 

 

 

(8

)

 

 

1

 

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

90

 

 

$

154

 

 

 

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

 

 

 

Donations

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Other

 

 

2

 

 

 

(9

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

93

 

 

$

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes [Line Items]  
Income Taxes

Note 19. Income Taxes

The components of PSEG’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

170

 

 

$

(225

)

 

$

144

 

 

 

State

 

 

(7

)

 

 

15

 

 

 

19

 

 

 

Total Current

 

 

163

 

 

 

(210

)

 

 

163

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(48

)

 

 

129

 

 

 

109

 

 

 

State

 

 

154

 

 

 

140

 

 

 

253

 

 

 

Total Deferred

 

 

106

 

 

 

269

 

 

 

362

 

 

 

ITC

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

263

 

 

$

53

 

 

$

518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

2,374

 

 

 

 

$

1,825

 

 

 

 

$

3,081

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

499

 

 

21.0

%

 

$

383

 

 

21.0

%

 

$

647

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

126

 

 

5.3

%

 

 

122

 

 

6.7

%

 

 

215

 

 

7.0

%

 

 

Tax Credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PTCs

 

 

—

 

 

—

 

 

 

(350

)

 

(19.2

%)

 

 

—

 

 

—

 

 

 

Other Credits

 

 

(20

)

 

(0.8

%)

 

 

(11

)

 

(0.6

%)

 

 

(10

)

 

(0.3

%)

 

 

Nontaxable or Nondeductible Items

 

 

(3

)

 

(0.1

%)

 

 

4

 

 

0.2

%

 

 

(8

)

 

(0.3

%)

 

 

Changes in Unrecognized Tax Benefits

 

 

7

 

 

0.3

%

 

 

95

 

 

5.2

%

 

 

(14

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(13.2

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(7.5

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.2

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(1.7

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.4

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(0.5

%)

 

 

Other Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NDT Fund

 

 

31

 

 

1.3

%

 

 

21

 

 

1.2

%

 

 

26

 

 

0.8

%

 

 

Leasing Activities

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

(22

)

 

(0.7

%)

 

 

Other

 

 

1

 

 

—

 

 

 

(5

)

 

(0.3

%)

 

 

(16

)

 

(0.5

%)

 

 

Effective Tax Rate

 

$

263

 

 

11.1

%

 

$

53

 

 

2.9

%

 

$

518

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.

 

For the years ended December 31, 2025, 2024 and 2023, PSEG paid income taxes as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes Paid (Received)

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

PSEG

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

18

 

 

$

69

 

 

$

123

 

 

 

State

 

 

(18

)

 

 

(1

)

 

 

21

 

 

 

Total

 

$

—

 

 

$

68

 

 

$

144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

43

 

 

 

49

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Mark-to-Market

 

 

32

 

 

 

—

 

 

 

Other

 

 

144

 

 

 

147

 

 

 

Total Assets

 

$

670

 

 

$

591

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,382

 

 

$

5,084

 

 

 

New Jersey Corporate Business Tax

 

 

1,543

 

 

 

1,414

 

 

 

Leasing Activities

 

 

30

 

 

 

33

 

 

 

AROs and NDT Fund

 

 

378

 

 

 

281

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Pension Costs

 

 

195

 

 

 

193

 

 

 

Operating Leases

 

 

30

 

 

 

34

 

 

 

Other

 

 

214

 

 

 

278

 

 

 

Total Liabilities

 

$

8,549

 

 

$

7,781

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,879

 

 

$

7,190

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,930

 

 

$

7,248

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

The components of PSE&G’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

115

 

 

$

(67

)

 

$

127

 

 

 

State

 

 

1

 

 

 

—

 

 

 

4

 

 

 

Total Current

 

 

116

 

 

 

(67

)

 

 

131

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(125

)

 

 

209

 

 

 

(113

)

 

 

State

 

 

167

 

 

 

162

 

 

 

149

 

 

 

Total Deferred

 

 

42

 

 

 

371

 

 

 

36

 

 

 

ITC Benefit

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

152

 

 

$

298

 

 

$

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

1,897

 

 

 

 

$

1,845

 

 

 

 

$

1,675

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

399

 

 

21.0

%

 

$

387

 

 

21.0

%

 

$

352

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

133

 

 

7.0

%

 

 

128

 

 

6.9

%

 

 

121

 

 

7.2

%

 

 

Tax Credits

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

Nontaxable or Nondeductible Items

 

 

3

 

 

0.2

%

 

 

2

 

 

0.1

%

 

 

6

 

 

0.4

%

 

 

Changes in Unrecognized Tax Benefits

 

 

2

 

 

0.1

%

 

 

—

 

 

—

 

 

 

(9

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(16.5

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(13.9

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.9

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(3.1

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.5

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(1.0

%)

 

 

Other Adjustments

 

 

2

 

 

0.1

%

 

 

(4

)

 

(0.2

%)

 

 

(1

)

 

(0.1

%)

 

 

Effective Tax Rate

 

$

152

 

 

8.0

%

 

$

298

 

 

16.2

%

 

$

160

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.

 

For the years ended December 31, 2025, 2024 and 2023, PSE&G paid federal income taxes of $8 million, $68 million and $77 million, respectively. State income tax payments were immaterial in each of the years presented.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

16

 

 

 

22

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

19

 

 

 

20

 

 

 

Customer Advances

 

 

23

 

 

 

15

 

 

 

Other

 

 

46

 

 

 

39

 

 

 

Total Assets

 

$

521

 

 

$

453

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,923

 

 

$

4,631

 

 

 

New Jersey Corporate Business Tax

 

 

1,421

 

 

 

1,303

 

 

 

Pension Costs

 

 

200

 

 

 

199

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Conservation Costs

 

 

91

 

 

 

103

 

 

 

Operating Leases

 

 

18

 

 

 

20

 

 

 

Other

 

 

114

 

 

 

152

 

 

 

Total Liabilities

 

$

7,544

 

 

$

6,872

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,023

 

 

$

6,419

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,074

 

 

$

6,477

 

 

 

 

 

 

 

 

 

 

 

 

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 ratemaking 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 5. 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, 2025, the remaining balance of excess deferred income taxes is all protected and was approximately $1.2 billion with a Regulatory Liability of approximately $1.7 billion. In 2025, PSE&G returned approximately $436 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 $313 million. The flowback to customers of the excess deferred income taxes and previously realized tax repair deductions resulted in a decrease of approximately $355 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 5. 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 (AFSI), effective in 2023, and made certain changes to existing energy tax credit laws.

In 2025, PSEG determined that it is subject to CAMT as it is an applicable corporation in accordance with the statute. The impact of the CAMT for the twelve months ended December 31, 2025 was not material. PSEG had determined that it is not subject to the

CAMT for 2024 and 2023 as it was not an applicable corporation in accordance with the statute. In February 2026, the U.S. Treasury issued Notice 2026-07 (CAMT Notice) which clarifies AFSI computation by allowing an adjustment to deduct certain repair and maintenance costs that are capitalized in the applicable financial statement. This CAMT Notice will result in a reduction to AFSI for CAMT purposes. However, certain CAMT rules remain unclear; therefore, the issuance of future authoritative guidance could materially impact PSEG’s and PSE&G’s results of operations, financial condition and cash flows.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a Natural Gas Safe Harbor (NGSH) method of accounting to determine the annual repair tax deduction for gas T&D property. As a result of the CAMT Notice, PSE&G intends to adopt the NGSH method for its gas distribution assets in its 2025 Federal tax return including a historical cumulative IRC Section 481(a) adjustment. While PSEG is still evaluating this guidance, it expects that the additional repair deductions will reduce our taxable income and AFSI, and will result in lower cash taxes.

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.

PSEG’s estimated full year 2025 gross receipts for its nuclear operations were above the level at which it would receive PTCs, therefore, PSEG did not record a PTC benefit for the year ended December 31, 2025. 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.

In July 2025, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (the Act) was signed into law. The Act made no material changes to the PTC for existing qualified nuclear generation facilities. The Act permanently extends 100% bonus depreciation to qualified business property retroactive to January 19, 2025. The impact of the Act on PSEG’s and PSE&G’s financial statements is subject to continued evaluation.

As of December 31, 2025, PSEG had a $11 million state NOL and PSE&G had a $120 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:

 

 

 

 

 

 

 

 

 

 

 

2025

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2025

 

$

209

 

 

$

8

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

35

 

 

 

11

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(47

)

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

—

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2025

 

$

196

 

 

$

19

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(31

)

 

 

(14

)

 

 

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)

 

$

164

 

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

24

 

 

$

27

 

 

$

25

 

 

 

PSE&G

 

$

1

 

 

$

—

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2022-2024

 

N/A

 

 

New Jersey

 

2015-2018

 

2015-2018

 

 

New Jersey

 

2021-2024

 

2021-2024

 

 

Pennsylvania

 

2017-2024

 

N/A

 

 

Connecticut

 

2022

 

N/A

 

 

Maryland

 

2022

 

N/A

 

 

New York

 

2020-2024

 

N/A

 

 

 

 

 

 

 

 

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

Note 19. Income Taxes

The components of PSEG’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

170

 

 

$

(225

)

 

$

144

 

 

 

State

 

 

(7

)

 

 

15

 

 

 

19

 

 

 

Total Current

 

 

163

 

 

 

(210

)

 

 

163

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(48

)

 

 

129

 

 

 

109

 

 

 

State

 

 

154

 

 

 

140

 

 

 

253

 

 

 

Total Deferred

 

 

106

 

 

 

269

 

 

 

362

 

 

 

ITC

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

263

 

 

$

53

 

 

$

518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

2,374

 

 

 

 

$

1,825

 

 

 

 

$

3,081

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

499

 

 

21.0

%

 

$

383

 

 

21.0

%

 

$

647

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

126

 

 

5.3

%

 

 

122

 

 

6.7

%

 

 

215

 

 

7.0

%

 

 

Tax Credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PTCs

 

 

—

 

 

—

 

 

 

(350

)

 

(19.2

%)

 

 

—

 

 

—

 

 

 

Other Credits

 

 

(20

)

 

(0.8

%)

 

 

(11

)

 

(0.6

%)

 

 

(10

)

 

(0.3

%)

 

 

Nontaxable or Nondeductible Items

 

 

(3

)

 

(0.1

%)

 

 

4

 

 

0.2

%

 

 

(8

)

 

(0.3

%)

 

 

Changes in Unrecognized Tax Benefits

 

 

7

 

 

0.3

%

 

 

95

 

 

5.2

%

 

 

(14

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(13.2

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(7.5

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.2

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(1.7

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.4

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(0.5

%)

 

 

Other Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NDT Fund

 

 

31

 

 

1.3

%

 

 

21

 

 

1.2

%

 

 

26

 

 

0.8

%

 

 

Leasing Activities

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

(22

)

 

(0.7

%)

 

 

Other

 

 

1

 

 

—

 

 

 

(5

)

 

(0.3

%)

 

 

(16

)

 

(0.5

%)

 

 

Effective Tax Rate

 

$

263

 

 

11.1

%

 

$

53

 

 

2.9

%

 

$

518

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.

 

For the years ended December 31, 2025, 2024 and 2023, PSEG paid income taxes as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes Paid (Received)

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

PSEG

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

18

 

 

$

69

 

 

$

123

 

 

 

State

 

 

(18

)

 

 

(1

)

 

 

21

 

 

 

Total

 

$

—

 

 

$

68

 

 

$

144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

43

 

 

 

49

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Mark-to-Market

 

 

32

 

 

 

—

 

 

 

Other

 

 

144

 

 

 

147

 

 

 

Total Assets

 

$

670

 

 

$

591

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,382

 

 

$

5,084

 

 

 

New Jersey Corporate Business Tax

 

 

1,543

 

 

 

1,414

 

 

 

Leasing Activities

 

 

30

 

 

 

33

 

 

 

AROs and NDT Fund

 

 

378

 

 

 

281

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Pension Costs

 

 

195

 

 

 

193

 

 

 

Operating Leases

 

 

30

 

 

 

34

 

 

 

Other

 

 

214

 

 

 

278

 

 

 

Total Liabilities

 

$

8,549

 

 

$

7,781

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,879

 

 

$

7,190

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,930

 

 

$

7,248

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

The components of PSE&G’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

115

 

 

$

(67

)

 

$

127

 

 

 

State

 

 

1

 

 

 

—

 

 

 

4

 

 

 

Total Current

 

 

116

 

 

 

(67

)

 

 

131

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(125

)

 

 

209

 

 

 

(113

)

 

 

State

 

 

167

 

 

 

162

 

 

 

149

 

 

 

Total Deferred

 

 

42

 

 

 

371

 

 

 

36

 

 

 

ITC Benefit

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

152

 

 

$

298

 

 

$

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

1,897

 

 

 

 

$

1,845

 

 

 

 

$

1,675

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

399

 

 

21.0

%

 

$

387

 

 

21.0

%

 

$

352

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

133

 

 

7.0

%

 

 

128

 

 

6.9

%

 

 

121

 

 

7.2

%

 

 

Tax Credits

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

Nontaxable or Nondeductible Items

 

 

3

 

 

0.2

%

 

 

2

 

 

0.1

%

 

 

6

 

 

0.4

%

 

 

Changes in Unrecognized Tax Benefits

 

 

2

 

 

0.1

%

 

 

—

 

 

—

 

 

 

(9

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(16.5

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(13.9

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.9

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(3.1

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.5

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(1.0

%)

 

 

Other Adjustments

 

 

2

 

 

0.1

%

 

 

(4

)

 

(0.2

%)

 

 

(1

)

 

(0.1

%)

 

 

Effective Tax Rate

 

$

152

 

 

8.0

%

 

$

298

 

 

16.2

%

 

$

160

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.

 

For the years ended December 31, 2025, 2024 and 2023, PSE&G paid federal income taxes of $8 million, $68 million and $77 million, respectively. State income tax payments were immaterial in each of the years presented.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

16

 

 

 

22

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

19

 

 

 

20

 

 

 

Customer Advances

 

 

23

 

 

 

15

 

 

 

Other

 

 

46

 

 

 

39

 

 

 

Total Assets

 

$

521

 

 

$

453

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,923

 

 

$

4,631

 

 

 

New Jersey Corporate Business Tax

 

 

1,421

 

 

 

1,303

 

 

 

Pension Costs

 

 

200

 

 

 

199

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Conservation Costs

 

 

91

 

 

 

103

 

 

 

Operating Leases

 

 

18

 

 

 

20

 

 

 

Other

 

 

114

 

 

 

152

 

 

 

Total Liabilities

 

$

7,544

 

 

$

6,872

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,023

 

 

$

6,419

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,074

 

 

$

6,477

 

 

 

 

 

 

 

 

 

 

 

 

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 ratemaking 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 5. 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, 2025, the remaining balance of excess deferred income taxes is all protected and was approximately $1.2 billion with a Regulatory Liability of approximately $1.7 billion. In 2025, PSE&G returned approximately $436 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 $313 million. The flowback to customers of the excess deferred income taxes and previously realized tax repair deductions resulted in a decrease of approximately $355 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 5. 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 (AFSI), effective in 2023, and made certain changes to existing energy tax credit laws.

In 2025, PSEG determined that it is subject to CAMT as it is an applicable corporation in accordance with the statute. The impact of the CAMT for the twelve months ended December 31, 2025 was not material. PSEG had determined that it is not subject to the

CAMT for 2024 and 2023 as it was not an applicable corporation in accordance with the statute. In February 2026, the U.S. Treasury issued Notice 2026-07 (CAMT Notice) which clarifies AFSI computation by allowing an adjustment to deduct certain repair and maintenance costs that are capitalized in the applicable financial statement. This CAMT Notice will result in a reduction to AFSI for CAMT purposes. However, certain CAMT rules remain unclear; therefore, the issuance of future authoritative guidance could materially impact PSEG’s and PSE&G’s results of operations, financial condition and cash flows.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a Natural Gas Safe Harbor (NGSH) method of accounting to determine the annual repair tax deduction for gas T&D property. As a result of the CAMT Notice, PSE&G intends to adopt the NGSH method for its gas distribution assets in its 2025 Federal tax return including a historical cumulative IRC Section 481(a) adjustment. While PSEG is still evaluating this guidance, it expects that the additional repair deductions will reduce our taxable income and AFSI, and will result in lower cash taxes.

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.

PSEG’s estimated full year 2025 gross receipts for its nuclear operations were above the level at which it would receive PTCs, therefore, PSEG did not record a PTC benefit for the year ended December 31, 2025. 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.

In July 2025, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (the Act) was signed into law. The Act made no material changes to the PTC for existing qualified nuclear generation facilities. The Act permanently extends 100% bonus depreciation to qualified business property retroactive to January 19, 2025. The impact of the Act on PSEG’s and PSE&G’s financial statements is subject to continued evaluation.

As of December 31, 2025, PSEG had a $11 million state NOL and PSE&G had a $120 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:

 

 

 

 

 

 

 

 

 

 

 

2025

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2025

 

$

209

 

 

$

8

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

35

 

 

 

11

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(47

)

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

—

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2025

 

$

196

 

 

$

19

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(31

)

 

 

(14

)

 

 

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)

 

$

164

 

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

24

 

 

$

27

 

 

$

25

 

 

 

PSE&G

 

$

1

 

 

$

—

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2022-2024

 

N/A

 

 

New Jersey

 

2015-2018

 

2015-2018

 

 

New Jersey

 

2021-2024

 

2021-2024

 

 

Pennsylvania

 

2017-2024

 

N/A

 

 

Connecticut

 

2022

 

N/A

 

 

Maryland

 

2022

 

N/A

 

 

New York

 

2020-2024

 

N/A

 

 

 

 

 

 

 

 

 
v3.25.4
Accumulated Other Comprehensive Income (Loss), Net of Tax
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss), Net of Tax

Note 20. 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, 2022

 

$

(3

)

 

$

(426

)

 

$

(121

)

 

$

(550

)

 

 

Current Period Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

(8

)

 

 

14

 

 

 

29

 

 

 

35

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(4

)

 

 

6

 

 

 

5

 

 

 

7

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

(12

)

 

 

20

 

 

 

34

 

 

 

42

 

 

 

Balance as of December 31, 2025

 

$

24

 

 

$

(56

)

 

$

(59

)

 

$

(91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

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

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

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

 

 

$

(1

)

 

$

4

 

 

 

Total Cash Flow Hedges

 

 

 

 

5

 

 

 

(1

)

 

 

4

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(7

)

 

 

2

 

 

 

(5

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(8

)

 

 

2

 

 

 

(6

)

 

 

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

 

 

 

$

(11

)

 

$

4

 

 

$

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Earnings Per Share (EPS) and Dividends
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share (EPS) and Dividends

Note 21. 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 17. 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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

2,111

 

 

$

2,111

 

 

$

1,772

 

 

$

1,772

 

 

$

2,563

 

 

$

2,563

 

 

 

EPS Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

499

 

 

 

499

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Total Shares

 

 

499

 

 

 

501

 

 

 

498

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

4.23

 

 

$

4.22

 

 

$

3.56

 

 

$

3.54

 

 

$

5.15

 

 

$

5.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 17. Stock Based Compensation.

Common Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Dividend Payments on Common Stock

 

2025

 

 

2024

 

 

2023

 

 

 

Per Share

 

$

2.52

 

 

$

2.40

 

 

$

2.28

 

 

 

in Millions

 

$

1,258

 

 

$

1,196

 

 

$

1,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On February 24, 2026, PSEG’s Board of Directors approved a $0.67 per share common stock dividend for the first quarter of 2026.
v3.25.4
Financial Information By Business Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 22. 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 the 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 two 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 from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. 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.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

Energy Costs

 

 

3,782

 

 

 

1,489

 

 

 

(1,112

)

 

 

4,159

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,431

 

 

 

832

 

 

 

—

 

 

 

2,263

 

 

 

Depreciation and Amortization

 

 

1,116

 

 

 

141

 

 

 

—

 

 

 

1,257

 

 

 

Interest Income

 

 

16

 

 

 

19

 

 

 

(3

)

 

 

32

 

 

 

Interest Expense

 

 

644

 

 

 

364

 

 

 

(3

)

 

 

1,005

 

 

 

Income Tax Expense (Benefit)

 

 

152

 

 

 

111

 

 

 

—

 

 

 

263

 

 

 

Other Segment Items (D)

 

 

704

 

 

 

438

 

 

 

—

 

 

 

1,142

 

 

 

Net Income

 

$

1,745

 

 

$

366

 

 

$

—

 

 

$

2,111

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,731

 

 

$

572

 

 

$

(31

)

 

$

3,272

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

447

 

 

 

—

 

 

 

952

 

 

 

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

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

685

 

 

 

—

 

 

 

1,160

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, 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 23. 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, 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.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 22. 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 the 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 two 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 from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. 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.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

Energy Costs

 

 

3,782

 

 

 

1,489

 

 

 

(1,112

)

 

 

4,159

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,431

 

 

 

832

 

 

 

—

 

 

 

2,263

 

 

 

Depreciation and Amortization

 

 

1,116

 

 

 

141

 

 

 

—

 

 

 

1,257

 

 

 

Interest Income

 

 

16

 

 

 

19

 

 

 

(3

)

 

 

32

 

 

 

Interest Expense

 

 

644

 

 

 

364

 

 

 

(3

)

 

 

1,005

 

 

 

Income Tax Expense (Benefit)

 

 

152

 

 

 

111

 

 

 

—

 

 

 

263

 

 

 

Other Segment Items (D)

 

 

704

 

 

 

438

 

 

 

—

 

 

 

1,142

 

 

 

Net Income

 

$

1,745

 

 

$

366

 

 

$

—

 

 

$

2,111

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,731

 

 

$

572

 

 

$

(31

)

 

$

3,272

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

447

 

 

 

—

 

 

 

952

 

 

 

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

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

685

 

 

 

—

 

 

 

1,160

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, 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 23. 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, 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.
v3.25.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transaction [Line Items]  
Related-Party Transactions

Note 23. 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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

1,106

 

 

$

959

 

 

$

1,065

 

 

 

Administrative Billings from Services (B)

 

$

545

 

 

 

516

 

 

$

443

 

 

 

Total Billings from Affiliates

 

$

1,651

 

 

$

1,475

 

 

$

1,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

228

 

 

$

209

 

 

 

Net Payable to Services (B)

 

 

102

 

 

 

116

 

 

 

Net Payable to PSEG (C)

 

 

142

 

 

 

37

 

 

 

Accounts Payable—Affiliated Companies

 

$

472

 

 

$

362

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (Receivable) (C)

 

$

7

 

 

$

(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 sold 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 were prescribed by the BPU. BGSS sales were billed and settled on a monthly basis. ZEC sales were billed on a monthly basis and settled annually following completion of each energy year. The ZEC program ended effective June 1, 2025, with the final ZEC payment from PSE&G to PSEG Power settled in August 2025. 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 23. 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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

1,106

 

 

$

959

 

 

$

1,065

 

 

 

Administrative Billings from Services (B)

 

$

545

 

 

 

516

 

 

$

443

 

 

 

Total Billings from Affiliates

 

$

1,651

 

 

$

1,475

 

 

$

1,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

228

 

 

$

209

 

 

 

Net Payable to Services (B)

 

 

102

 

 

 

116

 

 

 

Net Payable to PSEG (C)

 

 

142

 

 

 

37

 

 

 

Accounts Payable—Affiliated Companies

 

$

472

 

 

$

362

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (Receivable) (C)

 

$

7

 

 

$

(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 sold 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 were prescribed by the BPU. BGSS sales were billed and settled on a monthly basis. ZEC sales were billed on a monthly basis and settled annually following completion of each energy year. The ZEC program ended effective June 1, 2025, with the final ZEC payment from PSE&G to PSEG Power settled in August 2025. 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.
v3.25.4
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
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, 2025—December 31, 2023

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

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

215

 

 

$

145

 

(A)

 

$

—

 

 

$

106

 

(B)

 

$

254

 

 

 

Materials and Supplies Valuation Reserve

 

 

13

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

14

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

215

 

 

$

145

 

(A)

 

$

—

 

 

$

106

 

(B)

 

$

254

 

 

 

Materials and Supplies Valuation Reserve

 

 

6

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

7

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025—December 31, 2023

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

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

215

 

 

$

145

 

(A)

 

$

—

 

 

$

106

 

(B)

 

$

254

 

 

 

Materials and Supplies Valuation Reserve

 

 

13

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

14

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses

 

$

215

 

 

$

145

 

(A)

 

$

—

 

 

$

106

 

(B)

 

$

254

 

 

 

Materials and Supplies Valuation Reserve

 

 

6

 

 

 

1

 

 

 

 

—

 

 

 

—

 

 

 

 

7

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
v3.25.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
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 3. 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 5. 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, 2025 and 2024. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

97

 

 

$

35

 

 

$

132

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

121

 

 

$

35

 

 

$

156

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G.

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. 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.

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. Certain other contracts may be designated as normal purchases and normal sales (NPNS) and qualify for a scope exception under derivative accounting guidance. Further, derivatives that qualify for hedge accounting can be designated as fair value or cash flow hedges.

Under current authoritative guidance, all derivatives are recognized on the balance sheet at their fair value, and changes in fair value are recorded in earnings unless they are designated as cash flow hedges. For cash flow hedges, the gain or loss is deferred in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged

transaction. 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.

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 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 15. 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 15. Financial Risk Management Activities for further discussion.

PSEG LI is the primary beneficiary of Long Island Electric Utility Servco, LLC (Servco). For transactions in which Servco acts as principal, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. See Note 3. 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

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Electric Transmission

 

 

2.12

%

 

 

2.09

%

 

 

2.09

%

 

 

Electric Distribution

 

 

2.54

%

 

 

2.51

%

 

 

2.54

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG calculates depreciation on its nuclear generation-related assets under the straight-line method based on the assets’ estimated useful lives of approximately 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, 2025, 2024 and 2023 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.64

%

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

 

Other

 

$

10

 

 

 

5.31

%

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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.

PSEG records any benefit from 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 19. 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. There were no impairments recorded for the year ended December 31, 2025.

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.
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. PSE&G’s electric bad debt expense is recovered through the Societal Benefits Clause (SBC) mechanism. See Note 2. Revenues and Note 5. 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 6. 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 7. Long-Term Investments and Note 8. 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 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. When applicable, other-than-temporary impairments on NDT and Rabbi Trust debt securities are also included in Net Gains (Losses) on Trust Investments. See Note 9. 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 trust and for OPEB payments made to retirees.

See Note 11. 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 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 adopted this standard on December 31, 2025 without a material impact on their financial statements.

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.
v3.25.4
Revenues (Policies)
 12 Months Ended
Dec. 31, 2025
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, which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM 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. 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.

In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. These nuclear plants received ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognized revenue when the units generated electricity, which was when the performance obligation was satisfied. These revenues have been considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue has been adjusted by the estimated production tax credits (PTCs) generated from these nuclear plants. 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 19. 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. In September 2025, the LIPA board of trustees approved a five-year extension of the contract. See Amended OSA below for further information.

Other Revenues from Contracts with Customers

PSEG Power has contracted to provide energy management and fuel procurement services for LIPA. Revenue is recognized over time as services are rendered. This agreement expired 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 15. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.
v3.25.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

97

 

 

$

35

 

 

$

132

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

121

 

 

$

35

 

 

$

156

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Electric Transmission

 

 

2.12

%

 

 

2.09

%

 

 

2.09

%

 

 

Electric Distribution

 

 

2.54

%

 

 

2.51

%

 

 

2.54

%

 

 

Gas Distribution

 

 

1.84

%

 

 

1.84

%

 

 

1.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2025, 2024 and 2023 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFUDC/IDC Capitalized

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

Millions

 

 

Avg Rate

 

 

 

PSE&G

 

$

62

 

 

 

6.64

%

 

$

62

 

 

 

6.43

%

 

$

83

 

 

 

7.13

%

 

 

Other

 

$

10

 

 

 

5.31

%

 

$

9

 

 

 

6.08

%

 

$

9

 

 

 

5.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

4,858

 

 

$

—

 

 

$

—

 

 

$

4,858

 

 

 

Gas Distribution

 

 

2,461

 

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

Transmission

 

 

1,779

 

 

 

—

 

 

 

—

 

 

 

1,779

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

1,540

 

 

 

—

 

 

 

1,540

 

 

 

Sales to Affiliates

 

 

—

 

 

 

47

 

 

 

(47

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

353

 

 

 

—

 

 

 

353

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,060

 

 

 

(1,060

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

385

 

 

 

752

 

 

 

(5

)

 

 

1,132

 

 

 

Total Revenues from Contracts with Customers

 

 

9,483

 

 

 

3,752

 

 

 

(1,112

)

 

 

12,123

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

75

 

 

 

(30

)

 

 

—

 

 

 

45

 

 

 

Total Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

824

 

 

 

—

 

 

 

824

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

905

 

 

 

—

 

 

 

905

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in the future periods, 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, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

215

 

 

$

283

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

145

 

 

 

103

 

 

 

Write-offs, net of Recoveries of $42 million and $31 million for 2025 and 2024, respectively

 

 

(106

)

 

 

(171

)

 

 

Balance at End of Year

 

$

254

 

 

$

215

 

 

 

 

 

 

 

 

 

 

 
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 July 2024 the results of the 2025/2026 auction were released, in July 2025 the results of the 2026/2027 auction were released and in December 2025 the results of the 2027/2028 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 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

June 2026 to May 2027

 

$

329

 

 

 

3,500

 

 

 

June 2027 to May 2028

 

$

333

 

 

 

3,500

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Property, Plant and Equipment and Jointly-Owned Facilities (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

18,701

 

 

$

17,874

 

 

 

Electric Distribution

 

 

13,717

 

 

 

12,520

 

 

 

Gas Distribution and Transmission

 

 

13,350

 

 

 

12,536

 

 

 

Construction Work in Progress

 

 

1,233

 

 

 

1,132

 

 

 

Other

 

 

1,751

 

 

 

2,136

 

 

 

Total PSE&G

 

$

48,752

 

 

$

46,198

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,615

 

 

$

3,649

 

 

 

Nuclear Fuel in Service

 

 

891

 

 

 

793

 

 

 

Construction Work in Progress

 

 

256

 

 

 

159

 

 

 

Other

 

 

406

 

 

 

408

 

 

 

Total PSEG Power & Other

 

$

5,168

 

 

$

5,009

 

 

 

Total

 

$

53,920

 

 

$

51,207

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Jointly-Owned Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

163

 

 

$

75

 

 

$

164

 

 

$

72

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,450

 

 

$

598

 

 

$

1,420

 

 

$

564

 

 

 

Salem

 

 

57

%

 

$

1,572

 

 

$

656

 

 

$

1,539

 

 

$

601

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

186

 

 

$

88

 

 

$

180

 

 

$

84

 

 

 

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, 2025 and 2024 is detailed below:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

Electric Transmission

 

$

18,701

 

 

$

17,874

 

 

 

Electric Distribution

 

 

13,717

 

 

 

12,520

 

 

 

Gas Distribution and Transmission

 

 

13,350

 

 

 

12,536

 

 

 

Construction Work in Progress

 

 

1,233

 

 

 

1,132

 

 

 

Other

 

 

1,751

 

 

 

2,136

 

 

 

Total PSE&G

 

$

48,752

 

 

$

46,198

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Nuclear Production

 

$

3,615

 

 

$

3,649

 

 

 

Nuclear Fuel in Service

 

 

891

 

 

 

793

 

 

 

Construction Work in Progress

 

 

256

 

 

 

159

 

 

 

Other

 

 

406

 

 

 

408

 

 

 

Total PSEG Power & Other

 

$

5,168

 

 

$

5,009

 

 

 

Total

 

$

53,920

 

 

$

51,207

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Jointly-Owned Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Ownership

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

 

 

 

 

Interest

 

 

Plant

 

 

Depreciation

 

 

Plant

 

 

Depreciation

 

 

 

 

 

 

 

 

Millions

 

 

 

PSE&G:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transmission Facilities

 

Various

 

 

$

163

 

 

$

75

 

 

$

164

 

 

$

72

 

 

 

PSEG Power:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuclear Generating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peach Bottom

 

 

50

%

 

$

1,450

 

 

$

598

 

 

$

1,420

 

 

$

564

 

 

 

Salem

 

 

57

%

 

$

1,572

 

 

$

656

 

 

$

1,539

 

 

$

601

 

 

 

Nuclear Support Facilities

 

Various

 

 

$

186

 

 

$

88

 

 

$

180

 

 

$

84

 

 

 

Other

 

 

14

%

 

$

1

 

 

$

—

 

 

$

1

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
PSEG Power holds undivided ownership interests in the jointly-owned facilities above.
v3.25.4
Regulatory Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Regulatory Assets and Liabilities Disclosure [Abstract]  
Schedule of Regulatory Assets

PSE&G had the following Regulatory Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Assets

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Assets

 

$

2,273

 

 

$

2,012

 

 

 

Green Program Recovery Charges (GPRC)

 

 

1,593

 

 

 

1,251

 

 

 

Pension and OPEB Costs

 

 

1,213

 

 

 

1,330

 

 

 

Asset Retirement Obligations (ARO)

 

 

237

 

 

 

221

 

 

 

Clean Energy Future-Energy Cloud (CEF-EC)

 

 

206

 

 

 

233

 

 

 

Cost of Removal

 

 

184

 

 

 

195

 

 

 

Societal Benefits Clause (SBC)

 

 

182

 

 

 

211

 

 

 

Manufactured Gas Plant (MGP) Remediation Costs

 

 

179

 

 

 

210

 

 

 

New Jersey Clean Energy Program

 

 

145

 

 

 

145

 

 

 

Conservation Incentive Program (CIP)

 

 

127

 

 

 

261

 

 

 

COVID-19 Deferral

 

 

109

 

 

 

131

 

 

 

Remediation Adjustment Charge (RAC) (Other SBC)

 

 

101

 

 

 

102

 

 

 

Clean Energy Future-Electric Vehicles (CEF-EV)

 

 

92

 

 

 

51

 

 

 

2024 Distribution Base Rate Case Regulatory Assets (BRC)

 

 

85

 

 

 

108

 

 

 

Other

 

 

242

 

 

 

180

 

 

 

Total Regulatory Assets

 

 

6,968

 

 

 

6,641

 

 

 

Less: Current Regulatory Assets

 

 

537

 

 

 

516

 

 

 

     Total Noncurrent Regulatory Assets

 

$

6,431

 

 

$

6,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Regulatory Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Regulatory Liabilities

 

 

 

 

 

 

 

 

Deferred Income Tax Regulatory Liabilities

 

$

2,317

 

 

$

2,619

 

 

 

Gas Costs—Basic Gas Supply Service (BGSS)

 

 

118

 

 

 

145

 

 

 

Other

 

 

97

 

 

 

62

 

 

 

Total Regulatory Liabilities

 

 

2,532

 

 

 

2,826

 

 

 

    Less: Current Regulatory Liabilities

 

 

484

 

 

 

555

 

 

 

      Total Noncurrent Regulatory Liabilities

 

$

2,048

 

 

$

2,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023 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, 2025

 

 

 

 

 

 

 

 

 

 

 

Long-term Lease Costs

 

$

48

 

 

$

15

 

 

$

63

 

 

 

Short-term Lease Costs

 

 

17

 

 

 

3

 

 

 

20

 

 

 

Variable Lease Costs

 

 

2

 

 

 

12

 

 

 

14

 

 

 

Total Operating Lease Costs

 

$

67

 

 

$

30

 

 

$

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

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

 

$

19

 

 

$

16

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Remaining Lease Term in Years

 

 

8

 

 

 

5

 

 

 

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, 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

%

 

 

 

 

 

 

 

 

 

 

 

 

 
Lessee, Operating Lease, Liability, Maturity

Operating lease liabilities as of December 31, 2025 had the following maturities on an undiscounted basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

18

 

 

$

16

 

 

$

34

 

 

 

2027

 

 

15

 

 

 

16

 

 

 

31

 

 

 

2028

 

 

11

 

 

 

16

 

 

 

27

 

 

 

2029

 

 

10

 

 

 

16

 

 

 

26

 

 

 

2030

 

 

10

 

 

 

12

 

 

 

22

 

 

 

Thereafter

 

 

39

 

 

 

—

 

 

 

39

 

 

 

Total Minimum Lease Payments

 

$

103

 

 

$

76

 

 

$

179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other

 

 

Total

 

 

 

 

 

Millions

 

 

 

Undiscounted Cash Flows

 

$

103

 

 

$

76

 

 

$

179

 

 

 

Reconciling Amount due to Discount Rate

 

 

(16

)

 

 

(7

)

 

 

(23

)

 

 

Total Discounted Operating Lease Liabilities

 

$

87

 

 

$

69

 

 

$

156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Operating Lease, Lease Income

The following is the operating lease income for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

Operating Lease Income

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Fixed Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

Variable Lease Income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Total Operating Lease Income

 

$

14

 

 

$

14

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Operating Lease Right-Of-Use Assets

Operating leases had the following minimum future fixed lease receipts as of December 31, 2025:

 

 

 

 

 

 

 

 

 

 

Millions

 

 

 

2026

 

$

14

 

 

 

2027

 

 

14

 

 

 

2028

 

 

14

 

 

 

2029

 

 

14

 

 

 

2030

 

 

14

 

 

 

Thereafter

 

 

94

 

 

 

Total Minimum Future Lease Receipts

 

$

164

 

 

 

 

 

 

 

 

 
v3.25.4
Long-Term Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Long Term Investments

Long-Term Investments as of December 31, 2025 and 2024 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

CEF-EE II On-Bill Repayment (OBR) Program (A)

 

$

131

 

 

$

—

 

 

 

Life Insurance and Supplemental Benefits

 

 

59

 

 

 

67

 

 

 

Solar Loans

 

 

9

 

 

 

23

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

138

 

 

 

150

 

 

 

Equity Method Investments (B)

 

 

26

 

 

 

21

 

 

 

Other

 

 

9

 

 

 

2

 

 

 

Total Long-Term Investments

 

$

372

 

 

$

263

 

 

 

 

 

 

 

 

 

 

 

 

(A)
As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.
(B)
During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.
Schedule Of Net Investment In Leveraged Leases The following table shows Energy Holdings’ gross and net lease investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

178

 

 

$

200

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

178

 

 

 

200

 

 

 

Unearned and Deferred Income

 

 

(40

)

 

 

(50

)

 

 

Gross Investments in Leases

 

 

138

 

 

 

150

 

 

 

Deferred Tax Liabilities

 

 

(31

)

 

 

(33

)

 

 

Net Investments in Leases

 

$

107

 

 

$

117

 

 

 

 

 

 

 

 

 

 

 
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, 2025, 2024 and 2023.

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

Long-Term Investments as of December 31, 2025 and 2024 included the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

 

 

 

 

 

 

 

CEF-EE II On-Bill Repayment (OBR) Program (A)

 

$

131

 

 

$

—

 

 

 

Life Insurance and Supplemental Benefits

 

 

59

 

 

 

67

 

 

 

Solar Loans

 

 

9

 

 

 

23

 

 

 

PSEG Power & Other

 

 

 

 

 

 

 

 

Lease Investments

 

 

138

 

 

 

150

 

 

 

Equity Method Investments (B)

 

 

26

 

 

 

21

 

 

 

Other

 

 

9

 

 

 

2

 

 

 

Total Long-Term Investments

 

$

372

 

 

$

263

 

 

 

 

 

 

 

 

 

 

 

 

(A)
As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.
(B)
During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.
Schedule Of Net Investment In Leveraged Leases The following table shows Energy Holdings’ gross and net lease investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

178

 

 

$

200

 

 

 

Estimated Residual Value of Leased Assets

 

 

—

 

 

 

—

 

 

 

Total Investment in Rental Receivables

 

 

178

 

 

 

200

 

 

 

Unearned and Deferred Income

 

 

(40

)

 

 

(50

)

 

 

Gross Investments in Leases

 

 

138

 

 

 

150

 

 

 

Deferred Tax Liabilities

 

 

(31

)

 

 

(33

)

 

 

Net Investments in Leases

 

$

107

 

 

$

117

 

 

 

 

 

 

 

 

 

 

 
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, 2025, 2024 and 2023.

v3.25.4
Financing Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Financial Receivables [Line Items]  
Schedule of Credit Risk Profile Based on Payment Activity The following table reflects the outstanding amounts by class of customer.

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding OBR Loans by Class of Customers

 

2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

17

 

 

 

Residential

 

 

128

 

 

 

Total

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

131

 

 

 

 

 

 

 

 
The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Outstanding Solar Loans by Class of Customers

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

19

 

 

$

38

 

 

 

Residential

 

 

1

 

 

 

2

 

 

 

Total

 

 

20

 

 

 

40

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(11

)

 

 

(17

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

9

 

 

$

23

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of December 31, 2025

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan II

 

 

9

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

11

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2025

 

As of December 31, 2025

 

 

 

 

 

Millions

 

 

 

AA

 

$

6

 

 

 

A-

 

 

172

 

 

 

Total

 

$

178

 

 

 

 

 

 

 

 
v3.25.4
Trust Investments (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

544

 

 

$

397

 

 

$

(9

)

 

$

932

 

 

 

International

 

 

452

 

 

 

180

 

 

 

(9

)

 

 

623

 

 

 

Total Equity Securities

 

 

996

 

 

 

577

 

 

 

(18

)

 

 

1,555

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

849

 

 

 

6

 

 

 

(65

)

 

 

790

 

 

 

Corporate

 

 

581

 

 

 

7

 

 

 

(19

)

 

 

569

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,430

 

 

 

13

 

 

 

(84

)

 

 

1,359

 

 

 

Total NDT Fund Investments (A)

 

$

2,426

 

 

$

590

 

 

$

(102

)

 

$

2,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2025, which is part of 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.
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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

23

 

 

$

18

 

 

 

Accounts Payable

 

$

16

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 
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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

$

73

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

126

 

 

 

(19

)

 

 

22

 

 

 

(10

)

 

 

Total Equity Securities

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

199

 

 

 

(27

)

 

 

26

 

 

 

(11

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

295

 

 

 

(7

)

 

 

382

 

 

 

(84

)

 

 

Corporate (C)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

119

 

 

 

(2

)

 

 

227

 

 

 

(29

)

 

 

Total Available-for-Sale Debt Securities

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

414

 

 

 

(9

)

 

 

609

 

 

 

(113

)

 

 

NDT Trust Investments

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

$

613

 

 

$

(36

)

 

$

635

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Sales (A)

 

$

1,349

 

 

$

1,504

 

 

$

1,685

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

172

 

 

$

132

 

 

$

142

 

 

 

Gross Realized Losses

 

 

(90

)

 

 

(54

)

 

 

(100

)

 

 

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

 

 

82

 

 

 

78

 

 

 

42

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

106

 

 

 

47

 

 

 

146

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

188

 

 

$

125

 

 

$

188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

16

 

 

 

1 - 5 years

 

 

371

 

 

 

6 - 10 years

 

 

257

 

 

 

11 - 15 years

 

 

72

 

 

 

16 - 20 years

 

 

110

 

 

 

Over 20 years

 

 

533

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,359

 

 

 

 

 

 

 

 
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, 2025

 

 

As of December 31, 2024

 

 

 

 

 

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)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

$

10

 

 

$

—

 

 

$

71

 

 

$

(22

)

 

 

Corporate (B)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

11

 

 

 

—

 

 

 

49

 

 

 

(11

)

 

 

Total Available-for-Sale Debt Securities

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

21

 

 

 

—

 

 

 

120

 

 

 

(33

)

 

 

Rabbi Trust Investments

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

$

21

 

 

$

—

 

 

$

120

 

 

$

(33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

102

 

 

 

—

 

 

 

(18

)

 

 

84

 

 

 

Corporate

 

 

69

 

 

 

—

 

 

 

(8

)

 

 

61

 

 

 

Total Available-for-Sale Debt Securities

 

 

171

 

 

 

—

 

 

 

(26

)

 

 

145

 

 

 

Total Rabbi Trust Investments

 

$

179

 

 

$

9

 

 

$

(26

)

 

$

162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

29

 

 

$

33

 

 

$

29

 

 

 

Net Realized Gains (Losses):

 

 

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

2

 

 

$

3

 

 

$

5

 

 

 

Gross Realized Losses

 

 

(2

)

 

 

(2

)

 

 

(6

)

 

 

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

 

 

—

 

 

 

1

 

 

 

(1

)

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

1

 

 

 

1

 

 

 

2

 

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

1

 

 

$

2

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

5

 

 

 

1 - 5 years

 

 

30

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

64

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

145

 

 

 

 

 

 

 

 
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,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

29

 

 

$

30

 

 

 

PSEG Power & Other

 

 

133

 

 

 

135

 

 

 

Total Rabbi Trust Investments

 

$

162

 

 

$

165

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Asset Retirement Obligations (AROs) (Tables)
 12 Months Ended
Dec. 31, 2025
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 2024 and 2025 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2024

 

$

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

 

 

 

Liabilities Settled

 

$

(12

)

 

$

(10

)

 

$

(2

)

 

 

Accretion Expense

 

 

43

 

 

 

—

 

 

 

43

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

20

 

 

 

20

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(170

)

 

 

(10

)

 

 

(160

)

 

 

ARO Liability as of December 31, 2025

 

$

1,381

 

 

$

457

 

 

$

924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 2024 and 2025 are presented in the following table:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

PSE&G

 

 

PSEG Power & Other

 

 

 

 

 

Millions

 

 

 

ARO Liability as of January 1, 2024

 

$

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

 

 

 

Liabilities Settled

 

$

(12

)

 

$

(10

)

 

$

(2

)

 

 

Accretion Expense

 

 

43

 

 

 

—

 

 

 

43

 

 

 

Accretion Expense Deferred and Recovered in Rate Base (A)

 

 

20

 

 

 

20

 

 

 

—

 

 

 

Revision to Present Values of Estimated Cash Flows

 

 

(170

)

 

 

(10

)

 

 

(160

)

 

 

ARO Liability as of December 31, 2025

 

$

1,381

 

 

$

457

 

 

$

924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Not reflected as expense in Consolidated Statements of Operations.
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

4,477

 

 

$

4,758

 

 

$

727

 

 

$

802

 

 

 

Service Cost

 

 

88

 

 

 

94

 

 

 

2

 

 

 

3

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

37

 

 

 

37

 

 

 

Actuarial Loss (Gain) (B)

 

 

138

 

 

 

(291

)

 

 

23

 

 

 

(39

)

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Plan Amendments

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Benefit Obligation at End of Year (A)

 

$

4,618

 

 

$

4,477

 

 

$

706

 

 

$

727

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

3,978

 

 

$

4,140

 

 

$

423

 

 

$

440

 

 

 

Actual Return on Plan Assets

 

 

577

 

 

 

134

 

 

 

64

 

 

 

18

 

 

 

Employer Contributions

 

 

62

 

 

 

13

 

 

 

41

 

 

 

41

 

 

 

Gross Benefits Paid

 

 

(316

)

 

 

(309

)

 

 

(77

)

 

 

(76

)

 

 

Fair Value of Assets at End of Year

 

$

4,301

 

 

$

3,978

 

 

$

451

 

 

$

423

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Accrued Benefit Cost

 

$

(12

)

 

$

(11

)

 

$

(13

)

 

$

(12

)

 

 

Noncurrent Accrued Benefit Cost

 

 

(305

)

 

 

(488

)

 

 

(242

)

 

 

(292

)

 

 

Amounts Recognized

 

$

(317

)

 

$

(499

)

 

$

(255

)

 

$

(304

)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

$

—

 

 

$

—

 

 

$

(4

)

 

$

4

 

 

 

Net Actuarial Loss (Gain)

 

 

1,287

 

 

 

1,481

 

 

 

(30

)

 

 

(26

)

 

 

Total

 

$

1,287

 

 

$

1,481

 

 

$

(34

)

 

$

(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, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as other assumption and demographic updates. For OPEB, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as demographic updates, partially offset by other assumption updates. 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.
(C)
Includes $79 million ($56 million, after-tax) and $107 million ($76 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2025 and 2024, respectively. Also includes Regulatory Assets of $1,064 million, Deferred Assets of $118 million and Deferred Liabilities of $8 million as of December 31, 2025 and Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024. The Regulatory Asset amounts do not include $140 million and $103 million as of December 31, 2025 and 2024, 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, 2025 and 2024. 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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation at Beginning of Year (A)

 

$

521

 

 

$

535

 

 

$

510

 

 

$

514

 

 

 

Service Cost

 

 

24

 

 

 

28

 

 

 

12

 

 

 

14

 

 

 

Interest Cost

 

 

29

 

 

 

26

 

 

 

28

 

 

 

25

 

 

 

Actuarial Gain (B)

 

 

(1

)

 

 

(54

)

 

 

(34

)

 

 

(29

)

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Benefit Obligation at End of Year (A)

 

$

557

 

 

$

521

 

 

$

501

 

 

$

510

 

 

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value of Assets at Beginning of Year

 

$

490

 

 

$

433

 

 

$

—

 

 

$

—

 

 

 

Actual Return on Plan Assets

 

 

86

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

Employer Contributions

 

 

23

 

 

 

25

 

 

 

15

 

 

 

14

 

 

 

Gross Benefits Paid

 

 

(16

)

 

 

(14

)

 

 

(15

)

 

 

(14

)

 

 

Fair Value of Assets at End of Year

 

$

583

 

 

$

490

 

 

$

—

 

 

$

—

 

 

 

Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded Status (Plan Assets less Benefit Obligation)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

Additional Amounts Recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid (Accrued) Pension Costs of Servco

 

$

26

 

 

$

(31

)

 

N/A

 

 

N/A

 

 

 

OPEB Costs of Servco

 

N/A

 

 

N/A

 

 

 

(501

)

 

 

(510

)

 

 

Amounts Recognized (C)

 

$

26

 

 

$

(31

)

 

$

(501

)

 

$

(510

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 2025 was due primarily to demographic updates, partially offset by other assumption updates. For OPEB, the net actuarial gain in 2025 was due primarily to other assumption updates. 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.
(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. Prepaid Pension costs as of December 31, 2025 are included in Other Noncurrent Assets.
Schedule of Components of Net Periodic Benefit Cost (Credits)

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2025, 2024 and 2023. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and certain regulatory orders. Only the service cost component is eligible for capitalization, when applicable.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits Years Ended December 31,

 

 

Other Benefits Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

88

 

 

$

94

 

 

$

90

 

 

$

2

 

 

$

3

 

 

$

3

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

231

 

 

 

225

 

 

 

259

 

 

 

37

 

 

 

37

 

 

 

41

 

 

 

Expected Return on Plan Assets

 

 

(308

)

 

 

(321

)

 

 

(361

)

 

 

(33

)

 

 

(34

)

 

 

(33

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Cost (Credit)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

(52

)

 

 

Actuarial Loss (Gain)

 

 

62

 

 

 

71

 

 

 

83

 

 

 

(5

)

 

 

(2

)

 

 

(2

)

 

 

Settlement Charge Resulting from Pension Lift-Out

 

 

—

 

 

 

—

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

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

 

 

(15

)

 

 

(25

)

 

 

319

 

 

 

1

 

 

 

3

 

 

 

(46

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Pension and OPEB Costs (Credits)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Years Ended December 31,

 

 

Other Benefits
Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

47

 

 

$

43

 

 

$

50

 

 

$

(4

)

 

$

(2

)

 

$

(42

)

 

 

PSEG Power & Other

 

 

26

 

 

 

26

 

 

 

359

 

 

 

7

 

 

 

8

 

 

 

(1

)

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

73

 

 

$

69

 

 

$

409

 

 

$

3

 

 

$

6

 

 

$

(43

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

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

 

$

(132

)

 

$

(104

)

 

$

(9

)

 

$

(22

)

 

 

Amortization of Net Actuarial (Loss) Gain

 

 

(62

)

 

 

(71

)

 

 

5

 

 

 

2

 

 

 

Prior Service (Credit) Cost in Current Period

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

—

 

 

 

Amortization of Prior Service Credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

 

 

Total

 

$

(194

)

 

$

(175

)

 

$

(12

)

 

$

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Discount Rate

 

 

5.49

%

 

 

5.68

%

 

 

5.02

%

 

 

5.31

%

 

 

5.59

%

 

 

4.96

%

 

 

Rate of Compensation Increase

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

4.60

%

 

 

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

 

 

5.68

%

 

 

5.02

%

 

 

5.20

%

 

 

5.59

%

 

 

4.96

%

 

 

5.16

%

 

 

Service Cost Interest Rate

 

 

5.85

%

 

 

5.14

%

 

 

5.31

%

 

 

5.74

%

 

 

5.03

%

 

 

5.23

%

 

 

Interest Cost Interest Rate

 

 

5.38

%

 

 

4.91

%

 

 

5.09

%

 

 

5.29

%

 

 

4.88

%

 

 

5.07

%

 

 

Expected Return on Plan Assets

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

8.10

%

 

 

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

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.54

%

 

 

9.08

%

 

 

8.89

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2034

 

 

2034

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2025

 

 

2024

 

 

2023

 

 

 

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

 

 

 

Discount Rate

 

 

5.84

%

 

 

5.84

%

 

 

5.13

%

 

 

5.90

%

 

 

5.87

%

 

 

5.16

%

 

 

Rate of Compensation Increase

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

5.53

%

 

 

5.50

%

 

 

5.54

%

 

 

Cash Balance Interest Crediting Rate

 

 

4.84

%

 

 

4.84

%

 

 

4.13

%

 

N/A

 

 

N/A

 

 

N/A

 

 

 

Assumed Health Care Cost Trend Rates as of December 31

 

 

 

Health Care Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immediate Rate

 

 

 

 

 

 

 

 

 

 

 

8.42

%

 

 

7.46

%

 

 

6.84

%

 

 

Ultimate Rate

 

 

 

 

 

 

 

 

 

 

 

4.75

%

 

 

4.75

%

 

 

4.75

%

 

 

Year Ultimate Rate Reached

 

 

 

 

 

 

 

 

 

 

2036

 

 

2036

 

 

2033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

Quoted
Market Prices
for Identical
Assets

 

 

Significant
Other
Observable
Inputs

 

 

 

Description

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

 

 

 

Millions

 

 

 

Cash Equivalents (A)

 

$

29

 

 

$

29

 

 

$

—

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

Common Stock (B)

 

 

723

 

 

 

723

 

 

 

—

 

 

 

Commingled (C)

 

 

2,139

 

 

 

—

 

 

 

2,139

 

 

 

Debt Securities (D)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

 

1,138

 

 

 

—

 

 

 

1,138

 

 

 

Commingled

 

 

8

 

 

 

8

 

 

 

—

 

 

 

Subtotal Fair Value

 

$

4,037

 

 

$

760

 

 

$

3,277

 

 

 

Measured at net asset value practical expedient

 

 

 

 

 

 

 

 

 

 

 

Commingled—Equities (E)

 

 

450

 

 

 

 

 

 

 

 

 

Real Estate Investment (F)

 

 

256

 

 

 

 

 

 

 

 

 

Other

 

 

1

 

 

 

 

 

 

 

 

 

Total Fair Value (G)

 

$

4,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 $7 million and $6 million as of December 31, 2025 and 2024, 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 for each of the years ended December 31, 2025 and 2024.

The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2025 and 2024, including the fair value measurements and the levels of inputs used in determining those fair values.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring Fair Value Measurements as of December 31, 2025

 

 

 

 

 

 

 

 

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)

 

 

39

 

 

 

39

 

 

 

—

 

 

 

Commingled (B)

 

 

402

 

 

 

—

 

 

 

402

 

 

 

Commingled Bonds (B)

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Total Fair Value

 

$

583

 

 

$

41

 

 

$

542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

2025

 

 

2024

 

 

 

Equity Securities

 

 

70

%

 

 

67

%

 

 

Debt Securities

 

 

24

%

 

 

25

%

 

 

Other Investments

 

 

6

%

 

 

8

%

 

 

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

 

2025

 

 

2024

 

 

 

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

 

 

 

2026

 

$

398

 

 

$

72

 

 

 

2027

 

 

344

 

 

 

69

 

 

 

2028

 

 

349

 

 

 

67

 

 

 

2029

 

 

356

 

 

 

64

 

 

 

2030

 

 

361

 

 

 

61

 

 

 

2031-2035

 

 

1,824

 

 

 

251

 

 

 

Total

 

$

3,632

 

 

$

584

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Year

 

Pension
Benefits

 

 

Other
Benefits

 

 

 

 

 

Millions

 

 

 

2026

 

$

19

 

 

$

15

 

 

 

2027

 

 

23

 

 

 

17

 

 

 

2028

 

 

25

 

 

 

20

 

 

 

2029

 

 

28

 

 

 

21

 

 

 

2030

 

 

31

 

 

 

24

 

 

 

2031-2035

 

 

193

 

 

 

143

 

 

 

Total

 

$

319

 

 

$

240

 

 

 

 

 

 

 

 

 

 

 
Schedule of Amount Paid for Employer Matching Contributions

The amounts expensed for employer contributions to the above plans for PSE&G and PSEG Power & Other are detailed as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thrift Plan and Savings Plan

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

35

 

 

$

31

 

 

$

29

 

 

 

PSEG Power & Other

 

 

16

 

 

 

14

 

 

 

14

 

 

 

Total Employer Matching Contributions

 

$

51

 

 

$

45

 

 

$

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Commitments and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

996

 

 

$

1,272

 

 

 

Exposure under Current Guarantees

 

$

132

 

 

$

47

 

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

95

 

 

$

4

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

16

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

—

 

 

$

(1

)

 

 

Net Broker Balance Deposited (Received)

 

$

222

 

 

$

245

 

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

155

 

 

 

 

 

 

 

 

 

 

 
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

 

 

 

 

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

 

 

36-Month Terms Ending

 

May 2026

 

 

May 2027

 

 

May 2028

 

 

May 2029

 

(A)

 

 

Load (MW)

 

 

2,800

 

 

 

2,900

 

 

 

2,800

 

 

 

2,800

 

 

 

 

$ per MWh

 

$

93.11

 

 

$

80.88

 

 

$

107.36

 

 

$

109.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Prices set in the 2026 BGS auction will become effective on June 1, 2026 when the 2023 BGS auction agreements expire.
v3.25.4
Debt and Credit Facilities (Tables)
 12 Months Ended
Dec. 31, 2025
Debt and Credit Facilities [Abstract]  
Long-Term Debt

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

 

0.80%

 

2025

 

$

—

 

 

$

550

 

 

 

5.85%

 

2027

 

 

700

 

 

 

700

 

 

 

5.88%

 

2028

 

 

600

 

 

 

600

 

 

 

5.20%

 

 

2029

 

 

750

 

 

 

750

 

 

 

4.90%

 

 

2030

 

 

600

 

 

 

—

 

 

 

1.60%

 

2030

 

 

550

 

 

 

550

 

 

 

8.63%

 

 

2031

 

 

96

 

 

 

96

 

 

 

2.45%

 

2031

 

 

750

 

 

 

750

 

 

 

6.13%

 

2033

 

 

400

 

 

 

400

 

 

 

5.45%

 

 

2034

 

 

500

 

 

 

500

 

 

 

5.40%

 

 

2035

 

 

400

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Principal Amount Outstanding

 

 

 

 

5,346

 

 

 

4,896

 

 

 

Amounts Due Within One Year

 

 

 

 

—

 

 

 

(550

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

 

(31

)

 

 

(30

)

 

 

Total Long-Term Debt of PSEG

 

 

 

$

5,315

 

 

$

4,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

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):

 

 

 

 

 

 

 

 

 

3.00%

2025

 

 

—

 

 

 

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

 

 

 

450

 

 

 

4.85%

2034

 

 

600

 

 

 

600

 

 

 

5.05%

2035

 

 

400

 

 

 

—

 

 

 

5.25%

2035

 

 

250

 

 

 

250

 

 

 

4.90%

2035

 

 

450

 

 

 

—

 

 

 

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

 

 

 

550

 

 

 

5.30%

2054

 

 

500

 

 

 

500

 

 

 

5.50%

2055

 

 

500

 

 

 

—

 

 

 

Total MTNs

 

 

 

16,100

 

 

 

15,100

 

 

 

Principal Amount Outstanding

 

 

 

16,115

 

 

 

15,115

 

 

 

Amounts Due Within One Year

 

 

 

(875

)

 

 

(350

)

 

 

Net Unamortized Discount and Selling Expense

 

 

 

(123

)

 

 

(117

)

 

 

Total Long-Term Debt of PSE&G

 

 

$

15,117

 

 

$

14,648

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

Maturity

 

2025

 

 

2024

 

 

 

 

 

 

Millions

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

Term Loan:

 

 

 

 

 

 

 

 

 

Variable Rate

2025

 

$

—

 

 

$

1,250

 

 

 

Total Term Loan

 

 

 

—

 

 

 

1,250

 

 

 

Senior Notes:

 

 

 

 

 

 

 

 

 

5.20%

2030

 

 

750

 

 

 

—

 

 

 

5.75%

2035

 

 

500

 

 

 

—

 

 

 

Total Senior Notes

 

 

 

1,250

 

 

 

—

 

 

 

Principal Amount Outstanding

 

 

 

1,250

 

 

 

1,250

 

 

 

Amounts Due Within One Year

 

 

 

—

 

 

 

(1,250

)

 

 

Net Unamortized Discount and Debt Issuance Costs

 

 

 

(12

)

 

 

—

 

 

 

Total Long-Term Debt of PSEG Power

 

 

$

1,238

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 
Aggregate Principal Amounts of Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2025 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

PSEG

 

 

PSE&G

 

 

PSEG Power

 

 

Total

 

 

 

 

 

Millions

 

 

 

2026

 

$

—

 

 

$

875

 

 

$

—

 

 

$

875

 

 

 

2027

 

 

700

 

 

 

425

 

 

 

—

 

 

 

1,125

 

 

 

2028

 

 

600

 

 

 

700

 

 

 

—

 

 

 

1,300

 

 

 

2029

 

 

750

 

 

 

375

 

 

 

—

 

 

 

1,125

 

 

 

2030

 

 

1,150

 

 

 

300

 

 

 

750

 

 

 

2,200

 

 

 

Thereafter

 

 

2,146

 

 

 

13,440

 

 

 

500

 

 

 

16,086

 

 

 

Total

 

$

5,346

 

 

$

16,115

 

 

$

1,250

 

 

$

22,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Line of Credit Facilities

The total committed credit facilities and available liquidity as of December 31, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

719

 

 

$

781

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

719

 

 

$

781

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

351

 

 

$

649

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

351

 

 

$

649

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

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

 

 

$

1,152

 

 

$

2,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025, PSEG had $704 million outstanding commercial paper at a weighted average
interest rate of 4.07% and PSE&G had $325 million commercial paper outstanding at a weighted average interest rate of 3.89%.
(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, 2025 and 2024 are included in the following table and accompanying notes as of December 31, 2025 and 2024. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,315

 

 

$

5,371

 

 

$

4,866

 

 

$

4,754

 

 

 

PSE&G (A)

 

 

15,992

 

 

 

14,705

 

 

 

14,998

 

 

 

13,337

 

 

 

PSEG Power (A)(B)

 

 

1,238

 

 

 

1,288

 

 

 

1,250

 

 

 

1,250

 

 

 

Total Long-Term Debt

 

$

22,545

 

 

$

21,364

 

 

$

21,114

 

 

$

19,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
(B)
As of December 31, 2024, PSEG Power had a private term loan with book value approximating fair value (Level 2 measurement).
v3.25.4
Schedule of Consolidated Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Consolidated Capital Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

 

 

Outstanding Shares

 

 

Book Value

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

PSEG Common Stock (no par value) (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized 1,000 shares

 

 

498

 

 

 

498

 

 

$

3,627

 

 

$

3,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2025 or 2024.
v3.25.4
Financial Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2025
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 16. 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, 2025 and 2024. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

—

 

 

$

782

 

 

$

(771

)

 

$

11

 

 

$

11

 

 

 

Noncurrent Assets

 

 

4

 

 

 

871

 

 

 

(869

)

 

 

2

 

 

 

6

 

 

 

Total Mark-to-Market Derivative Assets

 

$

4

 

 

$

1,653

 

 

$

(1,640

)

 

$

13

 

 

$

17

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(850

)

 

$

785

 

 

$

(65

)

 

$

(65

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(975

)

 

 

954

 

 

 

(21

)

 

 

(21

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(1,825

)

 

$

1,739

 

 

$

(86

)

 

$

(86

)

 

 

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

 

$

4

 

 

$

(172

)

 

$

99

 

 

$

(73

)

 

$

(69

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 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, 2025, 2024 and 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

Interest Rate Derivatives

 

$

(11

)

 

$

59

 

 

$

13

 

 

Interest Expense

 

$

5

 

 

$

13

 

 

$

5

 

 

 

Total

 

$

(11

)

 

$

59

 

 

$

13

 

 

 

 

$

5

 

 

$

13

 

 

$

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, 2023

 

$

4

 

 

$

3

 

 

 

Gain Recognized in AOCL

 

 

59

 

 

 

42

 

 

 

Less: Gain Reclassified into Income

 

 

(13

)

 

 

(9

)

 

 

Balance as of December 31, 2024

 

$

50

 

 

$

36

 

 

 

Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 

 

 

 

 

 

 

 
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, 2025, 2024 and 2023. 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,

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(108

)

 

$

27

 

 

$

1,567

 

 

 

Energy-Related Contracts

 

Energy Costs

 

 

(3

)

 

 

2

 

 

 

—

 

 

 

Total

 

 

 

$

(111

)

 

$

29

 

 

$

1,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

Type

 

Notional

 

2025

 

 

2024

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm

 

 

70

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(73

)

 

 

(49

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

16

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

970

 

 

 

2,290

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and December 31, 2024, 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, 2025

 

 

 

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)

 

$

80

 

 

$

—

 

 

$

80

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

13

 

 

$

(1,640

)

 

$

1,610

 

 

$

43

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,555

 

 

$

—

 

 

$

1,555

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

384

 

 

$

—

 

 

$

—

 

 

$

384

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

406

 

 

$

—

 

 

$

—

 

 

$

406

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

569

 

 

$

—

 

 

$

—

 

 

$

569

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

57

 

 

$

—

 

 

$

—

 

 

$

57

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

27

 

 

$

—

 

 

$

—

 

 

$

27

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

61

 

 

$

—

 

 

$

—

 

 

$

61

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(86

)

 

$

1,739

 

 

$

(1,715

)

 

$

(110

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

60

 

 

$

—

 

 

$

60

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

10

 

 

$

—

 

 

$

—

 

 

$

10

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

5

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1— During 2025, electric futures contracts executed on an exchange were transferred from Level 2 into Level 1. Also included in Level 1 are natural gas futures contracts executed on an exchange. All Level 1 energy-related contracts are being valued solely on settled pricing inputs which come directly from an exchange such as NYMEX, ICE and Nodal 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, swaps, and all options) 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 electricity, capacity and natural gas 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)
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). The fair value measurement table excludes any cash and foreign currency included in these trusts. For additional information, see Note 9. Trust Investments.

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 securities classified as equity 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 primarily 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 15. Financial Risk Management Activities for additional detail.
v3.25.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

Grant Date

 

Risk-Free
Interest Rate

 

Volatility

 

 

February 11, 2025

 

4.19%

 

21.51%

 

 

February 13, 2024

 

4.35%

 

20.32%

 

 

February 14, 2023

 

4.24%

 

25.09%

 

 

 

 

 

 

 

 
Stock Compensation Expense and Tax Impacts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Compensation Cost included in O&M Expense

 

$

43

 

 

$

40

 

 

$

18

 

 

 

Income Tax Benefit Recognized in Consolidated Statements of Operations

 

$

12

 

 

$

11

 

 

$

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Changes in RSUs for the year ended December 31, 2025 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, 2025

 

 

448,790

 

 

$

61.03

 

 

 

 

 

 

 

 

 

Granted

 

 

326,735

 

 

$

83.74

 

 

 

 

 

 

 

 

 

Vested

 

 

354,257

 

 

$

69.34

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

9,265

 

 

$

72.79

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

412,003

 

 

$

71.63

 

 

 

0.7

 

 

$

33,083,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Share-based Payment Arrangement, Performance Shares, Outstanding Activity

Changes in PSUs for the year ended December 31, 2025 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, 2025

 

 

473,853

 

 

$

66.59

 

 

 

 

 

 

 

 

 

Granted

 

 

319,884

 

 

$

80.29

 

 

 

 

 

 

 

 

 

Vested

 

 

369,333

 

 

$

69.70

 

 

 

 

 

 

 

 

 

Canceled/Forfeited

 

 

19,499

 

 

$

70.99

 

 

 

 

 

 

 

 

 

Non-vested as of December 31, 2025

 

 

404,905

 

 

$

74.36

 

 

 

1.6

 

 

$

32,513,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Net Other Income (Deductions) (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

90

 

 

$

90

 

 

 

AFUDC

 

 

44

 

 

 

—

 

 

 

44

 

 

 

Solar Loan Interest

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Other Interest

 

 

13

 

 

 

16

 

 

 

29

 

 

 

Donations

 

 

—

 

 

 

(16

)

 

 

(16

)

 

 

Other

 

 

4

 

 

 

(9

)

 

 

(5

)

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

81

 

 

$

145

 

 

 

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

 

 

 

Donations

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

Other

 

 

9

 

 

 

(8

)

 

 

1

 

 

 

Total Net Other Income (Deductions)

 

$

64

 

 

$

90

 

 

$

154

 

 

 

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

 

 

 

Donations

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Other

 

 

2

 

 

 

(9

)

 

 

(7

)

 

 

Total Net Other Income (Deductions)

 

$

80

 

 

$

93

 

 

$

173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
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:

 

 

 

 

 

 

 

 

 

 

 

2025

 

PSEG

 

 

PSE&G

 

 

 

 

 

Millions

 

 

 

Total Amount of Unrecognized Tax Benefits as of January 1, 2025

 

$

209

 

 

$

8

 

 

 

Increases as a Result of Positions Taken in a Prior Period

 

 

35

 

 

 

11

 

 

 

Decreases as a Result of Positions Taken in a Prior Period

 

 

(47

)

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Decreases due to Lapses of Applicable Statute of Limitations

 

 

(1

)

 

 

—

 

 

 

Total Amount of Unrecognized Tax Benefits as of December 31, 2025

 

$

196

 

 

$

19

 

 

 

Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits

 

 

(31

)

 

 

(14

)

 

 

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)

 

$

164

 

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 
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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

PSEG

 

$

24

 

 

$

27

 

 

$

25

 

 

 

PSE&G

 

$

1

 

 

$

—

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

2022-2024

 

N/A

 

 

New Jersey

 

2015-2018

 

2015-2018

 

 

New Jersey

 

2021-2024

 

2021-2024

 

 

Pennsylvania

 

2017-2024

 

N/A

 

 

Connecticut

 

2022

 

N/A

 

 

Maryland

 

2022

 

N/A

 

 

New York

 

2020-2024

 

N/A

 

 

 

 

 

 

 

 
Public Service Electric and Gas Company [Member]  
Income Taxes [Line Items]  
Summary of Components of Income Tax Provision

The components of PSE&G’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

115

 

 

$

(67

)

 

$

127

 

 

 

State

 

 

1

 

 

 

—

 

 

 

4

 

 

 

Total Current

 

 

116

 

 

 

(67

)

 

 

131

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(125

)

 

 

209

 

 

 

(113

)

 

 

State

 

 

167

 

 

 

162

 

 

 

149

 

 

 

Total Deferred

 

 

42

 

 

 

371

 

 

 

36

 

 

 

ITC Benefit

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

152

 

 

$

298

 

 

$

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

1,897

 

 

 

 

$

1,845

 

 

 

 

$

1,675

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

399

 

 

21.0

%

 

$

387

 

 

21.0

%

 

$

352

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

133

 

 

7.0

%

 

 

128

 

 

6.9

%

 

 

121

 

 

7.2

%

 

 

Tax Credits

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

(9

)

 

(0.5

%)

 

 

Nontaxable or Nondeductible Items

 

 

3

 

 

0.2

%

 

 

2

 

 

0.1

%

 

 

6

 

 

0.4

%

 

 

Changes in Unrecognized Tax Benefits

 

 

2

 

 

0.1

%

 

 

—

 

 

—

 

 

 

(9

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(16.5

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(13.9

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.9

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(3.1

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.5

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(1.0

%)

 

 

Other Adjustments

 

 

2

 

 

0.1

%

 

 

(4

)

 

(0.2

%)

 

 

(1

)

 

(0.1

%)

 

 

Effective Tax Rate

 

$

152

 

 

8.0

%

 

$

298

 

 

16.2

%

 

$

160

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
Schedule Of Deferred Income Taxes

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSE&G

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

16

 

 

 

22

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

19

 

 

 

20

 

 

 

Customer Advances

 

 

23

 

 

 

15

 

 

 

Other

 

 

46

 

 

 

39

 

 

 

Total Assets

 

$

521

 

 

$

453

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

4,923

 

 

$

4,631

 

 

 

New Jersey Corporate Business Tax

 

 

1,421

 

 

 

1,303

 

 

 

Pension Costs

 

 

200

 

 

 

199

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Conservation Costs

 

 

91

 

 

 

103

 

 

 

Operating Leases

 

 

18

 

 

 

20

 

 

 

Other

 

 

114

 

 

 

152

 

 

 

Total Liabilities

 

$

7,544

 

 

$

6,872

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,023

 

 

$

6,419

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,074

 

 

$

6,477

 

 

 

 

 

 

 

 

 

 

 
PSEG [Member]  
Income Taxes [Line Items]  
Summary of Components of Income Tax Provision

The components of PSEG’s income tax provision are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Income Taxes:

 

 

 

 

 

 

 

 

 

 

 

Current Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

170

 

 

$

(225

)

 

$

144

 

 

 

State

 

 

(7

)

 

 

15

 

 

 

19

 

 

 

Total Current

 

 

163

 

 

 

(210

)

 

 

163

 

 

 

Deferred Expense (Benefit):

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(48

)

 

 

129

 

 

 

109

 

 

 

State

 

 

154

 

 

 

140

 

 

 

253

 

 

 

Total Deferred

 

 

106

 

 

 

269

 

 

 

362

 

 

 

ITC

 

 

(6

)

 

 

(6

)

 

 

(7

)

 

 

Total Income Tax Expense (Benefit)

 

$

263

 

 

$

53

 

 

$

518

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

%

 

 

Millions

 

%

 

 

Millions

 

%

 

 

 

Pre-Tax Income

 

$

2,374

 

 

 

 

$

1,825

 

 

 

 

$

3,081

 

 

 

 

 

U.S. Federal Statutory Tax Rate

 

$

499

 

 

21.0

%

 

$

383

 

 

21.0

%

 

$

647

 

 

21.0

%

 

 

State and Local Income Taxes, Net of Federal Income Tax Effect (a)

 

 

126

 

 

5.3

%

 

 

122

 

 

6.7

%

 

 

215

 

 

7.0

%

 

 

Tax Credits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PTCs

 

 

—

 

 

—

 

 

 

(350

)

 

(19.2

%)

 

 

—

 

 

—

 

 

 

Other Credits

 

 

(20

)

 

(0.8

%)

 

 

(11

)

 

(0.6

%)

 

 

(10

)

 

(0.3

%)

 

 

Nontaxable or Nondeductible Items

 

 

(3

)

 

(0.1

%)

 

 

4

 

 

0.2

%

 

 

(8

)

 

(0.3

%)

 

 

Changes in Unrecognized Tax Benefits

 

 

7

 

 

0.3

%

 

 

95

 

 

5.2

%

 

 

(14

)

 

(0.5

%)

 

 

Effect of Utility Ratemaking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC

 

 

(313

)

 

(13.2

%)

 

 

(145

)

 

(7.9

%)

 

 

(232

)

 

(7.5

%)

 

 

GPRC-CEF-EE

 

 

(75

)

 

(3.2

%)

 

 

(52

)

 

(2.8

%)

 

 

(52

)

 

(1.7

%)

 

 

Other Flow-Through Accounting

 

 

10

 

 

0.4

%

 

 

(9

)

 

(0.5

%)

 

 

(16

)

 

(0.5

%)

 

 

Other Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NDT Fund

 

 

31

 

 

1.3

%

 

 

21

 

 

1.2

%

 

 

26

 

 

0.8

%

 

 

Leasing Activities

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

(22

)

 

(0.7

%)

 

 

Other

 

 

1

 

 

—

 

 

 

(5

)

 

(0.3

%)

 

 

(16

)

 

(0.5

%)

 

 

Effective Tax Rate

 

$

263

 

 

11.1

%

 

$

53

 

 

2.9

%

 

$

518

 

 

16.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
Schedule of Paid Income Taxes

For the years ended December 31, 2025, 2024 and 2023, PSEG paid income taxes as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Taxes Paid (Received)

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

PSEG

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

18

 

 

$

69

 

 

$

123

 

 

 

State

 

 

(18

)

 

 

(1

)

 

 

21

 

 

 

Total

 

$

—

 

 

$

68

 

 

$

144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule Of Deferred Income Taxes

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

 

PSEG

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Deferred Income Taxes

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Regulatory Liability Excess Deferred Tax

 

$

365

 

 

$

314

 

 

 

OPEB

 

 

43

 

 

 

49

 

 

 

Bad Debt

 

 

52

 

 

 

43

 

 

 

Operating Leases

 

 

34

 

 

 

38

 

 

 

Mark-to-Market

 

 

32

 

 

 

—

 

 

 

Other

 

 

144

 

 

 

147

 

 

 

Total Assets

 

$

670

 

 

$

591

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Plant-Related Items

 

$

5,382

 

 

$

5,084

 

 

 

New Jersey Corporate Business Tax

 

 

1,543

 

 

 

1,414

 

 

 

Leasing Activities

 

 

30

 

 

 

33

 

 

 

AROs and NDT Fund

 

 

378

 

 

 

281

 

 

 

Taxes Recoverable Through Future Rates (net)

 

 

486

 

 

 

250

 

 

 

GPRC-CEF-EE

 

 

291

 

 

 

214

 

 

 

Pension Costs

 

 

195

 

 

 

193

 

 

 

Operating Leases

 

 

30

 

 

 

34

 

 

 

Other

 

 

214

 

 

 

278

 

 

 

Total Liabilities

 

$

8,549

 

 

$

7,781

 

 

 

Summary of Accumulated Deferred Income Taxes:

 

 

 

 

 

 

 

 

Net Deferred Income Tax Liabilities

 

$

7,879

 

 

$

7,190

 

 

 

ITC

 

 

51

 

 

 

58

 

 

 

Net Total Deferred Income Taxes and ITC

 

$

7,930

 

 

$

7,248

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2022

 

$

(3

)

 

$

(426

)

 

$

(121

)

 

$

(550

)

 

 

Current Period Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

(8

)

 

 

14

 

 

 

29

 

 

 

35

 

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(4

)

 

 

6

 

 

 

5

 

 

 

7

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

(12

)

 

 

20

 

 

 

34

 

 

 

42

 

 

 

Balance as of December 31, 2025

 

$

24

 

 

$

(56

)

 

$

(59

)

 

$

(91

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG

 

 

 

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

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

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

 

 

$

(1

)

 

$

4

 

 

 

Total Cash Flow Hedges

 

 

 

 

5

 

 

 

(1

)

 

 

4

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Prior Service (Cost) Credit

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Amortization of Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(7

)

 

 

2

 

 

 

(5

)

 

 

Total Pension and OPEB Plans

 

 

 

 

(8

)

 

 

2

 

 

 

(6

)

 

 

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

 

 

 

$

(11

)

 

$

4

 

 

$

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Earnings Per Share (EPS) and Dividends (Tables)
 12 Months Ended
Dec. 31, 2025
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,

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

2,111

 

 

$

2,111

 

 

$

1,772

 

 

$

1,772

 

 

$

2,563

 

 

$

2,563

 

 

 

EPS Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

499

 

 

 

499

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Total Shares

 

 

499

 

 

 

501

 

 

 

498

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

4.23

 

 

$

4.22

 

 

$

3.56

 

 

$

3.54

 

 

$

5.15

 

 

$

5.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Dividend Payments on Common Stock

Common Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Dividend Payments on Common Stock

 

2025

 

 

2024

 

 

2023

 

 

 

Per Share

 

$

2.52

 

 

$

2.40

 

 

$

2.28

 

 

 

in Millions

 

$

1,258

 

 

$

1,196

 

 

$

1,137

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.25.4
Financial Information By Business Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Financial Information By Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated
Total

 

 

 

 

 

Millions

 

Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

Energy Costs

 

 

3,782

 

 

 

1,489

 

 

 

(1,112

)

 

 

4,159

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,431

 

 

 

832

 

 

 

—

 

 

 

2,263

 

 

 

Depreciation and Amortization

 

 

1,116

 

 

 

141

 

 

 

—

 

 

 

1,257

 

 

 

Interest Income

 

 

16

 

 

 

19

 

 

 

(3

)

 

 

32

 

 

 

Interest Expense

 

 

644

 

 

 

364

 

 

 

(3

)

 

 

1,005

 

 

 

Income Tax Expense (Benefit)

 

 

152

 

 

 

111

 

 

 

—

 

 

 

263

 

 

 

Other Segment Items (D)

 

 

704

 

 

 

438

 

 

 

—

 

 

 

1,142

 

 

 

Net Income

 

$

1,745

 

 

$

366

 

 

$

—

 

 

$

2,111

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,731

 

 

$

572

 

 

$

(31

)

 

$

3,272

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Interest Income

 

 

14

 

 

 

23

 

 

 

(5

)

 

 

32

 

 

 

Interest Expense

 

 

582

 

 

 

305

 

 

 

(5

)

 

 

882

 

 

 

Income Tax Expense (Benefit)

 

 

298

 

 

 

(245

)

 

 

—

 

 

 

53

 

 

 

Other Segment Items (D)

 

 

505

 

 

 

447

 

 

 

—

 

 

 

952

 

 

 

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

 

 

 

Interest Income

 

 

19

 

 

 

38

 

 

 

(4

)

 

 

53

 

 

 

Interest Expense

 

 

493

 

 

 

259

 

 

 

(4

)

 

 

748

 

 

 

Income Tax Expense (Benefit)

 

 

160

 

 

 

358

 

 

 

—

 

 

 

518

 

 

 

Other Segment Items (D)

 

 

475

 

 

 

685

 

 

 

—

 

 

 

1,160

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, 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 23. 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, 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.
v3.25.4
Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]
 12 Months Ended
Dec. 31, 2025
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

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Billings from PSEG Power (A)

 

$

1,106

 

 

$

959

 

 

$

1,065

 

 

 

Administrative Billings from Services (B)

 

$

545

 

 

 

516

 

 

$

443

 

 

 

Total Billings from Affiliates

 

$

1,651

 

 

$

1,475

 

 

$

1,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Related Party Transactions, Payables

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

Related Party Transactions

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

228

 

 

$

209

 

 

 

Net Payable to Services (B)

 

 

102

 

 

 

116

 

 

 

Net Payable to PSEG (C)

 

 

142

 

 

 

37

 

 

 

Accounts Payable—Affiliated Companies

 

$

472

 

 

$

362

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (Receivable) (C)

 

$

7

 

 

$

(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 sold 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 were prescribed by the BPU. BGSS sales were billed and settled on a monthly basis. ZEC sales were billed on a monthly basis and settled annually following completion of each energy year. The ZEC program ended effective June 1, 2025, with the final ZEC payment from PSE&G to PSEG Power settled in August 2025. 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.
v3.25.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents $ 132 $ 125    
Restricted Cash in Other Current Assets 3 8    
Restricted Cash in Other Noncurrent Assets 21 21    
Cash, Cash Equivalents and Restricted Cash 156 154 $ 99 $ 511
Public Service Electric and Gas Company [Member]        
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents 97 79    
Restricted Cash in Other Current Assets 3 8    
Restricted Cash in Other Noncurrent Assets 21 21    
Cash, Cash Equivalents and Restricted Cash 121 108 $ 75 $ 266
PSEG Power & Other [Member]        
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents [1] 35 46    
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] $ 35 $ 46    
[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.25.4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Impairments recorded for long-lived assets $ 0
Nuclear Production [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Estimated useful lives 80 years
ASU 2023-09 [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, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
Public Service Electric and Gas Company [Member] | ASU 2023-09 [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, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Electric Transmission [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 2.12% 2.09% 2.09%
Electric Distribution [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 2.54% 2.51% 2.54%
Gas Distribution [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Depreciation Rate 1.84% 1.84% 1.84%
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Public Service Electric and Gas Company [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
IDC/AFUDC $ 62 $ 62 $ 83
Average Rate 6.64% 6.43% 7.13%
Other [Member]      
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
IDC/AFUDC $ 10 $ 9 $ 9
Average Rate 5.31% 6.08% 5.66%
v3.25.4
Revenues - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues [Line Items]      
Revenue from Contract with Customers $ 12,123 $ 9,874 $ 9,254
Revenues Unrelated to Contracts with Customers [1] 45 416 1,983
Total Operating Revenues 12,168 10,290 11,237
Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers (1,112) (966) (1,103)
Revenues Unrelated to Contracts with Customers [1] 0 0 0
Total Operating Revenues [2] (1,112) (966) (1,103)
Electric Distribution [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 4,858 3,977 3,494
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 2,461 2,059 1,982
Gas Distribution [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Transmission [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 1,779 1,754 1,673
Transmission [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Electricity and Related Product Sales [Member] | Third-Party Sales [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 1,540 824 905
Electricity and Related Product Sales [Member] | Third-Party Sales [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Electricity and Related Product Sales [Member] | Sales to Affiliates [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 0 0 0
Electricity and Related Product Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers (47) (114) (114)
Gas Sales [Member] | Third-Party Sales [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 353 206 206
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 (1,060) (846) (984)
Other Revenues from Contracts with Customers [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3] 1,132 1,054 994
Other Revenues from Contracts with Customers [Member] | Eliminations [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3] (5) (6) (5)
Public Service Electric and Gas Company [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 9,483 8,158 7,517
Revenues Unrelated to Contracts with Customers [1] 75 291 290
Total Operating Revenues 9,558 8,449 7,807
Public Service Electric and Gas Company [Member] | Electric Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 4,858 3,977 3,494
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 2,461 2,059 1,982
Public Service Electric and Gas Company [Member] | Transmission [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers 1,779 1,754 1,673
Public Service Electric and Gas Company [Member] | Electricity and Related Product 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] | Electricity and Related Product 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] | 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] 385 368 368
PSEG Power & Other [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 3,752 2,682 2,840
Revenues Unrelated to Contracts with Customers [1],[4] (30) 125 1,693
Total Operating Revenues [4],[5] 3,722 2,807 4,533
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 0
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | Third-Party Sales [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 1,540 824 905
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 47 114 114
PSEG Power & Other [Member] | Gas Sales [Member] | Third-Party Sales [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 353 206 206
PSEG Power & Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [4] 1,060 846 984
PSEG Power & Other [Member] | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member]      
Revenues [Line Items]      
Revenue from Contract with Customers [3],[4] $ 752 $ 692 $ 631
[1] Includes alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in the future periods, 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 23. 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 $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
v3.25.4
Revenues - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
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]    
Allowance for credit losses percentage of accounts receivable 12.00% 13.00%
v3.25.4
Revenues - Reconciliation of Allowance for Credit Losses (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues [Line Items]    
Balance $ 215 $ 283
Provision 145 103
Write-offs, net of Recoveries (106) (171)
Balance $ 254 $ 215
v3.25.4
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 [Member]    
Revenues [Line Items]    
Recoveries $ 42 $ 31
v3.25.4
Revenues - Revenue, Capacity Auction Obligations (Details) - PSEG Power - PJM [Member]
Dec. 31, 2025
$ / MK
MW
June 2025 to May 2026  
Revenues [Line Items]  
$ per Megawatt (MW)-Day | $ / MK 270
MW Cleared | MW 3,500
June 2026 to May 2027  
Revenues [Line Items]  
$ per Megawatt (MW)-Day | $ / MK 329
MW Cleared | MW 3,500
June 2027 to May 2028  
Revenues [Line Items]  
$ per Megawatt (MW)-Day | $ / MK 333
MW Cleared | MW 3,500
v3.25.4
Revenues - Additional Information (Details)1
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation $ 43
Revenue remaining performance obligation year 2026
Revenue remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation $ 43
Revenue remaining performance obligation year 2027
Revenue remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation $ 47
Revenue remaining performance obligation year 2028
Revenue remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation $ 47
Revenue remaining performance obligation period
v3.25.4
Asset Dispositions and Impairments - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Impairment of Long-Lived Assets to be Disposed of $ 0
v3.25.4
Variable Interest Entities (VIEs) - Additional information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Operating Revenues $ 12,168 $ 10,290 $ 11,237
Operation and Maintenance 3,772 3,362 3,157
Long Island ServCo [Member]      
Variable Interest Entity [Line Items]      
Operating Revenues 644 592 533
Operation and Maintenance $ 644 $ 592 $ 533
v3.25.4
Property, Plant and Equipment and Jointly-Owned Facilities - Schedule Of Property, Plant And Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Public Utility, Property, Plant and Equipment [Line Items]    
Total $ 53,920 $ 51,207
PSEG Power & Other [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Other 406 408
Total 5,168 5,009
Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Other 1,751 2,136
Total 48,752 46,198
Electric Transmission | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 18,701 17,874
Electric Distribution | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 13,717 12,520
Gas Distribution and Transmission | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 13,350 12,536
Construction Work In Progress | PSEG Power & Other [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation 256 159
Construction Work In Progress | Public Service Electric and Gas Company    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Transmission and Distribution 1,233 1,132
Nuclear Production | PSEG Power & Other [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation 3,615 3,649
Nuclear Fuel in Service | PSEG Power & Other [Member]    
Public Utility, Property, Plant and Equipment [Line Items]    
Total Generation $ 891 $ 793
v3.25.4
Property, Plant and Equipment and Jointly-Owned Facilities - Schedule Of Jointly-Owned Facilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Public Service Electric and Gas Company | Transmission Facilities    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant $ 163 $ 164
Accumulated Depreciation $ 75 $ 72
PSEG Power | Peach Bottom    
Public Utility, Property, Plant and Equipment [Line Items]    
Ownership Interest 50.00% 50.00%
Plant $ 1,450 $ 1,420
Accumulated Depreciation $ 598 $ 564
PSEG Power | Salem    
Public Utility, Property, Plant and Equipment [Line Items]    
Ownership Interest 57.00% 57.00%
Plant $ 1,572 $ 1,539
Accumulated Depreciation 656 601
PSEG Power | Nuclear Support Facilities    
Public Utility, Property, Plant and Equipment [Line Items]    
Plant 186 180
Accumulated Depreciation $ 88 $ 84
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
v3.25.4
Regulatory Assets And Liabilities - (Schedule Of Regulatory Assets and Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Sep. 30, 2018
Regulatory Assets And Liabilities [Line Items]        
Regulatory Assets, Current $ 537 $ 516    
Regulatory Assets, Noncurrent 6,431 6,125    
Regulatory Liabilities, Current 484 555    
Regulatory Liabilities, Noncurrent 2,048 2,271    
Public Service Electric and Gas Company        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 6,968 6,641    
Regulatory Assets, Current 537 516    
Regulatory Assets, Noncurrent 6,431 6,125    
Total Regulatory Liabilities 2,532 2,826    
Regulatory Liabilities, Current 484 555    
Regulatory Liabilities, Noncurrent 2,048 2,271    
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 2,273 2,012    
Public Service Electric and Gas Company | Green Program Recovery Charges [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 1,593 1,251    
Public Service Electric and Gas Company | Pension and Other Postretirement Benefit Costs [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 1,213 1,330    
Public Service Electric and Gas Company | Conditional Asset Retirement Obligation [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 237 221    
Public Service Electric and Gas Company | Clean Energy Future - Energy Cloud [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 206 233    
Public Service Electric and Gas Company | Electric Cost Of Removal [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 184 195    
Public Service Electric and Gas Company | Societal Benefits Charges Sbc [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 182 211    
Public Service Electric and Gas Company | Manufactured Gas Plant Remediation Costs [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 179 210    
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 | Conservation Incentive Program [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 127 261    
Public Service Electric and Gas Company | COVID-19 Deferral [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 109 131    
Public Service Electric and Gas Company | Remediation Adjustment Clause Other Sbc [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 101 102    
Public Service Electric and Gas Company | Clean Energy Future-Electric Vehicles [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 92 51    
Public Service Electric and Gas Company | Base Rate Case [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 85 108    
Public Service Electric and Gas Company | Other Regulatory Assets [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Assets 242 180    
Public Service Electric and Gas Company | Excess Deferred Income Taxes [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities 2,317 2,619    
Public Service Electric and Gas Company | Gas Costs - BGSS [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities 118 145    
Public Service Electric and Gas Company | Other [Member]        
Regulatory Assets And Liabilities [Line Items]        
Total Regulatory Liabilities $ 97 $ 62    
v3.25.4
Regulatory Assets And Liabilities - Additional Information (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Nov. 30, 2025
USD ($)
Oct. 31, 2025
USD ($)
Jul. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
May 31, 2025
USD ($)
Apr. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
May 31, 2025
USD ($)
$ / MWh
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2018
USD ($)
Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Regulatory Assets   $ 6,968,000,000               $ 6,968,000,000   $ 6,641,000,000      
Flowback of tax benefits                   58,000,000   81,000,000 $ 80,000,000    
Public Service Electric and Gas Company | Electric Transmission [Member]                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount       $ 82,000,000   $ 28,000,000                  
Public Service Electric and Gas Company | Current mixed service costs [Member]                              
Regulatory Asset [Line Items]                              
Flowback of tax benefits                   22,000,000          
Public Service Electric and Gas Company | distributed related repair deductions [Member]                              
Regulatory Asset [Line Items]                              
Excess Deferred income taxes to be refunded   808,000,000               808,000,000          
Public Service Electric and Gas Company | distribution related repair deduction [Member]                              
Regulatory Asset [Line Items]                              
Excess Deferred income taxes to be refunded   232,000,000               232,000,000          
Public Service Electric and Gas Company | Distribution-related mixed service cost deductions [Member]                              
Regulatory Asset [Line Items]                              
Excess Deferred income taxes to be refunded   266,000,000               266,000,000          
Public Service Electric and Gas Company | Transmission related over remaining useful life [Member]                              
Regulatory Asset [Line Items]                              
Excess Deferred income taxes to be refunded   926,000,000               926,000,000          
Z E C Liability [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Price Per Mega watt Hour | $ / MWh                     10        
Z E C Purchases                     $ 164,000,000        
Overcollected revenues                     $ 5,500,000        
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       0.36       0.33              
Requested to increase BGSS rate per therm             0.36       0.36        
Basic Gas Supply Service [Member] | Maximum [Member] | New Jersey Gas Distribution Companies                              
Regulatory Asset [Line Items]                              
Approved increase decrease BGSS rate per therm       0.03     0.05       0.05        
Clean Energy Future-Electric Vehicles [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Regulatory Assets   92,000,000               92,000,000   51,000,000      
Clean Energy Future-Electric Vehicles [Member] | Subsequent Event [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public Utilities, Requested Rate Increase (Decrease), Amount $ 8,000,000                            
Societal Benefits Charges Sbc [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Regulatory Assets   182,000,000               182,000,000   211,000,000      
Conservation Incentive Program | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount   97,000,000                          
Conservation Incentive Program | Subsequent Event [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount 65,000,000                            
COVID-19 Deferral [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Regulatory Assets   $ 109,000,000               $ 109,000,000   $ 131,000,000      
Gas System Modernization Program II [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public Utilities, Requested Rate Increase (Decrease), Amount     $ 23,000,000                        
Public utilities, approved rate increase (decrease), amount         $ 49,000,000                    
Electric Green Program Recovery [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public Utilities, Requested Rate Increase (Decrease), Amount           207,000,000                  
Public utilities, approved rate increase (decrease), amount             $ 54,000,000                
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 rate increase (decrease), amount             $ 22,000,000                
Electric Infrastructure Advancement Program [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount               $ 6,000,000              
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 10,000,000                            
Electric Tax Adjustment Credit [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public Utilities, Requested Rate Increase (Decrease), Amount       $ 15,000,000                      
Gas Tax Adjustment Credit [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public Utilities, Requested Rate Increase (Decrease), Amount       $ 10,000,000                      
Gas Infrastructure Advancement Program [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount               $ 3,000,000              
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 $ 4,000,000                            
Remediation Adjustment Clause [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities, approved rate increase (decrease), amount                 $ 56,000,000            
Electric Generation/Capacity Cost Deferral [Member] | Public Service Electric and Gas Company                              
Regulatory Asset [Line Items]                              
Public utilities amount approved to provide credit to residential electric customers           30                  
Public utilities amount charged to residential electric customers           $ 10                  
Public utilities approved to provide credit and charge to customers description                   In June 2025, the BPU approved an Order authorizing PSE&G to provide a $30 credit to each residential electric customer’s monthly bill for the two-month period July through August 2025. For the six-month period September 2025 through February 2026, PSE&G is applying a charge to each residential electric customer’s monthly bill of $10.          
v3.25.4
Leases - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Renewal
Dec. 31, 2024
USD ($)
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 $ 14 $ 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    
Lessor, Lease, Description [Line Items]    
Operating lease liabilities, current $ 28 $ 29
Energy Holdings [Member]    
Lessor, Lease, Description [Line Items]    
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation $ 9  
v3.25.4
Leases - Operating Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease Cost [Line Item]      
Long-term Lease Costs $ 63 $ 58 $ 53
Short-term Lease Costs 20 24 27
Variable Lease Costs 14 13 15
Total Operating Lease Costs 97 95 95
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 35 $ 37 $ 34
Weighted Average Remaining Lease Term in Years 7 years 7 years 8 years
Weighted Average Discount Rate 4.10% 4.10% 4.10%
Public Service Electric and Gas Company [Member]      
Lease Cost [Line Item]      
Long-term Lease Costs $ 48 $ 43 $ 34
Short-term Lease Costs 17 21 21
Variable Lease Costs 2 2 2
Total Operating Lease Costs 67 66 57
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 19 $ 20 $ 17
Weighted Average Remaining Lease Term in Years 8 years 9 years 10 years
Weighted Average Discount Rate 4.00% 4.00% 4.00%
Other Segments      
Lease Cost [Line Item]      
Long-term Lease Costs $ 15 $ 15 $ 19
Short-term Lease Costs 3 3 6
Variable Lease Costs 12 11 13
Total Operating Lease Costs 30 29 38
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 16 $ 17 $ 17
Weighted Average Remaining Lease Term in Years 5 years 6 years 7 years
Weighted Average Discount Rate 4.20% 4.20% 4.20%
v3.25.4
Leases - Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, Liability, to be Paid, Year One $ 34  
Lessee, Operating Lease, Liability, to be Paid, Year Two 31  
Lessee, Operating Lease, Liability, to be Paid, Year Three 27  
Lessee, Operating Lease, Liability, to be Paid, Year Four 26  
Lessee, Operating Lease, Liability, to be Paid, Year Five 22  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 39  
Total Minimum Lease Payments 179 $ 210
Public Service Electric and Gas Company [Member]    
Lessee, Lease, Description [Line Items]    
Lessee, Operating Lease, Liability, to be Paid, Year One 18  
Lessee, Operating Lease, Liability, to be Paid, Year Two 15  
Lessee, Operating Lease, Liability, to be Paid, Year Three 11  
Lessee, Operating Lease, Liability, to be Paid, Year Four 10  
Lessee, Operating Lease, Liability, to be Paid, Year Five 10  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 39  
Total Minimum Lease Payments 103 116
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 16  
Lessee, Operating Lease, Liability, to be Paid, Year Four 16  
Lessee, Operating Lease, Liability, to be Paid, Year Five 12  
Lessee, Operating Lease, Liability, to be Paid, after Year Five 0  
Total Minimum Lease Payments $ 76 $ 94
v3.25.4
Leases - Reconciliation of Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments $ 179 $ 210
Reconciling Amount due to Discount Rate (23) (29)
Total Discounted Operating Lease Liabilities 156 181
Public Service Electric and Gas Company [Member]    
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments 103 116
Reconciling Amount due to Discount Rate (16) (18)
Total Discounted Operating Lease Liabilities 87 98
Other Segments    
Lessee, Lease, Description [Line Items]    
Total Minimum Lease Payments 76 94
Reconciling Amount due to Discount Rate (7) (11)
Total Discounted Operating Lease Liabilities $ 69 $ 83
v3.25.4
Leases - Operating Lease Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Leases, Income Statement, Lease Revenue [Abstract]      
Fixed Lease Income $ 14 $ 14 $ 24
Variable Lease Income 0 0 0
Total Operating Lease Income $ 14 $ 14 $ 24
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag true    
v3.25.4
Leases - Operating Lease Right-Of-Use Assets (Details)
$ in Millions
Dec. 31, 2025
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 14
Lessor, Operating Lease, Payment to be Received, after Year Five 94
Total Minimum Future Lease Receipts $ 164
v3.25.4
Long-Term Investments - Schedule Of Long Term Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Long-Term Investments [Line Items]    
Total Long-Term Investments $ 372 $ 263
Leases [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 138 150
Partnerships And Corporate Joint Ventures [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments [1] 26 21
Other [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 9 2
Public Service Electric and Gas Company [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 199 90
Public Service Electric and Gas Company [Member] | CEF-EE II On-Bill Repayment (OBR) Program (A) [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments [2] 131 0
Public Service Electric and Gas Company [Member] | Life Insurance And Supplemental Benefits [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments 59 67
Public Service Electric and Gas Company [Member] | Solar Loan Investment [Member]    
Long-Term Investments [Line Items]    
Total Long-Term Investments $ 9 $ 23
[1] During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.
[2] As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.
v3.25.4
Long-Term Investments - Schedule Of Long Term Investments (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Long-Term Investments [Abstract]    
Dividends from Equity Method Investments $ 0 $ 0
v3.25.4
Long-Term Investments - Schedule Of Net Investment In Leveraged Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Net Investments in Leases $ 107 $ 117
Energy Holdings [Member]    
Schedule of Investments [Line Items]    
Lease Receivables (net of Non-Recourse Debt) 178 200
Estimated Residual Value of Leased Assets 0 0
Total Investment in Rental Receivables 178 200
Unearned and Deferred Income (40) (50)
Gross Investments in Leases 138 150
Deferred Tax Liabilities (31) (33)
Net Investments in Leases $ 107 $ 117
v3.25.4
Financing Receivables - Schedule of Outstanding Loans by Class of Customer (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Public Service Electric and Gas Company [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 145  
Current Portion (included in Accounts Receivable) (14)  
Noncurrent Portion (included in Long-Term Investments) 131  
Public Service Electric and Gas Company [Member] | Commercial/Industrial [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 17  
Public Service Electric and Gas Company [Member] | Residential [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 128  
Solar Loan Program [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 20 $ 40
Current Portion (included in Accounts Receivable) (11) (17)
Noncurrent Portion (included in Long-Term Investments) 9 23
Solar Loan Program [Member] | Commercial/Industrial [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 19 38
Solar Loan Program [Member] | Residential [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 1 $ 2
Solar Loan II [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 9  
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 $ 11  
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  
v3.25.4
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, 2025
Dec. 31, 2024
Schedule of Financial Receivables [Line Items]    
Lease Receivables (net of Non-Recourse Debt) $ 178 $ 200
Standard & Poor's, AA Rating [Member]    
Schedule of Financial Receivables [Line Items]    
Lease Receivables (net of Non-Recourse Debt) 6  
Standard & Poor's, A- Rating [Member]    
Schedule of Financial Receivables [Line Items]    
Lease Receivables (net of Non-Recourse Debt) $ 172  
v3.25.4
Financing Receivables - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Financial Receivables [Line Items]    
Net Investments in Leases $ 107 $ 117
Agreements terms The terms of these agreements can be five, seven or ten years.  
Solar Loan Program [Member]    
Schedule of Financial Receivables [Line Items]    
Average loan repayment period 8 years  
Average loan remaining repayment period 2 years  
Solar Loan Program [Member] | Minimum [Member]    
Schedule of Financial Receivables [Line Items]    
Loan receivable, term 10 years  
Solar Loan Program [Member] | Maximum [Member]    
Schedule of Financial Receivables [Line Items]    
Loan receivable, term 15 years  
Energy Holdings [Member]    
Schedule of Financial Receivables [Line Items]    
Net Investments in Leases $ 107 $ 117
Public Service Electric and Gas Company [Member]    
Schedule of Financial Receivables [Line Items]    
Average loan repayment period 7 years  
v3.25.4
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, 2025
Dec. 31, 2024
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost $ 2,426 [1] $ 2,311 [2]
Gross Unrealized Gains 590 [1] 495 [2]
Gross Unrealized Losses (102) [1] (160) [2]
Trust Investments, Fair Value 2,914 [1] 2,646 [2]
Nuclear Decommissioning Trust (NDT) Fund [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 1,430 1,384
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 13 4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (84) (122)
Debt Securities, Available-for-Sale, Fair Value 1,359 1,266
Nuclear Decommissioning Trust (NDT) Fund [Member] | Domestic Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 544 508
Equity Securities, Accumulated Gross Unrealized Gain 397 393
Equity Securities, FV-NI, Unrealized Loss (9) (9)
Equity Securities, Fair Value 932 892
Nuclear Decommissioning Trust (NDT) Fund [Member] | International Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 452 419
Equity Securities, Accumulated Gross Unrealized Gain 180 98
Equity Securities, FV-NI, Unrealized Loss (9) (29)
Equity Securities, Fair Value 623 488
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 996 927
Equity Securities, Accumulated Gross Unrealized Gain 577 491
Equity Securities, FV-NI, Unrealized Loss (18) (38)
Equity Securities, Fair Value 1,555 1,380
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 849 853
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 6 1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (65) (91)
Debt Securities, Available-for-Sale, Fair Value 790 763
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 581 531
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 7 3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (19) (31)
Debt Securities, Available-for-Sale, Fair Value 569 503
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost 179 189
Gross Unrealized Gains 9 9
Gross Unrealized Losses (26) (33)
Trust Investments, Fair Value 162 165
Rabbi Trust [Member] | Total Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 171 181
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (26) (33)
Debt Securities, Available-for-Sale, Fair Value 145 148
Rabbi Trust [Member] | Domestic Equity Securities [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 8 8
Equity Securities, Accumulated Gross Unrealized Gain 9 9
Equity Securities, FV-NI, Unrealized Loss 0 0
Equity Securities, Fair Value 17 17
Rabbi Trust [Member] | Government Debt Securities [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 102 105
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (18) (22)
Debt Securities, Available-for-Sale, Fair Value 84 83
Rabbi Trust [Member] | Corporate Debt Obligations [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 69 76
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (8) (11)
Debt Securities, Available-for-Sale, Fair Value $ 61 $ 65
[1] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2025, which is part of the NDT Fund.
[2] The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.
v3.25.4
Trust Investments - Schedule of Fair Values and Gross Unrealized Gains and Losses for the Securities Held (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Debt Securities, Available-for-Sale [Line Items]    
NDT Fund Foreign Currency $ 1 $ 24
v3.25.4
Trust Investments - Schedule of Accounts Receivable and Accounts Payable (Details) - Nuclear Decommissioning Trust (NDT) Fund [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Trust Investments [Line Items]    
Accounts Receivable $ 23 $ 18
Accounts Payable $ 16 $ 5
v3.25.4
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, 2025
Dec. 31, 2024
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 $ 310 $ 613
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (14) (36)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 552 635
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (88) (124)
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] 171 199
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (12) (27)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 26 26
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (6) (11)
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 139 414
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (2) (9)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 526 609
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (82) (113)
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] 134 73
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (8) (8)
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) (1)
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] 37 126
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (4) (19)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 22 22
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (5) (10)
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] 85 295
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] (1) (7)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [2] 359 382
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [2] (64) (84)
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] 54 119
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] (1) (2)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [3] 167 227
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [3] (18) (29)
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 5 21
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 109 120
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (26) (33)
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 5 21
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 109 120
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (26) (33)
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] 1 10
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] 68 71
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [4] (18) (22)
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] 4 11
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] 41 49
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [5] $ (8) $ (11)
[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.
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments $ 1,378 $ 1,537 $ 1,714
Net Gains (Losses) on Trust Investments 189 127 189
Nuclear Decommissioning Trust (NDT) Fund [Member]      
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments [1] 1,349 1,504 1,685
Gross Realized Gains 172 132 142
Gross Realized Losses (90) (54) (100)
Net Realized Gains (Losses) [2] 82 78 42
Unrealized Gain (Loss) on Equity Securities 106 47 146
Net Gains (Losses) on Trust Investments 188 125 188
Rabbi Trust [Member]      
Schedule of Trust Investments [Line Items]      
Proceeds from Sales of Trust Investments 29 33 29
Gross Realized Gains 2 3 5
Gross Realized Losses (2) (2) (6)
Net Realized Gains (Losses) [3] 0 1 (1)
Unrealized Gain (Loss) on Equity Securities 1 1 2
Net Gains (Losses) on Trust Investments $ 1 $ 2 $ 1
[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.
v3.25.4
Trust Investments - Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities $ 1,359
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities 145
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 16
1 - 5 years 371
6 - 10 years 257
11 - 15 years 72
16 - 20 years 110
Over 20 years 533
Debt Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 5
1 - 5 years 30
6 - 10 years 19
11 - 15 years 11
16 - 20 years 16
Over 20 years $ 64
v3.25.4
Trust Investments - Schedule of Fair Value of Rabbi Trust (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 162 $ 165
Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 29 30
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 162 165
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 29 30
Rabbi Trust [Member] | PSEG Power & Other    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 133 $ 135
v3.25.4
Trust Investments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
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 (41)
Debt Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
After tax amount of net unrealized gains (losses) recognized in AOCI (18)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Unrealized Gains (Losses) on Equity Securities still held 270
Equity Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Unrealized Gains (Losses) on Equity Securities still held $ 1
v3.25.4
Asset Retirement Obligations (AROs) - Impact Of The Revisions On Asset Retirement Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance $ 1,500 $ 1,468
Liabilities Settled (12) (26)
Accretion Expense 43 49
Accretion Expense Deferred and Recovered in Rate Base [1] 20 16
Revision to Present Values of Estimated Cash Flows (170) (7)
ARO Liability, Ending Balance 1,381 1,500
Public Service Electric and Gas Company    
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance 457 401
Liabilities Settled (10) (12)
Accretion Expense 0 0
Accretion Expense Deferred and Recovered in Rate Base [1] 20 16
Revision to Present Values of Estimated Cash Flows (10) 52
ARO Liability, Ending Balance 457 457
PSEG Power & Other    
Asset Retirement Obligation [Line Items]    
ARO Liability, Beginning Balance 1,043 1,067
Liabilities Settled (2) (14)
Accretion Expense 43 49
Accretion Expense Deferred and Recovered in Rate Base [1] 0 0
Revision to Present Values of Estimated Cash Flows (160) (59)
ARO Liability, Ending Balance $ 924 $ 1,043
[1] Not reflected as expense in Consolidated Statements of Operations.
v3.25.4
Asset Retirement Obligations (AROs) - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Asset Retirement Obligation [Line Items]      
Revision to Present Values of Estimated Cash Flows   $ (170) $ (7)
PSEG Power      
Asset Retirement Obligation [Line Items]      
Revision to Present Values of Estimated Cash Flows $ 160   59
PSE&G      
Asset Retirement Obligation [Line Items]      
Revision to Present Values of Estimated Cash Flows   (10) $ 52
Impact of change in ARO in operations   $ 0  
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jan. 01, 2025
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Retiree
Dec. 31, 2026
Dec. 31, 2025
USD ($)
Plan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]              
Number of PSEG's defined contribution plans | Plan         2    
Defined benefit plan funded status of plan percentage         93.00%    
Rabbi trust fund         $ 162,000,000 $ 165,000,000  
Defined benefit plan funded status of plan qualified pension plan percentage         96.00%    
Defined benefit plans, projected benefit and accumulated benefit obligations         $ 4,500,000,000 4,400,000,000  
Pension Lift Out Settlement Charge   $ 6,000,000 $ 332,000,000        
Pension lift out settlement charge, net of tax   $ 4,000,000 239,000,000       $ 239,000,000
Maximum annual 401(k) contribution per employee, percent         50.00%    
Non-elective employer contributions 4.00%            
Defined contribution plan, employer matching contribution, percent of match 4.00%       50.00%    
Employer matching contributions         $ 51,000,000 45,000,000 43,000,000
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         $ 29,000,000 30,000,000  
Employer matching contributions         35,000,000 31,000,000 29,000,000
Pension Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined Benefit Plan, Benefit Obligation, Payment for Settlement     $ 1,000,000,000        
Number of retirees | Retiree     2,000        
Total benefit costs         73,000,000 69,000,000 409,000,000
Total Estimated Future Benefit Payments         3,632,000,000    
Estimated Future Benefit Payments over five-year period         361,000,000    
Pension Lift Out Settlement Charge         $ 0 $ 0 $ 338,000,000
Interest in Master Trust assets percentage         91.00%    
Expected long-term rate of return on plan assets         8.10% 8.10% 8.10%
Employer contributions in current year         $ 50,000,000    
Pension Benefits [Member] | Forecast              
Defined Benefit Plan Disclosure [Line Items]              
Expected long-term rate of return on plan assets       8.00%      
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         47,000,000 $ 43,000,000 $ 50,000,000
Pension Benefits [Member] | Maximum [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined benefit plan, expected future employer contributions, next fiscal year         100,000,000    
Other Pension Plan, Defined Benefit [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Defined benefit plan, benefit obligation         136,000,000    
Other Benefits [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         3,000,000 6,000,000 (43,000,000)
Total Estimated Future Benefit Payments         584,000,000    
Estimated Future Benefit Payments over five-year period         61,000,000    
Pension Lift Out Settlement Charge         $ 0 $ 0 $ 0
Interest in Master Trust assets percentage         9.00%    
Expected long-term rate of return on plan assets         8.10% 8.10% 8.10%
Employer contributions in current year         $ 5,000,000    
Other Benefits [Member] | Public Service Electric and Gas Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Total benefit costs         $ (4,000,000) $ (2,000,000) $ (42,000,000)
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         $ 15,000,000    
Maximum annual 401(k) contribution per employee, percent         50.00%    
Defined contribution plan, employer matching contribution, percent of match         50.00%    
Employer matching contribution, percent         8.00%    
Employer matching contributions         $ 14,000,000 13,000,000 10,000,000
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Equity Securities [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Target allocation percentage of assets         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         0.14    
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         $ 23,000,000 25,000,000 18,000,000
Total Estimated Future Benefit Payments         319,000,000    
Estimated Future Benefit Payments over five-year period         $ 31,000,000    
Expected long-term rate of return on plan assets         8.00%    
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Benefits [Member] | Forecast              
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         $ 15,000,000 $ 14,000,000 $ 12,000,000
Total Estimated Future Benefit Payments         240,000,000    
Estimated Future Benefit Payments over five-year period         $ 24,000,000    
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%    
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year [1]   $ 4,394    
Fair Value of Assets at End of Year [1]   4,744 $ 4,394  
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   490    
Fair Value of Assets at End of Year   583 490  
Pension Benefits [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [2]   4,477 4,758  
Service Cost   88 94 $ 90
Interest Cost   231 225 259
Actuarial Loss (Gain) [3]   138 (291)  
Gross Benefits Paid   (316) (309)  
Settlements $ 1,000      
Plan Amendments   0 0  
Benefit Obligation at End of Year [2]   4,618 4,477 4,758
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   3,978 4,140  
Actual Return on Plan Assets   577 134  
Employer Contributions   62 13  
Gross Benefits Paid   (316) (309)  
Fair Value of Assets at End of Year   4,301 3,978 4,140
Funded Status (Plan Assets less Benefit Obligation)   (317) (499)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Current Accrued Benefit Cost   (12) (11)  
Noncurrent Accrued Benefit Cost   (305) (488)  
Amounts Recognized   (317) (499)  
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities        
Prior Service Cost (Credit) [4]   0 0  
Net Actuarial Loss (Gain) [4]   1,287 1,481  
Total [4]   1,287 1,481  
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]   521 535  
Service Cost   24 28  
Interest Cost   29 26  
Actuarial Loss (Gain) [6]   (1) (54)  
Gross Benefits Paid   (16) (14)  
Benefit Obligation at End of Year [5]   557 521 535
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   490 433  
Actual Return on Plan Assets   86 46  
Employer Contributions   23 25  
Gross Benefits Paid   (16) (14)  
Fair Value of Assets at End of Year   583 490 433
Funded Status (Plan Assets less Benefit Obligation)   26 (31)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Current Prepaid Benefit Costs   26    
Noncurrent Accrued Benefit Cost     (31)  
Amounts Recognized [7]   26 (31)  
Other Benefits [Member]        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit Obligation at Beginning of Year [2]   727 802  
Service Cost   2 3 3
Interest Cost   37 37 41
Actuarial Loss (Gain) [3]   23 (39)  
Gross Benefits Paid   (77) (76)  
Plan Amendments   (6) 0  
Benefit Obligation at End of Year [2]   706 727 802
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]        
Fair Value of Assets at Beginning of Year   423 440  
Actual Return on Plan Assets   64 18  
Employer Contributions   41 41  
Gross Benefits Paid   (77) (76)  
Fair Value of Assets at End of Year   451 423 440
Funded Status (Plan Assets less Benefit Obligation)   (255) (304)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Current Accrued Benefit Cost   (13) (12)  
Noncurrent Accrued Benefit Cost   (242) (292)  
Amounts Recognized   (255) (304)  
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets, Deferred Assets and Deferred Liabilities        
Prior Service Cost (Credit) [4]   (4) 4  
Net Actuarial Loss (Gain) [4]   (30) (26)  
Total [4]   (34) (22)  
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]   510 514  
Service Cost   12 14  
Interest Cost   28 25  
Actuarial Loss (Gain) [6]   (34) (29)  
Gross Benefits Paid   (15) (14)  
Benefit Obligation at End of Year [5]   501 510 514
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   15 14  
Gross Benefits Paid   (15) (14)  
Fair Value of Assets at End of Year   0 0 $ 0
Funded Status (Plan Assets less Benefit Obligation)   (501) (510)  
Additional Amounts Recognized in the Consolidated Balance Sheets        
Noncurrent Accrued Benefit Cost   (501) (510)  
Amounts Recognized [7]   $ (501) $ (510)  
[1] Excludes net receivables of $7 million and $6 million as of December 31, 2025 and 2024, 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 for each of the years ended December 31, 2025 and 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, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as other assumption and demographic updates. For OPEB, the net actuarial losses in 2025 were due primarily to a decrease in the discount rate as well as demographic updates, partially offset by other assumption updates. 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.
[4] Includes $79 million ($56 million, after-tax) and $107 million ($76 million, after-tax) in AOCL related to Pension and OPEB as of December 31, 2025 and 2024, respectively. Also includes Regulatory Assets of $1,064 million, Deferred Assets of $118 million and Deferred Liabilities of $8 million as of December 31, 2025 and Regulatory Assets of $1,227 million, Deferred Assets of $134 million and Deferred Liabilities of $9 million as of December 31, 2024. The Regulatory Asset amounts do not include $140 million and $103 million as of December 31, 2025 and 2024, respectively, as a result of modifying the method for calculating pension expense for ratemaking purposes, approved by the BPU effective January 1, 2023.
[5] Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
[6] For pension benefits, the net actuarial gain in 2025 was due primarily to demographic updates, partially offset by other assumption updates. For OPEB, the net actuarial gain in 2025 was due primarily to other assumption updates. For pension benefits, the net actuarial gain in 2024 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2024 was due primarily to an increase in the discount rate partially offset by other assumption updates.
[7] Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets. Prepaid Pension costs as of December 31, 2025 are included in Other Noncurrent Assets.
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Changes In The Benefit Obligation And The Fair Value Of Plan Assets (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Deferred Costs and Other Assets $ 10,916 $ 10,341
Regulatory Assets 6,431 6,125
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated Other Comprehensive Income (Loss), Defined Benefit Pension and Other Postretirement Plans, Before Tax 79 107
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax 56 76
Regulatory Assets 1,064 1,227
Deferred Costs and Other Assets 118 134
Deferred Liabilities 8 9
Public Service Electric and Gas Company    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory Assets 6,968 6,641
Deferred Costs and Other Assets 6,952 6,544
Regulatory Assets 6,431 6,125
Public Service Electric and Gas Company | Pension Ratemaking deferral [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Regulatory Assets $ 140 $ 103
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Components of Net Periodic Benefit Cost (Credits) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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)     $ 88 $ 94 $ 90
Interest Cost     231 225 259
Expected Return on Plan Assets     (308) (321) (361)
Amortization of Net Prior Service Cost (Credit)     0 0 0
Amortization of Net Actuarial Loss (Gain)     62 71 83
Settlement Charge Resulting from Pension Lift-Out     0 0 338
Non-Service Components of Pension and OPEB (Credits) Costs     (15) (25) 319
Total Net Periodic Benefit Costs (Credits)     73 69 409
OPEB [Member]          
Defined Benefit Plan Disclosure [Line Items]          
Service Cost (included in O&M Expense)     2 3 3
Interest Cost     37 37 41
Expected Return on Plan Assets     (33) (34) (33)
Amortization of Net Prior Service Cost (Credit)     2 2 (52)
Amortization of Net Actuarial Loss (Gain)     (5) (2) (2)
Settlement Charge Resulting from Pension Lift-Out     0 0 0
Non-Service Components of Pension and OPEB (Credits) Costs     1 3 (46)
Total Net Periodic Benefit Costs (Credits)     $ 3 $ 6 $ (43)
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Pension and OPEB Costs (Credits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) $ 73 $ 69 $ 409
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) 47 43 50
Pension Benefits [Member] | PSEG Power & Other      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) 26 26 359
OPEB [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) 3 6 (43)
OPEB [Member] | Public Service Electric and Gas Company [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) (4) (2) (42)
OPEB [Member] | PSEG Power & Other      
Defined Benefit Plan Disclosure [Line Items]      
Total Net Periodic Benefit Costs (Credits) $ 7 $ 8 $ (1)
v3.25.4
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, 2025
Dec. 31, 2024
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes $ (132) $ (104)
Amortization of Net Actuarial (Loss) Gain (62) (71)
Prior Service (Credit) Cost in Current Period 0 0
Amortization of Prior Service Credit 0 0
Total (194) (175)
Other Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Net Actuarial (Gain) Loss in Current Period due to Plan Experience and Assumption Changes (9) (22)
Amortization of Net Actuarial (Loss) Gain 5 2
Prior Service (Credit) Cost in Current Period (6) 0
Amortization of Prior Service Credit (2) (2)
Total $ (12) $ (22)
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.49% 5.68% 5.02%
Rate of Compensation Increase 4.60% 4.60% 4.60%
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 5.68% 5.02% 5.20%
Service Cost Interest Rate 5.85% 5.14% 5.31%
Interest Cost Interest Rate 5.38% 4.91% 5.09%
Expected Return on Plan Assets 8.10% 8.10% 8.10%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.60% 4.60% 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% 5.84% 5.13%
Rate of Compensation Increase 5.53% 5.50% 5.54%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate 4.84% 4.84% 4.13%
Expected Return on Plan Assets 8.00%    
Other Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount Rate 5.31% 5.59% 4.96%
Rate of Compensation Increase 4.60% 4.60% 4.60%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.59% 4.96% 5.16%
Service Cost Interest Rate 5.74% 5.03% 5.23%
Interest Cost Interest Rate 5.29% 4.88% 5.07%
Expected Return on Plan Assets 8.10% 8.10% 8.10%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase 4.60% 4.60% 4.40%
Immediate Rate 8.54% 9.08% 8.89%
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 5.90% 5.87% 5.16%
Rate of Compensation Increase 5.53% 5.50% 5.54%
Immediate Rate 8.42% 7.46% 6.84%
Ultimate Rate 4.75% 4.75% 4.75%
v3.25.4
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, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [1] $ 4,744 $ 4,394
Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 583 490
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 41 37
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 542 453
Cash and Cash Equivalents [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [2] 29 21
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] 29 13
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 [2] 0 8
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] 723 661
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] 39 35
Common Stock [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [3] 723 661
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] 39 35
Common Stock [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [3] 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] 2,139 1,916
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] 402 334
Commingled Equities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [5] 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] 2,139 1,916
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] 402 334
US Treasury Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 1,138 1,099
US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 0 0
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 1,138 1,099
Commingled Debt [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 8 6
Commingled Debt [Member] | Quoted Market Prices of Identical Assets (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 8 6
Commingled Debt [Member] | Significant Other Observable Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [7] 0 0
Subtotal before Measured at Net Asset Value Practical Expedient [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets, subtotal 4,037 3,703
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 760 680
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 3,277 3,023
Commingled Equities at NAV [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [8] 450 382
Real Estate Investment [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets [9] 256 308
Private Equity [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 1 1
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] 140 119
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] $ 140 $ 119
[1] Excludes net receivables of $7 million and $6 million as of December 31, 2025 and 2024, 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 for each of the years ended December 31, 2025 and 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.
[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.
v3.25.4
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, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Net receivables excluded from Fair Value $ 7 $ 6
Cash and foreign currency excluded from Fair Value $ 1 $ 1
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Percentage of Fair Value of Total Plan Assets (Details)
Dec. 31, 2025
Dec. 31, 2024
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 70.00% 67.00%
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 24.00% 25.00%
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 6.00% 8.00%
v3.25.4
Pension, Other Postretirement Benefits (OPEB) and Savings Plans - Schedule of Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 398
2027 344
2028 349
2029 356
2030 361
2031-2035 1,824
Total Estimated Future Benefit Payments 3,632
Pension Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 19
2027 23
2028 25
2029 28
2030 31
2031-2035 193
Total Estimated Future Benefit Payments 319
Other Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 72
2027 69
2028 67
2029 64
2030 61
2031-2035 251
Total Estimated Future Benefit Payments 584
Other Benefits [Member] | Long Island Electric Utility Servco LLC Pension and OPEB [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 15
2027 17
2028 20
2029 21
2030 24
2031-2035 143
Total Estimated Future Benefit Payments $ 240
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions $ 51 $ 45 $ 43
PSEG Power & Other [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions 16 14 14
Public Service Electric and Gas Company      
Defined Benefit Plan Disclosure [Line Items]      
Total Employer Matching Contributions $ 35 $ 31 $ 29
v3.25.4
Commitments and Contingent Liabilities - Schedule of Outstanding Guarantees, Current Exposure and Margin Positions (Details) - PSEG Power - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Face Value of Outstanding Guarantees $ 996 $ 1,272
Exposure under Current Guarantees 132 47
Letters of Credit - Counterparty Margining Posted 95 4
Letters of Credit - Counterparty Margining Received 16 24
Counterparty Cash Collateral Deposited 0 0
Counterparty Cash Collateral Received 0 (1)
Net Broker Balance Deposited (Received) 222 245
Other Letters of Credit $ 232 $ 155
v3.25.4
Commitments and Contingent Liabilities - Environmental Matters - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Plant
Dec. 31, 2024
USD ($)
Site Contingency [Line Items]    
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination 21  
Public Service Electric and Gas Company [Member]    
Site Contingency [Line Items]    
Regulatory assets $ 6,968 $ 6,641
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 23  
Remediation Liability Recorded As Other Noncurrent Liabilities 156  
Regulatory assets 179  
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 179  
Accrual for Environmental Loss Contingencies $ 179  
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 $ 196  
v3.25.4
Commitments and Contingent Liabilities - Basic Generation Service (BGS), Basic Gas Supply Service (BGSS) and Zero Emission Certificates (ZECs) - Additional Information (Details)
Cf in Billions
Dec. 31, 2025
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] | Auction Year 2024  
Long-term Purchase Commitment [Line Items]  
Dollars Per Megawatt-Day | $ / MWh 696.05
Public Service Electric and Gas Company [Member] | Auction Year 2025  
Long-term Purchase Commitment [Line Items]  
Dollars Per Megawatt-Day | $ / MWh 677.73
v3.25.4
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, 2025
$ / MWh
MW
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
Auction Year 2026  
Long-Term Purchase Commitment [Line Items]  
36-Month Terms Ending 2029-05 [1]
Load (MW) | MW 2,800
Dollars Per Megawatt Hour | $ / MWh 109.38
[1] Prices set in the 2026 BGS auction will become effective on June 1, 2026 when the 2023 BGS auction agreements expire.
v3.25.4
Commitments and Contingent Liabilities - FERC Matters - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
PSE&G and FERC Enforcement Staff  
Loss Contingencies [Line Items]  
Civil penalty $ 6.6
v3.25.4
Commitments and Contingent Liabilities - Litigation - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Sherman Act Antitrust Matter [Member]  
Loss Contingencies [Line Items]  
Description of defendants In July 2025, a putative class action complaint was filed in the United States District Court for the District of Maryland against 26 nuclear generation power companies, including PSEG, and two consulting companies.
PSEG Power | Sewaren 7 Litigation [Member]  
Loss Contingencies [Line Items]  
Original Claim Amount $ 93
PSEG Power | Sewaren 7 Litigation [Member] | Maximum [Member]  
Loss Contingencies [Line Items]  
Complaint amount $ 68
v3.25.4
Commitments and Contingent Liabilities - Nuclear Insurance Coverages and Assessments (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
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 $ 63
v3.25.4
Debt and Credit Facilities - Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term Debt $ 22,711  
Long-term Debt, Current Maturities (875) $ (2,150)
Total Long-Term Debt 21,670 18,964
PSEG [Member]    
Debt Instrument [Line Items]    
Long-term Debt 5,346 4,896
Long-term Debt, Current Maturities 0 (550)
Net Unamortized Discount and Debt Issuance Costs (31) (30)
Total Long-Term Debt 5,315 4,316
PSEG [Member] | Senior Notes Zero Point Eight Zero Percent Due in Two Thousand Twenty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 0 550
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 $ 750 750
Stated interest rate of debt instrument 5.20%  
PSEG [Member] | Senior Notes Four Point Nine Zero Percent Due in Two Thousand Thirty [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 600 0
Stated interest rate of debt instrument 4.90%  
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 $ 500 500
Stated interest rate of debt instrument 5.45%  
PSEG [Member] | Senior Notes Five Point Four Zero Percent Due In Two Thousand Thirty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 400 0
Stated interest rate of debt instrument 5.40%  
PSEG [Member] | Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 5,346 4,896
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Long-term Debt 16,115 15,115
Long-term Debt, Current Maturities (875) (350)
Net Unamortized Discount and Debt Issuance Costs (123) (117)
Total Long-Term Debt 15,117 14,648
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 $ 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 $ 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 Zero Zero Percent Due In Two Thousand Twenty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt 350 [1]
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 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 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 Five Point Two Zero Percent Due Two Thousand Thirty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 450 450
Stated interest rate of debt instrument 5.20%  
Public Service Electric and Gas Company [Member] | Medium Term Notes 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 Four Point Eight Five Percent due Two Thousand Thirty Four [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 600 600
Stated interest rate of debt instrument 4.85%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Zero Five Percent Due Two Thousand Thirty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 400 [1]
Stated interest rate of debt instrument 5.05%  
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 Four Point Nine Zero Percent Due Two Thousand Thirty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 450 [1]
Stated interest rate of debt instrument 4.90%  
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] $ 550 550
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] $ 500 500
Stated interest rate of debt instrument 5.30%  
Public Service Electric and Gas Company [Member] | Medium Term Notes Five Point Five Zero Percent Due Two Thousand Fifty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 500
Stated interest rate of debt instrument 5.50%  
Public Service Electric and Gas Company [Member] | Total Medium Term Notes [Member]    
Debt Instrument [Line Items]    
Long-term Debt [1] $ 16,100 15,100
PSEG Power LLC [Member]    
Debt Instrument [Line Items]    
Long-term Debt 1,250 1,250
Long-term Debt, Current Maturities 0 (1,250)
Net Unamortized Discount and Debt Issuance Costs (12) 0
PSEG Power LLC [Member] | Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term Debt 1,250 0
PSEG Power LLC [Member] | Variable Rate Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term Debt 0 1,250
PSEG Power LLC [Member] | Senior Unsecured Notes Due Two Thousand Thirty [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 750 0
Stated interest rate of debt instrument 5.20%  
PSEG Power LLC [Member] | Senior Unsecured Notes Due Two Thousand Thirty Five [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 500 0
Stated interest rate of debt instrument 5.75%  
PSEG Power LLC [Member] | Term Loan [Member]    
Debt Instrument [Line Items]    
Long-term Debt $ 0 1,250
PSEG Power LLC [Member] | PSEG [Member]    
Debt Instrument [Line Items]    
Total Long-Term Debt $ 1,238 $ 0
[1] Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
v3.25.4
Debt and Credit Facilities - Long-Term Debt (Parenthetical) (Details) - PSEG Power LLC [Member]
Dec. 31, 2025
Senior Unsecured Notes Due Two Thousand Thirty [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 5.20%
Senior Unsecured Notes Due Two Thousand Thirty Five [Member]  
Debt Instrument [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 5.75%
v3.25.4
Debt and Credit Facilities - Changes in Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 3,600 $ 3,350 $ 2,800
Proceeds from Short-Term Loans 100 400 750
Repayments of Long-term Debt 2,150 1,500 1,575
Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt 1,350 2,100 1,800
Repayments of Long-term Debt 350 $ 750 $ 825
Senior Notes Four Point Nine Zero Due Two Thousand Thirty [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 600    
Debt Instrument, Interest Rate, Stated Percentage 4.90%    
Senior Notes Five Point Four Zero Due Two Thousand Thirty Five [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 400    
Debt Instrument, Interest Rate, Stated Percentage 5.40%    
Senior Notes Zero Point Eight Zero Due 2025 [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 0.80%    
Repayments of Long-term Debt $ 550    
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]      
Debt Instrument, Interest Rate, Stated Percentage 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]      
Debt Instrument, Interest Rate, Stated Percentage 4.85%    
Medium Term Notes Five Point Zero Five Due Two Thousand Thirty Five [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 400    
Debt Instrument, Interest Rate, Stated Percentage 5.05%    
Medium Term Notes Five Point Five Zero Due Two Thousand Fifty Five [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 500    
Debt Instrument, Interest Rate, Stated Percentage 5.50%    
Medium Term Notes Four Point Nine Zero Due Two Thousand Thirty Five [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 450    
Debt Instrument, Interest Rate, Stated Percentage 4.90%    
Medium Term Notes Three Point Zero Zero Percent due Two Thousand Twenty Five [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 3.00%    
Repayments of Long-term Debt $ 350    
Senior Unsecured Notes Due Two Thousand Thirty [Member] | PSEG Power      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 750    
Debt Instrument, Interest Rate, Stated Percentage 5.20%    
Senior Unsecured Notes Due Two Thousand Thirty Five [Member] | PSEG Power      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 500    
Debt Instrument, Interest Rate, Stated Percentage 5.75%    
June Two Thousand Twenty Five Term Loan [Member] | PSEG Power      
Debt Instrument [Line Items]      
Repayments of Long-term Debt $ 1,250    
Medium Term Notes Four Point Two Zero Due Two Thousand Thirty One [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 500    
Debt Instrument, Interest Rate, Stated Percentage 4.20%    
Medium Term Notes Five Point Six Three Due Two Thousand Fifty Six [Member] | Public Service Electric and Gas Company [Member]      
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 500    
Debt Instrument, Interest Rate, Stated Percentage 5.63%    
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]      
Debt Instrument, Interest Rate, Stated Percentage 5.30%    
v3.25.4
Debt and Credit Facilities - Long-Term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2026 $ 875  
2027 1,125  
2028 1,300  
2029 1,125  
2030 2,200  
Thereafter 16,086  
Total 22,711  
PSEG [Member]    
Debt Instrument [Line Items]    
2026 0  
2027 700  
2028 600  
2029 750  
2030 1,150  
Thereafter 2,146  
Total 5,346 $ 4,896
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
2026 875  
2027 425  
2028 700  
2029 375  
2030 300  
Thereafter 13,440  
Total 16,115  
PSEG Power [Member]    
Debt Instrument [Line Items]    
2026 0  
2027 0  
2028 0  
2029 0  
2030 750  
Thereafter 500  
Total $ 1,250  
v3.25.4
Debt and Credit Facilities - Long-Term Debt Financing Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Issuance of Long-term Debt $ 3,600 $ 3,350 $ 2,800
Repayments of Long-term Debt $ 2,150 1,500 1,575
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 $ 1,350 2,100 1,800
Repayments of Long-term Debt $ 350 $ 750 $ 825
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%    
v3.25.4
Debt and Credit Facilities Debt - Short-Term Liquidity - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 26, 2026
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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]   $ 2,673 $ 2,673    
Line of Credit Facility, Maximum Borrowing Capacity [1]   3,825 3,825    
Line of Credit Facility, Fair Value of Amount Outstanding [1],[2]   1,152 1,152    
Proceeds from Short-Term Loans     100 $ 400 $ 750
Repayments of Short-term Debt     0 $ 500 $ 2,250
Public Service Electric and Gas Company          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity   649 649    
Line of Credit Facility, Maximum Borrowing Capacity   1,000 1,000    
Line of Credit Facility, Fair Value of Amount Outstanding [2]   351 351    
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] | Public Service Electric and Gas Company          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity   30 30    
Uncommitted Letter of Credit Facility [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity   425 425    
Line of Credit Facility, Fair Value of Amount Outstanding   243 243    
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity   3,750 3,750    
Revolving Credit Facility [Member] | Public Service Electric and Gas Company          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity   649 649    
Line of Credit Facility, Maximum Borrowing Capacity   1,000 1,000    
Line of Credit Facility, Fair Value of Amount Outstanding [2]   351 351    
Revolving Credit Facility [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity [3]   1,213 1,213    
Line of Credit Facility, Maximum Borrowing Capacity [3]   1,250 1,250    
Line of Credit Facility, Fair Value of Amount Outstanding [2]   37 37    
Subsidiary Uncommitted Letter of Credit Facility [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity   150 150    
December 2025 Term Loan [Member]          
Debt Instrument [Line Items]          
Proceeds from Short-Term Loans   $ 500 $ 400    
Variable Rate Term Loan [Member] | Subsequent Event [Member]          
Debt Instrument [Line Items]          
Proceeds from Short-Term Loans $ 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, 2025, PSEG had $704 million outstanding commercial paper at a weighted average
interest rate of 4.07% and PSE&G had $325 million commercial paper outstanding at a weighted average interest rate of 3.89%.
[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.
v3.25.4
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Available Liquidity $ 2,673 [1]
Total Facility 3,825 [1]
Usage (B) 1,152 [1],[2]
Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Total Facility 3,750
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Available Liquidity 649
Total Facility 1,000
Usage (B) 351 [2]
Public Service Electric and Gas Company [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Available Liquidity 649
Total Facility 1,000
Usage (B) $ 351 [2]
Expiration Date Mar 2029
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]
Expiration Date Mar 2029 [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 781
Total Facility 1,500
Usage (B) 719 [2]
PSEG [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Available Liquidity 781 [3]
Total Facility 1,500 [3]
Usage (B) $ 719 [2]
Expiration Date Mar 2029 [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, 2025, PSEG had $704 million outstanding commercial paper at a weighted average
interest rate of 4.07% and PSE&G had $325 million commercial paper outstanding at a weighted average interest rate of 3.89%.
[3] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
v3.25.4
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity [1] $ 3,825  
Commercial Paper 1,529 $ 1,593
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 325 $ 444
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 $ 325  
Short-term Debt, Weighted Average Interest Rate, at Point in Time 3.89%  
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 $ 704  
Short-term Debt, Weighted Average Interest Rate, at Point in Time 4.07%  
[1] Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.
v3.25.4
Debt and Credit Facilities - Fair Value of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value $ 22,545 $ 21,114
Long-term Debt, Fair Value 21,364 19,341
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [1] 15,992 14,998
Long-term Debt, Fair Value [1] 14,705 13,337
PSEG Power    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [1],[2] 1,238 1,250
Long-term Debt, Fair Value [1],[2] 1,288 1,250
PSEG [Member]    
Debt Instrument [Line Items]    
Long-term Debt, Carrying Value [1] 5,315 4,866
Long-term Debt, Fair Value [1] $ 5,371 $ 4,754
[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] As of December 31, 2024, PSEG Power had a private term loan with book value approximating fair value (Level 2 measurement).
v3.25.4
Schedule of Consolidated Capital Stock - Schedule Of Consolidated Capital Stock (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Common stock, shares, outstanding [1] 498,000,000 498,000,000
Common stock, value, outstanding [1] $ 3,627 $ 3,654
[1] PSEG did not issue any new shares under the Dividend Reinvestment and Stock Purchase Plan or the Employee Stock Purchase Plan (ESPP) in 2025 or 2024.
v3.25.4
Schedule of Consolidated Capital Stock - Schedule Of Consolidated Capital Stock (Parenthetical) (Details) - shares
Dec. 31, 2025
Dec. 31, 2024
Equity [Abstract]    
Common stock, authorized 1,000,000,000 1,000,000,000
v3.25.4
Schedule of Consolidated Capital Stock - Additional Information (Details) - Public Service Electric and Gas Company [Member]
Dec. 31, 2025
$ / 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
v3.25.4
Financial Risk Management Activities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Aoci, cash flow hedge, cumulative gain (loss), after tax $ 24 $ 36  
Unrealized gain to be reclassified to earnings during the next twelve months 4    
Reclassification from AOCL, net of tax (7) (3) $ (225)
Derivative, fair value, net (69) 75  
Issuance of Long-term Debt 3,600 3,350 2,800
PSEG Power      
Derivatives, Fair Value [Line Items]      
Fair value of derivatives with credit-risk related contingent features 96 17  
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral 11 11  
Additional collateral aggregate fair value 85 6  
Derivative, fair value, net (73) 43  
Public Service Electric and Gas Company [Member]      
Derivatives, Fair Value [Line Items]      
Issuance of Long-term Debt 1,350 2,100 1,800
Total credit exposure with counterparties 6    
Interest Rate Swap | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net $ 4 32  
Investment Grade - External Rating | PSEG Power      
Derivatives, Fair Value [Line Items]      
Percentage of credit exposure 98.00%    
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 AOCL, net of tax $ 4 $ 9 $ 3
Three Year Variable Rate Term Loan | PSEG Power      
Derivatives, Fair Value [Line Items]      
Issuance of Long-term Debt 500    
Three Year Variable Rate Term Loan | Interest Rate Swap | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net $ 4    
v3.25.4
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets $ 11 $ 33
Derivative Contracts, Noncurrent Assets 6 51
Total Mark-to-Market Derivative Assets 17 84
Derivative Contracts, Current Liabilities (65) (5)
Derivative Contracts, Noncurrent Liabilities (21) (4)
Total Mark-to-Market Derivative (Liabilities) (86) (9)
Net Mark-to-Market Derivative Assets (Liabilities) (69) 75
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 99 121
PSEG Power    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 11 33
Derivative Contracts, Noncurrent Assets 2 19
Total Mark-to-Market Derivative Assets 13 52
Derivative Contracts, Current Liabilities (65) (5)
Derivative Contracts, Noncurrent Liabilities (21) (4)
Total Mark-to-Market Derivative (Liabilities) (86) (9)
Net Mark-to-Market Derivative Assets (Liabilities) (73) 43
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 85 48
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 14 73
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 782 403
Derivative Contracts, Noncurrent Assets 871 375
Total Mark-to-Market Derivative Assets 1,653 778
Derivative Contracts, Current Liabilities (850) (448)
Derivative Contracts, Noncurrent Liabilities (975) (408)
Total Mark-to-Market Derivative (Liabilities) (1,825) (856)
Net Mark-to-Market Derivative Assets (Liabilities) (172) (78)
Energy-Related Contracts [Member] | Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 954 404
Energy-Related Contracts [Member] | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (771) (370)
Energy-Related Contracts [Member] | Other Noncurrent Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (869) (356)
Energy-Related Contracts [Member] | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] (1,640) (726)
Energy-Related Contracts [Member] | Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 785 443
Energy-Related Contracts [Member] | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] 1,739 847
Interest Rate Swap | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 0 0
Derivative Contracts, Noncurrent Assets 4 32
Total Mark-to-Market Derivative Assets 4 32
Derivative Contracts, Current Liabilities 0 0
Derivative Contracts, Noncurrent Liabilities 0 0
Total Mark-to-Market Derivative (Liabilities) 0 0
Net Mark-to-Market Derivative Assets (Liabilities) $ 4 $ 32
[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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million against noncurrent liabilities.
[2] Level 1— During 2025, electric futures contracts executed on an exchange were transferred from Level 2 into Level 1. Also included in Level 1 are natural gas futures contracts executed on an exchange. All Level 1 energy-related contracts are being valued solely on settled pricing inputs which come directly from an exchange such as NYMEX, ICE and Nodal 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, swaps, and all options) 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 electricity, capacity and natural gas 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 15. Financial Risk Management Activities for additional detail.
v3.25.4
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Collateral already posted, aggregate fair value $ 222 $ 244
Derivative, fair value, amount offset against collateral, net [1] 99 121
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net 14 73
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net $ 85 $ 48
[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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million against noncurrent liabilities.
v3.25.4
Financial Risk Management Activities - Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives $ (11) $ 59 $ 13
Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income 5 13 5
Interest Rate Swap      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives (11) 59 13
Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income $ 5 $ 13 $ 5
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
(Gain) Loss Reclassified into Income, pre-tax $ 11 $ 5 $ 307
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 7 3 225
Cash Flow Hedges [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Pre-Tax Balance at Beginning of Period 50 4  
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax (11) 59  
(Gain) Loss Reclassified into Income, pre-tax (5) (13)  
Pre-Tax Balance at End of Period 34 50 4
After-Tax Balance at Beginning of Period 36 3  
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax (8) 42 9
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (4) (9) (3)
After-Tax Balance at End of Period $ 24 $ 36 $ 3
v3.25.4
Financial Risk Management Activities - Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations (Details) - Energy-Related Contracts [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (111) $ 29 $ 1,567
Operating Revenues [Member]      
Offsetting Assets [Line Items]      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (108) 27 1,567
Energy Costs [Member]      
Offsetting Assets [Line Items]      
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (3) $ 2 $ 0
v3.25.4
Financial Risk Management Activities - Schedule of Net Notional Volume for Open Derivative Contracts (Details) - PSEG Power [Member]
 12 Months Ended
Dec. 31, 2025
$ / MWh
$ / dth
$ / $
Dec. 31, 2024
$ / $
$ / MWh
$ / dth
Natural Gas Dth [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / dth 70 70
Electricity MWh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions (73) (49)
FTRs MWh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions 16 16
Interest Rate Swaps [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / $ 970 2,290
v3.25.4
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, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets $ 17 $ 84
Total Mark-to-Market Derivative (Liabilities) (86) (9)
Collateral netted against assets and liabilities [1] (99) (121)
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] 80 100
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] 60 70
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] 80 100
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] 60 70
Energy-Related Contracts [Member] | 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] 1,610 2
Total Mark-to-Market Derivative (Liabilities) [3] (1,715) (3)
Energy-Related Contracts [Member] | 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] 43 776
Total Mark-to-Market Derivative (Liabilities) [3] (110) (852)
Energy-Related Contracts [Member] | 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] 0 (1)
Energy-Related Contracts [Member] | 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] 13 52
Total Mark-to-Market Derivative (Liabilities) [3] (86) (9)
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
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] 4 32
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
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] 4 32
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 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [1],[3],[5] 1,640 726
Other Liabilities | Energy-Related Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [1],[3],[5] (1,739) (847)
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] 569 503
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] 569 503
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] 406 397
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] 406 397
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] 384 366
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] 384 366
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] 1,555 1,380
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] 1,555 1,380
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] 61 65
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] 11 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] 61 65
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] 11 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] 27 28
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 5
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] 27 28
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 5
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] 57 55
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 10
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] 57 55
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 10
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 17
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 17
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, 2025 and 2024, PSEG Power had net cash collateral payments to counterparties of $222 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $99 million as of December 31, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million was netted against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million against noncurrent liabilities.
[2] Represents money market mutual funds.
[3] Level 1— During 2025, electric futures contracts executed on an exchange were transferred from Level 2 into Level 1. Also included in Level 1 are natural gas futures contracts executed on an exchange. All Level 1 energy-related contracts are being valued solely on settled pricing inputs which come directly from an exchange such as NYMEX, ICE and Nodal 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, swaps, and all options) 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 electricity, capacity and natural gas 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 15. Financial Risk Management Activities for additional detail.
[6] 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). The fair value measurement table excludes any cash and foreign currency included in these trusts. For additional information, see Note 9. Trust Investments.

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 securities classified as equity 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 primarily 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.
v3.25.4
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net assets measured at fair value on a recurring basis $ 3,100 $ 3,000
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 $ (0) $ (1)
v3.25.4
Stock Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 $ 9 $ 1 $ 22
Compensation expense $ 43 40 18
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 286,500 287,982 339,807
Shares issued under employee purchase plan, Average price per share $ 76 $ 71.46 $ 55.84
Various      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Common stock available for future awards 5,000,000    
Restricted Stock Units (RSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Weighted average grant date fair value of granted shares $ 83.74 $ 59.22 $ 61.44
Total intrinsic value of restricted stock units vested $ 36 $ 16 $ 54
Unrecognized compensation cost expected to be recognized $ 16    
Weighted average period for recognizing unrecognized compensation cost 1 year 2 months 12 days    
Dividend equivalents accrued on stock units 30,462    
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 $ 80.29 $ 65.44 $ 67.99
Total intrinsic value of performance units vested $ 50 $ 10 $ 95
Unrecognized compensation cost expected to be recognized $ 25    
Weighted average period for recognizing unrecognized compensation cost 1 year 7 months 6 days    
Dividend equivalents accrued on stock units 39,162    
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 672,250    
v3.25.4
Stock Based Compensation - Schedule of Share-based Payment Award, Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Risk-Free Interest Rate 4.19% 4.35% 4.24%
Volatility 21.51% 20.32% 25.09%
v3.25.4
Stock Based Compensation - Stock Compensation Expense and Tax Impacts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Compensation Cost included in O&M Expense $ 43 $ 40 $ 18
Income Tax Benefit Recognized in Consolidated Statements of Operations $ 12 $ 11 $ 5
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
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 448,790    
Shares, Granted 326,735    
Shares, Vested 354,257    
Shares, Canceled/Forfeited 9,265    
Shares, Non-vested Ending Balance 412,003 448,790  
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance $ 61.03    
Weighted Average Grant Date Fair Value, Granted 83.74 $ 59.22 $ 61.44
Weighted Average Grant Date Fair Value, Vested 69.34    
Weighted Average Grant Date Fair Value, Canceled/Forfeited 72.79    
Weighted Average Grant Date Fair Value, Non-vested Ending Balance $ 71.63 $ 61.03  
Weighted Average Remaining Years Contractual Term, Non-vested Ending Balance 8 months 12 days    
Aggregate Intrinsic Value, Non-vested Ending Balance $ 33,083,841    
v3.25.4
Stock Based Compensation - Share-based Payment Arrangement, Performance Shares, Outstanding Activity (Details) - Performance Units - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 473,853    
Shares, Granted 319,884    
Shares, Vested 369,333    
Shares, Canceled/Forfeited 19,499    
Shares, Non-vested Ending Balance 404,905 473,853  
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, Non-vested Beginning Balance $ 66.59    
Weighted Average Grant Date Fair Value, Granted 80.29 $ 65.44 $ 67.99
Weighted Average Grant Date Fair Value, Vested 69.7    
Weighted Average Grant Date Fair Value, Canceled/Forfeited 70.99    
Weighted Average Grant Date Fair Value, Non-vested Ending Balance $ 74.36 $ 66.59  
Weighted Average Remaining Years Contractual Term, Non-vested Ending Balance 1 year 7 months 6 days    
Aggregate Intrinsic Value, Non-vested Ending Balance $ 32,513,872    
v3.25.4
Net Other Income (Deductions) - Schedule of Net Other Income (Deductions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Component of Other Income (Deductions) [Line Items]      
Total Other Income and Deductions $ 145 $ 154 $ 173
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 44 41 60
Solar Loan Interest 3 5 7
Other Interest 13 9 12
Donations 0 0 (1)
Other 4 9 2
Total Other Income and Deductions 64 64 80
PSEG Power & Other      
Component of Other Income (Deductions) [Line Items]      
NDT Fund Interest and Dividends [1] 90 81 68
Allowance for Funds Used During Construction [1] 0 0 0
Solar Loan Interest [1] 0 0 0
Other Interest [1] 16 18 34
Donations [1] (16) (1) 0
Other [1] (9) (8) (9)
Total Other Income and Deductions [1] 81 90 93
PSEG Power      
Component of Other Income (Deductions) [Line Items]      
NDT Fund Interest and Dividends 90 81 68
Allowance for Funds Used During Construction 44 41 60
Solar Loan Interest 3 5 7
Other Interest 29 27 46
Donations (16) (1) (1)
Other (5) 1 (7)
Total Other Income and Deductions $ 145 $ 154 $ 173
[1] PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.25.4
Income Taxes - Summary of Components of Income Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current Expense (Benefit):      
Federal $ 170 $ (225) $ 144
State (7) 15 19
Total Current 163 (210) 163
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal (48) 129 109
State 154 140 253
Total Deferred 106 269 362
ITC Benefit (6) (6) (7)
Total Income Tax Expense (Benefit) 263 53 518
Public Service Electric and Gas Company [Member]      
Current Expense (Benefit):      
Federal 115 (67) 127
State 1 4
Total Current 116 (67) 131
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]      
Federal (125) 209 (113)
State 167 162 149
Total Deferred 42 371 36
ITC Benefit (6) (6) (7)
Total Income Tax Expense (Benefit) $ 152 $ 298 $ 160
v3.25.4
Income Taxes - Schedule Of Effective Tax Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Pre-Tax Income $ 2,374 $ 1,825 $ 3,081
U.S. Federal Statutory Tax Rate $ 499 $ 383 $ 647
U.S. Federal Statutory Tax Rate, Percent 21.00% 21.00% 21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect (a) [1] $ 126 $ 122 $ 215
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] NEW JERSEY NEW JERSEY NEW JERSEY
State and Local Income Taxes, Net of Federal Income Tax Effect, Percent [1] 5.30% 6.70% 7.00%
Tax Credits      
PTCs $ 0 $ (350) $ 0
PTCs, Percent 0.00% (19.20%) 0.00%
Other Credits $ (20) $ (11) $ (10)
Other Credits, Percent (0.80%) (0.60%) (0.30%)
Nontaxable or Nondeductible items $ (3) $ 4 $ (8)
Nontaxable or Nondeductible Items, Percent (0.10%) 0.20% (0.30%)
Changes in Unrecognized Tax Benefits $ 7 $ 95 $ (14)
Changes in Unrecognized Tax Benefits, Percent 0.30% 5.20% (0.50%)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:      
NDT Fund $ 31 $ 21 $ 26
NDT Fund, Percent 1.30% 1.20% 0.80%
Leasing Activities $ 0 $ 0 $ (22)
Leasing Activities, Percent 0.00% 0.00% (0.70%)
GPRC-CEF-EE $ (75) $ (52) $ (52)
GPRC-CEF-EE, Percent (3.20%) (2.80%) (1.70%)
Other Flow-Through Accounting $ 10 $ (9) $ (16)
Other Flow-Through Accounting, Percent 0.40% (0.50%) (0.50%)
TAC $ (313) $ (145) $ (232)
TAC, Percent (13.20%) (7.90%) (7.50%)
Other Adjustments $ 1 $ (5) $ (16)
Other Adjustments, Percent 0.00% (0.30%) (0.50%)
Total Income Tax Expense (Benefit) $ 263 $ 53 $ 518
Effective Tax Rate, Percent 11.10% 2.90% 16.80%
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Pre-Tax Income $ 1,897 $ 1,845 $ 1,675
U.S. Federal Statutory Tax Rate $ 399 $ 387 $ 352
U.S. Federal Statutory Tax Rate, Percent 21.00% 21.00% 21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect (a) [2] $ 133 $ 128 $ 121
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] NEW JERSEY NEW JERSEY NEW JERSEY
State and Local Income Taxes, Net of Federal Income Tax Effect, Percent [2] 7.00% 6.90% 7.20%
Tax Credits      
Tax Credits $ (9) $ (9) $ (9)
Tax Credits Percentage (0.50%) (0.50%) (0.50%)
Nontaxable or Nondeductible items $ 3 $ 2 $ 6
Nontaxable or Nondeductible Items, Percent 0.20% 0.10% 0.40%
Changes in Unrecognized Tax Benefits $ 2 $ 0 $ (9)
Changes in Unrecognized Tax Benefits, Percent 0.10% 0.00% (0.50%)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:      
GPRC-CEF-EE $ (75) $ (52) $ (52)
GPRC-CEF-EE, Percent (3.90%) (2.80%) (3.10%)
Other Flow-Through Accounting $ 10 $ (9) $ (16)
Other Flow-Through Accounting, Percent 0.50% (0.50%) (1.00%)
TAC $ (313) $ (145) $ (232)
TAC, Percent (16.50%) (7.90%) (13.90%)
Other Adjustments $ 2 $ (4) $ (1)
Other Adjustments, Percent 0.10% (0.20%) (0.10%)
Total Income Tax Expense (Benefit) $ 152 $ 298 $ 160
Effective Tax Rate, Percent 8.00% 16.20% 9.60%
[1] State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
[2] State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
v3.25.4
Income Taxes - Schedule Of Effective Tax Rates (Parenthetical) (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Percentage of Tax Effect [1] 5.30% 6.70% 7.00%
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Percentage of Tax Effect [2] 7.00% 6.90% 7.20%
Minimum [Member] | New Jersey      
Income Taxes [Line Items]      
Percentage of Tax Effect 50.00%    
Minimum [Member] | New Jersey | Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Percentage of Tax Effect 50.00%    
[1] State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
[2] State Taxes in New Jersey made up the majority (greater than 50%) of the tax effect in this category.
v3.25.4
Income Taxes - Schedule of Paid Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Paid, Net [Abstract]      
Federal $ 18 $ 69 $ 123
State (18) (1) 21
Total $ 0 $ 68 $ 144
v3.25.4
Income Taxes - Schedule Of Deferred Income Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Income Taxes Assets:    
Regulatory Liability Excess Deferred Tax $ 365 $ 314
OPEB 43 49
Bad Debt 52 43
Operating Leases 34 38
Mark-to-Market 32 0
Other 144 147
Total Noncurrent Assets 670 591
Deferred Income Taxes Liabilities:    
Plant-Related Items 5,382 5,084
New Jersey Corporate Business Tax 1,543 1,414
Leasing Activities 30 33
AROs and NDT Fund 378 281
Taxes Recoverable Through Future Rate (net) 486 250
GPRC-CEF-EE 291 214
Pension Costs 195 193
Operating Leases 30 34
Other 214 278
Total Noncurrent Liabilities 8,549 7,781
Summary of Accumulated Deferred Income Taxes:    
Net Deferred Income Tax Liabilities 7,879 7,190
ITC 51 58
Net Total Deferred Income Taxes and ITC 7,930 7,248
Public Service Electric and Gas Company    
Deferred Income Taxes Assets:    
Regulatory Liability Excess Deferred Tax 365 314
OPEB 16 22
Bad Debt 52 43
Operating Leases 19 20
Customer Advances 23 15
Other 46 39
Total Noncurrent Assets 521 453
Deferred Income Taxes Liabilities:    
Plant-Related Items 4,923 4,631
New Jersey Corporate Business Tax 1,421 1,303
Taxes Recoverable Through Future Rate (net) 486 250
GPRC-CEF-EE 291 214
Conservation Costs 91 103
Pension Costs 200 199
Operating Leases 18 20
Other 114 152
Total Noncurrent Liabilities 7,544 6,872
Summary of Accumulated Deferred Income Taxes:    
Net Deferred Income Tax Liabilities 7,023 6,419
ITC 51 58
Net Total Deferred Income Taxes and ITC $ 7,074 $ 6,477
v3.25.4
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized Tax Benefits, Beginning Balance $ 209 $ 110 $ 130
Increases as a Result of Positions Taken in a Prior Period 35 18 16
Decreases as a Result of Positions Taken in a Prior Period (47) (4) (25)
Increases as a Result of Positions Taken during the Current Period 0 90 0
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)
Decreases due to Lapses of Applicable Statute of Limitations (1) (1) (1)
Unrecognized Tax Benefits, Ending Balance 196 209 110
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits (31) (30) (29)
Regulatory Asset-Unrecognized Tax Benefits (1) (1) (2)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) 164 178 79
Public Service Electric and Gas Company      
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized Tax Benefits, Beginning Balance 8 11 29
Increases as a Result of Positions Taken in a Prior Period 11 0 2
Decreases as a Result of Positions Taken in a Prior Period 0 (3) (12)
Increases as a Result of Positions Taken during the Current Period 0 1 0
Decreases as a Result of Positions Taken during the Current Period 0 0 0
Decreases as a Result of Settlements with Taxing Authorities 0 0 (7)
Decreases due to Lapses of Applicable Statute of Limitations 0 (1) (1)
Unrecognized Tax Benefits, Ending Balance 19 8 11
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits (14) (5) (7)
Regulatory Asset-Unrecognized Tax Benefits (1) (1) (2)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties) $ 4 $ 2 $ 2
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
U.S. Federal Statutory Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Tax Rate, Percent 11.10% 2.90% 16.80%
Regulatory Liabilities $ 2,048 $ 2,271  
NOL Carryforwards 11    
TAC 313 145 $ 232
Income tax benefit (263) (53) (518)
Unrecognized tax benefit, which would affect the effective tax rate if recognized $ 164 $ 178 $ 79
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
U.S. Federal Statutory Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Tax Rate, Percent 8.00% 16.20% 9.60%
Regulatory Liabilities $ 2,048 $ 2,271  
NOL Carryforwards 120    
TAC 313 145 $ 232
Excess deferred income tax flowback 436    
Income tax benefit (152) (298) (160)
Unrecognized tax benefit, which would affect the effective tax rate if recognized 4 2 2
Paid federal income taxes 8 68 $ 77
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 1,700    
Reduction in Regulatory Liability 355    
Reduction in Deferred Tax Liabilities $ 1,200    
v3.25.4
IncomeTaxes - Schedule Of Interest And Penalties Related To Uncertain Tax Position (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Accumulated Interest and Penalties on Uncertain Tax Positions $ 24 $ 27 $ 25
Public Service Electric and Gas Company [Member]      
Income Taxes [Line Items]      
Accumulated Interest and Penalties on Uncertain Tax Positions $ 1 $ 0 $ 1
v3.25.4
Income Taxes - Schedule Of Description Of Income Tax Years Material Jurisdictions (Details)
 12 Months Ended
Dec. 31, 2025
PSEG [Member] | Federal  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2022-2024
PSEG [Member] | New Jersey  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2015-2018
PSEG [Member] | New Jersey  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2024
PSEG [Member] | Pennsylvania  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2017-2024
PSEG [Member] | Connecticut  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2022
PSEG [Member] | Maryland  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2022
PSEG [Member] | New York  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2020-2024
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 2015-2018
Public Service Electric and Gas Company [Member] | New Jersey  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions 2021-2024
Public Service Electric and Gas Company [Member] | Pennsylvania  
Income Taxes [Line Items]  
Income Tax Year Subject to Examination by Material Jurisdictions N/A
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
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance $ 16,114 $ 15,477 $ 13,729
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 7 3 225
Other Comprehensive Income (Loss), net of tax 42 46 371
Ending Balance 16,982 16,114 15,477
Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance 36 3 (3)
Other Comprehensive Income (Loss) before Reclassifications (8) 42 9
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (4) (9) (3)
Other Comprehensive Income (Loss), net of tax (12) 33 6
Ending Balance 24 36 3
Pension and OPEB Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (76) (102) (426)
Other Comprehensive Income (Loss) before Reclassifications 14 19 76
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 6 7 248
Other Comprehensive Income (Loss), net of tax 20 26 324
Ending Balance (56) (76) (102)
Available-for-Sale Securities [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (93) (80) (121)
Other Comprehensive Income (Loss) before Reclassifications 29 (18) 61
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 5 5 (20)
Other Comprehensive Income (Loss), net of tax 34 (13) 41
Ending Balance (59) (93) (80)
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (133) (179) (550)
Other Comprehensive Income (Loss) before Reclassifications 35 43 146
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 7 3 225
Other Comprehensive Income (Loss), net of tax 42 46 371
Ending Balance $ (91) $ (133) $ (179)
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
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     $ (11) $ (5) (307)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax     4 2 82
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (7) (3) (225)
Cash Flow Hedges [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Cash Flow Hedge, Pre-tax     5 13 5
Cash Flow Hedge, Tax     (1) (4) (2)
Cash Flow Hedge, After Tax     4 9 3
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax     5 13  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     4 9 3
Pension and OPEB Plans [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax     (8) (10) (346)
Reclassification Adjustment from AOCI, Pension and OPEB, Tax     2 3 98
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax     (6) (7) (248)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (6) (7) (248)
Available-for-Sale Securities [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Reclassification for Available for Sale Securities, Pre-Tax     (8) (8) 34
Reclassification for Available for Sale Securities, Tax     3 3 (14)
Reclassification for Available for Sale Securities, After-Tax     (5) (5) 20
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)     (5) (5) 20
Interest Expense [Member] | Cash Flow Hedges [Member]          
Reclassification out of Accumulated Other Comprehensive Income [Line Items]          
Cash Flow Hedge, Pre-tax     5 13 5
Cash Flow Hedge, Tax     (1) (4) (2)
Cash Flow Hedge, After Tax     4 9 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     (1) 0 8
Amortization of Prior Service (Cost) Credit, Tax     0 (0) (2)
Amortization of Prior Service (Cost) Credit, After-Tax     (1) 0 6
Amortization of Actuarial Loss, Pre-Tax       (10) (20)
Amortization of Actuarial Loss, Tax       3 6
Amortization of Actuarial Loss, After-Tax       (7) (14)
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     (7)    
Reclassification Adjustment from AOCI, Pension and OPEB, Tax     2    
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax     (5)    
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) (8) 34
Reclassification for Available for Sale Securities, Tax     3 3 (14)
Reclassification for Available for Sale Securities, After-Tax     $ (5) $ (5) $ 20
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net Income (Loss) $ 2,111 $ 1,772 $ 2,563
Weighted Average Common Shares Outstanding, Basic (shares) 499 498 498
Effect of Stock Based Compensation Awards, Basic (shares) 0 0 0
Total Shares, Basic (shares) 499 498 498
Net Income, Basic (dollars per share) $ 4.23 $ 3.56 $ 5.15
Weighted Average Common Shares Outstanding, Diluted (shares) 499 498 498
Effect of Stock Based Compensation Awards, Diluted (shares) 2 2 2
Total Shares, Diluted (shares) 501 500 500
Net Income, Diluted (dollars per share) $ 4.22 $ 3.54 $ 5.13
v3.25.4
Earnings Per Share (EPS) and Dividends - Additional Information (Details)
Feb. 24, 2026
$ / shares
Subsequent Event [Member]  
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]  
Common Stock, Dividends, Per Share, Declared $ 0.67
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Common Stock, Cash Dividends, Per Share $ 2.52 $ 2.40 $ 2.28
Dividend Payments on Common Stock $ 1,258 $ 1,196 $ 1,137
v3.25.4
Financial Information by Business Segment - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.4
Financial Information By Business Segments - Financial Information By Business Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Operating Revenues $ 12,168 $ 10,290 $ 11,237
Energy Costs 4,159 3,393 3,260
Controllable Operation and Maintenance (C) [1] 2,263 2,088 1,906
Depreciation and Amortization 1,257 1,182 1,135
Operating Income (Loss) 2,980 2,353 3,685
Interest Income 32 32 53
Interest Expense 1,005 882 748
Income (Loss) before Income Taxes 2,374 1,825 3,081
Income Tax Expense (Benefit) 263 53 518
Other Segment Items (D) [2] 1,142 952 1,160
Net Income (Loss) 2,111 1,772 2,563
Gross Additions to Long-Lived Assets 3,272 3,380 3,325
Total Assets 57,576 54,640 50,741
Investments in Equity Method Subsidiaries 26 21 17
Operating Segments [Member] | Public Service Electric and Gas Company [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues 9,558 8,449 7,807
Energy Costs 3,782 3,189 3,010
Controllable Operation and Maintenance (C) [1] 1,431 1,317 1,193
Depreciation and Amortization 1,116 1,025 980
Interest Income 16 14 19
Interest Expense 644 582 493
Income Tax Expense (Benefit) 152 298 160
Other Segment Items (D) [2] 704 505 475
Net Income (Loss) 1,745 1,547 1,515
Gross Additions to Long-Lived Assets 2,731 2,921 2,998
Total Assets 49,024 46,364 42,873
Investments in Equity Method Subsidiaries 0 0 0
Operating Segments [Member] | PSEG Power & Other [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [3],[4] 3,722 2,807 4,533
Energy Costs [4] 1,489 1,170 1,353
Controllable Operation and Maintenance (C) [1],[4] 832 771 713
Depreciation and Amortization [4] 141 157 155
Interest Income [4] 19 23 38
Interest Expense [4] 364 305 259
Income Tax Expense (Benefit) [4] 111 (245) 358
Other Segment Items (D) [2],[4] 438 447 685
Net Income (Loss) [4] 366 225 1,048
Gross Additions to Long-Lived Assets [4] 572 459 327
Total Assets [4] 9,067 8,673 8,407
Investments in Equity Method Subsidiaries [4] 26 21 17
Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [5] (1,112) (966) (1,103)
Energy Costs [5] (1,112) (966) (1,103)
Controllable Operation and Maintenance (C) [1],[5] 0 0 0
Depreciation and Amortization [5] 0 0 0
Interest Income [5] (3) (5) (4)
Interest Expense [5] (3) (5) (4)
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] (31) 0 0
Total Assets [5] (515) (397) (539)
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, 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.
[3] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.
[4] PSEG Power & Other results include net after-tax gains (losses) of $(54) million, $(151) million and $959 million in the years ended December 31, 2025, 2024 and 2023, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
[5] Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 23. Related-Party Transactions.
v3.25.4
Financial Information By Business Segments - Financial Information By Business Segments (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Pension lift out settlement charge, net of tax $ 4 $ 239     $ 239
Operating Segments [Member] | PSEG Power & Other [Member]          
Segment Reporting Information [Line Items]          
Non trading commodity mark to market gains (losses), net of tax     $ (54) $ (151) $ 959
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Net Billings from Power primarily through BGS and BGSS [1] $ 1,106 $ 959 $ 1,065
Administrative Billings from Services [2] 545 516 443
Total Billings from Affiliates $ 1,651 $ 1,475 $ 1,508
[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 sold 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 were prescribed by the BPU. BGSS sales were billed and settled on a monthly basis. ZEC sales were billed on a monthly basis and settled annually following completion of each energy year. The ZEC program ended effective June 1, 2025, with the final ZEC payment from PSE&G to PSEG Power settled in August 2025. 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.
v3.25.4
Related-Party Transactions - Schedule of Related Party Transactions, Payables (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accounts Payable $ 1,489 $ 1,136
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] 228 209
Public Service Electric and Gas Company [Member] | PSEG Parent    
Related Party Transaction [Line Items]    
Accounts Payable [3] 142 37
Public Service Electric and Gas Company [Member] | PSEG Services    
Related Party Transaction [Line Items]    
Accounts Payable [4] 102 116
Public Service Electric and Gas Company [Member] | Related Party    
Related Party Transaction [Line Items]    
Accounts Payable 472 362
Long-Term Accrued Taxes Receivable   $ (2)
Long Term Accrued Taxes Payable $ 7  
[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 sold 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 were prescribed by the BPU. BGSS sales were billed and settled on a monthly basis. ZEC sales were billed on a monthly basis and settled annually following completion of each energy year. The ZEC program ended effective June 1, 2025, with the final ZEC payment from PSE&G to PSEG Power settled in August 2025. 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.
v3.25.4
Valuation and Qualifying Accounts - Schedule Of Valuation And Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for Credit Losses [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period $ 215 $ 283 $ 339
Additions, Charged to cost and expenses [1] 145 103 100
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe [2] 106 171 156
Balance at End of Period 254 215 283
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 215 283 339
Additions, Charged to cost and expenses [3] 145 103 100
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe [4] 106 171 156
Balance at End of Period 254 215 283
Materials And Supplies Valuation Reserve [Member]      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at Beginning of Period 13 14 10
Additions, Charged to cost and expenses 1 1 4
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe 0 [5] 2 [5] 0
Balance at End of Period 14 13 14
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 6 7 4
Additions, Charged to cost and expenses 1 1 3
Additions, Charged to other accounts-describe 0 0 0
Deductions-describe 0 2 [6] 0
Balance at End of Period $ 7 $ 6 $ 7
[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.
[5] Reserve reduced to appropriate level and to remove obsolete inventory.
[6] Reserve reduced to appropriate level and to remove obsolete inventory.