PUBLIC SERVICE ENTERPRISE GROUP INC, 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
Apr. 21, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-09120  
Entity Registrant Name Public Service Enterprise Group Incorporated  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2625848  
Entity Address, Address Line One 80 Park Plaza  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 430-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   498,321,402
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0000788784  
Common Stock without par value [Member]    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock without par value  
Trading Symbol PEG  
Security Exchange Name NYSE  
Public Service Electric and Gas Company [Member]    
Entity Information [Line Items]    
Entity File Number 001-00973  
Entity Registrant Name Public Service Electric and Gas Company  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-1212800  
Entity Address, Address Line One 80 Park Plaza  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 430-7000  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   132,450,344
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0000788784  
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  
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING REVENUES $ 3,848 $ 3,222
OPERATING EXPENSES    
Energy Costs 1,507 1,186
Operation and Maintenance 937 919
Depreciation and Amortization 329 320
Total Operating Expenses 2,773 2,425
OPERATING INCOME 1,075 797
Net Gains (Losses) on Trust Investments (17) 8
Net Other Income (Deductions) 43 37
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 19 16
Interest Expense (272) (241)
INCOME BEFORE INCOME TAXES 848 617
Income Tax Expense (107) (28)
NET INCOME $ 741 $ 589
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    
BASIC (shares) 499 498
DILUTED (shares) 500 500
NET INCOME PER SHARE:    
BASIC $ 1.48 $ 1.18
DILUTED $ 1.48 $ 1.18
Public Service Electric and Gas Company [Member]    
OPERATING REVENUES $ 3,085 $ 2,664
OPERATING EXPENSES    
Energy Costs 1,358 1,094
Operation and Maintenance 637 576
Depreciation and Amortization 295 280
Total Operating Expenses 2,290 1,950
OPERATING INCOME 795 714
Net Other Income (Deductions) 19 16
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 17 17
Interest Expense (175) (157)
INCOME BEFORE INCOME TAXES 656 590
Income Tax Expense (79) (44)
NET INCOME $ 577 $ 546
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
NET INCOME $ 741 $ 589
Other Comprehensive Income (Loss), net of tax    
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit 2 16
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit 3 (20)
Pension/OPEB adjustment, net of tax (expense) benefit 1 1
Other Comprehensive Income (Loss), net of tax 6 (3)
COMPREHENSIVE INCOME 747 586
Public Service Electric and Gas Company [Member]    
NET INCOME 577 546
Other Comprehensive Income (Loss), net of tax    
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit 0 0
COMPREHENSIVE INCOME $ 577 $ 546
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ (1) $ (11)
Unrealized Gains (Losses) on Cash Flow Hedges, Tax (1) 8
Pension/OPEB adjustment, tax (1) (1)
Public Service Electric and Gas Company [Member]    
Unrealized Gains (Losses) on Available-for-Sale Securities, tax $ 0 $ 0
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and Cash Equivalents $ 404 $ 132
Accounts Receivable, net of allowance 2,067 1,888
Tax Receivable 267 406
Unbilled Revenues, net of allowance 269 381
Fuel 96 282
Materials and Supplies, net 881 873
Prepayments 109 75
Derivative Contracts 4 11
Regulatory Assets 303 537
Other 9 11
Total Current Assets 4,409 4,596
PROPERTY, PLANT AND EQUIPMENT 54,518 53,920
Less: Accumulated Depreciation and Amortization (12,090) (11,856)
Net Property, Plant and Equipment 42,428 42,064
NONCURRENT ASSETS    
Regulatory Assets 6,491 6,431
Operating Lease Right-of-Use Assets 157 138
Long-Term Investments 391 372
Nuclear Decommissioning Trust (NDT) Fund 2,923 2,915
Long-Term Receivable of Variable Interest Entities (VIE) 526 520
Rabbi Trust Fund 158 162
Derivative Contracts 11 6
Other 451 372
Total Noncurrent Assets 11,108 10,916
TOTAL ASSETS 57,945 57,576
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 425 875
Commercial Paper and Loans 1,165 1,529
Accounts Payable 1,204 1,489
Derivative Contracts 124 65
Accrued Interest 267 265
Accrued Taxes 61 95
New Jersey Clean Energy Program 85 145
Obligation to Return Cash Collateral 126 106
Regulatory Liabilities 382 484
Other 711 687
Total Current Liabilities 4,550 5,740
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 8,215 7,930
Regulatory Liabilities 1,987 2,048
Operating Leases 144 128
Asset Retirement Obligations 1,391 1,381
Environmental Costs 225 225
Derivative Contracts 4 21
Long-Term Accrued Taxes 142 141
Other 283 262
Total Noncurrent Liabilities 13,427 13,184
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 22,665 21,670
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 5,010 5,062
Treasury Stock, at cost (1,475) (1,435)
Retained Earnings 13,853 13,446
Accumulated Other Comprehensive Loss (85) (91)
Total Stockholders' Equity 17,303 16,982
Total Capitalization 39,968 38,652
TOTAL LIABILITIES AND CAPITALIZATION 57,945 57,576
Consolidated Entity Excluding Variable Interest Entities (VIE)    
NONCURRENT LIABILITIES    
OPEB Costs 233 242
Accrued Pension Costs 296 305
Variable Interest Entity, Primary Beneficiary    
NONCURRENT LIABILITIES    
OPEB Costs 507 501
Public Service Electric and Gas Company    
CURRENT ASSETS    
Cash and Cash Equivalents 349 97
Unbilled Revenues, net of allowance 269 381
Materials and Supplies, net 613 613
Prepayments 26 17
Regulatory Assets 303 537
Other 10 11
Total Current Assets 3,238 3,087
PROPERTY, PLANT AND EQUIPMENT 49,243 48,752
Less: Accumulated Depreciation and Amortization (9,915) (9,767)
Net Property, Plant and Equipment 39,328 38,985
NONCURRENT ASSETS    
Regulatory Assets 6,491 6,431
Operating Lease Right-of-Use Assets 105 84
Long-Term Investments 236 199
Rabbi Trust Fund 28 29
Other 277 209
Total Noncurrent Assets 7,137 6,952
TOTAL ASSETS 49,703 49,024
CURRENT LIABILITIES    
Long-Term Debt Due Within One Year 425 875
Commercial Paper and Loans 0 325
Accrued Interest 148 197
New Jersey Clean Energy Program 85 145
Obligation to Return Cash Collateral 126 106
Regulatory Liabilities 382 484
Other 378 324
Total Current Liabilities 2,739 3,794
NONCURRENT LIABILITIES    
Deferred Income Taxes and Investment Tax Credits (ITC) 7,276 7,074
Regulatory Liabilities 1,987 2,048
Operating Leases 92 73
Asset Retirement Obligations 456 457
OPEB Costs 125 126
Accrued Pension Costs 157 164
Environmental Costs 156 160
Long-Term Accrued Taxes 7 7
Other 205 188
Total Noncurrent Liabilities 10,461 10,297
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT    
Total Long-Term Debt 16,110 15,117
STOCKHOLDER'S EQUITY    
Common Stock, Value, Issued 892 892
Contributed Capital 2,156 2,156
Retained Earnings 17,348 16,771
Accumulated Other Comprehensive Loss (3) (3)
Total Stockholders' Equity 20,393 19,816
Total Capitalization 36,503 34,933
TOTAL LIABILITIES AND CAPITALIZATION 49,703 49,024
Public Service Electric and Gas Company | Nonrelated Party    
CURRENT ASSETS    
Accounts Receivable, net of allowance 1,668 1,431
CURRENT LIABILITIES    
Accounts Payable 726 866
Public Service Electric and Gas Company | Related Party    
CURRENT LIABILITIES    
Accounts Payable $ 469 $ 472
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts Receivable, allowance $ 255 $ 248
Unbilled Revenues, allowance $ 4 $ 6
Common Stock, no par value
Common Stock, authorized 1,000 1,000
Common Stock, issued 534 534
Treasury Stock, Common, Shares 36 36
Public Service Electric and Gas Company [Member]    
Accounts Receivable, allowance $ 255 $ 248
Unbilled Revenues, allowance $ 4 $ 6
Common Stock, authorized 150 150
Common Stock, issued 132 132
Common Stock, outstanding 132 132
v3.26.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ 741 $ 589
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:    
Depreciation and Amortization 329 320
Amortization of Nuclear Fuel 54 53
Provision for Deferred Income Taxes and ITC 165 (38)
Non-Cash Employee Benefit Plan (Credits) Costs 6 19
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives 40 183
Cost of Removal (36) (34)
Energy Efficiency Programs Regulatory Investment Expenditures (128) (165)
Amortization of Energy Efficiency Programs Regulatory Expenditures 50 38
Net Change in Other Regulatory Assets and Liabilities 109 37
Net (Gains) Losses and (Income) Expense from NDT Fund (4) (26)
Net Change in Certain Current Assets and Liabilities:    
Tax Receivable 139 78
Prepayments (34) 13
Accrued Taxes (34) 31
Cash Collateral 1 (89)
Obligation to Return Cash Collateral 20 26
Other Current Assets and Liabilities (123) 11
Employee Benefit Plan Funding and Related Payments (15) (17)
Other (9) 20
Net Cash Provided By (Used In) Operating Activities 1,271 1,049
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to Property, Plant and Equipment (693) (628)
Proceeds from Sales of Trust Investments 541 394
Purchases of Trust Investments (559) (410)
Other (25) 26
Net Cash Provided By (Used In) Investing Activities (736) (618)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Change in Commercial Paper and Loans (864) (1,193)
Proceeds from Short-Term Loans 500 0
Issuance of Long-Term Debt 1,000 1,900
Redemption of Long-Term Debt (450) 0
Cash Dividends Paid on Common Stock (334) (314)
Other (115) (48)
Net Cash Provided By (Used In) Financing Activities (263) 345
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 272 776
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 156 154
Cash, Cash Equivalents and Restricted Cash at End of Period 428 930
Supplemental Disclosure of Cash Flow Information:    
Net Income Taxes Paid (Received) (157) (71)
Interest Paid, Net of Amounts Capitalized 269 226
Accrued Property, Plant and Equipment Expenditures 397 372
Public Service Electric and Gas Company [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) 577 546
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:    
Depreciation and Amortization 295 280
Provision for Deferred Income Taxes and ITC 84 (21)
Non-Cash Employee Benefit Plan (Credits) Costs 1 11
Cost of Removal (36) (34)
Energy Efficiency Programs Regulatory Expenditures (128) (165)
Amortization of Energy Efficiency Programs Regulatory Expenditures 50 38
Net Change in Other Regulatory Assets and Liabilities 109 37
Net Change in Certain Current Assets and Liabilities:    
Accounts Receivable and Unbilled Revenues (123) (107)
Materials and Supplies 0 4
Prepayments (9) (10)
Accounts Payable (84) (67)
Accounts Receivable/Payable-Affiliated Companies, net (9) 115
Other Current Assets and Liabilities 4 14
Employee Benefit Plan Funding and Related Payments (9) (12)
Other (40) (23)
Net Cash Provided By (Used In) Operating Activities 702 632
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to Property, Plant and Equipment (621) (605)
Proceeds from Sales of Trust Investments 2 1
Purchases of Trust Investments (1) (1)
Other (44) 8
Net Cash Provided By (Used In) Investing Activities (664) (597)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Change in Commercial Paper and Loans (325) (444)
Issuance of Long-Term Debt 1,000 900
Redemption of Long-Term Debt (450) 0
Other (11) (12)
Net Cash Provided By (Used In) Financing Activities 214 444
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 252 479
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 121 108
Cash, Cash Equivalents and Restricted Cash at End of Period 373 587
Supplemental Disclosure of Cash Flow Information:    
Net Income Taxes Paid (Received) (13) 0
Interest Paid, Net of Amounts Capitalized 224 189
Accrued Property, Plant and Equipment Expenditures $ 308 $ 289
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [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]
Contributed Capital [Member]
Public Service Electric and Gas Company [Member]
Retained Earnings [Member]
Public Service Electric and Gas Company [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2024 $ 16,114 $ 5,057 $ (1,403) $ 12,593 $ (133) $ 18,445 $ 892 $ 2,156 $ 15,401 $ (4)
Beginning Balance, Shares at Dec. 31, 2024   534                
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2024     (36)              
Net Income (Loss) 589     589   546     546  
Other Comprehensive Income (Loss), net of tax (expense) benefit (3)       (3)          
COMPREHENSIVE INCOME 586         546        
Cash Dividends on Common Stock (314)     (314)            
Other (16) $ (43) $ 27              
Other, Shares     1              
Ending Balance, Shares at Mar. 31, 2025   534                
Treasury Stock, Ending Balance, Shares at Mar. 31, 2025     (35)              
Ending Balance at Mar. 31, 2025 16,370 $ 5,014 $ (1,376) 12,868 (136) 18,991 892 2,156 15,947 (4)
Beginning Balance at Dec. 31, 2025 $ 16,982 $ 5,062 $ (1,435) 13,446 (91) 19,816 892 2,156 16,771 (3)
Beginning Balance, Shares at Dec. 31, 2025   534                
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2025 36   (36)              
Net Income (Loss) $ 741     741   577     577  
Other Comprehensive Income (Loss), net of tax (expense) benefit 6       6          
COMPREHENSIVE INCOME 747         577        
Cash Dividends on Common Stock (334)     (334)            
Other $ (92) $ (52) $ (40)              
Ending Balance, Shares at Mar. 31, 2026   534                
Treasury Stock, Ending Balance, Shares at Mar. 31, 2026 36   (36)              
Ending Balance at Mar. 31, 2026 $ 17,303 $ 5,010 $ (1,475) $ 13,853 $ (85) $ 20,393 $ 892 $ 2,156 $ 17,348 $ (3)
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Comprehensive Income (Loss), Tax $ (3) $ (4)
Common Stock, Cash Dividends, Per Share $ 0.67 $ 0.63
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 741 $ 589
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, 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)

Kim C. Hanemann

Adoption

March 12, 2026

Sell 18,205 shares

December 31, 2026

President and Chief Operating Officer - PSE&G

(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 Kim C. Hanemann
Title President and Chief Operating Officer - PSE&G
Rule 10b5-1 Arrangement Adopted true
Non-Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date December 31, 2026 [1]
Arrangement Duration 295 days
Aggregate Available 18,205
[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.
v3.26.1
Organization, Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Organization, Basis of Presentation and Significant Accounting Policies

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•
Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and 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 Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2025.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2025. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2025) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power
& Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

349

 

 

$

55

 

 

$

404

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

373

 

 

$

55

 

 

$

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
Public Service Electric and Gas Company [Member]  
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]  
Organization, Basis of Presentation and Significant Accounting Policies

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•
Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and 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 Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2025.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2025. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2025) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power
& Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

349

 

 

$

55

 

 

$

404

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

373

 

 

$

55

 

 

$

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.26.1
Revenues
 3 Months Ended
Mar. 31, 2026
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 Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

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 credit (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. In March 2026, the BPU issued a proposal instructing how nuclear plants should refund to the EDCs, and then how EDCs should refund to customers, the value of the ZECs generated in 2024 and purchased from the nuclear plants that were subsequently offset by PTC.

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 had contracted to provide energy management and fuel procurement services for LIPA. Revenue was recognized over time as services were 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 10. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,174

 

 

$

—

 

 

$

—

 

 

$

1,174

 

 

 

Gas Distribution

 

 

1,357

 

 

 

—

 

 

 

—

 

 

 

1,357

 

 

 

Transmission

 

 

454

 

 

 

—

 

 

 

—

 

 

 

454

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

729

 

 

 

—

 

 

 

729

 

 

 

Sales to Affiliates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

177

 

 

 

—

 

 

 

177

 

 

 

Sales to Affiliates

 

 

—

 

 

 

652

 

 

 

(652

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

93

 

 

 

174

 

 

 

(1

)

 

 

266

 

 

 

Total Revenues from Contracts with Customers

 

 

3,078

 

 

 

1,732

 

 

 

(653

)

 

 

4,157

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

7

 

 

 

(316

)

 

 

—

 

 

 

(309

)

 

 

Total Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

944

 

 

$

—

 

 

$

—

 

 

$

944

 

 

 

Gas Distribution

 

 

1,143

 

 

 

—

 

 

 

—

 

 

 

1,143

 

 

 

Transmission

 

 

439

 

 

 

—

 

 

 

—

 

 

 

439

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

453

 

 

 

—

 

 

 

453

 

 

 

Sales to Affiliates

 

 

—

 

 

 

32

 

 

 

(32

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Sales to Affiliates

 

 

—

 

 

 

501

 

 

 

(501

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

91

 

 

 

178

 

 

 

(1

)

 

 

268

 

 

 

Total Revenues from Contracts with Customers

 

 

2,617

 

 

 

1,304

 

 

 

(534

)

 

 

3,387

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

47

 

 

 

(212

)

 

 

—

 

 

 

(165

)

 

 

Total Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 March 31, 2026 and December 31, 2025. 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% of accounts receivable (including unbilled revenues) as of both March 31, 2026 and December 31, 2025.

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 three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

254

 

 

$

215

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

35

 

 

 

37

 

 

 

Write-offs, net of Recoveries of $14 million and $9 million in 2026 and 2025, respectively

 

 

(30

)

 

 

(18

)

 

 

Balance as of End of Period

$

259

 

 

$

234

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2026 and December 31, 2025.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2026 or December 31, 2025. 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 March 31, 2026 and December 31, 2025.

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 Megawatt (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 Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

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 credit (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. In March 2026, the BPU issued a proposal instructing how nuclear plants should refund to the EDCs, and then how EDCs should refund to customers, the value of the ZECs generated in 2024 and purchased from the nuclear plants that were subsequently offset by PTC.

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 had contracted to provide energy management and fuel procurement services for LIPA. Revenue was recognized over time as services were 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 10. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,174

 

 

$

—

 

 

$

—

 

 

$

1,174

 

 

 

Gas Distribution

 

 

1,357

 

 

 

—

 

 

 

—

 

 

 

1,357

 

 

 

Transmission

 

 

454

 

 

 

—

 

 

 

—

 

 

 

454

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

729

 

 

 

—

 

 

 

729

 

 

 

Sales to Affiliates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

177

 

 

 

—

 

 

 

177

 

 

 

Sales to Affiliates

 

 

—

 

 

 

652

 

 

 

(652

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

93

 

 

 

174

 

 

 

(1

)

 

 

266

 

 

 

Total Revenues from Contracts with Customers

 

 

3,078

 

 

 

1,732

 

 

 

(653

)

 

 

4,157

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

7

 

 

 

(316

)

 

 

—

 

 

 

(309

)

 

 

Total Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

944

 

 

$

—

 

 

$

—

 

 

$

944

 

 

 

Gas Distribution

 

 

1,143

 

 

 

—

 

 

 

—

 

 

 

1,143

 

 

 

Transmission

 

 

439

 

 

 

—

 

 

 

—

 

 

 

439

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

453

 

 

 

—

 

 

 

453

 

 

 

Sales to Affiliates

 

 

—

 

 

 

32

 

 

 

(32

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Sales to Affiliates

 

 

—

 

 

 

501

 

 

 

(501

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

91

 

 

 

178

 

 

 

(1

)

 

 

268

 

 

 

Total Revenues from Contracts with Customers

 

 

2,617

 

 

 

1,304

 

 

 

(534

)

 

 

3,387

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

47

 

 

 

(212

)

 

 

—

 

 

 

(165

)

 

 

Total Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 March 31, 2026 and December 31, 2025. 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% of accounts receivable (including unbilled revenues) as of both March 31, 2026 and December 31, 2025.

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 three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

254

 

 

$

215

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

35

 

 

 

37

 

 

 

Write-offs, net of Recoveries of $14 million and $9 million in 2026 and 2025, respectively

 

 

(30

)

 

 

(18

)

 

 

Balance as of End of Period

$

259

 

 

$

234

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2026 and December 31, 2025.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2026 or December 31, 2025. 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 March 31, 2026 and December 31, 2025.

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 Megawatt (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.

v3.26.1
Variable Interest Entities (VIEs)
 3 Months Ended
Mar. 31, 2026
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 Operation and Maintenance (O&M) Expense, respectively. Servco recorded $151 million and $152 million for the three months ended March 31, 2026 and 2025,

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 Condensed Consolidated Statement of Operations.

v3.26.1
Rate Filings
 3 Months Ended
Mar. 31, 2026
Regulatory Assets [Line Items]  
Rate Filings

Note 4. Rate Filings

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
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. This filing requests the return of and on investment for CEF-EV electric investments placed in service through December 31, 2025. This matter is pending.
•
CIP—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.

In March 2026, PSE&G filed its annual electric CIP petition seeking BPU approval to return to customers excess revenues of approximately $26 million based on the 12-month period ending May 31, 2026 with new rates proposed to be effective June 1, 2026. This matter is pending.

•
Gas System Modernization Program II Extension (GSMP II Ext)—In February 2026, PSE&G filed a GSMP II Ext cost recovery petition seeking BPU approval to recover in gas rates an annual revenue increase of $4 million effective September 1, 2026 representing the return of and on investment in GSMP II Ext gas investments to be placed in service through May 31, 2026. This matter is pending.

In March 2026, the BPU approved PSE&G’s updated GSMP II Ext cost recovery petition to recover $23 million annually in gas base rates effective April 1, 2026. The approved gas revenue increase represents the return of and on actual GSMP II Ext investments placed in service through October 31, 2025.

•
Infrastructure Advancement Program (IAP)—In January 2026, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates annual revenue increases of $10 million and $4 million, respectively. These increases represent the return of and on IAP investments in service through December 31, 2025. This matter is pending.
•
ZEC Program— 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 Universal Service Fund component of PSE&G’s SBC clause.
Public Service Electric and Gas Company [Member]  
Regulatory Assets [Line Items]  
Rate Filings

Note 4. Rate Filings

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

•
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. This filing requests the return of and on investment for CEF-EV electric investments placed in service through December 31, 2025. This matter is pending.
•
CIP—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.

In March 2026, PSE&G filed its annual electric CIP petition seeking BPU approval to return to customers excess revenues of approximately $26 million based on the 12-month period ending May 31, 2026 with new rates proposed to be effective June 1, 2026. This matter is pending.

•
Gas System Modernization Program II Extension (GSMP II Ext)—In February 2026, PSE&G filed a GSMP II Ext cost recovery petition seeking BPU approval to recover in gas rates an annual revenue increase of $4 million effective September 1, 2026 representing the return of and on investment in GSMP II Ext gas investments to be placed in service through May 31, 2026. This matter is pending.

In March 2026, the BPU approved PSE&G’s updated GSMP II Ext cost recovery petition to recover $23 million annually in gas base rates effective April 1, 2026. The approved gas revenue increase represents the return of and on actual GSMP II Ext investments placed in service through October 31, 2025.

•
Infrastructure Advancement Program (IAP)—In January 2026, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates annual revenue increases of $10 million and $4 million, respectively. These increases represent the return of and on IAP investments in service through December 31, 2025. This matter is pending.
•
ZEC Program— 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 Universal Service Fund component of PSE&G’s SBC clause.
v3.26.1
Financing Receivables
 3 Months Ended
Mar. 31, 2026
Schedule of Financial Receivables [Line Items]  
Financing Receivables

Note 5. Financing Receivables

PSE&G

On-Bill Repayment (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 March 31, 2026, 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 Condensed Consolidated Balance Sheets. The following table reflects the outstanding amounts by class of customer.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Outstanding OBR Loans by Class of Customers

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

28

 

 

$

17

 

 

 

Residential

 

 

164

 

 

 

128

 

 

 

Total

 

 

192

 

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(21

)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

171

 

 

$

131

 

 

 

 

 

 

 

 

 

 

 

 

Payments on all outstanding loans were current as of March 31, 2026 and have an average remaining life of approximately 7 years.
Public Service Electric and Gas Company [Member]  
Schedule of Financial Receivables [Line Items]  
Financing Receivables

Note 5. Financing Receivables

PSE&G

On-Bill Repayment (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 March 31, 2026, 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 Condensed Consolidated Balance Sheets. The following table reflects the outstanding amounts by class of customer.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Outstanding OBR Loans by Class of Customers

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

28

 

 

$

17

 

 

 

Residential

 

 

164

 

 

 

128

 

 

 

Total

 

 

192

 

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(21

)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

171

 

 

$

131

 

 

 

 

 

 

 

 

 

 

 

 

Payments on all outstanding loans were current as of March 31, 2026 and have an average remaining life of approximately 7 years.
v3.26.1
Trust Investments
 3 Months Ended
Mar. 31, 2026
Schedule of Trust Investments [Line Items]  
Trust Investments

Note 6. Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities. The trust contains two separate funds: a qualified fund and a nonqualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

594

 

 

$

360

 

 

$

(16

)

 

$

938

 

 

 

International

 

 

453

 

 

 

183

 

 

 

(16

)

 

 

620

 

 

 

Total Equity Securities

 

 

1,047

 

 

 

543

 

 

 

(32

)

 

 

1,558

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

888

 

 

 

3

 

 

 

(52

)

 

 

839

 

 

 

Corporate

 

 

541

 

 

 

3

 

 

 

(19

)

 

 

525

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,429

 

 

 

6

 

 

 

(71

)

 

 

1,364

 

 

 

Total NDT Fund Investments (A)

 

$

2,476

 

 

$

549

 

 

$

(103

)

 

$

2,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2026, which is part of 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.

Net unrealized gains (losses) on debt securities of $(38) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2026. The portion of net unrealized gains (losses) recognized in the first quarter of 2026 related to equity securities still held as of March 31, 2026 was $(16) 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 Condensed Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

30

 

 

$

23

 

 

 

Accounts Payable

 

$

22

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

133

 

 

$

(15

)

 

$

4

 

 

$

(1

)

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

97

 

 

 

(12

)

 

 

11

 

 

 

(4

)

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

Total Equity Securities

 

 

230

 

 

 

(27

)

 

 

15

 

 

 

(5

)

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

287

 

 

 

(3

)

 

 

260

 

 

 

(49

)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

Corporate (C)

 

 

181

 

 

 

(3

)

 

 

124

 

 

 

(16

)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

Total Available-for-Sale Debt Securities

 

 

468

 

 

 

(6

)

 

 

384

 

 

 

(65

)

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

NDT Trust Investments

 

$

698

 

 

$

(33

)

 

$

399

 

 

$

(70

)

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.
(B)
Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
(C)
Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

Proceeds from NDT Fund Sales

 

$

531

 

 

$

387

 

 

 

 

Net Realized Gains (Losses) on NDT Fund

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

68

 

 

$

48

 

 

 

 

Gross Realized Losses

 

 

(36

)

 

 

(29

)

 

 

 

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

 

 

32

 

 

 

19

 

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(48

)

 

 

(10

)

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

(16

)

 

$

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

The NDT Fund debt securities held as of March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

26

 

 

 

1 - 5 years

 

 

355

 

 

 

6 - 10 years

 

 

264

 

 

 

11 - 15 years

 

 

74

 

 

 

16 - 20 years

 

 

122

 

 

 

Over 20 years

 

 

523

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,364

 

 

 

 

 

 

 

 

 

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 amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

96

 

 

 

—

 

 

 

(19

)

 

 

77

 

 

 

Corporate

 

 

73

 

 

 

—

 

 

 

(9

)

 

 

64

 

 

 

Total Available-for-Sale Debt Securities

 

 

169

 

 

 

—

 

 

 

(28

)

 

 

141

 

 

 

Total Rabbi Trust Investments

 

$

177

 

 

$

9

 

 

$

(28

)

 

$

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on debt securities of $(19) million (after-tax) were included in AOCL on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2026. The portion of net unrealized gains (losses) recognized during first quarter of 2026 related to equity securities still held as of March 31, 2026 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 March 31, 2026 and December 31, 2025.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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)

 

$

5

 

 

$

—

 

 

$

67

 

 

$

(19

)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

 

Corporate (B)

 

 

16

 

 

 

—

 

 

 

39

 

 

 

(9

)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

106

 

 

 

(28

)

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

106

 

 

$

(28

)

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
(B)
Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

10

 

 

$

7

 

 

 

Net Realized Gains (Losses) on Rabbi Trust:

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

—

 

 

$

—

 

 

 

Gross Realized Losses

 

 

—

 

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(1

)

 

 

(1

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

(1

)

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

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

The Rabbi Trust debt securities held as of March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

29

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

62

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

141

 

 

 

 

 

 

 

 

 

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value

compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

28

 

 

$

29

 

 

 

PSEG Power & Other

 

 

130

 

 

 

133

 

 

 

Total Rabbi Trust Investments

 

$

158

 

 

$

162

 

 

 

 

 

 

 

 

 

 

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

Note 6. Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities. The trust contains two separate funds: a qualified fund and a nonqualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

594

 

 

$

360

 

 

$

(16

)

 

$

938

 

 

 

International

 

 

453

 

 

 

183

 

 

 

(16

)

 

 

620

 

 

 

Total Equity Securities

 

 

1,047

 

 

 

543

 

 

 

(32

)

 

 

1,558

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

888

 

 

 

3

 

 

 

(52

)

 

 

839

 

 

 

Corporate

 

 

541

 

 

 

3

 

 

 

(19

)

 

 

525

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,429

 

 

 

6

 

 

 

(71

)

 

 

1,364

 

 

 

Total NDT Fund Investments (A)

 

$

2,476

 

 

$

549

 

 

$

(103

)

 

$

2,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2026, which is part of 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.

Net unrealized gains (losses) on debt securities of $(38) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2026. The portion of net unrealized gains (losses) recognized in the first quarter of 2026 related to equity securities still held as of March 31, 2026 was $(16) 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 Condensed Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

30

 

 

$

23

 

 

 

Accounts Payable

 

$

22

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

133

 

 

$

(15

)

 

$

4

 

 

$

(1

)

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

97

 

 

 

(12

)

 

 

11

 

 

 

(4

)

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

Total Equity Securities

 

 

230

 

 

 

(27

)

 

 

15

 

 

 

(5

)

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

287

 

 

 

(3

)

 

 

260

 

 

 

(49

)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

Corporate (C)

 

 

181

 

 

 

(3

)

 

 

124

 

 

 

(16

)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

Total Available-for-Sale Debt Securities

 

 

468

 

 

 

(6

)

 

 

384

 

 

 

(65

)

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

NDT Trust Investments

 

$

698

 

 

$

(33

)

 

$

399

 

 

$

(70

)

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.
(B)
Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
(C)
Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

Proceeds from NDT Fund Sales

 

$

531

 

 

$

387

 

 

 

 

Net Realized Gains (Losses) on NDT Fund

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

68

 

 

$

48

 

 

 

 

Gross Realized Losses

 

 

(36

)

 

 

(29

)

 

 

 

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

 

 

32

 

 

 

19

 

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(48

)

 

 

(10

)

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

(16

)

 

$

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

The NDT Fund debt securities held as of March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

26

 

 

 

1 - 5 years

 

 

355

 

 

 

6 - 10 years

 

 

264

 

 

 

11 - 15 years

 

 

74

 

 

 

16 - 20 years

 

 

122

 

 

 

Over 20 years

 

 

523

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,364

 

 

 

 

 

 

 

 

 

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 amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

96

 

 

 

—

 

 

 

(19

)

 

 

77

 

 

 

Corporate

 

 

73

 

 

 

—

 

 

 

(9

)

 

 

64

 

 

 

Total Available-for-Sale Debt Securities

 

 

169

 

 

 

—

 

 

 

(28

)

 

 

141

 

 

 

Total Rabbi Trust Investments

 

$

177

 

 

$

9

 

 

$

(28

)

 

$

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on debt securities of $(19) million (after-tax) were included in AOCL on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2026. The portion of net unrealized gains (losses) recognized during first quarter of 2026 related to equity securities still held as of March 31, 2026 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 March 31, 2026 and December 31, 2025.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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)

 

$

5

 

 

$

—

 

 

$

67

 

 

$

(19

)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

 

Corporate (B)

 

 

16

 

 

 

—

 

 

 

39

 

 

 

(9

)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

106

 

 

 

(28

)

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

106

 

 

$

(28

)

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.
(B)
Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

10

 

 

$

7

 

 

 

Net Realized Gains (Losses) on Rabbi Trust:

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

—

 

 

$

—

 

 

 

Gross Realized Losses

 

 

—

 

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(1

)

 

 

(1

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

(1

)

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

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

The Rabbi Trust debt securities held as of March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

29

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

62

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

141

 

 

 

 

 

 

 

 

 

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value

compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

28

 

 

$

29

 

 

 

PSEG Power & Other

 

 

130

 

 

 

133

 

 

 

Total Rabbi Trust Investments

 

$

158

 

 

$

162

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Pension and Other Postretirement Benefits (OPEB)
 3 Months Ended
Mar. 31, 2026
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB)

Note 7. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

22

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

54

 

 

 

58

 

 

 

8

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(82

)

 

 

(77

)

 

 

(9

)

 

 

(8

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

Actuarial Loss (Gain)

 

 

14

 

 

 

15

 

 

 

(1

)

 

 

(1

)

 

 

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

 

 

(14

)

 

 

(4

)

 

 

(2

)

 

 

1

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

4

 

 

$

12

 

 

$

(3

)

 

$

(1

)

 

 

PSEG Power & Other

 

 

4

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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. The OPEB obligation, as well as the offsetting long-term receivable, is separately presented on the Condensed Consolidated Balance Sheet of PSEG. Prepaid pension costs are included in Other Noncurrent Assets with an offsetting liability in Other Noncurrent Liabilities.

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. Servco plans to contribute $15 million into its pension plan in 2026. Servco’s pension-related revenues and costs were $4 million and $6 million for the three months ended March 31, 2026 and 2025, respectively. The OPEB-related revenues earned and costs incurred was $3 million for each of the three months ended March 31, 2026 and 2025.
Public Service Electric and Gas Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Pension and Other Postretirement Benefits (OPEB)

Note 7. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

22

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

54

 

 

 

58

 

 

 

8

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(82

)

 

 

(77

)

 

 

(9

)

 

 

(8

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

Actuarial Loss (Gain)

 

 

14

 

 

 

15

 

 

 

(1

)

 

 

(1

)

 

 

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

 

 

(14

)

 

 

(4

)

 

 

(2

)

 

 

1

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

4

 

 

$

12

 

 

$

(3

)

 

$

(1

)

 

 

PSEG Power & Other

 

 

4

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

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. The OPEB obligation, as well as the offsetting long-term receivable, is separately presented on the Condensed Consolidated Balance Sheet of PSEG. Prepaid pension costs are included in Other Noncurrent Assets with an offsetting liability in Other Noncurrent Liabilities.

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. Servco plans to contribute $15 million into its pension plan in 2026. Servco’s pension-related revenues and costs were $4 million and $6 million for the three months ended March 31, 2026 and 2025, respectively. The OPEB-related revenues earned and costs incurred was $3 million for each of the three months ended March 31, 2026 and 2025.
v3.26.1
Commitments and Contingent Liabilities
 3 Months Ended
Mar. 31, 2026
Loss Contingencies [Line Items]  
Commitments and Contingent Liabilities

Note 8. 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 can be 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”, including payables (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 March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,120

 

 

$

996

 

 

 

Exposure under Current Guarantees

 

$

93

 

 

$

132

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

73

 

 

$

95

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

11

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(5

)

 

$

—

 

 

 

Net Broker Balance Deposited (Received)

 

$

226

 

 

$

222

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

232

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed 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 March 31, 2026, 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.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $176 million and $193 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 $176 million as of March 31, 2026. Of this amount, $24 million was recorded in Other Current Liabilities and $152 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $176 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.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (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 17. 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. See Note 2. Revenues for additional information.

 

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 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.
Public Service Electric and Gas Company [Member]  
Loss Contingencies [Line Items]  
Commitments and Contingent Liabilities

Note 8. 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 can be 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”, including payables (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 March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,120

 

 

$

996

 

 

 

Exposure under Current Guarantees

 

$

93

 

 

$

132

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

73

 

 

$

95

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

11

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(5

)

 

$

—

 

 

 

Net Broker Balance Deposited (Received)

 

$

226

 

 

$

222

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

232

 

 

 

 

 

 

 

 

 

 

 

 

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed 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 March 31, 2026, 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.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $176 million and $193 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 $176 million as of March 31, 2026. Of this amount, $24 million was recorded in Other Current Liabilities and $152 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $176 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.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (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 17. 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. See Note 2. Revenues for additional information.

 

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 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.
v3.26.1
Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2026
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2026:

PSE&G

•
issued $500 million of 4.20% Secured Medium-Term Notes, Series R, due January 2031,
•
issued $500 million of 5.63% Secured Medium-Term Notes, Series R, due January 2056, and
•
retired $450 million of 0.95% Secured Medium-Term Notes, Series N, at maturity.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of March 31, 2026, the total available credit capacity was $3.5 billion. In March 2026, PSEG, PSEG Power, and PSE&G executed a two-year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2031, and removed the sustainability linked pricing mechanism associated with the PSEG sublimit of the Master Credit Facility. The $75 million PSEG Power letter of credit facility was also extended through March 2028.

As of March 31, 2026, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2026, 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 March 31, 2026 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

26

 

 

$

974

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

26

 

 

$

974

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

58

 

 

$

1,192

 

 

Mar 2031

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

55

 

 

 

20

 

 

Mar 2028

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

113

 

 

$

1,212

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

318

 

 

$

3,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 March 31, 2026, PSEG had $165 million commercial paper outstanding at a weighted average interest rate of 4.05% and PSE&G had no commercial paper outstanding.
(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 March 31, 2026, PSEG Power had $190 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 March 31, 2026, PSE&G’s letters of credit outstanding were immaterial under this uncommitted credit facility.

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.
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2026:

PSE&G

•
issued $500 million of 4.20% Secured Medium-Term Notes, Series R, due January 2031,
•
issued $500 million of 5.63% Secured Medium-Term Notes, Series R, due January 2056, and
•
retired $450 million of 0.95% Secured Medium-Term Notes, Series N, at maturity.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of March 31, 2026, the total available credit capacity was $3.5 billion. In March 2026, PSEG, PSEG Power, and PSE&G executed a two-year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2031, and removed the sustainability linked pricing mechanism associated with the PSEG sublimit of the Master Credit Facility. The $75 million PSEG Power letter of credit facility was also extended through March 2028.

As of March 31, 2026, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2026, 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 March 31, 2026 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

26

 

 

$

974

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

26

 

 

$

974

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

58

 

 

$

1,192

 

 

Mar 2031

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

55

 

 

 

20

 

 

Mar 2028

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

113

 

 

$

1,212

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

318

 

 

$

3,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 March 31, 2026, PSEG had $165 million commercial paper outstanding at a weighted average interest rate of 4.05% and PSE&G had no commercial paper outstanding.
(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 March 31, 2026, PSEG Power had $190 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 March 31, 2026, PSE&G’s letters of credit outstanding were immaterial under this uncommitted credit facility.

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.
v3.26.1
Financial Risk Management Activities
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Financial Risk Management Activities

Note 10. 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 8. 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 March 31, 2026, 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 $1 million as of March 31, 2026.

As of March 31, 2026, PSEG also had interest rate hedges outstanding to fix the interest rate for anticipated 2026 debt issuances. The fair value of these hedges was $8 million as of March, 31, 2026.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $27 million and $24 million as of March 31, 2026 and December 31, 2025, 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 Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 11. 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 March 31, 2026 and December 31, 2025. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

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

 

$

1

 

 

$

1,296

 

 

$

(1,293

)

 

$

3

 

 

$

4

 

 

 

Noncurrent Assets

 

 

8

 

 

 

1,050

 

 

 

(1,047

)

 

 

3

 

 

 

11

 

 

 

Total Mark-to-Market Derivative Assets

 

$

9

 

 

$

2,346

 

 

$

(2,340

)

 

$

6

 

 

$

15

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(1,499

)

 

$

1,375

 

 

$

(124

)

 

$

(124

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(1,065

)

 

 

1,061

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(2,564

)

 

$

2,436

 

 

$

(128

)

 

$

(128

)

 

 

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

 

$

9

 

 

$

(218

)

 

$

96

 

 

$

(122

)

 

$

(113

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 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 $146 million as of March 31, 2026 and $96 million as of December 31, 2025. As of March 31, 2026 and December 31, 2025, PSEG Power had the contractual right of offset of $20 million and $11 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $126 million and $85 million as of March 31, 2026 and December 31, 2025, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Three Months Ended

 

 

 

 

Three Months Ended

 

 

 

Derivatives in Cash Flow

 

March 31,

 

 

 

 

March 31,

 

 

 

Hedging Relationships

 

2026

 

 

2025

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

$

5

 

 

$

(27

)

 

Interest Expense

 

$

1

 

 

$

1

 

 

 

Total PSEG

 

$

5

 

 

$

(27

)

 

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2026 and 2025, the amount of gain on interest rate hedges reclassified from AOCL into income was $1 million and immaterial after-tax, 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, 2024

 

$

50

 

 

$

36

 

 

 

 Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

 Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

 Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 Gain Recognized in AOCL

 

 

5

 

 

 

4

 

 

 

 Less: Gain Reclassified into Income

 

 

(1

)

 

 

(1

)

 

 

 Balance as of March 31, 2026

 

$

38

 

 

$

27

 

 

 

 

 

 

 

 

 

 

 

 

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2026 and 2025, respectively. 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

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(353

)

 

$

(241

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

—

 

 

 

(2

)

 

 

Total

 

 

 

$

(353

)

 

$

(243

)

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Type

 

Notional

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm (Dth)

 

 

83

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(76

)

 

 

(73

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

10

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

1,050

 

 

 

970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2026, more than 98% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There was one counterparty with credit exposure greater than 10% of the total. This credit exposure was with PSE&G. The PSE&G credit exposure is eliminated in consolidation. See Note 17. 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 March 31, 2026, 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 March 31, 2026, PSE&G had $118 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 10. 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 8. 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 March 31, 2026, 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 $1 million as of March 31, 2026.

As of March 31, 2026, PSEG also had interest rate hedges outstanding to fix the interest rate for anticipated 2026 debt issuances. The fair value of these hedges was $8 million as of March, 31, 2026.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $27 million and $24 million as of March 31, 2026 and December 31, 2025, 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 Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 11. 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 March 31, 2026 and December 31, 2025. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

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

 

$

1

 

 

$

1,296

 

 

$

(1,293

)

 

$

3

 

 

$

4

 

 

 

Noncurrent Assets

 

 

8

 

 

 

1,050

 

 

 

(1,047

)

 

 

3

 

 

 

11

 

 

 

Total Mark-to-Market Derivative Assets

 

$

9

 

 

$

2,346

 

 

$

(2,340

)

 

$

6

 

 

$

15

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(1,499

)

 

$

1,375

 

 

$

(124

)

 

$

(124

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(1,065

)

 

 

1,061

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(2,564

)

 

$

2,436

 

 

$

(128

)

 

$

(128

)

 

 

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

 

$

9

 

 

$

(218

)

 

$

96

 

 

$

(122

)

 

$

(113

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 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 $146 million as of March 31, 2026 and $96 million as of December 31, 2025. As of March 31, 2026 and December 31, 2025, PSEG Power had the contractual right of offset of $20 million and $11 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $126 million and $85 million as of March 31, 2026 and December 31, 2025, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Three Months Ended

 

 

 

 

Three Months Ended

 

 

 

Derivatives in Cash Flow

 

March 31,

 

 

 

 

March 31,

 

 

 

Hedging Relationships

 

2026

 

 

2025

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

$

5

 

 

$

(27

)

 

Interest Expense

 

$

1

 

 

$

1

 

 

 

Total PSEG

 

$

5

 

 

$

(27

)

 

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2026 and 2025, the amount of gain on interest rate hedges reclassified from AOCL into income was $1 million and immaterial after-tax, 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, 2024

 

$

50

 

 

$

36

 

 

 

 Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

 Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

 Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 Gain Recognized in AOCL

 

 

5

 

 

 

4

 

 

 

 Less: Gain Reclassified into Income

 

 

(1

)

 

 

(1

)

 

 

 Balance as of March 31, 2026

 

$

38

 

 

$

27

 

 

 

 

 

 

 

 

 

 

 

 

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2026 and 2025, respectively. 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

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(353

)

 

$

(241

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

—

 

 

 

(2

)

 

 

Total

 

 

 

$

(353

)

 

$

(243

)

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Type

 

Notional

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm (Dth)

 

 

83

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(76

)

 

 

(73

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

10

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

1,050

 

 

 

970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 March 31, 2026, more than 98% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There was one counterparty with credit exposure greater than 10% of the total. This credit exposure was with PSE&G. The PSE&G credit exposure is eliminated in consolidation. See Note 17. 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 March 31, 2026, 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 March 31, 2026, PSE&G had $118 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.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 11. 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 futures or 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 to or from Level 3 during the three months ended March 31, 2026 and 2025, respectively.

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026

 

 

 

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)

 

$

365

 

 

$

—

 

 

$

365

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

6

 

 

$

(2,340

)

 

$

2,287

 

 

$

59

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,558

 

 

$

—

 

 

$

1,558

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

439

 

 

$

—

 

 

$

—

 

 

$

439

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

400

 

 

$

—

 

 

$

—

 

 

$

400

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

525

 

 

$

—

 

 

$

—

 

 

$

525

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

52

 

 

$

—

 

 

$

—

 

 

$

52

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

25

 

 

$

—

 

 

$

—

 

 

$

25

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

64

 

 

$

—

 

 

$

—

 

 

$

64

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(128

)

 

$

2,436

 

 

$

(2,379

)

 

$

(185

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

320

 

 

$

—

 

 

$

320

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1—These contracts represent natural gas and electric futures contracts executed on an exchange, and are being valued solely on settled pricing inputs which come directly from the 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, futures, 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 6. 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 10. 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 March 31, 2026, PSEG carried $3.3 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 March 31, 2025, PSEG carried $3.6 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.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2026 and December 31, 2025 are included in the following table and accompanying notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,317

 

 

$

5,305

 

 

$

5,315

 

 

$

5,371

 

 

 

PSE&G (A)

 

 

16,535

 

 

 

15,000

 

 

 

15,992

 

 

 

14,705

 

 

 

PSEG Power (A)

 

 

1,238

 

 

 

1,271

 

 

 

1,238

 

 

 

1,288

 

 

 

Total Long-Term Debt

 

$

23,090

 

 

$

21,576

 

 

$

22,545

 

 

$

21,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
Public Service Electric and Gas Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements

Note 11. 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 futures or 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 to or from Level 3 during the three months ended March 31, 2026 and 2025, respectively.

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026

 

 

 

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)

 

$

365

 

 

$

—

 

 

$

365

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

6

 

 

$

(2,340

)

 

$

2,287

 

 

$

59

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,558

 

 

$

—

 

 

$

1,558

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

439

 

 

$

—

 

 

$

—

 

 

$

439

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

400

 

 

$

—

 

 

$

—

 

 

$

400

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

525

 

 

$

—

 

 

$

—

 

 

$

525

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

52

 

 

$

—

 

 

$

—

 

 

$

52

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

25

 

 

$

—

 

 

$

—

 

 

$

25

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

64

 

 

$

—

 

 

$

—

 

 

$

64

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(128

)

 

$

2,436

 

 

$

(2,379

)

 

$

(185

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

320

 

 

$

—

 

 

$

320

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1—These contracts represent natural gas and electric futures contracts executed on an exchange, and are being valued solely on settled pricing inputs which come directly from the 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, futures, 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 6. 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 10. 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 March 31, 2026, PSEG carried $3.3 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 March 31, 2025, PSEG carried $3.6 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.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2026 and December 31, 2025 are included in the following table and accompanying notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,317

 

 

$

5,305

 

 

$

5,315

 

 

$

5,371

 

 

 

PSE&G (A)

 

 

16,535

 

 

 

15,000

 

 

 

15,992

 

 

 

14,705

 

 

 

PSEG Power (A)

 

 

1,238

 

 

 

1,271

 

 

 

1,238

 

 

 

1,288

 

 

 

Total Long-Term Debt

 

$

23,090

 

 

$

21,576

 

 

$

22,545

 

 

$

21,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
v3.26.1
Net Other Income (Deductions)
 3 Months Ended
Mar. 31, 2026
Component of Other Income (Deductions) [Line Items]  
Net Other Income (Deductions)

Note 12. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

23

 

 

$

23

 

 

 

Allowance for Funds Used During Construction

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

6

 

 

 

3

 

 

 

9

 

 

 

Other

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

Total Net Other Income (Deductions)

 

$

19

 

 

$

24

 

 

$

43

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

20

 

 

$

20

 

 

 

Allowance for Funds Used During Construction

 

 

11

 

 

 

—

 

 

 

11

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

3

 

 

 

4

 

 

 

7

 

 

 

Other

 

 

1

 

 

 

(3

)

 

 

(2

)

 

 

Total Net Other Income (Deductions)

 

$

16

 

 

$

21

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
Public Service Electric and Gas Company [Member]  
Component of Other Income (Deductions) [Line Items]  
Net Other Income (Deductions)

Note 12. Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

23

 

 

$

23

 

 

 

Allowance for Funds Used During Construction

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

6

 

 

 

3

 

 

 

9

 

 

 

Other

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

Total Net Other Income (Deductions)

 

$

19

 

 

$

24

 

 

$

43

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

20

 

 

$

20

 

 

 

Allowance for Funds Used During Construction

 

 

11

 

 

 

—

 

 

 

11

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

3

 

 

 

4

 

 

 

7

 

 

 

Other

 

 

1

 

 

 

(3

)

 

 

(2

)

 

 

Total Net Other Income (Deductions)

 

$

16

 

 

$

21

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Taxes [Line Items]  
Income Taxes

Note 13. Income Taxes

 

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

PSEG’s effective tax rates in the three months ended March 31, 2026 and 2025 were 12.6% and 4.5%, respectively. PSE&G’s effective tax rates in the three months ended March 31, 2026 and 2025 were 12.0% and 7.5%, respectively. PSEG and PSE&G’s lower effective tax rate compared to the statutory tax rate is primarily driven by the effects of utility ratemaking. The increase in the effective tax rates for the three months ended March 31, 2026 was driven by a decrease in the flowback of historic mixed service cost deductions as an effect of utility ratemaking in 2026 compared to 2025.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), which is based on adjusted financial statement income.

In 2025, PSEG determined that it is subject to CAMT as it is an applicable corporation. As of March 31, 2026, PSEG and PSE&G recorded a CAMT liability of approximately $180 million and $140 million, respectively, along with corresponding deferred tax assets related to CAMT credit carryforwards, which management expects to fully utilize in future periods. However, certain CAMT rules remain unclear; therefore, the issuance of additional authoritative guidance could materially impact PSEG’s and PSE&G’s results of operations, financial condition and cash flows.

The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements.
Public Service Electric and Gas Company [Member]  
Income Taxes [Line Items]  
Income Taxes

Note 13. Income Taxes

 

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

PSEG’s effective tax rates in the three months ended March 31, 2026 and 2025 were 12.6% and 4.5%, respectively. PSE&G’s effective tax rates in the three months ended March 31, 2026 and 2025 were 12.0% and 7.5%, respectively. PSEG and PSE&G’s lower effective tax rate compared to the statutory tax rate is primarily driven by the effects of utility ratemaking. The increase in the effective tax rates for the three months ended March 31, 2026 was driven by a decrease in the flowback of historic mixed service cost deductions as an effect of utility ratemaking in 2026 compared to 2025.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), which is based on adjusted financial statement income.

In 2025, PSEG determined that it is subject to CAMT as it is an applicable corporation. As of March 31, 2026, PSEG and PSE&G recorded a CAMT liability of approximately $180 million and $140 million, respectively, along with corresponding deferred tax assets related to CAMT credit carryforwards, which management expects to fully utilize in future periods. However, certain CAMT rules remain unclear; therefore, the issuance of additional authoritative guidance could materially impact PSEG’s and PSE&G’s results of operations, financial condition and cash flows.

The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact PSEG’s and PSE&G’s financial statements.
v3.26.1
Accumulated Other Comprehensive Income (Loss), Net of Tax
 3 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss), Net of Tax

Note 14. Accumulated Other Comprehensive Income (Loss), Net of Tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2026

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for-Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2025

 

$

24

 

 

$

(56

)

 

$

(59

)

 

$

(91

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

4

 

 

 

—

 

 

 

(10

)

 

 

(6

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(1

)

 

 

1

 

 

 

12

 

 

 

12

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

$

3

 

 

$

1

 

 

$

2

 

 

$

6

 

 

 

Balance as of March 31, 2026

 

$

27

 

 

$

(55

)

 

$

(57

)

 

$

(85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for-Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2024

 

$

36

 

 

$

(76

)

 

$

(93

)

 

$

(133

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

(20

)

 

 

—

 

 

 

15

 

 

 

(5

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

—

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

(20

)

 

 

1

 

 

 

16

 

 

 

(3

)

 

 

Balance as of March 31, 2025

 

$

16

 

 

$

(75

)

 

$

(77

)

 

$

(136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

March 31, 2026

 

 

 

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

 

 

$

1

 

 

$

—

 

 

$

1

 

 

 

Total Cash Flow Hedges

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Total Pension and OPEB Plans

 

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

 

(20

)

 

 

8

 

 

 

(12

)

 

 

Total Available-for-Sale Debt Securities

 

 

 

(20

)

 

 

8

 

 

 

(12

)

 

 

Total

 

 

$

(21

)

 

$

9

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 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

 

$

1

 

 

$

(1

)

 

$

—

 

 

 

Total Cash Flow Hedges

 

 

1

 

 

 

(1

)

 

 

—

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Total Pension and OPEB Plans

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Total Available-for-Sale Debt Securities

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Total

 

$

(2

)

 

$

—

 

 

$

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Earnings Per Share (EPS) and Dividends
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share (EPS) and Dividends

Note 15. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator (Millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

741

 

 

$

741

 

 

$

589

 

 

$

589

 

 

 

EPS Denominator (Millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

499

 

 

 

499

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

1

 

 

 

—

 

 

 

2

 

 

 

Total Shares

 

 

499

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1.48

 

 

$

1.48

 

 

$

1.18

 

 

$

1.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Dividend Payments on Common Stock

 

2026

 

 

2025

 

 

 

Per Share

 

$

0.67

 

 

$

0.63

 

 

 

In Millions

 

$

334

 

 

$

314

 

 

 

 

 

 

 

 

 

 

 

On April 21, 2026, PSEG’s Board of Directors approved a $0.67 per share common stock dividend for the second quarter of 2026.
v3.26.1
Financial Information By Business Segment
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Financial Information By Business Segment

Note 16. Financial Information by Business Segment

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 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 company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

Energy Costs

 

 

1,358

 

 

 

802

 

 

 

(653

)

 

 

1,507

 

 

 

Controllable Operation and Maintenance (C)

 

 

364

 

 

 

138

 

 

 

—

 

 

 

502

 

 

 

Depreciation and Amortization

 

 

295

 

 

 

34

 

 

 

—

 

 

 

329

 

 

 

Interest Income

 

 

7

 

 

 

3

 

 

 

—

 

 

 

10

 

 

 

Interest Expense

 

 

175

 

 

 

97

 

 

 

—

 

 

 

272

 

 

 

Income Tax Expense

 

 

79

 

 

 

28

 

 

 

—

 

 

 

107

 

 

 

Other Segment Items (D)

 

 

244

 

 

 

156

 

 

 

—

 

 

 

400

 

 

 

Net Income

 

$

577

 

 

$

164

 

 

$

—

 

 

$

741

 

 

 

Gross Additions to Long-Lived Assets

 

$

621

 

 

$

72

 

 

$

—

 

 

$

693

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

Energy Costs

 

 

1,094

 

 

 

626

 

 

 

(534

)

 

 

1,186

 

 

 

Controllable Operation and Maintenance (C)

 

 

354

 

 

 

179

 

 

 

—

 

 

 

533

 

 

 

Depreciation and Amortization

 

 

280

 

 

 

40

 

 

 

—

 

 

 

320

 

 

 

Interest Income

 

 

4

 

 

 

5

 

 

 

(1

)

 

 

8

 

 

 

Interest Expense

 

 

157

 

 

 

85

 

 

 

(1

)

 

 

241

 

 

 

Income Tax Expense (Benefit)

 

 

44

 

 

 

(16

)

 

 

—

 

 

 

28

 

 

 

Other Segment Items (D)

 

 

193

 

 

 

140

 

 

 

—

 

 

 

333

 

 

 

Net Income

 

$

546

 

 

$

43

 

 

$

—

 

 

$

589

 

 

 

Gross Additions to Long-Lived Assets

 

$

605

 

 

$

54

 

 

$

(31

)

 

$

628

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,703

 

 

$

8,754

 

 

$

(512

)

 

$

57,945

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

28

 

 

$

—

 

 

$

28

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, 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 17. 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 Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(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), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segment

Note 16. Financial Information by Business Segment

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 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 company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

Energy Costs

 

 

1,358

 

 

 

802

 

 

 

(653

)

 

 

1,507

 

 

 

Controllable Operation and Maintenance (C)

 

 

364

 

 

 

138

 

 

 

—

 

 

 

502

 

 

 

Depreciation and Amortization

 

 

295

 

 

 

34

 

 

 

—

 

 

 

329

 

 

 

Interest Income

 

 

7

 

 

 

3

 

 

 

—

 

 

 

10

 

 

 

Interest Expense

 

 

175

 

 

 

97

 

 

 

—

 

 

 

272

 

 

 

Income Tax Expense

 

 

79

 

 

 

28

 

 

 

—

 

 

 

107

 

 

 

Other Segment Items (D)

 

 

244

 

 

 

156

 

 

 

—

 

 

 

400

 

 

 

Net Income

 

$

577

 

 

$

164

 

 

$

—

 

 

$

741

 

 

 

Gross Additions to Long-Lived Assets

 

$

621

 

 

$

72

 

 

$

—

 

 

$

693

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

Energy Costs

 

 

1,094

 

 

 

626

 

 

 

(534

)

 

 

1,186

 

 

 

Controllable Operation and Maintenance (C)

 

 

354

 

 

 

179

 

 

 

—

 

 

 

533

 

 

 

Depreciation and Amortization

 

 

280

 

 

 

40

 

 

 

—

 

 

 

320

 

 

 

Interest Income

 

 

4

 

 

 

5

 

 

 

(1

)

 

 

8

 

 

 

Interest Expense

 

 

157

 

 

 

85

 

 

 

(1

)

 

 

241

 

 

 

Income Tax Expense (Benefit)

 

 

44

 

 

 

(16

)

 

 

—

 

 

 

28

 

 

 

Other Segment Items (D)

 

 

193

 

 

 

140

 

 

 

—

 

 

 

333

 

 

 

Net Income

 

$

546

 

 

$

43

 

 

$

—

 

 

$

589

 

 

 

Gross Additions to Long-Lived Assets

 

$

605

 

 

$

54

 

 

$

(31

)

 

$

628

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,703

 

 

$

8,754

 

 

$

(512

)

 

$

57,945

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

28

 

 

$

—

 

 

$

28

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, 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 17. 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 Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(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), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.
v3.26.1
Related-Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transaction [Line Items]  
Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

Related-Party Transactions

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Net Billings from PSEG Power (A)

 

 

$

653

 

 

$

532

 

 

 

Administrative Billings from Services (B)

 

 

 

150

 

 

 

117

 

 

 

Total Billings from Affiliates

 

 

$

803

 

 

$

649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Related-Party Transactions

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

166

 

 

$

228

 

 

 

Net Payable to Services (B)

 

 

100

 

 

 

102

 

 

 

Net Payable to PSEG (C)

 

 

203

 

 

 

142

 

 

 

Accounts Payable—Affiliated Companies

 

$

469

 

 

$

472

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (C)

 

$

7

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

(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. For additional information on ZECs, see Note 2. Revenues. 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 Condensed Consolidated Balance Sheets.
Public Service Electric and Gas Company [Member]  
Related Party Transaction [Line Items]  
Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

Related-Party Transactions

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Net Billings from PSEG Power (A)

 

 

$

653

 

 

$

532

 

 

 

Administrative Billings from Services (B)

 

 

 

150

 

 

 

117

 

 

 

Total Billings from Affiliates

 

 

$

803

 

 

$

649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Related-Party Transactions

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

166

 

 

$

228

 

 

 

Net Payable to Services (B)

 

 

100

 

 

 

102

 

 

 

Net Payable to PSEG (C)

 

 

203

 

 

 

142

 

 

 

Accounts Payable—Affiliated Companies

 

$

469

 

 

$

472

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (C)

 

$

7

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

(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. For additional information on ZECs, see Note 2. Revenues. 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 Condensed Consolidated Balance Sheets.
v3.26.1
Organization, Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
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 Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2025.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2025. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.
Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2025) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power
& Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

349

 

 

$

55

 

 

$

404

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

373

 

 

$

55

 

 

$

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.26.1
Revenues (Policies)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

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 credit (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. In March 2026, the BPU issued a proposal instructing how nuclear plants should refund to the EDCs, and then how EDCs should refund to customers, the value of the ZECs generated in 2024 and purchased from the nuclear plants that were subsequently offset by PTC.

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 had contracted to provide energy management and fuel procurement services for LIPA. Revenue was recognized over time as services were 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 10. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.
v3.26.1
Organization, Basis of Presentation and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash Restricted cash consists primarily of deposits received related to construction projects at PSE&G.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power
& Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

349

 

 

$

55

 

 

$

404

 

 

 

Restricted Cash in Other Current Assets

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Restricted Cash in Other Noncurrent Assets

 

 

21

 

 

 

—

 

 

 

21

 

 

 

Cash, Cash Equivalents and Restricted Cash

 

$

373

 

 

$

55

 

 

$

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,174

 

 

$

—

 

 

$

—

 

 

$

1,174

 

 

 

Gas Distribution

 

 

1,357

 

 

 

—

 

 

 

—

 

 

 

1,357

 

 

 

Transmission

 

 

454

 

 

 

—

 

 

 

—

 

 

 

454

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

729

 

 

 

—

 

 

 

729

 

 

 

Sales to Affiliates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

177

 

 

 

—

 

 

 

177

 

 

 

Sales to Affiliates

 

 

—

 

 

 

652

 

 

 

(652

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

93

 

 

 

174

 

 

 

(1

)

 

 

266

 

 

 

Total Revenues from Contracts with Customers

 

 

3,078

 

 

 

1,732

 

 

 

(653

)

 

 

4,157

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

7

 

 

 

(316

)

 

 

—

 

 

 

(309

)

 

 

Total Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

944

 

 

$

—

 

 

$

—

 

 

$

944

 

 

 

Gas Distribution

 

 

1,143

 

 

 

—

 

 

 

—

 

 

 

1,143

 

 

 

Transmission

 

 

439

 

 

 

—

 

 

 

—

 

 

 

439

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

453

 

 

 

—

 

 

 

453

 

 

 

Sales to Affiliates

 

 

—

 

 

 

32

 

 

 

(32

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Sales to Affiliates

 

 

—

 

 

 

501

 

 

 

(501

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

91

 

 

 

178

 

 

 

(1

)

 

 

268

 

 

 

Total Revenues from Contracts with Customers

 

 

2,617

 

 

 

1,304

 

 

 

(534

)

 

 

3,387

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

47

 

 

 

(212

)

 

 

—

 

 

 

(165

)

 

 

Total Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

254

 

 

$

215

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

35

 

 

 

37

 

 

 

Write-offs, net of Recoveries of $14 million and $9 million in 2026 and 2025, respectively

 

 

(30

)

 

 

(18

)

 

 

Balance as of End of Period

$

259

 

 

$

234

 

 

 

 

 

 

 

 

 

 

 

 

 
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 Megawatt (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

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Financing Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
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

 

 

 

Outstanding OBR Loans by Class of Customers

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

28

 

 

$

17

 

 

 

Residential

 

 

164

 

 

 

128

 

 

 

Total

 

 

192

 

 

 

145

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(21

)

 

 

(14

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

171

 

 

$

131

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Trust Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Trust Investments [Line Items]  
Amortized Costs Basis, Gross Unrealized Gains and Losses and Fair Values for Securities Held in NDT Fund

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

594

 

 

$

360

 

 

$

(16

)

 

$

938

 

 

 

International

 

 

453

 

 

 

183

 

 

 

(16

)

 

 

620

 

 

 

Total Equity Securities

 

 

1,047

 

 

 

543

 

 

 

(32

)

 

 

1,558

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

888

 

 

 

3

 

 

 

(52

)

 

 

839

 

 

 

Corporate

 

 

541

 

 

 

3

 

 

 

(19

)

 

 

525

 

 

 

Total Available-for-Sale Debt Securities

 

 

1,429

 

 

 

6

 

 

 

(71

)

 

 

1,364

 

 

 

Total NDT Fund Investments (A)

 

$

2,476

 

 

$

549

 

 

$

(103

)

 

$

2,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2026, which is part of 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.
Schedule of Accounts Receivable and Accounts Payable in NDT Funds

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Accounts Receivable

 

$

30

 

 

$

23

 

 

 

Accounts Payable

 

$

22

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

 
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 March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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

 

$

133

 

 

$

(15

)

 

$

4

 

 

$

(1

)

 

$

134

 

 

$

(8

)

 

$

4

 

 

$

(1

)

 

 

International

 

 

97

 

 

 

(12

)

 

 

11

 

 

 

(4

)

 

 

37

 

 

 

(4

)

 

 

22

 

 

 

(5

)

 

 

Total Equity Securities

 

 

230

 

 

 

(27

)

 

 

15

 

 

 

(5

)

 

 

171

 

 

 

(12

)

 

 

26

 

 

 

(6

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government (B)

 

 

287

 

 

 

(3

)

 

 

260

 

 

 

(49

)

 

 

85

 

 

 

(1

)

 

 

359

 

 

 

(64

)

 

 

Corporate (C)

 

 

181

 

 

 

(3

)

 

 

124

 

 

 

(16

)

 

 

54

 

 

 

(1

)

 

 

167

 

 

 

(18

)

 

 

Total Available-for-Sale Debt Securities

 

 

468

 

 

 

(6

)

 

 

384

 

 

 

(65

)

 

 

139

 

 

 

(2

)

 

 

526

 

 

 

(82

)

 

 

NDT Trust Investments

 

$

698

 

 

$

(33

)

 

$

399

 

 

$

(70

)

 

$

310

 

 

$

(14

)

 

$

552

 

 

$

(88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

Proceeds from NDT Fund Sales

 

$

531

 

 

$

387

 

 

 

 

Net Realized Gains (Losses) on NDT Fund

 

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

68

 

 

$

48

 

 

 

 

Gross Realized Losses

 

 

(36

)

 

 

(29

)

 

 

 

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

 

 

32

 

 

 

19

 

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(48

)

 

 

(10

)

 

 

 

Net Gains (Losses) on NDT Fund Investments

 

$

(16

)

 

$

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 NDT Fund debt securities held as of March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

26

 

 

 

1 - 5 years

 

 

355

 

 

 

6 - 10 years

 

 

264

 

 

 

11 - 15 years

 

 

74

 

 

 

16 - 20 years

 

 

122

 

 

 

Over 20 years

 

 

523

 

 

 

Total NDT Available-for-Sale Debt Securities

 

$

1,364

 

 

 

 

 

 

 

 
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 12 months and greater than 12 months.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

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)

 

$

5

 

 

$

—

 

 

$

67

 

 

$

(19

)

 

$

1

 

 

$

—

 

 

$

68

 

 

$

(18

)

 

 

Corporate (B)

 

 

16

 

 

 

—

 

 

 

39

 

 

 

(9

)

 

 

4

 

 

 

—

 

 

 

41

 

 

 

(8

)

 

 

Total Available-for-Sale Debt Securities

 

 

21

 

 

 

—

 

 

 

106

 

 

 

(28

)

 

 

5

 

 

 

—

 

 

 

109

 

 

 

(26

)

 

 

Rabbi Trust Investments

 

$

21

 

 

$

—

 

 

$

106

 

 

$

(28

)

 

$

5

 

 

$

—

 

 

$

109

 

 

$

(26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Domestic Equity Securities

 

$

8

 

 

$

9

 

 

$

—

 

 

$

17

 

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government

 

 

96

 

 

 

—

 

 

 

(19

)

 

 

77

 

 

 

Corporate

 

 

73

 

 

 

—

 

 

 

(9

)

 

 

64

 

 

 

Total Available-for-Sale Debt Securities

 

 

169

 

 

 

—

 

 

 

(28

)

 

 

141

 

 

 

Total Rabbi Trust Investments

 

$

177

 

 

$

9

 

 

$

(28

)

 

$

158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Proceeds from Rabbi Trust Sales

 

$

10

 

 

$

7

 

 

 

Net Realized Gains (Losses) on Rabbi Trust:

 

 

 

 

 

 

 

 

Gross Realized Gains

 

$

—

 

 

$

—

 

 

 

Gross Realized Losses

 

 

—

 

 

 

—

 

 

 

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

 

 

—

 

 

 

—

 

 

 

Net Unrealized Gains (Losses) on Equity Securities

 

 

(1

)

 

 

(1

)

 

 

Net Gains (Losses) on Rabbi Trust Investments

 

$

(1

)

 

$

(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 March 31, 2026 had the following maturities:

 

 

 

 

 

 

 

 

Time Frame

 

Fair Value

 

 

 

 

 

Millions

 

 

 

Less than one year

 

$

4

 

 

 

1 - 5 years

 

 

29

 

 

 

6 - 10 years

 

 

19

 

 

 

11 - 15 years

 

 

11

 

 

 

16 - 20 years

 

 

16

 

 

 

Over 20 years

 

 

62

 

 

 

Total Rabbi Trust Available-for-Sale Debt Securities

 

$

141

 

 

 

 

 

 

 

 
Schedule of Fair Value of the Rabbi Trusts

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

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

28

 

 

$

29

 

 

 

PSEG Power & Other

 

 

130

 

 

 

133

 

 

 

Total Rabbi Trust Investments

 

$

158

 

 

$

162

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Pension and Other Postretirement Benefits (OPEB) (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
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. 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

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Components of Net Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Cost (included in O&M Expense)

 

$

22

 

 

$

22

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Cost

 

 

54

 

 

 

58

 

 

 

8

 

 

 

9

 

 

 

Expected Return on Plan Assets

 

 

(82

)

 

 

(77

)

 

 

(9

)

 

 

(8

)

 

 

Amortization of Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Service Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

Actuarial Loss (Gain)

 

 

14

 

 

 

15

 

 

 

(1

)

 

 

(1

)

 

 

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

 

 

(14

)

 

 

(4

)

 

 

(2

)

 

 

1

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Pension and OPEB Costs

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

OPEB

 

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

PSE&G

 

$

4

 

 

$

12

 

 

$

(3

)

 

$

(1

)

 

 

PSEG Power & Other

 

 

4

 

 

 

6

 

 

 

1

 

 

 

2

 

 

 

Total Net Periodic Benefit Costs (Credits)

 

$

8

 

 

$

18

 

 

$

(2

)

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Commitments and Contingent Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

March 31,
2026

 

 

December 31,
2025

 

 

 

 

 

Millions

 

 

 

Face Value of Outstanding Guarantees

 

$

1,120

 

 

$

996

 

 

 

Exposure under Current Guarantees

 

$

93

 

 

$

132

 

 

 

 

 

 

 

 

 

 

 

Letters of Credit - Counterparty Margining Posted

 

$

73

 

 

$

95

 

 

 

Letters of Credit - Counterparty Margining Received

 

$

11

 

 

$

16

 

 

 

 

 

 

 

 

 

 

 

Cash Deposited and Received

 

 

 

 

 

 

 

 

Counterparty Cash Collateral Deposited

 

$

—

 

 

$

—

 

 

 

Counterparty Cash Collateral Received

 

$

(5

)

 

$

—

 

 

 

Net Broker Balance Deposited (Received)

 

$

226

 

 

$

222

 

 

 

 

 

 

 

 

 

 

 

Additional Amounts Posted

 

 

 

 

 

 

 

 

Other Letters of Credit

 

$

232

 

 

$

232

 

 

 

 

 

 

 

 

 

 

 
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.
v3.26.1
Debt and Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt and Credit Facilities [Abstract]  
Schedule of Line of Credit Facilities

The total committed credit facilities and available liquidity as of March 31, 2026 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

179

 

 

$

1,321

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

26

 

 

$

974

 

 

Mar 2031

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

26

 

 

$

974

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

58

 

 

$

1,192

 

 

Mar 2031

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

55

 

 

 

20

 

 

Mar 2028

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

113

 

 

$

1,212

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

318

 

 

$

3,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
(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 March 31, 2026, PSEG had $165 million commercial paper outstanding at a weighted average interest rate of 4.05% and PSE&G had no commercial paper outstanding.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.
v3.26.1
Financial Risk Management Activities (Tables)
 3 Months Ended
Mar. 31, 2026
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 Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 11. 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 March 31, 2026 and December 31, 2025. The following tabular disclosure does not include the offsetting of trade receivables and payables.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

 

 

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

 

$

1

 

 

$

1,296

 

 

$

(1,293

)

 

$

3

 

 

$

4

 

 

 

Noncurrent Assets

 

 

8

 

 

 

1,050

 

 

 

(1,047

)

 

 

3

 

 

 

11

 

 

 

Total Mark-to-Market Derivative Assets

 

$

9

 

 

$

2,346

 

 

$

(2,340

)

 

$

6

 

 

$

15

 

 

 

Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

$

—

 

 

$

(1,499

)

 

$

1,375

 

 

$

(124

)

 

$

(124

)

 

 

Noncurrent Liabilities

 

 

—

 

 

 

(1,065

)

 

 

1,061

 

 

 

(4

)

 

 

(4

)

 

 

Total Mark-to-Market Derivative (Liabilities)

 

$

—

 

 

$

(2,564

)

 

$

2,436

 

 

$

(128

)

 

$

(128

)

 

 

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

 

$

9

 

 

$

(218

)

 

$

96

 

 

$

(122

)

 

$

(113

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million against noncurrent liabilities.
Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges

The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Three Months Ended

 

 

 

 

Three Months Ended

 

 

 

Derivatives in Cash Flow

 

March 31,

 

 

 

 

March 31,

 

 

 

Hedging Relationships

 

2026

 

 

2025

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

 

Millions

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Derivatives

 

$

5

 

 

$

(27

)

 

Interest Expense

 

$

1

 

 

$

1

 

 

 

Total PSEG

 

$

5

 

 

$

(27

)

 

 

 

$

1

 

 

$

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2024

 

$

50

 

 

$

36

 

 

 

 Loss Recognized in AOCL

 

 

(11

)

 

 

(8

)

 

 

 Less: Gain Reclassified into Income

 

 

(5

)

 

 

(4

)

 

 

 Balance as of December 31, 2025

 

$

34

 

 

$

24

 

 

 

 Gain Recognized in AOCL

 

 

5

 

 

 

4

 

 

 

 Less: Gain Reclassified into Income

 

 

(1

)

 

 

(1

)

 

 

 Balance as of March 31, 2026

 

$

38

 

 

$

27

 

 

 

 

 

 

 

 

 

 

 
Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2026 and 2025, respectively. 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

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Millions

 

 

 

Energy-Related Contracts

 

Operating Revenues

 

$

(353

)

 

$

(241

)

 

 

Energy-Related Contracts

 

Energy Costs

 

 

—

 

 

 

(2

)

 

 

Total

 

 

 

$

(353

)

 

$

(243

)

 

 

 

 

 

 

 

 

 

 

 

 
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 March 31, 2026 and December 31, 2025.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Type

 

Notional

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

 

 

Millions

 

 

 

Natural Gas

 

Dekatherm (Dth)

 

 

83

 

 

 

70

 

 

 

Electricity

 

MWh

 

 

(76

)

 

 

(73

)

 

 

Financial Transmission Rights (FTRs)

 

MWh

 

 

10

 

 

 

16

 

 

 

Interest Rate Derivatives

 

U.S. Dollars

 

 

1,050

 

 

 

970

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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 March 31, 2026

 

 

 

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)

 

$

365

 

 

$

—

 

 

$

365

 

 

$

—

 

 

$

—

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

6

 

 

$

(2,340

)

 

$

2,287

 

 

$

59

 

 

$

—

 

 

 

Interest Rate Derivatives (C)

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

NDT Fund (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

1,558

 

 

$

—

 

 

$

1,558

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

439

 

 

$

—

 

 

$

—

 

 

$

439

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

400

 

 

$

—

 

 

$

—

 

 

$

400

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

525

 

 

$

—

 

 

$

—

 

 

$

525

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

17

 

 

$

—

 

 

$

17

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

52

 

 

$

—

 

 

$

—

 

 

$

52

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

25

 

 

$

—

 

 

$

—

 

 

$

25

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

64

 

 

$

—

 

 

$

—

 

 

$

64

 

 

$

—

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy-Related Contracts (B)

 

$

(128

)

 

$

2,436

 

 

$

(2,379

)

 

$

(185

)

 

$

—

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents (A)

 

$

320

 

 

$

—

 

 

$

320

 

 

$

—

 

 

$

—

 

 

 

Rabbi Trust (D)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3

 

 

$

—

 

 

$

3

 

 

$

—

 

 

$

—

 

 

 

Debt Securities—U.S. Treasury

 

$

9

 

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

 

Debt Securities—Govt Other

 

$

4

 

 

$

—

 

 

$

—

 

 

$

4

 

 

$

—

 

 

 

Debt Securities—Corporate

 

$

12

 

 

$

—

 

 

$

—

 

 

$

12

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Represents money market mutual funds.
(B)
Level 1—These contracts represent natural gas and electric futures contracts executed on an exchange, and are being valued solely on settled pricing inputs which come directly from the 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, futures, 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 6. 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 10. Financial Risk Management Activities for additional detail.
Schedule of Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2026 and December 31, 2025 are included in the following table and accompanying notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

 

 

Millions

 

 

 

Long-Term Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSEG (A)

 

$

5,317

 

 

$

5,305

 

 

$

5,315

 

 

$

5,371

 

 

 

PSE&G (A)

 

 

16,535

 

 

 

15,000

 

 

 

15,992

 

 

 

14,705

 

 

 

PSEG Power (A)

 

 

1,238

 

 

 

1,271

 

 

 

1,238

 

 

 

1,288

 

 

 

Total Long-Term Debt

 

$

23,090

 

 

$

21,576

 

 

$

22,545

 

 

$

21,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.
v3.26.1
Net Other Income (Deductions) (Tables)
 3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule Of Net Other Income (Deductions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

23

 

 

$

23

 

 

 

Allowance for Funds Used During Construction

 

 

10

 

 

 

—

 

 

 

10

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

6

 

 

 

3

 

 

 

9

 

 

 

Other

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

Total Net Other Income (Deductions)

 

$

19

 

 

$

24

 

 

$

43

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

NDT Fund Interest and Dividends

 

$

—

 

 

$

20

 

 

$

20

 

 

 

Allowance for Funds Used During Construction

 

 

11

 

 

 

—

 

 

 

11

 

 

 

Solar Loan Interest

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Other Interest

 

 

3

 

 

 

4

 

 

 

7

 

 

 

Other

 

 

1

 

 

 

(3

)

 

 

(2

)

 

 

Total Net Other Income (Deductions)

 

$

16

 

 

$

21

 

 

$

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(A)
PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.26.1
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)
 3 Months Ended
Mar. 31, 2026
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income by Component

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2026

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for-Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2025

 

$

24

 

 

$

(56

)

 

$

(59

)

 

$

(91

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

4

 

 

 

—

 

 

 

(10

)

 

 

(6

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

(1

)

 

 

1

 

 

 

12

 

 

 

12

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

$

3

 

 

$

1

 

 

$

2

 

 

$

6

 

 

 

Balance as of March 31, 2026

 

$

27

 

 

$

(55

)

 

$

(57

)

 

$

(85

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

Accumulated Other Comprehensive Income (Loss)

 

Cash Flow Hedges

 

 

Pension and OPEB Plans

 

 

Available-for-Sale Securities

 

 

Total

 

 

 

 

 

Millions

 

 

 

Balance as of December 31, 2024

 

$

36

 

 

$

(76

)

 

$

(93

)

 

$

(133

)

 

 

Other Comprehensive Income (Loss) before Reclassifications

 

 

(20

)

 

 

—

 

 

 

15

 

 

 

(5

)

 

 

Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)

 

 

—

 

 

 

1

 

 

 

1

 

 

 

2

 

 

 

Net Current Period Other Comprehensive Income (Loss)

 

 

(20

)

 

 

1

 

 

 

16

 

 

 

(3

)

 

 

Balance as of March 31, 2025

 

$

16

 

 

$

(75

)

 

$

(77

)

 

$

(136

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

March 31, 2026

 

 

 

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

 

 

$

1

 

 

$

—

 

 

$

1

 

 

 

Total Cash Flow Hedges

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Total Pension and OPEB Plans

 

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

 

(20

)

 

 

8

 

 

 

(12

)

 

 

Total Available-for-Sale Debt Securities

 

 

 

(20

)

 

 

8

 

 

 

(12

)

 

 

Total

 

 

$

(21

)

 

$

9

 

 

$

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

March 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

 

$

1

 

 

$

(1

)

 

$

—

 

 

 

Total Cash Flow Hedges

 

 

1

 

 

 

(1

)

 

 

—

 

 

 

Pension and OPEB Plans

 

 

 

 

 

 

 

 

 

 

 

Amortization of Net Actuarial Loss

 

Net Non-Operating Pension and OPEB Credits (Costs)

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Total Pension and OPEB Plans

 

 

(2

)

 

 

1

 

 

 

(1

)

 

 

Available-for-Sale Debt Securities

 

 

 

 

 

 

 

 

 

 

 

Realized Gains (Losses)

 

Net Gains (Losses) on Trust Investments

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Total Available-for-Sale Debt Securities

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

Total

 

$

(2

)

 

$

—

 

 

$

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Earnings Per Share (EPS) and Dividends (Tables)
 3 Months Ended
Mar. 31, 2026
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Basic

 

 

Diluted

 

 

Basic

 

 

Diluted

 

 

 

EPS Numerator (Millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

741

 

 

$

741

 

 

$

589

 

 

$

589

 

 

 

EPS Denominator (Millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

499

 

 

 

499

 

 

 

498

 

 

 

498

 

 

 

Effect of Stock Based Compensation Awards

 

 

—

 

 

 

1

 

 

 

—

 

 

 

2

 

 

 

Total Shares

 

 

499

 

 

 

500

 

 

 

498

 

 

 

500

 

 

 

EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1.48

 

 

$

1.48

 

 

$

1.18

 

 

$

1.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Dividend Payments on Common Stock

Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Dividend Payments on Common Stock

 

2026

 

 

2025

 

 

 

Per Share

 

$

0.67

 

 

$

0.63

 

 

 

In Millions

 

$

334

 

 

$

314

 

 

 

 

 

 

 

 

 

 

 
v3.26.1
Financial Information By Business Segment (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Financial Information By Business Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

Energy Costs

 

 

1,358

 

 

 

802

 

 

 

(653

)

 

 

1,507

 

 

 

Controllable Operation and Maintenance (C)

 

 

364

 

 

 

138

 

 

 

—

 

 

 

502

 

 

 

Depreciation and Amortization

 

 

295

 

 

 

34

 

 

 

—

 

 

 

329

 

 

 

Interest Income

 

 

7

 

 

 

3

 

 

 

—

 

 

 

10

 

 

 

Interest Expense

 

 

175

 

 

 

97

 

 

 

—

 

 

 

272

 

 

 

Income Tax Expense

 

 

79

 

 

 

28

 

 

 

—

 

 

 

107

 

 

 

Other Segment Items (D)

 

 

244

 

 

 

156

 

 

 

—

 

 

 

400

 

 

 

Net Income

 

$

577

 

 

$

164

 

 

$

—

 

 

$

741

 

 

 

Gross Additions to Long-Lived Assets

 

$

621

 

 

$

72

 

 

$

—

 

 

$

693

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

Energy Costs

 

 

1,094

 

 

 

626

 

 

 

(534

)

 

 

1,186

 

 

 

Controllable Operation and Maintenance (C)

 

 

354

 

 

 

179

 

 

 

—

 

 

 

533

 

 

 

Depreciation and Amortization

 

 

280

 

 

 

40

 

 

 

—

 

 

 

320

 

 

 

Interest Income

 

 

4

 

 

 

5

 

 

 

(1

)

 

 

8

 

 

 

Interest Expense

 

 

157

 

 

 

85

 

 

 

(1

)

 

 

241

 

 

 

Income Tax Expense (Benefit)

 

 

44

 

 

 

(16

)

 

 

—

 

 

 

28

 

 

 

Other Segment Items (D)

 

 

193

 

 

 

140

 

 

 

—

 

 

 

333

 

 

 

Net Income

 

$

546

 

 

$

43

 

 

$

—

 

 

$

589

 

 

 

Gross Additions to Long-Lived Assets

 

$

605

 

 

$

54

 

 

$

(31

)

 

$

628

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,703

 

 

$

8,754

 

 

$

(512

)

 

$

57,945

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

28

 

 

$

—

 

 

$

28

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, 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 17. 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 Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(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), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.
v3.26.1
Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]
 3 Months Ended
Mar. 31, 2026
Related Party Transaction [Line Items]  
Schedule of Related Party Transactions, Revenue

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

 

 

Related-Party Transactions

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Net Billings from PSEG Power (A)

 

 

$

653

 

 

$

532

 

 

 

Administrative Billings from Services (B)

 

 

 

150

 

 

 

117

 

 

 

Total Billings from Affiliates

 

 

$

803

 

 

$

649

 

 

 

 

 

 

 

 

 

 

 

 
Schedule of Related Party Transactions, Payables

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Related-Party Transactions

 

March 31, 2026

 

 

December 31, 2025

 

 

 

 

 

Millions

 

 

 

Net Payable to PSEG Power (A)

 

$

166

 

 

$

228

 

 

 

Net Payable to Services (B)

 

 

100

 

 

 

102

 

 

 

Net Payable to PSEG (C)

 

 

203

 

 

 

142

 

 

 

Accounts Payable—Affiliated Companies

 

$

469

 

 

$

472

 

 

 

Working Capital Advances to Services (D)

 

$

33

 

 

$

33

 

 

 

Long-Term Accrued Taxes Payable (C)

 

$

7

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

(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. For additional information on ZECs, see Note 2. Revenues. 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 Condensed Consolidated Balance Sheets.
v3.26.1
Organization, Basis of Presentation and Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Organization, Basis of Presentation and Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents $ 404 $ 132    
Restricted Cash in Other Current Assets 3 3    
Restricted Cash in Other Noncurrent Assets 21 21    
Cash, Cash Equivalents and Restricted Cash 428 156 $ 930 $ 154
Public Service Electric and Gas Company [Member]        
Organization, Basis of Presentation and Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents 349 97    
Restricted Cash in Other Current Assets 3 3    
Restricted Cash in Other Noncurrent Assets 21 21    
Cash, Cash Equivalents and Restricted Cash 373 121 $ 587 $ 108
PSEG Power & Other [Member]        
Organization, Basis of Presentation and Significant Accounting Policies [Line Items]        
Cash and Cash Equivalents [1] 55 35    
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] $ 55 $ 35    
[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
v3.26.1
Revenues - Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues [Line Items]    
Revenue from Contract with Customers $ 4,157 $ 3,387
Revenues Unrelated to Contracts with Customers [1] (309) (165)
Total Operating Revenues 3,848 3,222
Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers (653) (534)
Revenues Unrelated to Contracts with Customers [1] 0 0
Total Operating Revenues [2] (653) (534)
Electric Distribution [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 1,174 944
Electric Distribution [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Gas Distribution [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 1,357 1,143
Gas Distribution [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Transmission [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 454 439
Transmission [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Electricity and Related Product Sales [Member] | Third-Party Sales [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 729 453
Electricity and Related Product Sales [Member] | Third-Party Sales [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Electricity and Related Product Sales [Member] | Sales to Affiliates [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Electricity and Related Product Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 (32)
Gas Sales [Member] | Third-Party Sales [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 177 140
Gas Sales [Member] | Third-Party Sales [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Gas Sales [Member] | Sales to Affiliates [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 0 0
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers (652) (501)
Other Revenues from Contracts with Customers [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [3] 266 268
Other Revenues from Contracts with Customers [Member] | Eliminations [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [3] (1) (1)
Public Service Electric and Gas Company [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 3,078 2,617
Revenues Unrelated to Contracts with Customers [1] 7 47
Total Operating Revenues 3,085 2,664
Public Service Electric and Gas Company [Member] | Electric Distribution [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 1,174 944
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 1,357 1,143
Public Service Electric and Gas Company [Member] | Transmission [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers 454 439
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
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
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
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
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] 93 91
PSEG Power & Other [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 1,732 1,304
Revenues Unrelated to Contracts with Customers [1],[4] (316) (212)
Total Operating Revenues [4],[5] 1,416 1,092
PSEG Power & Other [Member] | Electric Distribution [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 0 0
PSEG Power & Other [Member] | Gas Distribution [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 0 0
PSEG Power & Other [Member] | Transmission [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 0 0
PSEG Power & Other [Member] | Electricity and Related Product Sales [Member] | Third-Party Sales [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 729 453
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] 0 32
PSEG Power & Other [Member] | Gas Sales [Member] | Third-Party Sales [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 177 140
PSEG Power & Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [4] 652 501
PSEG Power & Other [Member] | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member]    
Revenues [Line Items]    
Revenue from Contract with Customers [3],[4] $ 174 $ 178
[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 17. 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 $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
v3.26.1
Revenues - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
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% 12.00%
v3.26.1
Revenues - Reconciliation of Allowance for Credit Losses (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues [Line Items]    
Balance $ 254 $ 215
Provision 35 37
Write-offs, net of Recoveries (30) (18)
Balance $ 259 $ 234
v3.26.1
Revenues - Reconciliation of Allowance for Credit Losses (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Public Service Electric and Gas Company [Member]    
Revenues [Line Items]    
Recoveries $ 14 $ 9
v3.26.1
Revenues - Revenue, Capacity Auction Obligations (Details) - PSEG Power - PJM [Member]
Mar. 31, 2026
$ / 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
v3.26.1
Revenues - Additional Information (Details) 1
$ in Millions
Mar. 31, 2026
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 period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation year 2026
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
v3.26.1
Variable Interest Entities (VIEs) - Additional information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Variable Interest Entity [Line Items]    
Operation and Maintenance $ 937 $ 919
Long Island ServCo [Member]    
Variable Interest Entity [Line Items]    
Operation and Maintenance $ 151 $ 152
v3.26.1
Rate Filings - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended
Mar. 31, 2026
Feb. 28, 2026
Jan. 31, 2026
Conservation Incentive Program [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public utilities, approved rate increase (decrease), amount     $ 65
Public Service Electric and Gas Company [Member] | Conservation Incentive Program [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public Utilities, Requested Rate Increase (Decrease), Amount $ 26    
Public Service Electric and Gas Company [Member] | Gas System Modernization Program II [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public utilities, approved rate increase (decrease), amount $ 23    
Public Utilities, Requested Rate Increase (Decrease), Amount   $ 4  
Public Service Electric and Gas Company [Member] | Clean Energy Future-Electric Vehicles [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public Utilities, Requested Rate Increase (Decrease), Amount     8
Electric Infrastructure Advancement Program [Member] | Public Service Electric and Gas Company [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public Utilities, Requested Rate Increase (Decrease), Amount     10
Gas Infrastructure Advancement Program [Member] | Public Service Electric and Gas Company [Member]      
Regulatory Assets And Liabilities [Line Items]      
Public Utilities, Requested Rate Increase (Decrease), Amount     $ 4
v3.26.1
Financing Receivables - Schedule of Outstanding Loans by Class of Customer (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 192 $ 145
Current Portion (included in Accounts Receivable) (21) (14)
Noncurrent Portion (included in Long-Term Investments) 171 131
Commercial/Industrial [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers 28 17
Residential [Member]    
Concentration Risk [Line Items]    
Outstanding Loans by Class of Customers $ 164 $ 128
v3.26.1
Financing Receivables - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Schedule of Financial Receivables [Line Items]    
Agreements terms The terms of these agreements can be five, seven or ten years.  
Public Service Electric and Gas Company [Member]    
Schedule of Financial Receivables [Line Items]    
Average loan repayment period 7 years  
Outstanding Loans by Class of Customer $ 192 $ 145
Public Service Electric and Gas Company [Member] | Commercial/Industrial [Member]    
Schedule of Financial Receivables [Line Items]    
Outstanding Loans by Class of Customer $ 28 $ 17
v3.26.1
Trust Investments - Amortized Costs Basis, Gross Unrealized Gains and Losses and Fair Values for Securities Held in NDT Fund (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost $ 2,476 [1] $ 2,426 [2]
Gross Unrealized Gains 549 [1] 590 [2]
Gross Unrealized Losses (103) [1] (102) [2]
Trust Investments, Fair Value 2,922 [1] 2,914 [2]
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Trust Investments, Cost 177 179
Gross Unrealized Gains 9 9
Gross Unrealized Losses (28) (26)
Trust Investments, Fair Value 158 162
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 1,047 996
Equity Securities, Accumulated Gross Unrealized Gain 543 577
Equity Securities, FV-NI, Unrealized Loss (32) (18)
Equity Securities, Fair Value 1,558 1,555
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 541 581
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 3 7
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (19) (19)
Debt Securities, Available-for-Sale, Fair Value 525 569
Corporate Debt Obligations [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 73 69
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (9) (8)
Debt Securities, Available-for-Sale, Fair Value 64 61
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 888 849
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 3 6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (52) (65)
Debt Securities, Available-for-Sale, Fair Value 839 790
Government Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 96 102
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (19) (18)
Debt Securities, Available-for-Sale, Fair Value 77 84
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 453 452
Equity Securities, Accumulated Gross Unrealized Gain 183 180
Equity Securities, FV-NI, Unrealized Loss (16) (9)
Equity Securities, Fair Value 620 623
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Equity Securities, Cost 594 544
Equity Securities, Accumulated Gross Unrealized Gain 360 397
Equity Securities, FV-NI, Unrealized Loss (16) (9)
Equity Securities, Fair Value 938 932
Domestic Equity Securities [Member] | Rabbi Trust [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
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 1,429 1,430
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 6 13
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (71) (84)
Debt Securities, Available-for-Sale, Fair Value 1,364 1,359
Total Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost 169 171
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 0 0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (28) (26)
Debt Securities, Available-for-Sale, Fair Value $ 141 $ 145
[1] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2026, which is part of the NDT Fund.
[2] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2025, which is part of the NDT Fund.
v3.26.1
Trust Investments - Amortized Costs Basis, Gross Unrealized Gains and Losses and Fair Values for Securities Held in NDT Fund (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Debt Securities, Available-for-Sale [Line Items]    
NDT Fund Foreign Currency $ 1 $ 1
v3.26.1
Trust Investments - Schedule of Accounts Receivable and Accounts Payable in NDT Funds (Details) - Nuclear Decommissioning Trust (NDT) Fund [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Trust Investments [Line Items]    
Accounts Receivable $ 30 $ 23
Accounts Payable $ 22 $ 16
v3.26.1
Trust Investments - Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months (Details) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
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 $ 698 $ 310
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (33) (14)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 399 552
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (70) (88)
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 21 5
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 106 109
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (28) (26)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 230 171
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (27) (12)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 15 26
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (5) (6)
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 468 139
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months (6) (2)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 384 526
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (65) (82)
Total Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 21 5
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 106 109
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, (28) (26)
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 133 134
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (15) (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)
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] 97 37
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [1] (12) (4)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [1] 11 22
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [1] (4) (5)
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] 287 85
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [2] (3) (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [2] 260 359
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [2] (49) (64)
Government Debt Securities [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] 5 1
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [3] 0 0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [3] 67 68
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [3] (19) (18)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] 181 54
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [4] (3) (1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer [4] 124 167
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [4] (16) (18)
Corporate Debt Obligations [Member] | Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months [5] 16 4
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] 39 41
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, [5] $ (9) $ (8)
[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 (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.
[4] 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.
[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.
v3.26.1
Trust Investments - Schedule of Proceeds from the Sales of and Net Realized Gains (Losses) on Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule of Trust Investments [Line Items]    
Proceeds from Sales of Trust Investments $ 541 $ 394
Net Gains (Losses) on Trust Investments (17) 8
Nuclear Decommissioning Trust (NDT) Fund [Member]    
Schedule of Trust Investments [Line Items]    
Proceeds from Sales of Trust Investments 531 387
Gross Realized Gains 68 48
Gross Realized Losses (36) (29)
Net Realized Gains (Losses) [1] 32 19
Unrealized Gain (Loss) on Equity Securities (48) (10)
Net Gains (Losses) on Trust Investments (16) 9
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Proceeds from Sales of Trust Investments 10 7
Gross Realized Gains 0 0
Gross Realized Losses 0 0
Net Realized Gains (Losses) [2] 0 0
Unrealized Gain (Loss) on Equity Securities (1) (1)
Net Gains (Losses) on Trust Investments $ (1) $ (1)
[1] The cost of these securities was determined on the basis of specific identification.
[2] The cost of these securities was determined on the basis of specific identification.
v3.26.1
Trust Investments - Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities $ 1,364
Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Total Available-for-Sale Debt Securities 141
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 26
1 - 5 years 355
6 - 10 years 264
11 - 15 years 74
16 - 20 years 122
Over 20 years 523
Debt Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Less than one year 4
1 - 5 years 29
6 - 10 years 19
11 - 15 years 11
16 - 20 years 16
Over 20 years $ 62
v3.26.1
Trust Investments - Schedule of Fair Value of Rabbi Trust (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 158 $ 162
Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 28 29
Rabbi Trust [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 158 162
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments 28 29
Rabbi Trust [Member] | PSEG Power & Other    
Schedule of Trust Investments [Line Items]    
Total Rabbi Trust Investments $ 130 $ 133
v3.26.1
Trust Investments - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Facility
Schedule of Trust Investments [Line Items]  
Number of Nuclear Facilities | Facility 5
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 $ (38)
Debt Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
After tax amount of net unrealized gains (losses) recognized in AOCI (19)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]  
Schedule of Trust Investments [Line Items]  
Unrealized Gains (Losses) on Equity Securities still held (16)
Equity Securities [Member] | Rabbi Trust [Member]  
Schedule of Trust Investments [Line Items]  
Unrealized Gains (Losses) on Equity Securities still held $ (1)
v3.26.1
Pension and Other Postretirement Benefits (OPEB) - Schedule of Components of Net Periodic Benefit Cost (Credits) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service Cost (included in O&M Expense) $ 22 $ 22
Interest Cost 54 58
Expected Return on Plan Assets (82) (77)
Amortization of Net Prior Service Costs 0 0
Amortization of Net Actuarial Loss (Gain) 14 15
Non-Service Components of Pension and OPEB (Credits) Costs (14) (4)
Total Net Periodic Benefit Costs (Credits) 8 18
OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service Cost (included in O&M Expense) 0 0
Interest Cost 8 9
Expected Return on Plan Assets (9) (8)
Amortization of Net Prior Service Costs 0 1
Amortization of Net Actuarial Loss (Gain) (1) (1)
Non-Service Components of Pension and OPEB (Credits) Costs (2) 1
Total Net Periodic Benefit Costs (Credits) $ (2) $ 1
v3.26.1
Pension and Other Postretirement Benefits (OPEB) - Schedule of Pension and OPEB Costs (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Benefits [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) $ 8 $ 18
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) 4 12
Pension Benefits [Member] | PSEG Power & Other    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) 4 6
OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) (2) 1
OPEB [Member] | Public Service Electric and Gas Company [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) (3) (1)
OPEB [Member] | PSEG Power & Other    
Defined Benefit Plan Disclosure [Line Items]    
Total Net Periodic Benefit Costs (Credits) $ 1 $ 2
v3.26.1
Pension and Other Postretirement Benefits (OPEB) - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total benefit costs $ 8 $ 18
Pension Plan [Member] | Maximum [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, expected future employer contributions, current fiscal year 100  
Postretirement Healthcare Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total benefit costs (2) 1
Long Island Electric Utility Servco LLC Pension and OPEB [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, expected future employer contributions, current fiscal year 15  
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total benefit costs 4 6
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total benefit costs $ 3 $ 3
v3.26.1
Commitments and Contingent Liabilities - Schedule of Outstanding Guarantees, Current Exposure and Margin Positions (Details) - PSEG Power - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Face Value of Outstanding Guarantees $ 1,120 $ 996
Exposure under Current Guarantees 93 132
Letters of Credit - Counterparty Margining Posted 73 95
Letters of Credit - Counterparty Margining Received 11 16
Counterparty Cash Collateral Deposited 0 0
Counterparty Cash Collateral Received (5) 0
Net Broker Balance Deposited (Received) 226 222
Other Letters of Credit $ 232 $ 232
v3.26.1
Commitments and Contingent Liabilities - Environmental Matters - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Plant
Site Contingency [Line Items]  
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination 21
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
Manufactured Gas Plant (MGP) Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]  
Site Contingency [Line Items]  
Remediation Liability Recorded As Other Current Liabilities 24
Remediation Liability Recorded As Other Noncurrent Liabilities 152
Regulatory assets 176
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] | Manufactured Gas Plant (MGP) Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]  
Site Contingency [Line Items]  
Loss Contingency, Estimate of Possible Loss 176
Accrual for Environmental Loss Contingencies $ 176
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Accrued Environmental Loss Contingencies, Noncurrent
Maximum [Member] | Manufactured Gas Plant (MGP) Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]  
Site Contingency [Line Items]  
Loss Contingency, Estimate of Possible Loss $ 193
v3.26.1
Commitments and Contingent Liabilities - Basic Generation Service (BGS), Basic Gas Supply Service (BGSS) and Zero Emission Certificates (ZECs) - Additional Information (Details)
Cf in Billions
Mar. 31, 2026
Cf
$ / MWd
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 | $ / MWd 696.05
Public Service Electric and Gas Company [Member] | Auction Year 2025  
Long-term Purchase Commitment [Line Items]  
Dollars Per Megawatt-Day | $ / MWd 677.73
v3.26.1
Commitments and Contingent Liabilities - Schedule of Contract for Anticipated BGS-RSCP Fixed Price Eligible Load (Details) - Public Service Electric and Gas Company [Member]
 3 Months Ended
Mar. 31, 2026
$ / 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.
v3.26.1
Commitments and Contingent Liabilities - FERC Matters - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
PSE&G and FERC Enforcement Staff  
Loss Contingencies [Line Items]  
Civil penalty $ 6.6
v3.26.1
Commitments and Contingent Liabilities - Litigation - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Debt and Credit Facilities - Changes in Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Issuance of Long-Term Debt $ 1,000 $ 1,900
Repayments of Long-term Debt 450 0
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Issuance of Long-Term Debt 1,000 900
Repayments of Long-term Debt 450 $ 0
Medium Term Notes Four Point Twenty 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 Sixty 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 Zero Point Ninety Five Percent Due Two Thousand Twenty Six [Member] | Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Repayments of Long-term Debt $ 450  
Debt Instrument, Interest Rate, Stated Percentage 0.95%  
v3.26.1
Debt and Credit Facilities Debt - Short-Term Liquidity - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2026
Dec. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]          
Commitments of Single Institution as Percentage of Total Commitments     9.00%    
Line of Credit Facility, Remaining Borrowing Capacity [1]     $ 3,507    
Line of Credit Facility, Maximum Borrowing Capacity [1]     3,825    
Line of Credit Facility, Fair Value of Amount Outstanding [1],[2]     318    
Proceeds from Short-Term Loans     500 $ 0  
Public Service Electric and Gas Company [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity     974    
Line of Credit Facility, Maximum Borrowing Capacity     1,000    
Line of Credit Facility, Fair Value of Amount Outstanding [2]     26    
PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity     1,212    
Line of Credit Facility, Maximum Borrowing Capacity     1,325    
Line of Credit Facility, Fair Value of Amount Outstanding [2]     113    
Uncommitted Letter of Credit Facility [Member] | Public Service Electric and Gas Company [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     30    
Uncommitted Letter of Credit Facility [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     425    
Line of Credit Facility, Fair Value of Amount Outstanding     190    
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Maximum Borrowing Capacity     3,750    
Revolving Credit Facility [Member] | Public Service Electric and Gas Company [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity     974    
Line of Credit Facility, Maximum Borrowing Capacity     1,000    
Line of Credit Facility, Fair Value of Amount Outstanding [2]     26    
Revolving Credit Facility [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity [3]     1,192    
Line of Credit Facility, Maximum Borrowing Capacity [3]     1,250    
Line of Credit Facility, Fair Value of Amount Outstanding [3]     58    
Letter Of Credit Facilities Expiring March Two Thousand Twenty Eight [Member] | PSEG Power [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity     20    
Line of Credit Facility, Maximum Borrowing Capacity     75    
Line of Credit Facility, Fair Value of Amount Outstanding [2]     $ 55    
December 2025 Term Loan [Member]          
Debt Instrument [Line Items]          
Proceeds from Short-Term Loans   $ 500     $ 400
Variable Rate Term Loan [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 March 31, 2026, PSEG had $165 million commercial paper outstanding at a weighted average interest rate of 4.05% and PSE&G had no commercial paper outstanding.
[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.
v3.26.1
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Debt Instrument [Line Items]  
Total Facility $ 3,825 [1]
Usage (B) 318 [1],[2]
Available Liquidity 3,507 [1]
PSEG [Member]  
Debt Instrument [Line Items]  
Total Facility 1,500
Usage (B) 179 [2]
Available Liquidity 1,321
Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Total Facility 3,750
Revolving Credit Facility [Member] | PSEG [Member]  
Debt Instrument [Line Items]  
Total Facility 1,500 [3]
Usage (B) 179 [2],[3]
Available Liquidity $ 1,321 [3]
Expiration Date Mar 2031 [3]
PSEG Power [Member]  
Debt Instrument [Line Items]  
Total Facility $ 1,325
Usage (B) 113 [2]
Available Liquidity 1,212
PSEG Power [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Total Facility 1,250 [3]
Usage (B) 58 [3]
Available Liquidity $ 1,192 [3]
Expiration Date Mar 2031 [3]
PSEG Power [Member] | Letter Of Credit Facilities expiring March 2028 [Member]  
Debt Instrument [Line Items]  
Total Facility $ 75
Usage (B) 55 [2]
Available Liquidity $ 20
Expiration Date Mar 2028
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Total Facility $ 1,000
Usage (B) 26 [2]
Available Liquidity 974
Public Service Electric and Gas Company [Member] | Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Total Facility 1,000
Usage (B) 26 [2]
Available Liquidity $ 974
Expiration Date Mar 2031
[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 March 31, 2026, PSEG had $165 million commercial paper outstanding at a weighted average interest rate of 4.05% and PSE&G had no commercial paper outstanding.
[3] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement.
v3.26.1
Debt and Credit Facilities - Schedule of Line of Credit Facilities (Parenthetical) (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity [1] $ 3,825,000,000  
Commercial Paper 1,165,000,000 $ 1,529,000,000
PSEG Power [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,325,000,000  
Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,000,000,000  
Commercial Paper 0 $ 325,000,000
Revolving Credit Facility [Member] | PSEG Power [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,250,000,000  
Revolving Credit Facility [Member] | Public Service Electric and Gas Company [Member]    
Debt Instrument [Line Items]    
Commercial Paper 0  
PSEG [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,500,000,000  
PSEG [Member] | Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 1,500,000,000  
Commercial Paper $ 165,000,000  
Short-term Debt, Weighted Average Interest Rate, at Point in Time 4.05%  
[1] Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.
v3.26.1
Financial Risk Management Activities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivatives, Fair Value [Line Items]      
Aoci, cash flow hedge, cumulative gain (loss), after tax $ 27   $ 24
Unrealized gain to be reclassified to earnings during the next twelve months 4    
Reclassification from AOCL, net of tax (12) $ (2)  
Derivative, fair value, net (113)   (69)
Issuance of Long-Term Debt 1,000 1,900  
PSEG Power      
Derivatives, Fair Value [Line Items]      
Fair value of derivatives with credit-risk related contingent features 146   96
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral 20   11
Additional collateral aggregate fair value 126   85
Derivative, fair value, net (122)   (73)
Public Service Electric and Gas Company [Member]      
Derivatives, Fair Value [Line Items]      
Issuance of Long-Term Debt 1,000 900  
Total credit exposure with counterparties 118    
Three Year Variable Rate Term Loan | PSEG Power      
Derivatives, Fair Value [Line Items]      
Issuance of Long-Term Debt 500    
Interest Rate Swap [Member] | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net 9   4
Interest Rate Swap [Member] | Designated as Hedging Instrument | Three Year Variable Rate Term Loan      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net 8    
Interest Rate Swap [Member] | Designated as Hedging Instrument | Three Year Variable Rate Term Loan | PSEG Power      
Derivatives, Fair Value [Line Items]      
Derivative, fair value, net $ 1    
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 $ 1 $ 0 $ 4
v3.26.1
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets $ 4 $ 11
Derivative Contracts, Noncurrent Assets 11 6
Total Mark-to-Market Derivative Assets 15 17
Derivative Contracts, Current Liabilities (124) (65)
Derivative Contracts, Noncurrent Liabilities (4) (21)
Total Mark-to-Market Derivative (Liabilities) (128) (86)
Net Mark-to-Market Derivative Assets (Liabilities) (113) (69)
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 96 99
PSEG Power    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 3 11
Derivative Contracts, Noncurrent Assets 3 2
Total Mark-to-Market Derivative Assets 6 13
Derivative Contracts, Current Liabilities (124) (65)
Derivative Contracts, Noncurrent Liabilities (4) (21)
Total Mark-to-Market Derivative (Liabilities) (128) (86)
Net Mark-to-Market Derivative Assets (Liabilities) (122) (73)
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 16 85
Other Noncurrent Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net (2)  
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net 82 14
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 1,296 782
Derivative Contracts, Noncurrent Assets 1,050 871
Total Mark-to-Market Derivative Assets 2,346 1,653
Derivative Contracts, Current Liabilities (1,499) (850)
Derivative Contracts, Noncurrent Liabilities (1,065) (975)
Total Mark-to-Market Derivative (Liabilities) (2,564) (1,825)
Net Mark-to-Market Derivative Assets (Liabilities) (218) (172)
Energy-Related Contracts [Member] | Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (1,047) 954
Energy-Related Contracts [Member] | Other Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] (1,293) (771)
Energy-Related Contracts [Member] | Other Noncurrent Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 1,061 (869)
Energy-Related Contracts [Member] | Assets    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] (2,340) (1,640)
Energy-Related Contracts [Member] | Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1] 1,375 785
Energy-Related Contracts [Member] | Other Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, Fair Value, Amount Offset Against Collateral, Net [1],[2],[3] 2,436 1,739
Interest Rate Swap [Member] | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Contracts, Current Assets 1 0
Derivative Contracts, Noncurrent Assets 8 4
Total Mark-to-Market Derivative Assets 9 4
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) $ 9 $ 4
[1] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million against noncurrent liabilities.
[2] Level 1—These contracts represent natural gas and electric futures contracts executed on an exchange, and are being valued solely on settled pricing inputs which come directly from the 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, futures, 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 10. Financial Risk Management Activities for additional detail.
v3.26.1
Financial Risk Management Activities - Schedule of Derivative Instruments Fair Value in Balance Sheets (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Collateral already posted, aggregate fair value $ 221 $ 222
Derivative, fair value, amount offset against collateral, net [1] 96 99
Other Noncurrent Assets    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net (2)  
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net 82 14
Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value, amount offset against collateral, net $ 16 $ 85
[1] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million against noncurrent liabilities.
v3.26.1
Financial Risk Management Activities - Schedule of Reconciliation for Derivative Activity Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
(Gain) Loss Reclassified into Income, pre-tax $ 21 $ 2  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 12 2  
Cash Flow Hedges [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Pre-Tax Balance at Beginning of Period 34 50 $ 50
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax 5   (11)
(Gain) Loss Reclassified into Income, pre-tax (1)   (5)
Pre-Tax Balance at End of Period 38   34
After-Tax Balance at Beginning of Period 24 36 36
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax 4 (20) (8)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) $ 0 (4)
After-Tax Balance at End of Period $ 27   $ 24
v3.26.1
Financial Risk Management Activities - Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges (Details) - Parent Company [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives $ 5 $ (27)
Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income 1 1
Interest Rate Swap [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives 5 (27)
Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income $ 1 $ 1
v3.26.1
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
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Offsetting Assets [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (353) $ (243)
Operating Revenues [Member]    
Offsetting Assets [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (353) (241)
Energy Costs [Member]    
Offsetting Assets [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ 0 $ (2)
v3.26.1
Financial Risk Management Activities - Schedule of Net Notional Volume for Open Derivative Contracts (Details) - PSEG Power [Member]
 3 Months Ended 12 Months Ended
Mar. 31, 2026
$ / dth
$ / MWh
$ / $
Dec. 31, 2025
$ / MWh
$ / $
$ / dth
Natural Gas Dth [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / dth 83 70
Electricity MWh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions (76) (73)
FTRs MWh [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions 10 16
Interest Rate Swaps [Member]    
Derivative [Line Items]    
Net notional volume of derivative transactions | $ / $ 1,050 970
v3.26.1
Fair Value Measurements - PSEG's and PSE&G's Respective Assets and (Liabilities) Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Mark-to-Market Derivative Assets $ 15 $ 17
Total Mark-to-Market Derivative (Liabilities) (128) (86)
Collateral netted against assets and liabilities [1] (96) (99)
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] 365 80
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] 320 60
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] 365 80
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] 320 60
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] 2,287 1,610
Total Mark-to-Market Derivative (Liabilities) [3] (2,379) (1,715)
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] 59 43
Total Mark-to-Market Derivative (Liabilities) [3] (185) (110)
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 0
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] 6 13
Total Mark-to-Market Derivative (Liabilities) [3] (128) (86)
Interest Rate Swap [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 [4] 0 0
Interest Rate Swap [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 [4] 9 4
Interest Rate Swap [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 [4] 0 0
Interest Rate Swap [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 [4] 9 4
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] 2,340 1,640
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] (2,436) (1,739)
Other Assets | Interest Rate Swap [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Collateral netted against assets and liabilities [4],[5] 0 0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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] 525 569
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] 525 569
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] 400 406
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] 400 406
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] 439 384
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] 439 384
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] 1,558 1,555
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] 1,558 1,555
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] 64 61
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 12 11
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] 64 61
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate of Fair Value | Public Service Electric and Gas Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value, Measured on Recurring Basis, Investments [6] 12 11
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] 25 27
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] 4 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] 25 27
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] 4 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] 52 57
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] 9 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] 52 57
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] 9 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 Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, PSEG Power had net cash collateral (receipts) payments to counterparties of $221 million and $222 million, respectively. Of these net cash collateral (receipts) payments, $96 million as of March 31, 2026 and $99 million as of December 31, 2025 were netted against the corresponding net derivative contract positions. Of the $96 million as of March 31, 2026, $(2) million was netted against noncurrent assets, $82 million was netted against current liabilities and $16 million against noncurrent liabilities. Of the $99 million as of December 31, 2025, $14 million was netted against current liabilities and $85 million against noncurrent liabilities.
[2] Represents money market mutual funds.
[3] Level 1—These contracts represent natural gas and electric futures contracts executed on an exchange, and are being valued solely on settled pricing inputs which come directly from the 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, futures, 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 10. 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 6. 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.
v3.26.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net assets measured at fair value on a recurring basis $ 3,300 $ 3,600
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)
v3.26.1
Fair Value Measurements - Schedule of Fair Value of Debt (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt, Carrying Amount $ 23,090 $ 22,545
Long-Term Debt, Fair Value 21,576 21,364
Public Service Electric and Gas Company [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt, Carrying Amount [1] 16,535 15,992
Long-Term Debt, Fair Value [1] 15,000 14,705
PSEG Power    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt, Carrying Amount [1] 1,238 1,238
Long-Term Debt, Fair Value [1] 1,271 1,288
PSEG [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt, Carrying Amount [1] 5,317 5,315
Long-Term Debt, Fair Value [1] $ 5,305 $ 5,371
[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.
v3.26.1
Net Other Income (Deductions) - Schedule of Net Other Income (Deductions) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Component of Other Income (Deductions) [Line Items]    
Total Net Other Income (Deductions) $ 43 $ 37
Public Service Electric and Gas Company [Member]    
Component of Other Income (Deductions) [Line Items]    
NDT Fund Interest and Dividends 0 0
Allowance for Funds Used During Construction 10 11
Solar Loan Interest 1 1
Other Interest 6 3
Other 2 1
Total Net Other Income (Deductions) 19 16
PSEG Power & Other    
Component of Other Income (Deductions) [Line Items]    
NDT Fund Interest and Dividends [1] 23 20
Allowance for Funds Used During Construction [1] 0 0
Solar Loan Interest [1] 0 0
Other Interest [1] 3 4
Other [1] (2) (3)
Total Net Other Income (Deductions) [1] 24 21
PSEG Power    
Component of Other Income (Deductions) [Line Items]    
NDT Fund Interest and Dividends 23 20
Allowance for Funds Used During Construction 10 11
Solar Loan Interest 1 1
Other Interest 9 7
Other 0 (2)
Total Net Other Income (Deductions) $ 43 $ 37
[1] PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.
v3.26.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Taxes [Line Items]    
Effective tax rates 12.60% 4.50%
Corporate alternative minimum tax expected to be fully utilized $ 180  
Public Service Electric and Gas Company [Member]    
Income Taxes [Line Items]    
Effective tax rates 12.00% 7.50%
Corporate alternative minimum tax expected to be fully utilized $ 140  
v3.26.1
Accumulated Other Comprehensive Income (Loss), Net of Tax - Schedule of Changes in Accumulated Other Comprehensive Income by Component (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance $ 16,982 $ 16,114 $ 16,114
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 12 2  
Other Comprehensive Income (Loss), net of tax 6 (3)  
Ending Balance 17,303 16,370 16,982
Cash Flow Hedges [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance 24 36 36
Other Comprehensive Income (Loss) before Reclassifications 4 (20) (8)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) 0 (4)
Other Comprehensive Income (Loss), net of tax 3 (20)  
Ending Balance 27 16 24
Pension and OPEB Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (56) (76) (76)
Other Comprehensive Income (Loss) before Reclassifications 0 0  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 1  
Other Comprehensive Income (Loss), net of tax 1 1  
Ending Balance (55) (75) (56)
Available-for-Sale Securities [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (59) (93) (93)
Other Comprehensive Income (Loss) before Reclassifications (10) 15  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 12 1  
Other Comprehensive Income (Loss), net of tax 2 16  
Ending Balance (57) (77) (59)
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning Balance (91) (133) (133)
Other Comprehensive Income (Loss) before Reclassifications (6) (5)  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 12 2  
Other Comprehensive Income (Loss), net of tax 6 (3)  
Ending Balance $ (85) $ (136) $ (91)
v3.26.1
Accumulated Other Comprehensive Income (Loss), Net of Tax - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax $ (21) $ (2)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax 9 0  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (12) (2)  
Cash Flow Hedges [Member]      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Cash Flow Hedge, Pre-tax 1 1  
Cash Flow Hedge, Tax 0 (1)  
Cash Flow Hedge, After Tax 1 0  
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 1   $ 5
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 0 $ 4
Pension and OPEB Plans [Member]      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax (2) (2)  
Reclassification Adjustment from AOCI, Pension and OPEB, Tax 1 1  
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax (1) (1)  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) (1)  
Available-for-Sale Securities [Member]      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Reclassification for Available for Sale Debt Securities, Pre-Tax (20) (1)  
Reclassification for Available for Sale Debt Securities, Tax 8 0  
Reclassification for Available for Sale Debt Securities, After-Tax (12) (1)  
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (12) (1)  
Interest Expense [Member] | Cash Flow Hedges [Member]      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Cash Flow Hedge, Pre-tax 1 1  
Cash Flow Hedge, Tax 0 (1)  
Cash Flow Hedge, After Tax 1 0  
Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member]      
Reclassification out of Accumulated Other Comprehensive Income [Line Items]      
Amortization of Net Actuarial Loss, Pre-Tax (2) (2)  
Amortization of Net Actuarial Loss, Tax 1 1  
Amortization of Net Actuarial Loss, After-Tax (1) (1)  
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 Debt Securities, Pre-Tax (20) (1)  
Reclassification for Available for Sale Debt Securities, Tax 8 0  
Reclassification for Available for Sale Debt Securities, After-Tax $ (12) $ (1)  
v3.26.1
Earnings Per Share (EPS) and Dividends - Schedule of Basic and Diluted Earnings Per Share Computation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net Income (Loss) $ 741 $ 589
Weighted Average Common Shares Outstanding, Basic (shares) 499 498
Effect of Stock Based Compensation Awards, Basic (shares) 0 0
Total Shares, Basic (shares) 499 498
Net Income, Basic (dollars per share) $ 1.48 $ 1.18
Weighted Average Common Shares Outstanding, Diluted (shares) 499 498
Effect of Stock Based Compensation Awards, Diluted (shares) 1 2
Total Shares, Diluted (shares) 500 500
Net Income, Diluted (dollars per share) $ 1.48 $ 1.18
v3.26.1
Earnings Per Share (EPS) and Dividends - Schedule of Dividend Payments on Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Common Stock, Cash Dividends, Per Share $ 0.67 $ 0.63
Dividend Payments on Common Stock $ 334 $ 314
v3.26.1
Earnings Per Share (EPS) and Dividends - Additional Information (Details)
Apr. 21, 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
v3.26.1
Financial Information by Business Segment - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
Financial Information By Business Segment - Financial Information By Business Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Operating Revenues $ 3,848 $ 3,222  
Energy Costs 1,507 1,186  
Controllable Operation and Maintenance [1] 502 533  
Depreciation and Amortization 329 320  
Interest Income 10 8  
Interest Expense 272 241  
Income Tax Expense (Benefit) 107 28  
Other Segment Items [2] 400 333  
Net Income (Loss) 741 589  
Gross Additions to Long-Lived Assets 693 628  
Total Assets 57,945   $ 57,576
Investments in Equity Method Subsidiaries 28   26
Operating Segments [Member] | Public Service Electric and Gas Company [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues 3,085 2,664  
Energy Costs 1,358 1,094  
Controllable Operation and Maintenance [1] 364 354  
Depreciation and Amortization 295 280  
Interest Income 7 4  
Interest Expense 175 157  
Income Tax Expense (Benefit) 79 44  
Other Segment Items [2] 244 193  
Net Income (Loss) 577 546  
Gross Additions to Long-Lived Assets 621 605  
Total Assets 49,703   49,024
Investments in Equity Method Subsidiaries 0   0
Operating Segments [Member] | PSEG Power & Other [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [3],[4] 1,416 1,092  
Energy Costs [4] 802 626  
Controllable Operation and Maintenance [1],[4] 138 179  
Depreciation and Amortization [4] 34 40  
Interest Income [4] 3 5  
Interest Expense [4] 97 85  
Income Tax Expense (Benefit) [4] 28 (16)  
Other Segment Items [2],[4] 156 140  
Net Income (Loss) [4] 164 43  
Gross Additions to Long-Lived Assets [4] 72 54  
Total Assets [4] 8,754   9,067
Investments in Equity Method Subsidiaries [4] 28   26
Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating Revenues [5] (653) (534)  
Energy Costs [5] (653) (534)  
Controllable Operation and Maintenance [1],[5] 0 0  
Depreciation and Amortization [5] 0 0  
Interest Income [5] (0) (1)  
Interest Expense [5] (0) (1)  
Income Tax Expense (Benefit) [5] 0 0  
Other Segment Items [2],[5] 0 0  
Net Income (Loss) [5] 0 0  
Gross Additions to Long-Lived Assets [5] (0) $ (31)  
Total Assets [5] (512)   (515)
Investments in Equity Method Subsidiaries [5] $ 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 Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
[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), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.
[3] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.
[4] PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
[5] Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 17. Related-Party Transactions.
v3.26.1
Financial Information By Business Segment - Financial Information By Business Segment (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Segments [Member] | PSEG Power & Other [Member]    
Segment Reporting Information [Line Items]    
Non trading commodity mark to market gains (losses), net of tax $ (30) $ (135)
v3.26.1
Related-Party Transactions - Schedule of Related Party Transactions, Revenue (Details) - Public Service Electric and Gas Company [Member] - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Net Billings from Power primarily through BGS and BGSS [1] $ 653 $ 532
Administrative Billings from Services [2] 150 117
Total Billings from Affiliates $ 803 $ 649
[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. For additional information on ZECs, see Note 2. Revenues. 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.
v3.26.1
Related-Party Transactions - Schedule of Related Party Transactions, Payables (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Related Party Transaction [Line Items]    
Accounts Payable $ 1,204 $ 1,489
Accounts Receivable, net of allowance 2,067 1,888
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] 166 228
Public Service Electric and Gas Company [Member] | PSEG Parent    
Related Party Transaction [Line Items]    
Accounts Payable [3] 203 142
Public Service Electric and Gas Company [Member] | PSEG Services    
Related Party Transaction [Line Items]    
Accounts Payable [4] 100 102
Public Service Electric and Gas Company [Member] | Related Party    
Related Party Transaction [Line Items]    
Accounts Payable 469 472
Long Term Accrued Taxes Payable [3] $ 7 $ 7
[1] PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.
[2] PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. In addition, PSEG Power 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. For additional information on ZECs, see Note 2. Revenues. 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.